Canal+ increases stake in MultiChoice

Canal+ has elevated its stake in MultiChoice, a South African broadcaster, since February, when its possession surpassed 35%. 

Now, with a stake of 40.8%, it is aiming to take over much more. Final week, between April 12 and 15, Canal+ snagged 3.5 million MultiChoice shares at a lower cost than its obligatory supply.

Regardless of regulatory hurdles, Canal+ appears decided to make the acquisition occur. South African legislation mandates a compulsory supply for all excellent shares as soon as a stake exceeds 35%. Nonetheless, overseas entities are restricted to twenty% of voting rights in acquired broadcasting corporations.

This hasn’t deterred Canal+, which is strategically shopping for up shares at a reduction, probably saving a big amount of cash. Till the deal is finalised, MultiChoice shares stay truthful sport on the open market.

In keeping with South African legislation, Canal+ can maintain shopping for shares so long as it’s beneath the obligatory supply value of R125. The truth that MultiChoice shares are nonetheless buying and selling beneath the supply value means that the market is not overly optimistic in regards to the deal going via.

Nigeria criminalises fibre cable destruction

internet fibre cable

The Nigerian authorities is getting critical about defending broadband fibre cables after MTN and Airtel reported huge losses of ₦27 billion.

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The federal government is planning to make it against the law to destroy these cables and are engaged on new laws to safeguard the nation’s telecom infrastructure.

The transfer comes after MTN Nigeria suffered a significant service outage in February 2024, leaving tens of millions with out cellphone or Web entry. This outage was attributable to a minimize fibre optic cable, doubtless because of street development or vandalism.

It has been a recurring drawback, with MTN alone experiencing over 6,000 cable cuts final yr. Airtel has additionally confronted comparable points, with over 1,000 fibre cuts between July 2019 and February 2020.

Telecom belongings are essential for Nigeria’s economic system, in response to Temitope Ajayi, a Senior Aide to the President. He says the brand new guidelines will shield investments towards vandals and criminals.

Tony Izuagbe Emoekpere, head of the Affiliation of Telecommunications Firms of Nigeria, believes the laws will enhance the sector and appeal to extra funding. Vandalism of communication infrastructure has been a widespread drawback, with over 50,000 circumstances recorded in 5 years, in response to the Nationwide Communication Fee.

Prof. Umar Danbatta from the Nigerian Communications Fee pressured that infrastructure vandalism results in a decline in service high quality. With the telecom market anticipated to develop, defending these belongings is extra vital than ever.

Netflix studies $2.3 billion revenue in Q1 2024

Photograph by Mollie Sivaram on Unsplash

Final week, Netflix reported a whopping revenue of over $2.3 billion for the primary quarter of 2024.

In a letter to shareholders, it revealed a progress of 14.8% in comparison with the earlier yr. Plus, it gained a whopping 9.3 million new subscribers, bringing its whole to just about 270 million!

However regardless of these spectacular numbers, its shares on the NASDAQ took successful, dropping 5% after the announcement.

Some traders are fearful as a result of Netflix plans to cease reporting subscriber numbers subsequent yr. This transfer raised issues about its future progress, much like what occurred with different tech giants like Meta and X (previously Twitter) after they stopped reporting person numbers as progress slowed.

Netflix attributed its current subscriber progress to cracking down on password sharing, which began in February 2023. It launched measures to discourage sharing passwords and predicted that this might enhance its  income and progress. And it labored!

In Q2 2023 alone, it noticed a 2.7% improve in income, reaching $8.2 billion, and gained 5.9 million new customers.

Trying forward, Netflix is projecting 14.8% income progress for the second quarter of 2024, aiming for income of $9.5 billion. It plans to attain this by providing extra top-notch TV exhibits and films, increasing into gaming, and enhancing their product and advertising methods to maintain followers engaged.

Moreover, it goals to discover new income streams, like scaling up advertisements, within the coming years.

Nigerian courtroom adjourns Binance tax evasion trial

Binance logo on a phone
Photograph by Vadim Artyukhin on Unsplash

A Nigerian courtroom has pushed again a trial towards Binance and its high canine till Might 17 as a result of the change hasn’t formally obtained the tax evasion expenses.

Binance, together with Tigran Gambaryan and Nadeem Anjarwalla, is going through 4 counts of tax evasion, together with failing to register with Nigeria’s tax authority.

Gambaryan confirmed up in courtroom, however Anjarwalla bolted from the nation final month.

The attorneys had a back-and-forth: Nigeria’s Federal Inland Income Service (FIRS) argued that Gambaryan ought to face the music on behalf of Binance, however Gambaryan’s lawyer objected, saying he could not plead till Binance received served first. The decide hit pause and can give a verdict on Might 17.

In the meantime, Binance and the execs are additionally in sizzling water for allegedly laundering over $35 million, and that trial resumes on Might 2.

In the meantime, Binance did not present up in courtroom, however it claims it’s working carefully with Nigerian authorities since Gambaryan received nabbed.

Final week on Techpoint Africa

  • 8 questions that inform you all the things you must know in regards to the bitcoin halving
  • Bayobab acquires MTN Zambia’s fibre belongings to additional progress plans
  • Meta launches AI chatbot to rival ChatGPT on WhatsApp, Instagram in Africa
  • EFCC deems Binance govt a flight threat, halts bail request
  • How Pula needs to insure farmers towards bandits
  • Kenya’s Pula will get $20 million Sequence B to supply insurance coverage to 100 million farmers in Africa
  • Telecom regulator orders Starlink to chop off subscribers in Zimbabwe
  • VALR, Luno, and Zignaly receive crypto licences in South Africa
  • Meta rolls out marketing campaign to assist sort out misinformation forward of South Africa’s elections
  • “I look again now and I believe I might have constructed this very otherwise.” — Sim Shagaya on classes learnt constructing Konga
  • Seacom launches a satellite tv for pc service two months after a subsea cable disruption
  • New customers on X might pay a charge earlier than posting on the platform
  • Kenya confirms extradition talks with Nigeria after discovering escaped Binance govt
  • Starlink to disconnect subscribers in Ghana, South Africa, Botswana
  • Ghana to tax residents’ overseas incomes, impacting distant employees, content material creators
  • TikTok commits to security in Kenya amid proposed ban on officers
  • Ethiopia joins South Africa to launch its Sexual Violence Registration System
  • Fraud and forgery price Wema Financial institution $595,000 in 2023, launches anti-fraud marketing campaign
  • Vodacom Tanzania acquires Smile for $27.4 million to assist 4G and 5G rollout plans
  • MTN MoMo expands to 10 new nations at a launch charge of 4%
  • 19 suspects in custody over Fairness Financial institution Kenya’s $2.1 million debit card fraud case
  • AI-driven Spatialedge secures $3 million to scale in South Africa
  • BasiGo launches electrical bus meeting line to spice up Kenya’s public transport electrification
  • Tax authority to launch new database to curb tax evasion in Kenya
  • Ugandan bike-hailing service SafeBoda goes inexperienced with new electrical possibility
  • Electrical energy Firm of Ghana fined for breaches and failure to reveal account info
  • Monetary well being apart, are your staff loyal and productive? This is tips on how to discover out
  • YC-backed MarketForce scraps B2B eCommerce platform, pursues AI enterprise in Kenya and South Africa
  • Wema Financial institution removes and suspends seven fintech companions for fraudulent actions
  • Kenya calls for quarterly compliance studies from TikTok over security issues
  • Nigerian girls and folks with incapacity proceed to face discrimination throughout digital areas, new research finds
  • MTN and Huawei’s newly inaugurated tech lab in South Africa will deal with 5G, AI
  • Cellulant appoints new executives from Stripe, Interswitch
  • 4 frequent errors to keep away from after you conform to change into a co-founder
  •  “There is a syndicate inside Nigeria that was leveraging arbitrage in a heavy and hurtful method to the naira.” – Ray Youssef

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