Nigeria as biggest economy of Africa is not able to meet demands for power supply for various reasons. Azura which generates power for Nigeria, is of view that for supply to increase the power transmission the grid must be expanded. And terms of the management of transmission grid which is run by a Canadian Company needs to be reviewed.
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China's foreign exchange stocks decline to trillions
China's foreign exchange reserves had declined reaching to trillions. However, the government made efforts to support the local currency from dropping further.
Foreign Franchise: IKEA Lost Its Trademark in Indonesia After a Dispute With Local Furniture Company
The case was brought to Central Jakarta District Court in 2014, and the decision was ruled by the court last year. The plaintiff made the case by presenting the Indonesian trademark law which stated that a trademark could be deleted if the company had not used the name for commercial purposes in three years after registration or after the last use.
Wiper, alternative messaging app for costly movies
Messaging app Wiper has raised a total of $4.5 million seed funding from its investor Michael Choupak adding $2 million dollars. The service launced $4.99 monthly subscription fee to preview and watch thousands of original short and long, inexpensive indie films that can be compared to expensive Hollywood movies.
VW, Audi recall Tiguan and Q5 over Takata inflators
The failure of Takata's airbag inflators are keeping pressure on several automobile giants. Volkswagen and Audi will recall Tiguan and Q5 model vehicles for defective airbags made by Takata. Dealers of automobile companies will replace the defective side airbags of Takata at free of charge.
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The office of Swiss Attorney General began criminal investigation in August 2015 into former officers of Malaysia's Development Fund 1MDB. Charges relate to bribery of foreign officials, dishonest mismanagment of public interest and others. The Attorney General's office has revealed serious indications of $4 Bil having been misappropriated from State Companies of Malaysia.
Rolls has been participating in the Naples Winter Festival for the last 15 years with the first production of any new version placed for auction. The first copy Dawn Convertible has been auctioned in January 31 for $750,000 and thus collects $4.8 million in total. The amount received from auction is dedicated for Naples Children & Educational Foundation (NCEF).
Venture capital (VC) funding activity seems to be heading towards pre-recessionary mark. The VC activity recorded robust growth phase for over seven years. The sluggish financial markets are discouraging VC funding and raising money.
Mexico is receiving $400-loan from World Bank for rural development and will formally sign an agreement. Mexican government will utilize the funds for extending financial lending to farmers and fishermen in rural areas. The small and medium enterprises (SMEs) will also get financial support from the Mexico's national agricultural financing agency FND.
The Los Angeles-based fashion retailer Nasty Gal is reducing the number of employees by 10 percent as part of its strategic restructuring. The increasing market competition and uncertainty in financing aspects are forcing the company to reduce the costs. Several former employees moved court against Nasty Gal against layoffs.
Honda said it recalled a total of 442,997 vehicles in Japan. The automaker will also recall 2.2 million cars in the US.
Gary Le Sueur, an expert venture capitalist, has been appointed as director of Inspiring Scotland’s board. Gary's experience coupled with his desire to utilize venture capital-skill for social cause will enable the company to boost its ability to deliver the highest return on investment.
Terming the daily fantasy sports as illegal gambling, the New York Attorney General has filed a lawsuit against DraftKings and FanDuel. While the lawsuit proceeds in its own pace, banking giant Citigroup has imposed a ban on transactions to the DFS sites by the New Yorkers. Some US states express reluctance while some declare the sites as legal.
Index Ventures, known for funding Skype, Dropbox and Candy Crush Saga online game is starting a new biotech venture capital firm named Medicxi Ventures. GlaxoSmithKline Plc. and Johnson & Johnson have funded $230 million to Medicxi Ventrue and would reportedly contribute 25 percent of the investment.
