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Tim Cook Officially becomes a Multi- Billionaire

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Tim Cook Officially becomes a Multi- Billionaire

Tim Cook, the Chief Executive Officer of multinational tech company – Apple, has joined the billionaires club as he officially becomes a billionaire.

Tim Cook Becomes A Billionaire

Apple’s market value has been on the rise following strong results and the upbeat outlook for tech giants.

Mr Cook owns 847,969 shares directly and took home more than $125m (£96m) last year as part of his pay package.

Last week, Facebook founder Mark Zuckerberg saw his personal wealth hit $100bn (£76bn).

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Technology companies including Apple, Facebook and Amazon have seen their profits grow during the coronavirus pandemic as more people went online.

Silicon-Valley based Apple is now closing in on the milestone of being the first company to be valued at $2tn. Two years ago it become the first company to be valued at $1tn.

Tim Cook Becomes A Billionaire

Mr Cook took over from Apple founder Steve Jobs nine years ago. His billionaire status is based on the shares he owns and the compensation he has been paid at Apple, and calculated by the Bloomberg Billionaires Index.

In 2015, he said he planned to give most of his fortune away and has already donated million of dollars worth of Apple shares.

Facebook’s Zuckerberg has made a similar pledge to give away the majority of his shares.

Mr Zuckerberg, along with Amazon’s Jeff Bezos and Tesla’s Elon Musk, accrued their wealth from the huge stakes in the companies they founded.

In comparison, Mr Cook’s stake in Apple is minuscule at about 0.02%.

Based on US federal and state taxes for California, Mr Cook would face a tax rate of just over 50%, as a top-bracket earner.

While Apple has not revealed any new products as groundbreaking as its iPhone, the company has still thrived since Mr Cook took over the reins.

He has overseen the development of devices such as the iPhone X and Apple Watch, along with new services like Apple Music.

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Economy

North east commission pledges to remove 500,000 idle youths from the streets

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North east commission pledges to remove 500,000 idle youths from the streets
North east commission pledges to remove 500,000 idle youths from the streets

The North East Development Commission-Education Endowment Fund (NEDC-EEF) has expressed determination to remove over 500,000 idle youths from the streets in the next five years in the region.

Mr Macauley Hunohashi, Head of Media and Publicity of the fund, in a statement on Saturday in Abuja, said the Chairman of NEDC-EEF, Chief David Kente, made the pledge at an interactive session with Sen. Abdulazeez Nyako.

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He applauded the visionary and patriotic effort of Sen. Nyako which saw to the establishment of the commission, saying “we will sustain that vision to take the north east region to greater heights.”

Kente said the NEDC-EEF would continue to interface with consultants and experts on how to achieve part of its core mandate of converting the vast human resource the region was endowed with to human capital.

Earlier, Sen. Nyako stressed the need for the commission to provide vocational technical traning and mentorship for young men and women in the region through Local Aprenticiship Scheme.

Nyako explained that the local aprenticiship scheme was a neighbourhood empowerment project which focused on removing young people from the streets by linking them to Master Trainers within the same community.

” This will enable them to learn local trades such as motor mechanic, panel beating, volcanising, tailoring and the likes, with a monthly stipend for both the Master Trainer and the Trainee.”

The former lawmaker who represented Adamawa Central Senatorial District from 2015 to 2019, said the concept was discovered to be alot cheaper, more broad-based and with the potential to improving neighbourhood security.

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Economy

Nigeria’s Backlog of Debts Hits N31Trillion

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Nigeria’s Backlog of Debts Hits N31Trillion

Nigeria’s Backlog of Debts Hits N31Trillion

Nigeria’s backlog of debts seems to Skyrocketed to N31 Trillion. The Debt Management Office (DMO) on Wednesday published Nigeria’s total public debt stock as of June 30, 2020, pegging the country’s entire debt at N31 Trillion, which indicates an increase of N2.38 trillion within a three-month span.

Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory.

According to Punch, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in the Second Quarter of 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020.

For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT stood at N31.009trn or $85.897bn.

“The corresponding figures for March 31, 2020, were N28.628trn or $79.303bn.”

The DMO noted that the increase in the debt stock by N2.381trn or $6.593bn was as a result of the $3.36bn budget support loan from the International Monetary Fund, new domestic borrowing to finance the revised 2020 Appropriation Act.

It said this includes the issuance of the N162.557bn Sukuk, and promissory notes issued to settle claims of exporters.

The debt office added, “The DMO expects the public debt stock to grow as the balance of the new domestic borrowing is raised and expected disbursements are made by the World Bank, African Development Bank and the Islamic Development Bank which were arranged to finance the 2020 Budget.

“Recall that the 2020 Appropriation Act had to be revised in the face of the adverse and severe impact of COVID-19 on government’s revenues and increased expenditure needs on health and economic stimulus, among others.”

It also said that additional promissory would be issued in the course of the year.

According to the debt office, new borrowings by state governments were also expected to increase the public debt stock.

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Economy

North-East Education Endowment Fund Sets To Hit Ground Running- Kente

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NEDC
North-East Education Endowment Fund Sets To Hit Ground Running- Kente

The North East Development Commission-Education Fund( NEDC-EEF) says it is set to hit the ground running.

Chief David Sabo Kente, board chairman of the fund, stated this during a critical meeting with some consultants.

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The Chairman’s statement was released to newsmen by Macaulay Hunohashi, Head of media and publicity of the NEEEF in Abuja on Saturday.

Hunohashi said that following the inauguration of the Board of Trustees of the North East Development Commission-Education Endowment Fund (NEDC-EEF)on August 7, 2020, plans had reached advance stage to hit the ground running.

The move,he added would be with the engagement of top-flight consultants in critical areas of the core mandate of the fund.

He also disclosed that the tehcnical team, led by the Chairman, who he “is bringing his wealth of experience as an accomplished business man and philantropist,” has continued to grill consultants within the dormain of the core mandate of the fund.

This he said includes, but not limited to Grants and Scholarship, Skills Aquisition, Infomation and Communication Technology and Training of Teachers as well as Technical, Vocational and Entrepreneurship Training-TVET.

Hunohashi qouted Kente as reminding the consultants of the need to see themselves as partners in progress, noting that the selection process for their emergence was meticulous and methodical, with a view to engaging the best in the country.

He said the vision of the architects of NEDC-EEF was aimed at addressing the education deficit of the north east region exercebated by activities of insurgents, stressing that “having been entrusted with that mandate, we cannot afford to fail our people”.

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