TikTok fined €530 million for transferring EU user data to China

Posted on May 2, 2025 by Olumide Adesina

Ireland’s privacy watchdog fined TikTok 530 million euros for sending user data to China. The Irish Data Protection Commission (DPC), which oversees TikTok’s privacy in the EU, declared that the company had violated the GDPR data protection law by sending user data from Europeans to China.

The regulator stated that if TikTok does not comply with its order to bring its data processing into compliance within six months, it will suspend the company’s transfers to China.

In a statement released Friday, Graham Doyle, deputy commissioner at the DPC, said, “TikTok’s data transfers to China violated the GDPR because TikTok failed to verify, guarantee, and demonstrate that the personal data of EEA users, remotely accessed by staff in China, was afforded a level of protection essentially equivalent to that guaranteed within the EU.”

“TikTok failed to conduct the required assessments, which resulted in TikTok failing to address the possibility of Chinese authorities gaining access to EEA personal data under Chinese anti-terrorism, counter-espionage, and other laws that TikTok identified as materially deviating from EU standards,” he continued.

The DPC also discovered that TikTok had misled its investigation when it stated that it had not kept European users’ data on Chinese servers. Contrary to its earlier claims, TikTok told the regulator this month that it had found a problem in February where a small amount of European user data was kept on servers located in China. In consultation with its fellow EU data protection authorities, the DPC evaluated whether additional regulatory action is necessary, stating that it takes the matter “very seriously.”.

TikTok is appealing against the ruling because it disagrees with the Irish regulator.

TikTok’s head of public policy and government relations for Europe, Christine Grahn, claimed in a blog post on Friday that the decision did not consider Project Clover, a 12-billion-euro data security project designed to safeguard European users’ data.

According to Grahn, “it does not reflect the safeguards currently in place and instead focuses on a select period from years ago, before Clover’s 2023 implementation.”. She continued, “The DPC itself noted in its report what TikTok has repeatedly stated: it has never been asked for European user data by the Chinese authorities and has never given them European user data.”.

Access Holdings: Nigeria’s Biggest Bank shows strength in interest income

Posted on May 2, 2025 by Olumide Adesina

Nigeria’s biggest bank by total assets reported a profit after tax of N182.8 billion in the first quarter, higher than the N159.3 billion reported for the same period in 2024.

Growth in interest and non-interest income during the review period was the primary driver of the improvement, according to the group’s unaudited consolidated financial statements recently submitted to the Nigerian Exchange.

Interest income computed using the effective interest rate increased by 58.6 percent from N608 billion in the first quarter of 2024 to N964 billion in the first quarter.
However, interest expenses increased from N443.9bn to N760.5bn, a 71.3 percent increase from the previous year.

The net impairment charge on financial assets was N21.8 billion, slightly less than N22.8 billion in 2024, and net interest income decreased by 20.1 percent to N220.2 billion from N275.7 billion. Net interest income following impairment decreased from N252.9 billion to N198.4 billion

Revenue from fees and commissions increased from N112.4bn to N174.5bn, while costs increased from N25.5bn to N28.3bn. Net fee and commission income increased to N146.2 billion from N86.9 billion during the same period in 2024.

Nigeria’s biggest lender by total assets reported a fair value and foreign exchange gain of N214.4 billion in the first quarter of 2025, up from N119.2 billion the year before. At the same time, other operating income decreased from N23 billion to N12.8 billion.

Access Holdings reports a total comprehensive loss of N39.6 billion, despite the profit growth, as opposed to a gain of N388.3 billion during the same period in 2024. A N84 billion drop in the fair value of debt financial instruments as determined by other comprehensive income and an unrealized foreign exchange translation difference of N142 billion were the main causes of the loss.

Kenyan President implement increase in Workers Wages

Posted on May 2, 2025 by Olumide Adesina

Kenyan President William Ruto instructed the Cabinet Secretary for Labour to “put in place the necessary machinery” to examine raising the statutory minimum wage by at least 6%. According to the Labour Institutions Act of 2007, this directive was made with due process and tripartite labor relations.

Speaking to workers at the Uhuru Gardens Grounds during this year’s national Labour Day celebrations, the president pointed out that many employers nationwide have not followed his directive.

President Ruto instructed the Ministry of Labor to collaborate with Felix Koskei, the Head of Public Service, to guarantee that all employers follow the directive. He alluded to raising the minimum wage after the “next agreement is put in place.”

There was discussion after we decided to raise wages by 6% last year, and some employers haven’t used the agreed-upon 6%.

Ruto declared, “It is not right; it is not acceptable.. “I am instructing the ministry to collaborate with the Head of Public Service to guarantee that all employers implement the 6 percent pay increase that we decided upon last year and to promptly start drafting the next agreement so that we can move it along in the future.”

Ruto also declared that he had instructed the Labor Ministry and all other pertinent organizations to guarantee that even workers with outsourced contracts can freely join national trade unions and take advantage of collective bargaining frameworks.

GT: Nigeria’s Most Valuable Bank Keeps Minting Cash

Posted on May 2, 2025 by Olumide Adesina

Guaranty Trust Holding Company reported a profit before tax of N300.4 billion, indicating stability in its core earnings and ongoing leadership in Nigeria’s financial services sector.

According to the results submitted to the London Stock Exchange and the Nigerian Exchange Group, GTCO’s interest income increased by 41% year-over-year, while fee and commission income rose by 42%. The non-recurrence of a one-time fair value gain of N331.6 billion recorded in the first quarter of 2024 partially mitigated these earnings.

The Group’s net loan book increased by 15.6 percent, from N2.79 trillion as of December 2024 to N3.22 trillion by the end of March 2025.

Customer deposit liabilities also improved during the reviewed period, rising from N10.40tn to N11.20tn, a 7.7 percent increase. The closing value of the shareholders’ funds was N3 trillion, while the total assets reached N15.9 trillion.

GT’s Full Impact Capital Adequacy Ratio closed at 34.6 percent, well above the legal minimum, demonstrating a strong capital base.

The Group also noted improvements in asset quality, as IFRS 9 Stage 3 loans decreased to 4 percent at the Group level (from 5 percent in December 2024) and 3 percent at the Bank level (from 3 percent). “Our Q1 2025 performance demonstrates the resilience of all our business verticals and our ability to produce robust and long-term profits.” Segun Agbaje said.

A diversified revenue base and a sound, well-structured balance sheet supported the Group’s strong growth across most income lines, even though the N331.6 billion in fair value gains reported in Q1 2024 did not occur this quarter. He also stated, “We are still hopeful about the coming year. Our customer base keeps expanding, our business’s foundation is solid, and our strategic priorities are disciplined.”

Ethereum Bulls support ETH on $1.8K path

Posted on May 2, 2025 by Olumide Adesina

The altcoin has been settling between $1.74K and $1.87K for the past week. Ether is approaching its upper consolidation boundary at $1.85K.

Should it break and close above the daily resistance at $1,861, the rally may continue to retest its psychological importance level at $ 2 K. The daily chart’s RSI shows bullish momentum near 60, above its neutral level of 50.

On the other hand, ETH might continue to lose if it drops and closes below $1.7K, retesting its next daily support at $ 1,500

The Ethereum Exchange Supply Ratio fell sharply, indicating a change in market behavior. This decline implies that more ETH is leaving exchanges and probably going to DeFi platforms or cold storage.

Ethereum was trading at $1,836 at the time of writing. As a result of less sell-side pressure, less ETH is available for immediate sale on the market. This could raise the price shortly, with fewer coins available to facilitate trading

ETH network activity exhibits positive patterns.

The number of new addresses rose by 32 percent in the past week, which affirms an increase in investor interest. Furthermore, there has been a 6.96 percent increase in Active Addresses, indicating that current holders are active. Retail sentiment is still high, as evidenced by the 120 percent increase in Zero Balance Addresses.

Short term Bitcoin Whales Swim in Money

Posted on May 2, 2025 by Olumide Adesina

JA Maartunn, an analyst at CryptoQuant, highlighted that whales have recovered to their $90.8K break-even point. This indicates they are now profitable and less likely to sell, stabilizing the market. A short-term whale is an address that has owned Bitcoin for less than six months.

The fact that Bitcoin is now higher than its average realized price has allowed these whales to sit in aggregate profit.

Bitcoin consolidated around its key resistance level of $95K for five days, peaking at $97,400 on Thursday before breaking above it. It trades at about $97K at publication.

Bitcoin may extend its gains to retest its psychological resistance at $100,000 if it maintains its upward momentum and closes above its daily resistance at $97,700. The daily chart shows that the Relative Strength Index is at 70, close to its overbought level.

The likelihood of a pullback is high around the overbought level at 70, so traders should exercise caution. It is also possible that the RSI will continue to rise in price and remain above the overbought levels.

These participants have historically paused or lessened selling pressure when they reach profitability.

Data from the on-chain confirms this importance. Perpetual swap funding rates are still very low, suggesting that many short positions could be squeezed if buying keeps up. Long-term holders have gradually rebuilt their accumulation.

This month, the network hash rate also broke a record at 1.04 ZH/s. These indicators show that patient investors and miners are optimistic about maintaining the rally’s trajectory.

Ripple: MasterCard Calls XRP a Bridge

Posted on May 2, 2025 by Olumide Adesina

Financial institutions identify XRP as a bridge currency for cross-border payments. MasterCard explained how digital assets and blockchain-based systems are being integrated to increase the effectiveness of cross-border transfers in the report “Blockchain technology fuels new remittances business cases.”.

SBI Remit uses Ripple’s XRP as a bridge currency to facilitate quick and economical remittances, It is grouped with examples from MoneyGram and Stellar, which suggests that more institutions are experimenting with cryptocurrency assets for remittance solutions.

Ripple has continuously promoted XRP as a bridge asset to help with global fiat currency liquidity. This model seeks to lower foreign exchange costs and the requirement for pre-funded accounts, especially for underserved corridors.

Major financial institutions accept blockchain infrastructure as a feasible component of contemporary payment systems, as evidenced by Ripple and XRP in a MasterCard report. SBI Remit, a remittance service based in Japan, has a long history and is well-documented in its use of XRP in payment corridors throughout Asia.

However, by associating this practical use case with a reputable worldwide payments leader, the mention in an official MasterCard document lends additional credibility. Using examples from various geographical and technological contexts, MasterCard’s report aims to illustrate the trends influencing the development of remittances.

It is commonly known that the Federal Reserve is interested in modernizing and accelerating domestic and international payments. According to reports, Ripple is a member of a BIS task force on cross-border payments, supporting BIS efforts to lower costs and improve interoperability in international money transfers. The Bank for International Settlements (BIS) is the central bank of central banks.

Block posts weak revenue, blurry outlook

Posted on May 1, 2025May 1, 2025 by Olumide Adesina

Block released a dismal outlook and first-quarter results on Thursday that fell short of Wall Street’s expectations. The stock fell by fifteen percent during prolonged trading.

Revenue decreased by about 3 percent in the previous fiscal year, from $5.96 billion to $5.72 billion. On the other hand, compared to the prior year, gross profit increased by 9%, rising from $2.09 billion to $2.29 billion.

Nevertheless, this increase was less than the $2.32 billion gross profit that markets predicted for the quarter. Block’s updated profit projections for the second quarter and the full year were lower than anticipated because of the ongoing economic challenges.

The company stated that an increasing number of tech companies are cautioning investors about the remainder of the year following President Donald Trump’s announcement of broad tariffs on imported goods in its quarterly report.

“We have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year, as we recognize that we are operating in a more dynamic macro environment.”

The business anticipates a second-quarter gross profit of $2.45 billion and a full-year gross profit of $9.96 billion. According to StreetAccount, analysts had projected $2.54 billion and $10.2 billion, respectively.

The gross profit for Cash App was somewhat lower than anticipated. The company expects a pickup later this year, because of nationwide expansion of the Cash App Borrow program after regulatory approval, CFO Amrita Ahuja citing lower inflows and muted tax-season spending.

CFO Amrita Ahuja stated that Block had its most profitable quarter ever, which she said is “a reflection of the continued discipline across our business and the efficiency with which we operate,” even though Wall Street is selling on the results.

Airbnb posts strong growth but disappointing outlook

Posted on May 1, 2025 by Olumide Adesina

Airbnb’s first-quarter results were largely consistent with projections, but the company released a dismal revenue forecast for the current quarter. Shares fell by roughly 4%. Revenue rose 6% from $2.11 billion in the previous year. In the same period last year, net income dropped from $264 million, or 41 cents per share, to $154 million, or 24 cents per share.

Airbnb said its second-quarter revenue is expected to be between $2.99 billion and $3.05 billion, with $3.02 billion being the middle of the range.

Analysts had projected revenue of $3.04 billion for the current period. The business stated that because of the Easter timing, it anticipates a two-percentage-point benefit during this time. In a letter to shareholders, the company stated, “We’ve seen relatively softer results in the US, which we believe has been largely driven by broader economic uncertainties.”.

The company reported “softness” in travel from Canada to the US towards the end of the quarter, despite claiming a strong year-over-year growth in North America, despite broad macro uncertainty.

According to Airbnb, investors search for indications that President Donald Trump’s broad import taxes on expenses and consumer spending are the talk of this earnings season. According to projections, gross booking value, which accounts for host earnings, service charges, cleaning costs, and taxes, rose 7% annually to $24.5 billion.

The number of nights and experiences booked increased 8% from the previous year to 143.1 million, higher than the analysts’ estimate of 143.4 million. Airbnb stated nights experiences increased 11% from a year ago, excluding North America.

In March, the number of nights Canadian visitors to Mexico reserved increased by 27% compared to March 2024. According to the company, reservations for nights and experiences are expected to “moderate” in the current period, starting in the first quarter.

Tesla Stock Speeds Off on Elon Musk’s Sack denial

Posted on May 1, 2025 by Olumide Adesina

Tesla remained unchanged during pre-market trading on Thursday, following the company’s refutation of a Wall Street Journal report suggesting that its board was seeking a successor for Elon Musk as CEO.

It was based on comments from sources acquainted with the discussions, which asserted that Tesla’s board members had contacted numerous executive search firms to establish a formal process for identifying the company’s future CEO.

In the aftermath of the news, Tesla’s shares posted over 3% drop before recovering some of those losses.

Tesla’s chair, Robyn Denholm, disputed the report on the social media platform X, stating it was “completely baseless.”This morning, a misleading report emerged, claiming that the Tesla Board had contacted recruitment agencies to commence a CEO search within the company,” she wrote.

“This is untrue, and the media were informed of this before the report’s publication.” Elon Musk further highlighted that the board has complete faith in his ability to carry out the company’s ambitious growth plan.

It follows a steep decline in sales and earnings for the massive electric car company, whose top and bottom lines fell short of forecasts in the first quarter.

Musk acknowledged that the automaker’s stock price may suffer because of his ties to the Trump administration. During a Tesla earnings call last week, the multibillionaire stated that starting in May, he will only operate the so-called Department of Government Efficiency for a “day or two per week.”.