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Bill Gates No Longer Second Richest Man In The World

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Bill Gates has been unseated as the second richest man in the world, losing the position to Bernard Arnault, the chairman and CEO of LVMH.

The News Agency of Nigeria (NAN) reports that in the latest ranking by Bloomberg’s Billionaires Index, Arnault is in second place with Amazon’s Jeff Bezos still retaining first place.

Arnault and his family are the majority owners of Christian Dior and LVMH, parent of such brands as Louis Vuitton, Celine, Fendi, Moët, Hennessy, Dom Pérignon, and others.

As LVMH’s share price has soared in 2019, so has Arnault’s worth. It now stands at about $107.6 billion, more than $200 million ahead of Gates, Bloomberg estimates.

The report also states that Bill Gates would have been ranked the richest person, even ahead of Bezos if not for his philanthropic giveaways which gave Arnault more room to climb.

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The French entrepreneur entered the luxury industry in 1984, when he bought Boussac, a textile empire in the midst of bankruptcy that owned Dior.

The famed label by then had deteriorated by licensing its name out to companies producing sub-par products.

Arnault set about reviving it, turning it into a vertically integrated company that did its own production, distribution, and marketing.

He went on to buy up other brands, such as Céline, and in 1988 engineered the deal that made him the majority shareholder of LVMH.

Forbes currently ranks Dior as the world’s largest fashion brand based on sales, profits, assets, and market value.

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Meanwhile, LVMH, on the whole, keeps attracting customers around the world, with China being the latest highly profitable frontier. 

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Electricity, telecom tariffs increase unconscionable, should be stopped – Shehu Sani

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Former lawmaker, Senator Shehu Sani, has described the planned increase in electricity and telecom tariffs as unconscionable.

The statement comes after the telecoms regulator last week approved the increase in mobile tariffs.

The federal government also recently said that plans were ongoing to increase electricity tariffs “over the next few months.”

However, Sani, who said the government’s plan is unreasonable, insisted that it should be halted.

The ex-lawmaker also expressed his support for the Nigeria Labour Congress (NLC) over the scheduled protest against the government’s proposal, calling it a welcome development.

“The planned increase in electricity tariffs in the midst of poor power supply and the proposal to increase telecom tariffs is unconscionable and should be halted. The scheduled labour union protest is a welcome development,” he posted on X.

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Trump to cut off funding to South Africa, gives reason

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Donald Trump

The United States President, Donald Trump, has revealed his decision to cut off all future funding to South Africa, citing poor treatment of “certain classes of people.”

Trump made this known on Sunday in a post on Truth Social, his social media platform.

According to Trump, South Africa was seizing land and mistreating some citizens without concern for the violations of their rights.

“South Africa is confiscating land and treating certain classes of people VERY BADLY.

“I will be cutting off all future funding to South Africa until a full investigation of this situation has been completed!” Trump wrote.

Reports suggest that the American leader may be defending White South Africans, some of whom have alleged that the South African policy is unfair to them.

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Telecoms tariff hike: Nigerian govt in last-minute move to avert NLC shutdown

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NLC

There are indications that the federal government will on Monday meet with the Nigeria Labour Congress, NLC, to stop the planned Tuesday nationwide protest against the 50 percent telecommunications tariff hike.

A reliable source familiar with the matter, who preferred anonymity, disclosed this on Monday morning, noting that the meeting between the NLC leadership and the federal government is scheduled for 5 p.m. on Monday.

The source said the meeting was a “dialogue on matters of national interest as it affects Nigerian workers.”

According to the source, it will be an inter-ministerial meeting with the Secretary to the Government of the Federation (SGF), purposely to resolve issues raised by the NLC concerning the federal government’s approved upward adjustment to telecommunications tariffs, which the NLC, its allies, and others are vehemently opposing.

This comes as the NLC is already mobilizing workers for a mass protest tomorrow (February 4) against the 50 percent tariff hike approval.

On Thursday last week, in a letter to affiliate unions and state councils, NLC General Secretary Emma Ugboaja urged them to mobilize other Nigerians to send a serious message to the government.

The planned protest follows the 50 percent telecom tariff approval by the Nigerian Communications Commission (NCC) on January 20, 2025.

The approval had sparked widespread rejection among telecom subscribers.

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