Throwback Thursday – May 4, 1904 – Charles Rolls Meets Henry Royce, Rolls Royce Is Later Formed

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May 4, 2023

May 4, 1904 – Rolls was introduced to Henry Royce by a friend at the Royal Automobile Club, Henry Edmunds, who was also a director of Royce Ltd.

Edmunds showed him Royce’s car and arranged the historic meeting between Rolls and Royce at the Midland Hotel, Manchester.

In spite of his preference for three or four cylinder cars, Rolls was impressed with the two-cylinder Royce 10 and in a subsequent agreement of 23 December 1904 agreed to take all the cars Royce could make.

These would be of two, three, four and six cylinders and would be badged as Rolls-Royces.

The first Rolls-Royce car, the Rolls-Royce 10 hp, was unveiled at the Paris Salon in December 1904, although in the early advertising it was the name of Rolls that was emphasised over that of Royce.

In 1906 Rolls and Royce formalised their partnership by creating Rolls-Royce Limited, with Rolls appointed Technical managing director on a salary of £750 per annum plus 4% of the profits in excess of £10,000. Rolls provided the financial backing and business acumen to complement Royce’s technical expertise.

In 1907 Rolls-Royce Limited bought out C. S. Rolls & Co.

UK To Ban All Cold Calls Selling Financial Products

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faith Jegede

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May 4, 2023

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The UK is to ban all cold calls selling financial products as part of a national crackdown on scams.

Unsolicited calls offering any financial product will be covered by the ban, with a view to stopping fraudsters selling sham insurance products or cryptocurrency schemes.

A new fraud squad will also be set up with 500 staff, up from 120 now.

But Labor and the Liberal Democrats called the plans “too little, too late as fraud is now the most common crime in the UK, with one in 15 people falling victim.

Last summer, 41 million people were targeted by suspicious calls and texts, according to media regulator Ofcom. However, most fraud now has an online element, data suggests.

The government said the blanket ban on cold calls selling financial products would cover legitimate calls as well.

This will mean that “anyone who receives a call trying to sell them products such as cryptocurrency schemes or insurance will know it’s a scam”, it said.

Exactly which financial products will be covered will be decided after consultation, with the ban expected to be brought in this summer.

In addition, the government said so-called “Sim Farms”, where people use a large number of Sim cards to send text messages in bulk, will be banned

Intelligence services and police will work with overseas partners to shut down call centres engaged in fraud.

Advertising campaigns will warn people about the risk of scam calls

There will be new measures to tackle phone number “spoofing”, where scammers alter Caller ID information to make calls look genuine.

Prime Minister Rishi Sunak said that the new rules will tackle “cold-hearted” scammers who “ruin lives in seconds.”

Scams he said fund “organized crime and terror”.

Meta Accused Of Putting Child Users At Risk

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faith Jegede

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May 4, 2023

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The top US data privacy regulator has accused Meta, owners of Facebook and Instagram, of not putting proper parental controls in place.

The Federal Trade Commission (FTC) also said Meta should be banned from making money from children’s data.

It said the company’s recklessness has put young users at risk, and Facebook needs to answer for its failures.

Meta hit back, calling the regulator’s move a “political stunt” and accusing it of overstepping its authority.

The FTC said an independent investigation had found several gaps and weaknesses in Facebook’s privacy program that posed substantial risks to the public.

Users aged under 13 were found to be still allowed to engage in chats with contacts not vetted by parents.

The regulator also said Meta continued to give third-party apps access to private information after promising to cut off access if users failed to use the apps in the previous 90 days.

The FTC has proposed a series of actions, including:

A blanket prohibition against monetizing data of children and teens under 18

A pause on the launch of new products until it could be established they were in full compliance with privacy rules

Limits on future uses of facial recognition technology. Meta would be required to disclose and obtain users’ affirmative consent for any future uses of facial recognition technology.

In response, Meta’s spokesperson, Andy Stone, said Meta was being singled out “while allowing Chinese companies, like TikTok, to operate without constraint on American soil”.

He also accused Lina Khan, who chairs the FTC, of antagonizing American business.

The FTC’s case began in 2018 after it was revealed that the personal data of tens of millions of Facebook users had been taken by Cambridge Analytica.

The regulator has looked to rein in some of the powers wielded by Big Tech. However, companies such as Meta believe they are being unfairly treated.

“Despite three years of continual engagement with the FTC around our agreement, they provided no opportunity to discuss this new, totally unprecedented theory,” Stone said.

The FTC, however, believes that Meta “has repeatedly violated its privacy promises” and wants tougher action to protect younger users.

In a statement, which mirrored Stone’s remarks, Meta said it had spent “vast resources building and implementing an industry-leading privacy program”.

“We will vigorously fight this action and expect to prevail”, it wrote.

Lagos To Realise Smart City Vision By 2030, Sanwo-Olu Reaffirms

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Angel Gimalo

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May 4, 2023

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Lagos State governor, Babajide Olusola Sanwo-Olu has commended efforts of professional bodies and reaffirmed the commitment of his administration towards the 2030 Lagos Smart City vision.

Sanwo-Olu, represented by his Special Adviser on Works and Infrastructure, Mrs Aramide Adeyoye, made the remarks at the 2023 Lagos Architects Forum with the theme, “Lagos: An Evolving Organism.”

“The big vision for Lagos is that by 2030, the smart city ambition of the state would have been fully realised.

“And as a government, we are determined, more than ever before, to drive the institutional framework that will guarantee and provide a conducive environment to encourage and support the people of Lagos State,” he said.

He commended the annual Lagos Architects forum organised by the Lagos Chapter, Nigerian Institute of Architects (NIA), geared towards promoting best practices for sustainable development in the state.

Sanwo-Olu said the theme was apt and resonated with his administration’s vision and second term agenda of a “Greater Lagos Rising,” which targeted the evolution of Lagos.

He said his administration had worked relentlessly to fulfill its promises to Lagos residents, adding that success would not have been possible without the support of professional bodies.

He added that professional bodies had not only keyed into his administration’s vision of a Greater Lagos but had also demonstrated commitment towards making it a reality.

“We are desirous of building a Lagos that is safe, prosperous, and investment-friendly by ensuring that effective and sustainable policies are in place to provide an enabling environment for inclusive growth and drive direct foreign investment (DFI).

“We envisioned for ourselves a Greater Lagos that has respect for the rule of law, starting with the government and cascading to the governed, the citizens, and where every corporate body is guaranteed access to justice.

“A state where everybody is equal before the law, that prides itself on the quality of life it provides its citizens through adequate availability of basic social infrastructure.

“Where there is access to qualitative education, health facilities, and quick response to epidemics, natural disasters and accidents,” he said.

The governor said the THEMES Agenda was set as a the driving force for developmental activities to ensure local and global investment opportunities.

“As a team we instituted proactive policies, demonstrated great political will, and pursued investor-friendly policies aimed at promoting domestic and global partnerships in the management of the state’s megacity challenges.

“Furthermore the resultant creation of enabling environment made Lagos a natural business haven with immeasurable return on investment.

“It is important to state that your Institute has shown leadership and a spirit of excellence which has seen architects engage in several nation-building activities across the country, particularly in Lagos State.

“Your contributions to various developmental dialogues, employment of the youth, financial reforms, and sustainable development have continued to positively impact the citizens of this state and on behalf of the people of Lagos State, we thank you,” he said.

Once Upon A Time – May 4 – 1979 – Margaret Thatcher Becomes 1st Elected Female Prime Minister Of The U.K.

By

Angel Gimalo

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May 4, 2023

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1471 Battle of Tewkesbury, Gloucestershire, final battle between the Houses of Lancaster and York: Prince of Wales, Edward of Westminster killed and King Edward IV returns to his throne, restoring political stability to England until his death in 1483

1814 King Ferdinand VII of Spain signs the Decree of the 4th of May, returning Spain to absolutism

1904 Construction begins by the United States on the Panama Canal

1979 Margaret Thatcher becomes the first woman to be elected Prime Minister of the United Kingdom

Historical Events Today Events in 2023

Today in Film & TV

2008 Seth MacFarlane reaches an agreement worth $100 million with Fox to keep “Family Guy” and “American Dad” on television until 2012, making MacFarlane the world’s highest paid television writer

Today in Music

1959 First Grammy Awards: Perry Como & Ella Fitzgerald win

Today in Sport

1869 Cincinnati Red Stockings play their 1st official baseball game, a win against the Great Western Base Ball Club, 45-9

1972 “The Don’t Make A Wave Committee,” a fledgling environmental organization founded in Canada in 1971, officially changes its name to the “Greenpeace Foundation”

1893 Cowboy Bill Pickett invents bulldogging, the skill of grabbing cattle by the horns and wrestling them to the ground

Famous Weddings

1941 Los Angeles Mayor Tom Bradley (23) weds Ethel Arnold

1944 Baseball player Ted Williams marries Doris Soule

1962 Actor Christopher Plummer (32) weds columnist Patricia Lewis at the Marylebone Registry office in London

One was from an impoverished background; the other was a member of the aristocracy. They came together to form Rolls-Royce, the iconic car manufacturer – May 4, 1904

China’s Tourism Rebounds Above Pre-Pandemic Levels

By

faith Jegede

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May 4, 2023

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GERMANY-CHINA-DIPLOMACY-ECONOMY — Chinese President Xi Jinping stands by national flags at the Schloss Bellevue presidential residency in Berlin on March 28, 2014. Chinese President Xi Jinping begins a landmark visit to fellow export powerhouse Germany Friday, the third leg of his European tour, expected to cement flourishing trade ties and focus on the Crimea crisis. AFP PHOTO / JOHANNES EISELE (Photo credit should read JOHANNES EISELE/AFP/Getty Images)

China’s domestic tourism rebounded above pre-pandemic levels during the five-day May Day break.

According to China’s Ministry of Tourism, tourists made 274m trips within the country during the holiday period.

That was almost 20% higher than in 2019, before the outbreak of Covid-19 triggered lockdowns across the country.

Official figures also show that tourists spent $21bn (£16.7bn) during the period, more than twice the amount seen at the same time last year.

President of the China Tourism Academy Dai Bin, speaking to the official state news agency said “This can be seen as a turning point of China’s tourism sector. The market performance has truly returned to its 2019 level.”

However, some experts highlight that while Chinese people were travelling again, they are not spending as much as before the pandemic.

Domestic tourists were “trading down” as opposed to “spending up,” said Standard Chartered’s Raymond Cheng.

This puts into doubt whether a tourism rebound would lead to a significant economic boost for the country, he added.

Outside of China, the country’s tourists could help support the recovery of the global travel industry.

Before Covid, China was the most important source of international tourists, with more than 150m Chinese people taking trips overseas each year.

During the May Day holiday, an average of 1.2m Chinese people travelled abroad each day, according to state media. That was twice last year’s figure.

That was as tourists from Mainland China travelled to destinations like Hong Kong, Thailand and Singapore.

However, airline bookings by Chinese tourists travelling abroad were still around half what they were before the pandemic, according to travel data firm Forward Keys.

Fed Raises US Interest Rates To Highest In 16 Years

By

faith Jegede

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May 4, 2023

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The US central bank has raised interest rates to the highest level in 16 years as it battles to stabilize prices.

The Federal Reserve increased its key interest rate by 0.25 percentage points – its 10th hike in 14 months.

The Fed signalled that Wednesday’s rise may be it’s last one for now.

The moves have pushed its benchmark rate to between 5% and 5.25% – up from near zero in March 2022.

Higher rates have sharply raised borrowing costs across the world’s largest economy, spurring a slowdown in sectors such as housing and playing a role in the recent failures of three US banks.

Federal Reserve chair Jerome Powell said at a press conference after the announcement, that while the government was no longer saying that they anticipated additional interest rate increases as this was significant enough, however, they will be driven by incoming data.”

The bank started raising interest rates aggressively last year as prices in the US were soaring at the fastest pace in decades.

Central banks around the world, including in the UK and in Europe, have taken similar action.

Higher interest rates make it more expensive to buy a home, borrow to expand a business or take on other debt. By increasing those costs, officials expect demand to fall and prices to cool off.

Since the Fed started its campaign, price increases in the US have shown signs of moderating.

In March, inflation, the rate at which prices rise, stood at 5% – the lowest level in nearly two years – though still uncomfortably high for the Fed, which is targeting a 2% rate.

Zelensky To Speak At The Hague

By

faith Jegede

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May 4, 2023

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Ukrainian President Zelensky has arrived at the International Criminal Court headquarters where he’s due to deliver a speech.

It comes a day after Moscow accused Ukraine of attempting to assassinate Russian President Vladimir Putin, which Ukraine strongly denies.

Russia accused Kyiv of carrying out a drone attack on the Kremlin and threatened to retaliate before explosions were heard in Kyiv and other Ukrainian cities overnight and on Wednesday

Zelensky is expected to meet the Dutch PM as part of the visit to the ICC, which has issued an arrest warrant for Putin over alleged war crimes

The Hague, where the ICC is located is currently under heavy security.

Bendel Insurance Invincible Run Thrills Nwachukwu

By

Emenike Agu

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May 4, 2023

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Bendel Insurance midfielder, Divine Nwachukwu, is relishing the possibility of setting a landmark achievement with the club in the Nigeria Professional Football League as they continue their unbeaten run in the 2022/23 abridged season

The former U-17 star has been pivotal for Insurance this season, having not missed a game and has scored a goal and provided four assists.

Nwachukwu’s only goal was an equaliser against Remo Stars in Ikenne on match-day 14, as the Benin Arsenal picked up another vital point on the road. They have since extended their unbeaten run to 16 matches in the league, with a four-point gap on top of the Group A table.

In a chat with our correspondent, Nwachukwu expressed delight at surpassing the expectations so far this season.

“Remaining unbeaten feels so special, knowing that we are newly promoted from the Nigeria National League and now topping the table in the NPFL. It’s like a dream come true and I want to be part of that history,” Nwachukwu said.

He maintained that the team’s focus was still on making the Super 6, even as they continue to enjoy a good run of form.

“It’s not been easy playing in the league, but we have progressed as a team and at this point, we believe anything is possible. The main target is Super 6, and when we have that in our hands, we can begin to talk of even winning the league.”

Bendel Insurance are sure of a place in the Super 6 and are also through to the round of 32 of the Federation Cup, where they will face Osun United in Lagos.

Their next game in the league is a home affair against Shooting Stars on match-day 17 before ending the regular season away against Nasarawa United in Jos.

Boom For Women Footballers As FIFA Triples W’Cup Money

By

Emenike Agu

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May 4, 2023

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FBL-WC-2022-INFANTINO-FIFA-HYPOCRISY — FIFA President Gianni Infantino speaks during a press conference at the Qatar National Convention Center (QNCC) in Doha on November 19, 2022, ahead of the Qatar 2022 World Cup football tournament. - Infantino hit back at Western critics of Qatar's human rights record at his opening press conference of the World Cup on November 19, blasting their "hypocrisy". (Photo by GABRIEL BOUYS / AFP)

FIFA President Gianni Infantino has confirmed $152m as the prize money for this year’s Women’s World Cup in Australia and New Zealand.

Infantino made the confirmation while speaking alongside the World Trade Organisation Director-General Dr Ngozi Okonjo-Iweala during Making Trade Score for Women!, a series of panel discussions held at the WTO’s headquarters in Geneva, Switzerland.

The biggest women’s football competition is slated to start on July 20 and will be hosted jointly by Australia and New Zealand with FIFA also set to increase the pool of prize money significantly from what it was four years back in 2019.

“As a father of four beautiful daughters, I know very well how much attention we need to give women in our lives,” Infantino said at FIFA Congress.

“Our ambition will be, of course, to be able to have equality in payments for the ’26 Men’s and ’27 Women’s World Cups. FIFA is stepping up with actions, not just with words… but unfortunately this is not the case of everyone across the industry. Broadcasters and sponsors, dear friends, have to do more in this respect.”

Although the $152m fund for the first 32-team tournament is a huge boost from the $30m for the 24-team edition in 2019, and 10 times what it was in 2015, it is still considerably lower than the $440m total prize money awarded at the 32-team men’s World Cup in Qatar last year.

At the 2019 Women’s World Cup, the tournament champions received $4m while every participating country received $750,000.

The FIFA boss, in a statement on the football governing body website, said FIFA had already set an example by increasing the total funding package at the Women’s World Cup 2023 to $152m, treble the amount paid in 2019 and 10 times more than in 2015, prior to his election as FIFA president.

However, he added that FIFA still had to sell media rights for the tournament to some major markets because the offers were undervalued.

The FIFA President’s call was supported by Okonjo-Iweala.

“I hope the broadcasters are listening to what the FIFA president is saying about bidding higher for the Women’s World Cup as this is a real opportunity to support women’s football, and I hope they’ll take you up on your offer,” Dr Okonjo-Iweala stated.