Telecom
Apple Says iPhones Addiction Profitable
Apple Inc investors on Tuesday shrugged off concerns raised by two shareholders about kids getting hooked on iPhones, saying that for now a little addiction might not be a bad thing for profits.
Hedge fund JANA Partners LLC and the California State Teachers’ Retirement System (CalSTRS) pension fund said on Saturday that iPhone overuse could be hurting children’s developing brains.
Some investors said the habit-forming nature of gadgets and social media are one reason why companies like Apple, Google parent Alphabet Inc and Facebook Inc added 630 billion dollars to their market value in 2017.
Apple shareholder Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, said “We invest in things that are addictive.”
He also owns stock in coffee retailer Starbucks Corp, casino operator MGM Resorts International and alcohol maker Constellation Brands Inc.
“Addictive things are very profitable,” Gerber said.
Still, the investment community is increasingly holding companies to higher social standards, and there is some concern that market-leading tech companies could draw attention from regulators much like alcohol, tobacco and gambling companies have in the past.
Alphabet and Facebook could not immediately be reached for comment on Monday. Facebook has said social media can be beneficial if used appropriately.
In a statement to Reuters, Apple said it has offered a range of controls on iPhones since 2008 that allow parents to restrict content, including apps, movies, websites, songs and books, as well as cellular data, password settings and other features.
“Effectively anything a child could download or access online can be easily blocked or restricted by a parent,” Apple said in the statement.
Apple shares fell marginally on Monday. CalSTRS holds 1.9 billion dollars in Apple stock, a sliver of the company’s nearly 900 billion dollars market value, while JANA declined to disclose the size of its smaller stake.
Peter Jones, vice president of research for Ferguson Wellman Capital Management, which has about 350,000 Apple shares,said “Before Apple speaks, I think it’s too early to change the narrative” for investors.
Some said social media companies, not hardware makers, are more deserving of any addiction-related scrutiny.
Jordan Waldrep, who invests in alcohol, tobacco and gambling stocks as manager of the USA Mutuals Vice Fund, said blaming Apple for its customers’ addiction was analogous to blaming makers of cigarette packs instead of tobacco companies.
“The social media, the cigarettes, are the addictive product,” he said. Waldrep’s Vice fund does not own Apple, but Waldrep said he would consider including social media companies.
Kim Forrest, senior portfolio manager and vice president at Fort Pitt Capital Group, agreed that companies like Facebook, Twitter Inc and Snap Inc might be more at risk than Apple if investors and regulators push back on how much time people spend on mobile devices.
“Apple is just the delivery device,” said Forrest, who said Fort Pitt has limited Apple holdings.
“It’s only compelling with software. Software is the dopamine releaser that keeps you coming back.”
Twitter declined to comment and Snap could not immediately be reached.
The letter from JANA and CalSTRS recommends Apple set up a committee of child-development experts and make more new tools available to parents.
In its statement, Apple did not directly respond to the investors’ demands but said changes are in store for its parental controls.
It did not provide details.
Apple said: “We are constantly looking for ways to make our experiences better.
“We have new features and enhancements planned for the future, to add functionality and make these tools even more robust.”
The addiction issue gained notoriety when former Disney child star Selena Gomez said she canceled a 2016 world tour to go to therapy for depression and low self-esteem, feelings she linked to a social media addiction.
Fears about smartphone addiction have already kicked off regulatory backlash.
In December, the French education minister said mobile phones would be banned in schools, and draft legislation in France would require children under 16 to seek parental approval to open a Facebook account.
Even tech insiders are among the vocal critics of social media and its addictive potential.
“Apple Watches, Google Phones, Facebook, Twitter – they’ve gotten so good at getting us to go for another click, another dopamine hit,” said Tony Fadell, a former Apple executive, on Twitter.
John Streur, chief executive of Calvert Research and Management, an Apple shareholder that focuses on social responsibility, said it is plausible that tech devices may some day be understood to hold risks we do not currently understand well.
That would hurt investors if evidence later emerged that companies intentionally built features that create dependency and had evidence that doing so was unsafe.
For the time being, John Carey, a portfolio manager at Amundi Pioneer Asset Management in Boston, said concerns over the human impacts from being glued to screens are not likely to cut into profits.
The company holds Apple stock, but the funds Carey manages do not.
He said:“I doubt there will be any impact on the use of smartphones.
“We’re already addicted to them.”
Telecom
MoMo PSB, LSSBI Advisory Partner for Seamless Tax Payments
MoMo PSB has announced a partnership with Leadership Strategy Sustainability Business Innovation (LSSBI) Advisory to enhance financial inclusion and streamline tax payments in Ekiti, Nasarawa, and Rivers states.
This collaboration introduces MoMo as the official payment platform for taxpayers, enabling easy and convenient payments via the USSD code *5229#.
Nigeria CommunicationsWeek report that the partnership aims to boost compliance, drive revenue development, and promote financial autonomy for marginalised communities. Key stakeholders highlighted the significance of this collaboration in closing the financial gap and promoting economic growth.
Read Also: MTN Nigeria takes full control of MoMo bank for $4.6m
With this initiative, MoMo PSB reaffirms its commitment to providing accessible and user-friendly financial services to all Nigerians, particularly the unbanked and underbanked populations.
The launch of the USSD code *5229# demonstrates MoMo PSB’s dedication to expanding financial inclusion and promoting digital payments.
Ekiti State officials lauded the partnership, commenting on the convenience of using the MoMo payment platform, while emphasising its potential to increase tax compliance and benefit local communities.
The collaboration is part of a broader initiative to empower citizens with financial autonomy, encourage saving, and promote responsible money management.
As the rollout begins in Ekiti, Rivers, and Nasarawa, MoMo PSB and LSSBI Advisory aim to expand the initiative nationwide, encouraging other states and private sector partners to explore similar collaborations, leveraging technology to improve access to financial services. This partnership marks a new era in tax payment solutions, prioritising efficiency, inclusivity, and financial empowerment for all Nigerians.
MoMo PSB, established in May 2022 as the fintech division of MTN, continues to focus on delivering user-friendly, accessible, and affordable financial services to both new and existing customers across Nigeria.
Telecom
Glo Introduces Instalment Payment Scheme for Purchase of Smartphones
Globacom has unveiled a new device acquisition scheme to enable Nigerians own smartphones and pay conveniently over several months. The scheme is dubbed: “Buy Now, Pay Small Small” and is available in Gloworld shops across the country.
The scheme aims to bridge the digital divide by enabling individuals and businesses have access to the latest smartphones and devices more conveniently. This, Globacom claims, will make customers more connected and more productive.
A press statement released by Globacom explained that it is offering flexible payment options to its customers so they can acquire devices of their choice and spread the cost of these new devices over several months through instalment payments that is manageable for them.
The scheme has a wide range of smartphones and other smart devices from top brands that customers can chose from.
This device financing is available to all new and existing Glo customers who can avail the benefits of the programme when purchasing new devices from Gloworld stores across Nigeria.
Moreover, customers can choose from various payment plans to suit their budget, with tenures of up to six months and special interest rates on all flagship devices.
Globacom said customers who purchase devices under the programme will also be given a data bonus of 18GB for six months, adding that it is focused on customer satisfaction, through ensuring a convenient system of smartphone acquisition for Nigerians.
Telecom
Here’s Your Last Chance to Secure Discounted Starlink Kits @ Konga
Starlink Week at Konga, an exceptional opportunity to acquire reliable satellite internet at a significantly discounted price, ends tomorrow, Saturday, August 31, 2024.
Nigeria CommunicationsWeek gathered that customers now have chance to secure a Starlink kit at an exceptional price and experience the transformative power of high-speed internet.
Throughout the week, Konga has been dedicated to making Starlink’s cutting-edge technology more accessible to Nigerians.
Read Also: Konga Announces Starlink Week: An Opportunity To Own High Speed Internet Kit
The e-commerce giant offered Starlink kits and accessories at reduced prices, along with perks that have made this offer hard to resist.
In addition to the unmatched prices, Konga included free nationwide delivery to ensure that customers from every corner of Nigeria benefited from this offer.
Konga also provided free same-day delivery in major cities like Lagos, Abuja, and Port Harcourt, ensuring that customers can start enjoying their Starlink experience almost immediately.
As Starlink Week draws to a close, this is the final call for those who still need to take advantage of this limited-time offer.
The discounted prices, combined with the exceptional delivery options, represent a rare opportunity to invest in a technology that has revolutionized internet accessibility across the globe.
Konga’s Starlink Week has been more than just a promotional event; it has been a gateway to connectivity, offering Nigerians a reliable solution to their internet needs.
Starlink provides the service you need to stay connected wherever you are in Nigeria.
Take advantage of this exclusive opportunity. Visit Konga.com today or walk into any of Konga’s retail stores to secure your Starlink kit before the campaign ends.
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