Global News: Google's Parent Company, Alphabet, released better-than-expected earnings for the third quarter after the closing bell on Tuesday.
Nigeria Aims to Exit FATF Gray List by 2025 to Boost Remittances and Foreign Investment
Alphabet and Google CEO Sundar Pichai said the company's AI investments were "paying off." "In Cloud, our AI solutions are helping drive deeper product adoption with existing customers, attract new customers and win larger deals," Pichai added. "And YouTube's total ads and subscription revenues surpassed $50 billion over the past four quarters for the first time.
Our thoughts
Alphabet (Google’s parent company) is bursting investors brains this season! Revenue grew by 15% driven by advertising with Google Cloud showing solid 35% growth.
But there are still 2 concerns to keep investors awake:
1. How they can grow Gemini without comingling ad revenue (we discussed this in the past).
2. The anti-trust trial that questions its dominance. US regulators are expected to make an announcement on November 20th.
The only constant thing in life is change!
African News: Global Watchdog Clears Senegal from Dirty Money List, Boosting investor confidence.
Senegal has been removed from the global “dirty money” grey list, likely boosting investor confidence after recent negative news triggered a selloff of its eurobonds.
Our thoughts
What is the FATF? Financial Action Task Force (FATF) is an intergovernmental body that drives policies to combat money laundering and terrorism financing.
There are two lists: Grey lists & Black lists
Graylist: Countries that have committed to addressing specific concerns.
Blacklist: Countries that have strategic concerns and have no plans of addressing them.
There are no African countries on the blacklist but quite a handful (20 out of 40 countries) on the grey list. Big boys like South Africa & Nigeria featuring and keeping place in the October 2024 published list.
Senegal has successfully ticked all the boxes to get off the list. This is good news for the country and will open it up to increased foreign trade.
Even though they are still grappling with the impact of fresh revelations around their debt sustainability. Basically, new leadership came in, did an audit, and discovered that their budget deficit was twice the amount being touted. lol They'll be fine.
Nigerian News: Nigeria Aims to Exit FATF Gray List by 2025 to Boost Remittances and Foreign Investment
Countries on the FATF’s gray list face increased scrutiny and must ramp up efforts to counter money laundering and terrorism financing, as required by the Financial Action Task Force (FATF), a global anti-money laundering organization.
Our thoughts
Nigeria was added to the FATF gray list in 2023. That's why compliance issues have spiked this past year. Think "mercury bank closing all Nigerian linked accounts, the additional questions you get asked when you wire to Nigeria
Basically if you have Nigerian links you may not access some financial instruments and if you do, you will answer questions plenty of them. At the June review, Nigeria had ticked 30% of those boxes. 70% left. Fingers crossed, deadline is May 2025.
General recommendation: While this is in place, be mindful of direct transactions to Nigeria from offshore banks. Consider using correspondence banks to save yourself some headache.
What’s happening at the Money Wit Club…..
Did you enjoy reading this? Help spread the message by forwarding to at least 10 of your contacts.
Was this email forwarded to you? Subscribe here.
We host weekly money discussions live on our YT channel… visit our channel
Want to advertise with us? Email business@oleroladele.com
Highlights in the Club this Week:
Big News- One of Our Portfolio Companies Kunda Kids is on CNN
At the Money Wit Club, We provide you with opportunities to invest in high-value companies with potential to help you yield the highest returns on your investments. Watch full interview here
This week in the club, we launched our raffle draw to appreciate our esteemed members. Asides our numerous educational content on finances and investments, investment opportunities and partnerships, Members of the club can now win grand amazing prizes monthly by participating in our weekly raffle draws. Click the button below for more information on how to join the club