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Residents in the southwestern state of Oyo’s densely populated Ibadan city heard a loud blast at about 7:45 p.m., causing panic as many fled their homes. By Wednesday morning, security forces cordoned off the area while medical personnel and ambulances were on standby as rescue efforts intensified. Preliminary investigations showed the blast was caused by explosives stored for use in illegal mining operations, Oyo Gov. Seyi Makinde told reporters after visiting the site in the Bodija area of Ibadan. Political Cartoons View All 253 ImagesIt was not immediately clear who stored the explosives, and no arrest has been announced.

Persons: Seyi Makinde, ” Makinde, Saheed Akiode, Makinde, Anthony Adejuwon, ” Adejuwon Organizations: Emergency Management Agency, Associated Press, ”, Urban Alert Locations: ABUJA, Nigeria, Ibadan, Oyo, Bodija, “, trooped

Renewable energy is more reliable but its promise for the region still remains largely unmet. Most households have depended on gasoline generators for power, but recently the government removed a gasoline subsidy, prompting increased interest in solar power, according to dealers. The Nigerian government has not announced incentives to promote solar energy, such as reducing import taxes on solar equipment as demanded by dealers. “The problem was affordability, but now customers can pay installments over a period of 18 months,” said Tunde Oladipupo, an agent for Sun King, a solar power company. Another example of this shift is the Ford vehicle assembly plant in Silverton, Pretoria, which currently sources over 35% of its electricity from solar power.

Persons: Rashmi Shah, ”, William Ruto, Tunde Oladipupo, Sun King, Monsurat Qadri, ” Qadri, ” Mohammed Ettu, Shah, ” Shah, ___ Adebayo, Magome Organizations: Climate Summit, World Bank, CP Solar’s, Associated Press, Kenyan, Solutions, Ford, South, CP, Kenya Power, Lighting Company, Supersport, AP Locations: NAIROBI, Mombasa, Nairobi, Kisii County, Kenya, Africa, Nigeria, Oyo, Lagos, Saharan Africa, South Africa, Stillwater, American, Silverton , Pretoria, Mpumalanga, Kenya —, Abuja, Johannesburg

☆ Read Your Way Through Salvador
▼ + stars: | 2023-07-19 | by ( Itamar Vieira Junior | Translated Johnny Lorenz | ) www.nytimes.com time to read: +2 min

Read Your Way Around the World is a series exploring the globe through books. I was born in Salvador, in the Brazilian state of Bahia, and lived in the general vicinity until I reached the age of 15. I already knew something of Amado, not from reading him but because he was an omnipresent figure in the cultural life of Salvador. Salvador was the first capital of Brazil, founded in 1549 as part of the Portuguese colonial project in the Americas. In the Salvador of yesteryear, one would find Europeans, mostly Portuguese and Dutch, as well as Indigenous peoples, especially the Tupinambá.

Persons: Jorge Amado, Amado, Salvador, Rufino, João José Reis, Flávio dos Santos Gomes, Marcus J.M, de Carvalho, Rufino ” Locations: Salvador, Brazilian, Bahia, Brazil, Portuguese, Americas, Salvador of yesteryear, Africa, Nigeria, Benin, Dahomey, Togo, Republic of Congo, Angola, Oyo

Economic challenges and geopolitical tensions have made fundraising and investment difficult, and eaten into global venture funds' returns. "It has become increasingly complex to run a decentralized global investment business," Sequoia said in the statement. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. Sequoia started to invest in local companies in China, India and Southeast Asia more than 15 years ago, according to the statement. Sequoia China, founded and led by former entrepreneur and investment banker Shen, has invested in more than 1,200 companies in sectors ranging from technology to healthcare.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Biden, Weiheng Chen, Wilson, Steven Yu, Yu, Trump, we've, Singh, Oyo, Kane Wu, Julie Zhu, Sriram, Roxanne Liu, Krystal Hu, Bernadette Baum, Mark Potter, Paul Simao Organizations: Sequoia Capital, Economic, Investment, Sequoia, XV Partners, HK, PDD Holdings, Reuters, Global Law, China -, Thomson Locations: HONG KONG, China, India, Southeast Asia, COVID, Sequoia China, Sequoia India, Shanghai, U.S, China - U.S, Hong Kong, Mumbai, Beijing, San Francisco

☆ Sequoia to separate China, India and Southeast Asia operations by March 2024
▼ + stars: | 2023-06-06 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 6 (Reuters) - Global venture capital giant Sequoia announced Tuesday that it is planning to separate its China, and India and Southeast Asia businesses into two independent firms. The China and India and Southeast Asia businesses will become independent and distinct with separate brands, by March 31, 2024, Sequoia said in a statement signed by managing partners Roelof Botha, China head Neil Shen and India head Shailendra Singh. Sequoia China will retain its current Chinese name and adopt the name HongShan in English, while Sequoia India and Southeast Asia will become Peak XV Partners, the firm said. The firm partnered with local leaders in China and India and Southeast Asia over 15 years ago, according to the statement. Singh and his team raised a $2.5 billion India and Southeast Asia fund last year, its biggest yet.

Persons: Sequoia, Roelof Botha, Neil Shen, Shailendra Singh, Shen, Singh, Kane Wu, Julie Zhu, Sriram, Louise Heavens, Bernadette Baum Organizations: Sequoia, Sequoia Capital, XV Partners, HK, PDD Holdings, Thomson Locations: HONG KONG, China, India, Southeast Asia, Europe, Sequoia China, Sequoia India, Oyo, Mumbai

☆ Unilever pivots to African suppliers as forex pressure mounts
▼ + stars: | 2023-05-31 | by ( Seun Sanni | Richa Naidu | ) www.reuters.com time to read: +6 min

The war in Ukraine exacerbated supply chain logjams and manufacturing issues that began with the COVID-19 pandemic. Managing foreign exchange costs is largely what is driving a pivot to African suppliers, Unilever said, even though sourcing from the continent can cost more than buying from parts of Asia. “Over 95% of the brands we sell to our (African) consumers are made in African factories,” Reginaldo Ecclissato, Unilever’s chief business operations and supply chain officer, told Reuters. Today more than two-thirds of the ingredients that go into Unilever products sold in African markets come from the continent, the company said. Where is it on the scale of Unilever’s supply chain?” he said.

Persons: Kasali, ” Kasali, “, Knorr, Hellmann’s, Reginaldo, Tedd George, Nestle, ”, Pierre, André, Ecclissato, it’s, bouillon, Iranloye, Busari, Unilever’s Ecclissato Organizations: Reuters, Unilever, REUTERS, ” Unilever, Nestle, Danone, sorbitol Locations: ALAYIDE, Nigeria, Oyo, Africa, Ukraine, Asia, India, China, South Africa, Lagos, Oyo State

☆ India's Oyo mulls cutting IPO size amid tech rout - Bloomberg News
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: 1 min

BENGALURU, March 27 (Reuters) - Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd is cutting the shares it plans to sell via an initial public offering (IPO) by about two-thirds as tech valuations plunge, Bloomberg News reported on Monday, citing people familiar with the matter. Oyo is preparing to file a fresh IPO document as soon as this week, according to the report. The company had initially filed to go public in October 2021 but delayed the share sale due to market conditions. The company has continued to report losses, and in December said it is cutting 600 jobs in its corporate and technology departments. ($1 = 82.3660 Indian rupees)Reporting by Varun Vyas in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Fact Check-Spreadsheet shown during Nigerian broadcast does not show a vote counting mistake
▼ + stars: | 2023-03-03 | by ( Reuters Fact Check | ) www.reuters.com time to read: +2 min

An image of a spreadsheet that was shown during a broadcast of Nigeria’s presidential election has been falsely touted online as evidence of a voting miscount. At timestamp 7:43:17 here , a spreadsheet is shown onscreen whereby the result for each party is tallied at the bottom of separate columns. The sum of the 13 rows in the APC column, for example, is 151,850. However, the apparent mismatched totals are a result of neither the screenshot nor the broadcast showing the entire spreadsheet. There are 13 rows shown in the NTA broadcast, which is therefore the results of 13 local government areas.

☆ India's Oyo lays off 600 employees as part of 'wide ranging' reorganisation
▼ + stars: | 2022-12-03 | by ( Rhea Binoy | ) www.reuters.com time to read: +1 min

Dec 3 (Reuters) - Softbank-backed Indian hotel aggregator Oyo Hotels and Homes Pvt Ltd said on Saturday it ins cutting 600 jobs in its corporate and technology departments. India's IPO-bound Oyo will cut 10% of its 3,700-employee base, while at the same time hiring 250 people, it said in a statement. Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions. The company reported a net loss of 3.33 billion Indian rupees ($40.90 million) in the second quarter of the financial year compared with a loss of 4.14 billion rupees in the first quarter. ($1 = 81.4100 Indian rupees)Reporting by Rhea Binoy in Bengaluru, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

☆ India's Oyo Hotels reports smaller loss in July-Sept vs pior qtr
▼ + stars: | 2022-11-26 | by ( ) www.reuters.com time to read: +1 min

The company reported a net loss of 3.33 billion rupees($40.77 million) in the second quarter of the financial year compared with a loss of 4.14 billion rupees in the first quarter. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the second quarter rose to 560 million rupees from 70 million rupees in the first quarter. The company reported a 24% increase in revenue during the first half of the year, to 29.05 billion rupees. The monthly revenue per hotel, or gross booking value, rose 69% year-on-year to 348,000 rupees. Oyo Hotels first filed to go public in October 2021 but it has delayed the share sale due to market conditions.

☆ India regulator fines MakeMyTrip, Oyo for anti-competitive conduct
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +2 min

BENGALURU, Oct 19 (Reuters) - India's competition regulator said on Wednesday that it had fined online hotel-booking companies MakeMyTrip Ltd (MMYT.O) and Goibibo and IPO-bound hotel chain Oyo a combined $47 million for anti-competitive behaviour. The Competition Commission of India (CCI) has been investigating the companies since 2019 following allegations by a hotel body that MakeMyTrip gave special treatment to SoftBank-backed (9984.T) Oyo on its platform. The CCI has directed MakeMyTrip and Goibibo (MMT-Go) to amend their market behaviour after fining them about $27 million. The FHRAI had also alleged that Oyo and MakeMyTrip were hurting competition by offering deep discounts and charging "exorbitant" fees from hotels. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chris Thomas in Bengaluru; Editing by Arun Koyyur and Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ A Slimmed-Down Oyo Looks Better Placed for an IPO
▼ + stars: | 2022-09-23 | by ( Megha Mandavia | ) www.wsj.com time to read: 1 min

Oyo Hotels & Homes has shelved some of its grand overseas ambitions. But the slimmed down, SoftBank-backed Indian startup looks stronger, too. If the recovery in budget travel, which is Oyo’s bread and butter, can gain a bit of steam, the company would be relatively well placed for a public listing, even in a tough market. Oyo, which is incorporated as Oravel Stays, on Monday disclosed data showing narrower losses and a rebound in sales for the year ended in March. For the first quarter of the current fiscal year, the company managed an operating profit—a pleasant surprise for a company with a long history of losses.

☆ Novartis’ growth ills lay tricky treatment pathway
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

LONDON, Sept 22 (Reuters Breakingviews) - Novartis (NOVN.S) is facing a prolonged period in recovery. On Thursday, the $187 billion Swiss drugmaker said it will make expansion in the U.S. market a top priority as it seeks to boost its lacklustre growth. He will also spin off its generic drug business next year and list it on the Swiss stock exchange. Strip that away from Novartis’ current enterprise value of $196 billion and the core drugs business is valued at around $167 billion. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Bank of Japan’s stubbornness keeps yen volatile
▼ + stars: | 2022-09-22 | by ( ) www.reuters.com time to read: +2 min

Men look at an electric monitor displaying the Japanese yen exchange rate against the U.S. dollar and Nikkei share average in Tokyo, Japan September 14, 2022. read more That’s understandable, but it will make it harder to moderate an increasingly volatile exchange rate. The yen , currently trading around 144 per dollar, is at its weakest since 1998, but more important is the rate of change. A see-sawing foreign exchange rate, though, makes executives nervous. Exporters including carmakers Nissan Motor (7201.T) and Toyota Motor (7203.T), and drugmaker Takeda Pharmaceutical (4502.T), which reported nice forex tailwinds in its last quarterly report, are benefitting from unexpected exchange rate gains on paper.

☆ Opinion: What the calls to boycott ‘The Woman King’ are really saying
▼ + stars: | 2022-09-22 | by ( Nsenga K. Burton | ) edition.cnn.com time to read: +6 min

Nsenga K. Burton Courtesy of Nsenga K. BurtonInspired by true events, “The Woman King” was directed by Gina Prince-Bythewood and produced by Academy award-winning actress Viola Davis (who also stars) and veteran actress/producer Maria Bello. But there are calls to boycott the film because, to its critics (even those not calling for a boycott), it underplays the role played by the Dahomey Kingdom in the Atlantic slave trade. Join us on Twitter and Facebook“The Woman King” is an outstanding film in the tradition of classics like “Spartacus” (1960), “Braveheart” (1995) and “The Gladiator” (2000). The difference is that Black women are at the center of the action, both on-screen and behind the camera. The effort by some to erase their work in “The Woman King” is lamentable.

☆ Sea CEO’s distress call will make tech waves
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +2 min

A person stands in front of a signage of Southeast Asian e-commerce and gaming group Sea Ltd's, at their office in Singapore March 5, 2021. REUTERS/Edgar SuHONG KONG, Sept 21 (Reuters Breakingviews) - Candour is often welcome during times of distress. Forrest Li, the chief executive of Singapore's Sea (SE.N), is not mincing his words as he sounds the alarm at his $26 billion e-commerce to video-games outfit. Losses are widening at the $11 billion super-app as it continues to invest in fintech read more . They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Oyo will check into public markets in better shape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

The logo of OYO, India's largest and fastest-growing hotel chain, installed on a hotel building is seen through wires in an alley in New Delhi, India, September 25, 2018. REUTERS/Anushree Fadnavis - RC1364FBCAC0MUMBAI, Sept 20 (Reuters Breakingviews) - A recovery in travel means Oyo is set to check into public markets in better shape. The budget hotel chain founded by Ritesh Agarwal grew revenue 18% to 49 billion rupees ($615 million) in the year to March. The uplift was reported in an addendum to its draft initial public offering document first filed a year ago. Earlier Oyo was targeting a whopping $11 billion valuation, equivalent to 19 times trailing sales.

☆ U.S. trustbusters’ red faces match legal red tape
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

A UnitedHealth Group health insurance card is seen in a wallet in this picture illustration October 14, 2019. REUTERS/Lucy Nicholson/IllustrationNEW YORK, Sept 20 (Reuters Breakingviews) - America’s antitrust enforcers can’t catch a legal break. Unless they start scoring court wins, competition hawks’ legacy may be less stopping M&A than making it more painful. UnitedHealth’s victory, which followed 20 months of investigation and litigation, confirms that merger reviews generally are becoming more onerous. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Big SPAC unwind has consequences for few
▼ + stars: | 2022-09-20 | by ( ) www.reuters.com time to read: +2 min

Chamath Palihapitiya, Founder and CEO of Social Capital, presents during the 2018 Sohn Investment Conference in New York City, U.S., April 23, 2018. REUTERS/Brendan McDermid/File Photo/File PhotoNEW YORK, Sept 20 (Reuters Breakingviews) - Chamath Palihapitiya pushed the limits of the blank-check boom. If his shortcomings were the worst of the SPAC fallout, it isn't so bad. The SPAC boom was part of the stock market excess inflated by government stimulus and ultra-low interest rates following the global pandemic. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ 'The Woman King' review: Viola Davis stars in an action spectacle about female warriors
▼ + stars: | 2022-09-15 | by ( Review Brian Lowry | ) edition.cnn.com time to read: +4 min

CNN —Although “inspired by true events,” “The Woman King” clearly isn’t tethered to them, using the underlying story of 19th-century female warriors in an African kingdom as the jumping-off point for a rousing action vehicle, augmented by plenty of melodrama. It’s an egalitarian streak within a society where the king (John Boyega) still possesses a sprawling harem. Nanisca worries that her warriors “do not know an evil is coming,” a tease for the pending battle against the Oyo. If the finish is a bit too busy to be as rousing as intended, by then, “The Woman King” has made the most of its formidable arsenal. “The Woman King” premieres September 16 in US theaters.

☆ 2 gaming veterans raised $1 million from Amazon and Google to make games you can only play by voice
▼ + stars: | 2019-07-23 | by ( Shona Ghosh | ) www.businessinsider.com time to read: +4 min

Two gaming veterans have raised €1 million ($1.1 million) for Doppio, a new games studio that builds role-play games you play with your voice. CEO Jeferson Valadares says voice games have become more economically feasible now that it's possible to buy items through Alexa skills. The way people play games is evolving, with most of the major tech companies assuming gaming will go the way of films and Netflix and building out their own game streaming platforms. Doppio's first game is "The Vortex," which you can play on the Amazon Alexa (by asking "Alexa, open The Vortex") or with Google Assistant on your phone. The Vortex, Valadares said, is similar to old-school text-based games, or MUDs, that were popular in the 80s and 90s.

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