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Coca-Cola hits $2.6 billion profit 

Coca-Cola announced on Friday that its third-quarter profits increased by 38% as the company’s gain rose to $2.6 billion. 

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Coca-Cola hits $2.6 billion profit 

Coca-Cola announced on Friday that its third-quarter profits increased by 38% as the company’s gain rose to $2.6 billion.

Chief Executive Officer of the company, James Quincey, explained that it was the solid sales of soda and innovative products like smaller drink cans that offset the hit from a strong dollar.

He said, “We are taking hold with our consumers, customers and system. Our profits rose 38 percent to $2.6 billion, off of an 8.3 percent increase in revenues to $9.5 billion.” 

The company scored higher sales of its flagship Coca-Cola and notched another quarter of double-digit growth in Coca-Cola Zero Sugar diet soda.

Results were also boosted by increased sales of smaller 7.5-ounce mini-cans that enjoy higher profit margins and by initiatives such as distributing more than 100,000 coolers in Brazil to take advantage of strong demand for immediate consumption drinks.

Coca-Cola hits $2.6 billion profit 

The company undertook an international launch of a new coffee product in more than 20 markets and said it plans to introduce new energy drinks in the United States next year.

Coca-Cola raised its full-year targets for revenues and operating income but maintained the projection for earnings per shares. Shares rose 0.4% to $54.03 in pre-market trading.

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Back home: Meanwhile, Nairametrics had reported that the Nigerian Bottling Company (NBC), Rite Foods Plc and other manufacturers of carbonated drinks might have to start paying excise duties as the Federal Government identified new streams of revenue to help boost its revenue base.

This was announced by the Minister of Finance, Budget and National Planning, Zainab Ahmed on the sidelines of the World Bank/International Monetary Fund meetings holding in Washington DC, United States.

Ahmed made it known that since the Value Added Tax increase had been proposed, other streams of revenue the government was considering include the introduction of excise duties on carbonated drinks.

Carbonated drinks include soft drinks like Coca Cola, Fanta, Bigi and excise duties are taxes levied on locally produced goods. Nairametrics understands that currently, excise is placed on non-alcoholic beverages, fruit juices, beer, stout and alcoholic beverages as shown on the website of the Nigeria Customs Service.

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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

Twitter to establish its first African presence in Ghana

Twitter has announced Ghana as headquarter of its operations in Africa.

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Square buys $50 million worth of Bitcoins, Twitter warns political figures to abstain from fake, misleading statements, Has Twitter's Jack Dorsey changed the popular narrative attached to Nigerians?, Twitter forecasts future drop in revenue after milestone record in 2019 Q4 , Twitter founder, Jack Dorsey invest N2.3 million in Nigerian startup, DevCareer , Some Verified accounts may not be able to tweet, as Twitter freezes password reset to address cyberattack, Jack Dorsey Sells First-ever Tweet for $2.9 million dollars as an NFT

Jack Dorsey, CEO of Twitter Inc has announced today in a tweet that the company is establishing a presence in Africa.

“Twitter is now present on the continent. Thank you, Ghana and Nana Akufo-Addo,” Dorsey tweeted.

As part of its mission to serve the public conversation, Twitter is making it easier for everyone to join in and provide more relevant experiences for people across the world.

Why Ghana as a choice…

Twitter stated that it chose to expand to Ghana first because the country is an advocate of free speech, online freedom, and the Open Internet.

In a blog post the company said, “In line with our growth strategy, we’re excited to announce that we are now actively building a team in Ghana. To truly serve the public conversation, we must be more immersed in the rich and vibrant communities that drive the conversations taking place every day across the African continent.”

“Furthermore, Ghana’s recent appointment to host The Secretariat of the African Continental Free Trade Area aligns with our overarching goal to establish a presence in the region that will support our efforts to improve and tailor our service across Africa.

“Whenever we enter new markets, we work hard to ensure that we are not just investing in the talent that we hire, but also investing in local communities and the social fabric that supports them. We have already laid foundations through partnerships with Amref Health Africa in Kenya, Afrochella in Ghana, Mentally Aware Nigeria Initiative (MANI) in Nigeria, and The HackLab Foundation in Ghana. As part of our long-term commitment to the region, we’ll continue to explore compelling ways we can use the positive power of Twitter to strengthen our communities through employee engagement, platform activation, and corporate giving,” Twitter stated.

The company is also looking to hire specialists to join several teams to operate in product, design, engineering, marketing and communications.

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Reacting to Dorsey’s announcement, Ghanaian President, Nana Akufo-Addo, in a tweet said that the government and people of Ghana welcome welcomed the micro-blogging site.

“The choice of Ghana as HQ for Twitter’s Africa operations is excellent news. Government and Ghanaians welcome very much this announcement and the confidence reposed in our country,” President Akufo-Addo tweeted.

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Youths need critical skills to strengthen Nigerian economy – Bankers Committee’s FITC

Nigerian youths need to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

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Financial Institutions Training Centre (FITC)

Bankers Committee’s FITC has called on Nigerian youths to embrace adequate skills and create a pool of well-engaged workforce to directly strengthen the nation’s economy.

This was disclosed by the Managing Director, FITC, Chizor Malize, during the launch of its Future of Work Academy for Youths on Monday.

According to her, the initiative is to continuously bridge the knowledge gap in the country and Africa at large, as it is expected to equip the youths for the peculiar needs of the Future of Work.

It also seeks to solve the prevalent issue of producing university graduates with degrees and skills that have limited practical use in the current global job market, as well as the requirements for the Future of Work.

She said, “The world of work is changing rapidly, and competition for the right talent is fierce. Graduate talents have for decades been primarily identified and employed based on academic excellence, however, in the emerging world of work, creativity, innovation, and work-ready skills have become the non-negotiable indicators for competitive advantage, and to evaluate capabilities.

“It is therefore important for youths to build critical skills, that will equip them for the requirements of the Future of Work in the ever-evolving business landscape. The value FITC FOWA is bringing to corporations at this time cannot be overemphasized. By equipping youths and creating a pool of well-engaged workforce for organizations, FITC FOWA will be directly strengthening the economy and the society in general.”

Malize added that the initiative offers essential courses in Data Science, Data Analytics, Coding, Digital Marketing, Graphics Designs, MS Excel & Analytics, Digital Marketing, Use of PowerPoint, and other key areas that have been strategically packaged to educate, enlighten, and upskill undergraduates and graduates with the vital skills for the Future of Work.

What you should know

Owned by the Bankers Committee (CBN, NDIC and all Nigerian deposit money banks), FITC was established in 1981 as a non-profit organisation limited by guarantee to provide capacity building and serve as a knowledge hub for the Nigerian Financial Services Sector.

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