Business
COVID-19: Amazon to identify, prosecute its third-party sellers over price-gouging
Amazon Inc. has announced that it would work with the United State Attorney Generals to identify and prosecute third-party sellers, who are taking advantage of the fears of the Coronavirus outbreak to engage in price-gouging on its website.
Amazon Inc. has announced that it would work with the United State Attorney Generals to identify and prosecute third-party sellers, who are taking advantage of the fears of the Coronavirus outbreak to engage in price-gouging on its website.
The company said that so far, over 530,000 product offers had been removed from the website, over price-gouging concerns, as many of these products were coming up to make unsupported claims about their ability to fight coronavirus.
In a letter to the United States Senator Edward Markey, Amazon assured the senator that the company was not unaware of the situation and had already taken steps to clamp down such sellers.
“We have suspended thousands of accounts of sellers who have engaged in price gouging and we have begun working with several state attorneys general to prosecute the worst offenders,” Amazon said in the letter.
[READ MORE: Tips that will help you win in business – Amazon Founder)
In addition, Amazon has also begun manual audits of products in its online stores to detect sellers that evade its automated systems, in its check for items that are “unfairly priced.”
Markey had written Amazon earlier in the week asking the company to stop the third-party sellers on their website from ramping up prices for items like hand sanitizers as people seek to protect themselves from the coronavirus.
According to him, the letter became necessary after he found that a pack of 24 2-ounce bottles Purell, which should cost $10, was selling for $400 on the company’s website, almost 40 times the actual price.
There had been a surge in panic buying following the daily increase in new infections and deaths arising from Coronavirus, with customers in a race to stock up on essential items.
In Nigeria, the price of items like hand sanitizer and face masks spiked up more than 400% after the first case of Coronavirus was discovered in the country.
So far, the global count of coronavirus infections has crossed 100,000, with over 3400 deaths across 90 countries. More countries have reported their first cases last week, an indicator that efforts made so far have not checked the spread of the virus.
Business
Where to invest in May
Post-COVID-19 lockdown, Nigerians need to send their money on the right errands in May 2019, if they will not be caught napping the expected recession.
This May, post-COVID-19 lockdown, Nigerians need to send their money on the right errands, if they don’t want to be caught napping during the anticipated recession.
When listing out assets that should make up the ideal portfolio in May 2020, founder of Nairametrics, Ugochukwu “Ugodre” Obi-Chukwu, explained that investors should consider choice stocks in the Nigerian and foreign stock exchanges, as well as investments in money market instruments where some decent profits can be made.
Ugodre said this during the maiden edition of the Nairametrics Monthly Investment Guide Webinar.
According to him, this will also be the time to look into Agri-Tech investments, using crowdsourcing platforms, after which you can sit back and watch your funds grow over a time span of 5 months to a year.
According to him, it is also important to invest in foreign currencies and crypto-currencies to balance one’s portfolios.
He noted that foreign direct investments have reduced over the last couple of years due to reduced trust in Nigeria’s economic policies, and the desire of foreign investors to cash out their funds with ease. This also explains why portfolio investments grew by 38% in 2019.
He said, “Foreign investors love portfolio investments because when they put their money in, they can easily take it out as well.”
(READ MORE: CrowdFunding: Who is qualified according to new SEC Guidelines)
Finding the right stocks
On the stock market, he noted that quite some stocks improved in the month of April and could improve in the coming months. He listed 20 suggested shares, including six stocks which he described as COVID-19 proof.
Dangote Sugar Refinery, May & Baker Nigeria Plc, GSK, Neimeth International Pharm, Nestle Nigeria, and Cadbury Nigeria Plc are fast-moving consumer goods companies that are expected to be resistant to pressure from the pandemic.
He advised investors to track stocks that are liquid, have good financials and good corporate governance, in order to limit risks borne by investors. Valuation of the shares, he said, could be done by comparing stock value and earnings per share.
Working around cryptocurrency volatility
While making a presentation on “Why Bitcoin should be in your portfolio,” Yele Badamosi, CEO of Bundle stated that foremost cryptocurrency, Bitcoin, had maintained a steady appreciation over the last decade giving investors high yields.
Although the market is highly speculative and unregulated, its high returns and high risk indicate that investors with high-risk appetites could find the market more attractive.
To avoid being on the wrong side, he advised users to consider time-based rebalancing, or tolerance rebalancing to reduce risks and rebalance one’s portfolio.
(READ MORE: AfCFTA delay: A bane to Africa’s $3.4 trillion economic bloc)
“There are reputable people in the space, but it is important to do your research, start small, and buy regularly. Be wary of get-rich-schemes and unrealistic guaranteed returns,” he advised. 
With applications like Bundle Africa on Google Play Store, buying cryptocurrencies is as easy as selecting the buy button and having it saved in your bundle wallet.
What to expect in Q2 2020
According to Wale, an economist, who also spoke at the webinar, the demand for crude oil will remain low as several countries and businesses are still in lockdown, even though OPEC has cut down production.
Interest rates may remain low, though, despite this, Nigerian business entrepreneurs cannot expect single-digit interest rates.
“Foreign reserve and government reserves will remain under pressure in the coming months. The World Bank says that this is the worst year so far, going back to the great depression and this is what I think as well. This is probably going to be the worst economic crisis we have seen,” Wale said.
He added that with the exception of industries in the Healthcare sector, telco companies, digital technology companies, and food producers, other sectors could very well expect a big hit.
Business
Why risk your life when you can bank with V by VFD (VBank or V)
Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.
The recent lifting of the lockdown has seen Nigerians rush to the banks to execute banking transactions that they have missed in the last five weeks.
Saying that this action or mis-action contravenes the physical distancing preached by the health agencies and government, is only stating the obvious. By doing this, they endanger themselves, and other family members whom they return to after their day at the bank.
But what if it was possible to do all your banking from your phone?
V to the rescue
V disrupted the banking industry when earlier this year, it launched a highly optimized virtual bank app that enables users to carry out all banking transactions with ease and from their phones.
Users are able to create and set up a bank account with the app within 5 minutes and start carrying out transactions immediately.
Of course it doesn’t matter if you already have an account with the traditional banks. There’s always room for pleasant disruptions, aren’t there?
What they offer
VBank was launched as Nigeria’s first fully virtual bank to close the gap which hitherto existed between established traditional banks and their customers. That means there are no barriers between the bank and its teeming customers and potential customers.
Unlike other apps that are laced with either unbidden and hidden charges, V is free, as there are no charges for customers whether they are transferring money to another customer of V or another bank.
(READ MORE: VFD Group meets nutritional needs of residents of Olowogbowo community)
According to Azubike Emodi, MD/CEO, VFD Microfinance Bank, experts behind V are taking a consumer-centric approach with an aggressive feedback collection mechanism to build an app that meets the objectives of the customer.
The app, which is available for download on App store and google playstore allows users to monitor expenses and income, categorize budgets, and set spending limits. V is available to download by searching for “V by VFD” on App Store and Google Play store.
What else could one ask for in a bank?
Another landmark feature of V is referral functionality (Veelage), which is also connected to monthly financial reward. It allows interested users of V to earn income and advance though the V community simply by getting account holders signed up with a unique ID and maintaining an average balance.
About this unique feature, Olukunle Salami, Business Performance Manager, VFD Group Plc would say that It is a 2-way value proposition that ensures individuals can earn consistently for several months beyond the initial referral point.
Whoever guessed that we could earn from our bank?
Business
Total Health Trust Provides Covid-19 Relief for Healthcare Providers in Nigeria
Total Health Trust Limited is playing a leading role in the response through its strategic collaboration with healthcare providers
With rising costs and operational challenges due to the Covid-19 pandemic, this relief aims to support the scheme’s healthcare providers across the country.
As Nigeria continues its fight against the COVID-19 pandemic, Total Health Trust Limited (THT), a member of the Liberty Group, is playing a leading role in the response through its strategic collaboration with healthcare providers and their delivery of quality health care services in the country.
THT has created a COVID-19 relief initiative for its network of healthcare providers to help ensure that Nigerians continue to have access to the healthcare they need during this challenging time. Through this initiative, THT is supporting healthcare providers to mitigate the impact of the epidemic by covering the cost of protective disposable equipment, such as masks and gloves, for consultations, as well as technical support for exposure to COVID-19 related cases.
In a statement recently released by THT, Nigeria’s leading Health Maintenance Organisation, the CEO Kieran Godden applauded the intensive efforts of healthcare professionals in curtailing the spread of the virus. “We at Total Health Trust, and indeed the whole country, remain very thankful to our health professionals, the NCDC and the State Ministries of Health for the immense and co-ordinated role they continue to play in ensuring that the country records ongoing success in the fight against this pandemic” he said.
“At Total Health Trust, we are concerned about the well-being of healthcare providers and the risks they face to ensure a healthier Nigeria. We understand their concerns in managing their own exposure to suspected Covid-19 cases, while providing medical care to citizens. As such, we are focusing our efforts on providing the necessary protection in the fight against COVID-19.”
“Furthermore, our commitment to delivering the highest level of support to our network of healthcare providers continues, especially at a time when their operations and needs are quickly changing.” said Godden .
“As a responsible corporate organisation, with a purpose to make Nigeria healthier, we are contributing to the fight against the virus by empowering our healthcare centres across Nigeria to continue delivering essential health and wellbeing services. We urge other corporate organisations and sector leaders to play their part as we overcome this disease together as a nation” he added.
(READ MORE: Aliko Dangote donates mobile COVID-19 testing lab to Kano State)
About Total Health Trust Limited
Total Health Trust (THT), a member of the Liberty Group, is a proudly Nigerian company with a pan-African foot print working to make Nigeria healthier. We are the leading Health Maintenance Organization (HMO) dedicated to serving SMEs, corporates and multinationals in Nigeria. With a demonstrated track record of providing affordable and reliable healthcare services and solutions of more than 18 years , we understand healthcare and know the needs of those we serve. Our pan-African footprint enables us to leverage world class solutions together with local expertise as well as a network of over 7 000 healthcare providers to deliver better health care results.
The organisation has offices in all geopolitical zones of the country and is headquartered in Lagos.
Peter Hawkins
March 9, 2020 at 4:56 pm
Last I heard, America is still a free-market country, which means a buyer can set any price, and a seller can either buy, or not buy. There is no such thing as “price-gouging” or an “actual price” other than the selling price. Under what law could someone be prosecuted in the US for selling consumer goods at an “unfair price”?