Connect with us

Business

World’s biggest money printer may stop working due to lack of money

Published

on

The reason why is somewhat ironic – the world’s largest banknote provider is running out of money.

The UK’s largest money printing company, De La Rue, which provides Britain with its national banknotes, passports, and tax stamps, has recently issued a statement where it expressed “significant doubt” over its future, citing “material uncertainty”.

De La Rue is the world’s largest commercial printer and has been providing the Bank of England with banknotes since 1860, while also printing currency and providing banknote-related services in more than 140 other countries. It has also produces passports for 40 countries worldwide.

However, the company’s interim 2019-2020 financial results have looked rather gloomy, with De La Rue indicating that it received £40 million less in revenue in comparison to the preceding half-year’s results. The company has also lost more than 20 percent of its value since 25 November.

According to NBC News, the main reason for company’s financial difficulties could be that it was not awarded the contract to print the UK’s new blue post-Brexit passports, which went to Germany’s Gemalto instead.

“With a contract value of approximately £260 million, this will deliver significant savings compared to the £400 million contract awarded in 2009 and provide value for money to the taxpayer”, the UK Passport Office explained in April 2018, while also arguing that the contract would help create new jobs at Gemalto’s office in Great Britain.

The company could partly also be struggling from the rise in cashless payments and online transfers, but according to the investment research company Edison Group, the amount of banknotes in circulation and demand for them – especially long-lasting polymer banknotes –will continue to grow in the near future.

With all this in mind, De La Rue’s future, as well what will happen when it comes to the numerous central banks worldwide that depend on the company for printing banknotes, will be decided next year.

Advertisement
Click to comment

Leave a Reply

Please Login to comment
  Subscribe  
Notify of

Business

Corona beer halts production as coronavirus infections continue to rise

Published

on

Modelo Group, the Mexican brewer of Corona, announced it was halting production and marketing of its beer, according to a statement released on the company’s Twitter page Friday.

The Mexican beer company said it was taking the steps to “comply with the measures adopted by the Federal Government” of Mexico.

They also expressed their “total commitment to be part of the fight against the SARS-Cov2 virus”, the statement reads.

Continue Reading

Business

After Nigeria, Cameroon big boys begin to speak, Baba Danpulo splashes 100 million francs to fight coronavirus

Published

on

After Nigerian rainmakers splash billions to help their government fight coronavirus, Cameroonian
Billionaire and richest person in Central Africa according to Forbes, Baba Danpullo has donated 100 million FCFA to the state of Cameroon as support towards the fight against COVID – 19

His donation comes barely hours after government created a 1 billion solidarity fund to help fight the virus

Critics have said the money however won’t be enough given the rise of the virus, saying the government would rather spend 4 billions on wine at the Presidency and spend meager amount to keep Cameroonians safe.

Danpulo’s (Central African riches man according to Forbes) contributions comes a day after the lone English daily newspaper in the country the Guardian Post had taken the country’s billionaires to task, asking what are they doing to help government fight the virus.

Continue Reading

Business

Coronavirus uncertainty: Leading tech firm A-2 Technologies develops unrivaled E-learning platform for schools

Published

on

A Buea-based tech firm better known as A2 Technologies has roll out its newly developed E-learning platform for University and high schools.

The customized software the programmers say rivals the best in the market and has been in use for months now as a means to continue learning during the Anglophone crisis

Already being used by one of the private universities around the country, and two universities abroad, the software provides a classroom experience to both learners and teachers like never before

Once deployed, Students are assigned Unique IDs and they are added to a digital classrooms

The digital classrooms will have all students and teachers including a possible supervisors where teaching will take place

In the digital classrooms, teachers can upload notes in PDF or documents format, upload audio and video but above all they can run life video sessions where students can follow the lecturers from their homes using smartphones and ask questions virtually

Squeezed on how the students will controlled, the lead Programmer tells TeboPost teachers have the possibility to take attendance once all students are in class since their individual accounts will indicate they are active once they sign in.

He also says students can ask questions through video session to the hearing and watchful eye of all students and teachers can use inbuilt white board to solve complex mathematics and students watch with their phones

The instructors can also mute recalcitrant student for a period of they are online and disturbing like playing music which affects others

It’s a digital breakthrough which gives complete classroom experience to schools and students and also gives possibility for students to be evaluated and their results given in real time to their respective accounts

One of the catholic Universities in the country is already using the system, the only in Cameroon for now and two Universities in Ghana.

IT experts and digital critics say the system doesn’t have a rival in the Cameroonians and sub regional market and provides full option teaching in the era of coronavirus and solves the massive problem of uncertainty surrounding schools

The digital classroom makes mockery of modules like zoom which offers only one of its multiple functionalities which is live video.

A-2 Technilohies says the duration of the system in school depends on availability of students data, the system can be deployed and running within 7 days even to an institution as complex as state university once students data is available such as names, matriculates and courses.

To reach out to A-2 Technologies for the system, please contact 670611090

Continue Reading
Last update on:
Global Total
Cases

Deaths

Recovered

Active

Advertisement

Recent Posts

Trending

Copyright © 2016 TeboPost Media.Powered by Mbah Lucas Tebo.