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Trademark Infringement: NBC, Rite Foods Suit Resumes September 22

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Trademark Infringement: NBC, Rite Foods Suit Resumes September 22-Crystal News

A Federal High Court in Lagos on Monday, July 12, adjourned till September 22, proceedings in the suit between Nigerian Bottling Company (NBC) Ltd and Rite Foods Ltd.

In suit No: FHC/L/CS/92/2021, the plaintiff, Rite Food Limited, filed a motion ex parte of an interim injunction against the defendant, NBC, restraining it from further promoting or using any sales promotion material for its Predator energy drink in a manner that infringes or passes off or that is capable of infringing or passing off the plaintiff’s Fearless energy drink until the interlocutory application for an injunction is determined.

Rite Foods claimed through its counsel Mr. Muyiwa Ogungbenro, that Predator’s lion insignia bears a striking resemblance to the Fearless.

But NBC denied any claim of trademark violation or passing off with its Predator Energy drink vowing to contest the case vigorously in court.

It has also prayed the court to set aside an ex-parte injunction obtained by Rite Foods Ltd against the continued promotion of the Predator Energy drink in the Nigerian market.

It further asked the court to dismiss Rite Foods’ committal application brought against NBC’s Managing Director, Mr. Matthieu Seguin, for alleged disobedience to the interim order.

The suit, formerly before Justice Chukwujeku Aneke, is now before Justice Lewis Allagoa.

NBC’s counsel Mark Mordi had told Justice Aneke that Rite Foods’ applications were brought malafide and were without merit as the suit lacked a firm ground to stand in law.

He contended that the Predator logo had been in existence and in use in many markets outside of Nigeria even prior to the launch of Fearless by Rite Foods in the Nigerian market.

When the matter came up before Justice Allagoa, he fixed the September 22 date for the hearing of preliminary applications in the suit.

 

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Technology

Intel CEO To Compete Against Apple

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Intel CEO To Compete Against Apple

Intel CEO Pat Gelsinger hasn’t given up on the idea of the Mac once again using Intel chips, but he acknowledges it will probably be years before he gets that chance.

  • In the meantime, he is focused on powering Windows machines that give Apple CEO Tim Cook a run for his money.

Why it matters: In getting pushed out of the Mac, Intel not only lost a customer but picked up a new rival.

The big picture: Intel has had a tough enough time keeping up with smaller rival AMD in recent years. With Apple as a competitor, Intel now has to compete against a chip design that has proved itself both powerful and power efficient.

Catch-up quick: Apple, which has been using Intel chips to power the Mac since 2005, is in the midst of shifting its entire computer line to run on Apple-designed processors similar to the ones used for the iPhone and iPad.

What they’re saying: Gelsinger, who returned to Intel as CEO earlier this year, doesn’t fault the Mac maker for its decision.

  • “Apple decided they could do a better chip themselves than we could,” Gelsinger said during an interview for “Axios on HBO.”

 

  • “And, you know, they did a pretty good job. So what I have to do is create a better chip than they can do themselves. I would hope to win back this piece of their business, as well as many other pieces of business, over time.”

Yes, but: Gelsinger knows that another chance, if it ever comes, is years off.

  • “In the meantime, I gotta make sure that our products are better than theirs, that my ecosystem is more open and vibrant than theirs, and we create more compelling reason for developers and users to land on Intel-based products,” Gelsinger said. “So I’m gonna fight hard to win Tim’s business in this area.”
  • Gelsinger pointed to the work Intel is doing with Microsoft to bring Android apps to Windows 11 as an example of one of the ways it is trying to make the PC more attractive.

Between the lines: Another option, which could be easier than convincing Apple to abandon its own chip designs, is to convince the company to use Intel’s manufacturing. Thus far, Apple has used Samsung and Taiwan Semiconductor Manufacturing Co. to produce its processors.

  • Gelsinger notes that Amazon, Qualcomm and the Department of Defense are already signed up to have Intel manufacture some of their chips.

 

  • “Those aren’t bad brands,” Gelsinger told me. “So I’m pretty pleased with the progress that we’re making there. And I’d hope to add a few more brands to that list that, you know, might include them [Apple].”

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Bitcoin Tops $60,000 After Six Month Price Dive

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Bitcoin

Bitcoin hit $60,000 for the first time in six months, nearing its record high, as traders grew confident that United States regulators would approve the launch of an exchange-traded fund (ETF) based on its futures contracts.

Cryptocurrency investors have been waiting for approval of the first U.S. ETF for bitcoin, whose recent rally has been fuelled in part by anticipation of such a move, which was seen as speeding up the mainstream adoption of digital assets.

Bitcoin , the world’s biggest cryptocurrency, rose 4.5% to its highest level since April 17 and was last at $59,030. It has risen by more than half in value since September 20 and is now close to its all-time high of $64,895.

According to reports, the U.S. Securities and Exchange Commission (SEC) is set to allow the first U.S. bitcoin futures ETF to begin trading next week, “It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said.

Bitcoin Tops $60,000 After Six Month Price Dive

Friday’s moves were spurred, he said, by a tweet from the SEC’s investor education office that stated: “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits.”

Several fund managers, including the VanEck Bitcoin Trust, ProShares, Invesco, Valkyrie and Galaxy Digital Funds have applied to launch bitcoin ETFs in the United States. Crypto ETFs have been launched this year in Canada and Europe.

“We have seen more institutional build-up, especially in the past few weeks, than we have at any time since the (bitcoin price) crash back in April,” said Noelle Acheson, head of market insights at Genesis Global Trading.

SEC Chair Gary Gensler has previously said the crypto market involves many tokens which may be unregistered securities and leaves prices open to manipulation and millions of investors vulnerable to risks.

According to Bloomberg report, citing people familiar with the matter, said that proposals by ProShares and Invesco are based on futures contracts and were filed under mutual fund rules that Gensler has said provide “significant investor protections”.

The SEC did not immediately respond to a request for comment on the Bloomberg report.

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Dollar To Naira Exchange Rate Today 14 October 2021 (Black Market Rate)

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Dollar To Naira Exchange Rate Today 14 October 2021 (Black Market Rate)

Dollar to Naira exchange rate today 14 October 2021, the black market rate can be accessed below.

Crystal News has obtained the official dollar-to-naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How Much Is Dollar To Naira Exchange Rate Today Official Rate?

The official rate today, Thursday, October 14, for $1 dollar to naira = ₦(yet to be disclosed)/$1.

According to the data at the FMDQ Security Exchange where forex is traded officially, the exchange rate between the naira and the US dollar opened at ₦(yet to be disclosed)/$1 on Thursday, October 14, after it closed at N415.10 per $1 on Wednesday, 13 October 2021.

How much is exchange rate of Dollar to Naira in Black Market today?

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) for today, Thursday, October 14, opened N572.00 to a $1.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Trading at the official NAFEX window

The exchange rate between the naira and the US dollar on 13th October 2021 closed at N415.10/$1 as against how it opened on Wednesday, October 13 at N413.74/$1, showing a change at 0.19.

Meanwhile, the 9th Senate led by Senate President, Ahmad Lawan, on Wednesday passed the 2022 Appropriation Bill for second reading.

The budget was passed after debate on its general principles which took more than an hour in the upper chamber.

Recall that President Muhammadu Buhari last week Thursday presented an N16.39 trillion budget proposal for the 2022 fiscal year.

President Buhari noted that the total expenditure of N16.39 trillion proposed for the Federal Government in 2022, N768.28 is for Statutory Transfers; N6.83 trillion is for Non-debt Recurrent Costs; and N4.11 trillion for Personnel Costs.

Others are N577.0 billion for Pensions, Gratuities and Retirees’ Benefits; N792.39 for Overheads; N5.35 trillion for Capital Expenditure, including a capital component of statutory transfers; N3.61 trillion for Debt Service; and N292.71 billion Naira for Sinking Fund to retire certain maturing bonds.

The budget has a deficit of N6.26 trillion, an amount representing 3.39 per cent of estimated GDP.

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