Akon Gets Funding To Build New City In Senegal

 

(c) Twitter - @Akon

R&B singer and mogul Akon has said that he has secured about $2 billion to start constructing a new city in Senegal.

According to the city's architect, Hussein Bakri, the population will reach 300,000 one day.

In an quote to AFP News, Akon has marketed the city directly to African-Americans saying he "ran into a lot of African-Americans that didn’t really understand their culture... So I wanted to build a city or a project like this that will give them the motivation to know that there is a home back home. "As you come in from America, or Europe or anywhere in the diaspora, and you feel like you want to visit Africa, we want Senegal to be your first stop." 

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United Kingdom Dives Into Deep Recession

 

(c) Euro News

UK Finance Minister Rishi Sunak announced that the country is in very hard times as they are now experiencing the worst recession of any major economy. In the 2nd quarter of 2020, the British economic output went down by a startling 20.4 percent, which is the biggest drop on record.

"Hundreds of thousands of people have already lost their jobs, and sadly in the coming months many more will. But while there are difficult choices to be made ahead, we will get through this, and I can assure people that nobody will be left without hope or opportunity."

Since March, the UK has cut close to 730,000 jobs due to the coronavirus pandemic.

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Under Armour Sent SEC Notice As Founder & CFO Could Face Charges

Under Armour in Canada.

(c) Under Armour

Under Armour Inc., founder Kevin Plank and Chief Financial Officer have been warned by the U.S. Securities and Exchange Commissions that they could face civil charges for bad accounting practices.

The sporting company apparently used a "pull forward" method between the third quarter of 2015 and the fourth quarter of 2016 to register a "customer sale and execute it earlier before planned", according to the filing which is a SEC violation.

"The company and the executives maintain that their actions were appropriate and intend to pursue the Wells Notice process, which will include the opportunity to respond to the SEC staff's position, and also expect to engage in a dialogue with the SEC staff to work toward a resolution of this matter," Under Armour said.

Under Armour shares have fallen by 50% this year.

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#TheBingeStopBusinessNewsJuly28th2020