Welcome to Victor Eke's blog: Business

'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians

<div xmlns='http://www.w3.org/1999/xhtml'><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdd75gdKUXQn_WV2z9bp2N5TO5OFoM2YO9MZcfggM7MI_uoR5HuWnxFZSIuQXt17LcuqVACRH1Bqiw0tlm3V5du0Iymjb8yQWBLGT3ixR5dmH1LVzIwpmZPb0bpCWKGsoBcRYRuYW5BZUv/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdd75gdKUXQn_WV2z9bp2N5TO5OFoM2YO9MZcfggM7MI_uoR5HuWnxFZSIuQXt17LcuqVACRH1Bqiw0tlm3V5du0Iymjb8yQWBLGT3ixR5dmH1LVzIwpmZPb0bpCWKGsoBcRYRuYW5BZUv/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a>The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it. 
 
The Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State. 
 
The mentoring programme, which was held simultaneously in over 200 schools, was part of activities to mark the World Savings Day. 
 
 
 
The apex bank’s warning is coming at a time when the huge unemployment situation in the country is making a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.)’. 
 
The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent. 
 
Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model. 
 
She said, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated. 
 
“Desist from their activities because they are fraudulent.” 
 
She said the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save. 
 
She added, “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike. 
 
“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.” 
 
 
 
Every mmm participant goes through the following stages 
1. U think its a scam 
2. U register because of ur friend 
3. U are afraid ur money is going to disappear 
4. Ectasy !!! u got help 
5. U can't shut up u tell ur family and friends 
6. You get scared again because of rumour mongers 
7. You get desperate for referral bonus 
8. You increase ur pledge. 
9. When people say mmm is a scam u tell them that u like it, that mmm should keep scamming u. 
10. You spend money like your father owns. 
BE WARNED!</div>

'MMM Is A Fraudulent Scheme' - CBN Warns Nigerians

The Central Bank of Nigeria on Monday warned Nigerians against patronising what it called ‘wonder banks’, stating that their activities were...

Nigeria welcomes new $5 billion Indian investment

<div style="text-align: center; padding: 5px;"><table class="tr-caption-container" align="center" cellpadding="0" cellspacing="0" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-IO6sQmTKEYMYzjacCilJA7U10fDCc4NYjtk2SM7WNgN5-kielVkXzj6WRsE_e1IQx6ulF_DAvxT3y2NyWNFPpVsk5nrdd2worlVec1oCUNye_tEKybfz0zEVBPzzBFwkzLeQ1An4tX86/"><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-IO6sQmTKEYMYzjacCilJA7U10fDCc4NYjtk2SM7WNgN5-kielVkXzj6WRsE_e1IQx6ulF_DAvxT3y2NyWNFPpVsk5nrdd2worlVec1oCUNye_tEKybfz0zEVBPzzBFwkzLeQ1An4tX86/ cursor: pointer;" style="border: 1px solid; border-radius: 2px;padding: 5px; max-width: 320px " width="320px" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Vice President Mohammad Hamid(India)</td></tr></tbody></table></div><div class="blogaway-section">President Muhammadu Buhari has welcomed the proposed investment of $5 billion in the Nigerian economy by the Indian business delegation visiting the country, commending the Asian country which has already invested $10 billion in the economy. 
Nigeria and India plan to expand and strengthen their relations in the areas of health, education, agriculture, technology and trade. 
President Muhammadu Buhari stated this Monday when he played host to the Indian Vice President Mohammad Hamid Ansari at the State House. 
President Buhari stated that the good relations between the two countries had yielded benefits in trade and investment, agriculture, technology and the fight against terrorism. 
 Buhari said Nigeria would emulate India’s agricultural model and its capacity to feed its one billion population, as well as export to other countries, describing the country as “sustainable and prosperous”. 
 The President assured Ansari that Nigeria would continue to support the reform of the United Nations Security Council, pointing out that it was unfair on the rest of the world for five countries to exercise power exclusive veto powers in the UN. 
In his remarks the Indian Vice President said his country, which is the leading buyer of Nigeria’s crude oil, will increase its purchase of the commodity in addition to natural gas. 
According to him, the relationship between Nigeria and India is near perfect as both countries “have nothing to quarrel about.” 
</div>

Nigeria welcomes new $5 billion Indian investment

Vice President Mohammad Hamid(India) President Muhammadu Buhari has welcomed the proposed investment of $5 billion in the Nigerian economy b...

Naira crashes to 300 against dollar

<div xmlns='http://www.w3.org/1999/xhtml'><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzI0JjIxPXUGLXinOoJqIxSCotXtEHnLlAEI-Hen4hIicQLA3rhTVaHfSjgjSl_CS_LMUvv-eAxV7clcU6Tmf2MzcfuLwWlvVB1jjucjbufbeqQBjOyJISXX-I4vLrxx2GrZzMTvqvYr6C/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjzI0JjIxPXUGLXinOoJqIxSCotXtEHnLlAEI-Hen4hIicQLA3rhTVaHfSjgjSl_CS_LMUvv-eAxV7clcU6Tmf2MzcfuLwWlvVB1jjucjbufbeqQBjOyJISXX-I4vLrxx2GrZzMTvqvYr6C/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a>Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday as the currency exchanged for 300 against the United States dollar in Kano, 290 in Lagos and 292 in Abuja. 
 
Financial experts said the naira would decline further, while private sector operators described the move as a welcome development. 
 
The ban was announced on Monday, when naira trading at 285 against the dollar at the parallel market from 278 on Friday. 
 
 
 
The Acting President, Association of Bureau De Change Operators, Alhaji Aminu Gwadabe, told one of correspondents in a telephone interview that the currency traded against the greenback at 300, 290 and 292 in Kano, Lagos and Abuja a day after the CBN announcement. 
 
“There is cut of (dollar) supply to the market. The BDC sub-sector has been murdered. We are not coping. The naira is going to head northwards. There is no solution in sight,” Gwadabe lamented. 
 
The Head of Investment Research, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, said the stoppage of forex sale to the BDCs meant that the CBN wanted everybody to apply to the banks for dollars. 
 
He stated, “But we feel the pressure now will move from the BDCs to the parallel market. We will see significant spike in the value of the naira at the parallel market because the little supply to the BDCs have also helped to cushion the demand at the parallel market. 
 
“It will further compound or increase the spread between the parallel market and the interbank market. So, it will also increase round-tripping and unethical practices within the financial system.” 
 
On the lifting of the ban on cash deposits into domiciliary accounts, Ebo said, “I am still sceptical about how this will work except they are also assuring us that if you deposit it, you can consummate business with it.” 
 
A professor of financial economics at the University of Uyo, Akwa Ibom State, Leo Ukpong, said, “I don’t think the stoppage of dollar sale to the BDCs will solve the problem. The currency will depreciate some more. 
 
“This move will make the naira to weaken more as demand for dollar will skyrocket because of the short supply.” 
 
Members of the organised private sector, however, applauded the CBN for the stopping the sale of dollars to the BDCs and lifting the ban on cash deposits into domiciliary accounts. 
 
The President, Manufacturers Association of Nigeria, Dr. Frank Jacobs, said industrialists had earlier kicked against the funding of the BDCs by the central bank, adding that with the development, the forex could be channelled towards funding the real sector in terms of importation of raw materials. 
 
On the removal of the restriction of cash deposits into domiciliary accounts, Jacobs said manufacturers were still waiting for more clarification as to how the money deposited could be utilised by the customers. 
 
The Director-General, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture, Mr. Emmanuel Cobham, said the forex sale ban was a welcome development. 
 
According to him, although the BDCs are necessary in the economy, they are licensed entities and should, therefore, source for their own funds. 
 
Also speaking on the matter, the Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf, lauded the forex policy review, noting that it had addressed the concerns of economic operators. 
 
According to him, it is a source of worry that the CBN continues to maintain its official exchange rate at N199 to the dollar at a time of dwindling forex inflow. 
 
“The pressure on the official window will persist. The risk of round-tripping and distortions in the foreign exchange market will consequently remain high,” he said.</div>

Naira crashes to 300 against dollar

Monday’s stoppage of foreign exchange sales to Bureau De Change operators by the Central Bank of Nigeria failed to lift the naira on Tuesday...

Current Android Phones And Tablet Prices

<div xmlns='http://www.w3.org/1999/xhtml'>Current Dollar Status; 
 
One Dollar = 360 NGN Naira 
 
As of yesterday prices of android phones and tablet skyrockted. In our techno house office this is the price of phones now. 
 
Tecno H6 = #30,000 
 
Tecno Y4 = #21,000 
 
Tecno Y2 = #17,000 
 
Tecno M6 = #32,000 
 
Tecno boom J5 = #30,000 
 
Tecno droidpad7 = #32,000 
 
Tecno Camon8 = #42,000 
 
Tecno L5 = #25,000 
 
Tecno Y6 = #28,000 
 
Infinix hot note = #37,000 
 
Infinix hot = #31,000 
 
Itel vision = 30,000 
 
Itel 1503 = #20,000 
 
Itel 1506 = #25,000 
 
Itel Inote prime tablet = #27,000 
 
Prime ii = #28,000</div>

Current Android Phones And Tablet Prices

Current Dollar Status; One Dollar = 360 NGN Naira As of yesterday prices of android phones and tablet skyrockted. In our techno house of...

Naira falls to N345/$ in parallel market

<div xmlns='http://www.w3.org/1999/xhtml'><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQFFOqFbyC5G4eDnQmbDWtr-7Z64s2hhqmb_jLMETgGZsCrXNu8P9W2fa91x2-84zVNfay1tbxCA7WvVnzxBjrkPKVnOdENPE21t7tluBkYPxOgfbtD-mLuPrYrI5ckLKhV5QpsWUqdPje/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQFFOqFbyC5G4eDnQmbDWtr-7Z64s2hhqmb_jLMETgGZsCrXNu8P9W2fa91x2-84zVNfay1tbxCA7WvVnzxBjrkPKVnOdENPE21t7tluBkYPxOgfbtD-mLuPrYrI5ckLKhV5QpsWUqdPje/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a>According to Vanguard report, The naira, yesterday, suffered its biggest daily depreciation against the dollar as it exchanged for N345 to a dollar in the parallel market. 
 
 
 
This represents N20 depreciation when compared with the closing exchange rate of N325 per dollar in the market on Friday. 
 
But the naira was relatively stable at the official interbank foreign exchange market as the interbank rate stood at N197.47 per dollar at the close of business, yesterday. 
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_ZwCddu_hA_k1qsdhkNTrmwGBIMuYlG0PmEDZ3wLuLPAzsqCW5d1a3cYy-4yq5RBF7jWJylWdovTrvMIn1iDlfggf2DqomE4GMN5fp-0seiXrJW9imMqzOInY-_MewiwR8Nxem-0n2Bao/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_ZwCddu_hA_k1qsdhkNTrmwGBIMuYlG0PmEDZ3wLuLPAzsqCW5d1a3cYy-4yq5RBF7jWJylWdovTrvMIn1iDlfggf2DqomE4GMN5fp-0seiXrJW9imMqzOInY-_MewiwR8Nxem-0n2Bao/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a> 
The naira also depreciated by N45 against the British pound as the parallel market exchange rate rose to N485 per pound, yesterday, from N340 on Friday. 
 
Bureaux de Change sources, who confirmed the development to Vanguard, attributed the sharp depreciation to persistent scarcity of the dollar and pound sterling in the market. 
 
According to an Abuja-based BDC operator, who spoke on condition of anonymity, “the market is experiencing huge demand for dollars but there is no supply. Even those who have dollars are not willing to sell. The way things are going, the rate might reach N350 per dollar before it stabilises.” 
 
This development widened the gap between the interbank rate and the parallel market rate to N147.53 per dollar from N127.53 per dollar last week. 
 
The naira has been on steady decline since January 12, 2016, when the Central Bank of Nigeria, CBN, stopped weekly dollar sale to BDCs. 
 
Prior to this action, the naira traded at N265 per dollar in the parallel market. Consequently, the naira has depreciated by N80 in the parallel market since the CBN took the action. 
 
The steady depreciation was also aggravated by inability of the CBN to meet foreign exchange demand. Vanguard investigations reveal that the parallel market is being bedevilled by demand for foreign exchange from importers of the 41 items excluded from the official market by CBN last year as well as importers of items not excluded from the official market. 
 
 
 
Source; Vanguard</div>

Naira falls to N345/$ in parallel market

According to Vanguard report, The naira, yesterday, suffered its biggest daily depreciation against the dollar as it exchanged for N345 to...

FG Plans to Repay $4 Billion Debt through Off-Shore Oil Deals

<div xmlns='http://www.w3.org/1999/xhtml'><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy0uWJzxIPb5SlUeJ0Xv7FjOvN0Isxsr-Y55fdMgQo_ocaaWpVOjI9s1Y-3lXffjLcXU6rm6nRFTQWhwULu467KLuWtQ5ot31jspg42VeXZp9wo6MLQxEDGzSBHgpnsYLf6ZlM1njpV_-c/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiy0uWJzxIPb5SlUeJ0Xv7FjOvN0Isxsr-Y55fdMgQo_ocaaWpVOjI9s1Y-3lXffjLcXU6rm6nRFTQWhwULu467KLuWtQ5ot31jspg42VeXZp9wo6MLQxEDGzSBHgpnsYLf6ZlM1njpV_-c/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a>Nigeria plans to raise funds through new drilling contracts to repay its USD 4 billion of debt, Petroleum Resources Minister of State and managing director of state-run Nigerian National Petroleum Corporation Emmanuel Ibe Kachikwu said in an interview with Reuters today. 
 
The government official wants to increase output to 2.5 million bopd from its current 2.3 million bopd by the end of this year. Big offshore projects have been delayed by lack of government funding, hampering output growth. 
 
Kachikwu said the debt stood at USD 3.5 billion-4 billion as of November and should be slashed by deals such as a USD 1.2-billion drilling project signed by Chevron in September. 
 
The company also had talks with Italy’s Eni, Dutch oil trader Vitol and Swiss commodity trader Gunvor to supply the country with capital. Nigerian National Petroleum Corporation reported a loss of USD 1.3 billion in its 2015 report. 
 
“The target is that over 2017, we’ll begin to look at zero,” Kachikwu said about the company’s fiscal obligations. 
 
The government also intends to advertise concessions for pipelines and depots next month. 
 
Nigerian President Muhammadu Buhari restructured the country’s oil industry by sacking the previous board leader amid talks of corruption and oil theft in August 2015. 
 
Source: TO&GY</div>

FG Plans to Repay $4 Billion Debt through Off-Shore Oil Deals

Nigeria plans to raise funds through new drilling contracts to repay its USD 4 billion of debt, Petroleum Resources Minister of State and ma...

The Naira Will Weaken Further At The Parallel Market This Week...

<div xmlns='http://www.w3.org/1999/xhtml'><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5drWjYt-MzkVQQEDsJJPMZ_bUpFx0UItyI2wLD-epjxPhVASgR1wtzkwVn1s9aIUMcRVt23ExhBtGq5syt07_LmF3AoUY9bS3U8NpXL7p5ZQKfEzuieLVCaliMqn-TFbpKC-7vgdUTRrb/s2560/%25255BUNSET%25255D.jpg" onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj5drWjYt-MzkVQQEDsJJPMZ_bUpFx0UItyI2wLD-epjxPhVASgR1wtzkwVn1s9aIUMcRVt23ExhBtGq5syt07_LmF3AoUY9bS3U8NpXL7p5ZQKfEzuieLVCaliMqn-TFbpKC-7vgdUTRrb/s640/%25255BUNSET%25255D.jpg" style="display:block; margin:0px auto 10px; text-align:center;cursor:pointer; cursor:hand;"/></a>The naira will weaken further at the parallel market this week after shedding nine per cent of its value last week, foreign exchange dealers and economic experts have said. 
 
Last week, the local currency fell from 310 to 338 as acute shortage of the greenback lingered. 
 
The CBN has left the official exchange rate unchanged at N197 to the dollar on its official interbank window. 
 
Forex dealers and experts expect the naira to fall further at the parallel market this week as demand for the greenback continues to soar. 
 
 
 
“The situation has got to the point of hysteria now; everybody wants to hold dollars. So the demand is rising and piling up,” the Chief Executive Officer, Cowry Asset Management Limited, Mr. Johnson Chukwu, said. 
 
The local currency hit a record low of 338 to the dollar on Thursday as desperate importers scrambled for dollars to meet their obligations overseas. 
 
The local currency had closed at 325, 318, 313.5 and 310 on Thursday, Wednesday, Tuesday and Monday, respectively. 
 
“We see the naira falling further in coming days if the central bank fails to lift the dollar restriction,” the Acting President, Association of Bureau De Change Operators, Aminu Gwadabe, said. 
 
Tumbling global oil prices have battered Nigeria’s oil-dependent economy, with external reserves down to an 11-year low at $27.89bn on February 9, Reuters reported. 
 
President Muhammadu Buhari is concerned that further depreciation will hurt poor Nigerians, but the CBN’s refusal to revise the pegged exchange rate has widened a chasm between official rate and the parallel market. 
 
In January, the central bank halted dollar sales to the BDC operators and allowed commercial banks to accept dollar deposits, in a failed effort to shore up dwindling foreign reserves. 
 
Around 90 per cent of the nation’s foreign exchange earnings come from crude oil exports, but mismanagement of the refineries means the country must also import expensive refined fuel. 
 
The Managing Director, Financial Derivatives Company Limited, Mr. Bismarck Rewane, said it was high time the CBN came up with a forex policy to address the forex crisis confronting the nation. 
 
In an economic note released on Thursday, Rewane said, “Nigerians are perplexed at the endless slide of their currency, which is now trading at the lowest points ever. 
 
“This is happening even when the oil price is up at $31pb. The debate as whether to devalue the naira is not the real issue. The discourse should be whether we need an exchange rate policy or not. The absence of a policy is a recipe for economic anarchy and a race to the bottom.” 
 
According to Chukwu of Cowry Asset, the CBN needs to address the forex crisis before it gets too late. 
 
The Head, Investment Advisory, Afrinvest West Africa Limited, Mr. Ayodeji Ebo, believes the CBN needs to review the list of the 41 items it banned from the official forex market, saying “some of the items need to return to the official forex market to reduce the pressure at the parallel market.” 
 
 
 
 
PUNCH</div>

The Naira Will Weaken Further At The Parallel Market This Week...

The naira will weaken further at the parallel market this week after shedding nine per cent of its value last week, foreign exchange dealers...

South Korea to launch 5G service so fast users can download an entire film in just ONE SECOND

<div style="text-align: center; padding: 5px;"><table class="tr-caption-container" align="center" cellpadding="0" cellspacing="0" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="https://lh4.googleusercontent.com/-EG7_x7AW0Ew/VQvr4kRiLCI/AAAAAAAABCs/G1k6rFogsKk/article-2545831-19323E2400000578-232_308x185.jpg"><img src="https://lh4.googleusercontent.com/-EG7_x7AW0Ew/VQvr4kRiLCI/AAAAAAAABCs/G1k6rFogsKk/article-2545831-19323E2400000578-232_308x185.jpg cursor: pointer;" style="border: 1px solid; border-radius: 2px;padding: 5px; max-width: 320px " width="320px" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Speedy: South Korea are investing £900million into 5G wireless internet services capable of downloading an entire film in a single second</td></tr></tbody></table></div><div style="text-align: center; padding: 5px;"><table class="tr-caption-container" align="center" cellpadding="0" cellspacing="0" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody><tr><td style="text-align: center;"><a href="https://lh4.googleusercontent.com/-H3jPSYrss2c/VQvsAAVcKnI/AAAAAAAABC8/b2fWvU3tJy4/article-2545831-0EF7D65600000578-508_634x507.jpg"><img src="https://lh4.googleusercontent.com/-H3jPSYrss2c/VQvsAAVcKnI/AAAAAAAABC8/b2fWvU3tJy4/article-2545831-0EF7D65600000578-508_634x507.jpg cursor: pointer;" style="border: 1px solid; border-radius: 2px;padding: 5px; max-width: 320px " width="320px" /></a></td></tr><tr><td class="tr-caption" style="text-align: center;">Downloads file of 800mb per sec.</td></tr></tbody></table></div><div class="blogaway-section">South Korea is to introduce a blazing fast 5G mobile internet service, quick enough to download a full length feature film in less than a second. 
 While most of the world has yet to experience the improvements offered by 4G services, the technologically advanced country has announced a  £900million (1.6 trillion won) in its successor. 
 South Korea's science ministry said it aims to implement the technology, which is about 1,000 times faster than the 4G, within six years. 
 5G will allow users to download a 800-megabyte movie file in one second, compared with 40 seconds using 4G, the science ministry said, adding that such speeds would help South Korean firms win overseas deals. 
 A ministry spokesman said: 'We helped fuel national growth with 2G services in the 1990s, 3G in the 2000s and 4G around 2010. Now it is time to take preemptive action to develop 5G.' 
 'Countries in Europe, China and the US are making aggressive efforts to develop 5G technology ... and we believe there will be fierce competition in this market in a few years,' it said.</div> <div class="blogaway-signature"> <a href="https://play.google.com/store/apps/details?id=com.beanie.blog&referrer=utm_source%3Dutm_link_blog">Posted via Blogaway</a></div>

South Korea to launch 5G service so fast users can download an entire film in just ONE SECOND

Speedy: South Korea are investing £900million into 5G wireless internet services capable of downloading an entire film in a single second Do...

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