Daren Tang of Singapore Emerges New WIPO DG

Image

By Adedapo Adesanya 

Mr Daren Tang of Singapore has been chosen to lead the Geneva-based World Intellectual Property Organization (WIPO).

Mr Tang defeated his closest rival, Ms Wang Binying from China, in the hotly contested closed-door vote by state members of WIPO to become the new WIPO director general.

In a second and final round of voting by the 83 members of WIPO’s committee, which included Nigeria, Mr Tang garnered 55 votes while Ms Wang managed only 28.

This win halts China’s bid for a fifth top United Nations post, which has stirred fierce rivalry between the country and United States on matters concerning global rules for patents and intellectual property.

According to a press release sighted by Business Post, the WIPO General Assembly will now meet on May 7-8 to formally approve the nomination by its coordination committee.

The voting after the first round came down to both parties after other candidates were either eliminated or withdrew from the race.

“Kazakhstan’s candidate withdrew her candidacy ahead of the first round of voting. Following the first round, the candidate with the least votes, from Peru, was eliminated.

“Two other candidates – from Colombia and Ghana – withdrew their candidatures ahead of the second round of voting.” the press release read.

The contest had intensified in recent weeks as the Chinese government accused the United States and its allies for starting a campaign to attack its country.

Intellectual property has been at the centre of a trade war between China and the United States. The US and other Western countries and Japan backed Mr Tang to clinch the position.

The vote had been viewed as a challenge to China’s attempt to head another UN agency and influence global institutions.

Chinese nationals already lead four out of the 15 biggest UN agencies, more than any other member state: The Food and Agriculture Organization (FAO), the International Civil Aviation Organization (ICAO), the Industrial Development Organization and the International Telecommunications Union (ITU).

Mr Tang currently holds the post of Chief Executive of the Intellectual Property Office of Singapore and following his validation at the May meeting, he will head the WIPO institution for six years from the beginning of October. He will also become the first Singaporean to head a UN agency.

His term begins after the tenure of the current Director General, Mr Francis Gurry of Australia, ends on September 30, 2020.

Under outgoing Director-General, WIPO has witnessed a huge rise in patent filings and has begun talks on whether artificial intelligence, or machines, can be inventors.

Share
Related Stories
Image
14-February-2024

Tinubu Prepares for 37th AU Summit In Addis Ababa

By Adedapo Adesanya President Bola Tinubu will depart Abuja on Thursday for Addis Ababa, Ethiopia, to participate in the 37th ordinary session of the assembly of the African Union (AU) heads of state and government. This was disclosed in a statement on Wednesday by the Special Adviser to the President on Media and Publicity, Mr Ajuri Ngelale. He said President Tinubu would join other African leaders in high-level meetings on institutional reforms of the African Union; peace and security; specific thematic issues such as climate change, as well as modalities of participation and priorities of the continental body in the

Image
15-January-2024

One in Eight Countries Face Internet Access Risk

By Adedapo Adesanya Surfshark, a cybersecurity company, has warned that internet access is at risk in one in eight countries where elections are due to take place around the world in 2024. Elections have a history of triggering increased internet restrictions in some countries. Such restrictions compromise the integrity and fairness of elections by enabling governments to exert greater control over the public narrative. Surfshark’s Research Hub detailed the countries that have been imposing internet restrictions during elections since 2015, and it forecasts those at risk of doing so in 2024. The report, seen by Business Post, showed that among

Image
25-February-2024

Why Trade Between India and Russia is Experiencing Upward Trend—Kotwani

By Kestér Kenn Klomegâh As President of the Indian Business Alliance (IBA) and the founder of the Imperial Tailoring Co., Sammy Kotwani, offers comprehensive insights on the evolving dynamics of Indian investment prospects in the Russian Federation. He also discusses, in this interview, aspects of business challenges and roadblocks in the context of geopolitical changes and competition as well as the current economic cooperation between India and Russia. Here are the interview excerpts: How would you characterize the geopolitical changes on investment prospects for Indians in Russian Federation? Geopolitical changes have significantly influenced investment prospects for Indians in the Russian

More Stories
Image
08-July-2022

Equities Attract N485.4bn in Q2 amid Desire to Hedge Against Inflation

By Dipo Olowookere The desire to hedge against inflation has forced some investors back into the equity market, resulting in an increase in their participation in the landscape in the second quarter of 2022 when compared with the first quarter of the year. According to data from the bourse, in Q2 of 2022, both local and foreign investors traded N485.4 billion worth of stocks on the Nigerian Exchange (NGX) Limited compared with the N346.4 billion traded in Q1 of 2022, indicating an increase of 40.11 per cent. It was also gathered that in the period under review, traders bought and

Image
15-August-2019

Facebook, Africa Check Optimize Local Languages to Tackle Fake News

By Adedapo Adesanya Facebook, in conjunction with Africa Check, announced adding new local language support for several African languages as part of its Third-Party Fact-Checking programme – which helps to assess the accuracy of news on Facebook, and aims to reduce the spread of misinformation. The social network’s fact-checking programme relies on feedback from the Facebook community, as one of many signals Facebook uses to raise potentially false stories to fact-checkers for review. Local articles published will now be fact-checked alongside the verification of photos and videos. Simply put, if one of Facebook’s fact-checking partners identifies a story as false,

Image
15-July-2021

CBN Approves Miriam Olusanya as First Female MD of GTBank

By Dipo Olowookere Leading financial institution, Guaranty Trust Bank (GTBank) Limited, a subsidiary of the newly established Guaranty Trust Holding Company (GTCO) Plc, now has its first female Managing Director and she is Mrs Miriam Olusanya. A statement from the lender on Wednesday disclosed that her appointment has been approved by the Central Bank of Nigeria (CBN) as well as others. GTBank Limited will be governed by a board of directors comprising Mr Ibrahim Hassan as Chairman, Mr Jide Okuntola as Deputy Managing Director, Mr Haruna Musa as Executive Director, Mr Olabode Agusto as Independent Non-Executive Director, Ms Imoni Akpofure

Image
27-February-2019

WHO Seeks $148m to Suppress Ebola Outbreak DR Congo

By Dipo Olowookere Director-General of the World Health Organisation (WHO), Dr Tedros Adhanom Ghebreyesus, has called on donors to continue funding the response to the Ebola outbreak in the Democratic Republic of the Congo or risk backsliding. There is an urgent need for US $148 million for all partners involved in the response to continue their work. So far, under US $10 million has been pledged. The call comes a week ahead of Dr Tedros’ next mission to DRC. He is scheduled to meet President Tshisekedi in Kinshasa before travelling to the Ebola-stricken areas of Butembo and Katwa. “The situation

Image
01-May-2021

It’s Not Surprising Many Countries Express Interest in Africa—Stuglev

By Kester Kenn Klomegah As the epidemiological situation begins to stabilize through mass vaccination and building herd immunity, the 24th St. Petersburg International Economic Forum is finally set to take place on 2–5 June 2021. This unique Russian forum is expected to bring together politicians, corporate business directors and investors from different parts of the world. The organizing committee will do everything in its power to ensure that the event is held with all the necessary measures in place to prevent the spread of coronavirus. In this interview, taken by Kester Kenn Klomegah especially for potential African participants, Chief Executive

Image
06-January-2023

Naira Falls at P2P, Gains at I&E, Stable at Parallel Market

By Adedapo Adesanya The Naira further depreciated against the American Dollar at the Peer-2-Peer (P2P) arm of the foreign exchange market on Thursday but closed stronger at the Investors and Exporters (I&E) window and maintained stability in the parallel market. As the market continues its first trading week in the new year, there was a further N10 loss on the greenback yesterday at the P2P window to settle at N768/$1, in contrast to the N758/$1 it was traded in the preceding session. However, in the specialised I&E window or the spot market, the Naira appreciated against the United States currency

Image
04-June-2017

Road Fund Bill Won’t Cause Fuel Price Hike—Saraki

By Dipo Olowookere Senate President, Mr Bukola Saraki, has assured Nigerians that the new National Road Fund Bill will not result into any hike in the price of petrol in the country as being feared. Mr Saraki said Nigerians misinterpreted what the bill aims to achieve. The Senate Committee had recommended in its report last week the payment of N5 as tax by motorists for the National Road Fund. This is to be used to maintain roads in the country. But Nigerians vented their anger on the lawmakers, describing them as insensitive to suffering in the land. At the moment,

Image
05-January-2023

With New Borrowings of N10.57trn, Nigeria’s Debts to Hit N77trn

By Modupe Gbadeyanka The debt profile of Nigeria will likely reach N77 trillion by the time the tenure of President Muhammadu Buhari expires on May 29, 2023. Yesterday, at the breakdown of the 2023 budget signed into law a day earlier by Mr Buhari in Abuja, the Director-General of the Debt Management Office (DMO), Ms Patience Oniha, warned that the debts would continue to rise to that level due to fresh borrowings captured in this year’s appropriation act. Recall that the DMO said as of the third quarter of 2022, Nigeria’s debts stood at N44.06 trillion, and with the projected

Ad
Ad
Recent Stories
Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods

Image
01-March-2024

CBN Revokes Operational Licences of 4,173 BDC Operators [FULL LIST]

By Aduragbemi Omiyale The operational licences of 4,173 Bureaux De Change (BDC) operators have been revoked by the Central Bank of Nigeria (CBN). A statement signed by the acting Director of the Corporate Communications Department of the apex bank, Mrs Hakama Sidi Ali, on Friday disclosed that the action was taken because the affected BDCs did not adhere to regulatory provisions. The central bank said the BDCs did not pay all necessary fees, including licence renewal, within the stipulated period in line with guidelines. It also said they failed to give account of returns in line with the guidelines, and

Image
01-March-2024

BREAKING: Popular Yoruba Comic Actor Sisi Quadri Dies

By Modupe Gbadeyanka A popular Yoruba comic actor, Mr Tolani Quadri Oyebamiji, otherwise known as Sisi Quadri, has died, according to reports. However, the cause of his death is still unclear as of the time of filing this report. There are speculations that he briefly fell ill before his passing, though he was seen publicly some months ago with a fellow comic actor, Sanusi Izihaq, who is well-known as Apa or Apankufor. Sisi Quadri, who died at the age of 44, was recently gaining fresh public attention with his comic act with Apa and others. His demise has hit the

Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

Image
01-March-2024

Foreign Capital Into Nigeria’s Energy Industry Plunges 42.8% to $3.64bn in 2023

By Adedapo Adesanya Foreign capital inflows, which gauges the level of foreign investment into the country, through the Nigerian oil and gas industry in 2023 dropped by 42.8 per cent to $3.64 million from the $6.37 million recorded in 2022. This is contained in the latest data obtained from the Nigeria capital importation report for the fourth quarter of 2023 released recently by the National Bureau of Statistics (NBS). The NBS revealed that total foreign capital inflow into the oil and gas sector in 2023 accounted for 0.09 per cent of total foreign capital inflow into the Nigerian economy in