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Home Blog Page 3675

Breaking the Cycle of Pain Relief Medications Abuse in Nigeria

By
Mutiu Iyanda
-
October 20, 2023
0

The abuse of common pain relief medications, such as panadol, paracetamol, ibuprofen, and aspirin, is a growing concern in many societies, including Nigeria. Information-seeking behaviour through the Internet using the Google Search Engine shows that between January 1, 2023, and October 15, 2023, Nigerians with access to the Internet sought information about these medications.

In our analysis, we discovered that the more they sought information about paracetamol, the less they did for panadol. A similar insight was discovered for aspirin and paracetamol. However, the more they sought information about Aspirin, the more they did for Panadol. This indicates that paracetamol and panadol are considered the most useful drugs for solving pain problems in their bodies or seeking information about them for the purpose of determining how they constitute part of the most misused or abused drugs in Nigeria. We further discerned that the more they developed an interest in knowing how aspirin can cure their pains, the less they had a similar interest in knowing the extent to which ibuprofen can perform the same function.

Overall, our analysis shows that panadol, paracetamol, and ibuprofen were more associated with solving pain problems during the period than aspirin. Despite this outcome, our analyst notes that Nigeria is really battling with the abuse of all four medications. His position is premised on the outcomes of a series of analyses of the policies and strategies of control agencies as well as the media response to the menace that has shown that concerned stakeholders are still struggling to solve the abuse of various painkiller medications.

This is mainly based on the complexity of the system of abuse, which involves many hidden micro and macro actors who take solace in distributing and prescribing the drugs without a medical examination report that reveals the need for the drugs by patients. It is common knowledge that as soon as people feel pain in their bodies, the only solution that comes to mind is to use the mentioned medications without a medical examination. In this regard, individuals exist in various states regarding their relationship with painkillers, from responsible use to dependency.

Exhibit 1: Pain Relief Medications Information-Seeking Driven Abuse Analytical Framework

Source: Infoprations Analysis, 2023

In this analytical framework (see Exhibit 1), information-seeking behaviour through the internet influences the search trends related to common pain relief medications, highlighting the dynamics between different medications. These trends are affected by users’ interests and preferences, which, in turn, influence the abuse of these medications. The complexity of the system is underscored by hidden actors and the interconnected networks that drive the normalization of abuse. Finally, quantum-like aspects such as uncertainty and the impact of public awareness campaigns are essential elements in understanding and addressing the issue of painkiller abuse.

However, the behaviour of one individual influences that of another, creating interconnected networks of users. For example, nursing mothers cannot do without any of these medications. As soon as their children complain of pain, the first solution they usually think of is the application of any of the medications. Medicine stores in rural and urban areas are also not helping the government stamp out misuse or abuse of the medications with their poor attitude towards requesting medical reports from their customers. Recognising this entanglement is crucial for implementing effective prevention programmes.

In quantum physics, Heisenberg’s Uncertainty Principle states that we cannot precisely know both the position and momentum of a particle. Similarly, predicting who may fall into the trap of painkiller abuse is challenging. However, through data analysis and behavioural patterns, we can reduce uncertainty and identify risk factors.

As noted previously, the more individuals misuse painkillers, the more they normalise such behaviour in a community. Identifying these loops is crucial to breaking the cycle of abuse. Promoting responsible painkiller use through public awareness campaigns can be a high-leverage strategy.

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Standard Chartered to launch Bitcoin and crypto custody service for institutional clients in Dubai

By
Paul Ugbede Godwin
-
October 20, 2023
0

Standard Chartered, one of the largest banks in the world with over $840 billion in assets, has announced that it will launch a Bitcoin and cryptocurrency custody service for institutional clients in Dubai. The service, which will be operated by its digital asset subsidiary Zodia Custody, will enable clients to securely store and transfer their crypto assets, as well as access other services such as lending, trading and staking.

The bank said that the move is part of its strategy to embrace digital innovation and meet the growing demand for crypto assets in the Middle East region. Dubai is a global hub for fintech and blockchain and has recently introduced a regulatory framework for crypto service providers. Standard Chartered said that it has obtained the necessary approvals from the Dubai Financial Services Authority (DFSA) to launch the service, which will be available in the first quarter of 2022.

Zodia Custody was established in 2020 as a joint venture between Standard Chartered and Northern Trust, a leading global custodian. The company leverages the expertise and infrastructure of both partners to provide a secure and compliant custody solution for Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash. Zodia Custody is also registered with the UK Financial Conduct Authority (FCA) and follows the highest standards of governance, risk management and compliance.

Standard Chartered is not the only major bank to enter the crypto custody space. Earlier this year, BNY Mellon, the world’s largest custodian with over $41 trillion in assets under custody, announced that it will offer crypto custody services to its clients. Other banks such as JPMorgan, Goldman Sachs and Citi have also expressed interest or launched initiatives to cater to the growing institutional demand for crypto assets.

The launch of Standard Chartered’s crypto custody service in Dubai is a significant milestone for the adoption of crypto assets in the region and beyond. It shows that traditional financial institutions are recognizing the potential and value of crypto assets and are willing to invest in the infrastructure and capabilities to support them.

It also signals that regulators are becoming more open and supportive of crypto innovation and are creating a conducive environment for its development. As more banks and institutions enter the crypto space, we can expect to see more innovation, competition and growth in the industry.

$1.5 Trillion Invesco partners with Galaxy Digital to file for a spot Bitcoin ETF

In a major development for the crypto industry, Invesco, one of the world’s largest asset managers with $1.5 trillion in assets under management, has teamed up with Galaxy Digital, a leading crypto-focused financial services firm, to file for a spot Bitcoin ETF with the US Securities and Exchange Commission (SEC).

A spot Bitcoin ETF is a type of exchange-traded fund that tracks the price of Bitcoin directly, rather than through derivatives or trusts. This means that the fund would hold actual Bitcoin in custody and allow investors to gain exposure to the cryptocurrency without having to buy, store, or manage it themselves.

The Invesco Galaxy Bitcoin ETF, as the proposed fund is called, would be the first of its kind in the US market, where the SEC has so far rejected or delayed all applications for spot Bitcoin ETFs, citing concerns over market manipulation, fraud, and investor protection. However, the Invesco-Galaxy partnership may have an edge over previous applicants, as both firms have extensive experience and expertise in the crypto space.

Invesco is already the sponsor of several crypto-related products, such as the Invesco Elwood Global Blockchain Equity UCITS ETF and the Invesco Galaxy Crypto Economy ETF, which invest in companies that are involved in or benefit from blockchain technology and digital assets. Galaxy Digital, founded by former hedge fund manager and Bitcoin bull Mike Novogratz, is a diversified financial services firm that offers asset management, trading, advisory, and investment banking services for the crypto industry. Galaxy Digital also serves as the sub-adviser and custodian for several Bitcoin funds in Canada, where spot Bitcoin ETFs have been approved and launched earlier this year.

The Invesco Galaxy Bitcoin ETF would charge a 0.65% annual fee and trade on the NYSE Arca exchange, according to the filing. The fund would use the Bloomberg Galaxy Bitcoin Index as its benchmark, which is calculated based on prices from various crypto exchanges. The fund would also employ various risk management and security measures to ensure the safekeeping of its Bitcoin holdings, such as cold storage, multi-signature wallets, encryption, insurance, and audits.

The filing comes at a time when Bitcoin is trading near its all-time high of over $66,000, driven by strong demand from institutional and retail investors, as well as growing adoption and innovation in the crypto space. The approval of a spot Bitcoin ETF in the US would be a significant milestone for the crypto industry, as it would provide a more accessible and regulated way for investors to access the largest and most popular cryptocurrency in the world.

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The Miranda Warnings

By
Stanley Alieke
-
October 20, 2023
0

When you see a law enforcement agent in the USA make an arrest; they always voice out the following long phrase religiously in this particular order; 

“You have the right to remain silent. Anything you say can and will be used against you in a court of law. You have the right to an attorney. If you cannot afford an attorney, one will be provided for you. Do you understand the rights I have just read to you? With these rights in mind, do you wish to speak to me”?

They are not reciting this long phrase because they enjoy saying it, or singing it as a poem; they are merely reciting it because they are obligated by law; the Fifth Amendment and judicial precedents to say this to an arrested suspect; if they do not say it, they will be in breach of the law and whatever evidence or statement they obtained from the suspect will be discountenanced.

These rights are made available to a suspect under the Nigerian constitution in section 35 of the constitution of the federal republic of Nigeria.

Those words recited are called the Miranda rights or the Miranda warning and it was named after a notorious criminal by the name “Miranda”. 

Miranda, a suspect, was arrested at his home and taken in custody to a police station where he was identified by the complaining witness as the person who committed the crime. He was accused of kidnapping and rape and he was then interrogated by two police officers for two straight hours, which resulted in him signing a statement, written confession. At trial, the oral and written confessions obtained from him were presented to the jury. Miranda was found guilty of kidnapping and rape and was sentenced to 20-30 years imprisonment on each count.

On appeal, the court held that a suspect must be advised of their rights before being questioned by police, including their right to an attorney even if they cannot afford one as established in Gideon v. Wainwright, 1963. If they were not advised of these rights, any evidence or statement obtained from the suspect would be inadmissible. 

Miranda v. Arizona, 384 U.S. 436 (1966), subsequently became the landmark case providing the ultimate ruling of the Supreme Court which the court ruled that by the provisions of the Fifth Amendment, prosecutors are restricted from using a person’s statement made in response to interrogation in police custody as evidence at the trial unless they can show that the suspect was informed of his right to consult an attorney before and during the questioning and the fight against self incrimination and that the suspect understood those rights but also voluntarily waved them.

These Miranda warnings as established in Miranda v Arizona are five altogether, and a law enforcement agent is expected to recite all to the suspect at his arrest or at his interrogation;

  1. You have the right to remain silent. 
  2. Anything you say can and will be used against you in a court of law. 
  3. You have the right to an attorney. 
  4. If you cannot afford an attorney, one will be provided for you. 
  5. Do you understand the rights I have just read to you? With these rights in mind, do you wish to speak to me”

If these warnings were not said by the law enforcement agent that made the arrest or by the interrogator before or during the interrogation; whatever statement or evidence obtained from the suspect will be inadmissible in court and will be therefore be discountenanced on the ground that those evidences and statement were obtained from the suspect through coercion, duress or use of force. 

 

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Binance Academy and Blockchain Center to Educate Over a Million Students Globally by 2026

By
Paul Ugbede Godwin
-
October 20, 2023
0

Binance Academy has partnered with Blockchain Center to expand the Global University Outreach Program to multiple countries with the aim of integrating blockchain education into the curricula of over 200 universities across more than 50 countries.

The program aims to provide specialized training to more than 300 university educators and create an academic knowledge bank, looking to educate more than one million students in blockchain engineering and compliance by 2026.

Binance Academy will contribute to the scaling of the Global Outreach Program and advancing blockchain education worldwide. Blockchain Center will be in charge of the educational and training components of the program.

Binance Academy, our open-access blockchain and Web3 learning hub, has joined forces with Blockchain Center, an independent non-profit research laboratory that fosters blockchain talent development through education, research, and development worldwide, to expand their joint blockchain education program globally. Now branded as the Global University Outreach Program, the initiative was initially launched in 22 universities in Kazakhstan.

Now it aims to integrate blockchain education into the curricula of over 200 universities across more than 50 countries, with a core focus on blockchain engineering and compliance.

To build up the initial momentum, Binance Academy and Blockchain Center will provide specialized training to more than 300 university educators. Another major goal of the program is to create a comprehensive academic knowledge bank, which would facilitate the integration of blockchain engineering and compliance courses into existing educational programs. The initiative is projected to educate more than one million students by 2026.

“Blockchain Center’s goal is to accelerate the adoption of blockchain technology by stimulating the growth of the human capital in the industry. We are proud of our groundbreaking educational initiative, which will significantly enhance talent development in the industry. The project offers a robust platform for aspiring professionals to explore, experiment, and innovate new solutions in the field,” said Aidana Kaskyrbek, CEO and founder of the Blockchain Center.

The Blockchain Engineering program offers a comprehensive introduction to distributed ledger technology and empowers learners with the knowledge and skills needed to excel as blockchain engineers. The 20-week course is designed to ensure a holistic understanding of blockchain development, including BNB Chain fundamentals, Web3, and Solidity development, along with insights into digital assets.

The Compliance program builds a thorough foundation for understanding the issues and opportunities at the intersection of blockchain and regulatory policy. Packed into a 13-week curriculum, it introduces students to the essential elements of blockchain compliance. The course includes an analysis of varying global regulatory frameworks and attendant legal challenges, as well as a forward-looking perspective on the potential models of governing digital assets in the future.

In selecting universities to participate, Blockchain Center developed a comprehensive methodology that accounts for both regional influence and solid educational infrastructure. Crucial indices, including the Cryptocurrency Adoption Index and the Frontier Technologies Readiness Index, guided the decision-making, highlighting countries with a robust interest in blockchain and a socio-economic framework to support its adoption. Additionally, the inclusion of the Academic Freedom Index ensured the selected countries offer environments that foster unencumbered academic discussions and exchanges.

This process led to the selection of a diverse group of countries in Latin America, Africa, Asia, and Europe, each bringing a unique blend of technological readiness and enthusiasm for blockchain.

Binance Academy will be pivotal in scaling the program globally, relying on its extensive network of schools and educators to onboard new universities to the program. To further enhance the educational experience, Binance Academy will also help arrange guest lectures, drawing on its pool of industry experts and thought leaders.

“In the rapidly changing world of digital finance, blockchain education is a key pillar for driving transformation,” said Yi He, co-founder of Binance. “Through this educational initiative, Binance Academy and Blockchain Center will cultivate a new generation of skillful talents poised to propel our industry forward and ignite innovation. Let’s keep building.”

The Global Outreach Program follows the successful pilot in Kazakhstan, first announced in December 2022, which incorporated a foundational blockchain curriculum into the academic programs of 22 universities nationwide. As part of this initiative, over 300 university educators have been trained in blockchain engineering and compliance. More than 4,000 students have begun studying these subjects at Kazakhstani universities.

The pilot program was executed via a collaborative, multi-step approach between the Blockchain Center and Binance Academy. Initially, the focus was on crafting specialized programs and training sessions for university educators. Building on the educators’ newly acquired expertise, Blockchain Center worked with university management to finalize the academic programs and roll out the developed curricula to students at the participating universities.

The successful run of the pilot project in Kazakhstan informed the decision to initiate the Global Outreach Program, taking Binance Academy and Blockchain Center’s ambition to advance blockchain education to an international level.

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Netflix Reports Significant Growth in Third Quarter 2023 Earnings, Raises Its Premium Subscription Plan

By
Ojukwu Emmanuel
-
October 20, 2023
0
London, UK - August 01, 2018: The buttons of Spotify, Podcasts, Netflix, WhatsApp and Music on the screen of an iPhone.

Giant streaming service Netflix has reported significant growth in its Third Quarter (Q3) 2023 earnings and has raised its premium subscription plan.

Netflix’s third quarter (Q3) financials were in line with its forecast revenue of $8.5B, paid net adds of 9M, and operating margin of 22.4%.

Revenue in Q3’23 grew 8% year-over-year on a reported and a foreign exchange (F/X) neutral basis2. This was slightly above the company’s forecast due to higher-than-expected member growth. Netflix also added nearly 9 million subscribers globally, surpassing Wall Street’s forecast of 6 million.

Revenue growth in Q3 reflected an increase in average paid memberships (8.8M paid net additions vs. 2.4M in Q3’22) due to the rollout of paid sharing, strong, steady programming, and the ongoing expansion of streaming globally.

Q3’23 operating income totaled $1.9B vs. $1.5B last year (up 25% year over year), slightly above the company’s guidance forecast due to the revenue upside and timing of content and other spending.

ARM3 decreased 1% year-over-year both on a reported and F/X neutral basis, in line with Netflix expectations. This was due to a number of factors, including a higher percentage of membership growth from lower ARM countries, limited price increases over the past 18 months, and some shifts in the plan mix.

Netflix delivered an operating margin of 22.4% (vs 22.2% forecast), up three percentage points vs. the year-ago quarter. EPS in Q3 was $3.73 vs. $3.10 and included a $173M million non-cash unrealized gain from F/X remeasurement on our Euro-denominated debt, which is recognized below operating income in “interest and other income.

The company’s stock price soared more than 12% in extended trading after the latest quarterly numbers came out. Netflix shares reportedly increased by about 30% so far this year amid mounting evidence its video-streaming service is faring better than most in a crowded field of competitors that are testing the financial limits of many households.

Also, Netflix has impressively picked up more than 16 million subscribers through the first nine months of the year, already eclipsing the 8.9 million subscribers that it added all of last year.

However, it’s still a fraction of the more than 36 million additional subscribers that Netflix attracted in 2020 during the lockdown period.

In an effort to generate more revenue, Netflix announced plans to raise the price for its most expensive streaming service by $2 to $23 per month in the U.S., a 10% increase, and its lowest-priced, ad-free streaming plan to $12, another $2 bump.

The $15.50 per month price for Netflix’s most popular streaming option in the U.S. will remain unchanged, as will a $7 monthly plan that includes intermittent commercials.

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