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Fintech Company GoCardless to Downsize Workforce by 15% in A Bid to Cut Costs

By
Ojukwu Emmanuel
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0

Fintech company that specializes in recurring payments, Direct Debit processing, and Open Banking, GoCardless, has revealed plans to downsize its workforce by 15%, which is about 135 roles, in a bid to cut costs.

The layoffs will affect its offices in the U.K., U.S., and New Zealand, which will see senior leadership roles reduced by 25%, taking the company’s total workforce to 800 employees.

In addition to the layoffs, the fintech startup will move 15 roles from the UK to Riga Latvia, bringing the total number of impacted roles to 150, which is 17% headcount.

Speaking on the company’s proposed layoff plans, GoCardless CEO Hiroki Takeuchi said,

“In the light of the current economic environment, we have decided to focus our efforts on the core areas of our business and reduce our investment initiatives with longer-term payback.

“We can see that our revenue will continue to grow strongly, and the changes we are announcing today will get us within touching distance of profitability in the near future. This will make us one of the very few technology companies that is generating hundreds of millions of dollars in revenue, growing fast, and being profitable. We need to be disciplined, we need to be careful and be more cautious about how we are deploying our investments and make sure that we are really driving that growth in a more profitable way”.

Laid-off employees will receive two months’ worth of pay, pay for the notice period, unused time off, and any bonuses. Also, employees who take up voluntary exit will receive an additional month’s pay on top.

Founded in 2011, GoCardless processes direct debit payments and recurring transactions withdrawn from a customer’s bank account for things like subscriptions and invoices for its business clients.

The company offers an API that enables businesses to integrate GoCardless into their websites or applications, as well as pre-built integrations with accounting and billing software such as Zuora, Xero, and QuickBooks.

GoCardless eliminates the pain point of getting paid for businesses that regularly invoice customers, or offer subscription, membership, or installment plans to customers. Through a world-class API and integrations with major billing and subscription software, GoCardless allows businesses to collect payments with ease, using authorized bank debit schemes around the world.

The startup processes about US$10 billion worth of payments in a year for around 40,000 businesses. As of 2022, it reportedly processed $30 billion worth of transactions across its operations in the UK, Europe, Australia, New Zealand, and the United States. It also raised $312 million in the same year and was valued at $2.1 billion.

Personal and Social values of Effective Leadership

By
Tiamiyu Ismail
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0

Leadership is popularly defined as the process of managing and directing the affairs or activities of people towards actualizing a common goal. It is the mobilization, deployment and direction of resources_ human and capital_ to achieve a specific objective.

Gould and Kolb (1964) defined leadership as the occupancy of a position of authority and the active performance of the associated role of mobilizing more or less organised, concerted and voluntary efforts to achieve a common goal.

Leadership is often imagined in the context of politics whereby a person or a few individuals have the power or authority to influence the decisions or the actions of the greater number of people. However, effective leadership goes beyond this; it includes the ability to allow the people to also influence policy decision for the collective or common good.

Leadership rest on some specific values. Leadership character entails those qualities or features expected to be seen in a leader which if absent often result in leadership crisis. These values are categorized herein as the personal and the social values of effective leadership.

First, the personal values of effective leadership include important moral values like honesty, selflessness, simplicity, diligence and self control. The leader must be diligent, honest, disciplined and sincere in dispensing his/her duties. The leader cannot afford to do otherwise as he’s setting examples and patterns for the followers. Also, his style of leading must include the consciousness that he’s constantly under scrutiny and people often see and know more than they are assumed to see or know.

Failure to uphold sound moral values invariably exposes the leader to distractions and can cause him to lose his credibility or respect with the people. In other words, absence of good personal values in the leader inspires an air of distrust and lack of confidence in the followers.

Another personal value of an effective leader is proactiveness. As against moral values discussed earlier, being proactive is about strategic competence. Effective leadership is about making things happen, contingent upon the context. Therefore, the leader must be able to quickly recognise and utilize opportunities even amidst chaos or threats. Also, the leader must be willing and able to create a conducive and enabling environment for others to path.

On the other hand, the social values of effective leadership include virtues such as empathy, care, tolerance, equality and fairness towards the followers. The leader must understand the emotional state of his followers and must be concerned about their welfare or needs. The leader must be able to keep good rapport with his followers and must respect their rights and opinions. In this case, the leader’s communication skills which include both speaking and listening skills are very instrumental to organising the followers.

Effective communication enhances an inspiring or motivated atmosphere. When the leader is able to clearly communicate rewards and responsibilities with regard to the common goal, the followers are inspired to work hand-in-hand with the leader to achieve the common goal.

In summary, leadership is about managing people, directing their activities and utilizing the available resources to achieve the greatest happiness of the people. This requires the leader to be a person of unquestionable character and sound judgement.

Setting Up Nigeria’s 10th National Assembly: Akpabio, Abbas Emerge Senate President, House Speaker

By
Samuel Nwite
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0

The setting up of Nigeria’s 10th National Assembly has passed the most crucial stage with both the Senate President and the Speaker of the House of Representatives and their deputies elected on Tuesday.

Senator Godswill Akpabio emerged as the Senate President of the 10th Senate, defeating Abdul’aziz Yari. Senator Barau Jibrin was elected unopposed as the Deputy Senate President. Akpabio secured 63 votes, while Yari received 45 votes, with one Senator-elect abstaining from voting.

Following Senator Ali Ndume’s citation of Akpabio and nomination for Senate President, and Senator Solomon Adeola’s seconding of the nomination, Senator Elisha Abbo read the citation of Abdul’aziz Yari and nominated him for the same position. Senator Jimoh Ibrahim seconded Yari’s nomination.

After no further nominations were made, the Clerk to the National Assembly, Sani Magaji Tambuwal, called for additional nominations. With no further nominations, Tambuwal declared the nominations closed and initiated a division to allow the Senators-elect to cast their votes.

After the votes were counted, it became clear that Akpabio had emerged as the winner, leading to jubilation among his supporters. Tambuwal officially declared the results, announcing Akpabio’s victory with 63 votes, while Yari received 45 votes, and one Senator-elect abstained from voting. Akpabio was then led to take the chair as the Senate President. He took his oath of office and allegiance, signed the oaths, and used the gavel for the first time.

The Clerk subsequently called for nominations for the position of Deputy Senate President. Senator Dave Umahi presented Senator Barau Jibrin’s citation and moved for his appointment as the Deputy Senate President, which was seconded by Senator Saliu Mustapha. As no other nominations were made, Tambuwal declared Jibrin duly elected as the Deputy Senate President without opposition.

There was a brief moment of disagreement when Senator Mohammed Tahir Monguno opposed Yari’s nomination, citing Order three rule three. However, the Clerk overruled him and upheld Yari’s nomination.

Governors Hope Uzodinma, Dapo Abiodun, former Kano Governor Abdullahi Ganduje, and other dignitaries were present in the Red Chamber to witness the voting and celebrate with Akpabio after his victory.

Following Jibrin’s swearing-in as the Deputy Senate President, Akpabio presided over the swearing-in of all other Senators, conducted by the Clerk to the National Assembly. Akpabio then delivered his inaugural speech and adjourned the plenary until the next day at 10 am.

The lower chamber of the National Assembly also witnessed the election of principal officers.

Tajudeen Abbas, the anointed candidate of the All Progressives Congress (APC), secured the highest number of votes and emerged as the Speaker. Out of the 360 members-elect, 359 participated in the process.

The race had three contestants, and the winner was expected to secure a simple majority. Tajudeen Abbas, representing Kaduna State, was the APC candidate backed by the presidency. The other contenders were Ahmed Idris Wase and Aminu Sani Jaji, who are also members of the APC.

A significant majority of the members-elect openly declared their support for Abbas. As of now, Abbas is on the verge of defeating his opponents, with outgoing Deputy Speaker Ahmed Wase and Sani Jaji receiving one and two votes, respectively.

Earlier, aspirants Muktar Betara, Yusuf Adamu Gagdi, Miriam Onuoha, and Sada Soli withdrew from the Speakership race in favor of the APC’s consensus candidate.

The inauguration is taking place in improvised meeting rooms that were used as the Chamber by the previous 9th House due to the ongoing renovation of the National Assembly complex.

Haru Invest Freezes All Fiat and Crypto Withdrawal

By
Paul Ugbede Godwin
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0

In a shocking announcement, Haru Invest, a CeFi digital asset management platform that claims to offer up to 14% returns on crypto investments, has frozen all fiat and crypto withdrawal requests from its users. The company cited “technical issues” and “security breaches” as the reasons for the suspension but did not provide any further details or a timeline for resuming the service.

This news comes as a blow to the thousands of investors who trusted Haru Invest with their crypto assets, hoping to earn passive income through its automated platform. According to its website, Haru Invest has over 140+ countries in its user base and manages over $100 million worth of assets. The company also boasts a team of expert traders who use algorithmic trading strategies to optimize the returns.

Haru Invest is a service that provides automated crypto investing with optimal returns. It is powered by Haru, a company that has been operating since 2018 and has over 100,000 users in more than 140 countries. Haru Invest leverages the expertise of professional traders and market makers who use advanced strategies and algorithms to generate profits from the crypto market. Haru Invest also offers a swap feature that allows you to exchange your crypto assets with transparent pricing and strong security.

Haru Invest is very easy to use. All you need to do is sign up, deposit your crypto assets, and choose an investment plan. You can invest in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), or TerraUSD (UST). There are two types of plans: Earn and Earn Plus. Earn plans have no lock-up period and offer daily interest payouts. Earn Plus plans have a lock-up period of 15 days or more and offer higher interest rates. You can withdraw your principal and interest at any time, with no fees or penalties.

However, with the latest freeze of digital assets on their platform, many users have expressed their frustration and anger over the sudden withdrawal freeze, which was announced on June 13th, 2023, without any prior notice or explanation. Some users have accused Haru Invest of being a scam or a Ponzi scheme, while others have demanded their money back as soon as possible.

Haru Invest, which is a subsidiary of Block Crafters, a blockchain company based in South Korea, has been operating since 2020 and claims to have over 100,000 users in 140+ countries. The platform offers various investment strategies based on algorithmic trading and staking, as well as a feature allowing users to swap cryptocurrencies. Haru Invest also claims to have a team of experts and partners in the crypto industry, such as BitGo, Chainalysis, Coinfirm, and Elliptic.

According to speculations, the withdrawal freeze is a necessary step to ensure the safety and stability of its platform and its users’ funds. The company says that it is facing unprecedented challenges due to the recent market crash, regulatory uncertainty, and cyberattacks. Some have accused the company of being a Ponzi scheme or an exit scam, while others have demanded proof of funds and audits from independent third parties. Some users have also reported that they have not received any interest payments or rewards for months, and that the customer support has been unresponsive or evasive.

Haru Invest has not issued any official statement or update since the announcement of the freeze, leaving its users in the dark and in fear of losing their funds. The company’s social media accounts have also been inactive or deleted, adding to the suspicion and frustration of the investors. The only communication channel that seems to be working is the email support, but users claim that they only receive generic and automated responses.

The situation is reminiscent of other crypto scams that have plagued the industry in the past, such as Bitconnect, QuadrigaCX, and Mt.Gox. These cases have shown that investing in crypto involves high risks and uncertainties, and that users are responsible for trusting on centralized platforms. Haru Invest’s business model, pointing out that the platform does not provide any proof of its trading performance or audited financial reports. Moreover, Haru Invest does not disclose its legal status or regulatory licenses in any jurisdiction, which raises questions about its compliance with anti-money laundering (AML) and consumer protection laws.

As of now, it is unclear when Haru Invest will resume its withdrawal services or how it will compensate its users for their losses. The platform has not issued any further updates or responses to the media inquiries. Meanwhile, some users have reported that they have filed complaints with their local authorities or initiated legal actions against Haru Invest.

 

Tether Invests in $1 Billion Bitcoin Mining Initiative – HedgeUp Raises $3M in Presale Stage 4

By
TI Partners
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0

Last week, Tether announced it will be investing $1 billion in a renewable energy park in El Salvador. The stablecoin joins other investors in a first-round capital raise to develop a renewable energy park in Metapan, El Salvador.

At the same time, upstart DeFi project, HedgeUp (HDUP), continues to blaze through its presale.

Tether invests in El Salvador

The Bitcoin-friendly nation, El Salvador continues its push to drive Bitcoin adoption. One of its latest efforts is sustainable Bitcoin mining. This includes plans to build a renewable energy park in Metapan.

The park has been dubbed Volcano Energy. The power produced will be used by Bitcoin mining farms that are also located in El Salvador. This move aims to address one of Bitcoin’s mining biggest criticisms – its high levels of emissions.

Tether is among the stakeholders investing in the development of Volcano Energy. The company estimates that the energy park’s computational power will surpass 1.3 exahashes per second, which would put it in the top 20 Bitcoin (BTC) mining pools operating worldwide.

The stablecoin issuer says it is intent on driving investment in mining infrastructure and renewable energy production. With an increasing amount of Bitcoin mining being done with renewable energy, experts believe that developments like this will significantly drive the adoption of sustainable energy in cryptocurrency mining.

HedgeUp raises $3M in presale stage 4

In other news, things are looking good for the HedgeUp (HDUP) presale. The presale has been going on since April and is now in the fourth stage. So far, it has sold more than 180 million tokens and raised just over $3 million. The goal is to reach $4.17 million before moving on to the next stage.

The price for the current round is set at $0.036. When the project achieves its funding goals, it will move on to the fifth round. This will see the price of a single HDUP token bumped up to $0.044. The price increase represents a 22% return on investment (ROI) in itself, which will be one of the highest in the market.

The HedgeUp (HDUP) presale will last a total of eight rounds. It is being used to raise funds for the development of the world’s first NFT alternative investment trading platform. This is a marketplace where people can invest in alternative assets like artwork, diamonds, gold, jewelry, and more by trading asset-backed NFTs.

According to the HedgeUp (HDUP) team, the project’s goal is to make investing in alternative assets easier. HedgeUp (HDUP) considers alternative assets to be a good investment instrument because of their relative stability in value and potential for returns.

By leveraging tokenization to bring these assets on-chain, the project says it will make investing in them accessible and convenient. Coupled with the rest of the ecosystem that HedgeUp (HDUP) is building, this will bring tremendous value to investors.

The HedgeUp (HDUP) presale will go on for four more stages. The price at the last stage is set at $0.0887. For investors who buy the presale now, this represents a 146% ROI.

 

For more information about HedgeUp (HDUP) presale use the links down below:

  • Website: https://hedgeup.io/
  • Presale: https://app.hedgeup.io/sign-up
  • Telegram: https://t.me/HedgeUpChat
  • Twitter: https://twitter.com/HedgeUpOfficial
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