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Tech Layoffs – Social Media Company Pinterest Makes Organizational Change, Trims Workforce by 5%

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Image sharing and social media company Pinterest in a recent organizational change has trimmed its workforce by 5%, laying off almost 150 employees.

This is the company’s second round of layoffs after it carried out its first round in December last year. In the third quarter (Q3), the company had about 4,000 employees, with its recent layoffs, this will see the number significantly reduced.

Speaking on its recent layoffs of some members of its workforce, a spokesperson at the company said,

We’re making organizational changes to further set us up to deliver against our company priorities and our long-term strategy. Our employees are the heart of how we’re able to serve our Pinners around the world.

“All of the employees who were impacted contributed to Pinterest and as they transition, we’re committed to supporting them with separation packages, benefits, and other services.”

Recall last year November, also shut down its ‘creator rewards’ program which allowed content creators to earn money through monthly prompts and achieve certain engagement goals. According to them, this was to focus on other creator programs and features.

Also, due to the recent economic downturn, few other social media companies have been constantly tweaking their creator payment programs in recent times.

Companies such as Snapchat reduced its payouts to creators from millions of dollars per week to millions of dollars per year, Meta announced the closure of its Live Shopping program to focus on reels, also, Instagram closed its affiliate program, which allowed creators to get a commission if users purchased tagged products from their post

Pinterest joins the list of tech companies that have undertaken layoffs in the past few months as they seek to navigate the current economic downturn.

The image-sharing company witnessed a decline in its advertising budgets because of decades-high inflation that ravaged the earnings of online players from Alphabet, to Meta Platforms and Snap.

No doubt, the tech industry is reeling from a seemingly nonstop parade of layoffs across Silicon Valley and beyond. So far 256 tech companies have laid off 82769 employees in 2023.

According to a Crunchbase News tally, more than 58,000 workers in U.S.-based tech companies have been laid off in mass job cuts so far in 2023, with the tech sector making up 2.8% of total U.S. employment.

Big giant tech companies like Spotify, Intel Amazon, Meta, TikTok, Microsoft, IBM, Luno, Alphabet, and many others have also been affected by the economic downturn, causing them to cut down a big chunk of their workforce.

CBN Directs Banks to Begin Over The Counter Payment of New Naira Notes

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The Central Bank of Nigeria (CBN) has directed deposit money banks (DMBs) to begin the payment of the redesigned naira notes over the counter, reversing earlier directive that prohibited the banks from doing so.

The directive comes amid growing chaos emanating from scarcity of the redesigned naira notes, which has left people and businesses suffering across the country.

In a statement signed by the CBN’s Director, Corporate Communication, Osita Nwanisobi, the apex bank said the new directive is subject to a maximum daily payout limit of N20,000.

The earlier directive, which forbade banks from issuing the new naira notes from the counter, was meant to stop banks from making a few of their customers a priority, but it compounded the hardship unleashed by the scarcity of the new naira notes.

It was also undermining the circulation of the redesigned naira notes since the few ATMs dispensing them give out only N1,000 notes. The situation forces people to rely on lower denomination of the old naira notes (N200 & N500) to complement transactions, leaving a vacuum stymieing CBN’s efforts to mop up the old naira notes in circulation.

But in the statement, the CBN said it is committed to seeing to the effective distribution of the redesigned naira notes. The financial sector regulator urged Nigerians to be patient as it works assiduously to address the challenge of long queues at ATMs.

The statement said the CBN has observed with grave concern, the activities of persons who sell the newly redesigned banknotes and those who flagrantly abuse the legal tender by hurling wads of naira notes in the air and stamping on the currency at social functions.

“We have equally noticed the queues at Automated Teller Machines (ATMs) across the country and an upward trend in the cases of people stocking and aggregating the newly introduced banknotes they serially obtain from ATMs for reasons best known to them.

“Also worrisome are the reported cases of unregistered persons and non-bank officials swapping banknotes for members of the public, purportedly on behalf of the CBN.

“We wish to state unequivocally that, contrary to the practice of these unpatriotic persons, it is unlawful to sell the Naira, hurl (spray), or stamp on the currency under any circumstance whatsoever,” it said.

While Nigerians struggle to get hold of the newly introduced naira notes, scores have been noticed swapping them for profit.

The CBN said in the statement that the perpetrators are breaking the law. Quoting Section 21(4) of the CBN Act, the apex bank said: “It shall also be an offence punishable under Sub-section (1) of this section for any person to hawk, sell or otherwise trade in the Naira notes, coins or any other note issued by the Bank.”

The CBN said it is collaborating with the Nigeria Police, Federal Inland Revenue Service (FIRS), the Economic and Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU) to address the unpatriotic practice.

Nwanisobi admonishes members of the public to embrace and adopt other payment channels for their transactions.

However, the CBN reversing its earlier directive to banks regarding issuance of the new naira notes is seen as a sign of desperation to tackle the challenges of the redesigned naira notes implementation as its February 10 deadline draws near.

The central bank earlier fixed January 31 as the deadline for the old naira notes to be returned to banks, but was forced to extend it as the circulation of the new naira notes significantly stalls.

The central bank governor, Godwin Emefiele, had on Tuesday, assured the House committee looking into the policy that the public will be able to return their old naira notes to the banks after the deadline, but reverses himself after, reiterating that the old notes can only be deposited at the central bank post February 10.

Binance Is Leaning Into Community Feedbacks With New Tools

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The world leading Cryptocurrency Exchange, Binance, has announced on Wednesday a new feature that will allow its community to easily provide the company with comments and feedback. The tool will let users effectively participate in forming Binance’s product roadmap.

In its lates press release Binance said the primary goal of the new tool is to gather community input on what new features it wants to see implemented.

Community feedback will be gathered and reviewed by Binance, after which the product team will release a public-facing roadmap for user-suggested features in March.

Following the roadmap’s release, the community will vote on the proposed features, and the top suggested features will be added to Binance’s official roadmap. It will provide updates on the development status of those features, and the community may later provide feedback on user-suggested features that have already been launched.

Binance has always built feedback into the product development process,” said Binance Head of Product Mayur Kamat in the press release. On average, we get around 1000 pieces of feedback every month – now we have a dedicated place for the community to make suggestions and leave a lasting impact on future Binance product developments.

Binance CEO Changpeng Zhao (CZ) is highly active on Twitter, where he often discusses the latest happenings in the industry with his followers. He was an especially vocal member of public conversation in the events preceding and following the collapse of FTX, discussing his relationship with the bankrupt exchange, and distinguishing Binance’s operations from its fallen competitors.

FTX’s fallout was part of what spurred Binance to try implementing a “proof of reserves” system at his community’s request. Proof of reserves involves verifying the security of customers’ assets using on-chain data – though such a system isn’t complete without an independent auditor examining the company’s liabilities.

Though the exchange published a brief proof of reserves in December, the report was taken down days later as its auditor, Mazars Group, abandoned work with crypto companies altogether.

CZ has also tried to stand out by making Binance one of the only companies hiring workers during the crypto bear market last year. While Coinbase cut its staff by another 20% in January, CZ announced plans to expand Binance’s workforce by 30% last month.

BNB GREENFIELD WHITEPAPER

Similarly, BNB Chain announced on microblogging platform Twitter on the release of BNB Greenfield whitepaper. This new standard in Web3 data ownership and utility introduces a new structural and economic paradigm for data in the Web3 era.

BNB Greenfield consists of a trinity that works together to provide a decentralized data storage system with users at the center:

(1) BNB Greenfield Blockchain + Storage Providers.

(2) New BNB Greenfield dApps.

Users upload their data with unique access and usage permissions. Storage providers store that data off-chain with proper redundancy and backup. Metadata of users’ BNB ledger is stored on the BNB G A native programmable layer connects BNB Greenfield with BNB Smart Chain, opening the door for both new and existing dApps to leverage data stored on the network in new and exciting ways.

Potential use cases for BNB Greenfield include:

Personal Cloud Storage.

Hosting and Deploying Websites.

New Social Media Model.

Storing Terabytes of Data from BNB Smart Chain and L2 Rollup Transactions.

The release of the BNB Greenfield whitepaper is just the beginning of a journey towards greater data independence, ownership, and opportunity for users, builders, and the Web3 community.

Bitcoin Hits $24,000k amid FOMC Monetary Policy on Inflation

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While everyone is waiting for Federal Open Market Committee [FOMC] Meeting and Jerome Powell’s speech, a bullish cypher pattern currently played out on Bitcoin and most Crypto coins are all in the green, BTC hit an ATH of $24,196 from its $23,000 range early hours of Thursday, signaling a bullish trend on the Cryptocurrency market.

Analysts opines that the inflows of Institutional funds up till the FOMC outcome were some factors which led to the recent spike in trading volumes. However the outcome of FOMC meeting did not affect the over one month bullish chart of Bitcoin, Ethereum and some other fundamental Altcoins.

Just before FOMC meeting, the vix began to trek higher. Then just as Powell took to podium – just like all other times – the jFed or jPan did a swap, and then stonks mooned.

Before end of after hours, another swap – $DYX is now trading in the 100s and i count 2 other swaps, you have to notice the magnitude of the move on the gold/platinum kludgy inflation marker — USD got weaker, so inflation roared, inflation in USD, made stonks to pump.

The Committee [FOMC] seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the Committee decided to raise the target range for the federal funds rate to 4-1/2 to 4-3/4 percent.

The Committee anticipates that ongoing increases in the target range will be appropriate in order to attain a stance of monetary policy that is sufficiently restrictive to return inflation to 2 percent over time. In determining the extent of future increases in the target range, the Committee will take into account the cumulative tightening of monetary policy, the lags with which monetary policy affects economic activity and inflation, and economic and financial developments.

In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities, as described in its previously announced plans. The Committee is strongly committed to returning inflation to its 2 percent objective.

The implications of the FOMC meeting on the Crypto Industry was not expected to drive the market in reds, as Bitcoins don’t consolidate much with inflation signals, the Federal Reserve raised interest rates by 25bps. This was expected by the market makers and already priced in hence why NASDAQ and crypto is up right now.

FOMC meeting was pretty neutral for me, although Powell mentioning that disinflation is already in motion was bullish for the inflow of Institutional funds into Crypto and the increasing interest on CBDCs from Central Banks and Country’s will pave ways for massive Crypto adoptions in the coming months.

The Drum, the Fire and the Dancing Spirits in Egi Community, Ogba

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Several accounts about what the drum symbolizes in the African culture and African traditional religions have been written. The essence of the drum cut across entertainment, literature communication, therapy and spirituality etc. However, my lived experience of how a belief in the spirituality and the healing effect of the drum shaped a people’s reality was during my brief stay in Ogba.

I had been posted to a community secondary school in Obite, a village in Ogba/Egbema area of Rivers state, Nigeria, for my compulsory one year national youth service. The first air that touched me as I reported to my place of primary assignment in Ogba conveyed a feeling of a healing wound.

Ogba had seen worse days due to the high incidence of cultism and political crisis in the region. However, the crisis has reportedly subsided due to the proliferation of alternative security groups who use unorthodox approaches to combat crimes across most parts of the region.

Ogba is one of three towns that form the Ogba/Egbema/Ndonni local government also known as Onelga in Rivers state. Onelga land area is estimated between 950 and 1,620 sqkm. The region comprises many small villages and towns including; Omoku, where Onelga’s headquarter is situated, Egi, Erema, Akabuka, Obite, Obidi, Obogu etc.

Ogba villages and towns are characterized by a strong afinal bond and the region is known for its large deposit of crude oil which is largely tapped by the federal government and the multinational oil companies in the country. Current records shows that Onelga is the highest producer of crude oil in Rivers state and second in Nigeria.

Apart from its rich oil well, Ogba also has a good earth and modest weather condition favourable to Agricultural endeavours. And there is a magnificent interconnection of rivers, streams and swamps where the natives go to collect fishes and other sea foods. Almost every household has a cassava farm on which subsistence is largely dependent. The average Ogba child is well thought in the art and science of processing garri and preparing fufu, locally known as loiloi. The common food is Okazi leaf soup which the natives savour with each handful of a morsel of garri or loiloi.

The Egi clans and natives of Ogba are one of the few peoples in the Niger-Delta region who probably still live in the primordial past. Dissolutely unwilling to let go of the brilliance of their primitive construct to the incursion and wiles of modernity, the natives hold in high esteem their culture and guard very jealously their customs. For some of us who had come from the west and from the far north of the country, life in Egi could not be thought of as lacking in African ancestral heritage and spiritual essence.

One of my most cherished experiences in Ogba was the sight of the cultural exhibition of the natives during the Egwu Ogba. Egwu Ogba is an annual new yam festival held around August to celebrate peace and new harvest. The Egwu Ogba is a period the natives hold in high esteem and celebrate their ancestors and the proceeds of their communal labour exchange.

A cardinal ritual of the festival is the liting and throwing of the fire. The fire symbolizes peace, and it is believed that only a person sanctified as clean or a saint could be allowed to carry the fire during the festival. Before the D-day, some rituals must have been performed to appease the gods and to finalize the actual date of the festival. At the eve of the festival (abali ukugwu) everyone gathers at the hest of their compound to throw a light party until the following morning. This should set the mood for the D-day.

During the fire ritual, incantations and invocations are made to the gods so as the fire is burning all the evils and witches in the village burn along with the fire. After this rendition, the people sing and rally round the village, and then go to the cemetery at the back of the village to throw the fire.

The fire ritual is followed by masquerade rendition as well as dancing and wrestling contest which is considered to be usually dangerous. However, it is believed that the drummers present at the games play a significant role in protecting the lives of the athletes. It is thought that the drummers would normally tie chickens around their drums so as they are drumming and as the competition becomes stiffer no body gets to hurt or die.

The village king (Uchunha) with his council of chiefs appear in their regalia with their daughters in-law covering them with umbrella. Everybody sings, dance and merry as there are enough yam, fish stew and palm wine to relish.