DYAG News and Views - 19th January 2024
We bring you the daily roundup of the hottest news from Nigeria and around the world.
Business / Tech
Google CEO Warns Employees of More Job Cuts in 2024
Google CEO Sundar Pichai informed employees in an internal memo to brace for additional job cuts at Alphabet-owned Google this year. Pichai emphasized that these layoffs aim to simplify operations and boost efficiency, particularly in areas requiring increased velocity. The job reductions are expected to leverage artificial intelligence and automation as part of wider industry trends. Although not as extensive as the cuts in the previous year, the layoffs won't impact all teams, as the company maintains focus on ambitious goals and strategic investments.
Apple Faces US Ban on Series 9 and Ultra 2 Watches Amid Ongoing Patent Dispute
Apple has been banned from selling its Series 9 and Ultra 2 smartwatch models in the US as the legal battle with medical tech company Masimo over a patent dispute continues. The US appeals court overturned a previous decision that allowed Apple to sell the watches during the ongoing proceedings. Apple plans to release versions of the watches without the disputed blood oxygen feature to comply with the ban. The dispute revolves around allegations of Apple poaching key staff and using technology developed by Masimo to measure blood oxygen levels.
Apple Surpasses Samsung as World's Leading Smartphone Maker
Apple has overtaken Samsung as the world's top smartphone maker for the first time in 12 years, securing more than a fifth of the global smartphone market. Despite an overall decline in smartphone sales last year, Apple sold over 234 million phones and demonstrated positive annual growth, according to the International Data Corporation (IDC). The rise of Apple is attributed to factors like trade-in offers, interest-free financing plans, and the demand for premium devices. Samsung faces challenges with weaker global demand for consumer electronics and increased competition from cheaper Android models.
Sheryl Sandberg Steps Down from Meta Board Amid New Challenges
Sheryl Sandberg, former COO of Meta, is leaving the company's board of directors, citing that it's the right time to step away as Meta is well-positioned for the future. Sandberg, a prominent figure in the tech industry, will serve as an informal advisor to Meta. Meta, facing challenges from social media regulations and changes in Apple's privacy rules, expresses gratitude for Sandberg's contributions amid her departure. The company grapples with stalled user growth and increased competition, especially from platforms like TikTok, as it navigates evolving dynamics in the tech landscape.
Samsung Integrates Google's AI Technology into Galaxy S24 Series
Samsung announces the integration of Google's generative artificial intelligence (AI) technology into its upcoming Galaxy S24 series smartphones. The new phones will leverage Google's Gemini Nano, offering features like live translation during phone calls, AI-powered summarization and classification in Samsung applications, and enhanced photo editing capabilities. The collaboration also introduces Google's "Circle To Search," allowing users to instantly search highlighted text or portions of photos and videos. The smartphones, set to be released at the end of January, showcase Samsung's commitment to reshaping the technology landscape through AI innovation.
Elon Musk Expresses Desire for Larger Stake in Tesla
Elon Musk expresses his desire for a bigger stake in Tesla, stating concerns about the company's vulnerability to a "takeover by dubious interests." Musk, who currently owns around 13% of Tesla, emphasizes the need for 25% voting control, particularly in the context of Tesla's investments in artificial intelligence (AI) features. The comments spark a debate over Musk's role in Tesla's future, as he contemplates building AI products outside of Tesla if the desired control isn't achieved. Analysts anticipate board resolutions but acknowledge the potential impact on Tesla's narrative and self-driving capabilities.
Facebook Marketplace Scams Could Lead to £60 Million Loss in 2023
The TSB fraud team reveals that more than a third of Facebook Marketplace ads may be scams, potentially causing UK customers to lose nearly £60 million in 2023. The team engaged with 100 sellers, finding that 34% of listings were fraudulent, with sellers using common fraud tactics. These tactics included directing experts to fake websites, refusing in-person viewings, and demanding advanced fees.
President Zelensky Calls for Seized Russian Billions to Rebuild Ukraine
Ukrainian President Volodymyr Zelensky urges world banks to allocate seized Russian assets for Ukraine's reconstruction. While the G7 considers using only the rise in asset value since 2020, Zelensky insists on utilizing the entire frozen amount, around $300 billion. Central bankers in Europe express concerns about the potential impact on banks' safe haven status, emphasizing the need to avoid undermining global financial stability.
IMF Warns Artificial Intelligence May Affect Up to 40% of Global Jobs
The International Monetary Fund (IMF) issues a warning that artificial intelligence (AI) could impact up to 40% of jobs globally, potentially rising to 60% in advanced economies. The report suggests that AI may exacerbate income and wealth inequality. Developing economies may struggle to harness AI's advantages, leading to a digital divide and increased income disparity. The IMF emphasizes the need for proactive measures to address the consequences of AI on society.
NNPCL Destroys Over 10,000 Illegal Refineries and Connections in Three Years
The Nigerian National Petroleum Company Limited (NNPCL) reveals that it has destroyed 10,166 illegal refineries and crude oil connections in Nigeria since 2021. Mele Kyari, NNPCL's CEO, highlights the challenges posed by pipeline vandalism and crude oil theft, impacting the company's operations. Kyari calls for collaboration between academia and the oil and gas industry to address energy challenges and emphasizes the role of research in safeguarding national energy security.
Globacom Granted 21-Day Grace Period to Resolve Interconnect Fee Dispute with MTN
Globacom, a major Nigerian telecom operator, receives a 21-day grace period from the Nigerian Communications Commission (NCC) to settle unpaid interconnect fees owed to MTN. The NCC had initially planned phased disconnection but announced an agreement between the parties to resolve outstanding issues within the specified timeframe. Globacom was issued a disconnection notice on January 8, and the outstanding fees are estimated to be around ₦6 billion ($6.7 million). The dispute over interconnect fees has a history of over 15 years, with previous threats from MTN leading to temporary disconnections in 2019.
CBN Vows to Tackle Forex Infractions with Heavy Sanctions
The Central Bank of Nigeria (CBN) unveils instances of infractions, gross abuses, and non-compliance with foreign exchange market regulations. The CBN plans to impose heavy sanctions in collaboration with relevant agencies to address these abuses. The removal of the exchange rate cap by the CBN has led to a significant depreciation of the naira, contributing to worsened inflation. As part of its efforts to clear forex liabilities, the CBN has paid approximately $2 billion across various sectors, including manufacturing, aviation, and petroleum, and initiated settlements with foreign airlines.
Access Corporation Launches Oxygen X as a Standalone Consumer Lending Subsidiary
Access Corporation, the parent company of Nigeria's largest bank (Access Bank), introduces Oxygen X, a standalone consumer lending subsidiary. Oxygen X aims to provide digital lending solutions to a broader market beyond the existing banking customers. The Central Bank has granted approval in principle for Oxygen X to commence operations in Nigeria. With Oxygen X, Access Corporation competes with digital lenders like Carbon and OPay, targeting a growing segment of digital-first customers. The move represents a shift towards standalone digital lending among financial services holding companies in Nigeria.
Entertainment
Toyin Abraham Hospitalized Due to Panic Attacks Over Movie Piracy
Nollywood actress Toyin Abraham discloses that she was hospitalized due to panic attacks caused by the illegal circulation of her movie, "Malaika." The high-budget movie was leaked online, leading to emotional distress for the actress. Abraham expresses her frustration at the financial loss and the impact on cinema attendance, emphasizing the need to fight piracy in the entertainment industry. She urges collective efforts to protect creative works and combat piracy.
Kemi Adetiba Begins Pre-Production for "King of Boys 3"
Nigerian filmmaker Kemi Adetiba announces the start of pre-production for the highly anticipated sequel, "King of Boys 3: The Beginning of the End." Adetiba hints at new characters and promises an elevated experience compared to previous installments. "King of Boys" is a crime political thriller that follows the story of Alhaja Eniola Salami and her quest for political power. The franchise has gained significant success, with the previous installment released as a seven-part series on Netflix.
Victor Osimhen on the Brink of African Cup of Nations History
Nigerian striker Victor Osimhen stands on the verge of making history at the African Cup of Nations (AFCON) 2023. Possibilities include equaling topscorer records, surpassing the single-edition goal record, becoming the Most Valuable Player, and setting new benchmarks. Osimhen's recent success at Napoli and recognition in the football world positioned him as a key player in Nigeria's AFCON journey. The striker's potential achievements could further solidify his status as one of Africa's top football talents.
Opportunities
The Sustainability Open Innovation Challenge 2023
The Sustainability Open Innovation Challenge 2023 by Enterprise Singapore calls global innovators to address urgent environmental challenges. With over S$3,000,000 in support, it focuses on demand-led challenge statements and an Open Category for sustainability solutions. Successful innovators gain co-innovation opportunities, mentorship, and real-world testing. Submit entries by January 15, 2024, for exclusive feedback and evaluation. Register before the January 31, 2024, deadline.
The Westerwelle Young Founders Program
The Westerwelle Young Founders Program is calling for applications for its Spring 2024 cohort, offering a six-month fellowship for 25 young entrepreneurs from emerging and developing countries. The program includes a digital kick-off event, remote support with personal mentors, peer learning sessions, expert workshops, and networking opportunities, culminating in a five-day conference in Berlin for the top ten performers. Entrepreneurs with high potential impact and growth, focusing on developing markets, are encouraged to apply by the deadline on February 11, 2024, for a chance to be part of this impactful initiative towards a sustainable future.
ETH4D is offering Faculty Exchange Grants for 2024
ETH4D is offering Faculty Exchange Grants for 2024, providing funding for visiting scientists and teaching stays. The grants support individuals from academic institutions in low and lower-middle-income countries, with opportunities for short research stays, conference attendance, and teaching activities. Interested applicants should submit their application documents, written in English, by the deadline on January 31, 2024, for a chance to receive a maximum of 10k CHF for the Visiting Scientist Grant or 5k CHF for the Teaching Stay Grant. Take advantage of this opportunity to enhance collaboration and academic exchange by applying now. For
The IFAD Agrihub Project in Nigeria
The IFAD Agrihub Project in Nigeria seeks to empower African youth through Agribusiness Hubs, providing training and mentoring services. Open to Nigerian citizens aged 18 to 29, especially those passionate about agriculture, the two-month program targets employment track youth (70%) and young entrepreneurs (30%). To be a part of this transformative initiative, eligible individuals are encouraged to apply and express interest in the IFAD Agrihub training Apply Now.
SYMUF Project Cohort 3
The SYMUF Project Cohort 3, led by the Africa Projects Development Centre, empowers African youth in urban agriculture, providing skills, knowledge, and financial support. Targeting unemployed graduates and young entrepreneurs, it aims to establish bankable enterprises through training and inclusive financial services. Nigerian citizens aged 18 to 35, passionate about agriculture, can apply to the program by committing for three months and submitting the application form for a transformative opportunity. Apply Now.
The Impact Toolbox Youth in Development Fellowship 2024
The Impact Toolbox Youth in Development Fellowship 2024 offers a unique professional development experience, equipping young individuals worldwide with knowledge and skills for sustainable development. Supported by prestigious institutions, selected fellows will access online courses, engage in a three-day boot camp, and have the chance to secure equity-free financial support through the Venture Development Prize. If you're aged 19-35 with a passion for social change, apply by January 31, 2024, using coupon code YIDApplication for free access to the social impact strategy course and seize this opportunity to drive meaningful impact in your community. Apply Now.
The Allard Photography Competition 2024
The Allard Photography Competition 2024 invites photographers worldwide to showcase their talent and contribute to the fight against corruption and human rights violations. With a prestigious CAD $1,000 prize, winning entries will be prominently featured on the Allard Prize website for six months. If you're passionate about capturing the essence of courage and leadership in battling corruption, submit your entries by the deadline on May 1, 2024, and be a part of this impactful initiative to promote transparency, accountability, and human rights. Apply Now.