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The Central Bank of Nigeria (CBN) late Wednesday announced the dissolution of the boards and management of Union Bank, Polaris Bank and Keystone Bank. Hours later, it appointed new executives (two each) to “oversee the affairs of the banks”, ostensibly till the time new boards and management will be reconstituted. All three banks are privately owned. Union Bank adopted private ownership last November after Titan Trust Bank, its majority shareholder, acquired the stakes of other shareholders, causing the lender to…

Unlike Google, Facebook and other tech giants, the company behind ChatGPT was not created to be a business. It was set up as a nonprofit by founders who hoped that it wouldn't be beholden to commercial interests.But the arrangement got complicated. While OpenAI later transitioned to a for-profit model, its controlling shareholder remains the nonprofit OpenAI Inc. and its board of directors. This unique structure made it possible for four OpenAI board members — the company's chief scientist, two outside tech entrepreneurs…

Doctors are warning parents against buying the baby sleep sack, a weighted swaddle blanket designed for infants. In a major public service announcement, pediatricians say the blanket, which is meant to mimic the sensation of “being held or hugged” could turn deadly.Reddit Knowingly Downvoting Self | Future TechFor years, pediatricians have advised parents not to place any objects in an infant’s crib or sleeping area, citing the dangers of sudden infant death syndrome, otherwise known as SIDS. Infants are not born with the…

Top apparel retailer Gap and manufacturing giant 3M have announced layoffs that will hit thousands of employees.Gap will cut hundreds of positions as part of company restructuring, reports Wall Street Journal.The company earlier eliminated nearly 500 corporate positions in September last year to save $250 million annually.The current round of job cuts at Gap is expected to be larger than the earlier job cut round. Gap first notified the impacted employees in its international sourcing division first.Meanwhile,…

via Paramount As the overwhelming commercial success and critical acclaim to have greeted the John Wick franchise has shown four times over, star-studded assassination adventures have the potential to win big with both critics and at the box office, but Assassin Club has taken refuge at the complete opposite end of the spectrum. Despite boasting a decent concept and a stacked cast that features Henry Golding, The Suicide Squad and Guardians of the Galaxy Vol. 3‘s Daniela Melchior, reliable veteran Sam Neill,…

Elon Musk is still laying off Twitter employees as dozens of workers across sales and engineering departments were laid off last week, including one of Musk's direct reporting executive who was managing engineering for Twitter's ads business.It means that the new Twitter CEO has done at least three rounds of layoffs, according to The Verge.This is happening despite his promise not to sack more employees after his brutal layoff exercise in November that affected two-thirds of the micro-blogging platform's 7,500…

The layoff season continued to hit the tech world in 2023 with some big names like Microsoft and Google joining the list. More than 3,400 tech employees are being laid off per day on average in January globally.According to the data shared by layoffs tracking site Layoffs.fyi, 219 companies have laid off more than 68,000 employees in January so far.In 2022, over 1,000 companies laid off 154,336 workers, as per the data by layoffs tracking site Layoffs.fyi.The mass tech layoffs of 2022 are continuing into the new year. The…

Google parent Alphabet on January 20 announced that it plans to cut about 12,000 jobs or 6% of its global workforce.The layoffs will affect jobs globally and across the entire company, chief executive officer Sundar Pichai told employees in an email on Friday, writing that he takes “full responsibility for the decisions that led us here".The layoffs are global and impact US staff immediately, Google said.Pichai said in the note, "I am confident about the huge opportunity in front of us thanks to the strength of our…

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Ride-hailing platform Lyft is laying off 13 per cent of its workforce, or 683 employees, as it aims to cut operating expenses amid global macroeconomic conditions.According to a filing with the US Securities and Exchange Commission (SEC), Lyft said the cuts are a proactive step to ensure it "is set up to accelerate execution and deliver strong business results in Q4 of 2022 and in 2023".Read Also"The plan involves the termination of approximately 683 employees, representing 13 per cent of the company's employees. In…