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Spotify Cuts Jobs in Latest Round of Tech Layoffs

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Spotify Launches Ad Studio In Nigeria, Others

Spotify, the music-streaming company, has announced that it would lay off 6% of its around 10,000 employees in order to increase efficiency.

“In retrospect, I was overly optimistic in spending ahead of our sales growth,” CEO Daniel Ek said on the company’s blog.

Despite its prominence in the online music business, Spotify has never reported a full-year net profit.

It comes after Microsoft and Alphabet announced losses last week.

Alphabet, which owns Google, announced 12,000 job cuts, while Microsoft announced up to 10,000 layoffs.

“I take full accountability for the moves that got us here today,” Mr Ek added.

Spotify, which employed roughly 9,800 full-time workers last year, said it expects severance-related expenses to cost at least €35 million (£30 million).

Since its inception, the Swedish firm, which is traded on the New York Stock Exchange, has invested substantially to drive development through expansions into new regions and, in later years, unique content such as podcasts.

The corporation said in October that it will reduce recruiting for the remainder of the year and into 2023.

Spotify’s statement comes at a time when technology businesses are experiencing a dip following two years of pandemic-driven expansion in which they staffed extensively.

Hundreds of people, including some of the industry’s greatest stars, have been laid off in recent weeks.

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Biden Moves to Halt US Exports to Huawei, Reports Say

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Huawei Sales Up, But Growth Slows Under Virus, U.S. Pressure

According to reports, the US government has stopped allowing licenses for American corporations to sell most things to Chinese technology giant Huawei.

It comes as the Biden administration continues to tighten restrictions on US technology exports to China.

Huawei has already been accused by Washington of posing a threat to US national security and of collaborating with the Chinese Communist Party.

Both the firm and the Chinese government have refuted the charges on several occasions.

According to the Financial Times, which broke the story first, the US Commerce Department informed certain American corporations that it would no longer give licenses for US technology exports to Huawei.

According to the report, the action comes as Washington works toward a comprehensive prohibition on the sale of US technology to the Chinese telecom equipment behemoth.

“We routinely examine our rules and regulations and communicate regularly with external stakeholders, working closely with our interagency export controls colleagues at the Departments of Energy, Defense, and State,” a US Commerce Department official told the BBC.

“We do not comment on conversations with or deliberations about specific companies,” they added.

Huawei did not respond to the reports.

As political tensions between Washington and Beijing over Taiwan, where the majority of the world’s computer chips are manufactured, the Biden Administration has continued to tighten restrictions on Huawei.

Alan Estevez, the US Under Secretary of Commerce for Industry and Security, stated in October that “the danger landscape is continually evolving.”

“We are appropriately doing all in our ability to preserve our national security and prevent critical military technology from being obtained by the People’s Republic of China’s military, intelligence, and security agencies,” he said.

Huawei, located in Shenzhen, has battled US export restrictions on high-speed fifth generation (5G) telecommunications equipment and artificial intelligence technologies for several years.

During Donald Trump’s administration, US officials added the corporation to a so-called “entity list” in 2019.

It implies that US corporations must get a government license before exporting or transferring certain technology, especially if they are concerned that they may be utilized by the Chinese military.

However, during that period, certain US businesses, like Intel and Qualcomm, were granted licenses to provide Huawei with technology unrelated to 5G.

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Netflix Sets Date To Stop Passwords Sharing

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Netflix Sets Date To Stop Passwords Sharing

Netflix has announced its plans to start cracking down on subscribers who share their passwords by the end of March 2023.

Back in October, the streaming giant said it would begin charging subscribers who share their accounts but did not give a specific date or information for when the new policy would be enacted.

Netflix shared during their shareholders’ meetings last week that they recognise this is a drastic change for members who share their subscriptions with others.

There are also plans to make password sharing a bit complicated for users and might include an additional fee.

It said on its website that the company uses “a person’s geographic location, IP addresses, device IDs, and account activity from devices signed into the Netflix account” to determine which devices are in the same household.

The company told investors last week that it would roll out more stringent sharing rules by the end of March. More than a hundred million households currently share Netflix passwords, the service said.

The company said that “undermines our long-term ability to invest in and improve Netflix.”

It added, “As we roll out paid sharing, members in many countries will also have the option to pay extra if they want to share Netflix with people they do not live with. As is the case today, all members will be able to watch while travelling, whether on a TV or mobile device,’’ the company said.”

However, Netflix assured shareholders that, despite the recent changes, engagement will grow “over time as we continue to deliver a great slate of programming and borrowers sign-up for their own accounts.”

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Nigeria’s New Debit Card Will Impact Payments – Omoniyi Kolade

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