CBN dissolves 3 bank boards 😰 | OpenAI GPT Store 🤖 | Hertz swaps EVs for fuel cars 🚕

In today’s menu

• CBN dissolves boards of Union Bank, Keystone Bank, Polaris Bank; Appoints new executives 🏦

• OpenAI launches GPT Store for personalized AI applications 🤖

• Google lays off several employees in Assistant, hardware, engineering teams 😰

• Hertz offloading 20,000 electric vehicles for gas-powered cars 🚙 

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🏦 BANKING

CBN dissolves boards of Union Bank, Keystone Bank, Polaris Bank; Appoints new executives

The Central Bank of Nigeria (CBN) has dissolved the boards of three banks – Union Bank, Keystone Bank and Polaris bank with immediate effect.

According to the apex regulatory bank via a press release seen on X and signed by acting Director, Corporate Communications Mrs Hakama Sidi Ali, the “action became necessary due to the non-compliance of these banks and their respective boards with the provisions of Section12(c),,(f), (g), (h) of Banks and Other Financial Institutions Act, 2020. The Bank’s infractions vary from regulatory non-compliance, corporate governance failure, disregarding the conditions under which their licenses weree granted, and involvement in activities that pose a threat to financial stability, among others.”

All these dismissals are not unconnected to the special investigation report on the CBN ordered by the Tinubu-led administration into the financial and legal irregularities within the Central Bank of Nigeria (CBN) under the leadership of Godwin Emefiele.

New executives have been appointed to take over with immediate effect. They are:

Union Bank 

• Yetunde Oni — Managing Director/Chief Executive Officer; Mannir Ubali Ringim — Executive Director 

Keystone Bank 

• Hassan Imam — Managing Director/ Chief Executive Officer; Chioma A. Mang — Executive Director 

Polaris Bank 

• Lawal Mudathir Omokayode Akintola — Managing Director/ Chief Executive Officer; Chris Onyeka Ofikulu — Executive Director

🤖ARTIFICIAL INTELLIGENCE

OpenAI launches GPT Store for personalized AI applications

OpenAI has recently launched a platform named GPT Store which hosts a variety of GPTs (custom chatbot apps powered by the company’s AI models like GPT-4 and DALL-E 3). This store is accessible via a new tab in the ChatGPT client and features a broad range of GPTs developed by both OpenAI’s partners and the larger developer community.

Access to the GPT Store requires subscription to one of OpenAI’s premium ChatGPT plans such as ChatGPT Plus, ChatGPT Enterprise, or the recently launched ChatGPT Team. Initial offerings in the store include a trail recommender from AllTrails, a code tutor from Khan Academy, and a content designer from Canva.…..read more

😰 LAYOFFS! LAYOFFS!! LAYOFFS!!!

Google lays off several employees in Assistant, hardware, engineering teams

Alphabet Inc.’s Google is undergoing substantial layoffs, affecting hundreds of employees across various teams, including the digital assistant, hardware, and engineering units. The restructuring effort is part of Google’s ongoing cost-cutting initiative, as the tech giant faces increased competition in the artificial intelligence (AI) space from rivals like Microsoft Corp. and OpenAI, the creator of ChatGPT.

The impacted workforce includes employees working on the voice-based Google Assistant and those associated with the augmented reality hardware team. Google’s central engineering organization is also experiencing workforce reductions. The move is in line with Google executives’ commitment to reviewing operations, identifying areas for efficiency, and reallocating resources to focus on key priorities.....…..read more

BlackRock lays off 600 employees, citing evolving technological landscape in the industry

BlackRock, the world’s largest money management firm, is set to sack around 600 employees as a strategy to reallocate resources in response to the evolving technological landscape in the finance sector.

The speed at which the industry is changing is unprecedented since the foundation of BlackRock, according to an internal memo by CEO Larry Fink and President Rob Kapito. As they set sights on 2024, they emphasized that divisions throughout the firm are formulating plans to redistribute resources, prompted by the transformative potential of new technologies….read more

OTHER STORIES

📱Kenyan smartphone re-commerce startup Badili secures seed funding from E3 Capital. Badili, a Kenyan-based start-up specializing in the refurbishment and resale of mobile phones has procured an undisclosed amount of seed funding from E3 Capital. The funds will be used to expand Badili’s operations across East Africa. Launched in 2021 in Kenya, Tanzania, and Uganda, Badili recycles, fixes, and relaunches used or faulty phones via notable e-commerce platforms, local partners, and Mobile Network Operators (MNOs)…..read more

🚕 Hertz offloading 20,000 electric vehicles for gas-powered cars. Hertz is offloading 20,000 electric vehicles, primarily comprised of Teslas, and funneling the proceeds into the purchase of gasoline-powered cars. Citing diminished demand for EVs and unexpectedly high repair costs, the company initiated the sell-off last month, set to extend throughout 2024. Notably, these EVs are hitting the market with substantial discounts…..read more

👨🏻‍💻 Kuwaiti EdTech firm Baims acquires Egyptian Orcas. Baims, a leading Kuwaiti ed-tech company, has acquired Egyptian online tutoring startup Orcas in a strategic drive to tap into the flourishing $100 billion education market in the Middle East and North Africa (MENA). Orcas, co-founded by Hossam Taher and Amira El Gharib, offers personalized one-on-one tutoring services designed to enrich the learning experiences of students. The startup, which raised pre-Series A capital last year, has expanded into markets such as Pakistan and Saudi Arabia…..read more

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