Operations – Business News Updates https://newsdaily.business Tue, 03 Jan 2023 14:55:52 +0000 en hourly 1 https://wordpress.org/?v=6.4.3 https://newsdaily.business/wp-content/uploads/2021/02/cropped-handshake-hand-gesture-dollar-money-finance-coin_96px-32x32.png Operations - Business News Updates https://newsdaily.business 32 32 Is Raising Temperatures in Data Centers Good for Hardware? | Data Center Knowledge https://newsdaily.business/2023/01/03/is-raising-temperatures-in-data-centers-good-for-hardware-data-center-knowledge/ https://newsdaily.business/2023/01/03/is-raising-temperatures-in-data-centers-good-for-hardware-data-center-knowledge/#respond Tue, 03 Jan 2023 14:55:52 +0000 https://newsdaily.business/2023/01/03/is-raising-temperatures-in-data-centers-good-for-hardware-data-center-knowledge/ When colocation giant Equinix recently announced plans to bump up its data center temperatures to 80 degrees Fahrenheit, it raised two questions: is it safe for hardware, and will other data center operators follow suit? Some industry analysts say it is not only safe, it will become a trend. But it depends on whom you […]]]>


When colocation giant Equinix recently announced plans to bump up its data center temperatures to 80 degrees Fahrenheit, it raised two questions: is it safe for hardware, and will other data center operators follow suit? Some industry analysts say it is not only safe, it will become a trend. But it depends on whom you ask.

Equinix certainly feels it’s safe and is touting the benefits. By increasing the temperature at each of its 240-plus data centers, the company said it will reduce energy consumption by 10% in some locations, decrease its carbon impact and help its customers reach their supply chain sustainability goals.

The temperature change won’t happen overnight. In its announcement in early December, Equinix said it’s a multi-year plan that will require some capital upgrades and improvements in its data centers. The company is currently evaluating its data center portfolio to define a change-management roadmap, and its new environment standard will gradually be adopted across its global data center portfolio, the company said.

Equinix said the effort will also reduce its energy costs. According to the company, its cooling systems currently account for about 25% of its total energy usage globally.

“We are anticipating a long-term benefit in reduction of infrastructure energy costs from efficiency improvements,” Equinix told Data Center Knowledge. “Our actions to improve energy efficiency in the data center should help further insulate our customers against a volatile energy market and advance their sustainability goals.”

Is Hotter Temperatures Safe for Data Center Equipment?

Equinix said the higher temperature will not affect the longevity and performance of servers and storage equipment. ASHRAE, the American Society of Heating, Refrigerating and Air-Conditioning Engineers, recommends that servers and storage hardware operate in the 64.4 to 80.6 degrees Fahrenheit (18 to 27 degrees Celsius) range in data processing environments, so 80 degrees Fahrenheit is within the recommended range.

Equinix’s typical operating temperature in their data centers is 73 degrees Fahrenheit (23 degrees Celsius), but several facilities operate closer to 77 degrees Fahrenheit (25 degrees Celsius) without issue, the company said.

“We are aligning with ASHRAE because its standard range has been extensively tested and proven safe. The ASHRAE A1 Allowable (A1A) is an internationally recognized standard operating envelope for mission-critical IT equipment. It has been widely adopted by IT equipment manufacturers since 2011,” Equinix told Data Center Knowledge.

“Since then, empirical studies have validated the temperature and humidity range as a suitable environment for operating IT hardware without additional risk of equipment failure or reduction in computing performance,” Equinix added. “In addition, equipment manufacturers and our customers’ hardware have had refresh cycles to ensure that their hardware is ready to operate within A1A.”

ASHRAE first published its “Thermal Guidelines for Data Processing Environments,” in 2004 and has updated its guidelines four times with the last update in 2021, said Matt Koukl, vice chair of ASHRAE Technical Committee 9.9.

“The thermal envelope has increased over the years based upon extensive research funded by ASHRAE,” Koukl told Data Center Knowledge.  

What the Experts Say

Several industry analysts agree with Equinix and say today’s current hardware can perfectly handle the 80 degree temperature. But one industry insider says it’s an open question mark.

Hardware vendors detail their products’ Mean Time Between Failure (MTBF) rates based on different operating temperatures. But in general, today’s latest state-of-the-art technology is built to handle the 80 degrees that Equinix will operate in, said Rob Brothers, IDC’s program vice president of data center and support services.  

Advances in hardware allows organizations to operate their equipment at higher temperatures, he said.  For example, solid state drives (SSDs) don’t have moving parts, so they can operate hotter than hard disk drives (HDDs), he said. In contrast, HDDs have spinning disks and generate more heat, so they need to be cooled and operated at a lower temperature.

Whether a data center operator can increase its temperature to 80 degrees without affecting hardware depends on the composition of the data center and the hardware inside it, Brothers told Data Center Knowledge.  

Moises Levy, Ph.D., a senior principal analyst at Omdia who leads data center power and cooling research, agrees. He praises Equinix’s strategy, saying it’s another step toward data center operational excellence, increased efficiency and reduced environmental impact. But he cautions that older data center equipment may have different operating requirements than newer equipment, he said.

“Changes to existing environmental conditions – temperature, humidity, airflow –need to consider the IT equipment requirements, ” Dr. Levy told Data Center Knowledge. “Legacy IT equipment may have different operating environmental conditions established by the manufacturer when compared to newer technologies. Compliance with the manufacturer’s temperature guidelines is important to guarantee the desired equipment’s performance and lifespan.”

However, one industry insider said increasing the temperature in data centers could potentially impact the longevity of server and storage hardware. It’s uncertain, but years from now, it’s possible that colocation customers will find that the higher temperature may have reduced the life span of its servers from seven years to six years, he said.

“It potentially could have an impact because all the components inside servers will operate at a higher temperature by default,” the industry insider said.

Time will tell. If Equinix is successful and proves that the higher temperature doesn’t affect the equipment, then other colocation providers and data center operators may follow suit, he said.

“If they report nothing happened, then more people will start doing it, which is good for the industry,” the insider said.

Will Others Follow Equinix’s Lead?

In fact, some analysts believe raising data center temperatures will become a trend. Equinix is the world’s largest multi-tenant data center (MTDC) operator, and for the company to announce plans to raise the temperature across all its data centers to improve sustainability is significant – and it soon may spur other colocation providers to adopt a similar strategy, said Sean Graham, IDC’s research director of cloud to edge data center trends.

“It has broader implications in the market. People may say, ‘it’s Equinix. This is the top dog in the MTDC space,’ maybe we can take this step now,” Graham said. “As organizations are being crunched with energy prices and an impending recession on the horizon, this is potentially a way for them to become more sustainable themselves and to look for savings as we head towards a recession and rising costs across the board.”

Equinix isn’t the only major data center operator to raise its data center temperatures. Meta has reportedly raised temperatures of some of its data centers to 90 degrees Fahrenheit, five degrees higher than its norm, as part of a pilot to reduce power and water consumption. Microsoft previously announced that it would run its data centers at higher temperatures, but it didn’t give specific numbers.

While Equinix is staying within ASHRAE’s recommended temperature guidelines, Meta, in its pilot, is blowing past it by nearly 10 degrees.

Meta can do that because it operates in a different environment. Meta is powering and managing its data centers simply for themselves, while in the colocation market, Equinix must meet service level agreements and have customer input into how it operates, Graham said.

“Meta doesn’t have the same constraints. It is essentially a closed system where it can define the parameters,” he said.

While colocation providers may have a blend of 20 different suppliers of servers, Meta uses uniform servers and can run at 90 degree temperatures because it has built-in resilience, the industry expert who requested anonymity said.

From Meta’s perspective, losing a server, a rack or even a whole site doesn’t affect service to the customer. “They’re much more tolerable to failures because the customer experience is not affected,” he said.

IDC’s Graham and Brothers believe raising data center temperatures will become a trend in the data center. In fact, some enterprises have quietly increased their data center temperatures, Graham said.

“I’ve seen it in enterprise data centers. But they don’t have the need to go public to promote their brand with it. A lot of it is driven by energy costs and sustainability initiatives,” he said.

But there will be many who refuse to budge. Most organizations keep their data centers in the 68 to 71.6 degrees Fahrenheit (20 to 22 degrees Celsius) range, Graham said.

“It’s fear based, and because they’ve always done it that way,” he said. “I always go back to what I heard from a Fortune 500 CIO. When I tried to pitch something like this, he said, ‘If I save energy, I get a pat on the back. If the data center goes down, I get fired.’”

In the meantime, Graham says the announcement was a smart move for Equinix because they can differentiate themselves in the market and will be seen as one of the more sustainable data center operators.

Dr. Levy agrees, saying Equinix could be a pioneer in raising data center temperatures.

“It can be a case study, and depending on the results, it could become a best practice,” Dr. Levy concluded.



Read More:Is Raising Temperatures in Data Centers Good for Hardware? | Data Center Knowledge

2023-01-03 14:42:32

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Taiwan investigates TikTok for suspected illegal operations https://newsdaily.business/2022/12/19/taiwan-investigates-tiktok-for-suspected-illegal-operations/ https://newsdaily.business/2022/12/19/taiwan-investigates-tiktok-for-suspected-illegal-operations/#respond Mon, 19 Dec 2022 09:26:47 +0000 https://newsdaily.business/2022/12/19/taiwan-investigates-tiktok-for-suspected-illegal-operations/ TAIPEI, Dec 19 (Reuters) – Taiwan’s government has opened a probe into Chinese-owned social media platform TikTok on suspicion of illegally operating a subsidiary on the island, though the company’s owner denied the accusation. TikTok, which is not widely used in Taiwan, has come under pressure mostly in the United States on concerns about China […]]]>


TAIPEI, Dec 19 (Reuters) – Taiwan’s government has opened a probe into Chinese-owned social media platform TikTok on suspicion of illegally operating a subsidiary on the island, though the company’s owner denied the accusation.

TikTok, which is not widely used in Taiwan, has come under pressure mostly in the United States on concerns about China getting access to users’ personal data, which the company denies.

In a statement late on Sunday, Taiwan’s China-policy making Mainland Affairs Council said that on Dec. 9 a working group under the Cabinet had discovered that TikTok was suspected of “illegal commercial operations” in Taiwan.

Taiwan’s Liberty Times newspaper reported that TikTok’s owner, ByteDance, had set up a subsidiary on the island to tout for business, contravening Taiwanese law that Chinese social media platforms are not allowed commercial operations on the island.

The Mainland Affairs Council, responding to that report, said the Cabinet’s working group had discovered that there was indeed a suspected breach of the law, and legal authorities were investigating.

“In recent years, the mainland side has used short video platforms like TikTok to carry out cognitive operations and infiltration against other countries, and there is a high risk the Chinese government is collecting users’ personal information,” it added.

However, ByteDance said “recent reports” suggesting it has set up a subsidiary in Taiwan were incorrect.

“The company has not established any legal entities in Taiwan,” it said in an emailed statement to Reuters, without elaborating.

Taiwan prohibits a wide range of Chinese business operations on the island from social media platforms to its highly valued chip manufacturing industry.

Taiwan has already banned government departments from using Chinese apps such as TikTok, the council said.

Facebook and Instagram, both owned by Meta Platforms (META.O), are the most widely used social media platforms in Taiwan. TikTok trailed its peers in Taiwan but is becoming increasingly popular among the youth, according to market research companies.

Taiwan has long complained that China uses social media to spread disinformation on the island that Beijing claims as its own territory.

In 2019, Taiwan passed an anti-infiltration law, part of a years-long effort to combat what many in Taiwan see as Chinese efforts to influence politics and the democratic process, through illicit funding of politicians and the media and other methods.

Reporting by Ben Blanchard; Editing by Stephen Coates and Jacqueline Wong

Our Standards: The Thomson Reuters Trust Principles.



Read More:Taiwan investigates TikTok for suspected illegal operations

2022-12-19 06:33:00

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Taiwan Probes TikTok for Suspected Illegal Operations https://newsdaily.business/2022/12/19/taiwan-probes-tiktok-for-suspected-illegal-operations/ https://newsdaily.business/2022/12/19/taiwan-probes-tiktok-for-suspected-illegal-operations/#respond Mon, 19 Dec 2022 03:26:01 +0000 https://newsdaily.business/2022/12/19/taiwan-probes-tiktok-for-suspected-illegal-operations/ Taipei, Taiwan —  Taiwan’s government has opened a probe into Chinese-owned social media platform TikTok on suspicion of illegally operating a subsidiary on the island and warned that the social media platform was being used by Beijing to spread disinformation. TikTok, which is not widely used in Taiwan, has come under pressure mostly in the […]]]>


Taiwan’s government has opened a probe into Chinese-owned social media platform TikTok on suspicion of illegally operating a subsidiary on the island and warned that the social media platform was being used by Beijing to spread disinformation.

TikTok, which is not widely used in Taiwan, has come under pressure mostly in the United States on concerns about China getting access to users personal data, which the company denies.

In a statement late on Sunday, Taiwan’s China-policy making Mainland Affairs Council said that on December 9 a working group under the Cabinet had discovered that TikTok was suspected of “illegal commercial operations” in Taiwan.

Taiwan’s Liberty Times newspaper reported that TikTok’s owner, ByteDance, had set up a subsidiary on the island to tout for business, contravening Taiwanese law that Chinese social media platforms are not allowed commercial operations on the island.

The Mainland Affairs Council, responding to that report, said the Cabinet’s working group had discovered that there was indeed a suspected breach of the law, and legal authorities were investigating.

“In recent years, the mainland side has used short video platforms like TikTok to carry out cognitive operations and infiltration against other countries, and there is a high risk the Chinese government is collecting users’ personal information,” it added.

TikTok did not immediately respond to a request for comment.

Taiwan prohibits a wide range of Chinese business operations on the island from social media platforms to its highly valued chip manufacturing industry.

Taiwan has already banned government departments from using Chinese apps like TikTok, the council said.

Facebook and Instagram, both owned by Meta Platforms META.O, are the most widely used social media platforms in Taiwan. TikTok trailed its peers in Taiwan but is becoming increasingly popular among the youth, according to market researcher companies.

Taiwan has long complained that China uses social media to spread disinformation on the island that Beijing claims as its own territory.

In 2019, Taiwan passed an anti-infiltration law, part of a years-long effort to combat what many in Taiwan see as Chinese efforts to influence politics and the democratic process, through illicit funding of politicians and the media and other methods.



Read More:Taiwan Probes TikTok for Suspected Illegal Operations

2022-12-19 02:40:18

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Manitoba suspends new cryptocurrency operations, citing high energy demand https://newsdaily.business/2022/12/01/manitoba-suspends-new-cryptocurrency-operations-citing-high-energy-demand/ https://newsdaily.business/2022/12/01/manitoba-suspends-new-cryptocurrency-operations-citing-high-energy-demand/#respond Thu, 01 Dec 2022 06:53:55 +0000 https://newsdaily.business/2022/12/01/manitoba-suspends-new-cryptocurrency-operations-citing-high-energy-demand/ WINNIPEG, MAN. – The Manitoba government is temporarily halting any new connections of cryptocurrency operations to the hydroelectric grid, citing a potential for overwhelming energy demands and low economic return. The 18-month pause will not affect the 37 current operations in the province, but will temporarily halt a growing number of requests from operators who […]]]>


WINNIPEG, MAN. – The Manitoba government is temporarily halting any new connections of cryptocurrency operations to the hydroelectric grid, citing a potential for overwhelming energy demands and low economic return.

The 18-month pause will not affect the 37 current operations in the province, but will temporarily halt a growing number of requests from operators who have the capacity to consume a sizable portion of the province’s electricity supply.

“We can’t simply say, ‘Well anyone can take whatever (energy) they want to take and we’ll simply build dams,’” Finance Minister Cameron Friesen, the minister responsible for Crown-owned Manitoba Hydro, said Monday.

“The last one cost $13 billion if you priced in the (transmission) line.”

The technology that underpins cryptocurrencies – blockchain – requires a large amount of electricity to run complex financial transactions. Manitoba is an attractive place for high-energy users, as it has traditionally had the second-lowest electricity rates in Canada, behind Quebec.

Hydro-Quebec earlier this month announced it was asking its provincial regulator to suspend the energy allocation process to the blockchain industry.

Friesen said there have been recent requests to Manitoba from another 17 operators that would require 371 megawatts of power – more than half the power generated by the Keeyask generating station, which became fully operational earlier this year.

There have also been other, less formal inquiries, Friesen said, which would total more than 4,600 megawatts.

Manitoba Hydro is still carrying debt from its last series of construction work. The utility saw its debt triple in 15 years as it built two megaprojects, the Keeyask generating station and the Bipole III transmission line, which ran a combined $3.7 billion over budget.

Part of the Progressive Conservative government’s concern is that blockchain operations may not produce many jobs, Friesen said.

“You can be utilizing hundreds of megawatts and have a handful of workers.”

The vice-president of the Canadian Blockchain Consortium, an industry group, said high-paying jobs are involved in operating the servers.

“Somebody’s going to have to service them, check on them, make sure they’re running,” Jade Alberts said from Calgary.

Blockchain operators also have the ability to adapt to the needs of the grid, he said. Operators in Texas shut down when extreme heat or cold push energy demand among Texas residents high, he said.

The Manitoba government’s review is to analyze, among other things, the economic impact of cryptocurrencies and a potential for a regulatory framework for approving new large connections to the grid.

“Manitoba Hydro (currently) cannot make discretionary decisions about who to hook up,” Friesen said.

“If we have a new Tim Hortons in downtown Portage la Prairie … and we have a mine with 500 employees, there is a queue that must be respected.”

©2022 THE CANADIAN PRESS



Read More:Manitoba suspends new cryptocurrency operations, citing high energy demand

2022-12-01 06:33:25

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Paramount Gold Nevada: Plan of Operations for the Grassy Mountain Gold Mine in Malheur County Oregon is Deemed Complete https://newsdaily.business/2022/11/29/paramount-gold-nevada-plan-of-operations-for-the-grassy-mountain-gold-mine-in-malheur-county-oregon-is-deemed-complete/ https://newsdaily.business/2022/11/29/paramount-gold-nevada-plan-of-operations-for-the-grassy-mountain-gold-mine-in-malheur-county-oregon-is-deemed-complete/#respond Tue, 29 Nov 2022 12:31:59 +0000 https://newsdaily.business/2022/11/29/paramount-gold-nevada-plan-of-operations-for-the-grassy-mountain-gold-mine-in-malheur-county-oregon-is-deemed-complete/ WINNEMUCCA, Nev., Nov. 29, 2022 (GLOBE NEWSWIRE) — Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce that the Federal Bureau of Land Management (“BLM”) has accepted the Plan of Operations (the “Plan”) for the proposed high-grade underground Grassy Mountain gold mine in eastern Oregon as complete. With completeness, […]]]>


WINNEMUCCA, Nev., Nov. 29, 2022 (GLOBE NEWSWIRE) — Paramount Gold Nevada Corp. (NYSE American: PZG) (“Paramount” or the “Company”) is pleased to announce that the Federal Bureau of Land Management (“BLM”) has accepted the Plan of Operations (the “Plan”) for the proposed high-grade underground Grassy Mountain gold mine in eastern Oregon as complete.

With completeness, the BLM will issue a Notice of Intent thereby initiating the Environmental Impact Statement (“EIS”) process under the National Environmental Policy Act (“NEPA”). The EIS is a comprehensive analysis of the impact of the proposed mine on the environment. The EIS culminates in the Record of Decision that sets out the BLM’s decision regarding the proposed mining operations.

Glen Van Treek, the Company’s President and COO, stated, “Our ongoing collaboration with the BLM over several years has allowed us to achieve this permitting milestone which is a first for a gold mine and recovery facility in Oregon, and advances Grassy one important step closer to a construction decision.”

The BLM has selected HDR Inc, out of Boise, Idaho, to complete the EIS. HDR’s knowledge of the proposed Grassy operation has been informed by numerous field visits in conjunction with their review of the Plan.

The Grassy Mountain Gold project has been progressing through three levels of permitting to reach a construction decision. With the Plan achieving Federal completeness allowing for the commencement of the EIS, and all county level permits having been received, the focus for the company continues to be the state level permitting which is well advanced and proceeding in a public forum.

To stay informed of future press releases, subscribe to our E-Alerts Program and to learn more about our projects visit the projects section of our website.

About Paramount Gold Nevada Corp.

Paramount Gold Nevada Corp. is a U.S. based precious metals exploration and development company. Paramount’s strategy is to create shareholder value through exploring and developing its mineral properties and to realize this value for its shareholders in three ways: by selling its assets to established producers; entering joint ventures with producers for construction and operation; or constructing and operating mines for its own account.

Paramount holds a 100% interest in four gold projects: Grassy Mountain; Frost; Sleeper and Bald Peak.

The Grassy Mountain Gold Project consists of approximately 8,200 acres located on private and BLM land in Malheur County, Oregon. The Grassy Mountain Gold Project contains a gold-silver deposit (100% located on private land) for which results of a positive Feasibility Study have been released and key permitting milestones accomplished.

Frost is comprised of 84 unpatented lode claims covering approximately 1,730 acres located 12 miles southwest of the Company’s proposed high-grade, underground Grassy Mountain gold mine in Malheur County, Oregon (“Grassy”). An initial drill program is ongoing.

The Sleeper Gold Project is located in Northern Nevada, the world’s premier mining jurisdiction. The Sleeper Gold Project, which includes the former producing Sleeper mine, totals 2,474 unpatented mining claims (approximately 44,917 acres).

The newly acquired Bald Peak Project consists of approximately 2,260 acres located in the Aurora mining district of Mineral County, Nevada.

Safe Harbor for Forward-Looking Statements

This release and related documents may include “forward-looking statements” and “forward-looking information” (collectively, “forward-looking statements”) pursuant to applicable United States and Canadian securities laws. Paramount’s future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and other applicable securities laws. Words such as “believes,” “plans,” “anticipates,” “expects,” “estimates” and similar expressions are intended to identify forward-looking statements, although these words may not be present in all forward-looking statements. Forward-looking statements included in this news release include, without limitation, statements with respect to the use of proceeds from the Offerings. Forward-looking statements are based on the reasonable assumptions, estimates, analyses and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. Management believes that the assumptions and expectations reflected in such forward-looking statements are reasonable. Assumptions have been made regarding, among other things: the conclusions made in the feasibility study for the Grassy Mountain Gold Project (the “FS”); the quantity and grade of resources included in resource estimates; the accuracy and achievability of projections included in the FS; Paramount’s ability to carry on exploration and development activities, including construction; the timely receipt of required approvals and permits; the price of silver, gold and other metals; prices for key mining supplies, including labor costs and consumables, remaining consistent with current expectations; work meeting expectations and being consistent with estimates and plant, equipment and processes operating as anticipated. There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including, but not limited to: uncertainties involving interpretation of drilling results; environmental matters; the ability to obtain required permitting; equipment breakdown or disruptions; additional financing requirements; the completion of a definitive feasibility study for the Grassy Mountain Gold Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs and between estimated and actual production; the global epidemics, pandemics, or other public health crises, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and the other factors described in Paramount’s disclosures as filed with the SEC and the Ontario, British Columbia and Alberta Securities Commissions.

Except as required by applicable law, Paramount disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this document.

Paramount Gold Nevada Corp.
Rachel Goldman, Chief Executive Officer
Christos Theodossiou, Director of Corporate Communications
844-488-2233
Twitter: @ParamountNV



Read More:Paramount Gold Nevada: Plan of Operations for the Grassy Mountain Gold Mine in Malheur County Oregon is Deemed Complete

2022-11-29 12:02:39

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Amazon To Wind Down Parts Of Indian Operations, Sack Hundreds: Report https://newsdaily.business/2022/11/28/amazon-to-wind-down-parts-of-indian-operations-sack-hundreds-report/ https://newsdaily.business/2022/11/28/amazon-to-wind-down-parts-of-indian-operations-sack-hundreds-report/#respond Mon, 28 Nov 2022 13:37:49 +0000 https://newsdaily.business/2022/11/28/amazon-to-wind-down-parts-of-indian-operations-sack-hundreds-report/ Globally, Amazon plans to cut about 10,000 jobs, its largest ever headcount reduction. Amazon.com Inc. will wind down parts of its Indian operations, showing that even the crucial growth market with 1.4 billion consumers isn’t immune to Chief Executive Officer Andy Jassy’s cost-reduction campaign. The company said it is exiting meal deliveries as well as […]]]>


Amazon To Wind Down Parts Of Indian Operations, Sack Hundreds: Report

Globally, Amazon plans to cut about 10,000 jobs, its largest ever headcount reduction.

Amazon.com Inc. will wind down parts of its Indian operations, showing that even the crucial growth market with 1.4 billion consumers isn’t immune to Chief Executive Officer Andy Jassy’s cost-reduction campaign.

The company said it is exiting meal deliveries as well as a service providing bulk doorstep deliveries of packaged consumer goods to small businesses. The exits will involve layoffs of just several hundred out of a workforce of thousands, leaving Amazon relying on its core offerings such as online retail in the country, according to a person familiar with the matter.

Jassy is reducing expenses and jobs around the world amid slowing growth in several areas of Amazon’s business. 

In India, the pullback underscores Amazon’s struggles in one of the world’s fastest growing e-commerce markets, where it’s facing regulatory heat and competition from homegrown conglomerates Reliance Industries Ltd. and Tata Group as well as Walmart Inc.’s Flipkart. 

After plowing billions of dollars in everything from grocery delivery to payments in India during the past decade, the company has failed to achieve the sort of dominance it enjoys in markets such as the US.

Several projects in beta testing are also likely to be shelved, said the person, who asked not to be named discussing internal deliberations. Amazon has announced that its Amazon Academy learning platform, which offers online test prep resources for students competing to enter India’s medical and engineering schools, will shut down in the coming months.

Job losses in the country are likely to be in the low hundreds, the person said, or just a fraction of Amazon’s India e-commerce workforce of over 10,000. Overall, Amazon employs more than 100,000 people full time in the country for its worldwide operations.

The company has attracted the wrath of a labor union assembling tech workers for making what it calls “voluntary separation” offers and giving employees limited time — only until Dec. 6 — to decide. Amazon itself doesn’t have a labor union.

Globally, Amazon plans to cut about 10,000 jobs, its largest ever headcount reduction, people familiar with the matter have said. It has projected the smallest revenue increase ever for its holiday quarter, and Jassy had put in place a hiring freeze on some corporate roles and shut down several experimental and smaller programs.

Amazon launched Amazon Food, the meal delivery service it’s now shuttering, in India in 2020. It offers food from restaurants and other providers serving everything from paratha stuffed bread to McDonald’s burgers and fries. Amazon’s business-customer unit will continue to provide small retailers and bulk buyers with goods such as groceries and medical supplies but will no longer offer door delivery of packaged consumer goods.

“We are discontinuing these programs in a phased manner to take care of current customers and partners,” the company said in an emailed statement. “We remain committed to India and will continue to invest across those areas where we can bring value to our customers.”

During the past decade, Amazon has added millions of sellers on its platform in India and expanded in segments like groceries and digital payments, while selling fashion, beauty products and flight tickets. The company said groceries, consumer electronics, fashion and business-to-business offerings will be among its focus areas in India.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Read More:Amazon To Wind Down Parts Of Indian Operations, Sack Hundreds: Report

2022-11-28 12:30:00

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US expected to give Chevron approval to expand Venezuela oil operations https://newsdaily.business/2022/11/24/us-expected-to-give-chevron-approval-to-expand-venezuela-oil-operations/ https://newsdaily.business/2022/11/24/us-expected-to-give-chevron-approval-to-expand-venezuela-oil-operations/#respond Thu, 24 Nov 2022 13:19:42 +0000 https://newsdaily.business/2022/11/24/us-expected-to-give-chevron-approval-to-expand-venezuela-oil-operations/ Asymmetrica CEO and former Venezuelan Ambassador to the U.K., Vanessa Neumann, reacts to the possibility of the U.S. easing sanctions to allow Chevron to pump oil in Venezuela.  Chevon Corp. may be on the verge of winning U.S. approval to expand its oil operations in Venezuela, possibly as early as this weekend, according to reports.  […]]]>


Chevon Corp. may be on the verge of winning U.S. approval to expand its oil operations in Venezuela, possibly as early as this weekend, according to reports. 

The approval hinges on whether talks will resume between the Venezuelan government, led by socialist President Nicolás Maduro, and the country’s opposition. 

Chevron Venezuela

The logo of Chevron is seen at the company’s office in Caracas, Venezuela April 25, 2018. (REUTERS/Marco Bello/File Photo / Reuters Photos)

U.S. officials have offered a slight loosening of sanctions and have released some Venezuelan prisoners being held in U.S. jails. 

The Biden administration’s overtures to Venezuela come amid slowing production in U.S. shale, as well as Russian oil shrinking under sanctions, and Saudi Arabia signaling OPEC+ production cuts. 

THANKSGIVING GAS PRICES HIGHEST RECORDED BUT AMERICANS STILL HITTING THE ROAD

To stave off soaring energy prices this year, President Biden has released more than 200 million barrels from the nation’s emergency oil reserves, though those are due to end soon. 

Chevron’s existing license to operate in Venezuela expires on Dec. 1. Should it not gain approval to expand operations before then, the U.S. could renew its existing license, allowing the oil giant to maintain its assets without expanding, sources familiar with the matter told Reuters. 

Amauy refinery complex

FILE PHOTO: A general view of the Amuay refinery complex which belongs to the Venezuelan state oil company PDVSA in Punto Fijo, Venezuela November 17, 2016.  (REUTERS/Carlos Garcia Rawlins/File Photo / Reuters Photos)

Chevron has held a joint venture with PDVSA, the Venezuelan state oil-firm, producing around 200,000 barrels per day before U.S. sanctions and lack of financing scaled back output. 

U.S. officials and their Venezuelan counterparts are pushing to hold talks in Mexico City this weekend – the first in more than a year. 

Venezuela produces at most 800,000 barrels of oil per day. That figure is up from the average of 525,000 barrels it produced a year ago, but far off its failed target of 1 million a day by the end of 2021 and nowhere near the more than 3 million barrels per day the country was producing in the 1990s.

Venezuela’s oil is also heavier and grimier and is more suited for making asphalt and petrochemicals rather than being used for cars. Extracting gasoline and diesel from Venezuela’s oil would require a complicated refining process. 

The country also lacks quality engineers, since many of the ones who ran Venezuela’s industry at its peak were exiled from the country during the Hugo Chavez era, when the socialist dictator nationalized Venezuela’s oil industry.  

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FOX Business has reached out to Chevron and the U.S. Treasury Department for comment. 

A spokesperson for the National Security Council (NSC) told FOX Business the U.S. “believes we must support the people of Venezuela and their democratic aspirations.” 

Any action will be contingent on if the respective parties return to talks and announce other specific commitments to support the people of Venezuela, the spokesperson said. 

“Any announcement or action would not be taken in response to energy prices, as we have said in the past, this is about the regime taking the steps needed to support the restoration of democracy in Venezuela,” the spokesperson said.



Read More:US expected to give Chevron approval to expand Venezuela oil operations

2022-11-23 23:17:54

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Burkina Faso miners say operations unaffected following second military coup of 2022 https://newsdaily.business/2022/10/11/burkina-faso-miners-say-operations-unaffected-following-second-military-coup-of-2022/ https://newsdaily.business/2022/10/11/burkina-faso-miners-say-operations-unaffected-following-second-military-coup-of-2022/#respond Tue, 11 Oct 2022 20:47:19 +0000 https://newsdaily.business/2022/10/11/burkina-faso-miners-say-operations-unaffected-following-second-military-coup-of-2022/ Burkina Faso is Africa’s fourth-largest gold producer, and gold makes up a significant part of its GDP and national exports. The change of leadership appears to have its roots in a disagreement within the Burkina Faso military on security issues in the north and east of the country, areas which have been hard-hit by Islamic-associated […]]]>


Burkina Faso is Africa’s fourth-largest gold producer, and gold makes up a significant part of its GDP and national exports.

The change of leadership appears to have its roots in a disagreement within the Burkina Faso military on security issues in the north and east of the country, areas which have been hard-hit by Islamic-associated terrorist insurgencies in recent years.

The nation’s new military leader, Captain Ibrahim Traoré, said on Oct. 2 that the country was facing an emergency in every sector, “from security to defence, to health, to social action, to infrastructure,” and it was time for the government to “abandon the unnecessary red tape.”

An analyst with global risk consultancy Control Risks says that, at first glance, the development is unlikely to directly impact the mining sector from a regulatory perspective. The current leadership has gone so far as to say no additional constraints will be placed on the mining sector, given its economic importance.

“The succession of coups in Burkina Faso, and more broadly persistent discontent in the armed forces, is driven by worsening militancy and repeated failure of successive governments to improve security,” said analyst Tristan Gueret in response to emailed questions.

Since 2015 Islamist militants have made significant gains across the country, expanding their influence in rural areas and carrying out frequent and deadly attacks against civilians and security forces.





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2022-10-11 20:24:20

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Dapper Labs Suspends NFT Operations for Russian Users Amid New EU Sanctions – Bitcoin News https://newsdaily.business/2022/10/10/dapper-labs-suspends-nft-operations-for-russian-users-amid-new-eu-sanctions-bitcoin-news/ https://newsdaily.business/2022/10/10/dapper-labs-suspends-nft-operations-for-russian-users-amid-new-eu-sanctions-bitcoin-news/#respond Mon, 10 Oct 2022 08:51:14 +0000 https://newsdaily.business/2022/10/10/dapper-labs-suspends-nft-operations-for-russian-users-amid-new-eu-sanctions-bitcoin-news/ Canadian company Dapper Labs has blocked operations with non-fungible tokens (NFTs) for Russian accounts. The move follows a new round of sanctions recently imposed by the EU which prohibit the provision of crypto-related services to Russian residents and entities. NFT Platform Dapper Labs Conforms to Latest EU Restrictions Against Russian Federation Dapper Labs, the creators […]]]>


Canadian company Dapper Labs has blocked operations with non-fungible tokens (NFTs) for Russian accounts. The move follows a new round of sanctions recently imposed by the EU which prohibit the provision of crypto-related services to Russian residents and entities.

NFT Platform Dapper Labs Conforms to Latest EU Restrictions Against Russian Federation

Dapper Labs, the creators of the Flow blockchain network and projects like Cryptokitties and NBA Top Shot, has complied with the new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine.

The eighth package of EU sanctions was approved by Brussels on Thursday, Oct. 6, after the latest escalation of the conflict with Russia announcing partial mobilization and taking steps to annex four Ukrainian regions through what the bloc sees as fake referendums.

The penalties, targeting the Russian economy, government and foreign trade, also feature financial measures affecting the business activities of crypto companies. The latter have been prohibited from providing any wallet, account, or custody services to Russian nationals.

The restrictions apply regardless of the amount of digital assets, tightening the regime in comparison with the fifth round of sanctions imposed earlier this year, when only “high-value” crypto-asset services were banned, those for crypto holdings exceeding €10,000 ($11,000 at the time).

Russian Users to Keep NFTs Bought Before Ban and Have Access to Their Accounts

“Our payment processing and stored value service partner is subject to EU regulations and has directed us to take action on all accounts held by those impacted by the Oct. 6 restrictions, consistent with EU law,” Dapper Labs explained in a notice published on its website.

As a result, the company said, Dapper has had to suspend accounts with connections to Russia from the purchase, sale, or gifting of any Moment across all Dapper Sports, any withdrawals from Dapper accounts, and Dapper balance purchases.

The NFT platform pointed out, however, that the accounts were not closed. Impacted users will be able to access them and view their tokens. They will also keep any previously purchased NFTs. “Any Moments you own and any Dapper Balance continue to be your property,” Dapper assured while apologizing for any inconvenience.

Other crypto companies with presence in Europe are likely to adopt similar measures but the restrictions may not affect all global platforms. For example, Binance has reportedly informed users in Russia it did not introduce new restrictions, according to Russian crypto media. That’s despite the world’s largest crypto exchange complying with the previous round of European crypto sanctions.

Tags in this story
ban, Crypto, crypto services, Cryptocurrencies, Cryptocurrency, CryptoKitties, Dapper, Dapper Labs, EU, european, European Union, Moments, NBA Top Shot, nft platform, NFTs, restrictions, Russia, russian, Sanctions, sanctions package, sanctions round, Tokens

Do you expect other crypto businesses to suspend services for Russian account holders? Let us know in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.




Image Credits: Shutterstock, Pixabay, Wiki Commons, T. Schneider / Shutterstock.com

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.





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2022-10-10 07:35:08

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Pro-Russian groups are raising cryptocurrency to prop up military operations https://newsdaily.business/2022/10/03/pro-russian-groups-are-raising-cryptocurrency-to-prop-up-military-operations/ https://newsdaily.business/2022/10/03/pro-russian-groups-are-raising-cryptocurrency-to-prop-up-military-operations/#respond Mon, 03 Oct 2022 02:12:50 +0000 https://newsdaily.business/2022/10/03/pro-russian-groups-are-raising-cryptocurrency-to-prop-up-military-operations/ Russian paramilitary groups are raising funds in cryptocurrency using messaging app Telegram, according to research published by TRM Labs. Matt Cardy | Getty Images News | Getty Images Pro-Russian groups are raising funds in cryptocurrency to prop up paramilitary operations and evade U.S. sanctions as the war with Ukraine wages on, a research report published […]]]>


Russian paramilitary groups are raising funds in cryptocurrency using messaging app Telegram, according to research published by TRM Labs.

Matt Cardy | Getty Images News | Getty Images

Pro-Russian groups are raising funds in cryptocurrency to prop up paramilitary operations and evade U.S. sanctions as the war with Ukraine wages on, a research report published Monday revealed.

As of Sept. 22, these fundraising groups had raised $400,000 in cryptocurrency since the start of the invasion on Feb. 24, according to TRM Labs, a digital asset compliance and risk management company.

The research revealed that groups, using encrypted messaging app Telegram, are offering ways for people to send funds which are used to supply Russian-affiliated militia groups and support combat training at locations close to the border with Ukraine.

One group TRM Labs identified raising funds is Task Force Rusich which the U.S. Treasury describes as a “neo-Nazi paramilitary group that has participated in combat alongside Russia’s military in Ukraine.” The Treasury Department’s Office of Foreign Assets Control (OFCA) has sanctioned Task Force Rusich.

On a Telegram channel, TRM Labs discovered this group was looking to raise money for items such as thermal imaging equipment and radios.

The Novorossia Aid Coordinating Center, which was set up in 2014 to support Russian operations in Ukraine, raised about $21,000 in cryptocurrency, mainly bitcoin, with the aim of buying drones, the report said.

Russia was hit by a number of sanctions after its unprovoked invasion of Ukraine earlier this year that aimed to cut it off from the global financial system. At the time, there were concerns that Russia could use cryptocurrency to evade these penalties. However, experts said that there is not enough liquidity in the crypto system on the scale Russia would require to move money.

But with the paramilitary groups, they’re moving money on a smaller scale, which is enough for the items they need to buy.

These groups are likely using exchanges that don’t necessarily comply with anti-money laundering and other regulations, according to Ari Redbord, head of legal and government affairs at TRM Labs.

“They’re probably using non-compliant exchanges to off-ramp those funds [into fiat currency],” Redbord told CNBC.

“And you can do that. You just can’t do that at scale. And I think that’s that that’s where … we’ll say, will there be more? Of course, there’ll be more. But will it be billions of dollars? Highly unlikely.”

Redbord said TRM Labs used a combination of publicly available wallet addresses as well as cross-checking other websites and activity online to identify the Russian-linked groups. However, he did say it’s not possible to know whether these groups were working with the Russian government or are in any way backed by the Kremlin.

Cryptocurrencies have been thrust into the spotlight during the Russia and Ukraine war. Ukraine has been seeking donations via digital coins, which can be sent quickly across the world. But they’re now also being used by Russian paramilitary groups.

“I think an interesting part of this story is that crypto is just a form of payment in these cases. It’s a way to move funds. And there’s an example of it being used for good and example of it being used for bad in this context,” Redbord said.

Could Russia's war on Ukraine escalate into a global cyberwar?



Read More:Pro-Russian groups are raising cryptocurrency to prop up military operations

2022-10-03 00:46:00

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