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Tuesday, 13 September 2022
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Partner(s)
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Good morning!
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The trouble will get worse and all we can do in the interim is prepare ourselves. It's no news that banks are lowing their standards as staff flee the country for a better life.
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A new report shows that engineers, the priced possession of tech companies are now moving back to traditional financial institutions, especially as jobs with tech and crypto companies become more uncertain, no thanks to massive layoffs.
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But this is also because banks are creating their own technology power products as well and they need these engineers.
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Below are the tech stories and news you need to know to start your day, carefully curated by Technext.
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Summary of the news
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- Kenya’s ARA has dropped its money laundering case against 3 Nigerian companies
- Nigeria’s Kippa has raised $8.4M
- Finance bro jobs are hot again as tech and crypto companies lay off staff
- All the key features in the new iPhone iOS 16 update
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ARA drops laundering case against 3 Nigerian companies
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Kenya’s ARA has dropped the legal case against three companies: Avalon Offshore Logistics Limited, OIT Africa Limited, and RemX Capital Limited, all of which were named in an international money laundering syndicate, NTV Kenya reports.
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According to Technext, the reason for the ARA dropping the case had not been officially revealed at press time. But, there are speculations that the recent move may be the first in a series of backpedalling by the ARA as some of the initial charges were fallouts of a political tussle that trailed the recently concluded elections in Kenya.
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The three Nigerian companies were at risk of losing KSh5.7 billion ($47.4 million) to the State as proceeds of crime. Court filings show that ARA requested a case withdrawal from the court on August 29, which was granted on September 7.
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Kippa has raised $8.4M
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Kippa, the financial management and payments platform for Nigerian small businesses, has announced that it has raised $8.4M in a new financing round. The startup provides digital business and financial management solutions to small and medium enterprises (SMEs) in Nigeria. It has garnered backing from international investors to develop products that will help SMEs grow their businesses.
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Kippa CEO Kennedy Ekezie-Joseph said:
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We expect the number of digitally active small businesses to grow exponentially over the next three to five years. As more small businesses come online, Kippa will own the money button on the devices of these merchants.
Our mission is to make it easy for anyone to start and run profitable small businesses in Africa. It is why we are building a full suite of software and financial services that enables this ambition, thereby empowering African business owners. We say this because we've spent time understanding their most significant needs.
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Finance bros rise again
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After years of fighting to attract computer engineers who would rather work for big tech groups or crypto start-ups, Wall Street firms say they are recovering lost ground in the talent war as lay-offs and hiring freezes spread through Silicon Valley.
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With exchanges, banks and market makers continuing to expand through the recent market downturn, executives say their relative stability has made them more appealing destinations, the Financial Times reports.
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“We definitely have seen an influx in candidates coming from big tech, crypto, and top-tier start-ups,” said Josh Woods, head of systematic trading technology at Citadel Securities, where applications for tech roles have jumped more than 50 per cent quarter on quarter. “Candidates are looking at the job market more realistically now, similar to how investors in downturns really look at value and fundamentals.”
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Tumbling stock and cryptocurrency prices, rising interest rates and fears of an impending recession have brought an abrupt reversal in fortunes since the start of the year for the previously booming technology sector.
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What to expect from the new iOS 16
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See some of the key features below:
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Safety Check: A new feature in iOS 16 is Safety Check, somewhat like a panic button, in the sense it allows you to immediately cut all shared access to your accounts and data in the event of a dangerous situation, such as abusive spousal relationships.
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Latest in funding
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Other stories we are following
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