Binance backs out of deal to buy FTX
Binance, the world’s largest crypto exchange by volume, has walked away from a deal with FTX, the third largest.
It appeared that Binance may be in the process of bailing out its troubled rival, FTX, on Tuesday. The plan, however, crumbled just over 24 hours later.
According to The Wall Street Journal, Binance backed out after reviewing the company’s structure and books. We hoped to support FTX’s customers by providing liquidity, but we cannot do anything about the issues.
“In light of recent news reports regarding the mishandling of customer funds and the alleged investigation by the US government, we have decided to not pursue the potential acquisition of [FTX],” Binance tweeted.
Binance continued, “When a major player in an industry fails, retail consumers suffer.” According to us, the crypto ecosystem is becoming more resilient over the past several years, and we believe the free market will eventually weed out outliers who misuse user funds.
TechQuice did not immediately receive responses from Binance or FTX.
According to CoinDesk, FTX’s loan commitments have raised concerns among Binance’s top brass. It follows Binance CEO Changpeng Zhao’s tweet that FTX “going down is not good for anyone in the industry.”
We may update this story if new information becomes available.
Pakistani Workers Paid Only $0.75 For World Cup Football That Sells at $165 Each
Although the Al Rihla World Cup Football Balls are listed on the Adidas website for $165, the workers who create them only receive about $0.75 for each football.
The Fifa World Cup’s official soccer ball was made in Sialkot, Pakistan, for the largest football tournament of the year. Do you realize that these football manufacturers only make a minimum pay of Rs. 160 PKR ($0.75)?
At least two-thirds of all footballs in the world are made at the 1,000 firms in Sialkot, including Adidas Al Rihla, which is Pakistan’s center for sporting products.
The 60 000 workers in these factories are not paid the minimum wage despite having such a significant impact on the sports world and literally being its core.
Long hours are put in by the artisans, who manually stitch each panel of the ball. Hand-stitching sports equipment, especially balls, is a custom in the city. This is because hand-stitching provides balls with more longevity and aerodynamic stability compared to machine sewing.
Thus, it can take up to 3 hours to complete each ball. According to Bloomberg, a laborer can only make about Rs 9600 per month when taking into account their typical compensation. Given that the average cost of living in the city is Rs 20,000, it is clear that this expense doesn’t even register.
The majority of the balls are sewn by women within the workforce. Additionally, despite being the family’s primary provider, these women go home to work and prepare meals for their loved ones. On the other hand, men work in numerous manufacturing phases and receive incredibly little pay.
Globally, over 40 million soccer balls are produced and shipped annually. The production and sales are much higher during the World Cup Football year. Therefore, despite such a remarkable yearly sale, the issue remains: Why are the workers in the factories in Sialkot so grossly underpaid, and will any steps be done to grant them the rights they deserve?
Google to pay record $391m privacy settlement
Google to pay $391.5m (£330m) to settle allegations about how it collects data from users.
The technology giant tracked the location of users who opted out of location services on their devices, 40 US states said.
Google has been told to be transparent about location tracking in the future and develop a web page telling people about the data it collects.
It is the largest privacy-related multi-state settlement in US history.
A Google official said: “Consistent with improvements we’ve made in recent years, we have settled this investigation, which was based on outdated product policies that we changed years ago.”
Last month, Google agreed to pay Arizona $85m over similar issues concerning how it collects location data.
There remains one outstanding case on the topic in the US courts, after Texas, Indiana, Washington and the District of Columbia took legal action against Google in January.
Knowing a user’s location helps advertisers target products.
And location services help Google generate $200bn in annual advertising revenue.
Oregon Attorney General Ellen Rosenblum, who led the case – alongside Nebraska Attorney General Doug Peterson – said: “For years Google has prioritized profit over its users’ privacy.
“It has been crafty and deceptive.
“Consumers thought they had turned off their location-tracking features on Google – but the company continued to secretly record their movements and use that information for advertisers.”
The attorneys general said Google had been misleading consumers about location tracking since at least 2014, breaking state consumer-protection laws.
The company has been told to significantly improve user controls and the way it discloses location tracking, starting from 2023.
The Woman Of Substance – Series By Hijabi Pk
THE WOMAN OF SUBSTANCE – STRONG WOMEN OF PAKISTAN SERIES BY Hijabi.Pk
This is the story of a teenage rickshaw driver girl, “The Woman Of Substance”, who went against societal norms in order to support her family after her father died tragically.
It is equally the efforts, assistance, and guidance of its remarkable women that Pakistan owes its freedom.
From the mother-of-the-nation, Madar-e-Millat Mohtarma Fatima Jinnah to the Iron Lady Begum Rana Liaquat Ali, everyone contributed to their capacity and helped pave the way for an independent nation, today’s Pakistan.
Women were motivated, inspired, and encouraged to work together through them.
After independence, Begum Rana Liaquat established the All Pakistan Women Association (APWA) to assist female refugees from Pakistan, empower them, and facilitate their earning independence.
In all spheres of life, Pakistan has always been at the forefront of producing female leaders, including Mohtarma Benazir Bhutto, the first female prime minister in the Islamic world, Dr. Fahmida Mirza, the first female speaker, Shama Khalid as the Governor of GB, Shamshad Akhtar as the Governor of the State Bank of Pakistan, and Lt.Gen Nigar Johar, the first lady to hold three stars on her uniform.
From the new generation of educated, tech-savvy, globally connected, but locally committed entrepreneurs, Humaira Farooqui, continues to carry on the legacy of great women in leadership.
She is the founder and CEO of Hijabi.pk, a modest lifestyle brand of clothing available to everyone, anywhere.
In addition to being a strong believer in empowering women, she has used her outreach to strengthen and support the empowered women in our society by inviting and sharing their remarkable stories through the digital world, which, like a ripple effect, has a significant impact on our society.
It’s like a moral aid, nourishment for young minds, motivation for those hesitant, and overall solidarity with other women in society for some.
The Woman Of Substance – Series By Hijabi.Pk
‘The woman of substance’ features Alisha Jameel, a teenage female rickshaw driver who stands against societal norms to provide for her family after the tragic death of her father.During her talk, Alisha narrated her story about being the youngest of six sisters and how it all started when her father (late) became sick.
He trusted that she would be strong enough to be the only breadwinner of the family even without his presence, so he bought her a rickshaw.Her dream has always been to drive a vehicle, to own a vehicle, and to use it.She learned how to drive from her father and now she drives a rickshaw to support her family.
“It hasn’t been easy at all. This was an entirely new experience in her life.” She quotes; “Even though I only take passengers who live nearby, I still meet new people every day.
“There are a lot of people who are surprised to see a girl in the rickshaw driver’s seat. Some people ask me whether I’m capable of handling the rickshaw. Some people don’t seem to understand my necessity for doing what I am now doing as a profession. People tell me to choose a better career, or to earn more money in any other way, but that’s not so easy. It is everyone’s responsibility to make the most of their resources, and mine happens to be a rickshaw. However, many people are happy to see me doing something very good yet uncommon in our society. Their encouragement and beautiful duas for me always make my day. When the passengers appreciate me for basically being ‘the son of family’ to their own, I am always in an uplifting mood as the daily chaos of the city with its fluctuating weather.”
Furthermore, she said the police and government, other than the passengers, were very understanding. In the streets, people respect her work. As snippets of her story went viral on the internet, the government announced a house for her, which she felt very blessed to receive. She never imagined that her hard work to support her family would pay off so quickly. Currently, she is in contact with them, hoping for the best.