Nigeria Development Update (June 2022):

Nigeria Development Update (June 2022): The Continuing Urgency of Business

Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.’

High oil prices present Nigeria’s central bank with a chance to adjust the exchange rate – World Bank

Nigeria Development Update (June 2022):

The World Bank has stated that surging oil prices, being the highest in 9 years, have provided the Central Bank of Nigeria with an opportunity to adjust the exchange rate reflective of market dynamics.

The World Bank has stated that surging oil prices, being the highest in 9 years, have provided the Central Bank of Nigeria with an opportunity to adjust the exchange rate reflective of market dynamics.

This was disclosed by the World Bank in a document titled ‘Nigeria Development Update (June 2022): The Continuing Urgency of Business Unusual.’

The international lender told the Central Bank of Nigeria that timely and consistent monetary policy and exchange rate unification have become critical. The Bank also stated that despite the CBN’s claim of unifying the official exchange rate, the apex bank still supplies FX to at least four windows.

What the World Bank is saying

  • The World Bank stated that clarity on exchange rate policy, and transparency in its management, are necessary to attract more significant capital inflows, including foreign direct investment.

  • Hence, the International lender urged the Central Bank of Nigeria to unify the exchange rate. The bank said, “the benefits of a more effective exchange rate management, with a view towards a unified and market-reflective exchange rate, are more significant than in previous years.“

  • The Bank stated that the time was right for a more flexible exchange rate system, but urged that the pace of adjustment be gradual. “Favorable external conditions (oil prices being the highest in nine years) provide an opportunity to adjust the exchange rate reflective of market dynamics. Allowing further gradual adjustment in the IEFX rate, where the CBN manages the price, would help eliminate misalignment and alleviate persistent FX pressures,” the Bank said.

  • The CBN took steps to unify multiple exchange rates by adopting the IEFX window rate as its official exchange rate in May 2021. However, different windows still exist, and the parallel rate premium continues to climb, reaching 39 percent over the official IEFX rate in March 2022,” the Bank added

The CBN, according to the World Bank, continues to supply FX to at least four windows, sometimes at varying rates: (i) the I&E window; (ii) the secondary market intervention sales retail window; (iii) the small and medium-sized enterprises (SME) window; and (iv) the window for invisible.

Credit:| Ubah Jeremiah Ifeanyi / Nairametrics

Top Networking Trends & Developments 2022

Top Networking Trends & Developments 2022

The networking market is regularly adjusting its hardware and software components to meet the growing data demands of users, both in corporate and residential settings.

Networking use cases and network solutions are expanding as the cloud computing, Internet of Things (IoT), and edge computing markets continue to grow.

Top Networking Trends & Developments 2022

Top Networking Trends & Developments 2022

Learn about some top networking trends that are spearheading or supporting these technological changes in the market:

[5 Top Networking Trends]

1. Enterprise Network Strategy In The User’s Home

The COVID-19 pandemic and changing workforce expectations have led many companies to a more globally distributed remote workforce.

As a result, enterprise networking infrastructure now has to support users in their individual homes.

Drit Suljoti, co-founder and CTO of Catch point, a digital experience monitoring platform provider, explained that consumer-grade networking technology does not always offer the levels of support and visibility necessary for remote work, which is increasingly becoming a problem.

“Organizations across the board have experienced the frustrations and performance volatility that can result from consumer-grade Wi-Fi, VPN clients, and increased dependence on the internet from the employee’s wider household,” Suljoti said. “At the ground level, how can IT support desks ensure they have the necessary visibility into the daily digital life of their remote employees?

“These mission-critical teams need the ability to understand the digital performance of an individual’s device, network, and applications, and the third-party providers they rely on. This is even more essential when employees are working remotely, without on-site support to troubleshoot performance issues.”

Bob Friday, VP and CTO of Mist, Juniper’s artificial intelligence (AI)-driven enterprise business, believes that many companies are starting to respond to this remote work shift by increasing networking security and monitoring in their employees’ remote work environments.

“[A] major shift is in how enterprise-level networking trends are becoming increasingly important for personal users as well,” Friday said. “Whether you’re an executive at a company or you work in a profession that puts you into contact with sensitive information, the continued normalization of remote and hybrid work environments means that enterprise-grade networking and security will move into the home networking space.

“To ensure end-to-end network visibility, reliability, and security, we can expect enterprise-grade networking solutions to begin permeating the remote and hybrid workforce, as enterprise IT teams take an even sharper look at their network edge.”

2. Networking With Remote AI Support

Users and enterprise devices often need technical support that was normally provided in the office.

As remote work continues to become a standard approach, many companies are adopting AI solutions to assist with customer experience (CX) and support requirements of the network.

“More help is needed in managing this critical infrastructure, which is why AI has become a necessity for network management,” said Friday with Mist. “Enterprises and technology providers have already adopted AI assistants in their networking support teams. Cloud AI has enabled a new tech support model, one that has created the volume and quality of data necessary to train AI technologies.

“This AIOps model has led to incredible progress. At present, AI can answer up to 70% of support tickets with the same effectiveness as a domain expert. Eventually, this AIOps technology will move all the way to the end-user.

“And like the average human employee, AI has the ability to learn and improve over time, thus providing a better customer experience consistently and proactively. But unlike the average human employee, that skill and expertise is not lost when they retire or quit. The more that AI is used as part of the IT help desk, the more the technology can improve its answers and, ultimately, the end-user experience.”

3. The Growth Of Intent-Based Networking (IBN)

Networking technology continues to grow more sophisticated. Particularly with the more widespread use of software-defined networking (SDN), intent-based networking is being used more in enterprise networks that want additional business intelligence (BI), configuration management, and other features embedded in their networks.

Eric McGee, senior network engineer at TRGDatacenters, a data center vendor, explained why IBN is helpful to network administrators who want to better understand and manage their networks.

“One important networking technology trend that network engineers need to take note of is the emergence of intent-based networking,” McGee said. “The main role of IBN is to capture business intent and apply these insights across the network, ensuring that network administration is aligned with business intent. In other words, the IBN framework will receive an intent from the business and translate it, or encode it into the configuration of the network, resulting in the desired changes. Now, the network infrastructure is aligned to the business’s current needs.

“IBN also enables the automation of network administrative tasks involved, such as the configuration of networks, mitigation of risks, as well as the reporting and solving of network issues. Implementing IBN as a form of network administration makes the process of creating, managing, implementing, and monitoring network policies easier, simpler, and less labor-intensive. A lot of the manual effort put into traditional configuration management is made redundant when IBN is implemented.”

4. Holistic Networking Offerings

Traditional networking solutions typically require a variety of hardware and software components to work properly. However, as networks continue to evolve their software-defined, cloud, and edge, and solutions, many networking vendors are offering more holistic networking packages to manage every aspect of the network.

Patrick MeLampy, Juniper Fellow at Juniper Networks, a top global networking company, believes that enterprise client-to-cloud connectivity is one of the biggest drivers behind more unified networking packages.

“I’d have to say that there are a few key networking trends that are gaining steam and should be big next year,” MeLampy said. “Enterprise client-to-cloud connectivity service offerings will take off. This means we’ll see Wi-Fi, wired, routing, and security capabilities pulled together, all in one simple offering, making it more efficient and effective for teams to manage ever-expanding networks.”

More on networking offerings: Guide to Network-as-a-Service (NaaS)

5. Managing Network Data With Different Ops Methodologies

With more software- and cloud-based networking solutions used across the board, a number of companies are looking into new ways to manage and read their networking data.

Richard Larkin, manager of North America sales engineering at Net Brain, a next-gen network operations company, believes that the knowledge and approach of different ops teams are particularly applicable to new ways of automating network data management.

“The days of managing networks with SNMP polling and traps as well as syslog data are almost over,” Larkin said. “Many enterprises still leverage these telemetry sources, but it’s not enough. We need a more comprehensive solution harvesting data, from API, CLI, packet, net flow, and other sources, to get the complete picture as well as visibility into SD-WAN, SDN, cloud, and SaaS offerings.

“A trend that I am seeing is the blending and blurring of lines between Net Ops, Sec Ops, and DevOps. With networks becoming more software-defined and cloud-based, organizations are trying to fill the gap with the traditional network monitoring data (SNMP, syslog, etc.) with homegrown solutions using Python, Ansible, and other coding. What would be interesting is if there was an easier way to codify the knowledge of the Net Ops teams that required minimal coding and can be produced in minutes, not hours, days, and weeks.

COPY:| @Datamation

Xpertech-Solutions-Business-News-Naira-Falls

Naira falls at official market despite slight improvement in FX supply

                         Naira falls at official market despite slight improvement in FX supply

The exchange rate between the naira and the US dollar closed at N420.25/$1 at the Investors and Exporters (I&E) window.

Nigeria’s exchange started the week on a negative note as the naira fell against the US dollar by 0.18% to close at N420.25/$1 compared to N419.5/$1 recorded at the end of the previous week. This is despite the 13.97% increase in forex turnover as $122.91 million exchanged hands in the market.

On the other hand, the exchange rate at the peer-to-peer market recorded a slight moderation, gaining 0.01% to trade at a minimum of N605.94/$1 on Tuesday morning as against N606/$1 recorded as of the same time on Monday.

In the same vein, the naira appreciated marginally to N608/$1 on Monday, representing a 0.33% appreciation compared to N640/$1 recorded as of the previous trading session. This is according to information from BDC operators in Nigeria.

Meanwhile, Nigeria’s external reserves depreciated further by 0.07% on Friday, 27th May 2022 to stand at $38.54 billion from $38.57 billion recorded as of the previous day. 

The decline in the external reserve level can be attributed to the continuous intervention by the Central Bank in the FX market in order to ensure the stability of the local currency.

Trading at the official NAFEX window

The exchange rate depreciated by 0.19% on Monday to close at N420.25/$1 from N419.5/$1 recorded on Friday.

The opening indicative rate closed at N418.38/$1 on Monday, 30th May 2022, representing a N0.31 depreciation compared to N418.07/$1 recorded in the previous trading session.

Furthermore, an exchange rate of N444/$1 was the highest rate recorded during intra-day trading before it settled at N420.25/$1, while it sold for as low as N410/$1 during intra-day trading.

A total of $122.91 million in FX value was traded in the official I&E window on Monday, representing a 13.97% increase compared to $107.84 million traded on Friday, last week.

Crypto market update

The crypto market rebounded on Monday as buy sentiment in bitcoin and Ethereum pushed the industry market capitalization above $1.2 trillion. As of 22:42 (WAT), the cryptocurrency market capitalization had gained 6.94% to stand at $1.293 trillion.

Flagship crypto asset and most capitalized crypto-asset gained 7.37% on Monday, sending its price to $31,618.24, while Ethereum recorded a 9.11$ gain to trade at $1,976.18.

In the same vein, Solana, Uniswap, and Luna recorded 5.08%, 13.16%, and 25.39% gains respectively to trade at %47.22, $5.59, and $0.00012786.

Copy| Nairametrics

Lagos Free Zone

Lagos Free Zone, partners sign N10bn gas deal

Xpertech-Solutions-marketing-News

Lagos Free Zone, partners sign N10bn gas deal

The Lagos Free Zone has signed a gas contract worth over N10bn with Falcon Corporation, ND Western, and FHN consortium.

The gas infrastructure development agreement was signed in Lagos on Monday.

The project allows the consortium of Falcon Corporation, ND Western Midstream Limited, and FHN Gas Limited, to exclusively build, own, and operate a natural gas distribution infrastructure network within the LFZ.

To actualise the opportunity, the consortium said it would incorporate a Special Purpose Vehicle (SPV) – Optimera Energy LFZ Enterprise (Optimera Energy) -within the LFZ.

Managing Director, Optimera Energy, Audrey Joe-Ezigbo, while speaking at the event said, “The Optimera consortium is made up of like-minded shareholders passionate about a common goal: accelerating the further growth of domestic gas utilization in Nigeria. Having reliable dedicated gas supply infrastructure installed in the LFZ adds tremendous value to existing industrial concerns and will increase the Zone’s attractiveness to future customers.”

Ezigbo noted that the endeavour would be a big step towards actualizing the objectives of the ‘Decade of Gas’ initiative, of which gas-based industrial growth was a significant part.

“The Petroleum Industry Act provides the necessary regulatory environment for projects such as these to succeed in Nigeria. We look forward to working collaboratively with the Nigerian Midstream & Downstream Regulatory Authority in this project’s development and operation phases.

Credit | @Punch News @Googletrends

 

10 Important Areas to Explore During Your Company’s Mid-Year Check-In

10 Important Areas to Explore During Your Company’s Mid-Year Check-In

Mid-year checks are a great time to revaluate the goals your company made at the beginning of the year and ensure employees and metrics are on the right track. When conducting these check-ins, it’s crucial to look at a few pertinent areas that could hinder your company’s success. To that end, 10 members of Young Entrepreneur Council (YEC) weigh in on the following question:

“When conducting a mid-year check on company goals, what’s one area you’ll want to take a look at, and why? How will this help you gauge your progress?”

Here are their top recommendations.

1. Processes Hindering Employees

“The goal is to understand if any parts of the process are hindering employees from reaching their targets and setting goals. Regular check-ins should be in place, not just mid-year, to consistently evaluate strategies and how the entire team works together. It’s critical to understand if there are bottlenecks in any areas and to optimize how employees meet targets.” ~ Thomas Smale, FE International

2. Mid-Year Successes

“We all know that we need to analyse our goals, evaluate our communication channels and so on, but one area that is often overlooked is reasons to celebrate. Take time to celebrate any mid-year goals you’ve already reached, and recognize yourself and your company for the hard work. Plus, celebrating helps create a winning mindset that will help carry your company forward.” ~ Shu Saito, Fact Retriever

3. Company Culture

“I often think company culture gets overlooked in the midst of mid-year budget and production checks. How is the energy on your team? How are your employees? Mid-year is a great time to take stock of the promises you made at the beginning of the year internally and ensure that your actions match your commitments. Your team is the core of your success, so spend time to make sure they are engaged.” ~ Ashley Sharp, Dwell with Dignity

4. Customer-Facing Communication

“One important area that I like to check is our customer-facing communication. I do a thorough check of our social media content, email newsletters and customer support tickets. This is critical because it helps me find any holes in our communication and make sure our marketing is moving in the right direction. It also gives me the chance to see how customers respond to our marketing.” ~ Syed Balkhi, WPBeginner

5. Your Team’s Performance

“One area to look at is employee productivity. Ultimately, your team’s performance determines how far you go. You can track employee productivity by monitoring their progress on specific projects or goals. Also, check engagement. How connected and motivated are employees to do their work? Consider using surveys, focus groups and interviews to measure

6. Customer Retention and Satisfaction

“I always look at retention and customer satisfaction as the most important metrics. Retention shows us how well we are serving our customers. This results in higher business value and increased loyalty overall. Satisfaction scores like NPS divulge what they’re really feeling and where we can improve. With looming stiff competition, it’s a good challenge for us to retain and satisfy customers.” ~ Candice Georgiadis, Digital Day

7. Your Current Goals’ Progression

“Check on the goals themselves. It’s likely they’ll need to be updated in one of two ways: either scaled back or made more aggressive. This will depend upon current progress. This is the best way to gauge your progress by reviewing what you set out to accomplish in the first place and then acting accordingly.” ~ Andrew Schrage, Money Crashers Personal Finance

8. Your Team’s Happiness

“The first item I look at before the results is how my team is doing. Are they happy (or at least content), and do they still want to be working with me? None of the other goals mean anything if the team is not happy and working toward the same goal together.” ~ Zane Stevens, Protea Financial

9. Cash Flow

“In addition to looking at the profit and loss statement to make sure the company is staying on budget and on target to hit its financial projections for the year, I recommend looking at cash flow, which is the best indicator of your company’s solvency and whether or not you’ll be able to keep your doors open at the end of the year. You always need to have enough cash on hand to pay your bills.” ~ Jonathan Prichard, MattressInsider.com

10. Individual Employee Goals

“Individual employee goals are one thing we check mid-year. We ask employees to log measurable goals with their manager on our HR website and develop plans on how to accomplish them. Then, every quarter during a review, the manager asks the employee how well they performed. If an employee shows they can plan for the long term, that forward thinking can only boost your business.” ~ Duran Inci, Optimum7

 

Credit | @GoogleNews, @SmallBussinessTrends

Solar Industry Stats and Growth Projections in 2022

Solar Industry Stats and Growth Projections in 2022

Solar Industry Stats and Growth Projections in 2022

Solar Industry Stats and Growth Projections in 2022

Solar energy has been a fast-growing industry in America and around the world since the mid-2000s. Here’s a look at how solar power has evolved and where it’s headed in 2022.

The concept of generating energy from the sun goes back to at least the 7th century B.C., when people used it to light fires with magnifying glasses. Then within four centuries, people were lighting torches with a combination of sunlight and mirrors. By the late 18th century, ships used solar ovens for long journeys.

Scientists began to develop solar cells made from selenium in the 1880s. The first silicon-based photovoltaic (PV) cells were developed in 1954 at Bell Labs, the research firm that played a leading role in modern computer technology. The first uses of solar panels were on satellites during the NASA space race in the late fifties.

The main problem with solar energy over several decades was low efficiency, meaning it was difficult to harness much of the sun’s energy with solar panels. From 1957 to 1960, Hoffman Electronics increased solar efficiency from 8 to 14 percent. By the mid-eighties, it jumped to 20 percent, and now entering 2022, it’s up to 33.3 percent.

The U.S. government introduced solar tax credits in 2006, which created a boom in the solar industry. Since then, China has been a major global manufacturer of solar panels, as the price has steadily dropped to affordable levels for homeowners. The cost of solar energy in 1956 was about $300 per watt, including installation. By 2019 panel cost was under 3.00 per watt.

Between 2010 and 2017, the cost of solar-generated electricity dipped for utility companies from 28 to 6 cents per kilowatt-hour, according to the U.S. Department of Energy. This reduction corresponded with a 52 to 16 cent per kWh decline for homeowners. While consumers measure solar power in kilowatt-hours, the top U.S. solar plants measure capacity in megawatts (1 million watts) and annual output in gigawatt-hours (1 billion watt-hours). Today the United States is the world’s number two solar power generator, based on total PV installed capacity in megawatts, but far behind China.

 

SEIA collects data on U.S. solar installations and energy consumption. Other industry metrics are gathered by IBISWorld, which reported that solar industry revenue was $10 billion in 2019. This figure represents an annual growth rate for solar above 36 percent over a five-year period.

The peak year for solar installations so far has been 2016, which was largely due to businesses and residents fearing the Solar Investment Tax Credit (ITC) would expire. Congress then extended the policy through 2022. Installations surged to over 14,000 MW of solar capacity in 2016. The number declined the next few years, but in 2019 experienced more growth, well overall in previous years except 2016. The U.S. solar market is expected to hit $22.9 billion by 2025.

Here are important solar stats released in 2019 by SEIA:

  1. SEIA projects that over the next five years, installations will more than double in solar capacity, surpassing 100 GW by 2022.
  2. Over 10,000 U.S. companies are involved in the solar industry, with the largest employers operating as installers.
  3. About a third of all new U.S. energy installations in 2019 were for solar.
  4. The geography of solar development plays an important role where solar jobs are based, with California as the leader, generating over 26,000 MW versus distant runner-up North Carolina. Other top solar states are Arizona, Texas, Florida, Nevada, New Jersey, and Massachusetts.
  5. Over 242,000 Americans were employed in the solar industry in 2019, which was double the number from 2012.

 

Credit| linchpinseo

Elon Musk’s Dream Came True! Elon Musk Bought Twitter.

Elon Musk’s Dream Came True! Elon Musk Bought Twitter.

The company announced on Monday that it has accepted the Tesla CEO’s $44 billion offer to take the company private. That means the world’s richest person who has a penchant for theatrics and erratic behavior is about to have the power to reshape discourse on a social network used by more than 200 million people every day.

How might Musk wield that power?

Here are some proposals for Twitter that he’s floated.

Elon Musk’s Dream Came True! Elon Musk Bought Twitter.

Elon Musk’s Dream Came True! Elon Musk Bought Twitter.

Loosen up content rules in the name of free speech

The Tesla and SpaceX CEO describes himself as a “free speech absolutist” and has criticized what he sees as excessive moderation on online platforms.

He nodded to these beliefs in his statement announcing the purchase by saying that “free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated.”

Musk has argued that social networks should not remove comments that, while offensive, are still legal. During a recent interview at a TED conference he said, “If it’s a gray area, let the tweet exist.”

Twitter currently bans harassment, abuse and posts that wish physical harm to someone. The platform has other guardrails too, like a prohibition on misinformation related to COVID-19.

Experts who study social networks fret about Musk’s push to loosen the rules of engagement on Twitter. They say that could give license to harassers, trolls and others who abuse the platform to target people.

They also worry relaxing the rules on Twitter will empower those looking to exploit the platform by spreading misinformation, or flat-out lies, about political events, government officials and matters related to public health and safety.

Create an edit button so users can change their tweets

One of the most requested product changes among Twitter users is an edit button.

Unlike Facebook, Instagram and other social media apps, it is not possible to change content on Twitter once it’s published.

Musk has said he supports letting people change what their tweets say, a proposal that has stirred a heated debate among academics, journalists and other heavy users of the platform.

The fear among experts is that adding an edit button feature would be weaponized by bad actors, who could use it to cover up abuse or harassment as if it never happened, or to dupe or manipulate people.

But others say safeguards could be put in place so that tweets could be edited to clean up typos, while also showing a history of how the tweet was edited to preserve the original content.

Open up Twitter’s algorithm to the public

Musk has said that the software that determines what people see and how widely content spreads on Twitter should be cracked open. He supports placing Twitter’s algorithm on GitHub, a site popular with programmers for sharing computer code.

While some advocates of more transparency at social media companies say the that could be a step towards greater openness, others say revealing Twitter’s dense and complicated algorithm to the public would accomplish very little.

A social network the size of Twitter processes billions of pieces of content every day. How and why tweets go viral, and how Twitter’s recommendation system works, is so dense and complex that the company’s own software engineers can be perplexed trying to understand its logic.

Launch a war on ‘bot armies’

Combating the proliferation of bots on Twitter — fake accounts that are programmed to respond to tweets on certain topics — is another change Musk favors.

Musk’s business empire has been known to attract his fair share of bots, including bots supportive of his electric car company Tesla that attack Musk critics.

He has not said he would like to temper those kind of bots, but he has suggested that there should be a crackdown on scammy bots promoting cryptocurrency hustles.

“If our twitter bid succeeds, we will defeat the spam bots or die trying!” Musk tweeted last week, adding that he’d like to “authenticate all real humans.”

Scrap advertisements

Right now, almost 90% of Twitter’s revenue comes from advertising, but the company has struggled to attract advertisers to the platform, which often devolves into political firestorms and ugly online brawls.

With the company going private, it will not be under the same pressure from shareholders to continually grow advertising revenue. Musk has said it should move to a subscription model.

Twitter has already taken some steps in that direction with the introduction last year of Twitter Blue, a premium service that costs $2.99 a month for additional features, like an undo button that allows for tweets to be recalled before they are sent.

Musk has said Twitter Blue should be cheaper, that if people are paying, they shouldn’t have to see advertisements and that the cryptocurrency that started as a joke, Dogecoin, should be an acceptable form of payment for a Twitter subscription.

And a big unknown: Reinstate Donald Trump?

Musk has not publicly said whether he would allow former President Donald Trump back on the platform after the company permanently suspended him for rhetoric that broke its rules and stoked the siege on the U.S. Capitol on Jan. 6.

In an interview with Fox News on Monday, Trump called Musk “a good man,” saying he was pleased with the billionaire’s acquisition, but Trump said he has no plans to try to return to Twitter. Instead, Trump said he will be focusing on his alternative social network known as Truth Social.

At an all-hands meeting on Monday afternoon, a Twitter employee asked CEO Parag Agrawal whether Trump would be reinstated. Agrawal said that was a question for Musk.

In the news in the US media, it was reported that Musk started negotiations with the board of the social media company to buy Twitter. After the news in question, Twitter’s shares traded on the New York stock exchange gained more than 5 percent.

Credit | GlNews:  (gl-news.com)

Businesses Warned Of Rise In Crypto Crime

Businesses Warned Of Rise In Crypto Crime

crypto crime

Criminal gangs are using digital coins as their currency and businesses are being warned they need to protect themselves.

Criminal gangs are using digital coins as their currency and businesses are being warned they need to protect themselves.

Australia’s financial intelligence agency has released two new guides to help businesses deal with ransomware attacks and spot the criminal use of cryptocurrencies.

Businesses should report any suspicions that digital currencies are being used for money laundering, financing terrorism, or to pay ransoms, Australian Transaction Reports and Analysis Centre (AUSTRAC) chief executive Nicole Rose urged.

Agencies are trying to keep up with rapid change in the digital economy as criminals take advantage of the increasing take-up of digital currencies to commit crimes and hide from law enforcement.

Digital currencies are also being used for a variety of schemes including romance, investment, and job scams. Scamwatch received more than 10,000 reports last year, with losses of almost $130 million.

“Financial service providers need to be alert to the signs of criminal use of digital currencies, including their use in ransomware attacks,” Ms Rose said on Thursday.

Some 500 ransomware attacks were reported in the 2020/21 financial year, up nearly 15 per cent on the year before.

Targets of ransomware attacks, a form of malicious software or malware that locks out computer users, have ranged from transport firms to hospitals.

Hackers demand payments in exchange for restoring access to data and systems, increasingly using cryptocurrencies because they are harder to track.

Defence Minister Peter Dutton has identified Russia-aligned Conti as the most successful and active ransomware-as-a-service (RaaS) operator in Australia.

Blockchain Australia chief executive Steve Vallas said businesses need greater awareness of the risks, and to use the tools to tackle these new threats so innovation and growth can continue.

“The use of digital currencies for criminal purposes has no place in our sector,” he said.

Advice was also issued overnight by Australia’s Five Eyes intelligence partners – the United States, United Kingdom, Canada and New Zealand – to prepare for Russian cyber attacks against critical infrastructure.

Australian Associated Press

Credit: Source link

IMPROVING ACCESS WITH DATA CENTER VIRTUALIZATION

IMPROVING ACCESS WITH DATA CENTER VIRTUALIZATION

IMPROVING-ACCESS-WITH-DATA-CENTER-VIRTUALIZATION

Today’s business climate is changing at a remarkable pace. This has created opportunities that did not exist decades ago. If you want to get ahead, however, you need to know what you are doing. In today’s world, data center virtualization is remarkably popular. This is a noteworthy strategy because it creates a IMPROVING-ACCESS-WITH-DATA-CENTER-VIRTUALIZATIONdisconnect between hardware and software. If you’re looking to improve productivity, this can be a great option. You may or may not understand this now, but the truth is that this is a huge improvement over existing information technology.

Appropriate software plays a big role in any data center virtualization strategy. Strong software gives you a great way to communicate efficiently and effectively. In the twenty first century, there are dozens of businesses that specialize in data center virtualization. Because there are so many options out there, it can be tough to make a good decision. If you review things carefully, though, you will inevitably find something that works for you.

 

First, you need to think about what you need. Make a comprehensive list of all the software and hardware that you are using now. What are your security needs? Are you using a great deal of storage space? Which operating systems do you run on? Once you know what you are looking for, it will be easy to find a virtualized data center that will meet your needs. Integration is crucial. This will make the conversion process quicker.

Data center virtualization relies on your network. You need a strategy that is compatible with your pre existing network. There is only one thing that you really need to think about. Are you looking for a process that is local or hosted? In a local approach, an abstraction is applied to the single computer that is on the system. If you want information stored on a separate serve, you should go with the hosted option. This plan involves creating a permanent connection between the computer and the server. Both of these approaches have their advantages and disadvantages. The bottom line is that you need a data center virtualization strategy that will suit your company’s needs.

Remember that it is not the strong that survive. The truth is that survival is a matter of adaptability. Today, things are changing more quickly than ever. Follow the link to learn more about unified communications. The only way to succeed in business is to change with the times. This means that data center virtualization is crucial. It will dramatically improve your company’s ability to be flexible and versatile. As time goes on, this should have a positive influence on your bottom line.

 

credit: google trends blogs / Data Center management blog

 

WHAT LG’S SOLAR PANEL MARKET EXIT MEANS

LG EXITS THE SOLAR PANEL PRODUCTION BUSINESS

WHAT LG’S SOLAR PANEL MARKET EXIT MEANS

SOLAR NEWS AND POLICY

WHAT LG’S SOLAR PANEL MARKET EXIT MEANS

 

If you’re already a solar-empowered homeowner, or if you follow solar industry developments because you’re potentially interested in going solar in the future, you might be aware that LG has decided to stop manufacturing solar panels. Since Xpertech Power has been proud to offer LG panels as one of the brands we install, and since we always want to help current or future solar customers stay informed about what industry news means for them, we thought it was appropriate to blog post addressing this development.

 

The first thing we want to make clear is that if you are a xpertech power customer who currently has LG solar panels on your roof, there is no reason for you to be concerned. LG’s panels are top-quality products, highly rated by independent reviewers, and all warranties will continue to be honored. LG has decided that it doesn’t make sense from a business perspective for them to continue manufacturing and selling new panels, but it isn’t abandoning existing customers, and xpertech Power certainly isn’t either. If you need to add to or replace an existing solar system that uses LG panels, our expert energy consultants will be happy to help you pick new panels from one of the other outstanding brands we sell that meet your energy needs and budget.

 

Since solar energy adoption is continuing to rapidly accelerate, you may be wondering why LG would choose to get out of the solar panel business. LG’s executives cited issues like high costs of raw materials and logistics, and many analysts have also pointed to pressure from lower-priced manufacturers based in China. (Read our recent update on the U.S. government’s tariff policy on Chinese solar system components.) Although it certainly raises eyebrows to hear that one of the world’s largest electronics companies doesn’t think it’s profitable to produce solar panels anymore, LG’s decision is actually a sign of the growing competition in the solar market.

 

Another important thing to note is that while LG is not pulling out of the market for energy management and storage systems like batteries. These systems will only become more and more important for maximizing the potential of solar and other sustainable energy generation technology, and we’ll continue to proudly partner with LG in this area.

 

LG has been at the forefront of some important advancements in solar technology, and we’re sorry to see them go. However, there are still many other high-quality, high-value solar panel brands available, and we’re looking forward to the continued improvements in efficiency, quality, and aesthetic appeal that are sure to come. If you schedule a chat with one of our expert energy consultants, we can recommend a system using one of our other panel brands that fits your needs. Although we don’t believe that LG’s exit from the solar panel market is any cause for concern about the future of residential solar, we’ll be happy to answer any questions you may have so that you can decide with confidence whether solar is right for you.

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