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Pinmo

Pinmo helps everyday people monetize their social media accounts, chat groups, apps, and content. Check out www.pinmo.ca
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11/04/2022

Big Tech Slump After Powell Flags Higher Peak Rate
Tech Firms Cut Thousands Of Jobs As Labor Market Braces For Economic Downturn

Bloomberg News, Amazon.com Inc. led big technology and internet stocks lower after Federal Reserve Chair Jerome Powell dashed hopes that relief from the central bank’s monetary tightening campaign was on the horizon.

The e-commerce giant sank 4.8% on Wednesday, while Apple Inc., Microsoft Corp., Alphabet Inc., and Meta Platforms Inc. all fell more than 3%, as did the Nasdaq 100 index.

Despite strong jobs data earlier in the week, employers in October announced the most job cuts in a single month since February 2021 as a growing number of executives anticipate an economic downturn, and heading into the fourth quarter, economists fear more cuts are likely on the way.

Technology firms led the reductions last month, announcing nearly 10,000 cuts for a total of about 28,000 this year, up 162% from the same period last year, according to Challenger.

The data comes the same day payments firm Stripe, the buzzy fintech once valued at close to $100 billion, told employees of plans to cut 14% of its workforce, representing about 1,000 jobs.

10/26/2022

NFTs Can Be Considered Property, According to Singapore High Court Ruling

Non-fungible tokens (NFT) can be considered property, the Singapore High Court has said this early week.

Justice Lee Seiu Kin ruled Friday that NFTs meet certain legal requirements to be considered property, such as being distinguishable from other similar assets and having an owner who can be recognized by third parties.

The judge issued this ruling as an explanation for the injunction he granted in May preventing any potential sale of a Bored Ape NFT. The Bored Ape Yacht Club is a collection of 10,000 cartoon monkeys that have often fetched prices in the realms of $150,000.

The claimant in the case used the NFT as collateral to borrow crypto from another party known by the pseudonym "chefpierre," something he had done multiple times before with other lenders. However, in the midst of discussing refinancing their loan, "chefpierre" threatened to exercise the foreclose option on the NFT unless the loan was paid back in full, which the claimant was unable to do.The judge's decision may prove a watershed moment for NFTs should investors and traders be more confident that their status as property is recognized in law.

10/20/2022

Microsoft Lays Off about 1,000 Employees As Big tech responds to tough global economy

According to Retuters News, Microsoft Corp laid off under 1,000 employees across several divisions this week. The layoffs affected less than 1 percent of Microsoft’s total workforce of around 221,000 as of June 30. The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line.

Big tech had been a big winner during the COVID pandemic as investor cash flooded into stocks which supported working from home and a new hybrid working future, for example.They became known as 'growth stocks' and were, bar many healthcare and logistics shares, seen as the only game in town as lockdowns took hold and stifled activity as we knew it. But the tech stocks soon came under pressure as consumer and business budgets were squeezed by the pace of price rises globally.

Several other technology companies have announced staff cuts in recent months, including Coinbase (COIN) and Netflix (NFLX).

In July of this year, Microsoft said it expects 10% revenue growth for this year’s third quarter,slower than it’s been in more than five years.

The company is scheduled to report is latest earnings on October 25.

Microsoft’s stock is down nearly 30% this year at $237.53 U.S. per share.

10/06/2022

According to forkast news. Japan’s Prime Minister Fumio Kishida announced plans to expand investments in non-fungible tokens (NFTs) and the metaverse in a policy speech on Monday.

Kishida says the country will further its investment in digital transformation and expand the use of Web3 services, according to the Prime Minister’s Office of Japan. His speech follows Japan’s growing efforts to utilize blockchain technology — last month, the Japanese government awarded NFTs to seven mayors for their achievements in using digital technology to solve issues. Kishida, who assumed his position in 2021, has designated Web3 development as one of the pillars of economic reform.

In July this year, Japan’s Ministry of Economy, Trade and Industry formed a “Web 3.0 Policy Promotion Office” to refine the system examining the business environment for blockchain-based firms.

09/22/2022

Budget cuts, poor performances, and supply chain disruptions are impacting some of the biggest tech companies in the world.

For months, top tech companies have announced round after round of layoffs as the US economy slows down and fears of a recession have grown. Although the headlines seem dismal, labor economists say the layoffs might not necessarily signal a major downturn in other industries.

So far this year, more than 41,000 workers in the tech sector have been laid off, according to data compiled by Crunchbase. Late last month, Snap said it would lay off 20 percent of its employees after the company reported disappointing earnings for the second quarter. Other big companies — including Netflix, Microsoft, and Shopify — have laid off hundreds of employees already this year. Google and Apple have also reportedly decided to freeze or slow down hiring.

Economists and investors have grown wary of a potential downturn in the labor market as the Federal Reserve raises interest rates to cool consumer demand and bring inflation under control. As people spend less on goods and services, the idea is that prices should drop. But that risk triggering a recession , since businesses could slow down hiring or lay off workers in response to a drop in demand.

Source: yahoo, vox

09/08/2022

Good afternoon 🌞

Some of the most popular collections of non-fungible tokens (NFTs) rose over the past 24 hours, as the US Federal Reserve (Fed) on Wednesday announced yet another rate hike in line with what the market was expecting

According to the largest NFT Marketplace OpenSea , the floor prices of the popular NFT collections Mutant Ape Yacht Club, Bored Ape Yacht Club, Otherdeed for Otherside, and CryptoPunks all rose by over 17% in the past 24 hours.

A couple of days ago, popular crypto exchange Uniswap has announced the integration of a new NFT marketplace called Sudoswap, which will enable people to trade (buy or sell) in NFTs.

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Pinmo is a unique platform that helps everyday people measure and monetize their social influence by connecting with brands they like.

We started our journey on WeChat and are now expanding on to Facebook and LinkedIn, as well as offering our system to users and businesses all across North America.