iWorld
Reliance Jio’s IAX project to land in the Maldives
Mumbai: Reliance Jio Infocomm has announced that it will land the next generation multi-terabit India-Asia-Xpress (IAX) undersea cable system in Hulhumale, Maldives.
The high capacity and high-speed IAX system will connect Hulhumale’ directly with the world’s major internet hubs in India and Singapore.
“This is the first stride towards enhancing our connectivity infrastructure and opening vast opportunities for our people through providing secure, affordable and high-quality services,” said minister of economic development Uz Fayyaz Ismail. “We also aim to diversify our economy and establish ourselves as a key communications hub in South Asia. Aside from economic development, this will accelerate social development through high-speed internet access throughout the Maldives allowing us to attain the equitable development we seek.”
“Today’s global economy is driven by low-latency broadband, connecting people, businesses, content, and services. IAX will not only connect Maldives to the world’s content hubs, but it will also support the explosive growth in data demand expected from the new initiatives being launched by the government of Maldives,” said Reliance Jio president Mathew Oommen. “Jio is very pleased to be working with the government of the Maldives to help realize this ambition by providing high-quality, terabit capacity supporting Web 3.0-capable internet services.”
The IAX system originates in Mumbai in the west and connects directly to Singapore, with branches including additional landings in India, Malaysia, and Thailand. The India- Europe-Xpress (IEX) system connects Mumbai to Milan, landing in Savona, Italy, and includes additional landings in the Middle East, North Africa, and the Mediterranean. IAX is expected to be ready for service by the end-2023, while IEX will be ready for service in mid-2024.
These high capacity and high-speed systems will provide more than 200Tb/s of capacity at speeds of 100Gb/s, over 16,000 kilometers. Employing open system technology and the latest wavelength switched RoADM/branching units ensures rapid upgrade deployment and the ultimate flexibility to add/drop waves across multiple locations.
“IEX and IAX together will be one of the most important developments in telecommunications infrastructure in this decade, linking India, Europe to Southeast Asia, and now the Maldives,” said the statement.
iWorld
Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
