VC fund CEO dies after smartphone explodes while charging
In another tragic incident caused by smartphones, Cradle Fund CEO Nazrin Hassan died after one of his phones exploded while charging. Cradle Fund is owned by the Malaysian Ministry of Finance. Hassan was using BlackBerry and Huawei smartphones. Both the smartphones were kept on charging in Hassan’s bedroom. The explosion led to a fire on the mattress in the room and the impact was so devastating that it was difficult to identify as to which of the two smartphones actually exploded due to overheating.
The family's version
Incidentally, according to Hassan’s brother-in-law the death was apparently not caused by the fire. The relative said on social media that when one of the smartphones exploded, the broken parts of it hit Hassan on the back of the head which likely caused “blunt trauma”. After this, the explosion led to a fire in the bedroom, but by then Hassan is said to have been already dead.
“He had two phones, one Blackberry and a Huawei. We don't know which one exploded. Who would have thought such an innocuous routine procedure is the reason three young kids will grow up without their father by their side,” Hsssan's brother-in-law told The Malaysian Insight.
The official version
However, according to officials the cause of the death is different. The police is claiming that the death was caused due to the smoke inhalation from the explosion and not the shrapnels from the smartphone.
Meanwhile, according to an official statement issued by Cradle Fund, “The post mortem report concluded the cause of death as being complication of blast injuries attributable to an exploding hand phone that was being charged next to him."
Who was Nazrin Hassan?
Nazrin was educated in the United Kingdom with a Bachelor of Laws (LL.B Hons) from the University of Buckingham in 1994. He was also an Executive Committee member of the United Kingdom Executive Council for Malaysian Students (UKEC).
Between 1997 to 2000, Nazrin was an Executive in Corporate Finance in Commerce International Merchant Bankers Berhad (CIMB) before pursuing his new venture in running his own start-up, Zarnet, in 2001.
He was the former Council Member of Technopreneurs Association of Malaysia(TeAM), an organisation that represents all technology entrepreneurs in Malaysia where he lobbied tirelessly for a development fund to narrow the funding gap in the early stage. This eventually led to the successful introduction of the Cradle Investment Programme (CIP) in June 2003 with a fund allocation of RM100 million from the Malaysian Government, as part of the economic stimulus package.
CIP was initially managed by Malaysia Venture Capital Management Berhad (MAVCAP) and Nazrin became the programme’s Head of Structuring in July 2003. In 2004, he was appointed as the programme’s Acting Head as well as its Strategy and Policy Advisor. He left the programme in 2005 to focus on his own technology start-up and continued to be an active member of TeAM.
Nazrin returned to Cradle in October 2007, after being appointed as its Chief Executive Officer by the Ministry of Finance, after it was spun out from under MAVCAP into Cradle.
courtesy : gadgetsnow.com
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Unemployment rate dips to 6.4 pc in September quarter: Survey
New Delhi, Nov 18: The unemployment rate for people aged 15 years and above in urban areas dipped to 6.4 per cent in the July-September quarter, according to the National Sample Survey Survey (NSSO).
Joblessness, or unemployment rate, is defined as the percentage of unemployed people in the labour force.
The unemployment rate in the September quarter of FY24 was 6.6 per cent.
The unemployment rate for people aged 15 years and above in the previous April-June quarter of FY25 was 6.6 per cent in urban areas, the 24th Periodic Labour Force Survey (PLFS) showed.
The unemployment rate among females (aged 15 years and above) in urban areas declined to 8.4 per cent in July-September 2024 from 8.6 per cent in the same quarter a year ago. The rate was 9 per cent in April-June, 2024.
Among males, the unemployment rate in urban areas declined to 5.7 per cent in July-September 2024 from 6 per cent in the same quarter a year ago. The rate was 5.8 per cent in April-June 2024.
Labour force participation rate in Current Weekly Status (CWS) in urban areas for people aged 15 years and above increased to 50.4 per cent in July-September from 49.3 per cent in the same quarter a year ago. The rate was 50.1 per cent in the April-June 2024.
Labour force refers to the part of the population, which supplies or offers to supply labour for pursuing economic activities for the production of goods and services and, therefore, includes both employed and unemployed persons.
The NSSO had launched PLFS in April 2017.
On the basis of PLFS, a quarterly bulletin is brought out giving estimates of labour force indicators namely unemployment rate, worker population ratio (WPR), labour force participation rate (LFPR), distribution of workers by broad status in employment and industry of work in CWS.
The estimates of unemployed persons in CWS give an average picture of unemployment in a short span of seven days during the survey period.
In the CWS approach, a person is considered unemployed if he/she did not work even for one hour on any day during the week but sought or was available for work at least for one hour on any day during the period.
Labour force, according to CWS, is the number of persons either employed or unemployed on average in a week preceding the date of the survey. LFPR is defined as the percentage of the population in the labour force.
