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Topic: Business

Qualcomm's Snapdragon platforms will continue to power Sony handsets under a multi-year deal. News 

Sony to Continue Producing Smartphones for the Foreseeable Future

Jim Hendler, ,

When it comes to smartphones, Apple, Samsung, OnePlus, Google, and Xiaomi are the brands that usually come to mind. Sony may not be the top choice for most people, but the company is still working on its own phones and intends to continue doing so in the coming years. Sony has signed a multi-year agreement with Qualcomm to use Snapdragon platforms as a power source for its phones. This is a continuation of the agreement between the parties. Qualcomm chipsets will be used in Sony’s upcoming premium devices and high-end…

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The US is spared a price hike on the console for now. Gaming 

Microsoft Raising Prices for Xbox Series X and Game Pass in Majority of Countries

Adriana Marais, , , ,

Microsoft has announced that the price of the Xbox Series X will be raised in most countries, except for the US, Japan, Chile, Brazil, and Colombia. Therefore, if you have been considering purchasing the console, it would be advisable to do so before the end of July. Starting August 1st, the Xbox Series X will cost $650 in Canada, £480 in the UK, €550 in most European countries, and $800 in Australia. The increases are roughly in line with Sony’s PS5 price changes in most markets last year. “We’ve held…

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An alleged internal Microsoft email, which is evidence in a lawsuit in the U.S. 9th Circuit Court, suggests that one of the intentions behind Microsoft's bid to acquire Activision-Blizzard is“ to put its main competition, the Sony PlayStation, out of the market.” News 

Lawyers Claim Microsoft’s Acquisition of Activision-Blizzard Could Threaten Sony PlayStation

Adriana Marais, , , ,

According to a purported internal email from Microsoft, which is being used as evidence in a lawsuit in the U.S. 9th Circuit Court, the company’s acquisition of Activision-Blizzard is aimed at eliminating its primary rival, the Sony PlayStation, from the market. As reported by Axios, an alleged email sent in 2019 by Microsoft head of Xbox game studios Matt Booty to Xbox CFO Tim Stuart predated Microsoft’s announcement to buy Activision-Blizzard. Axios notes that “the passage appears to be from Exhibit K,” a “sealed document that the players’ lawyers and…

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Microsoft CEO Satya Nadella and Activision Blizzard CEO Bobby Kotick are among the witnesses planned for a fiveday evidentiary hearing set to begin this week on the Federal Trade Commission's legal bid to block the deal, according to a court filing on Tuesday. News 

Witnesses for FTC’s Opposition to Microsoft-Activision Merger to Include Company CEOs

Adriana Marais, ,

According to a court filing on Tuesday, Microsoft CEO Satya Nadella and Activision Blizzard CEO Bobby Kotick are scheduled to testify during a five-day evidentiary hearing this week regarding the Federal Trade Commission’s attempt to prevent the deal from going through. The FTC is seeking a preliminary injunction to prevent Microsoft from completing its $69 billion acquisition of Activision Blizzard. Microsoft has argued that if the court grants the injunction, it would kill the deal, which has a termination date of July 18 and includes a $3 billion termination fee…

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The company tends to file for different IP rights often but even then this new case is very interesting. News 

Apple to Challenge Organisation Over Use of Fruit Logo

Adriana Marais,

According to reports, Apple is seeking to obtain intellectual property (IP) rights for representations of apples, causing concern for a Swiss organization representing fruit farmers. According to a report in Wired magazine, the Fruit Union, Switzerland’s oldest and largest fruit growers’ association, is worried it may have to change its logo as the iPhone maker tries to secure IP rights for “realistic, black-and-white action.” -a white image of an apple variety known as Granny Smith”. “Their goal is to really own the rights to the real apple, which for us…

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He and an associate were found boarding a flight with forged passports. News 

Do Kwon of Terraform Labs Receives Four Month Prison Sentence in Montenegro

Sanjay Patil,

Do Kwon, the founder of Terraform Labs, is currently being held in a Montenegrin prison after being found guilty of forging official documents. Kwon was arrested in late March while attempting to board a flight to Dubai from Podgorica Airport with fake Costa Rican passports. Along with Terraform Labs’ former finance officer, Han Chang-joon, Kwon was also found to have Belgian passports and computers sought by authorities in both South Korea and the US. Kwon is wanted in both countries for his involvement in a scheme that caused investors to…

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European antitrust regulators are preparing to launch a formal investigation into software giant Adobe's $20 billion buyout deal for cloudbased designer platform Figma later this year, the Financial Times reported on Tuesday. News 

EU Regulators Investigating Adobe’s Proposed $20 Billion Acquisition of Figma

Adarsh V.K, , ,

According to the Financial Times, antitrust regulators in Europe are getting ready to initiate a formal inquiry into Adobe’s acquisition of cloud-based designer platform Figma for $20 billion later this year. EU officials plan to press ahead with a detailed investigation into anti-competitive concerns, which could take several months and could eventually derail the deal altogether, the FT said, citing people with knowledge of the move. The report comes after Britain’s competition watchdog said last month it was investigating the deal between Adobe and Figma, while Bloomberg reported in February…

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China firmly opposes some EU countries' ban on Huawei and said the European Commission has no legal basis nor factual evidence to prohibit the Chinese telecom giant, a Chinese foreign ministry spokesperson said on Friday. News 

China Demands Equal Treatment After EU Imposes Ban on Huawei and ZTE

Adarsh V.K, ,

On Friday, a spokesperson for the Chinese foreign ministry expressed strong opposition to the ban on Huawei by certain EU countries and stated that the European Commission lacks legal grounds and factual proof to prohibit the Chinese telecommunications company. ZTE, which was also mentioned as a risky supplier by EU industry director Thierry Breton, criticized the decision to ban its devices on the Commission’s network and in EU countries. On Thursday, Breton urged more EU countries to join the 10 that have restricted or banned Huawei and ZTE from using…

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The funding will help build fiber optic networks in 35 states and Puerto Rico. News 

Biden Administration Allocates $930 Million to Increase Internet Access in Rural Areas

Adriana Marais, ,

On Friday, the Biden administration revealed that it will be providing $930 million in grants to enhance rural access to broadband internet. The grants, which are part of the Department of Commerce’s “Enabling Middle Mile Broadband Infrastructure Program,” will be used to install over 12,000 miles of new fiber optic cable in 35 states and Puerto Rico. The administration anticipates that grant recipients will invest an additional $848.46 million, effectively doubling the program’s impact. “Just as the interstate highway system connected every American community to regional and national highway systems,…

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The Maharashtra government delegation at London Tech Week 2023 was headed by cabinet minister Uday Samant, who is currently in charge of industries. This delegation was actively seen hosting meetings with key stakeholders and industry players in the UK to attract investments to India. News 

Maharashtra Welcomes British Tech Companies to LTW 2023 with Exclusive UK Zone and Incentives for Startup Hostels

Sanjay Patil, ,

At London Tech Week 2023, where UK Prime Minister Rishi Sunak unveiled significant tech-business related updates, the Maharashtra government was the sole Indian state delegation in attendance. The Maharashtra government delegation to London Tech Week 2023 was led by Minister Uday Samant, who is currently in charge of Industry. This delegation was seen actively hosting meetings with key stakeholders and industry players in the UK to attract investment to India. It also announced a new IT policy for Maharashtra with special emphasis on infrastructure and skill development. This delegation had…

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Tesla's CEO, Elon Musk, shares progress on achieving fully autonomous vehicles during his visit to Paris News 

Elon Musk Highlights Autonomous Vehicle Technology as Key Factor in Tesla’s Market Value

Adriana Marais, ,

During a visit to Paris on Friday, CEO Elon Musk stated that Tesla is on the verge of achieving fully autonomous vehicles and emphasized that autonomy is the primary factor driving the brand’s market value. The company’s stock rose as much as 3% to the highest level in more than eight months. Tesla, the world’s most valuable carmaker, has a market value of around $800 billion, but for years it has achieved Musk’s goal of achieving full self-driving capability. “Although I’ve said this before, I think we’ll solve autonomy soon,”…

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The acquisition is expected to close in Q3 of 2023. Space 

Squarespace Acquires Google’s Domain-Hosting Business in Unexpected Move

Adriana Marais, ,

Google Domains, which provides an easy and efficient way to start creating your website, will soon be exiting the market. Squarespace has recently revealed that it will be taking over around 10 million domains from Google. The acquisition is anticipated to be finalized by the third quarter of 2023. Under the purchase agreement, Squarespace says it will honor existing customers’ pricing for at least 12 months after the purchase is completed. The company claims to use Google’s infrastructure to ensure “seamless transfer of domains.” When everything is set and done,…

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Britain's competition regulator on Friday cleared Amazon.com Inc's planned $1.7 billion acquisition of iRobot Corp, maker of the Roomba vacuum cleaner. News 

UK Gives Green Light To Amazon’s Acquisition Of iRobot For $1.7 Billion

Febin Mathew,

The proposed acquisition of iRobot Corp, the manufacturer of Roomba vacuum cleaner, by Amazon.com Inc worth $1.7 billion has been approved by the competition regulator of Britain on Friday. The Competition and Markets Authority (CMA) said it had concluded that the deal would not lead to competition concerns in the UK. “We welcome the UK Competition and Markets Authority’s decision and are committed to supporting the regulatory bodies in their work,” an Amazon spokesperson said. “We expect similar decisions from other regulatory authorities soon.” In April, the CMA had launched…

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Tax credits helped foster a surge in American EV demand. News 

US Takes Second Place in Global Electric Vehicle Market Behind China

Adarsh V.K, , ,

For a long time, the US has been trailing behind Europe and other areas in the adoption of electric vehicles. However, this is no longer the case. According to Counterpoint, EV sales in the US surged by 79% YoY in Q1 2023, enabling it to surpass Germany and become the second-largest electric car market globally. The only market that is larger is China, as per the analyst group. Tax credits for electric vehicles are believed to have played a “crucial role” in boosting sales and may have helped the US…

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They’ll be muted by default but can run for up to 90 seconds. News 

Uber to Launch Video Ads in Apps This Week

Nitin Misra, , ,

Uber has announced that it will soon feature video advertisements within its apps. These ads will be visible while waiting for a ride or during transit, as well as after placing orders in Uber Eats and in search results and other areas of Drizly. Additionally, some Uber cars will have tablets that display ads. Users in the US will start seeing video ads this week. Tablets showing ads are installed country-by-city. The company plans to roll out video ads in the UK, France, Australia and other markets later this year.…

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Thousands of subreddits went private in response to Reddit starting to charge developers for API access. News 

Reddit CEO Assures Employees that API Protest Will Pass

Nitin Misra, , ,

Reddit users may find that their preferred subreddit is currently unavailable due to over 8,000 communities going private in protest of Reddit’s API policy changes. The moderators of some of these subreddits have stated that they will reopen access on Wednesday, while others plan to continue their protests indefinitely. Despite this, Reddit’s co-founder and CEO, Steve Huffman, appears unconcerned. According to The Verge, Huffman told staff to block the noise from the collective action. He noted in the memo that it didn’t have a “significant impact on revenue” yet, and…

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A Swedish regulator says the company wasn't transparent enough about its handling of user data. News 

Spotify Fined $5.4 Million for Breaching GDPR Data Regulations

Jim Hendler, ,

Spotify has been fined SEK 58 million ($5.4 million) by a Swedish regulator for breaching the General Data Protection Regulation (GDPR) of the European Union. The violation pertains to the way the company manages users’ personal data and their access to it. Advocacy group Noyb, led by privacy campaigner Max Schrems, filed a complaint against Spotify and other major tech companies in early 2019. In the complaint, Noyb claimed, among other things, that Spotify did not provide all personal data to users upon request and that it has not disclosed…

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Instant Brands' popularity hasn't helped it escape a tough economy. News 

Instant Pot Manufacturer Seeks Bankruptcy Protection

Sanjay Patil,

Despite the Instant Pot’s status as a crucial kitchen appliance over the last ten years, its parent company has faced financial difficulties. Instant Brands has filed for Chapter 11 bankruptcy in the US, citing global “macroeconomic and geopolitical challenges,” such as increased interest rates and stricter credit. Although the company claims to have weathered the pandemic and subsequent supply chain issues, these recent challenges proved insurmountable. Instant Brands still expects to have products on shelves, including Instant Pot, as well as sister brands such as Corelle, CorningWare and Pyrex. It…

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It's focusing on big-budget projects and plans to make The Lord of the Rings a major gaming franchise. Gaming 

Embracer Group suffers losses following failed $2 Billion deal

Febin Mathew, , ,

Embracer Group has revealed plans for a significant overhaul of its operations, involving the cancellation of games, staff layoffs, and the closure or sale of studios. The aim of the restructuring is to streamline the business and cut costs. The announcement follows the collapse of a potential deal that would have generated $2 billion in revenue over six years, despite Embracer having received a verbal agreement from the unnamed partner. It will take until March next year to complete the restructuring process. It is “too early to give an accurate…

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It's the latest food delivery service to announce layoffs. News 

Grubhub announces job cuts of 15 percent of its workforce

Jim Hendler, , ,

This year has seen a wave of layoffs in the technology industry, and GrubHub is the latest to join the trend. The company’s CEO, Howard Migdal, revealed that approximately 400 employees, which is equivalent to 15 percent of its corporate workforce, will be laid off. The move is aimed at keeping Grubhub “competitive” in the market. He said, “Over the past few months, I met with Grubhub teams to learn about the business from the ground up; I spoke with restaurants and diners to understand their needs — and challenges…

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