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Topic: Business

A show-cause notice is issued after the completion of a FEMA probe and once it is settled, the accused may have to pay a penalty that could be three times the amount contravened. News 

ED Investigates Xiaomi India Execs And Banks For Alleged Rs 5,551 Crore FEMA Violations

Adarsh V.K, ,

On Friday, the Enforcement Directorate (ED) announced that it has sent show-cause notices to Xiaomi’s Indian division, as well as its CFO and director Sameer B Rao, former MD Manu Kumar Jain, and three foreign banks. The notices are related to alleged violations of foreign exchange laws amounting to over Rs 5,551 crore. The Adjudicating Authority (Foreign Exchange Management Act) has issued notices to Xiaomi Technology India Private Limited, two directors, CITIbank, HSBC Bank and Deutsche Bank AG under Section 16 of FEMA, the federal agency said. opinion. Introduction A…

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Honor is not planning to set up its own team in India and will continue with its arrangement with PSAV Global. News 

Honor Set To Make Comeback In India With Madhav Sheth As Former Realme India CEO At The Helm

Adarsh V.K, , , ,

According to reports, Honor, the Chinese smartphone brand, is preparing to make a comeback in India in August this year. It is anticipated that Madhav Sheth, the former CEO of Realme India, will join Honor and have a significant role in the introduction of Honor-branded smartphones in the Indian market. According to a report by ET Telecom, Honor’s India partner PSAV Global Tech Private Limited is currently in talks with Realme India’s former CEO Madhav Sheth to revive the brand in the country. Headquartered in Noida, PSAV Global distributes Honor…

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Elon Musk's Twitter rental controversy (AP) News 

Goldman Sachs Experiences Financial Difficulties Due to Twitter’s Unpaid Rent, According to FT

Jim Hendler, , ,

According to the Financial Times, Goldman Sachs Group Inc. experienced a rise in commercial real estate loan delinquencies in the first quarter due to Elon Musk’s decision to not pay Twitter’s rent. Twitter stopped paying its rent in November and Musk, the world’s richest man, told employees he would not restart payments or cover arrears, the FT said, citing the lawsuits. Columbia Property, which is suing Twitter for unpaid fees, defaulted on the loan in February. The value of Goldman loans to defaulting commercial property borrowers rose 612 percent in…

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According to an analytics company, account sign-ups spiked in the US. News 

Netflix’s Password Sharing Restrictions Showing Results

Sanjay Patil, ,

Despite some users canceling their Netflix accounts due to the crackdown on password sharing, the company appears to be benefiting from the move. Antenna, an analytics firm, has reported a significant increase in account sign-ups for Netflix since the rule was implemented in late May across the US and other regions. Antenna says Netflix had the four biggest single sign-up days in the US in the four and a half years it’s been tracking the data. On May 26th and 27th, there were almost 100,000 registrants each day. For each…

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Creator Christian Selig said Reddit's API changes made it 'impossible for Apollo to continue.' News 

Reddit Third-party App Apollo to Cease Operations on June 30th

Sanjay Patil, , , ,

The creator of Apollo has announced the shutdown of the third-party client due to Reddit’s controversial move to charge for API access. Christian Selig took to Twitter to reveal that Apollo will cease operations on June 30th, citing Reddit’s recent decisions and actions as the reason for the closure. Selig expressed disappointment that Apollo could no longer continue under the circumstances. Selig, who is the only developer working on Apollo, sounded the alarm about the changes last week. He estimated it would cost him about $20 million a year to…

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The concession won’t help the majority of Reddit developers. News 

Reddit Grants Access to API Without Fees for Certain Accessibility Apps

Sanjay Patil, ,

Reddit has revised its contentious API policy to exempt certain app developers who prioritize accessibility features and do not generate revenue. The Verge reports that the exemption applies to “non-commercial” apps that meet the specified criteria. “We’ve reached out to select non-commercial app developers who address accessibility needs and offered them exemptions from our broad pricing terms,” Reddit spokesman Tim Rathschmidt said in a statement. He declined to name any specific services or say how many apps might be affected by the new exception, citing ongoing discussions with developers. The…

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Microsoft's president met Britain's finance minister for talks on Tuesday and said he would try to work with regulators to seek UK approval for its $69 billion purchase of "Call of Duty" maker Activision Blizzard. News 

Microsoft President and UK Finance Minister Discuss Activision Takeover Block

Adriana Marais, , ,

On Tuesday, Microsoft’s president held discussions with Britain’s finance minister and expressed his intention to collaborate with regulators in order to obtain UK authorization for the company’s acquisition of Activision Blizzard, the creator of “Call of Duty,” which is valued at $69 billion. Britain’s competition authorities blocked the takeover in April in a shock decision that puts the games’ biggest-ever deal at risk, prompting a furious response from two groups that questioned whether the country was still open to tech companies. Microsoft has since appealed, and its president Brad Smith…

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It's also slowing down its hiring plans, according to 'The Wall Street Journal.' News 

Reddit to Lay Off 5% of Employees

Adriana Marais, , ,

As part of its restructuring, Reddit plans to lay off 90 employees, which accounts for approximately 5% of its current workforce of 2,000 employees, according to an email from company chief Steve Huffman as reported by The Wall Street Journal. In addition, Reddit is slowing hiring this year, reducing the hiring of new employees to 100 from the 300 it originally planned. Apparently, the social network wants to focus on achieving its biggest goals, like breaking even next year. Huffman reportedly wrote in an email that Reddit has had “a…

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Los Angeles-based startup Mira also has contracts with the US military. News 

Apple Acquires AR Firm Responsible for Nintendo’s ‘Mario Kart’ Attraction

Adriana Marais, , , , ,

According to reports, Apple has acquired Mira, a startup specializing in AR technology. Mira, based in Los Angeles, is known for creating AR headsets for Super Nintendo World’s Mario Kart ride and has secured contracts with the US Air Force and Navy. In 2017, ReturnByte tested the Mira Prism, the company’s AR headset designed for smartphones. Apple recently unveiled its highly anticipated AR headset, the Vision Pro, during its WWDC 2023 keynote on Monday. The Verge reports that the acquisition was confirmed on the private Instagram account of Mira CEO…

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Nvidia Corp was on track on Tuesday to breach $1 trillion in market capitalization for the first time, making it the first U.S. chipmaker to join the trillion dollar club. News 

Nvidia becomes the first US chipmaker to be valued at more than $1 trillion

Jim Hendler, ,

(Reuters) – Nvidia Corp. on Tuesday sought to crack the $1 trillion market cap for the first time, becoming the first U.S. chipmaker to join the trillion-dollar club. The company’s shares were last up 3.5% at $402.91 in premarket trading. The meta, valued at about $670 billion at the latest close, could have shed $1 trillion in market capitalization in 2021, while Apple Inc, Alphabet Inc, Microsoft Corp and Amazon.com are other US companies in the club. Artificial intelligence took center stage after Nvidia surprised investors last week with a…

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A former public relations firm for Twitter sued the social media company on Friday, saying it has not paid its bills since Elon Musk's $44 billion buyout. News 

Twitter not paying PR firm’s bills after Elon Musk buyout: Report

Jim Hendler, ,

(Reuters) – A former Twitter relations firm sued the social media company on Friday, saying it had failed to pay its bills since Elon Musk’s $44 billion buyout. Joel Frank said Twitter owes $830,498, which consists of six unpaid invoices and subpoena costs in Twitter’s lawsuit to force Musk to complete the deal after he tried to back out. The PR firm said Twitter terminated its contract on Nov. 16, three weeks after the deal closed, and no longer communicates about its payment request other than an automatic promise to…

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Britain's competition watchdog said Meta had offered to limit its use of other businesses' advertising data for its Facebook Marketplace. News 

Meta offers to limit the use of advertising data to resolve competition issues in the UK

Jim Hendler, , ,

LONDON (Reuters) – Britain’s competition watchdog said on Friday that social media giant Meta had offered to limit the use of other companies’ advertising data on its Facebook Marketplace service to address the regulator’s competition concerns. The Competition and Markets Authority (CMA) announced that it intends to accept commitments that include the option for advertisers to opt out of having their data used to improve the Facebook Marketplace advertising platform. Michael Grenfell, the CMA’s director of enforcement, said: “Meta’s unfair use of the data of businesses that advertise on its…

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Interestingly, in April 2023, Realme announced an overhaul for its Techlife brand, bringing all of its products under its existing Narzo sub-brand. News 

The Realme DIZO sub-brand may be discontinued

Jim Hendler, ,

In May 2021, Chinese smartphone brand Realme launched a new sub-brand called DIZO. Abhilash Panda has been appointed as the CEO of DIZO and of course the influencer hype helped the brand take off in India. Devices such as Bluetooth neckbands, TWS headphones, smart watches, feature phones, hair dryers, trimmers and more have been launched under the DIZO brand. In just two years, DIZO has launched 13 Bluetooth audio products, 17 smart watches, 2 feature phones, 3 hair clippers and 1 hair dryer. This is actually a huge range of…

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A court in the US has ordered Google to pay $32.5 million to high-tech audio technology company Sonos, for infringing on the company's smart speaker patent. News 

Google has been ordered to pay $32.5 million to Sonos over smart speaker patent infringement

Adriana Marais, , , , ,

A US court has ordered Google to pay $32.5 million to high-tech audio technology company Sonos for infringing the company’s smart speaker patent. A San Francisco jury verdict found that Google’s smart speakers and media players infringed on one of Sonos’ patents, The Verge reported, citing a court filing. The jury said Google must pay $2.30 for each of the more than 14 million devices sold. The US International Trade Commission (ITC) said in a ruling in January last year that Google had infringed on five patents of high-tech speaker…

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Nvidia shares surged as much as 27 percent, putting them on course for a record performance with a market cap above $900 billion News 

AI giant Nvidia approaches a trillion dollar appreciation

Adarsh V.K, ,

The US company’s NVIDIA market appreciation, which specializes in chips covered with chips covered in an artificial intelligence boot, approached Thursday after one party dollar as the company blew up the expectations of the last quarterly revenue. Nvidia’s shares rose by up to 27 percent and set them in a record of more than $ 900 billion. If Nvidia hits a single trillion brand, it is related to only five companies’ clubs-all US technical giants except Saudi Aramco, Oil Behemoth. Nvidia’s chips are a central ingredient for the generative AI…

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The artificial-intelligence boom has helped Nvidia become the fifth-most valuable U.S. company by market value News 

Nvidia’s stock rose 21 percent on the sales forecast and the rise of artificial intelligence

Adriana Marais, , , ,

Nvidia Corp on Wednesday forecast second-quarter revenue to beat Wall Street estimates by more than 50%, and the company said it would increase supply to meet growing demand for AI chips used to power ChatGPT and many similar services. Shares of Nvidia, the world’s most valuable publicly traded semiconductor company, jumped as much as 21% to a record $370 in extended trading. Nvidia’s rally after the bell boosted its stock market value by nearly $150 billion to more than $900 billion, adding to the Silicon Valley company’s lead as the…

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The animated images platform Giphy Inc has been owned by Meta Platforms for a few years. News 

Shutterstock acquires Giphy from Meta in a $53 million deal

Jim Hendler, , ,

(Reuters) – Stock image repository Shutterstock Inc said on Tuesday it will buy the animated images platform from Giphy Inc’s Meta Platforms Inc for $53 million in cash. The deal will be funded with existing cash and includes an intellectual property rights sharing agreement that would give Metal access to Giphy’s content, Shutterstock said. Shutterstock, whose shares rose 4% before the sale, made no changes to its 2023 revenue and adjusted margin guidance. The deal is expected to be completed next month. Read all the Latest Tech News here.

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Shares of the company pared gains to trade 0.7% higher post market hours, after having rallied nearly 5% earlier News 

Zoom raises its full-year revenue and profit forecasts despite the slowdown in growth

Adriana Marais, ,

On Monday, Zoom Video Communications Inc raised its full-year revenue and earnings forecasts, even though growth is slowing as a result of the pandemic boom and business spending is slowing in a tough economy. The company’s shares were 0.7% higher in after-market hours, after rising nearly 5% earlier. Zoom became a household name during the shutdown, but growth has since cooled as offices reopen and competition heats up from deep-seated rivals such as Microsoft Corp’s Teams, Cisco’s Webex and Salesforce’s Slack. San Jose, Calif.-based Zoom raised its annual revenue forecast…

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The tech-heavy Nasdaq Composite has jumped 21% this year, more than doubling the S&P 500’s 9% rise, boosted by stronger-than-expected earnings News 

Investors are looking past the US tech sector with an uncertain environment clouding the outlook

Nitin Misra,

Investors are looking to the U.S. technology sector’s recovery this year for longer-term returns, as higher interest rates and an uncertain macroeconomic picture could create further headwinds, fund managers and strategists said. The technology-heavy Nasdaq Composite has jumped 21% this year, more than doubling the S&P 500’s 9% gain, boosted by better-than-expected earnings and cost-cutting by major companies and expectations of a hiking cycle for the U.S. Federal Reserve. is nearing its end. In the longer term, other sectors are likely to offer better returns at more attractive valuations, said…

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Tesla, which this year has aggressively cut vehicle prices in several regions, is resorting to the traditional automakers’ tactic of offering incentives News 

Tesla is offering discounts of more than $1,300 on some Model 3 cars in the U.S

Nitin Misra, ,

Tesla is offering discounts of more than $1,300 on some Model 3 cars in the U.S., amid even bigger discounts in Europe, according to a Reuters estimate on its website, at a time when the electric car maker has raised U.S. prices for most new cars on order. in this month. Tesla, which has aggressively cut vehicle prices in several areas this year, is resorting to a traditional automaker tactic of offering incentives to clear inventory at a time when it faces economic headwinds and increasing competition, industry analysts say.…

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