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ETtech Explainer: Why WazirX’s recovery plan hit a legal roadblock
Economic Times
·
2m ago
Medial
WazirX, an Indian cryptocurrency exchange, faced a setback when the Singapore High Court dismissed a restructuring plan by its parent company, Zettai Pte Ltd, after a $235 million cybertheft. The court ruled the proposal invalid as Zettai isn't registered in India. WazirX plans to appeal. The cyberattack, potentially linked to North Korean hackers, attracted FBI interest. Meanwhile, India may soon introduce policy discussions on cryptocurrency frameworks.
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ETtech Explainer: Why the US government wants to break up Meta
Economic Times
·
3m ago
Medial
Meta Platforms is facing a major antitrust case by the United States Federal Trade Commission (FTC), which accuses it of buying Instagram and WhatsApp to eliminate competition and maintain a monopoly. The FTC argues these acquisitions stifled innovation and consumer choices. Meta, led by Mark Zuckerberg, denies these claims, asserting the acquisitions were legal at the time and that it faces significant competition. The case could lead to Meta being forced to divest these platforms.
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ETtech Explainer: Why Amazon, Flipkart, Meesho were pulled up amid Operation Sindoor
Economic Times
·
2m ago
Medial
India's consumer protection regulator issued notices to 13 e-commerce platforms for selling walkie-talkies without specifying legal compliance, including frequency range and licensing requirements, thus breaching statutory obligations. This comes amid security concerns during India's conflict with Pakistan. Platforms like Amazon, Flipkart, and Meesho are directed to enforce compliance and delist non-compliant sellers. New guidelines under the Consumer Protection Act, 2019, are proposed to prevent illegal sales, with potential penalties for non-compliance.
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Exclusive: KKR changes tack to monetise JB Pharma bet as suitors balk at valuation ask
VCCircle
·
10m ago
Medial
Private equity firm KKR is exploring alternative options to monetize its investment in JB Chemicals & Pharmaceuticals Ltd, also known as JB Pharma. Talks to sell its stake in the drugmaker have hit a roadblock due to differences in valuation. KKR is now considering a multi-billion dollar plan to unlock the value of its investment in JB Pharma.
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ETtech Explainer: Legal tussle between OpenAI and NYT
Economic Times
·
1y ago
Medial
Microsoft and OpenAI are seeking to dismiss parts of The New York Times' (NYT) lawsuit, claiming that the news organization did not show any substantial harm or revenue diversion caused by their AI models. The lawsuit, filed in December 2023, alleges that Microsoft and OpenAI are attempting to create a substitute for the NYT's journalism. The defendants argue that the AI tools are not a direct substitute for the NYT's content and that training AI models on public data falls under fair use. The legal battle raises questions about the intersection of AI and copyright law.
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ETtech Explainer: How Trump tariffs hit Nvidia’s China business, and stock
Economic Times
·
3m ago
Medial
The U.S.-China trade tensions are affecting Nvidia's business as the U.S. imposes export restrictions on Nvidia's H20 AI chips. This threatens $5.5 billion in potential sales and impacts other tech firms reliant on Nvidia chips in China. Nvidia's CEO has met with Chinese officials to address stability issues. The restrictions may accelerate China's domestic chip development and hit U.S. tech firms' revenues, including AMD. Nvidia's shares dropped significantly in response.
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ETtech Explainer: Why is Amazon’s $4-billion investment in Anthropic significant?
Economic Times
·
1y ago
Medial
Amazon has invested an additional $2.75 billion in AI startup Anthropic, bringing its total investment to $4 billion. The partnership aims to enhance customer experiences by leveraging Anthropic's expertise in generative artificial intelligence. Amazon gains access to AI systems and specialized computer chips developed by Anthropic, which will align with Amazon's AI initiatives and its cloud computing service. This investment aligns with the trend of large tech companies investing in AI startups to advance their AI capabilities. Microsoft's investment in OpenAI and its ChatGPT is an example of a similar strategy. Apple is also gearing up to announce its plans for generative AI later this year.
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ETtech Explainer: Epic Games’ battles against Big Tech antitrust violations
Economic Times
·
1y ago
Medial
Fortnite maker Epic Games has accused Apple of violating an injunction governing its App Store and has asked a US judge to hold Apple in contempt. The companies have been locked in a legal battle since 2020 when Epic accused Apple of antitrust violations. The recent allegation is related to Apple's allegedly new rules and fees for developers, which Epic says are in violation of a September 2021 injunction. Apple recently blocked Epic from launching its online marketplace on iPhones and iPads in Europe, citing past breaches of contract. Epic also had a similar antitrust battle with Google last year.
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ETtech Explainer: Behind Elon Musk’s lawsuit against the Indian government
Economic Times
·
4m ago
Medial
Social media platform 'X', owned by Elon Musk, is suing the Indian government, questioning the legality of its content regulation under Section 79(3)(b) of the IT Act. The conflict arose when 'X' refused to join the Sahyog portal for information sharing, unlike other platforms. The government argues that the portal aids in unlawful content removal, but Musk's platform views this as unwarranted censorship that bypasses established legal processes.
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ETtech Explainer: What's next for Byju's after SC stays settlement deal with BCCI
Economic Times
·
11m ago
Medial
Byju Raveendran, founder of Byju's, has been dealing with various legal disputes and financial instability. One such dispute involves a payment of Rs 158 crore owed by Byju's to the Board of Control for Cricket in India (BCCI), which had been approved by the National Company Law Appellate Tribunal (NCLAT). However, the Supreme Court intervened by staying the NCLAT order, adding to Byju's challenges. Byju's is also facing a legal dispute with its US lenders and an investigation by India's Enforcement Directorate over alleged violations of the Foreign Exchange Management Act. Additionally, there is an ongoing row between Byju's and its investors regarding a rights issue.
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ETtech Explainer: Why Uber is in hot water over ‘advance tipping’
Economic Times
·
2m ago
Medial
Uber is facing criticism over its Advance Tip feature, which encourages users to tip drivers before booking to potentially receive faster service. The Indian government, led by union minister Pralhad Joshi, and the Central Consumer Protection Authority (CCPA) have deemed the feature unethical, labeling it an unfair trade practice. Social media users and other ride-hailing apps are also in uproar. Previously, Uber faced scrutiny for alleged pricing disparities based on mobile operating systems.
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