WhatsApp has become a lifeline for humanitarian aid and preserving ties between families torn asunder — making this month's hours-long shutdown of the app, alongside other Facebook products, more than a mere inconvenience. Among Lebanon’s Syrian refugee households in 2017, 84% used WhatsApp to relay their needs to international organisations. The United Nations Development Program notes that real-time data shared by immigrants through the app is invaluable in bringing humanitarian aid to those in crisis, allowing continued communication between WhatsApp contacts after border crossings and with new phone numbers. Notices of safe zones or food and aid distribution points are shared rapidly. When Facebook acquired WhatsApp for US$19bil (RM79bil) in 2014, it knew the dollar-making potential of the messaging app. Antitrust lawsuits filed last December by the Federal Trade Commission and 48 attorneys general allege that the social network bought the app as part of a strategy to knock out …
Top executives of SoftBank-backed Ola to exit ahead of potential IPO
BENGALURU (Reuters) -SoftBank Group-backed Indian ride-hailing firm Ola is set to lose two top executives, according to an internal memo seen by Reuters, ahead of a potential $1 billion initial public offering. Chief Financial Officer Swayam Saurabh and Chief Operating Officer Gaurav Porwal are leaving the company, according to the memo sent to employees by Chief Executive Officer Bhavish Aggarwal. Ola did not immediately respond to a Reuters request for comment. Aggarwal in the memo also announced several management changes across its mobility, vehicle commerce, and delivery and financial services units. Saurabh, a former CFO of Hindustan Zinc, has been with Ola for seven months while Porwal, who has run the mobility business over the last year, joined the company in 2019. Porwal will be leaving Ola to "pursue other interests", while Saurabh will be pursuing other opportunities, according to the memo. Moneycontrol first reported about Ola's management changes on Tuesday. …
Continue Reading about Top executives of SoftBank-backed Ola to exit ahead of potential IPO →
Abu Dhabi’s tech hub sees surge of interest from start-ups
DUBAI (Reuters) - Abu Dhabi’s new technology hub says it has seen a surge in interest from start-up firms in the United Arab Emirates and abroad despite the economic impact of the coronavirus pandemic last year, amid increased optimism from the sector. Hub71, backed by Abu Dhabi state fund Mubadala Investment Co, the SoftBank Vision Fund, and Microsoft, has accepted 100 start-up firms since its inception in 2019 after a selection process that drew about 3,500 applications, said Hub71 chief operating officer Jida Itani. "Despite COVID and everything else, start ups continue to apply. In fact we have seen a surge in particular sectors that have been accelerated by the pandemic like health tech, education tech and fintech," Itani said. Start-ups have become encouraged to base themselves in the UAE following a handful of successes by local technology companies, as investors search for potential tech unicorns - privately held start-ups with a valuation of more than $1 billion -- …
Continue Reading about Abu Dhabi’s tech hub sees surge of interest from start-ups →
Oracle’s NetSuite adds banking features to its software; HSBC is first partner
(Reuters) - Oracle Corp's NetSuite on Tuesday said it will put automated banking features into its accounting software for businesses, with HSBC Holdings Plc as its first partner to automatically send and receive money and reconcile accounts. Oracle NetSuite sells cloud-based software to mid-sized businesses to track their financials. But many core functions, like wiring money to pay a bill or reconciling billing records with bank statements to see how much cash is available for use at any given time, still requires humans to push buttons and key in data. Oracle NetSuite on Tuesday said it has used artificial intelligence and partnerships with banks to automate those processes. When a bill or an employee expense report comes in, the software can read it, file it appropriately and have money wired. Evan Goldberg, executive vice president of Oracle NetSuite, said the goal of the new system is to help businesses get a more accurate daily picture of their cash position and free …
Stellantis, TheF Charging team up for EV charging network in Europe
(Reuters) - Global automaker Stellantis NV has agreed a partnership with Italian e-mobility startup TheF Charging to create a European public charging network accessible to all electric vehicles, the two companies said on Tuesday. Under the partnership, the companies will jointly develop quick charging points in over 15,000 locations with 2 million parking spaces across Europe until 2025, they said in a joint statement. The network, which will reserve exclusive conditions for Stellantis customers, is expected to be operational in 2021, with the first charging stations to be built in Italy. No financial details were provided. (Reporting by Federica Urso, editing by Cristina Carlevaro) …
Continue Reading about Stellantis, TheF Charging team up for EV charging network in Europe →
Russia to go after Google this month with fine of up to 20% of annual turnover
MOSCOW (Reuters) - Russia said on Tuesday it would this month seek to fine U.S. tech giant Google a percentage of its annual Russian turnover for repeatedly failing to delete content deemed illegal, Moscow's strongest effort yet to rein in foreign tech firms. Communications regulator Roskomnadzor said Google had failed to pay 32.5 million roubles ($458,100) in penalties levied so far this year and that it would now seek a fine of 5-20% of Google's Russian turnover, which could reach as much as $240 million, a significant increase. Google did not immediately respond to a request for comment. Russia has ramped up pressure on foreign tech companies as it seeks to assert greater control over the internet in the country, slowing down the speed of Twitter since March and routinely fining others for content violations. Opposition activists have accused Alphabet's Google and Apple of caving to Kremlin pressure after they removed an anti-government tactical voting app from their …
Analysis-Bitcoin futures highlight some pitfalls for new ETFs
NEW YORK (Reuters) - The launch of the first bitcoin futures exchange traded fund (ETF) on Tuesday marks a major step toward legitimizing the cryptocurrency, but some ETF investors may face higher costs compared with buying the digital currency itself. Barring any last-minute objection from the U.S. Securities and Exchange Commission, the ProShares Bitcoin Strategy ETF will begin trading on Tuesday. ProShares will be backed by the CME Group's bitcoin futures instead of the actual virtual asset itself. Its offering is expected to lead to more launches of futures-based ETFs in the coming days and weeks after years of regulatory roadblocks. Market participants overall lauded the ease and relative safety of owning an ETF instead of buying bitcoin from cryptocurrency exchanges and brokers. Investors won't have to worry about custody and securing their digital wallets, although analysts said there are top-tier exchanges that offer these services to their customers as well. "There …
Continue Reading about Analysis-Bitcoin futures highlight some pitfalls for new ETFs →
Chipmaker GlobalFoundries targets valuation of about $25 billion in U.S. IPO
(Reuters) -Chipmaker GlobalFoundries, owned by Abu Dhabi's sovereign wealth fund Mubadala Investment Co, is aiming for a valuation of about $25 billion in its initial public offering in the United States. The IPO, one of the most hotly anticipated listings, is expected to cap a record year for flotations, after several big names such as Robinhood Markets Inc, Coinbase Global Inc and Roblox Corp capitalized on the stock markets boom earlier in 2021. Alongside electric-vehicle maker Rivian's stock market debut, GlobalFoundries is expected to headline an unusually crowded year-end IPO schedule. IPOs in the United States have already touched an all-time record of over $250 billion this year, according to data from Dealogic. In a filing to stock exchanges on Tuesday, GlobalFoundries set a price range between $42 and $47 a share for its stock market flotation. At the upper end of the range, the company is expected to raise about $2.6 billion. Reuters was first to report in August …
A Backlash against Indian Policy? How Nepal Has Moved Closer to China in 70 Years
The year 2016 marked a significant upswing in the Nepal-China relationship. Angered by the imposition of the so-called ‘blockade’ during September 2015-February 2016 that led to shortages of fuel, gas and other commodities in Nepal, Prime Minister Oli decided to make a huge outreach to China. And China reciprocated in full measure. It signed a slew of long-term agreements ranging from transit arrangements for Nepal’s third country trade through Chinese ports to multibillion dollar trans-Himalayan connectivity projects. Is there a renewed convergence of interests between Nepal and China that underpins this cooperation? Is this largely a backlash against India’s policy in Nepal, or are other factors at work too? The Nepal-China relationship has evolved over time. In the early years after Indian independence, the Rana leadership was anxious about the communist takeover of China in 1949 and Tibet the following year. It was worried about the implications for Nepal’s own security since the …
The Hill’s 12:30 Report – Presented by Altria – Remembrances flow in after Powell’s death
Presented by Altria Colin Powell Colin Powell Overnight Health Care — Presented by Carequest — Colin Powell's death highlights risks for immunocompromised Overnight Defense & National Security — Presented by Raytheon Technologies — Nation mourns Colin Powell The Memo: Powell ended up on losing side of GOP fight MORE " width="580" height="326" data-delta="1" /> To view past editions of The Hill's 12:30 Report, click here: http://bit.ly/1M1mIfw To receive The Hill's 12:30 Report in your inbox, please sign up here: http://bit.ly/1Tt4hqN --> A midday take on what's happening in politics and how to have a sense of humor about it.* *Ha. Haha. Hahah. Sniff. Haha. Sniff. Ha--breaks down crying hysterically. NEWS THIS MORNING Rest in peace, Colin Powell: Former Secretary of State Colin Powell , 84, died this morning from complications related to COVID-19. https://bit.ly/2Z1yMRX Was he vaccinated? : Yes, …