Welcome to today’s newsletter! Major headlines include Genesis returning $3B in bankruptcy, Musk launching Starlink in Indonesia, Microsoft offering AMD AI chips, Reddit’s stock surge after partnering with OpenAI, and Apple’s plans for a slimmer iPhone.
Fintech
1. Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Crypto lender Genesis Global received court approval to return $3 billion in cash and cryptocurrency to its customers, leaving owner Digital Currency Group with no recovery. US Bankruptcy Judge Sean Lane approved the Chapter 11 plan, rejecting DCG’s objection to cap customer claims at January 2023 values. (Gulf news)
2. US arrests two Chinese nationals in $73 million crypto scam
U.S. authorities arrested Daren Li and Yicheng Zhang for laundering over $73 million through “pig butchering” crypto scams, converting funds into Tether’s USDT token. The DOJ announced the indictment, revealing their roles in the transnational scheme. They face up to 140 years in prison if convicted. (Cointelegraph)
IT infrastructure
3. Musk, Indonesian health minister, launch Starlink for health sector
Elon Musk launched Starlink in Indonesia to improve internet access in remote areas. The service, inaugurated in Bali, aims to provide high-speed internet to the archipelago’s outer regions, enhancing connectivity for health, education, and maritime sectors. (Aol.)
4. Microsoft offers cloud customers AMD alternative to Nvidia AI processors
Microsoft launched its Build conference, showcasing Windows’ future and its new touch-centric user experience in 2011. The event continues to thrive, focusing on AI’s impact. This year’s conference will feature AMD AI chips, competing with Nvidia’s dominant GPUs, offering Azure customers new high-performance, cost-effective options. (Yahoo! Finance)
Tech trends
5. US, TikTok seek fast-track schedule, ruling by December 6 on potential ban
The US Justice Department and TikTok requested a fast-track schedule for appeals against a new law requiring ByteDance to divest TikTok’s US assets by January 19 or face a ban. (Channel News Asia)
6. Reddit stock jumps after OpenAI partnership
Shares of Reddit rose 13% to $63.64 after announcing a partnership with OpenAI, expected to boost advertising revenue by $50-$60 million annually. This partnership leverages OpenAI’s technology for new tools and features and has driven Reddit’s stock up nearly 90% since its March debut. (Yahoo! Tech)
7. Apple set to release slimmer iPhone in 2025, the Information reports
Apple plans to launch a slimmer, higher-priced iPhone by 2025, expected to debut with the iPhone 17 in September. The device, code-named D23, may feature the A19 processor. (The Hindu)
8. Canada security intelligence chief warns China can use TikTok to spy on users, CBC reports
Canada’s Security Intelligence Service Director David Vigneault warned against using TikTok, citing risks of Chinese data access. TikTok denied these claims, asserting it has never shared Canadian user data with the Chinese government. (Reuters)
9. Exclusive: VW and Renault end talks to develop affordable EV, sources say
Volkswagen ended talks with Renault to jointly develop an affordable electric Twingo, complicating EU carmakers’ efforts against Chinese rivals. The collapse forces VW to potentially develop its own affordable EV, while Renault will continue its Twingo project, set for 2026, and remain open to new partnerships. (Reuters)
10. TEOCO joins MEF to boost digital transformation
TEOCO, an analytics provider for over 300 communication service providers, has joined MEF. TEOCO will support MEF’s vision of a service provider ecosystem using blockchain technology for seamless billing and efficient dispute resolution. (Capacity)
11. ChatGPT lets users upload from Google Drive and OneDrive directly
OpenAI announced that ChatGPT can now import files directly from Google Drive and Microsoft OneDrive for paying subscribers. This feature, available with the new GPT-4o model, allows users to interact with and edit documents, spreadsheets, and presentations within ChatGPT. (VentureBeat)
AI
12. UK’s CMA rejects probe into Microsoft-Mistral AI tie-up
Britain’s competition watchdog announced it would not investigate Microsoft’s $16 million investment in Mistral AI, determining the partnership does not qualify as a merger. The CMA concluded Microsoft does not have material influence over Mistral AI. (Aol.)
13. BlackRock in talks with governments about investments to power AI
BlackRock CEO Larry Fink announced discussions with various governments to fund AI-related investments, emphasizing the massive power demands of AI data centres. Speaking at a G7 business meeting, Fink highlighted the need for private capital and potential state subsidies, estimating investment needs in the trillions of dollars. (Reuters)
IoT
14. Arrow Electronics signs EMEA distribution agreement with The Things Industries to deliver LoRaWAN device design solutions
Arrow Electronics announced an EMEA distribution agreement with The Things Industries to streamline LoRaWAN development, reducing time-to-market and total cost of ownership for IoT projects. (IoT Business News)
15. Netmore Group expands into APAC region
Netmore Group, a global LoRaWAN network operator, has expanded into the Asia Pacific region to meet rising demand for sensor-based utility monitoring and energy management. Following its acquisition of Senet, Netmore’s Platform-as-a-Service supports extensive IoT deployments. (IoT Insider)
