Crypto
1. Bitcoin hits 2-month low on election uncertainty, Mt Gox flows
Bitcoin fell to $57,843, a two-month low, driven by election uncertainty and the potential sale of bitcoin by Mt. Gox creditors. The cryptocurrency has lost over 21% since mid-March. (Reuters)
2. Crypto startup launches tokenised US Treasury bonds on bitcoin layer-2s
Crypto startup Hamilton launched tokenised U.S. Treasury bonds on bitcoin layer-2 blockchains, including Stacks, Core, and BoB. The first HUST transaction occurred on July 4. (Cointelegraph)
Fintech
3. Gupshup and Tonik Bank innovate digital banking with new Generative AI chatbot
Gupshup and Tonik Bank launched a Generative AI chatbot for the Tonik app, automating 75% of customer queries and boosting efficiency by over four times. The chatbot, using Gupshup’s ACE LLM technology, is expected to save Tonik Bank $20 million over three years. (Fintech Global)
4. Vivid Money boosts SME offerings with strategic acquisition of Pile’s treasury solution
Vivid Money, an European financial platform, acquired Pile Capital’s treasury solution to enhance offerings for SMEs. This acquisition, starting July 2, integrates Pile’s innovative financial dashboard into Vivid’s services, expanding Vivid’s SME market reach. (Fintech Global)
IT infrastructure
5. Samsung flags 15-fold rise in second-quarter profit as chip prices climb
Samsung Electronics estimated a 15-fold rise in Q2 operating profit to 10.4 trillion won ($7.54 billion), driven by rebounding semiconductor prices and AI demand. This beat the 8.8 trillion won forecast and marks its most profitable quarter since Q3 2022. (Reuters)
6. Microsoft settles California probe over worker leave for $14 million
Microsoft agreed to a $14.4 million settlement over allegations of retaliation and discrimination against employees on protected leave, including parental and disability leave. The California Civil Rights Department’s investigation found affected employees received lower bonuses and unfavorable reviews, impacting merit pay and promotions. (AP News)
7. Russia says Apple blocks 25 VPN apps in Russia, IFX reports
Apple removed 25 VPN apps from its App Store at the request of Russia’s communications watchdog, Roskomnadzor. This action follows increased demand for VPNs in Russia after President Putin’s 2022 Ukraine invasion led to restricted access to Western social media. (U.S.News)
8. Amazon to wind down its Astro for Business security robot
Amazon is discontinuing its Astro for Business security robot, launched seven months ago, to focus on the home version. Business robots will cease functioning on September 25. (Tech Crunch)
9. e&, ADNOC to develop huge 5G private network
ADNOC and e& will construct the energy industry’s largest 5G network, covering 11,000 square kilometres, enhancing connectivity and AI integration across ADNOC’s operations. Expected to be completed next year, the network will generate $1.5 billion in value over five years. (Capacity)
10. PAIX data centres expands capacity in Ghana to 1.2 MW
PAIX Data Centres expanded its Accra, Ghana site to 1.2MW, bolstered by a $30 million investment from Africa50. Now one of Ghana’s largest data centres, it offers advanced cooling, waste management, and renewable energy integration. (Capacity)
Tech trends
11. China-built EVs hit with duties in biggest EU trade case yet
The EU will impose tariffs of up to 37.6% on Chinese electric vehicles starting Friday, amid escalating trade tensions. The provisional tariffs aim to counter state-subsidised cheap EVs and will last for four months while negotiations continue. (Reuters)
AI
12. Huawei exec rejects idea that advanced chip shortage will hamper China’s AI ambitions
Huawei Cloud CEO Zhang Ping’an dismissed concerns about China’s AI chip shortage. At the World AI Conference, he highlighted Huawei’s Ascend AI chip and advocated for innovative computing architectures and a cloud-edge-network approach to improve efficiency. (KTWB)
13. AI frenzy expected to have boosted Samsung Q2 profit 13-fold
Samsung Electronics is expected to report a 13-fold increase in Q2 profit to 8.8 trillion won ($6.34 billion), driven by AI demand and rising memory chip prices. The semiconductor division’s profit rebounded significantly, while the mobile business saw a decrease due to higher costs. (Yahoo!Finance)
14. AI deals lift US venture capital funding to highest level in two years, data shows
U.S. venture capital funding soared to $55.6 billion in Q2, the highest in two years, driven by AI investments such as $6 billion for Elon Musk’s xAI and $1.1 billion for CoreWeave. This 47% increase from Q1 highlights renewed investor enthusiasm for AI technology. (Reuters)
IoT
15. Transforma Insights identifies the key themes and market leaders in IoT connectivity
Transforma Insights’ 2024 “CSP IoT Peer Benchmarking Report” analyses 25 global IoT connectivity providers, highlighting rapid market changes, device-to-cloud integration, new revenue streams, customisation importance, and slow evolution of Connectivity Management Platforms. (IoT Business News)
