Swiss online bank FlowBank faces bankruptcy due to regulatory issues, while JPMorgan and a Greek fintech company succeed in a London court regarding the valuation of Viva Wallet. T-Mobile secures a major U.S. Navy contract, and Apple is accused of underpaying female workers.
Crypto
1. Swiss regulator forces crypto-friendly FlowBank into bankruptcy
Swiss online bank FlowBank, known for offering cryptocurrency trading, has been forced into bankruptcy by Swiss regulators for serious breaches of banking standards, including insufficient capital. (Cointelegraph)
Fintech
2. JPMorgan, Greek fintech, claim success in London court
A London judge ruled in favor of both JP Morgan and Haris Karonis regarding the valuation of Viva Wallet, paving the way for its potential sale. The court dismissed claims of JP Morgan’s alleged attempts to hinder Viva’s growth, clarifying the business’s valuation approach, which could accelerate its sale. (Aol.)
IT infrastructure
3. Reliance’s Jio Platforms clears hurdle in bid to launch satellite internet in India
Reliance Jio Platforms and SES’s joint venture, Orbit Connect India, received three approvals from IN-SPACe to operate satellites, aiming to provide satellite-based gigabit internet. (The Economic Times)
4. China’s Ant Group invests $2.9 billion in technology research last year
In 2023, Ant Group invested a record 21.19 billion yuan ($2.92 billion) in technology R&D, mainly focusing on AI. Their “Bailing” AI model powers Alipay’s “smart healthcare manager” and “smart financial manager” features. The investments and product approvals were disclosed in Ant Group’s sustainability report. (Reuters)
5. Vantage Data Centres completes $9.2 billion equity investment
Vantage Data Centres raised $9.2 billion in a capital raise upsized by $2.8 billion to support cloud and AI demand. Combined with a €1.5 billion investment by Australian Super, total new investment reached approximately $11 billion. (Capacity)
Tech trends
6. Apple accused in lawsuit of underpaying female workers in California
Apple faces a proposed class action lawsuit alleging it underpays over 12,000 female employees in California compared to men in similar roles. The suit claims Apple’s pay practices, including basing starting pay on prior salaries and using biased performance evaluations, perpetuate gender pay gaps. (Reuters)
7. T-Mobile lands multi-year U.S. Navy contract
T-Mobile has secured a lucrative $2.67 billion contract with the U.S. Navy for communication technology under the Spiral 4 program, spanning the next decade. This comes amid a challenging wireless market. (Reuters)
AI
8. Broadcom soars as demand for AI chips powers forecast raise
Broadcom surged 15% on Thursday after an upbeat forecast highlighted strong AI chip demand, and a 10-for-1 stock split announcement fueled investor enthusiasm. Shares rose 76% over 12 months, closing at $1495.5 on Wednesday. (Yahoo!Finance)
9. Tempus AI announces pricing of US IPO
SoftBank-backed Tempus AI priced its IPO at $37 per share, aiming to raise $410.7 million, valuing the company at $6.10 billion. The genetics-testing firm, led by Groupon co-founder Eric Lefkofsky, will trade on Nasdaq Global Select Market on Friday. (U.S.News)
10. Former head of NSA joins OpenAI board
OpenAI appointed retired General Paul M. Nakasone, former NSA head, to its board of directors. Nakasone, who supported the renewal of Section 702 of the Foreign Intelligence Surveillance Act, will join OpenAI’s Safety and Security Committee. (The Verge)
11. Tesla investors sue Elon Musk for launching a rival AI company
Tesla shareholders are suing Elon Musk and the company’s board for allegedly diverting resources to Musk’s AI company, xAI, founded in 2023. The lawsuit claims this breached their fiduciary duty to Tesla. Filed in Delaware, the suit precedes a vote on Tesla’s potential reincorporation in Texas, following a judge’s voiding of Musk’s pay package. (The Verge)
12. Former NSA head joins OpenAI board and safety committee
Retired Gen. Paul Nakasone is joining OpenAI’s board, adding expertise from his roles in the Army, U.S. Cyber Command, and the NSA. His appointment may address concerns about OpenAI’s rapid AI deployment. (Tech Crunch)
AR/VR
13. Valve is testing panel mode for Steam Link on Meta Quest
VR enthusiast Brad Lynch highlighted a new Steam Link beta feature for Meta Quest, enabling 2D game play in panel mode within passthrough or virtual environments. Previously, Steam Link switched to a separate environment for games. (Mixed News)
Social
14. LinkedIn leans on AI to do the work of job hunting
LinkedIn has unveiled new AI-powered services to enhance user experience, including job application assistance, personalised learning materials, and improved search capabilities. (Tech Crunch)
IoT
15. Samsung unveils SmartThings Pro for businesses
Samsung unveiled its hyper-connected B2B platform, SmartThings Pro, at InfoComm 2024 in Las Vegas. The 816-square-meter booth showcased commercial display products. SmartThings Pro offers seamless device integration and management, featuring an AI-driven dashboard and energy-saving mode. (IoT News)
