Tech Bytes
How DMart plans to take on the quick commerce rivals
Avenue Supermart, India's largest listed retailer by sales and market capitalization, announced that it will focus on discounting and lower pricing to drive growth. The owner of DMart supermarkets emphasized that it will prioritize opening more stores instead of launching an ultra-fast delivery model, despite the rising popularity of quick commerce rivals. This approach is aimed at covering catchments and clusters where quick commerce companies are currently experiencing high demand.
Cannot allow Paytm type contamination in stock markets: Sebi chief
Sebi chairperson Madhabi Puri Buch said that every market participant will have to adhere to the highest standards of KYC to ensure bad apples are kept out of formal financial services. She also said the KYC Registration Authority system is key to ensure the sector is safe. The Sebi chief took the example of Paytm in the context of RBI's regulatory action earlier this year.
UN cybercrime text faces new scrutiny from tech firms, rights groups
UN member states meet Monday seeking to finalize an international treaty on the fight against cybercrime, a text strongly opposed by an unlikely alliance of human rights groups and big technology companies. Now, the draft text will finally come up for a vote by member states at the end of a two-week session.
In crypto world, the hacker is God
When a cyber villain affects a system, it's as unstoppable as an earthquake or pandemic. Traders, for example, who have had their cryptocurrencies and funds locked on WazirX due to a recent cyberattack are now facing the consequences. Due to these incidents, what is now coming to the fore is that unlike banks or stock exchanges, most local crypto platforms categorise ‘cyber breach’ as a ‘force majeure’ event (or, an ‘Act of God’).
How Apple is doubling down on its India manufacturing plan
Apple expanded its manufacturing in India, including opening flagship stores and potentially assembling iPads. The company's sales in India hit a record $8 bn, growing 33% in the past year. Employing around five lakh people, Apple is pushing to diversify from China. Key suppliers like Foxconn are increasing operations in India.
Warner Brothers Discovery sues NBA over Amazon rights deal
Warner Brothers Discovery filed a lawsuit against the NBA on Friday, claiming the US professional basketball league broke a contract by refusing a new media rights deal to accept an offer from Amazon. Warner Brothers Discovery had announced it had matched Amazon's offer at $1.8 billion a year -- but the NBA rejected the deal, saying its terms did not match Amazon's offer, ending a relationship on US telecasts that began in 1984.
Justice Department claims TikTok collected US user views on issues like abortion, gun control
Government lawyers wrote in a brief filed to the federal appeals court in Washington that TikTok and its Beijing-based parent company ByteDance used an internal web-suite system called Lark to enable TikTok employees to speak directly with ByteDance engineers in China.
Elon Musk's transgender daughter says he was 'cruel' and 'uncaring'
Vivian Jenna Wilson accused her father Elon Musk of being uncaring and quick to anger, claiming he harassed her for her queer identity. Musk recently made controversial remarks about her transgender identity, which she responded to by stating he knew about her gender-affirming treatment. Wilson hasn't spoken to Musk in four years.
US state pension fund makes $6.6 million bitcoin ETF investment
The State of Michigan Retirement System invested $6.6 million in the ARK 21Shares Bitcoin ETF, as reported in a recent filing. This is the second known pension fund investing in new bitcoin ETFs. Earlier, Wisconsin's investment board disclosed investments in BlackRock's iShares Bitcoin Trust and Grayscale Bitcoin Trust valued at $162 million combined.
Epic Games says Fortnite returning to iOS in EU, leaving Samsung app store
Videogame company Epic Games announced that its popular title "Fortnite" would soon return to Apple's iOS systems in the EU, amidst ongoing legal disputes. Epic criticized Samsung for blocking default side-loading on Android.
