800 people will be laid off globally, according to OLX Group, the parent firm of the online marketplace and the ads division of Prosus (global investment group). This occurs after the company closed down OLX Autos, a division of its car business, in a few regions. OLX said earlier this year that 15% of its workers would be dismissed. In 2023, this will equate to 1,500 employees globally as a result of the restructure. They explained the change by pointing to weak macroeconomic conditions. As per a statement given to TechCrunch, OLX said, “Earlier this year, we made the strategic…

Google and WhatsApp have worked together to fix an Android problem. Multiple users posted screenshots of the privacy dashboard in May of this year, showing WhatsApp accessing the microphone even when the user was dozing off. Later, WhatsApp explained that the Privacy Dashboard’s inaccurate privacy indications and notifications were the result of a problem. They definitely stated that because the microphone was not being used in the background, privacy was not jeopardised. Particularly following a post from Elon Musk, the charges against WhatsApp attracted attention.  Rajeev Chandrasekhar, Minister of State for Electronics and Information Technology, added that the matter would…

The organisation that oversees the famous Grammy Awards, the Recording Academy, recently published a new set of guidelines for the 66th annual ceremony. These regulations aim to create precise eligibility requirements while addressing the use of artificial intelligence (AI) in music production. The Recording Academy is taking proactive steps to control artificial intelligence’s position in the music industry while the entertainment industry as a whole continues to dispute its influence and effects. Only human creators may be considered, nominated, and awarded a Grammy Award, according to the Academy’s recently revealed standards. According to the organisation, any work without human authorship…

Alibaba Group, a major player in Chinese e-commerce, unveiled a surprise succession plan on Tuesday. Eddie Yongming Wu, a seasoned e-commerce executive, will succeed Daniel Zhang as the company’s CEO in accordance with this succession plan. When the succession plan is impacted, Zhang will devote all of his attention to the team’s cloud intelligence section. Zhang has been the CEO and chairman of the Alibaba Group since December. He is also the director of Alibaba’s cloud intelligence division. According to a statement from the corporation, Zhang will be succeeded as chairman by Executive Vice Chairman Joseph Tsai.  This succession announcement…

Investors in the healthcare startup Mojocare have reported financial problems, according to a statement from the consortium, which also includes Sequoia Surge, B Capital, and Chiratae Ventures. This announcement follows the company’s firing of 150–170 employees, or nearly 80% of its workforce. On Saturday, the layoffs were announced under the pretext of being a small corporation. According to the statement, an examination of Mojocare’s financial statements was started by the company’s significant investors. “While the analysis remains ongoing, initial findings have uncovered financial irregularities, and it has become apparent that the business model is not sustainable due to a variety…

According to a report by Bloomberg on Friday, Micron Technology is close to finalising plans to commit a sizable sum of money—at least $1 billion—to the construction of a cutting-edge chip packaging facility in India. According to sources with knowledge of the situation, Prime Minister Narendra Modi may make a formal statement about this large investment during his visit to the United States next week. Additionally, one of the insiders made a suggestion that the pledged funds may perhaps amount to $2 billion, highlighting the scope and importance of Micron’s participation in India’s semiconductor industry. A noteworthy milestone in India’s…

Twitter is facing legal action from a group of 17 well-known music publishers in a federal court in Nashville, Tennessee. The social media giant is charged with encouraging extensive copyright offences by allowing users to upload music without the required licences, according to the lawsuit, which was filed on Wednesday. According to the plaintiffs, Twitter actively facilitates the dissemination of “countless infringing copies of musical compositions,” resulting in severe copyright infringement. The National Music Publishers’ Association (NMPA), comprising industry heavyweights such as Sony Music Publishing, BMG Rights Management, and Universal Music Publishing Group, is seeking damages exceeding $250 million for…

On Forbes’ most recent Global 2000 list of publicly traded firms globally, Mukesh Ambani’s Reliance Industries Limited (RIL) rose eight positions on Tuesday to take the 45th slot, the highest position for an Indian company. Sales, profits, assets, and market value are the four parameters that the Global 2000 uses to rank the largest corporations in the world. For the first time since 2011, JPMorgan, the largest bank in the United States with USD 3.7 trillion in assets, is at the top of the list. With higher deposits and the opportunistic acquisition of the failing First Republic Bank, JPMorgan has…

Hyundai Motor Company and Kia Corporation, the two giants of the Korean automotive industry, said today that they are restructuring their joint research and development (R&D) structure in order to “flexibly respond to the rapidly changing global automotive industry.” “The new R&D organisation will be fast and flexible, operating with the agility of a start-up, and will enable us to lead in the rapidly changing mobility landscape,” said Yong Hwa Kim, President and CTO, Hyundai Motor Company. “While the previous organisation was focused on the efficient development of vehicles, the new dynamic structure will meet ongoing changes in global consumer…

The US Federal Trade Commission (FTC) is getting ready to file a lawsuit to try to stop Microsoft from buying Activision Blizzard. Early in December, the FTC, which is in charge of upholding antitrust laws, asked an administrative judge to halt the purchase. According to the agency, the acquisition would give Microsoft’s Xbox exclusive access to Activision titles, putting Nintendo and Sony and other game system producers at a disadvantage. “In light of that, and public reporting that Microsoft and Activision Blizzard are considering closing their deal imminently, we have filed a request for a temporary restraining order to prevent…

The June quarter results of IT major Infosys are likely to be weak, but that is largely known to the Street. Information Systems’ challenges are mostly priced in, according to analysts following the stock, and the stock offers the best risk-reward ratio in the IT industry. Infosys is currently valued at 19.6 times one-year future earnings per share, which is closer to the 19 times average for the previous 15 years. Soft revenue growth in FY24 is already taken into account in the stock price, according to ICICI Securities, and the news of large deal wins should help the company…

Following the huge success of JioCinema’s free IPL 2023 streaming, Disney+ Hotstar has made the decision to offer free mobile streaming of the Asia Cup and the ICC Men’s Cricket World Cup tournaments. According to the OTT platform, all mobile users who have access to Disney+ Hotstar will be able to watch the matches for free. According to the corporation, this choice intends to democratise cricket and make it available to the greatest number of mobile users in India. As per the official statement by Sajith Sivanandan, Head Disney+ Hotstar, “Disney+ Hotstar has remained at the forefront of the rapidly…