India job scene sees early signs of disruption from AI

Millions of working employees will need reskilling and upskilling, which in turn could create new job opportunities as well, say experts

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Cybersecurity sector was not immune from job losses in 2023

As tech layoffs are set to continue unabated in 2024, the cybersecurity industry was not immune from job losses and more than 110 cybersecurity companies fired thousands of employees in 2023.

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Boom in AI prompts a test of copyright law

Authors and a leading photo agency have brought suit over the past year, contending that their intellectual property was illegally used to train AI systems, which can produce humanlike prose and power applications like chatbots.

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23 going on 24: Making sense of a chaotic yet colourful year for India's tech sector

From 15.4 billion downloaded games to 138.08 crore people covered by Aadhar, India's tech sector had an eventful 2023. ET takes a look at the top 23 moments from 2023.

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Sam Bankman-Fried will not face a second trial: US prosecutors

In a letter filed on Friday night in federal court in Manhattan, prosecutors said the "strong public interest" in a prompt resolution of their case against the 31-year-old former billionaire outweighed the benefits of a second trial.

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US wants to contain China's chip industry. This startup shows it won't be easy

The production of advanced chips is one of the most contentious technological struggles now dividing the United States and China as they vie for economic and military supremacy. Washington is trying to curb China's access to sensitive microchip design tools.

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Chinese company BabyBus is taking kids for a ride

BabyBus is still very active in India despite TikTok and other Chinese apps being banned. Experts have raised questions over the handling of Indians’ data by the company that provides customised free digital content primarily for children.

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ETtech State of Startups Survey: Founders resist valuation cuts as funding drought drags on

In ETtech's annual State of Startups survey, conducted among 80 of India’s top founders, investors and internet executives, turning profitable emerged as the top theme amid predictions of more restructuring, layoffs and possible bankruptcy cases in 2024.

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DMI, Aditya Birla Finance in race to scoop up ZestMoney in firesale

ZestMoney, which was offering buy-now-pay-later (BNPL) loans to customers at ecommerce and offline checkout points, had around December 5 informed its employees about its plans to shut down by the end of this month. ET wrote on December 7 the company shut down mostly after its lending partners withdrew debt lines to the startup.

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Russian tech company Arenadata plans to hold IPO in 2024

Arenadata, a Russian developer of data collection and storage platforms, intends to launch an initial public offering (IPO) on the Moscow Exchange in 2024.

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2023 Year in Review: How money followed deeptech companies at tech’s frontier

Deeptech is a term for businesses using advanced science and technology to find solutions for complicated problems across over a dozen sectors. The year saw a steady increase in investor interest in high-tech innovation-focused companies.

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Flipkart marketplace arm’s revenue jumps 42% to Rs 14,845 crore in FY23, loss narrows 9%

Walmart-owned Flipkart runs its India business through various entities, and Flipkart Internet runs the marketplace where the firm earns its revenue in the form of seller commissions, advertising income, and other fees for seller services.

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2023 Year in Review: Secondary rounds may headline deal flow at startups next year too

Risk investors ET spoke with said secondary share sales are likely to continue in 2024, as the focus would be on the limited number of good assets where existing investors are looking to part-sell their stake.

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Emotion AI tools help savvy companies deepen user connect

Artificial intelligence has excelled in various areas and incorporation of emotional intelligence into machines is one such advancement, an expert said.

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Apple in advanced talks with parts companies Aequs, Rayprus

Aequs makes high-quality toys, consumer durable goods and aerospace parts in India, US and France while Rayprus is a subsidiary of Taiwanese contract manufacturing giant Foxconn and makes high-quality precision camera and lens solutions.

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Startups write a $1.5-billion twist in winter’s tale

December brings the highest monthly fundraise of 2023, though the annual total is the lowest in 7 years.

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2023 Year in Review: Meet the executives who donned the founder hat

In partnership with executive search firm Longhouse Consulting, ET has put together a list of high-profile executives who launched their own ventures this year. Several of these executives are still tinkering with and developing their startups in stealth mode.

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Artists use tech weapons against AI copycats

Artists under siege by AI that studies their work, then replicates their styles, have teamed with university researchers to stymy such copycat activity. The artist turned to free software called Glaze created by researchers at the University of Chicago.

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Peak XV-backed semiconductor firm Mindgrove’s quad core chip enters design phase

The second chip is a quad core with support for external memory and an integrated GPU (Graphics Processing Unit), Shashwath TR, cofounder and CEO, Mindgrove Technologies told ET.

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FTX debtors settle claims over Embed deal with Sam Bankman-Fried, others

The settlement agreement is between Bankman-Fried, and former FTX executives Nishad Singh and Gary Wang.

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The story behind the Telugu SLM ‘Chandamama Kathalu’

Small language models, trained on limited datasets and fewer parameters, can revive the lost art of telling stories to children in their native language

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In-depth | India’s electronic ambitions ride on young female employees

Women are increasingly becoming the talent pool of choice for electronics companies. This augurs well for companies which will have to double down on their hiring considering the electronics market in India alone is being valued at $155 billion, with domestic production accounting for 65 per cent.

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How layoffs reordered Indian startups this year, and other top tech stories this week

Startups laid off over 28,000 people just in the first three quarters of 2023. This alone was over 50% higher than 2022, when companies let go nearly 18,000 employees.

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Apple’s newest headache: an app that upended its control over messaging

Since it was introduced Dec. 5, Beeper Mini has quickly become a headache and potential antitrust problem for Apple. It has poked a hole in Apple's messaging system, while critics say it has demonstrated how Apple bullies potential competitors.

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Facebook's Meta fined for breaches of Italian gambling ads ban

Meta has been fined 5.85 million euros ($6.45 million) in connection with profiles and accounts on Facebook and Instagram, as well as sponsored content which promoted either betting or games with cash prizes.

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Micron revenue forecasts strong recovery, shares jump

Demand for flash storage and dynamic random access memory (DRAM) should keep improving next year, while at the same time supply will begin to approach historically normal levels, the memory chipmaker said.

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Microsoft ending support for Windows 10 could send 240 million PCs to landfills: report

The electronic waste from these PCs could weigh an estimated 480 million kilograms, equivalent to 320,000 cars.

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Microsoft shelves Windows 'mixed reality' feature

The company launched the feature in a Windows 10 update in 2017, and the mixed reality portal app allowed users to access the technology on their personal computers with the use of compatible VR headsets.

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As RBI lifts curbs, Razorpay, Cashfree eye lost market share

With both Razorpay and Cashfree back in the business, industry insiders said there could be a price war breaking out in the online merchant payment space.

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Pulitzer-winning authors join OpenAI, Microsoft copyright lawsuit

A group of 11 nonfiction authors have joined a lawsuit in Manhattan federal court that accuses OpenAI and Microsoft of misusing books the authors have written to train the models behind OpenAI's popular chatbot ChatGPT and other artificial-intelligence based software.

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Google Maps, ONDC, Namma Yatri tie up to provide seamless mobility experience

ONDC may include long-distance trains and flights in time to come, its managing director and chief executive officer T Koshy said.

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Massive tailwinds propelling India, says SAP’s Punit Renjen

India is incredibly important for German multinational software company SAP SE, said senior company officials here on Tuesday.

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28,000 and counting: That’s the 2023 layoff data from startup land

Startups have been the worst hit this year since the highs of aggressive hiring from 2021, data from Longhouse Consulting shared exclusively with ET showed.

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Indian companies seek comprehensive cybersecurity: HPE India CTO Sadasiva Ranganath

On certain days, HPE records as many as 2.6 billion logged requests and cybersecurity-related events. Cybersecurity, therefore, is no longer a “one-time effort” that companies are putting in, Sadasiva Ranganath said.

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EV startup founders made big claims, now one could go to prison

A federal judge in Manhattan will sentence Trevor Milton, founder and former CEO of the truck company Nikola, after a jury found him guilty last year of one count of securities fraud and two counts of wire fraud. Milton was accused of pumping up the value of Nikola stock by making extravagant claims about the company.

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OpenAI says board can overrule CEO on safety of new AI releases

​​The release of the guidelines follows a period of turmoil at OpenAI after Chief Executive Officer Sam Altman was briefly ousted by the board, putting a spotlight on the balance of power between directors and the company’s c-suite.

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Unicorn Slice eyes $100 million to fuel its banking dreams

The Bengaluru-based fintech firm is scouting for fresh equity and is trying to get a good deal from investors. The talks are still at an early stage and, given the overall funding winter, might take a few months to close, sources told ET.

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Activision Blizzard to pay $54 million to settle California state workplace discrimination claims

Activision Blizzard has agreed to pay about $54 million to settle discrimination claims brought by California's civil rights agency on behalf of women employed by the video game maker.

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AI’s Magic Call: how AI will make smartphones smarter

Artificial intelligence will unlock limitless possibilities in smartphones once they fully adopt the technology and make it a part of their offerings. Here's how AI will make smartphones smarter and unleash the next phase of growth for the industry

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Seeing eye to AI: risk and impact of artificial intelligence use in businesses

Along with independent research and analysis firm Foundry, looked at actions, experiences, and projections of more than 1,000 decision-makers, C-level executives, business leaders, automation leaders and practitioners across industries and regions over two months. The report underscored three topics – AI, productivity improvements and scalability.

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Infosys inaugurates Rs 230 crore development centre in Nagpur

"Infosys inaugurates a new development centre in Nagpur. With over Rs 230 crore investment, the 2,65,000 sq ft unique state-of-the-art building is an integration of art and science," according to a release.

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Infosys kicks off holiday season with long-awaited pay hike

The hikes, which typically are effective from April 1, have now been announced from November 1, 2023, ET has learnt. It does not include reviews for entry level workers of the IT services major, according to people aware of the matter.

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Going vocal with local on LLMs; and other top tech, startup stories this week

While tech biggies including Microsoft, Google, and Meta are leading the charge on AI, more localised contingents are emerging across geographies, including in India and the European Union.

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Government may go high-tech to reduce wastage of fresh fruits, veggies

Plans to use a technology tool developed by ecommerce major Amazon called Johari to reduce wastage of fresh fruits and vegetables at its warehouses and retail outlets.

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BharOS looks to provide its technology for routers

BharOS, an indigenously developed mobile operating system, is considering providing its technology for routers, said Karthik Ayyar, the founder of JandK Operations, an IIT Madras incubated non-profit organisation that has built BharOS.

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Hero MotoCorp increases stake in Ather, buys additional shares worth Rs 140 crore

In September, the electric scooter maker had raised Rs 900 crore in fresh funding from Hero MotoCorp and GIC. Prior to that, Hero had partially led a $128-million fundraise into Ather in January 2022.

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Investments in private markets, firms fetch better returns than public markets: report

The report highlights that the aggregate benchmark of alternate investment funds (AIF) investing in private markets delivered an alpha of 13.5% over the public market equivalent, S&P BSE Sensex.

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India strategically important for us, says NTT Global CEO Abhijit Dubey

Japan’s Nippon Telegraph and Telephone (NTT) Group views India as a strategically important market that houses its second largest employee population outside of Japan and has the potential to be among the company’s top revenue generators, its global CEO Abhijit Dubey told ET in an exclusive interview.

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GPAI Summit 2023 | India will launch AI mission to boost agri, healthcare: PM

“The aim of this mission will be to establish sufficient AI compute power in the country. This will help India’s innovators and startups get better facilities. Under this mission, AI applications in agriculture, healthcare and education-related sectors will be promoted,” Modi said at the inaugural session of the Global Partnership on Artificial Intelligence (GPAI) Summit 2023.

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Ayurveda-focused B2C startup Nat Habit raises $10 million led by Bertelsmann

The company has previously raised about $7 million in total. From the current funding, about $2 million will be used for early-stage investor exits, in about 5X returns in four years. Its other past investors include Peak XV Partners, formerly Sequoia India and Southeast Asia.

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Zomato sees an opportunity in catering business

The company is also looking to add more offerings to its loyalty programme, Gold, despite concerns about the potential impact on profitability, Rakesh Ranjan, chief executive for food delivery, said in an interview.

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US judge to hear Meta privacy dispute with FTC next month

The agency proposed tightening a 2019 consent agreement, that had forced Facebook, which became Meta in 2021, to pay a $5 billion penalty.

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Threads countdown teases app's potential EU launch

Meta-owned Instagram launched Threads in the United States and elsewhere in July but EU users cannot access the platform because the company was wary of Brussels' regulatory oversight before any roll-out.

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Dunzo survival hinges on Reliance Retail commitment to funds

An impasse after several rounds of discussions has left Dunzo’s other investors increasingly sceptical of its chances of survival in the absence of fresh funding soon, said multiple people briefed on the situation.

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Amazon competitor Zulily curtails operations, lays off hundreds

Zulily will lay off 292 workers in Seattle and elsewhere in Washington, effective from February 7, according to a notification from the state Employment Security Department, reports Seattle Times.

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Finally, it's done: Europe agrees landmark AI regulation deal

With the political agreement, the EU moves toward becoming the first major world power to enact laws governing AI. Friday's deal between EU countries and European Parliament members came after nearly 15 hours of negotiations that followed an almost 24-hour debate the previous day.

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IT companies take pole position on CEO pay front in India

C Vijayakumar, managing director and CEO of HCL Technologies, India’s third-largest IT services company by market cap, was the eleventh-highest paid, taking home $3.46 million, or about Rs 28 crore, (he is based out of the US) in FY23.

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Playing on Numbers: Making sense of India’s gaming boom

​​Over the past three years, the online gaming industry has grown at a CAGR of 28 per cent, reaching Rs 16,428 crore in FY23 and is likely to reach Rs 33,243 crore by FY28.

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Green Shoots: Sustainability now part of corporate agenda for Indian tech companies

For tech companies in India, sustainability is now part of corporate agenda. So accordingly, apart from their products, the likes of Intel and SAP Labs have also invested in green campuses

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Europe agrees landmark AI regulation deal

With the political agreement, the EU moves toward becoming the first major world power to enact laws governing AI.

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Startups’ annus horribilis; and other top tech stories this week

Indian startups are closing 2023 with a cloud of uncertainty looming large over them.

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Funding in Indian startups sinks to its lowest since 2017

Investments till date at $7 billion for 2023; Oct-Dec least funded quarter since July-Sept 2016, show data

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News publishers are fighting Big Tech over peanuts. They could be owed billions.

The settlement is far less than Canada wanted -- it had sought $126 million -- and a small fraction of the estimated $550 million that news publishers deserve from Google.

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Memory, storage products made at Micron ATMP in Sanand will be largely exported: Micron MD Anand Ramamoorthy

On Monday, agreements for ensuring project milestones are met on time, and for disbursement of incentives, were signed among Micron, India Semiconductor Mission (ISM) and Government of Gujarat.

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Binance withdraws Abu Dhabi licence bid as crypto giant weighs structure

The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi's financial regulator, a spokesperson for Binance said on Thursday.

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Musk says his AI firm xAI is rolling out chatbot Grok to X Premium+ subscribers

Musk announced it in a post on X, without revealing anymore details of the launch. Last month, he had said that as soon as Grok was out of early beta testing, it would become available to the subscribers.

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WhatsApp introduces "view once" feature for voice notes

The feature allows users to designate voice notes as "View Once." This enhances privacy by preventing the recipient from exporting, forwarding, saving, or recording the voice note. The "View Once" audio will disappear once the recipient listens to it.

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Banks leverage Bharat Billpay for loan and credit card repayments

For customers who have not adopted a mandate-based loan repayment system, banks are moving to using BBPS to send monthly EMI payment demands

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New Mexico sues Meta, CEO Mark Zuckerberg over child protection failures

"Our investigation into Meta's social media platforms demonstrates that they are not safe spaces for children but rather prime locations for predators to trade child pornography and solicit minors for sex," Torrez said in a statement.

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Elon Musk says his AI firm xAI is not raising funds 'right now'

The company has raised $134.7 million in equity financing from a total offering amount of $1 billion, the filing with the Securities and Exchange Commission showed on Tuesday.

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Apple taps companies in India, Taiwan, South Korea, Japan for critical parts

In January, about 17 Chinese companies that supply components for Apple’s devices applied for government clearances to set up manufacturing facilities in India.

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Perfios eyes US, Europe expansion in 9-12 months: CEO Sabyasachi Goswami

The software-as-a-service startup has been chalking out plans to enter the US and European markets next year. According to Goswami, almost 10% of the firm’s revenue can come from these adjacent industries in the next two to three years.

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Failure to curb deepfakes may lead to action under IPC too: Official

On Tuesday, senior government officials from the ministry of electronics and information technology met executives from social media and other internet-based intermediaries. The meeting was chaired by the minister of state for electronics and information technology Rajeev Chandrasekhar.

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Internet of the future to be led by like-minded countries: MoS IT Rajeev Chandrasekhar

Speaking at the India Internet Governance Forum, Chandrasekhar said that “multistakeholderism” and consultative policymaking was the approach of the government when it came to tech policymaking.

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Byju’s may have to dip into Epic sale funds to keep lights on

Troubled edtech reduces notice period to 15-30 days across staff level to cut costs

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Uber set to join the S&P 500 index in latest sign of turnaround for the ride-hailing service

The San Francisco company will be added to the benchmark index prior to the opening of regular trading on Dec. 18, S&P Dow Jones Indices said late Friday.

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Focus on low-cost AI models, says Nandan Nilekani

Speaking at the Carnegie Tech Summit 2023, Nilekani said that all AI should be use-case-led which can be amplified to make the lives of common people better.

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Social media companies should opt for app-store level check for age-gating: Meta's Joel Kaplan

The verification and subsequent consent management of the age of users below the age of 18 has been mandated by the Digital Personal Data Protection (DPDP) Act, which was passed in August this year.

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From retail to beekeeping, Beckn finds takers in distant shores

Like India’s Open Network for Digital Commerce, or ONDC, Gambia’s new network Open Gambia is underpinned by the Beckn Protocol – an open specification that creates a common language for interoperability among different digital platforms to facilitate peer-to-peer economic transactions – that is attracting increasing interest from around the world.

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RBI ban makes online payment aggregators seek alternative business lines

Razorpay, Cashfree, Paytm and PayU cannot add merchants for their online payments business, this has allowed their rivals to grab market share

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EU founders and VCs turn to safer shores like AI on slump

European startups are making strides towards developing AI platforms that aim to compete with US-based companies, such as Open AI, in addition to building in areas such as quantum computing, chip design and semiconductors.

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As Zo House turns one, a look at the co-living space where Web3 creators huddle, work and play

Zo House BLR at Anaa Infra’s Signature Towers is a home away from home for an elite group of 405 members who hold nonfungible tokens (NFTs), including actor Lisa Ray, former Unacademy chief of design Abhinav Chhikara, and Polygon cofounder Sandeep Nailwal, among others.

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OpenAI's Sam Altman, sugarcoating the apocalypse

The government has nibbled the edges of regulation, but the quicksilver AI has already leaped ahead of the snaillike lawmakers and bureaucrats. Nobody, even in Silicon Valley, has any clue how to control it.

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Amazon top seller Appario’s revenue dips 8% in FY23

Appario Retail reported a marginal rise in profit for FY23 at Rs 84 crore against Rs 82 crore in FY22, according to its regulatory filings with the registrar of companies sourced from business intelligence platform Tofler.

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Inside a Mumbai house where a league of gaming legends resides

Esports organisations such as S8UL, Revenant Esports, GodLike Esports, Orangutan Gaming and Global Esports have leased out swanky bungalows to build gaming houses or boot camps to house the top esports athletes of their teams.

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EU wants to know how Meta tackles child sex abuse

The request for information focuses on Meta's risk assessment and mitigation measures "linked to the protection of minors, including regarding the circulation of self-generated child sexual abuse material (SG-CSAM) on Instagram", the European Commission said.

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