Reliance Retail starts ONDC pilot via retail platform Fynd

Reliance Retail, a subsidiary of Reliance Industries, has begun testing the government's Open Network for Digital Commerce (ONDC) through Fynd, an omnichannel retail platform in which Reliance holds an investment.

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Meta says generative AI deception held in check — for now

Social media giant Meta says its bid to thwart coordinated disinformation campaigns created through ever-improving generative AI is working, despite widespread concerns. Meta said it had seen "threat actors" put AI to work to create bogus photos, videos, and text, but no realistic imagery of politicians, according to the report.

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Wipro's majority public shareholders oppose ex-CEO Delaporte's $4.33 million severance

At least 78.4% of the Azim Premji-led IT major's public shareholders or 10.31% of overall shareholders voted against the cash compensation awarded to Delaporte, showed the voting records published on BSE on Thursday.

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B2B fintech startup Vegapay raises $5.5 million from Elevation Capital

Vegapay had raised $1.1 million in its first institutional funding round in 2023 led by Eximius. According to the company, the newly raised fund will be used to enhance Vegapay’s product suite, focusing on product development and regulatory compliance.

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OpenAI signs content deals with The Atlantic and Vox Media

The agreements with The Atlantic and Vox Media come on the heels of several media firms signing similar deals, giving OpenAI access to their news content and archives to train its large language models.

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Govt eyes time, spend curbs to tackle gaming addiction

The government is leaning towards imposing time limits as opposed to certifying games as permissible or non-permissible through self-regulatory organisations (SRO), an official at the IT ministry said.

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OpenAI CEO Sam Altman joins Giving Pledge, focusing his money on tech that 'helps create abundance'

The move comes after a tumultuous six months for Altman, the co-founder of the San Francisco-based company behind ChatGPT and a venture capitalist who Forbes says amassed much of his $1 billion through investments.

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$250K funding for ONDC hackathon topper firms

The Build for Bharat initiative was started in New Delhi in December last year in collaboration with the government’s Startup India platform, Google Cloud India, Antler in India, Protean and Paytm. It was organised in more than 50 cities with experts, leaders, venture capitalists and incubators onboard.

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Myntra gained market share, scaling beauty and home decor: CEO Nandita Sinha

Over the past year-and-a-half, online fashion retailer Myntra has gained market share even as rivals like Reliance Ajio and Nykaa Fashion have snapped at its heels, chief executive Nandita Sinha told ET in an interview–without naming the competition.

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Meta adds safety features to CrowdTangle in bid to address EU concerns

The U.S. social media platform last week said candidates for next month's polls will be shown a notification at the top of their feed in Facebook and Instagram on how to protect themselves and their accounts.

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Ecommerce fails to click for firms in Q4 as sales dip across segments

Online consumption lagged in the March quarter across segments like electronics, wearables and beauty. Delhivery said ecommerce delivery volumes declined 13% sequentially in the March quarter to 176 million, while on a year-on-year basis they were down 2%. Cofounder and CEO Sahil Barua indicated this slowdown comes after a strong December quarter.

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Sacred Games: How Indian mythology is taking over gaming consoles

Indian gaming enthusiasts now have access to games rooted in Indian history and culture, like managing the Ayodhya Ram Temple's functioning and building the Vande Bharat Express. Players can immerse themselves in the world of the legendary Tamil emperor Rajendra Chola and experience high-speed chases and stealth attacks.

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Infosys cuts average bonus to 60% for Q4

The average pay-out, according to several employees, has dropped to 60% for the final quarter of fiscal 2024. It had announced a variable bonus pay-out of 73% for the October-December period, 80% for the quarter through September and 75% for the first quarter of the fiscal year.

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Airlines, hotels, retailers fear being left out in Google's search changes

Airlines, hotels, and retailers urge EU tech regulators for fair treatment in Google's compliance with DMA regulations. Concerns raised about revenue impact as Google's response focuses on changes favoring large intermediaries and aggregators, with ongoing investigations by the Commission.

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India may outpace Nutanix’s global growth metrics: CEO

CEO Rajiv Ramaswami told ET in an exclusive interaction on the sidelines of the company's annual .NEXT conference in Barcelona that Nutanix sees its India growth rate outpacing its projected global metrics for Annual Recurring Revenue (ARR) and profitability.

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Nvidia cuts China prices in Huawei chip fight

The flattening prices underscore the challenges Nvidia's China business faces amid U.S. sanctions on AI chip exports and heightened competition, casting a cloud over its future in a market that contributed 17% to its revenue for fiscal 2024.

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Steep H-1B fee hike to burn a big hole in IT companies pockets

The steep hike in US H-1B visa fees could spell bad news for Indian IT service providers and dent their pockets significantly, experts and industry insiders have warned.

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HCLTech to buy Hewlett Packard’s communications tech assets for $225 million

As part of this agreement, HCLTech will also absorb around 1,500 employees and 700 contractors with experience of engineering services for telecom industry in countries including Spain, Italy, India, Japan, China, Americas and APAC region, HCLTech said in a regulatory filing on Thursday.

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Bengaluru startup that makes silicon replacement for chips to scale production

Single-walled carbon nanotubes (SWCNTs), which Bengaluru-based NoPo makes, have applications of a wide range, from EV battery manufacturing, where the material can improve energy density, to design of semiconductors.

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Amazon to invest 15.7 billion euros in Spain

Amazon's cloud computing division AWS will invest 15.7 billion euros ($17 billion) to expand its data centres in Spain's Aragon region through to 2033, the US tech giant said Wednesday. Amazon in 2021 had planned to invest 2.5 billion euros in Aragon, where it has three data centres.

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Razorpay’s rejig is a blueprint for smarter route back home

US-registered Razorpay is quickening plans to shift its domicile to India. For the same, it has initiated a restructuring exercise through which half a dozen India units are being brought under one holding company.

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Awfis raises Rs 269 crore from anchor investors ahead of IPO

For the anchor portion, Awfis has allocated 7.01 million shares at Rs 383 apiece. The investors include mutual funds such as Invesco India Multicap Fund, Axis Mutual Fund, ICICI Prudential Housing Opportunities Fund, HDFC Small Cap Fund, Goldman Sachs India Equity, Allianz Global Investors Fund and HSBC Global Investment Fund.

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Broadcom acquisition of VMWare creating a storm of uncertainty, risk: Nutanix CEO

As part of its slew of announcements on Tuesday, Nutanix said it is working jointly with Cisco to certify Cisco UCS blade servers as part of the strategic partnership between Nutanix and Cisco.

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Ananant Systems working with major local OEMs to develop BSNL’s 5G chip

Bengaluru-based Ananant Systems is looking to address the expanding requirements for advanced connectivity, computing, and security for wireless 5G and 6G infrastructure and devices. Its offerings include intellectual property (IP), chip design, semiconductor products, software, and systems, all developed and owned in India.

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Traditional financial services catch the super app bug

Financial services companies such as Aditya Birla Capital, Angel One and Muthoot Fincorp are building superapps -- a one-stop applications for all their customers' needs. This development comes as large groups such as Reliance Industries and Tata Group have already rolled out such superapps for everything from shopping to payments and credit under one roof.

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Investors taking a shine to Indian climate tech space

Over the last 12-15 months, investors such as Blume Ventures, Leo Capital and new entrants like Synapses have been betting on climate tech startups. Even global investors are looking to invest in climate tech companies.

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Microsoft offers cloud customers AMD alternative to Nvidia AI processors

Microsoft's clusters of Advanced Micro Devices' flagship MI300X AI chips will be sold through its Azure cloud computing service. They will give its customers an alternative to Nvidia's H100 family of powerful graphics processing units (GPUs) which dominate the data center chip market for AI but can be hard to obtain due to high demand.

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Top two tech firms shed Gen Z flab, gain silver muscle

The share of Gen Z employees - or those aged 30 and under - fell by about 5 percentage points last fiscal at Bengaluru-based Infosys, and by over 2.5 percentage points at Mumbai-based TCS. The trend underscores a tepid IT hiring climate amid industry turbulence, which have impacted onboarding of young talent the most.

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Innovation challenges faced by businesses in the age of AI

With regards to gen AI, 41 per cent of Indian businesses feel the pace of its adoption has been too quick, which has given rise to a number of challenges for decision makers, business owners and employees, Anil Sethi, vice-president, infrastructure solutions group, Dell Technologies India, told ET.

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‘Gen AI is a friend, not a foe’...is Infosys founder NR Narayana Murthy’s message to critics of the modern technology

NR Narayana Murthy and S ‘Kris’ Gopalakrishnan discuss the transformative potential of Gen AI, the challenges of technology misuse, the benefits of technology adoption in banking, and India's potential to compete with China in business environment.

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Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down

Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.

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Indian crypto investors take illegal routes to avoid tax burdern

Peer-to-peer trading through escrow services on banned crypto exchanges has increased five times during weeks of high trading volume in March and April, according to a study conducted by Delhi-based policy think tank Esya Centre.

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Delhivery back in red for Q4; CEO Sahil Barua flags softness in online consumption

In a post-earnings analyst call, Delhivery CEO Sahil Barua said Sandeep Barasia, executive director and chief business officer of the company, will step down after almost a decade with the firm.

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AP fire-hit Foxlink back on track with a new Tamil Nadu plant

Apple supplier, Foxlink of Taiwan, is setting up a new factory in Oragadam, close to Chennai. This move comes as part of a fresh expansion plan following a destructive fire at their facility in Tirupati, Andhra Pradesh, last year.

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Uber gets nod to run bus service in NCR

Uber has received a licence from the Delhi transport department to run its bus services. This is under the government’s app-based premium bus aggregator scheme notified last November which aims to encourage the upper middle class to switch to public transport.

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Google incorporates artificial intelligence into its search engine

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UPI growth 2.0: Efforts on to crack DBT code

UPI user base hovering around 300 million for some time; RBI, banks trying to push up this number

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Govt eyes pvt-public cloud model for chip designs for easy access

This facility will provide easy access to chip and packaging designs to startups, researchers and small firms, as per the plan.

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Indian IT’s reliance on H-1B dropped 56% over past 8 years

Indian IT companies’ reliance on H-1B visas has fallen over the years as they have ramped up local hiring in the US. High denial rates during the Trump administration along with tightening of the immigration regime have also decreased visa usage, experts said.

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Ola Cabs brings back Ankush Aggarwal to its ride-hailing biz

Amid top-level changes at Ola Cabs, founder Bhavish Aggarwal’s brother Ankush Aggarwal has returned to the ride hailing business after a stint with electric scooter maker Ola Electric. Ankush has also been made chief executive of Ola Financial Services.

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Zomato logs fourth straight quarter of profit at Rs 175 crore

Food delivery platform Zomato on Monday reported a consolidated net profit of Rs 175 crore for the quarter ended March 31, 2024, as against a loss of Rs 188 crore reported in the year-ago period.

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AI adoption in key Indian sectors touches 48% in FY24

A Teamlease Digital study revealed high AI adoption in pharma and healthcare (52%), followed by FMCG and retail (43%). Manufacturing (28%) lagged behind, while infrastructure & transport (20-22%) and media & entertainment (10-12%) saw the least adoption.

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D2C space: Investments in "not my parents' brands" are #trending

Investors like Titan Capital are shifting focus to Gen Z brands, moving away from traditional brands. This trend is visible in brands such as Perfora, Wakefit, Hocco and Mokobara across various sectors, reflecting the changing consumer behaviour towards new and innovative products. The phenomenon of Gen Z consumers not using their parents' brands is visible in even sectors such as automotive and smartphones.

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The rise of Finternet: an interconnected network of financial ecosystems

A new model proposed by Nandan Nilekani and Agustín Carstens envisages multiple financial ecosystems interconnected with each other. Multiple financial ecosystems interconnected with each other is called Finternet, the building blocks of which combine technological advances with sound governance. The framework proposes using technologies such as tokenisation and unified ledgers.

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South side story: Can attractive sops turn Chennai into a hub for GCCs?

Can a slew of attractive sops from
the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative 
to Bengaluru and Hyderabad? 
Beena

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Eye on AI: Apple’s chip game, Meta's GenAI tools for advertisers and other top developments

Apple integrates AI features into data centres and new iPad Pro. Meta launches enhanced generative AI tools. OpenAI joins C2PA steering committee. US lawmakers introduce bill on AI models export control. Microsoft and OpenAI fund AI literacy for voters.

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Microsoft hit with $242 million US verdict in Cortana patent lawsuit

Microsoft ordered to pay $242 million to IPA for infringing IPA patent with Cortana. IPA under Wi-LAN. Lawsuit filed in 2018. Microsoft denies infringement. IPA also sued Google and Amazon.

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Digit IPO: tempering tech valuations & other top startup stories this week

This is Pratik Bhakta in Bengaluru. Insurance startup Digit, by valuing itself at a discount of 25% to its last known private market valuation, seems to have stuck its neck out. And it’s a move that’s certainly got everyone talking.

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Apple faces backlash over iPad ad showing machines crushing creative tools

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Meesho closes $275 million funding in first tranche, in talks for more

Meesho secures $275M funding in a $600M round. Share transfers hinted in SEC filing. In total, Meesho has raised $1.36 billion – including secondaries – since 2015.

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GenAI production deployments on the rise in India: EY India

20% of gen AI PoCs in India were in production in FY 2024. FY 2025 expects revenue growth, AI agent bots deployment in customer service, sales, underwriting, document intelligence.

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Centre eyes dedicated R&D wing under semicon research centre

Government plans R&D wing at India Semiconductor Research Centre (ISRC) for semiconductor research with a focus on industrial production, public-private partnerships, and intellectual property rights-driven manufacturing ecosystem. The project aims for next-gen semiconductor development and involves higher education institutes like IIT Bombay and IIT Gandhinagar.

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Aditya Birla Finance, others may have invoked Paytm’s loan guarantees

Aditya Birla Finance invoked loan guarantees from Paytm due to defaults. Partnership stress with other lenders. Paytm's lending business faces challenges post central bank's ban. Changes in top management. Reduced consumer loan portfolio to less than 1%.

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Creators wielding AI reimagine creativity on a budget

Anirudh Ravichander and Yashraj Mukhate lead AI experimentation in music. Ad-film makers and marketers embrace AI for cost-effective content creation. General purpose AI tools gain traction for creative endeavors in various industries.

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India to become AI use case capital of the world: Nandan Nilekani

Nandan Nilekani's People+ai introduces 'Adbhut India' and OCC project, emphasizing frugal AI innovation in India. The initiatives aim to leverage the country's population and digital infrastructure for impactful AI solutions, fostering healthy competition.

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Unicorn sightings become rare as VCs shun that leap of faith

Investors are going back to the same list of startups they have already backed to write bigger cheques leading to new unicorn sightings becoming rare. Only Perfios and Ola founder Bhavish Aggarwal’s Krutrim AI have become unicorns so far in 2024, and the number was the same for the whole of 2023.

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Hexaware acquires Softcrylic; boosts its data and analytics capabilities

While Hexaware didn’t disclose the financials of the deal, the acquisition would boost the mid-tier IT firm’s data and analytics capabilities, said the company in a statement. Global investment bank, Canaccord Genuity, advised Softcrylic on the transaction.

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States frame laws to regulate online gaming in absence of central policy

MeitY's self-regulatory proposal for online gaming led to state laws in Tamil Nadu and Karnataka. Trai consulted on National Broadcasting Policy 2024. Challenges include defining skill-based gaming versus gambling and regulatory clarity in the online gaming industry.

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ET has the lowdown on five of the most exciting startups at ARTPARK

Strider Robotics develops agile legged robots for rough terrains. Hones quadruped robot platform. Emphasizes motor drivers, robotic joint actuator, and actuator testing. Includes pneumatic soft gripper, VayDyn, and autonomous drone platforms.

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AI has hit human-level performance on some parameters: Stanford report

Here's a summary of the noteworthy insights from the 'AI Index 2023' report by the Stanford Institute for Human-Centered Artificial Intelligence.

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Google trial wraps up as judge weighs landmark US antitrust claims

US District Judge Amit Mehta in Washington for hours grilled both sides with questions, probing whether competitive platforms such as ByteDance's TikTok and Meta's Facebook and Instagram are competitive substitutes for search advertising dollars.

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A week of hits and misses in fintech; and other top tech, startup stories

Hi, this is Pratik Bhakta in Bengaluru. It’s been a busy news week for us here at ETtech covering some of the most important stories in the fintech space. We had a string of big exclusives, wrapping it up here just in case you missed reading them.

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Coforge’s $220-m Cigniti acquisition biggest, but not disproportionately bigger: CEO Sudhir Singh

Coforge's $220 million acquisition of Cigniti under CEO Singh's leadership aims to expand into new verticals, add fortune-500 clients, and strengthen North America market. Past acquisitions and focus on organic growth indicate a strategic approach to growth.

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Midcap IT companies buck the trend to add more employees

Mid-sized IT firms showed workforce growth in fiscal 2024, contrasting major Indian IT firms' decline. Demand rose for tech services from domestic and global sectors. Automation may impact headcount. Mid-tier firms excel in engineering services with strong growth.

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Micron to roll out first India-made chips from Sanand unit in 2025

Micron India's Sanand unit focuses on exporting chips. Anand Ramamoorthy highlights global demand, partnerships, and multiple sector usage. Emphasis on agility and talent scarcity in niche sectors like cybersecurity.

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Fixed income startup Dexif secures $4 million in funding from RTP Global

Bengaluru's Dexif raises $4M from RTP Global, dealing in fixed income securities. Founded by Bhandari, Sharma, and Bajaj. Aims to enhance tech, attract talent, and expand operations.

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Licious turning omnichannel with five stores in Bengaluru by June

Licious founders plan 500 stores in 5 years with 6% operating profit margin. Targeting profitability by FY25, focusing on offline strategy. Improved demand forecasting and introduced subscription model for growth.

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Binance's Changpeng Zhao sentenced to four months in prison over money laundering violations

Former Binance CEO Changpeng Zhao ('CZ'), 47, sentenced to four months in prison by U.S. District Judge Richard Jones in Seattle, becoming the second major crypto boss sent to prison.

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US newspapers sue OpenAI for copyright infringement over AI training

New York Daily News, Chicago Tribune, MediaNews Group sue Microsoft, OpenAI for misusing reporters' work. Lawsuit includes Copilot, alleges copying of articles. Ongoing suits by other news outlets. Lawsuits aim for damages and infringement block.

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Government holds discussion with fintechs on cybersecurity, digital financial fraud

Government, FinTechs, law enforcement agencies collaborate on addressing cybersecurity, fraud. Workshop discusses registry creation, geotagging transactions, AML system. Topics include digital KYC audits, money mules. Fintech associations, regulators join to address cybersecurity and fraud challenges.

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