From tech.co

  • Japan's Fumio Kishida unveils a framework for global regulation of generative AI

    Japanese Prime Minister Fumio Kishida unveiled an international framework for regulation and use of generative AI on Thursday, adding to global efforts on governance for the rapidly advancing technology. Kishida made the announcement in a speech at the Paris-based Organization for Economic Cooperation and Development. Generative AI has the potential to be a vital tool to further enrich the world, Kishida said. But we must also confront the dark side of AI, such as the risk of...

  • Judge grills US and Google on antitrust claims

    The judge overseeing a landmark U.S. antitrust challenge to Google tried to poke holes in both sides' cases during closing arguments Thursday, as he weighs a ruling that could reshape the technology industry. Judge Amit P. Mehta was presiding over the first day of closing arguments in the most consequential tech antitrust case since the U.S. government sued Microsoft in the late 1990s. The Justice Department has sued Google, accusing it of illegally shoring up a monopoly in online search. Google...

  • Apple results: Apple sales fall less than expected, CEO sees return to growth

    Apple's quarterly results and forecast beat modest expectations on Thursday, as the iPhone maker unveiled a record share buyback program, sending its stock up 6% in extended trade.Apple increased its cash dividend by 4% and authorized an additional program to buy back $110 billion of stock. The buyback is the largest in the company's history.Apple's quarterly revenue fell, but less than analysts had expected, and CEO Tim Cook said revenue growth would return in the current quarter.The results...

  • Premji Invest eyes Nainital Bank stake; Ranjan Pai may back Rupeek

    Happy Friday! Azim Premji’s family office is eyeing a majority stake in Bank of Baroda-owned Nainital Bank. This and more in today’s packed edition of ETtech Morning Dispatch.Also in this letter:■ Hiring spike at midcap IT firms ■ Freshworks CEO steps down■ Rakesh Singh is new Paytm Money CEOPremji Invest in talks to acquire majority stake in Nainital Bank 109799516Premji Invest, the family office of Wipro founder Azim Premji, is in talks to acquire a majority stake in Nainital Bank, people in...

  • Premji Invest in talks to pick up big stake in Bank of Baroda’s Nainital Bank

    Premji Invest, the family office of Wipro founder Azim Premji, is in advanced talks to acquire a majority stake in Nainital Bank, which is a subsidiary of the publicly owned Bank of Baroda, three people aware of the discussions said. The proposed investment is likely to value the Uttarakhand-based lender at around Rs 800 crore, they added.“Premji Invest has signed a term sheet and the due diligence process is over. However, the final decision is yet to be made on the acquisition,” according to...

  • Govt seeks inputs from industry to lure manufacturers like Apple to design more here

    The government has started reaching out to companies and industry groups to seek inputs to formulate policies which will incentivise electronics manufacturers, including the likes of Apple, to start designing more in India, people in the know of the move told ET.The Ministry of Electronics and Information Technology (MeitY) has already held a couple of meetings with industry bodies such as the India Cellular and Electronics Association (ICEA) that counts Apple among other global electronics...

  • Midcap IT companies buck the trend to add more employees

    A few mid-sized information technology providers registered a net increase in workforce in fiscal 2024 offering a sharp contrast to the steep decline in headcount at India’s top tier IT firms in a year marked by tapering demand for technology services due to macroeconomic and geopolitical uncertainty.At least six mid-sized IT firms, including the likes of L&T Technology Services (LTTS) and Birlasoft, posted net additions of nearly 7,000 employees for the full year ending March 2024.“The primary...

  • Ranjan Pai, Axis Bank may back gold loan startup Rupeek

    Manipal Group chairman Ranjan Pai’s investment office Claypond Capital and private sector lender Axis Bank are in talks to invest in gold loan startup Rupeek, according to sources aware of the matter. The round will likely see the valuation of the Accel- and Peak XV Partners-backed firm being cut, they said.Talks with Axis Bank are in early stages and the new investor consortium is finalising its plans, they said.“Pai’s office is looking to invest in Rupeek but the amount has not been finalised...

  • Israeli cyber startup Apex gets initial investment from OpenAI's Sam Altman

    Israeli cyber security start-up Apex, which focuses on protecting the rapid use of artificial intelligence (AI) tools, said on Thursday it received an undisclosed investment from OpenAI Chief Executive Sam Altman. In all, Apex raised $7 million in a seed funding round led by Sequoia Capital and Index Ventures, with participation from Altman and others, it said. Altman did not immediately comment. Apex said it had been running trials with a number of Fortune 500 companies and investment firms and...

  • Apple to extend new core technology fee to iPadOS apps

    Apple will extend a newly introduced core technology fee to iPadOS apps downloaded on its App Store after the operating system for iPads was added to a list of key services subject to EU tech rules, the iPhone maker said on Thursday. Apple in March announced a core technology fee (CTF) of 50 euro cents per user account per year for major app developers even if they do not use any of its payment services or its App Store, with the first 1 million user accounts exempted from the fee. The CTF is...

  • Wipro: Wipro promotes Hari Shetty as chief strategist and sales officer

    Indian IT major Wipro on May 2 elevated Hari Shetty as its Chief Strategist and Sales Excellence Officer from immediate effect, the company informed in an exchange filing.This is the first CXO-level appointment made by the Bengaluru-headquartered firm after the new CEO Srinivas Pallia who took charge this month on April 6 following the resignation of former CEO Thierry Delaporte.Based in the US, Shetty was until today the senior vice president & sector head for technology platforms, products &...

  • Coforge’s net profit declines 6% to Rs 223 crore

    Coforge’s net profit declined by 6% quarter on quarter (QoQ) at Rs 223 crore in the March quarter of FY24. The profit for the company grew by a whopping 94.8% on-year, from a profit of Rs 115 crore in Q4 FY23.The IT firm’s annual net profit for fiscal 24 stood at Rs 808 crore, up 16.5% year on year. Consolidated revenue stood at Rs 2,358 crore in the just concluded quarter, up 1.5% sequentially and 8.7% on-year. Margins stood at 19% in Q4 up from 18% in Q3 FY24.Coforge's fresh order intake more...