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Tag: Alphabet

March 20, 2024

French Regulator Imposes €250 Million Fine on Google Over AI Copyright Issues

Google is again under regulatory scrutiny over its AI approach. The French competition authority announced a substantial fine of €250 million against tech giant Google for violations related to EU intellectual property regulations in its dealings with French media publishers. This action underscores growing concerns over the use of AI technology and its implications on copyright law.

FinTelegram

March 5, 2024

UK FinTech Giant Monzo Secures $400 Million, Elevating Valuation to $5 Billion

In a significant development that underscores the robust health and growing investor confidence in the FinTech sector, UK-based challenger bank Monzo has announced the successful closure of a $400 million funding round. This latest injection of capital propels Monzo's valuation to an impressive $5 billion, marking a significant milestone for the digital bank in its pursuit of profitability and expansion.

March 1, 2024

Fight For Humanity: Elon Musk Files Lawsuit Against OpenAI for Deviating from Non-Profit Mission

Elon Musk has initiated legal action against OpenAI, the artificial intelligence research lab he co-founded, and its CEO, Sam Altman. The lawsuit, filed in San..

Markets

January 26, 2024

Driven by AI: Microsoft is now a $3 trillion company!

In an impressive surge driven by the artificial intelligence (AI) revolution, Microsoft has reached a monumental valuation, surpassing the $3 trillion mark. It’s the second company, after Apple, to reach the milestone valuation. This remarkable achievement positions Microsoft as the second company in history to breach this threshold, following closely behind Apple. Microsoft's shares have seen a significant upswing, climbing more than 7% this year after a notable 40% increase last year.

January 22, 2024

Tech Rules The World: The “Magnificent Seven” Tech Giants Spearhead S&P 500’s Rally!

A recent NYT article highlights the significant influence of seven major technology companies, dubbed the "Magnificent Seven," on the recent surge of the S&P 500 index. These companies – Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla – have collectively seen their value soar by nearly 117% since the S&P 500's low point in October 2022 propelled the index to new heights.

November 5, 2022

Brace For Tech Winter! Massive Layoffs On The Road To Global Recession!

One of the clearest indicators that an economic downturn, if not a recession, is knocking at the door is when companies start with layoffs. Twitter was this week just the last tech giant that announced and executed a massive layoff, allegedly firing half of its staff. Stripe CEO Patrick Collison announced the layoffs of over 14% of its workforce, amounting to more than 1,000 jobs. Raid-hailing operator Lyft announced the layoff 13% of its workforce, or nearly 700. Brace for the Tech Winter.

Compliance Report: Sergey Mendeleev, Garantex, and Exved – The Rising Role of Crypto in Russia’s Sanctions Evasion Strategy

Sergey Mendeleev, a prominent figure in Russia's cryptocurrency scene, has played a central role in the establishment and operation of two key platforms—Garantex and Exved. These platforms have been instrumental in facilitating cross-border payments and crypto transactions, potentially serving as important tools for Russia’s sanctions evasion strategy. Mendeleev's growing influence in this space, coupled with Russia's evolving regulatory framework, positions him as a key player in Russia.

Russia’s New Crypto Strategy for Sanctions Evasion

Russia’s new crypto laws, allowing mining and international payments in digital currencies, are part of a broader strategy to evade Western sanctions and reduce dependence on the U.S. dollar. This move, led by the Central Bank of Russia (CBR), opens up new compliance risks for global financial institutions dealing with Russian entities. The new laws are set to take effect in September for cross-border payments and in November for crypto mining.

Secretive Cyprus Funds Used to Obscure Megayachts and Real Estate Linked to Sanctioned Russian Banker

A recent OCCRP investigation revealed that Cyprus-registered RAIFs were used to hide megayachts and real estate linked to sanctioned Russian banker Andrei Kostin. These secretive funds, managed by Inveqo, allowed clients to avoid disclosing their ownership, raising concerns about the effectiveness of sanctions and regulatory enforcement. The case highlights the challenges of ensuring transparency and preventing financial crime in the global investment landscape.

First-Ever Crypto Seizure in Scotland Under New UK Law

Crypto has undoubtedly become mainstream, particularly in the cybercrime sphere. In a first for Scottish law enforcement, £110,000 in cryptocurrency has been confiscated from John Ross Rennie following a violent robbery. Under new UK rules, police can now seize crypto assets without needing to make an arrest, highlighting a growing focus on tackling digital crime as incidents involving cryptocurrency continue to rise.

Former Lebanon Central Bank Governor Riad Salameh Charged with Financial Crimes

It was a long-expected move. The powerful former Lebanon Central Bank Governor Riad Salameh has been arrested and charged with embezzling $42 million in public funds, part of a broader $110 million fraud case. His detention comes amid ongoing domestic and international investigations into financial misconduct during his controversial three-decade tenure. In 2022, the European Union Agency for Criminal Justice Cooperation (Eurojust) froze assets worth €120 million tied to Salame.