Adobe acquires Figma for collaborative creativity

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September 16, 2022

Adobe has acquired Figma, a web-first collaborative design platform, for US$20 billion to enhance collaborative creativity. The acquisition is a part of Adobe’s mission to revolutionize digital experiences with its tools and platforms. The company has a history of working towards advancement with its tools like Photoshop for creative expression, PDF for electronic documentation, and Adobe Experience Cloud for digital marketing.

Shantanu Narayen, chairman and CEO of Adobe, said, “Adobe’s greatness has been rooted in our ability to create new categories and deliver cutting-edge technologies through organic innovation and inorganic acquisitions.”

Figma helps enterprises and their teams to collaborate visually and make designs accessible to everyone. The company brings all interactive mobile and web application designers together under a single, sophisticated ecosystem.

Both companies share a common passion for creativity and productivity. Together, the companies plan to reimagine the future of productivity and advance product design to inspire communities globally. The merger will have an enormous, fast-growing market scope and shareholding in the entire industry.

Dylan Field, co-founder and CEO of Figma, said, “With Adobe’s amazing innovation and expertise, especially in 3D, video, vector, imaging, and fonts, we can further reimagine end-to-end product design in the browser.”

Enterprises and creators are challenged by increasing content volume in collaborations between multiple stakeholders. Figma’s multi-player capabilities will enhance Adobe’s Creative Cloud technologies to overcome this challenge.

Upon closing the agreement, Dylan Field will continue to lead the Figma team and report to David Wadhwani, president of Adobe’s Digital Media business.

Russia to set rules for crypto cross-border payments by December

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Sahil Pawar

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September 16, 2022

Russia to set rules for crypto cross-border payments by December

On Tuesday, Russian Prime Minister Mikhail Mishustin officially instructed the government to come to a consensus regarding crypto regulation and set rules for cross-border crypto payments in Russia by December.

The prime minister called on the Duma and other state authorities to create coordinated policies to regulate the issuance and circulation of digital currencies in Russia. He also asked regulators to finalize on the regulations for cross-border transactions in digital currencies and cryptocurrency mining.

The official stressed that the upcoming draft of crypto regulations should be aligned with the anti-money laundering authority Rosfinmonitoring, Federal Tax Service, Russian Finance Ministry, Central Bank, and Federal Security Service.

The latest advancement confirms that Russia has been getting increasingly serious about the possibility of using cryptocurrencies for cross-border transactions.

Last week, Alexei Moiseev, Deputy Finance Minister, reported that the Bank of Russia is in consensus with the finance ministry to legalize cryptocurrency for cross-border payments. Despite its decision to authorize cross-border transactions, the Russian central bank still opposed the legalization of local crypto exchanges and legalizing cryptocurrency as a means of payment.

According to Maria Agranovskaya, a fintech expert in the Russian State of Duma, Russia might be the first country to authorize cross-border crypto payments while banning local crypto payments simultaneously. He added that this is not a common approach.

Tesla installs 4000 supercharger stations globally, growing 34% year-on-year

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Sahil Pawar

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September 15, 2022

Tesla installs 4000 supercharger stations globally

Tesla has installed almost 4,000 supercharger stations globally, growing 34% year-on-year. According to data compiled by Finbold, Tesla has 3,971 supercharger stations globally, recording a growth of 33.88% from the 2,966 recorded during the same period in 2021.

During the first three months of 2022, Tesla stations stood at 3,724, showing a growth of 7.13% since the previous quarter. In total, the company had installed 3,254 stations globally during Q3 2021.

Elsewhere, Tesla also witnessed a spike in supercharger connectors, which stood at 36,165 during Q2 2022, representing a 34.44% growth. During the first quarter of the year 2022, the connectors were at 33,657, growing 6.85% from 31,498 in Q4 2021.

According to the Finbold report, Tesla has managed to record supercharger growth despite facing difficulties mainly from the chip shortage. In recent years, charging infrastructure companies have been raising concerns about the chip shortage factors affecting the momentum of rolling out public charging alternatives.

Overall, Tesla is likely to boost the installation of supercharger stations as the company adopts technologies to reach more locations. Tesla is still facing rising competition as more EV makers continue unveiling new products.

Meta to incubate 40 early-stage extended reality startups from India

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Sahil Pawar

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September 15, 2022

Meta to incubate 40 early-stage extended reality startups from India

Meta has announced that it will incubate 40 early-stage extended reality (XR) startups from India by providing a grant of ₹20 lakh to each as part of a new accelerator called the XR Startup Program. This will be in collaboration with the Ministry of Electronics & IT (MeitY).

Moreover, Meta will also conduct a grand challenge for individual innovators from various sectors, including education, agri-tech, tourism, climate, healthcare, gaming, and entertainment. These innovators will be given support to get their XR products ready for the market.

At first, 80 innovators will be selected for a boot camp, out of which 16 will receive a grant of ₹20 lakhs each to develop a Minimum Viable Product (MVP) or prototype. Both the grand challenge and accelerator will also help support startups and innovators to build customer connections and acquire new partnerships and funding opportunities.

XR consists of all immersive technologies such as virtual reality (VR) and augmented reality (AR) that provide real-world experiences in a virtual world and virtual experiences through real-world objects and spaces using head-mounted displays or smartphones.

The startup program is being implemented in the AIC SMU Technology Business Incubation Foundation (AIC-SMUTBI), Gujarat University Startup and Entrepreneurship Council (GUSEC), International Institute of Information Technology Hyderabad Foundation (CIE IIIT-H), and IIT Delhi’s Foundation for Innovation and Technology Transfer (FITT).

According to Meta, the startup program is being supported by the company’s XR Programs and Research Fund, which will provide US$50 million in funding over two years to XR startups in collaboration with governments, non-profits, industry partners, and academia.

Meta announces Community Chats on Messenger to encourage more engagement amid user decline

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Sahil Pawar

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September 15, 2022

Meta announces Community Chats on Messenger to encourage more engagement

Meta has announced the rollout of a new way to encourage more engagement stemming from Facebook Groups via a new Community Chat option that will facilitate topic-based discussion groups within Messenger. With engagement in Meta’s apps seemingly in decline, this move is being seen as an effort to capitalize on its wins where it can.

Community Chats, launched today in testing with a limited number of users, will enable people to create a Facebook Group and start chats and audio channels. It will also allow users to invite others to join their new group, all from within Messenger.

According to Meta, the experience seamlessly blends Messenger and Facebook Groups to allow people to connect when, where, and how they want. Admins can start a conversation about a topic and get in-the-moment responses instead of waiting for people to comment on a post.

Also, rather than navigating multiple topics in a single Messenger group chat, the person who creates the Community Chat can organize chats into categories so group members can easily find what’s most interesting.

Meta CEO Mark Zuckerberg explained that most people use feeds to discover content and use messaging for deeper connections. He added that Meta is building Community Chats as a new way to connect with people who share your interests.

Friends post a lot more to stories and send a lot more DMs than they post to Feed. If you want to make sure you never miss a feed post from a friend, add them to your favorites and they’ll show up at the top.
— Adam Mosseri (@mosseri) July 26, 2022

Instagram chief Adam Mosseri said that Meta is trying to use this as a lever to fundamentally change its approach, migrating users from a feed of content driven by their social graph – i.e., the updates that they have explicitly chosen to see in each app by following and liking people and pages – to one that is more based on popular, trending content in related areas.

South Korea fines Google and Meta millions for privacy law violations

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Sahil Pawar

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September 15, 2022

South Korea fines Google and Meta millions for privacy law violations

South Korea has levied tens of millions of dollars in fines on Alphabet’s (GOOGL.O) Google and Meta Platforms (META.O) for privacy law violations, authorities said on Wednesday. The Personal Information Protection Commission (PIPC) said it fined Google 69.2 billion won ($50 million) and Meta 30.8 billion won ($22 million).

The privacy panel said that the firms did not inform service users and obtain their prior consent when collecting and analyzing behavioral information to infer their interests or use them for customized advertisements. A Google spokesperson said they disagree with the PIPC’s findings and will review the entire written decision once it is shared.

The spokesperson said that Google has consistently demonstrated its commitment to releasing ongoing updates that provide users control and transparency while facilitating the most helpful products possible. They added that Google would remain committed to engaging with the PIPC to protect the privacy of South Korean users.

A Meta spokesperson said that while the company respects the commission’s decision, they are confident that they work with their clients in a legally compliant way that meets the processes required by local regulations. Further, they said that Meta disagrees with the commission’s decision and will be open to seeking a ruling from the court.

Also, on Wednesday, Google suffered its second setback in Europe in less than a year as the top court agreed with EU antitrust regulators that it had abused its dominance. Google lost its challenge to a 2.42 billion euro ($2.42 billion) fine the previous year, though the EU Court of Justice did trim it slightly.

Adani Group partners with Prisma AI to rollout visual AI technology on airports

By

Sahil Pawar

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September 14, 2022

Adani Group partners with Prisma AI to rollout visual AI technology on airports

Adani Group has partnered with Prisma AI at the Sardar Vallabhbhai Patel International Airport (SVPIA) in Ahmedabad to rollout visual AI technology on airports. Prisma AI is a visual-AI-based company majoring in predictive information technologies using a computer vision platform. The airport, including five other airports, is being operated by Adani Airports.

With Prisma AI’s Visual AI technology, all the airports belonging to the Adani Group will have cutting-edge visual technology to deliver an immersive airport experience catering to the growing customer base and footfall at the airport. The partnership and the Visual AI technology provided by Prisma AI will enhance customer experience and give Adani Group an edge in the industry.

At present, the service has been deployed at the SVPIA at the departure area of the domestic terminal (T1), covering departure and pre-security areas. However, the technology named “Desk of Goodness system” is being implemented in all six Adani Airports and will be available soon.

With Prisma AI technology, Adani Group has adapted Visual AI to provide humanitarian assistance to the customers at the Airports. “Desk of Goodness” strives to assist passengers such as older persons, women with infants, and those in need of a wheelchair and assistance.

In addition, the technology recognizes incidents such as a fall or unusual passenger behavior. This desk is staffed by goodness champions equipped with smart tablets that keep them informed in real-time where travelers want assistance so they can rush to them. This proactive mode of real-time support process is achieved by utilizing Prisma AI’s patented Visual AI algorithms.

Twitter shareholders vote in favor of Musk’s $44 billion takeover deal

By

Sahil Pawar

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September 14, 2022

Twitter shareholders vote in favour of Musk's $44 billion takeover deal

On Tuesday, most of the Twitter (TWTR) shareholders voted in favor of Musk’s $44 billion takeover deal, a value of $54.20 per share. The company’s stock opened Tuesday at under $41 per share, nearly 25% below the deal price. A preliminary count showed that 98.6% of the votes favor the deal, said Twitter.

The vote came days after Elon Musk’s third letter to Twitter, asking to terminate their deal, with this one attached to a purported $7.75 million severance payment the company initiated to its former head of security, Peiter Zatko, who later warned about its alleged security and privacy vulnerabilities.

In the letter, Musk’s attorneys claimed the payment was made to Zatko and his lawyers on June 28 as part of a separation contract that violated a provision of the acquisition contract. According to the contract, Twitter agreed not to give any severance payments to employees in amounts outside the ordinary track of business consistent with past practice. Twitter slammed Musk’s latest efforts to get out of the deal as invalid and wrongful.

Musk sent the first letter to terminate the deal in the month of July, alleging that Twitter violated the agreement by misrepresenting the figures of spam and fake bot accounts on its platform. Twitter sued Elon Musk to complete the acquisition, accusing the billionaire of using bots as a pretext to exit a deal he developed over buyer’s remorse following a market decline.

Zatko testified at the US Senate on Tuesday about what he alleged are Twitter’s strict security and privacy vulnerabilities, including possibly having foreign intelligence agents on its payroll. The case between Musk and Twitter is scheduled to go to trial on October 17.

Vedanta-Foxconn semiconductor plant to be set up in Gujarat

By

Sahil Pawar

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September 14, 2022

Vedanta-Foxconn semiconductor plant to be set up in Gujarat

The new Vedanta-Foxconn semiconductor plant will be set up in Gujarat, announced Anil Agrawal, CEO of Vedanta Resources Limited. Vedanta’s investment of ₹1.54 lakh crores will help make India’s independent Silicon Valley a reality, said Agrawal in a tweet.

History gets made! 🇮🇳 Happy to announce that the new Vedanta-Foxconn semiconductor plant will be set up in #Gujarat. Vedanta’s landmark investment of ₹1.54 lakh crores will help make India's #Atmanirbhar Silicon Valley a reality. (1/4)
— Anil Agarwal (@AnilAgarwal_Ved) September 13, 2022

Vedanta obtained financial and non-financial subsidies, including capital expenditure and cheap electricity from Gujarat to build the semiconductor plants. The project will include display and semiconductor facilities near the largest city of Ahmedabad in the western state.

While soliciting incentives, Vedanta had sought 1,000 acres (405 hectares) of land free of cost on a 99-year lease and water and power at concessionary and fixed prices for 20 years.

Agrawal added that the project would help fulfill PM Narendra Modi’s vision of creating a robust manufacturing base in India. It will also reduce India’s electronics imports and provide 1 lakh direct skilled jobs to Indians, turning them from employees to employers.

Agrawal expressed his gratitude to the Gujarat government and the Union IT Minister for helping Vedanta tie things up quickly. He said that India’s tech ecosystem would thrive, benefiting every state from the new manufacturing hubs for electronics.

India will fulfill the digital needs of not just its people but also those from across the seas, said Agrawal. Vedanta Resources Limited, an oil-to-metals conglomerate, decided to diversify into chip manufacturing in February and formed a joint venture with Foxconn.

Japanese Government issues NFTs to reward local Mayors

By

Preetipadma K

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September 14, 2022

Japan recognizes local Mayors’ contributions via NFTs

Recently, the Japanese government honored seven mayors for their dedicated efforts in developing innovations and concepts for their towns’ digital economies. As a result, the Japanese government is now among the first to award nonfungible tokens (NFTs) as an extra incentive for the efforts of local authorities that have succeeded at utilizing digital technology to address local problems.

The mayor of Sakata, Yamagata Prefecture, who recently proposed using electric cars for local delivery, was one of the honorees. Another winner of the NFT award is Maebashi in the Gunma Prefecture, who came up with the idea for a platform that would employ mobile devices’ cameras to track changes in traffic conditions in real-time.

The honors were granted during the “Summer Digi Denkoshien 2022” ceremony by the Cabinet Secretariat, a department of the government overseen by the nation’s Chief Cabinet Secretary, Hirokazu Matsuno. Fumio Kishida, the nation’s prime minister, also attended the event.

These Ethereum-based proof-of-attendance protocol (POAP) NFTs were issued through Hazama Base. Due to the assets’ lack of transferability, they cannot be sold on the secondary market. According to sources, the platform seems quite popular with the Japanese government. In other words, this is not the first time the network has been utilized to issue NFTs. At a previous event held by the Liberal Democratic Party Youth Bureau, NFTs were also issued and distributed via the Hazama Base platform.

The Summer Digi Denkoshien 2022 event was sponsored by four companies: IndieSquare, bitFlyer Holdings, TREE Digital Studio, and Tomonari Kougei.