Technology news

Crypto stocks dip after bitcoin slumps to six-week low

Shares of crypto and blockchain-related companies faced a downward trend in premarket trading on Tuesday as bitcoin, the leading cryptocurrency, experienced a significant slump, hitting a six-week low. The bearish sentiment followed news of a hack at Curve Finance, a prominent platform utilized for borrowing and trading cryptocurrencies.

Bitcoin, which commands the lion’s share of the cryptocurrency market, witnessed a 2% drop, tumbling to $28,870 in value. The market reaction was swift and widespread, affecting a range of crypto-related businesses and platforms.

Curve Finance, a decentralized finance (DeFi) protocol that enables users to lend, borrow, and trade cryptocurrencies, revealed on Sunday that it had fallen victim to a malicious hack. The company disclosed the security breach on the messaging platform “X” (formerly known as Twitter). Reports suggest that the losses from the hack could exceed $40 million, casting a shadow over the broader crypto industry.

In response to the turmoil, major players in the crypto space experienced significant declines in their stock prices during premarket trading. Coinbase, a prominent cryptocurrency exchange, saw its stock dip by 3.1%, while Bitfarms, a blockchain-farm operator, experienced a 1.1% drop in its shares.

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Crypto miners also suffered from the downturn, with companies like Riot Platforms, Marathon Digital, and Hut 8 Mining (the U.S.-listed shares of a Canadian crypto mining firm) all experiencing declines ranging from 3% to 3.35%.

Beyond individual company woes, the broader crypto industry faces additional challenges on the regulatory front. Two of the largest players in the sector, Binance, and Coinbase, are currently under scrutiny from the U.S. Securities and Exchange Commission (SEC). The regulatory uncertainty surrounding these platforms has added to the market’s anxiety, leading to a cautious approach from investors.

Moreover, the recent interest rate hikes implemented by the U.S. Federal Reserve have exerted additional pressure on risky assets, including cryptocurrencies. As the Fed tightens its monetary policy to curb inflationary pressures, investors have become increasingly wary of the high volatility and speculative nature of the crypto market.

Overall, the crypto industry finds itself at a crucial juncture, grappling with both internal and external challenges. The recent hack at Curve Finance has underscored the importance of strengthening security measures and risk management protocols across all crypto platforms. Additionally, regulatory scrutiny and macroeconomic factors continue to play a significant role in shaping investor sentiment in the market.

As the situation unfolds, market participants are likely to closely monitor developments in the ongoing investigations involving Binance and Coinbase. Furthermore, any future actions taken by central banks and regulatory bodies could have far-reaching implications for the crypto space as it seeks to find stability amidst a volatile market environment.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Stellantis, Samsung SDI set plan to build second US battery plant

On Monday, the French-Italian carmaker Stellantis as well as the South Korean battery manufacturer Samsung SDI announced plans to establish a new joint-venture facility in the United States to produce batteries for electric vehicles. The project is assumed to start operations by 2027.

Both firms stated that the acquisition still has to be completed and that the location of the facility is still being considered. Additionally, later on, it will be revealed how much money is going to be invested in the location and exactly how many people will work there. The facility will initially be able to produce 34 gigawatt hours or GWh.

“This new facility will contribute to reaching our aggressive target to offer at least 25 new battery electric vehicles for the North American market by the end of the decade,” Stellantis CEO Carlos Tavares said in a statement.

“The second plant will accelerate our market penetration into the U.S.,” Samsung SDI CEO Yoon-ho Choi said in the statement.

Source: cnbc.com

By 2030, Stellantis, a company whose product lines comprise Citroen, Peugeot, Ram, Jeep, Alfa Romeo, and Opel, wants to sell only electric cars for passengers in Europe and a mix of fifty percent electric cars and light-duty trucks in the United States. It has stated that it needs to obtain 400 GWh of capacity for batteries in order to do that.

Stellantis stated in 2021 that it intended to invest a total of $35 billion worldwide until 2025 in electric vehicle manufacture and software. The second American battery factory, according to Stellantis, is going to be the sixth facility to help the business.

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Stellantis along with Samsung SDI announced in May 2022 that they will invest over two billion dollars to construct the initial joint battery production, which would be operational in Kokomo, Indiana, by the first half of 2025.

The initial capacity of such a facility will be 23 GWh, and it will gradually increase to 33 GWh.

At the time, the firms predicted that 1,400 employees would work at the Indiana factory, and investments might eventually reach 3.1 billion USD.

In addition, Stellantis is constructing a battery facility in Windsor, Ontario, Canada in partnership with LG Energy Solution of South Korea. 2,500 jobs will be created by the facility when it opens in 2024, and it will have a manufacturing capacity of more than 45 GWh per year.

To establish a collaborative battery facility in the United States with a 2026 opening and a 30 GWh yearly capacity, Samsung SDI along with General Motors announced in April that they will invest over three billion dollars. Additionally planned for Indiana, this facility will have 1,700 workers.

Suhani Jain

I am a student pursuing my bachelor’s in information technology. I have a interest in writing so, I am working a freelance content writer because I enjoy writing. I also write poetries. I believe in the quote by anne frank “paper has more patience than person

Salesforce hires activist lawyer from Wachtell, Lipton as legal chief

Leave a Comment / News, Tech News / By Sandhya Gupta

Salesforce, the renowned business software provider, has announced the appointment of Sabastian Niles, a prominent activist lawyer from Wachtell, Lipton, Rosen & Katz, as its new chief legal officer. Niles played a vital role in defending Salesforce against several hedge funds that were advocating for changes within the company.

The addition of Niles to Salesforce’s management team was welcomed by CEO Marc Benioff, who expressed his excitement about the new hire. Niles brings a wealth of experience and expertise in dealing with corporate legal matters and navigating the complexities of activist investments.

Wachtell, Lipton, Rosen & Katz is widely recognized as a leading law firm that handles merger deals and addresses the demands of activist investment firms.

Over the course of his nearly 17-year career at the firm, Niles successfully advised corporations facing pressure from influential activist investors such as Bill Ackman’s Pershing Square Capital Management, Jeffrey Ubben, and Mason Morfit’s ValueAct Capital Management.

Niles joined Wachtell as a summer associate after obtaining his law degree from Harvard. His dedication and skills allowed him to ascend the ranks and eventually become a partner at the esteemed law firm. His impressive track record in handling high-stakes legal matters made him a valuable asset to the team.

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Notably, Niles was involved in providing legal counsel to Salesforce when it faced pressure from Starboard Value, ValueAct, and Elliott Investment Management earlier this year. These prominent activist investors had urged the company to implement significant changes. Niles’ expertise played a crucial role in guiding Salesforce through this challenging period.

Despite his recent appointment, Niles has refrained from commenting on his new position at Salesforce. Reuters reached out to him for a statement, but he did not respond.

Sebastian Niles specializes in securities litigation and enforcement matters. He is a partner at the law firm Wachtell, Lipton, Rosen & Katz, based in New York City. Niles has extensive experience representing clients in complex securities litigation cases, internal investigations, and regulatory enforcement actions. He has worked on notable cases involving corporate governance, shareholder activism, and securities fraud.

With Niles joining Salesforce as chief legal officer, the company is well-positioned to navigate legal complexities and address potential challenges in the future. His extensive experience in dealing with activist investors and his legal acumen make him an ideal choice for the role. Salesforce continues to strengthen its management team with top-tier talent, ensuring the company’s ability to thrive in an ever-evolving business landscape.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Uber, DoorDash sue New York City over minimum wage law

Leave a Comment / News, Tech News / By Suhani Jain

A recent minimum wage law that Uber, DoorDash, along with Grubhub believe would harm the delivery business is being challenged in court by the city of New York.

A law approved by Eric Adams this past month mandates that delivery employees in New York City start receiving a minimum pay of around eighteen dollars per hour on July 12. Although several advocacy organizations welcomed the decision, the delivery services contend that the employees who are regarded as independent contractors are going to suffer.

At present, drivers receive a base wage plus a gratuity from every client for each journey. According to the new minimum wage law, delivery services have to pay drivers $17.96 every hour they are actively using the app or around fifty cents for each minute of each trip.

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In a message to the Dept. of Consumer and Worker Protection, the organization in charge of determining the minimum salary, DoorDash warned that establishing this minimum might undermine the flexible nature of delivery employment, which serves as one of the primary reasons why numerous individuals depend on the gig economy.

And some motorists concur. Two decades of delivery experience have led Alberto Mendes to conclude that the legislation offers delivery businesses more freedom to choose the schedules of their employees.

“They shouldn’t have done this,” Mendes told Insider. “Now they’ll make us work whenever they want. Even though we’re not employees, they’re going to schedule us.”
Source: businessinsider.in

However, a lot of drivers, notably the labor union Los Deliveristas Unidos, fought for minimum pay and supported recent rules that let couriers use restaurant facilities and establish delivery boundaries. To pay for the expenses of gig employment, such as car repair, petrol, tolls, and injuries, they support greater remuneration. According to a city report from 2022, workplace injuries among delivery personnel are common.

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A DoorDash spokesperson gave Insider the following comment: “Bad policies cannot go unchallenged, and we will not stand by and let the harmful impacts of this earnings standard on New York City customers, merchants, and the delivery workers it was intended to support go unchecked.”
Source: businessinsider.in

From New York City, the press statement claims that the average hourly wage for food delivery employees is presently $7.09. The city employs over 60,000 individuals who transport food, as stated by the municipal administration.

Suhani Jain

Binance chief strategy officer Patrick Hillmann steps down

Leave a Comment / News, Tech News / By Sandhya Gupta

Binance’s chief strategy officer, Patrick Hillmann, announced his departure from the cryptocurrency exchange in a tweet on Thursday. Hillmann confirmed his resignation, stating that he was leaving Binance on amicable terms.

In his tweet, Hillmann acknowledged his two-year tenure at Binance and expressed his desire to take on new challenges. He stated, “I’ve been here for two years and it’s simply time for me to move on to the next challenge. I’ve taken this company through a lifetime of industry crises and regulatory challenges — from Luna to 3AC to FTX. Despite all of these challenges, the company has continued to grow and thrive.”

Patrick Hillmann had assumed the role of chief strategy officer at Binance in October of the previous year. During his time at the world’s largest cryptocurrency exchange, he played a pivotal role in shaping the company’s strategic direction and navigating various regulatory hurdles.

The announcement of Hillmann’s departure comes shortly after Binance and its CEO, Changpeng Zhao, faced legal action from US regulators. Last month, the regulators filed a lawsuit against the exchange, accusing it of operating a “web of deception.” A federal court in Washington DC received 13 charges against Binance. In response, Binance vowed to vigorously defend itself against these allegations.

Also Read: Google Hires Brazil’s Temer to Lobby on controversial internet bill

Hillmann’s decision to step down from his position as chief strategy officer is notable, given the ongoing regulatory challenges faced by Binance. His departure may have implications for the exchange’s future strategic initiatives and its ability to overcome regulatory hurdles.

Binance has been a dominant player in the cryptocurrency market, offering a wide range of services to its global user base. It has weathered numerous industry crises and regulatory issues, maintaining its growth and success throughout. Hillmann’s departure marks a transition for both him and Binance, as the exchange continues to navigate the evolving landscape of cryptocurrency regulations and explores new avenues for expansion.

As Hillmann bids farewell to Binance, the cryptocurrency community will be closely watching to see what his next venture will be, and how Binance will adapt its strategy in the face of mounting regulatory pressure.

Sandhya Gupta

I am a law graduate from NLU Lucknow. I have a flair for creative writing and hence in my free time work as a freelance content writer.

Google Hires Brazil’s Temer to Lobby on controversial internet bill

Leave a Comment / News, Tech News / By Suhani Jain

According to his advisor on Friday, Alphabet child company Google has recruited Michel Temer, the previous president of Brazil, to influence legislators who are debating whether or not to regulate the internet.

The proposed legislation, frequently referred to as the ‘Fake News bill’, would require providers of internet services, web search engines, as well as social messaging platforms to discover and report illicit content and impose severe penalties for noncompliance.

Tech businesses are worried about the law, and several have started initiatives on their respective websites to stop it.

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The nation’s top judiciary in South America demanded a probe about two months back into Google as well as Telegram officials who spearheaded an initiative to oppose the new legislation.

Temer admitted he had been serving the role of “mediator” among the business and legislators for roughly three weeks, according to local publication Folha de Sao Paulo.

According to Temer’s advisor, the business paid the former president to arbitrate discussions and suggestions with the Brazilian parliament.

Temer rejected Folha’s statement that he had discussions with the judges of the supreme court, but the newspaper stated that he had a meeting with Orlando Silva, the senator in charge of the internet legislation, to go over specifics of the plan.

Also Read: Google to block news in Canada over law on paying publishers

The Supreme Court of Brazil will probably decide on two petitions that might loosen internet regulations. As stated by Folha, the judgment has been delayed from its original June date.

In a statement, Google said it hires specialized agencies and consultants to help “mediate efforts to dialogue with public authorities” so that it can bring contributions to politicians and parliamentarians, “, especially in important and technical issues such as the construction of a new legislation.”
Source: uk.sports.yahoo.com

On Tuesday, the lower chamber of Congress was scheduled to make a decision on a proposed law to penalize businesses for failing to report false news, but conservative and evangelical politicians are opposed to it.

“Such conduct could configure, in theory, abuse of economic power on the eve of voting on the bill by trying to illegally and immorally impact public opinion and the vote in Congress,” Justice Alexandre de Moraes said in his decision.
Source: theguardian.com

Suhani Jain

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