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NEWS

Posted On:
03-04-2024

Delhi HC imposes Rs 1 lakh fine on Google for representing wrong facts

The Delhi High Court on Tuesday while dismissing its appeal imposed a fine of Rs one lakh on Google for representing wrong facts and for its failure to disclose the information regarding the refusal of the patent by the European Patent Office (EPO). Justice Prathiba M Singh dismissed the appeal filed by Google against the order of Assistant Controller of Patent and Design rejecting its application. Google had moved an application for a grant of a patent titled "Managing Instant Messaging Sessions on multiple devices." The High Court noted that Google's application was dismissed due to a lack of inventive steps. However, Google claimed that the application was abandoned before EPO.
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Posted On:
04-04-2024

Anil Agarwal-led Vedanta Group to raise $300 mn through debt securities

Indian metals-to-oil conglomerate Vedanta will raise up to 2,500 crore rupees ($299.6 million) through debt securities, the company said on Thursday. The fundraise will take place through the issue of non-convertible debentures on a private placement basis. The billionaire Anil Agarwal-led company did not mention what the proceeds will be used for. The Indian miner raised funds via non-convertible debentures thrice in fiscal year 2024, the latest being in December last year for 34 billion rupees. Vedanta's net debt increased to 62,493 crore rupees as on Dec. 31, 2023 from 57,771 crore rupees, it said in its third-quarter update. Its cash and cash equivalents fell to 12,734 crore rupees at the end of December from 16,702 crore rupees.
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Posted On:
04-04-2024

Amazon's 'just walk out' checkout tech was powered by 1,000 Indian workers

E-commerce giant Amazon's "Just Walk Out" technology allowed customers to bypass traditional checkouts at its stores, and the company relied on 1,000 Indian human workers to do the job manually, according to a report in Business Insider. As many as 1,000 workers in India were tasked with reviewing what customers picked up, and ultimately walked out with from Amazon's "Just Walk Out"-enabled stores. The company said that the technology was driven entirely by computer vision, However, a significant portion of "Just Walk Out" sales required manual review by the team in India. In 2022, the report said that 700 out of every 1,000 "Just Walk Out" transactions were verified by these workers. Following this, an Amazon spokesperson said that the India-based team only assisted in training the model used for "Just Walk Out".
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Posted On:
05-04-2024

Google parent Alphabet weighs offer for $35 bn valued firm HubSpot

Google parent Alphabet has been talking to its advisers about the possibility of making an offer for HubSpot, an online marketing software company with a market value of $35 billion, people familiar with the matter said. If Alphabet moves ahead with a bid, it would be a rare example of a major technology company attempting a mega deal amid heightened regulatory scrutiny of the sector under U.S. President Joe Biden's administration. The potential acquisition would be Alphabet's largest ever and allow it to put some of its cash pile, which reached $110.9 billion at the end of December, to work. Alphabet has met with Morgan Stanley investment bankers in recent days about a potential offer for HubSpot, the sources said. It has been discussing how much it should offer and whether antitrust regulators would clear such a tie-up, the sources added.
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Posted On:
05-04-2024

Subramanian's remark on 8% growth projection for India not ours, says IMF

The recent remarks of Krishnamurthy Subramanian, Executive Director at the International Monetary Fund, about India's growth figures does not represent the views of the IMF and were in his role as India's representative at the global body, the IMF has said. "The views conveyed ...by Mr. Subramanian were in his role as India's representative at the IMF," Julie Kozack, IMF spokesperson, told reporters here on Thursday. She was responding to a question on recent remarks by Subramanian, in which he projected a growth rate of 8 per cent for India, which is different from the last growth rate projections by the IMF. Subramanian, at a event in New Delhi on March 28, had said Indian economy could grow at 8 per cent till 2047, if the country redoubles the good policies that it has implemented over the last 10 years and accelerate reforms. "So, the basic idea is that with the kind of growth that India has registered in the last 10 years, if we can redouble the good policies that we have implemented over the last 10 years and accelerate the reforms, then India can grow at 8 per cent from here on till 2047," he had said.
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