Technology
Groww pays $160M tax as it returns to India amid a startup relocation wave
Indian stock trading and mutual fund startup Groww paid $159.4 million in taxes as it shifted its domicile from the U.S. back to India, the company said in a statement on Monday.
Nearly a dozen Indian startups are in the process of relocating their headquarters to India from the U.S. and Singapore to better comply with Indian laws and facilitate IPOs in the country. The shift in domicile creates a tax event for both investors and the startup.
While the IPO market remains subdued in the U.S. and many developed markets, India has emerged as a hotbed for public offerings this year. The first nine months of 2024 saw almost 70 IPOs in India, already the second-highest number of offerings in any calendar year on record.
One key reason for the influx of startups returning to India is the potential for better analyst coverage, even for companies valued below $2 billion. This coverage is crucial for attracting institutional investors. Hundreds of Indian startups — many of them backed by accelerator Y Combinator — chose to base their headquarters in the U.S. in the past decade.
Getty ImagesThere was a “clear connection” between the violent disorder in England and Northern Ireland in the summer and posts on social media and messaging apps, Ofcom has concluded.
The government had asked the media regulator to consider how illegal content and disinformation spread during the unrest.
In an open letter setting out its findings, Ofcom boss Dame Melanie Dawes said such content spread “widely and quickly” online following the stabbings in Southport, in July, which preceded the disorder.
She added most online services took “rapid action”, but said the responses of some firms were “uneven”.
“Misinformation appeared online almost immediately after the attacks, some of it appearing to have malicious intent and seeking to influence public opinion and reaction,” Dame Melanie wrote.
“Posts about the Southport incident and subsequent events from high-profile accounts reached millions of users, demonstrating the role that virality and algorithmic recommendations can play in driving divisive narratives in a crisis period,” she added.
Enhanced powers
At the time of the unrest, Ofcom faced criticism for not doing more to rein in the spread of untrue and inflammatory content.
It urged tech firms to take action – but also pointed out the enhanced powers it is due to get under the Online Safety Act had not yet come into force.
The act will see the creation of codes of practice for big tech firms which will place new responsibilities on them for tackling disinformation.
“I am confident that, had the draft Codes been in force at the time, they would have provided a firm basis for urgent engagement with services on the steps they were taking to protect UK users from harm,” Dame Melanie wrote.
She said the new powers set “clear standards” for what Ofcom would expect to see in future from big tech firms, such as:
- Specifying in their terms of service provisions how individuals are to be protected from priority illegal content
- Having systems designed to swiftly take down illegal content and having “adequately resourced” content moderation teams
- Providing effective and accessible mechanisms for users to complain about illegal content, including on messaging platforms
The unrest which broke out in August 2024 was the worst that had been seen in the UK for a decade.
It was followed by waves of arrests and prosecutions, some for online offences.
The role that big tech played was subject to much scrutiny – though the platforms themselves remained largely silent.
The prime minister also got dragged into a war of words with one of the highest profile people in tech – X owner Elon Musk.
The tech billionaire suggested that “civil war is inevitable” following the disorder.
Sir Keir Starmer hit back saying there was “no justification” for Mr Musk’s comments, adding there was more that social media companies “can and should be doing”.
Personalizing your Spotify playlist by uploading your own covert art image is a great way to put a visual stamp on your audio mix, but now, you can design that cover art right in the app. Starting today as a beta feature in English in 65 markets, the “Create Cover Art” feature gives users the ability to pick backgrounds, create text effects, and add stickers to generate an original piece of cover art for their playlists. It’s available to both free and Spotify Premium users.
Accessing the new feature is as simple as opening a playlist you’ve created, selecting the context menu (the three dots … ) and choosing Create Cover Art. You’ll then be given the choice to change the cover image (by uploading) or to create covert art.
Selecting create covert art opens an editor view with your playlist’s name appearing over a default background. This default background is randomly chosen, so sometimes you’ll be given a solid color like blue or green, while other times you may see a gradient or a rainbow.
You don’t need to keep the name of the playlist — you can add or remove text, play with sizes and colors, and pick from several effects. The sticker list isn’t very big, but you can add as many as you like, and they can be resized to create interesting options. Once you’re satisfied with your creation and save it, it will automatically update on your playlist, which can be shared through all of the usual channels.
Your creativity is limited only by your imagination — and by Spotify’s existing Platform Rules. According to the company:
“Spotify is monitoring for violating content in Cover Art, and users can always report playlists for potential violations of Spotify’s Platform Rules. Listeners can still upload their own images to use as part of their custom playlist cover art. For additional design elements, you can use those available within the beta feature including text, color and stickers for further customization. Note, users must own or have the right to post any images uploaded into the feature and follow Spotify’s Platform Rules.”
If Spotify removes your cover art for violating its rules, there’s not much you can do to get it back — unless you live in the EU. Apparently EU residents alone are able to appeal Spotify’s content moderation decisions.
Will folks rush to customize their playlists? It seems like a reasonable assumption given their massive popularity. According to the company, more than 8 billion playlists have been created to date.
Want to create your own playlist, but wish someone would help you curate it? Spotify recently launched an AI playlist creation tool. The company has also partnered with Instagram to give Spotify users one-tap song saves when they discover new tracks on the Meta-owned social network.
Google has introduced a new update to Google Photos, improving its sharing menu. The latest change allows users to add more photos to share with an app without going through multiple steps. The update first noticed on Pixel devices running Android 15 by Smartdroid, simplifies the process for bulk sharing photos. This adjustment addresses user feedback regarding the complexity of the previous system.
Google Photos share menu adds more flexibility
The new update simplifies how users share images from Google Photos. Previously, sharing multiple images required extra steps, either by selecting multiple photos before hitting the share button or manually modifying the selection once inside the share menu. This sometimes felt cumbersome, particularly when users forgot to choose multiple images beforehand.
Now, the new Google Photos share menu enables users to swipe through images directly within the sharing panel. This new feature offers more flexibility by letting users add or remove photos before sending them to another app or contact. It removes the need to backtrack through the photo gallery to modify the selection.
The new sharing feature is reportedly being rolled out on devices running Android 15, with some Pixel 9 users already experiencing the update. According to reports, the Google Photos share menu now allows users to swipe left and right to browse through images without leaving the sharing panel. This swipe feature makes it easier to refine selections without disrupting the sharing process.
A gradual rollout
Android Police reports on the feature’s availability vary across devices. For instance, some users on Pixel 9 devices running Android 15 have confirmed the new functionality. However, others using Pixel 8 devices have not yet seen the change.
Interestingly, some iPhone users have already noticed the update in their Google Photos app. This shows that the rollout is not limited to Android devices. The update isn’t yet available to all users. However, the gradual rollout suggests it will soon reach a wider audience. This new feature is the latest in a series of updates to improve the experience for millions of users worldwide.
Netflix’s gaming arm is best known for its indie and mobile titles, but the company recently made a push into AAA by hiring execs from high-profile franchises like Halo, Overwatch and God of War. That strategy may be coming to an end, though, as Netflix is shutting down its AAA studio known as Team Blue, the company confirmed to Game File.
In 2022, Netflix brought on former Overwatch boss Chacko Sonny to head up a new SoCal-based AAA studio. A year later, former Halo exec Joseph Staten was hired on as Creative Director, followed by God of War art director Rafael Grassetti. At the time, both Staten said he was working on a multi-platform AAA game with all-new IP.
Those executives are no longer with the company and Netflix confirmed to Game File that Team Blue has been shut down. Engadget reached out to Staten and Grassetti for comment.
Netflix got into gaming in 2017 with its retro-inspired Stranger Things mobile game. In the following years, its strategy was primarily centered around obtaining mobile publishing rights to respected indie titles like Into the Breach and Terra Nil. It also built a number of mobile games in-house. In 2023, Netflix had nearly 90 such titles in development with in-house and partner studios.
Those can be accessed through Netflix’s app and played directly on your device, so they fit in pretty well with its overall streaming strategy. The Team Blue studio venture didn’t quite line up as neatly with that model, though, which made it a bit of a surprise. As Engadget’s Igor Bonifacic noted at the time, “funding the development of a multiplatform AAA game is significantly more ambitious and, it should be noted, risky.”
The Phillips 66 Carson refinery is shown after the company said it will shut its large Los Angeles-area oil refinery late next year, delivering a blow to California’s fuel supply, in Carson, California, U.S., October 17, 2024.
Mike Blake | Reuters
U.S. crude oil futures extended gains on Tuesday, after rising nearly 2% in the previous session.
Oil prices have bounced back somewhat after selling off steeply last week. Traders increasingly view a supply disruption in the Middle East due to Israel-Iran tensions as unlikely.
Weak demand in China has also weighed on prices recently. Beijing cuts its benchmark lending rates on Monday, lending some support to the futures market.
Here are Tuesday’s energy prices:
- West Texas Intermediate November contract: $71.22 per barrel, up 66 cents, or 0.94%. Year to date, U.S. crude oil has fallen slightly.
- Brent December contract: $74.85 per barrel, up 56 cents, or 0.75%. Year to date, the global benchmark has declined nearly 3%.
- RBOB Gasoline November contract: $2.0342 per gallon, up 0.97%. Year to date, gasoline has pulled back about 3%.
- Natural Gas November contract: $2.318 per thousand cubic feet, up 0.26%. Year to date, gas has fallen nearly 8%.
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AI video startup Genmo launches Mochi 1, an open source rival to Runway, Kling, and others
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