Tech News

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.

Also Read: Google raising price of YouTube Premium to $13.99 per month

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

Netflix falls as benefits from password-sharing limit to take time

Netflix (NFLX.O) stock fell over eight percent on Thursday following the video streaming service giant sluggish revenue increase raised doubts about how quickly its new ventures will develop.

Thanks to repression on the sharing of passwords and the launch of a less expensive membership tier that is paired with commercials, the business attracted roughly 6 million customers in the second quarter, exceeding Wall Street’s estimates by nearly three times.

Greg Peters, the company’s co-chief executive officer, warned that it would be several quarters before the results of those initiatives were seen because the quarterly sales growth and projection fell short of expectations.

On Thursday, Netflix stock had its second-worst day of the year, shedding roughly eighteen billion dollars in worth. The stock has risen approximately 48 percent to this point in 2023.

The industry was “realms away” from understanding if the highly-touted advertising tier could grow into the next money supplier according to Sophie Lund-Yates who is a Hargreaves Lansdown analyst. “Netflix must extract every bit of profit as possible through various avenues she also said.

Also Read: Google raising price of YouTube Premium to $13.99 per month

The business has been competing against Disney+ alongside Amazon Prime Video in a market that is beginning to show indications of overcrowding in the United States of America. The majority of the business’s new subscribers are from nations where it has lower costs.

“Some folks are using the result as an excuse to take some profits,” Pivotal Research Group analyst Jeffrey Wlodarczak said.
Source: reuters.com

Despite this, analysts continued to have a generally positive outlook for the company, with a minimum of 26 of them raising their price goals in anticipation of the new revenue-generating efforts accelerating the increase in revenue in the second quarter of 2023.

They stated that the current Hollywood dispute could not affect the streaming service’s slate until 2024, which might provide the firm an advantage over its rivals given that it has a strong schedule of programming.

The corporation also has a sizable global footprint, which gives it the opportunity to access a variety of non-American programming and protects it from the strike. The popularity of its non-English titles, including “Physical 100”, “The Glory,” and “Alice in Borderland,” has also increased.

“Every other streamer is now increasing prices, while Netflix is now extremely competitive with its ad tier. It is putting all the building blocks in place for future revenue growth,” PP Foresight analyst Paolo Pescatore said.
Source: reuters.com

Suhani Jain

Google raising price of YouTube Premium to $13.99 per month

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

In the United States, the cost of YouTube Premium has gone up from 2 dollars to 13.99 dollars a month from what it previously was. The new fee was secretly adjusted on Google’s registration site for the application, which was initially discovered by 9to5Google.

A yearly membership to YouTube Premium will now cost 139.99 dollars instead of the previous 19.99 dollars, in addition to the monthly pricing hike.

A rise in the cost is also being implemented for YouTube Music in the United States, which is an online music streaming app that can be accessed alone or as included in a Premium membership. According to recent pricing changes for Tidal, Amazon Music, and Apple Music, it is now priced at 10.99 dollars per month.

Spotify is a prominent exception because it continues to charge 9.99 dollars every month, but the chief executive officer Daniel Ek currently said the music streaming service is prepared to increase its prices which indicates a comparable hike would not be far off.

Google issued an official statement to The Verge confirming the price rise.

“We’re updating the price for YouTube Premium and YouTube Music Premium subscribers in the US to continue delivering great service and features,” YouTube spokesperson Jessica Gibby said in a statement.

“We believe this new price reflects the value of YouTube Premium which allows subscribers to enjoy ad-free YouTube with background and offline play and uninterrupted access to over 100M songs with the YouTube Music app.”
Source: theverge.com

Gibby reaffirmed that most current customers of Premium, as well as YouTube Music Premium, would experience pricing increases starting with the following payment cycle and added that they may anticipate receiving an email confirming the price increase.

Also Read: Coinbase CEO Brian Armstrong Set to Meet With House Democrats

The price rise for single users comes after news of a comparable pricing hike for family plan customers to YouTube Premium during October.

Additionally subject to the price rise are existing 9.99 dollars YouTube Red members. When Google last increased the cost of a without ads YouTube subscription as part of the rebranding from “YouTube Red” to “YouTube Premium” in 2018, it still permitted previous YouTube Red users to maintain their previous monthly rate. Until the price rise takes effect, these members are getting three more months of service at their present cost.

It doesn’t look like there are any sudden plans to raise the cost by the same amount in other countries, but Google isn’t canceling the possibility.

“We re-evaluate our pricing on an ongoing basis as conditions change in countries around the world,” YouTube’s Gibby said in a statement. “Any future price increases will be communicated first and foremost directly to existing members, providing a minimum of 30 days before any price increases take effect.
Source: theverge.com

Suhani Jain

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.

Also Read: Meta now lets you make video calls using a cartoon avatar

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.

Coinbase CEO Brian Armstrong Set to Meet With House Democrats

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

Coinbase CEO Brian Armstrong is scheduled to have a private meeting with a group of U.S. House of Representatives Democrats on Wednesday morning to discuss the future of digital asset legislation.

The meeting holds significance as it takes place amidst ongoing legal battles faced by Coinbase and Binance, two of the world’s largest cryptocurrency exchanges, with the U.S. Securities and Exchange Commission (SEC).

The lawsuits filed by the SEC allege that both Coinbase and Binance failed to register their operations with the agency. If successful, these legal actions could have far-reaching implications for the entire crypto market, as they would establish the SEC’s jurisdiction over the industry.

This would contradict the industry’s long-standing argument that tokens should not be classified as securities and therefore should not be subject to regulation by the commission.

In addition to discussing the future of digital asset legislation, Armstrong is expected to address other pertinent issues during the meeting, including tax regulations, national security concerns, privacy considerations, and the climate impact of cryptocurrency operations. A spokesperson for the New Democrat Coalition confirmed these topics in an emailed statement.

Also Read: Elon Musk launches AI firm xAI as he looks to take on OpenAI

Coinbase has yet to comment on the meeting, as the request for comment was made outside of their business hours. However, the exchange has previously stated that it vehemently denies the SEC’s allegations and is fully prepared to vigorously defend itself in court. Binance has taken a similar stance, rejecting the SEC’s claims and affirming its commitment to fighting the lawsuit.

Brian Armstrong, known for his outspoken criticism of the SEC, has been particularly vocal about his disagreement with SEC Chair Gary Gensler. He has referred to Gensler as an “outlier” among Washington policymakers, expressing his differing views on cryptocurrency regulation.

The upcoming meeting with House Democrats provides Armstrong with an opportunity to present his perspectives and engage in a dialogue on the future of digital asset legislation.

The outcome of this meeting could have significant implications for the regulatory landscape surrounding cryptocurrencies in the United States. As the crypto industry continues to grow and evolve, discussions between industry leaders and lawmakers will play a crucial role in shaping the future of digital asset regulation, with potential ramifications for investors, businesses, and the broader financial system.

The meeting between Coinbase CEO Brian Armstrong and House Democrats holds promise for constructive discussions on digital asset legislation and regulatory concerns in the cryptocurrency industry.

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.

Gmail now pushing Enhanced Safe Browsing

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

If you recently accessed Gmail on your web browser, most likely, you saw a popup that said, “Enhanced Safe Browsing.” The notification can be delayed or ignored, but it could have caught your attention. Who, after all, would not want to use the internet safely in these days of rising cyber fraud?

Users get a quicker experience and greater proactive security from unsafe websites, downloads, as well as extensions, according to Google, when “Enhanced Safe Browsing” is enabled. It automatically enhances the safety of Gmail along with Google Chrome.

More people are now noticing the prompt, which only recently began to roll out. According to Google, activating Enhanced Safe Browsing would offer “real-time” safety checks and alert individuals about potentially harmful websites, programs, and extensions.

Additionally, it appears to enhance Google’s capacity to identify and shield from malware as well as phishing for both you and others who are browsing the web. In addition, Google says that its applications provide greater protection against harmful connections.

Users must access their Google accounts, choose security from the left-hand menu, scroll down to discover Enhanced Safe Browsing for Your Gmail Account, and then choose whether or not to activate it.

Also Read: Microsoft signs agreement to keep Call of Duty on PlayStation

Google says that the change may not become active for a maximum of 24 hours.

The timing of Google’s change coincides with an increase in online fraud. Due to the quick growth of free-to-use artificial intelligence (AI) generative sites, email fraudsters, including those using Gmail, might discover it much simpler to craft plausible email hoaxes. Even though “Enhanced Safe Browsing” may contain many perks, google is also storing data to safely guard privacy.

The official FAQ notes:

“To help protect your account and data, Enhanced Safe Browsing for your account checks for risks: URLs, Downloads, Browser extensions, System information, and Small sample of pages.”
Source: indiatoday.in

To preserve privacy, Google has recommended masking acquired data after a brief interval.

However, CNET, citing a Princeton and Stanford Universities study, notes that “anonymized data, including search histories, can be linked to social media profiles using publicly available data.”
Source: indiatoday.in

Emerging programmers could be harmed by the functionality since they could be required to wait for the company’s credible certification. This is a result of the company’s recent adoption of strict dev program regulations. Days of waiting time could be detrimental to new developers.

Suhani Jain

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