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Minis

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Image Credit: Minis

Now the joke is you cannot become a CEO in America if you are not Indian: US Ambassador Garcetti

US Ambassador to India Eric Garcetti praised Indian immigrants, stating that 1 in 10 CEOs of Fortune 500 companies are Indian immigrants who studied in the US.
He humorously remarked that the old joke about Indians not becoming CEOs in America has been reversed, highlighting their significant contributions to companies like Google, Microsoft, and Starbucks.
Garcetti assured Indian parents of students studying in the US about their safety and well-being, emphasizing the country's commitment to supporting them. He underscored the availability of resources, including mental health support, for students far from home.

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VIE Stories

58m

Google for Startups Accelerator: AI First in India Accepts Applications

The Google for Startups Accelerator: AI First programme is accepting applications for its 2024 India round.
Selected startups will receive three months of equity-free support and guidance on building AI solutions.
They will also have access to the Google mentor network, training, tech stack credits, and AI tools.
The accelerator program focuses on startups using AI and large language models for generative AI-based solutions.

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432 reads

Minis

HCLTech bucks IT industry trend, adds 2,725 employees in Q4

HCL Technologies stands out in the IT sector, adding 2,725 employees in Q4, defying industry trends. With 3,096 freshers onboarded, totaling 12,141 for the year, HCLTech's workforce now reaches 227,481.
Notably, it recorded a mere 1,537 YoY increase. Attrition dropped to 12.4%, a notable achievement. Ramachandran Sundararajan, Chief People Officer, attributes this success to enhanced people practices and investments.
In contrast, other top Indian IT firms experienced declines in headcounts. HCLTech's robust performance extends to its financials, with Q4 net profit at Rs 3,986 crore and a revenue surge of 7.1%. For FY24, revenue climbed 8.3% to Rs. 109,913 Crores, with net profit growing by 5.7% to Rs 15,702 crore.

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554 reads

HinduBusinessLine

Pune court asks police to probe bribery allegations against IT major Cognizant

Pune court has ordered the police to investigate bribery allegations against IT major Cognizant.
The complaint is based on the proceedings of the US Securities Exchange Commission against Cognizant's parent firm.
The court directed the Anti Corruption Bureau to register an offense and investigate the allegations.
Cognizant stated that it does not comment on ongoing legal matters and is committed to complying with the law.

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830 reads

Bitcoinist

New Data Reveals Bitcoin Mining May No Longer Be Profitable – Here’s Why

Bitcoin mining profitability is nearing a record low, posing challenges for miners.
The 'hashprice,' a metric gauging miner revenue, has dipped close to its all-time low.
Smaller mining operations may struggle in the competitive and capital-intensive industry.
Marathon Digital plans to adapt to reduced mining rewards and aims to double its mining operations by 2024.

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422 reads

HRKatha

Tech Mahindra’s employee count drops by 6,945

Tech Mahindra's employee count decreased by 6,945 in FY24, marking the second consecutive annual decline.
As of Q4, the company's total headcount stood at 145,455, reflecting a decrease of 4,354 employees from the previous quarter.
The attrition rate for Q4 decreased to 10%, continuing the declining trend observed since the beginning of fiscal year 2023.
In FY25, Tech Mahindra plans to recruit approximately 6,000 freshers and provide AI-related training to over 50,000 employees.

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743 reads

Siliconangle

Image Credit: Siliconangle

Storage ownership gets new look with IBM’s introduction of FlashSystem 5300 and a customer assurance model

IBM introduced the IBM FlashSystem 5300, a one rack unit designed for high availability and enterprise-class data services.
The FlashSystem 5300 integrates AI-powered predictive analytics with Storage Insights, enabling AI-based data placement and automation.
IBM also launched the Storage Assurance subscription model, offering regular hardware and software upgrades, along with premium-level support.
These announcements demonstrate IBM's focus on meeting customer needs, maximizing spending, and embracing impactful technologies like AI.

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466 reads

Insider

Warren Buffett's real-estate firm will spend $250M to get out of legal hot water

A real-estate brokerage owned by Warren Buffett's Berkshire Hathaway has agreed to pay $250 million to settle a lawsuit over its commission fees.
Home sellers alleged that HomeServices of America conspired to force sellers to pay inflated agent commissions.
The settlement brings the industry closer to resolving the long-running case involving brokers' commission scheme.
Other brokerages have also faced lawsuits, with the National Association of Realtors paying a $418 million settlement.

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618 reads

Gsmarena

Apple once again blocks Spotify's EU app update

Apple has once again rejected Spotify's EU app update, which included in-app pricing information.
Apple wants Spotify to accept its updated rules on the Music Streaming Services Entitlement, which includes paying a 30% commission for in-app purchases.
Spotify refuses to adopt Apple's revised changes and accuses Apple of defying the European Commission's decision.
As a result, Spotify users on iOS in the EU will need to purchase subscriptions outside of Spotify's app.

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454 reads

HinduBusinessLine

HCLTech Q4 FY24 net profit flat at ₹3,986 crore

HCLTech reported flat net profit of ₹3,986 crore in Q4 FY24.
Consolidated revenue for the quarter grew by 7.11% y-o-y to ₹28,499 crore.
The company gave a guidance of 3-5% growth in revenue for FY25.
HCLTech recorded an interim dividend of ₹18 per equity share for FY25.

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703 reads

readwrite

Here’s one Japanese store’s enterprising method of selling broken Intel chips — for less than $5

A Japanese store is selling broken Intel chips for a bargain price of 500 Yen ($3.25).
The chips are dispensed from a Gacha machine, similar to those that provide small toys.
The Intel CPUs on sale have significant faults, such as reduced cores and threads.
Although the chips are broken, they serve as souvenirs or novelties for tech enthusiasts.

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676 reads

Medium

Mark Zuckerberg’s Symbolic $1 Salary: Unveiling Meta CEO’s Compensation Package

Mark Zuckerberg's base salary at Meta is just $1, but a significant portion of his compensation is allocated to security expenses, which amounted to $9.4 million in 2023.
Expenses related to the private use of aircraft for Zuckerberg reach nearly $1 million, justified by specific threats he faces as the face of Meta.
Zuckerberg's total wealth is primarily tied to his ownership stake in Meta, with a net worth of $158.7 billion.
Meta's success is evident in its reported revenue of $134.9 billion and significant share price growth of over 43% year-to-date.

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651 reads

Insider

Meta's median pay for employees is $379,000 a year

Meta's recent SEC filing revealed a median employee salary of over $379,000 in 2023, reflecting the company's generous compensation practices.
While this figure surpasses industry averages, it aligns with trends in Big Tech where roles at companies like Google and Amazon also offer lucrative pay packages. Despite CEO Mark Zuckerberg's modest $1 salary, his total compensation reached $24.4 million, largely due to security and logistical costs.
However, Meta's emphasis on efficiency, exemplified by ongoing layoffs and performance reviews, underscores the challenges of sustaining success in the competitive tech landscape amidst ambitious AI investments.

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Macrumors

Image Credit: Macrumors

Apple Asks Customers for Vision Pro Feedback

Apple has started sending out surveys to Vision Pro customers, asking for feedback.
The survey includes questions about satisfaction, favorite features, frequency of use, and usage sessions.
There have been reports of waning interest in the Vision Pro headset, with decreased usage and demand for demos.
Apple analyst Ming-Chi Kuo believes that addressing key applications, price, and comfort is crucial for the Vision Pro's success.

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590 reads

Economic Times

Capria Ventures announces final close of India Opportunity Fund at Rs 153 crore

Capria Ventures has concluded fundraising for its India Opportunity Fund at Rs 153 crore.
The fund, previously known as Unitus Ventures, had announced the first close at Rs 80 crore in February 2023.
Capria Ventures has backed startups like BetterPlace, Cuemath, Masai School, and Eduvanz through its Opportunity fund.
Capria Ventures manages assets exceeding $207 million globally and focuses on early and early-growth stage startups in various sectors.

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680 reads

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