The United Kingdom is sending its first trade delegation focused on AI and semiconductors to Kolkata on 18-19 November 2024. Seventeen leading British organisations specialising in technological innovation will take part in the two-day mission.
A key goal is to explore business opportunities in West Bengal and eastern India, fostering partnerships between British companies and Indian stakeholders. The initiative is aimed at bolstering collaboration in AI and semiconductor research, development, and manufacturing, addressing the growing demand in these sectors.
Andrew Fleming, the British Deputy High Commissioner to East and North-East India, expressed enthusiasm for the initiative, highlighting the potential for new partnerships. He emphasised the strengthening ties between the UK and India in the technology sphere, particularly in East and Northeast India, as key drivers for this mission.
Activities during the visit include roundtable discussions, networking events, and Business-to-Business meetings. Organised by the British Deputy High Commission in Kolkata in partnership with NASSCOM and Asterix Innovations, the engagements aim to identify opportunities for collaboration, innovation, and investment, paving the way for expanded cooperation between the UK and India.
Ethiopia’s National ID Program (NIDP) has partnered with four other government institutions to enhance access to integrated public services as part of the Digital Ethiopia 2025 initiative. The collaboration, formalised through a Memorandum of Understanding (MoU) signed on 12 November, includes the Ethiopian Artificial Intelligence Institute, the Information Network Security Administration, the Addis Ababa Civil Registration and Residency Service Agency, and the Addis Ababa Innovation and Technology Development Bureau.
Digital Ethiopia 2025 aims to transform the nation into a digital society by next year, with the national ID system serving as a crucial component. Engr. Worku Gachena, Director General of the Ethiopian Artificial Intelligence Institute, highlighted that the collaboration will simplify access to government services, particularly through the issuance of residence and national ID cards. Additionally, AI solutions are being explored to ensure efficient, secure, and high-quality service delivery.
Other officials emphasised that the partnership will advance the rollout of legal and digital ID services for Ethiopian citizens and foreign residents. Yodahe Zemichael, Executive Director of NIDP, described the initiative as a key driver of national prosperity and development. Yonas Alemayehu, Director General of the Addis Ababa Civil Registration and Residency Service Agency, pointed out that digital ID plays a foundational role in the ongoing smart city project, with efforts ramping up for digital ID enrolment across Addis Ababa.
The Fayda digital ID system is increasingly being integrated into various government operations, including public procurement. Looking ahead, Ethiopia plans to launch a new digital government program extending to 2030, with Fayda ID as a central element.
Social media platform Bluesky is experiencing rapid growth as users abandon Elon Musk’s X following Donald Trump’s presidential election victory and concerns over upcoming changes to the platform’s terms of service. Bluesky reported gaining 2.5 million new users in a week, pushing its total to over 16 million. Activity on Bluesky has surged, with record engagement levels, as organisations like the Guardian and prominent figures such as former CNN anchor Don Lemon leave X.
The election of Trump brought both heightened activity and backlash for X. On November 6, the platform saw 46.5 million visits in the US, a year-high figure, but also recorded more than 115,000 account deactivations, the most since Musk’s acquisition. Bluesky and Meta’s Threads also saw increased traffic, signalling growing competition. Analysts attribute Bluesky’s growth partly to dissatisfaction with X’s handling of misinformation and controversial content during the election.
Adding to the exodus is X’s imminent policy change requiring all legal disputes to be settled in Texas courts, a move critics claim favours Musk. The Center for Countering Digital Hate argued this could shield the platform from accountability, while Musk and X remained silent on the controversy. Despite Bluesky’s growth, it trails competitors like Threads and X in total user base, with analysts suggesting X remains strong due to its association with President-elect Trump and microblogging’s inherent network advantages.
TikTok has rolled out Symphony Creative Studios worldwide, a generative AI video creation platform designed for advertisers. The platform aims to simplify the creation of tailored, high-quality content for businesses, creators, and agencies.
Unveiled earlier this year at the TikTok World Product Summit, Symphony is part of a broader suite of tools. These include Symphony Assistant, Symphony Digital Avatars, and the TikTok Ads Manager, all focused on enhancing creative capabilities on the platform.
Symphony Creative Studios offers features like automated content generation from text, video previews, remixing, and digital avatar creation. Users can also access tools for translation and customisation, making it easier to adapt content for diverse audiences.
AI-powered tools have become essential in attracting brands, with TikTok joining other tech companies in integrating these technologies to strengthen its advertising business. Symphony aims to position the platform as a leader in digital marketing innovation.
Fireblocks, a digital assets platform, has partnered with South Korea’s NongHyup Bank to develop a blockchain-powered prototype for tax refunds. The project will utilise Fireblocks’ Tokenisation Engine to simplify value-added tax (VAT) and goods and services tax (GST) refunds on retail purchases, focusing on increased security and real-time tracking of transactions.
The initiative aims to enhance transparency while reducing operational costs, with tokenisation providing immutable records that prevent fraud. NongHyup Bank, which serves over 10 million customers, views the partnership as a step forward in delivering innovative blockchain solutions.
Fireblocks continues to expand beyond its core custody services, recently offering derivatives trading and launching a Web3 kit for start-ups. With over $6 trillion in digital assets securely transferred, the company’s collaboration with NongHyup Bank highlights the growing adoption of blockchain in traditional financial services.
The global cryptocurrency market has surged past $3 trillion, fueled by a resurgence in interest following Donald Trump’s recent presidential election win, which many investors believe could usher in favourable US regulations. This milestone marks a new peak, eclipsing even the 2021 boom fueled by pandemic-era investments, as the total market value reached nearly $3.2 trillion in early November, according to CoinGecko. Bitcoin, the market’s leader, hit a record high of $93,480, with other cryptocurrencies like Ether and Dogecoin also seeing significant gains.
Trump’s election and pro-crypto lawmakers in Congress appear to have injected optimism by easing concerns over regulatory uncertainty. Bitcoin has doubled in value this year and jumped 30% since Election Day to $90,000, while Ether rose to $3,220, and Dogecoin gained 140%, supported by endorsements from Trump ally Elon Musk. Institutional interest has also grown, with increased buying in crypto exchange-traded funds hinting at broader adoption from financial entities.
Yet, the overall value of cryptocurrencies remains modest compared to traditional assets like gold or the US stock market. Some segments of the crypto market, such as NFTs, remain subdued. However, industry insiders suggest that sustained high market values could lead to further exploration of blockchain applications, including decentralised finance and real-world asset tokenisation, signalling that crypto’s current momentum might spark broader financial innovations.
Europe’s largest tech company, ASML, projected an annual sales growth of 8% to 14% over the next five years, driven by strong demand for its advanced chip-making tools amid a global boom in AI. ASML’s CEO Christophe Fouquet highlighted the company’s advanced EUV technology as pivotal in meeting the growing AI demand, positioning the firm well for continued profitability.
Ahead of its investor day in the Netherlands, ASML forecasted revenue between €44 billion and €60 billion by 2030, with stable gross margins between 56% and 60%, reassuring analysts who had been concerned by recent earnings shortfalls. The company’s shares rose by 2.6% in early trading, buoyed by its steady outlook on AI-driven growth despite weaker demand in other chip segments.
ASML faces challenges in China, where US and Dutch export restrictions prevent it from selling its most advanced EUV and certain DUV tools. However, ASML continues to supply older DUV models to Chinese buyers, even as China’s share of ASML’s total sales has dropped significantly.
Indonesia‘s top telecom company, Indosat Ooredoo Hutchison, and tech giant GoTo Gojek Tokopedia launched Sahabat-AI, a new large language model ecosystem designed to support AI-based services in Indonesian languages. This initiative aims to empower local developers to create applications that reflect Indonesia’s diverse languages and cultural nuances.
The Sahabat-AI project is supported by AI Singapore and India’s Tech Mahindra, using Nvidia’s AI Enterprise software and the Nvidia NeMo platform for robust language processing capabilities. Contributions from universities and media groups will further tailor the model to Indonesia’s unique context.
In its initial phase, Sahabat-AI will offer 8-billion and 9-billion parameter models, highlighting Indonesia’s growing AI sector, which has already drawn significant investment interest, including a recent data centre pledge from Microsoft.
London-based startup Tessl has raised $125 million in funding, achieving a valuation exceeding $500 million. Led by founder and CEO Guy Podjarny, the company aims to address challenges in managing software created by both humans and AI. Podjarny, known for his work with Snyk and Akamai, brings deep industry expertise in software security and scalability to this new venture.
Tessl plans to launch its AI-driven platform early next year, designed to simplify code creation and maintenance. The system will enable developers and non-technical team members to provide specifications in natural language or code, with Tessl generating code to meet those requirements. This approach allows users to test and adjust code in a secure sandbox environment before it’s deployed, with the AI automatically identifying and fixing potential issues to keep software running smoothly.
The platform is envisioned as open and adaptable, intended to work alongside other AI coding assistants. This flexibility has attracted significant investor interest, with Index Ventures, Accel, GV, and Boldstart among the backers. Tessl will initially support Java, Javascript, and Python, with plans to expand to more languages over time.
The name ‘Tessl’ reflects its goal of creating a seamless ‘tessellation’ of code, preventing overlaps and inconsistencies that often arise in software development. By streamlining the code lifecycle, Tessl aims to alleviate the increasing complexity in software engineering, particularly as AI-generated code continues to proliferate.
Amazon has launched ‘Amazon Haul,’ a low-cost shopping service aimed at capturing budget-conscious consumers in the US The platform offers a range of products priced primarily under $10, with some items starting at just $1. Accessible through the Amazon app, the service caters to customers looking for affordable essentials and aligns Amazon with popular discount rivals like Temu and Shein.
The move comes as Amazon adapts to changing consumer habits, with CEO Andy Jassy noting a shift toward cheaper items and basic goods. Available via an app update, users can explore ‘Haul’ by simply searching for it within the Amazon interface. The company hopes this initiative will appeal to customers seeking value in a tightening economy.
By tapping into the growing market for low-cost ecommerce, Amazon aims to strengthen its position against rising competition from Chinese platforms. With its vast product range and customer base, ‘Amazon Haul’ could redefine how Americans shop for everyday low-cost items.
