The US Securities and Exchange Commission (SEC) has reached a settlement with Mango DAO and Blockworks Foundation regarding the unregistered sale of MNGO tokens, which are classified as securities. The settlement also addresses charges against Mango Labs for functioning as an unregistered broker in connection with various crypto assets on the Mango Markets platform. The SEC’s complaint asserts that these entities deprived investors of crucial protections guaranteed by federal securities laws by avoiding necessary registration requirements.
The SEC reports that Mango DAO and Blockworks Foundation raised more than $70 million from unregistered sales of MNGO tokens beginning in August 2021, targeting investors globally, including those in the US. The agency alleges that Blockworks Foundation and Mango Labs operated as unregistered brokers by soliciting users to trade securities, offering investment advice, and facilitating transactions on the Mango Markets platform.
Jorge Tenreiro, Acting Chief of the SEC’s Crypto Assets and Cyber Unit, emphasised that being labelled a decentralised autonomous organisation does not exempt entities from registration requirements. As part of the settlement, Mango DAO, Blockworks Foundation, and Mango Labs have agreed to pay nearly $700,000 in civil penalties, destroy their MNGO tokens, and stop soliciting trading for these tokens, pending court approval. The investigation and litigation were overseen by members of the SEC’s Crypto Assets and Cyber Unit.
In August 2023, Powerchip Semiconductor Manufacturing Corp (PSMC) announced a partnership with Japan’s SBI to build a chipmaking plant in Japan. However, the plan was halted last Friday, with reports suggesting that PSMC’s declining financial performance may be the cause. PSMC has denied these claims, stating that the decision to terminate the collaboration is unrelated to its financial situation.
PSMC explained that its collaboration with SBI was structured around the Fab IP model, which involves offering consulting services, personnel training, and technology transfer in exchange for service fees and royalties. The company does not plan to invest in or oversee the operations of the new factory. After the board confirmed the termination of the partnership, PSMC dispatched representatives to Japan’s Ministry of Economy, Trade and Industry (METI) to clarify the situation and has informed SBI Holdings of the decision.
Reports indicate that PSMC opted not to assume the risks tied to the project, resulting in the dissolution of their partnership to build the facility in Miyagi Prefecture. This plant was projected to start mass production by 2027, specialising in automotive semiconductors with an estimated investment of ¥800 billion. Despite these challenges, SBI intends to proceed with the project by searching for new partners.
Notably, this decision comes after PSMC recently announced its intention to supply technology for a new chip plant in India, in partnership with Tata Group. The company has signed an agreement to assist in constructing India’s first 12-inch wafer fab in Dholera, Gujarat, which will employ mature process technologies and provide training for local workers. This USD 11 billion facility is expected to have a monthly capacity of 50,000 wafers and create over 20,000 high-tech jobs in the region.
Appario, a former top seller on Amazon India, has petitioned a court to dismiss an antitrust investigation that concluded Amazon and several sellers breached local competition laws. The Competition Commission of India (CCI) alleges that Amazon, Walmart’s Flipkart, and certain smartphone brands favoured select sellers and prioritised specific listings. These accusations were based on a 2021 Reuters investigation, which exposed Amazon’s internal practices. Despite the findings, Amazon continues to deny any misconduct.
Appario, which has ceased selling on Amazon, is contesting the CCI’s findings in the Karnataka High Court, asserting that the report implicating it should be “set aside.” This legal action marks the first challenge to the CCI’s ongoing investigation, initiated in 2020, and poses a significant obstacle for Amazon in India, one of its most important markets.
The CCI previously conducted raids on Appario and other sellers during its investigation. Court records indicate that Appario is also challenging a CCI order that requires it to submit financial statements following the investigation. Neither Amazon nor Appario has commented on the ongoing legal proceedings.
China and Africa cooperate to enhance digital infrastructure, which has emerged as a cornerstone of their evolving economic partnership. Over the past decade, substantial investments from Chinese enterprises have facilitated the construction of essential digital frameworks across Africa.
That includes initiatives such as laying extensive fibre optic cables, establishing robust 5G networks and creating data centres that ensure high-speed connectivity. As a direct consequence of this collaboration, millions of people are now connected, and local economies are being transformed through expanded e-commerce opportunities. Notably, the surge in digital trade has opened new avenues for economic growth in African nations, attracting vital investments and fostering entrepreneurship.
Moreover, Chinese companies have played a crucial role in this transformative process by offering technical support, financial backing, and infrastructure development. Consequently, these efforts have contributed to a vibrant marketplace where an increasing number of online shoppers can access a diverse range of goods and services. Additionally, efforts to promote sustainable development are evident in the improvements to service trade and the establishment of resilient financial infrastructures. By leveraging advancements in digital technology, the partnership optimises sectors such as transport and tourism, enhancing operational efficiency and user experiences.
Why does this matter?
Furthermore, as financial technology (fintech) rapidly evolves, there is a focus on bolstering the stability of financial systems in African countries. By harnessing technologies like blockchain, IoT, and AI, Chinese financial institutions collaborate with local partners to create innovative service models, addressing financial risks and fostering an investment-friendly environment. Through initiatives like the Belt and Road Initiative, both regions are committed to advancing digital transformation while ensuring economic growth aligns with sustainable practices that benefit future generations.
Dell has launched the Dell AI for Telecom Program, a strategic initiative to streamline the integration of AI solutions for communications service providers (CSPs). The program addresses the rising demand for advanced technologies in the telecommunications sector, empowering CSPs to optimise operations and meet evolving customer needs.
A cornerstone of this initiative is the expanded partnership with NVIDIA, which focuses on co-developing customised AI solutions through the Dell AI Factory. The program aims to enhance network performance and customer service, offering solutions such as advanced customer care platforms, operational automation, and robust network troubleshooting capabilities.
Dell is forging strategic partnerships with key industry players to drive innovation and expedite AI adoption. For example, its collaboration with Lintasarta, an Indonesian ICT solutions provider, aims to offer GPU-as-a-Service to national businesses, granting them access to high-performance AI infrastructure.
Furthermore, Dell is working with SK Telecom to develop an AI chat agent and the Mobile Network Operator (MNO) AI Platform, seamlessly integrating AI into existing business support systems to streamline telecom operations. To bolster these initiatives, Dell Professional Services will assist CSPs in strategising, implementing, and managing AI solutions tailored explicitly for the telecommunications sector. Overall, these concerted efforts position Dell’s initiatives as pivotal in driving network cloud transformation, reducing operational costs, and unlocking new revenue streams through innovative AI applications.
HP has introduced its newest innovation, the HP Print AI experience, designed to change the way we print. Now in exclusive beta, this feature includes Perfect Output, which improves webpage printouts by automatically eliminating unwanted elements such as ads and unusual formatting. As a result, users will get only the essential text and images they need.
Beyond enhancing web page printing, HP Print AI optimises spreadsheet outputs to keep charts and tables intact on a single page. Users can also create personalised greeting cards through conversational prompts, allowing them to incorporate custom styles and fonts. Additionally, the technology can upscale images and remove unwanted objects from photos, further enriching the printing experience.
HP plans to roll out additional features for Print AI through 2025, although details on compatible printers are still pending. While users anticipate these upgrades, the inclusion of a chat interface may offer a more interactive way to address common printing frustrations, enhancing the overall experience with HP printers.
Uber Technologies and WeRide announced a partnership on Wednesday to integrate the Chinese self-driving technology firm’s vehicles into Uber’s rideshare platform, beginning in the UAE. This collaboration represents WeRide’s first foray with a global ride-hailing service. This allows Uber to expand its reach beyond China while continuing to incorporate robotaxis into its offerings. Earlier this month, Uber also expanded its partnership with Waymo to roll out robotaxis in Austin and Atlanta, and in August, it teamed up with General Motors’ Cruise to feature autonomous vehicles on its platform beginning next year.
The WeRide partnership is scheduled to launch in Abu Dhabi later this year, following the company’s acquisition of the UAE’s first and only national license for self-driving vehicles, which allows it to test and operate robotaxis on public roads across the country. WeRide had aimed to list its shares in the US, targeting a valuation of up to $5 billion; however, its initial public offering has been postponed as the firm completes the necessary documentation.
Meanwhile, the Biden administration recently proposed restrictions preventing Chinese automakers from testing self-driving cars on US roads, extending to vehicle software and hardware produced by other foreign adversaries, including Russia.
Google has filed a formal complaint with the European Commission over Microsoft’s cloud business practices. The tech giant argues that Microsoft uses its dominant position with Windows Server to stifle competition and lock customers into its Azure platform. Specifically, Google claims Microsoft enforces heavy mark-ups on users of rival cloud services and restricts access to essential security updates.
The dispute follows a recent settlement where Microsoft paid €20 million to resolve concerns raised by European cloud providers. However, the agreement excluded key rivals like Google and Amazon Web Services (AWS), fuelling further criticism. Google insists only regulatory action will halt what it sees as Microsoft’s monopolistic approach, urging the EU to step in and ensure fair competition.
Microsoft denies the accusations, stating they have settled similar issues amicably with other European providers. A Microsoft spokesperson expressed confidence that Google would fail to persuade the European Commission, as it had failed with EU businesses.
Google believes immediate intervention is necessary to prevent the cloud market from becoming increasingly restrictive. They warn that Microsoft’s influence over the European cloud sector, which is growing rapidly, could limit options for customers and hurt competitors.
TrueCoin and TrustToken have settled charges with the SEC over an unregistered offering of investment contracts between November 2020 and April 2023. The companies promoted their TrueUSD stablecoin and decentralized finance platform TrueFi as safe investments, which the SEC later deemed misleading.
The SEC complaint, filed on 24 September, stressed the importance of proper company registration for investor protection. Despite this, some within the crypto industry, including former SEC staff, have criticised the agency’s approach, calling its regulatory tactics unclear and excessive. This case adds to the ongoing tension between the SEC and the crypto sector.
Without admitting wrongdoing, both companies agreed to pay a combined fine of $163,766, with TrueCoin facing an additional $340,930 in penalties. The crypto industry has spent over $7 billion in SEC fines since 2013, with penalties rising sharply in recent years.
India is actively engaging with countries in Africa and South America to establish a digital payments system based on its Unified Payments Interface (UPI), with expectations of launching two systems by early 2027. Ritesh Shukla, CEO of NPCI International Payments Ltd (NIPL), indicated that the organisation is close to finalising an agreement with one of the nations involved in discussions, which encompass over 20 countries.
The National Payments Corporation of India (NPCI), which oversees UPI, has seen significant growth, with monthly transaction volumes reaching nearly 15 billion in August—a 41% increase year-over-year. Earlier this year, NIPL signed agreements with the central banks of Peru and Namibia to develop real-time payment systems akin to UPI, targeting launches by late 2026 or early 2027. Serious talks have also been held with Rwanda, although Shukla refrained from disclosing specific details about the ongoing discussions.
In addition to developing new payment systems, NIPL is working to integrate UPI with real-time payment solutions from other countries, including Singapore’s PayNow. The organisation has successfully established seven links and is actively pursuing more partnerships. To bolster these efforts, NIPL plans to double its current team of 60 by March 2025, aiming to enhance its operations beyond its existing presence in Singapore and the Middle East.
