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Telstra faces penalties after broadband speed ruling

Australia’s Federal Court has ruled that telecom giant Telstra misled customers about downgrading the upload speed of its broadband plans. The Australian Competition & Consumer Commission (ACCC) initiated legal action in December 2022, accusing Telstra of downgrading the upload speeds for nearly 9,000 customers in 2020 without informing them or adjusting charges accordingly.

The ACCC argued that Telstra’s failure to notify customers deprived them of the chance to decide whether the altered service met their needs. The regulator is seeking penalties, compensation for affected customers, and other measures, with a final decision to be made by the court later.

Telstra expressed disappointment in the ruling but acknowledged the court’s decision. A spokesperson said the company would review the judgment before deciding on further steps.

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KuCoin applies for MiCA licence to expand in Europe

KuCoin’s European subsidiary has applied for a Markets in Crypto-Assets (MiCA) licence in Austria, aiming to expand its services across the European Economic Area. The move aligns with the exchange’s efforts to comply with EU regulations and strengthen its position in the European market. If approved, KuCoin will operate as a regulated crypto-asset service provider, offering secure and compliant digital asset services.

The company has chosen Vienna as its regional headquarters, citing Austria’s strong regulatory framework and access to skilled professionals in the crypto and fintech sectors. KuCoin CEO BC Wong called the MiCA application a major milestone in the company’s global strategy, emphasising its commitment to compliance and transparency. Two industry veterans, Oliver Stauber and Christian Niedermüller, have been appointed to oversee KuCoin EU’s operations.

Austria has emerged as a key player in Europe’s evolving crypto landscape, attracting major exchanges due to its structured regulatory approach. The MiCA framework, set to be fully implemented by the end of 2024, provides a single licensing system for crypto firms to operate across all EEA member states. With several international exchanges securing licences, KuCoin’s application is part of a broader trend as crypto companies race to establish a foothold in the European market.

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Brazil slaps X with $1.42 million fine for noncompliance

Brazil‘s Supreme Court Justice Alexandre de Moraes has fined social media platform X, owned by Elon Musk, 8.1 million reais ($1.42 million) for failing to comply with judicial orders. The ruling, made public on Thursday, follows a legal case from 2023 where the court had instructed X to remove a profile spreading misinformation and provide the user’s registration data.

X’s failure to meet these demands resulted in a daily fine of 100,000 reais, and the company’s local legal representative faced potential criminal liability. The court order required the immediate payment of the fine, citing the platform’s noncompliance. X’s legal team in Brazil has not commented on the matter.

In 2024, X faced a month-long suspension in Brazil for not adhering to court orders related to hate speech moderation and for failing to designate a legal representative in the country, as mandated by law.

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Nigeria demands $81.5 billion from Binance over taxes and currency impact

Nigeria has filed a lawsuit against cryptocurrency giant Binance, demanding $79.5 billion in damages for alleged economic losses and $2 billion in unpaid taxes. The case, brought by Nigeria’s Federal Inland Revenue Service (FIRS), claims that Binance’s unregistered operations in the country have negatively impacted its currency and evaded significant tax obligations.

The lawsuit also seeks penalties and interest on the unpaid taxes, pushing the total amount even higher.

Authorities allege that Binance played a role in destabilising Nigeria‘s naira by becoming a primary platform for local currency trading. In 2024, two Binance executives were detained as part of a broader crackdown on cryptocurrency platforms.

The FIRS argues that Binance holds a “significant economic presence” in Nigeria, making it liable for corporate income tax for 2022 and 2023, plus a 10% penalty and a 26.75% interest rate on unpaid sums.

Binance, which has stopped trading in the naira and is contesting the charges, is also facing four counts of tax evasion, including non-payment of value-added tax and aiding users in tax avoidance. Separate money laundering charges have been filed by Nigeria’s anti-corruption agency, which Binance has denied.

The exchange previously stated that it is working with Nigerian authorities to address potential historic tax issues.

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Amazon’s own Appstore will no longer work on Android devices

Amazon has announced that its Appstore will no longer support Android devices from 20 August, 2025. While the marketplace will remain available on Fire TV and Amazon tablets, the company has not provided a clear reason for the change. Apps previously downloaded through the Appstore may continue to function, but Amazon warns they will no longer receive updates and may stop working over time.

This decision follows Microsoft’s move to discontinue Amazon’s Appstore support on Windows in early March. Alongside this, Amazon is also shutting down its Amazon Coins programme, a virtual currency used for app purchases. Users can spend their remaining balances until 20 August, after which refunds will be issued for any unused coins.

Despite attempts to compete with Google’s Play Store, Amazon’s Appstore struggled to gain widespread traction. While it initially offered unique features like app test drives and exclusive deals, its market share has diminished over time. With this latest move, Amazon appears to be shifting focus away from third-party Android devices, consolidating its ecosystem around its own hardware.

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UAE sees surge in crypto app downloads in 2024

The United Arab Emirates saw a sharp rise in cryptocurrency app downloads in 2024, with a total of 15 million installations recorded. According to data from AppsFlyer, this marked a 41% increase compared to the previous year, with the biggest surge occurring in December when downloads hit 2.8 million.

Analysts attribute this spike to several factors, including growing interest in digital assets and global political shifts. The US presidential election in November, won by Donald Trump, was seen as a boost for the crypto industry due to his pro-crypto stance. His launch of a meme coin in January further fuelled global interest, drawing new investors into the market.

While adoption continues to grow, retaining users has proven to be a challenge. AppsFlyer reported that aggressive marketing campaigns contributed to 60% of downloads, yet one in five crypto apps was uninstalled within 30 days. Despite this, January saw another record high, with 3.5 million downloads in the UAE alone, setting the stage for what could be a record-breaking year for the industry.

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AI adoption surges as OpenAI passes 400 million users

OpenAI’s weekly active users exceeded 400 million in February, marking significant growth in AI adoption. The company had 300 million weekly users in December, and its paid business subscribers have more than doubled since September, surpassing 2 million.

Competition in the AI space remains intense, with China’s DeepSeek claiming its new model can rival or outperform Western alternatives at a lower cost.

Surging demand has led to service outages for the startup, while questions persist about its access to Nvidia’s H800 chips despite US export restrictions.

OpenAI also reported a sharp increase in developer traffic for its AI models, with usage of its latest o3 model rising fivefold since its January launch.

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China’s tech giants take on US rivals in stock market surge

Chinese tech stocks are experiencing a major surge, inspiring catchy nicknames as they rival the United Stat e s ‘Magnificent Seven’ tech giants. Driven by excitement around AI startup DeepSeek and perceived state backing following President Xi Jinping’s meeting with business leaders like Alibaba founder Jack Ma, the Hong Kong market has climbed significantly.

The Hang Seng index now ranks among the best-performing major markets this year, with leading firms stepping into the spotlight.

Brokerages have dubbed rising Chinese companies the ‘Seven Sisters,’ likely emerging from sectors like AI, chip-making, and high-end manufacturing. Companies such as Tencent, Alibaba, Xiaomi, and BYD are top contenders.

Another group, the ‘Terrific Ten,’ has also gained attention, with firms like JD.com, Geely, Baidu, and SMIC included, boosting the Hang Seng Tech index by nearly 70% over the past year—outpacing Nasdaq’s 27% gain.

The rivalry pits China‘s rising stars against the US ‘Magnificent Seven,’ a term coined by Bank of America, representing giants like Apple, Meta, and Nvidia.

Meanwhile, UBS has identified eight AI-driven Chinese stocks as the ‘VENUS Eight,’ and DeepSeek features among the ‘Little Dragon’ startups in Hangzhou, signalling China’s growing tech ambitions in the global market.

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STMicroelectronics unveils new AI chip for data centres

STMicroelectronics has announced the launch of a new computer chip aimed at the rapidly expanding AI data centre market. Developed in collaboration with Amazon Web Services (AWS), the photonics chip uses light rather than electricity, which helps increase speed and reduce power consumption in AI data centres. These chips are expected to be used in transceivers, which are crucial components in data centre infrastructure.

As top US software companies plan to invest $500 billion into AI infrastructure, there is rising demand for specialised chips, not only for computing but also for memory, power, and communications applications. ST’s new chip targets the communications sector, with a focus on improving the efficiency of transceivers, which are essential in AI data centres. The company also has a collaboration agreement with AWS to deploy this technology in their infrastructure later this year.

ST is working with a leading provider of optical solutions, although the company’s name has not been disclosed, to integrate the new chip into next-generation transceivers. The market for such devices, valued at $7 billion in 2024, is expected to grow significantly, reaching $24 billion by 2030. ST will begin mass production of these chips at its facility in Crolles, France.

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AI chip boom drives Lam Research’s latest tool innovations

Lam Research has introduced two new chipmaking tools designed to support the growing demand for advanced AI semiconductors. The company unveiled ALTUS Halo, a deposition tool that applies molybdenum layers to chips, enhancing their performance and enabling further scaling for next-generation devices.

Micron Technology has already adopted the tool, bringing molybdenum into mass production, according to executive Mark Kiehlbauch.

Alongside ALTUS Halo, Lam launched Akara, an etching tool that removes excess material from semiconductor wafers, creating precise chip structures essential for complex AI applications.

These innovations position Lam to compete with major players in wafer fabrication equipment, including Applied Materials, ASML, and KLA Corp.

As AI-driven semiconductor demand surges, major clients like Micron, Samsung Electronics, and Taiwan Semiconductor Manufacturing Co (TSMC) are relying on advanced manufacturing tools.

TSMC executive Y.J. Mii highlighted the need for innovative solutions to develop more powerful chip architectures. In January, Lam reported a strong third-quarter revenue forecast, signalling positive growth amid the AI chip boom.

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