RBI Enhances NBFCs 🏦, Honor Re-enters India 📱, SoftBank Soars 🚀

Catch up on the latest in tech, business and startups - all in 5 minutes. [Newsletter Banner] Daily News Roundup Welcome to today's edition of the NextBigWhat Daily News! Today's top stories include enhanced regulatory procedures for NBFCs from RBI, Honor's re-entry into India, and SoftBank's successful Nasdaq debut. 📰 Help us reach your your friends and colleagues! Share the NextBigWhat newsletter. [Tweet it]( [Whatsapp]( SoftBank’s Arm Sees Strong $60bn Nasdaq Debut, Shares Soaring 10% Above Offer Price - SoftBank’s Arm Holdings was valued near $60 billion in successful Nasdaq debut, with shares jumping above their offer price. - Despite hurdles and market fluctuations, experts see Arm’s listing as a critical boost to the IPO market and fosters confidence amidst investors. - Despite some concerns about exposure to risks in China, the IPO was oversubscribed multiple times, evidencing faith in the company’s prospects. Las Vegas casinos face substantial cyberattacks by young hacker group - Young hacker group ‘Scattered Spider’ has brought Las Vegas casino-hotels, including MGM Resorts and Caesar’s Entertainment, to a standstill with cyberattacks. - The hackers deploy social engineering to obtain crucial login credentials and conduct ransomware attacks, bringing about operational disruptions in casinos. - Although the group members are younger and less experienced, their native English proficiency and social engineering skills pose a significant threat to major US organizations. The most and least useful slides in pre-seed decks #startupfunding [NBW Newsletter Ad]( nextbigwhat brings you curated news, product and tech trends across a range of industries. Delete the least useful slides from your Preseed deck. [Read]( WordPress introduces ActivityPub plug-in for enhanced social interaction - WordPress now allows blogs to interact with users on federated platforms like Mastodon using the ActivityPub plug-in. - The tool enables blog-wide accounts, ‘follow me’ button, ‘followers’ display, and received comments from federated platforms. - Their plug-in now has over 42,831 installations and soon, support for WordPress.com blogs. RBI Announces Enhanced Regulatory Procedures for 15 Large NBFCs in FY24 - RBI has listed 15 NBFCs, including LIC Housing Finance and Tata Sons, under the Upper Layer category for increased regulatory compliance. - These NBFCs will be subject to enhanced regulation for at least five years, despite any fluctuation in their parametric criteria. - TMF Business Services Ltd has been excluded from the NBFC-UL list due to its ongoing business reorganisation. Get NBW News: The short news app for busy professionals. [App Store]( [Google Play]( Windows 11’s Snipping Tool adds OCR tech, Phone Link improves editing speed - Microsoft updates Snipping Tool and Phone Link apps on Windows 11, preview available to Windows Insiders. - Snipping Tool acquires OCR to recognize and copy text from screenshots, along with redacting features. - Phone Link speeds up editing process by sending notifications upon capturing a new photo. IRS to Leverage AI in Investigating Millionaire Tax Evaders - The IRS will use AI to find inconsistencies in various tax sectors to detect evasion among wealthy individuals and corporations. - Focus is on taxpayers with annual income over $1 million and debt greater than $250,000, along with large corporations. - By end of September, IRS will start examining 75 of the largest partnerships in the US as part of this initiative. MSN Fails to Address Plagiarized AI-Generated Content Despite Deleting Some Articles - MSN has deleted an AI-plagiarized article syndicated from Race Track that inaccurately depicted deceased NBA player Brandon Hunter. - Despite these removals, MSN continues to syndicate barely comprehensible content from Race Track, including copied articles. - MSN’s intermittent deletion of certain AI-generated articles indicates a lack of systematic content moderation and the likelihood of more such instances. Patronus AI debuts LLM evaluation tool for regulated industries, secures $3M seed funding - Patronus AI, a startup founded by ex-Meta AI experts, has launched a service to test and evaluate large language models (LLMs), focusing on regulated industries. - The newly-released tool aims to identify potential difficulties in LLMs, especially instances where the model presents incorrect answers due to a lack of relevant data. - Alongside revealing their product, Patronus AI also announced a $3 million seed round led by Lightspeed Venture Partners with participation from Factorial Capital and several industry angels. AI-driven Marketing Platform Pixis Raises $85M, Eyes Profitability in Q4 - Pixis has raised $85 million in a Series C1 round, bringing its total funding to $209 million. - The platform anticipates profitability in Q4 after a 140% YoY growth in 2023 and annual recurring revenue of $50 million. - Funding will be used for R&D, infrastructure expansion, strategic partnerships, and potential acquisitions, as well as expanding the sales and business development teams. Honor reintroduces smartphones in India after three-year hiatus - Honor, a top five Chinese smartphone maker, reenters India with Honor 90, its first new device in over three years. - Local firm HTech, under a licensing deal with Honor, will commence smartphone sales, aiming to reach a 5% market share by December 2024 and start local manufacturing in 2023. - After facing tough competition from brands like Xiaomi, Oppo, and Samsung, Honor and HTech will be implementing a new strategy to gain a foothold in India’s smartphone market. Indian Startups Appeal to TRAI Against Excessive OTT Regulations - SaveTheInternet campaign releases open letter from Indian startups to TRAI regarding regulation of OTT services. - The letter expresses concerns over ‘overregulation’ and potential ‘discriminatory consequences’. - It disputes claims that OTT services are ‘direct substitutes’ of traditional services and hence eating into their revenues. Increase in iPhone 15 Pro price in India due to taxes and duties - The Indian pricing of iPhone 15 Pro model has increased due to a weak rupee and significant taxes and duties levied. - GST, import duties, and other taxes account for approximately Rs 41,193.42 of the Rs 1,34,900 sticker price. - Apple begins iPhone 15 production in India, but components and Pro models still face import duties up to 22%. © 2023 Zakti Techmedia Pvt. Ltd. All rights reserved. | [Unsubscribe](