Techlife News #498

Read the most relevant news of the week about the world of technology and its influence on our lives. New products, Apps, acquisitions in the industry, highlights about the digital world and everything about your favorite iGadgets and upgrades. Everything you need to keep well informed. A new concept of light, intelligent, innovative reading at your fingertips. A global view of Tech LifeStyle and its influence on our lives.

United States
Ivan Castilho de Almeida
$3.99(Incl. tax)
$53.31(Incl. tax)
52 Issues

in this issue

1 min
tesla to stop accepting bitcoin for car payments

Electric car maker Tesla will stop accepting Bitcoin as a payment, CEO Elon Musk tweeted on Wednesday, citing environmental concerns. “We are concerned about rapid increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of any fuel,” Musk said on Twitter. He added that cryptocurrency is a “good idea on many levels” but its promise cannot come at a “great cost to the environment.” Tesla, he added, won’t be selling any of the Bitcoin it owns. The price of bitcoin fell about 5% to $51,847 after Musk’s comments on Twitter. Tesla’s stock finished Wednesday down 4.4%. Tesla said in February that it had invested around $1.5 billion in Bitcoin and it planned to begin accepting the digital currency as payment “soon.” The fair market value of…

1 min
facebookbacked digital currency project diem shifts to us

A once-ambitious Facebook-backed digital currency project — formerly known as Libra, now called Diem — is shifting operations from Switzerland to the U.S. and said it plans to launch a cryptocurrency tied to the U.S. dollar later this year. As part of the move, Diem said it is also withdrawing its application for a payment system license from the Swiss Financial Markets Authority, which it has not been able to secure thus far. The Diem Association, which includes Facebook and 25 other companies, said Wednesday has it entered a partnership with Silvergate Capital Corp. to issue a “stablecoin” backed by the U.S. dollar. A stablecoin is a digital currency backed by real-world assets such as national currencies or other commodities. As the name implies, stablecoins are designed to not fluctuate wildly in value.…

2 min
biden signs order to beef up federal cyber defenses

President Joe Biden signed an executive order meant to strengthen U.S. cybersecurity defenses in response to a series of headline-grabbing hacking incidents that highlight how vulnerable the country’s public and private sectors are to high-tech spies and criminals operating from half a world away. The order will require all federal agencies to use basic cybersecurity measures, like multi-factor authentication, and require new security standards for software makers that contract with the federal government. Officials are hoping to leverage the federal government’s massive spending power to make widely used software safer for the private sector as well. “The federal government needs to make bold changes and significant investments in order to defend the vital institutions that underpin the American way of life,”Biden said in his executive order. His actions come as the administration has…

2 min
china says xiaomi removal from u.s. blacklist “beneficial”

China’s commerce ministry on Thursday welcomed the removal of Xiaomi Corp. from a U.S. government blacklist, a day after the U.S. reversed a ban on U.S. investments in the smartphone maker that was imposed under former President Donald Trump. “China has always believed that removing sanctions and restrictions and stopping suppression of Chinese companies will benefit China, the United States, and the world,” Gao Feng, spokesperson for China’s Ministry of Commerce, said at a news briefing Thursday. Xiaomi, a Beijing-based company known for its value-for-money smartphones and smart devices, was added to a Defense Department blacklist in January this year in the last few days of the Trump administration, which accused it of links to China’s military. U.S. investors were ordered to divest their stakes held in Xiaomi by November. In response, Xiaomi sued…

1 min
alibaba records first quarterly operating loss since ipo

Alibaba had its first quarterly operating loss since it went public in 2014 after Beijing slapped a record $2.8 billion fine on the nation’s largest e-commerce company for abusing its market position. The loss tied to the anti-monopoly fine was 7.66 billion yuan ($1,170 million) for the quarter that ended in March, though revenue growth was 64%, reaching 187.4 billion yuan ($28.6 million). At the opening bell on the NYSE Thursday, shares tumbled more than 6%. Authorities launched an investigation into Alibaba last year and abruptly halted the $37 billion initial public offering of shares from its financial affiliate Ant Group as Beijing grew increasingly concerned over the growing influence of technology giants in China. Beijing has fined multiple technology firms over antitrust violations and has since launched a probe into Alibaba rival Meituan…

2 min
amazon wins eu court fight over $300 million tax ruling

In the latest setback to European Union efforts to tackle corporate tax avoidance, a court on Wednesday annulled a ruling by the European Commission that a tax deal between Amazon and Luxembourg’s government amounted to illegal state support. The EU’s executive branch ordered the U.S. online retailer in 2017 to pay around 250 million euros ($300 million) in back taxes to Luxembourg. But judges at the EU’s General Court said the European Commission didn’t prove “to the requisite legal standard that there was an undue reduction of the tax burden of a European subsidiary of the Amazon group.” Amazon said it welcomed the court’s decision, which is “in line with our long-standing position that we followed all applicable laws and that Amazon received no special treatment,” the company said in a statement.…