google-site-verification=cXrcMGa94PjI5BEhkIFIyc9eZiIwZzNJc4mTXSXtGRM In 2023, Canoo spent twice its annual revenue on its CEO’s private jet - 360WISE MEDIA
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In 2023, Canoo spent twice its annual revenue on its CEO’s private jet

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There’s a nugget in Canoo’s 2023 earnings report regarding the usage of CEO Tony Aquila’s private jet – just one among many expenses that illustrates the difference between expenses and revenues in an electrical vehicle startup.

Canoo reported its fourth-quarter and full-year 2023 earnings on Monday regulatory filings shows how the corporate is saving money because it tries to scale up production of economic electric vehicles and avoid the identical fate as other electric vehicle startups just like the recently bankrupted Arrival. The regulatory proposal once more features a going concern warning – which stays in place from 2022 – in addition to some progress on expenses and revenues.

The company generated revenue of $886,000 in 2023 in comparison with zero dollars in 2022 because it delivered 22 vehicles to entities akin to NASA and the state of Oklahoma. Indeed, it reduced operating losses by almost half, from $506 million in 2022 to $267 million in 2023. However, the gap between revenues and losses continues to be significant: in 2023, the corporate reported total net losses of $302.6 million.

But you simply need to take a look at how much Canoo pays to rent the CEO’s private jet to place these “winnings” into perspective. Under the agreement signed in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for the prices of using the aircraft. In 2023, Canoo spent $1.7 million on this reimbursement – twice the revenue generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 to be used of the aircraft.

The documents show Canoo also paid Aquila Family Ventures $1.7 million in 2023, $1.1 million in 2022 and $500,000 in 2021 to support shared services at its Justin office in Texas.

This could possibly be attributed to low costs if Canoo achieves its 2024 revenue forecast of $50-100 million.

We’ve reached out to Canoo for comment and can update this post if we hear back.

This article was originally published on : techcrunch.com
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Fintech CRED generally secures consent to a payment aggregator license

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CRED has received general approval for a payments aggregator license, a boost that might help the Indian fintech startup higher serve customers and produce recent products and concepts to market faster.

The Bengaluru-based startup, valued at $6.4 billion, received approval in principle from the Reserve Bank of India for a payments aggregator license this week, according to two sources acquainted with the matter.

CRED didn’t immediately respond to a request for comment.

Last yr, the RBI gave in-principle approval for payment aggregator licenses to several firms, including Reliance Payment and Pine Labs. Typically, it takes the central bank nine months to a yr to give full approval after approval in principle.

Payment aggregators play a key role in facilitating online transactions by acting as intermediaries between merchants and customers. The RBI approval enables fintech firms to expand their offerings and compete more effectively available in the market.

Without a license, fintech startups must depend on third-party payment processors to process transactions, and these players may not prioritize such requests. Obtaining a license allows fintech firms to directly process payments, reduce costs, gain greater control over payment flow and directly onboard merchants. Additionally, licensed payment aggregators can settle funds directly with sellers.

The license could also allow CRED to make it available to more retailers and “be everywhere their customers shop,” an industry executive said.

In principle, the approval of the license for CRED comes as India’s central bank has been cracking down on many business practices within the fintech industry in recent quarters and generally increasing caution in granting any form of licenses to firms. In a stunning move, the Reserve Bank of India earlier this yr ordered Paytm Payments Bank to halt most of its operations.

CRED, which incorporates Tiger Global, Coatue, Peak XV, Sofina, Ribbit Capital and Dragoneer, serves a large section of high-net-worth clients in India. It originally launched six years ago with a feature to help members repay their bank card bills on time, but has since expanded to include loans and several other other products. In February, it announced it had reached an agreement to buy mutual fund and investment platform Kuvera.

This article was originally published on : techcrunch.com
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Internet users are getting younger; now the UK is considering whether artificial intelligence can help protect them

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Artificial intelligence appeared in sights governments concerned about their potential for misuse for fraud, disinformation and other malicious activities on the Internet; currently in the UK, the regulator is preparing to analyze how artificial intelligence is getting used to combat a few of these, particularly in relation to content that is harmful to children.

Ofcomthe regulatory body accountable for enforcing UK regulations Internet Security Actannounced that it plans to launch a consultation on how artificial intelligence and other automated tools are currently used and the way they can be utilized in the future to proactively detect and take away illegal content online, specifically to protect children from harmful content and detect child abuse in sexual purposes, material previously difficult to detect.

These tools could be a part of a wider set of Ofcom proposals that concentrate on keeping children protected online. Ofcom said consultation on the comprehensive proposals would begin in the coming weeks, with a consultation on artificial intelligence happening later this yr.

Mark Bunting, director of Ofcom’s online safety group, says interest in artificial intelligence starts with taking a look at how well it is currently used as a control tool.

“Some services are already using these tools to identify and protect children from such content,” he told TechCrunch. “But there is not much details about the accuracy and effectiveness of those tools. We want to take a look at ways we can be sure that the industry assesses when it uses them, ensuring that risks to free speech and privacy are managed.

One likely consequence will likely be Ofcom recommending how and what platforms should assess, which could potentially lead not only to platforms adopting more sophisticated tools, but in addition to potential fines in the event that they fail to make improvements to blocking content or creating higher ways to stopping younger users from seeing this.

“As with many internet safety regulations, companies have a responsibility to ensure they take the appropriate steps and use the appropriate tools to protect users,” he said.

There will likely be each critics and supporters of those moves. Artificial intelligence researchers are finding increasingly sophisticated ways to make use of artificial intelligence detect deepfakes, for instance, in addition to for online user verification. And yet there are just as a lot of them skeptics who note that AI detection is not foolproof.

Ofcom announced the consultation on artificial intelligence tools at the same time because it published its latest study into kid’s online interactions in the UK, which found that overall, more younger children are connected to the web than ever before, to the extent that that Ofcom is currently ceasing activity amongst increasingly younger age groups.

Nearly 1 / 4, 24%, of all children ages 5 to 7 now have their very own smartphones, and when tablets are included, that number increases to 76%, in response to a survey of U.S. parents. The same age group is far more prone to eat media on these devices: 65% have made voice and video calls (in comparison with 59% only a yr ago), and half of kids (in comparison with 39% a yr ago) watch streaming media.

Age restrictions are getting lighter on some popular social media apps, but whatever the restrictions, they aren’t enforced in the UK anyway. Ofcom found that around 38% of kids aged 5 to 7 use social media. The hottest application amongst them is Meta’s WhatsApp (37%). We were probably relieved for the first time when flagship image app Meta became less popular than viral sensation ByteDance. It turned out that 30% of kids aged 5 to 7 use TikTok, and “only” 22% use Instagram. Discord accomplished the list, but is much less popular at just 4%.

About one third, 32% of kids of this age use the Internet on their very own, and 30% of fogeys said that they weren’t bothered by their minor children having social media profiles. YouTube Kids stays the hottest network amongst younger users (48%).

Games which were the hottest amongst children for years are currently utilized by 41% of kids aged 5 to 7, and 15% of kids at this age play shooting games.

Although 76% of fogeys surveyed said they’d talked to their young children about web safety, Ofcom points out that there are query marks between what a baby sees and what they can report. When examining older children aged 8-17, Ofcom interviewed them face-to-face. It found that 32% of kids said they’d seen disturbing content online, but only 20% of their parents said they’d reported anything.

Even considering some inconsistencies in reporting, “the research suggests a link between older children’s exposure to potentially harmful content online and what they share with their parents about their online experiences,” Ofcom writes. Disturbing content is just considered one of the challenges: deepfakes are also an issue. Ofcom reported that amongst 16-17-year-olds, 25% said they were unsure they may tell fake content from real content online.

This article was originally published on : techcrunch.com
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Robots could make work less important for human co-workers

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Much has been written (and can proceed to be written) concerning the impact of automation on the labor market. In the short term, many employers have complained about their inability to fill positions and retain employees, further accelerating robot adoption. It is unclear what long-term impact the sort of radical change can have on the labor market in the long run.

However, an often neglected aspect of this conversation is how human staff discuss their robotic colleagues. There is way to be said for systems that enhance or eliminate the more strenuous elements of physical work. But can technology even have a negative impact on worker morale? Both things can actually be true at the identical time.

The Brookings Institute released this week results findings from several surveys conducted over the past decade and a half to evaluate the impact of robotics on the “meaning” of work. Team of advisors thus defines this admittedly abstract concept: :

“When examining what makes work meaningful, we draw on self-determination theory. According to this theory, meeting three innate psychological needs – competence, autonomy and relatedness – is vital to motivating employees and enabling them to feel purpose through their work.

The data was collected from worker surveys conducted in 14 industries in 20 European countries and in comparison with data on robot adoption published by the International Federation of Robotics. Industries covered by the study included automotive, chemical products, food and beverage, and metal manufacturing.

The institute reports a negative impact on employees’ perceived level of meaningfulness and autonomy.

“If the number of robots in the food industry matched that in the automotive industry,” notes Brookings, “we estimate that meaningful work would decline by 6.8% and autonomy by 7.5%. The autonomy aspect speaks to ongoing concerns about whether the implementation of robotics in industrial settings may also make the roles performed by human counterparts more robotic. Of course, the counterpoint has often been made that these systems effectively remove a lot of probably the most repetitive elements of those roles.

The institute further suggests that some of these impacts are felt across roles and demographics. “We found that the negative consequences of robotization for the meaningfulness of work are the same, regardless of the employees’ education level, skill level or the tasks they perform,” we read within the article.

When it involves how you can take care of this alteration, the reply probably won’t be to easily reject automation. As long as robots proceed to have a positive impact on corporate bottom lines, their adoption will proceed to grow rapidly.

Brookings resident Milena Nikolova offers a seemingly easy solution when she writes, “If companies have mechanisms in place to ensure that people and machines work together rather than compete to perform tasks, machines can help improve employee well-being.”

This is one in every of the important thing drivers behind automation firms touting collaborative robotics as an alternative of direct substitute of staff. A contest between humans and their robotic counterparts will almost actually lead to a loss.

This article was originally published on : techcrunch.com
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