The move to legalize online poker started six months ago and a few changes have been seen since then. The legalization is expected to stop illegal online gambling that has been going on in the country since the activity was banned, and in turn, could also increase tax revenues for Russia. The rest of terms and time measures on this remain unknown.
Legal & Regulatory
Bankrupt cloudControl Releases Control Over dotCloud, PaaS To Suspend Operation on February 29
cloudControl, German owning entity of dotCloud, has filed for bankruptcy this week. To facilitate operation for the European brand, it has decided to shut down the operation of dotCloud. The PaaS has sent mails to its users regretting its failure to continue service and expresses gratitude for keeping trust on the brand. The startup that has once independently backed Silicon Valley’s prominent startup, Y Combinator, is going to end its path on February 29.
Digital Currency: China Reveals Plan to Launch its Own Digital Currency
The timeframe to this plan is still unknown, but the central bank claims that the process has been going on since 2014. China has stated some benefits for having a digital currency in their financial system, including transparency, digital track-recording, as well as reducing transaction costs. Bitcoin, a global digital currency, gained popularity in China in 2013 but has also brought some controversies about the risks.
Revenue-Shares: Google Reportedly Pays $1 Billion for Apple to Keep Its Search Bar on iOS Devices
In an Oracle court proceedings against Google, it was revealed that the search engine company could be paying Apple at least $1 billion in revenue-shares. The payment was made to keep Google's search bar on Apple devices. A source named the sharing percentage for Apple to be 34 percent, but it's yet to be officially confirmed nor denied.
USDA’s investigation to Pennsylvanian small-animal dealer over substandard conditions prompted Petco to cut ties with supplier
Pennsylvanian small-animal dealer Holmes Chinchilla Ranch and Other Small Animals Inc is being investigated by the U.S. Department of Agriculture over substandard conditions of facilities.
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The survey revealed that one of the top concerns defining most U.S companies' tough times doing business in China is uncertain regulations that they perceived as unwelcoming to foreign companies. The slowing of China's economic growth also remains a concern, along with rising labor costs, censorship, and air pollution. However, China is still most foreign countries' investment priority among other markets.
Oracle has been accusing Google for violating copyright law through using Java operating system in Android for long five years. The search engine provider has failed in its earlier bid to derail the case in the US Supreme Court and lawsuit proceeding has resumed in a North Carolina District Court. The database maker’s attorney has placed to Google’s financials to claim a margin from Google’s earnings since its introduction of Androids.
Amazon, among retailers, has started offering full refunds for hoverboards in US and Canada ahead of growing concerns for reported fire incidences. CPSC is investigating two wheeler balance boards manufactured by 13 companies. Earlier, the retailing giant has offered refund for the UK customers. Intriguingly, hover boards of different manufacturers are still being sold amidst offering refunds.
E.F. Greenberg, representing other investors, sued Viacom, CBS, and some of their executives for prioritizing the interest of its 92-year-old executive chairman, Sumner Redstone, more than its shareholders.
YouTube and Pakistani authorities agreed on some unknown terms that give partial power for the government to request the removal of offensive materials. However, the requests will be thoroughly reviewed and being accounted for. Other terms remain unknown.
Palmer Luckey, founder of Oculus Rift company have to stand in court in a lawsuit against him. The plaintiff is Total Recall Technologies that accused the 23-year old to use its data illegally.
Martin Shkreli is looking for new lawyers to help him fight securities fraud charges. The request has been filed by his current lawyers to the Judge Kiyo Matsumoto. The lawyers also asked to delay a status conference set for Wednesday.
The Chinese Police has confirmed that Lee Bo, the missing Hong Kong publisher has been held by Guangdong Provincial Public security department. Lee and four others, connected with a publishing house and bookstore, has remained disappeared for couple of days. The publishing house’s books are banned in mainland China allegedly for criticizing the communist party leaders.
Indian Prime Minister Narendra Modi reveals the details of his much talked-about project, Startup India. Some key highlights are revised IP registration policies, faster exit and entry, income tax exemptions, and benefits for a woman entrepreneur. Modi hopes with this plan in action, India will soon become the hub for global startups.
