This Week in Apps: Google battles KakaoTalk, Twitter deal in jeopardy, FTC asked to investigate TikTok

 The weekly TechCrunch feature This Week in Apps reviews the most recent developments in mobile OS news, mobile applications, and the app ecosystem as a whole.

According to the most recent year-end statistics, the app market will continue to expand, with a record amount of downloads and consumer expenditure across the iOS and Google Play stores combined in 2021. According to App Annie, global spending on iOS and Google Play will reach $135 billion in 2021, and when its annual report, which includes third-party app stores in China, is released the following year, the amount will probably be higher. According to the study, consumers installed about 140 billion new apps this year, 10 billion more than in 2020.
Apps are a significant business in addition to being a method to kill time. Enterprises with a mobile emphasis were valued at $544 billion as a group in 2019, which is 6.5 times more than non-mobile companies. Investors invested $73 billion in mobile enterprises in 2020, a 27 percent increase from the previous year.

With the most recent information from the world of apps, including news, updates, startup fundings, mergers and acquisitions, and much more, This Week in Apps provides a means to keep up with this rapidly changing business in one location.

Elon says he’s killing the Twitter deal

The bird app buyout could be off, if Elon Musk has his way.
The termination of the merger deal was announced by Musk's legal team to Twitter on Friday. According to their letter, Twitter allegedly made false and deceptive statements regarding the state of its business. This obviously alludes to the controversy Musk had been creating regarding the service's projected bot usage rate, which Twitter claims to be less than 5%. Musk had already pressed Twitter for further details on this statistic, and Twitter gave Musk's team access to the API so they could determine it for themselves.

However, the letter claims that this API access was restricted and constrained, making it impossible for the team to adequately examine Twitter's data with reference to bots. (Which makes Musk's assertions that the number of bots is bigger than Twitter claimed it to be difficult to verify!) Additionally, according to Musk's attorneys, Twitter didn't follow a standardised procedure for determining its mDAUs or the percentage of bots, and it included known phoney and bot accounts in its mDAUs. Even if the arguments were convincing—which is impossible to say at this point—they prevent Musk from simply walking away.

As Musk has already signed the contract, the dispute will now proceed to court, where Twitter claims it intends to enforce the agreement at the agreed-upon price and terms. Additionally, Musk will be required to pay a billion dollars as a termination fee even if both sides agree to end the agreement.

It's unlikely that "bots" are the real cause of Musk's attempt to terminate. Because he is aware that he overpaid. What had previously appeared to be a reasonable deal (at $54.20 per share) rapidly turned out to be an overvalued deal in a macroeconomic context when tech stocks were sinking. Twitter's stock hasn't reclaimed the agreed-upon price since the announcement of the agreement; in fact, it recently dropped as much as 28 percent below Musk's offer price. Musk might be hoping to have a chance to negotiate a better price by pushing the transaction into the legal system. But it's not a given that will happen.

Google blocked KakaoTalk for not following its rules
FTC asked to investigate TikTok

This week, Google made clear that it intends to uphold its new Play Store policies on in-app purchases, regardless of the fact that the developer is a $1.5 billion tech powerhouse with the top app in its region. According to local media reports, the Korean business that created the well-known South Korean mobile messenger KakaoTalk was banned from updating its app due to its violation of Google Play's restrictions. This would be the first instance in which Google would put into effect its new Play Store guidelines about how apps can direct customers to their own websites for alternative payment methods.

The "anti-Google law" in South Korea, which governs in-app purchases, allows Google's app developers to include third-party payment methods alongside their own, but only under certain conditions. However, it does not allow app developers to provide links that let users completely avoid Google's paying system. KakaoTalk is continue to carry out that action.

Failure to abide with Google's standards could result in the complete removal of an app from the Play Store. Google hasn't gone that far yet; it has only prevented the business from releasing updates. However, this is still a severe punishment that is intended to compel the app to act.

Businesses don't like how Google complied with the country's new rule because Google isn't allowing them to avoid fees as they had intended, simply providing a reduction on commissions paid for those using third-party payments. Google announced on April 1 that all apps must either use its own payment system and pay the customary 15–30% in commissions, or they can use a third-party system in exchange for a 4–% savings on those costs.

Google and Kakao met with the Korea Communications Commission (KCC) on Thursday to discuss the situation. After then, Kakao gave in and decided to comply with Google's guidelines by removing the web link to the third-party payment system. Analysts theorised that Kakao's earlier refusal to take down the link was simply an effort to draw authorities' attention to the situation, showing how Google had complied with the letter but not the spirit of the legislation. Since most apps were already in accordance with the rule and the KCC was looking into how it was being applied, Google had not yet taken any disciplinary measures.

Approximately 53 million+ individuals use the Kakao Talk messaging app each month, making it one of the most popular social apps in the nation.

Members of the Senate Intelligence Committee have requested that the FTC look into allegations that TikTok misled Congress over ByteDance workers' access to U.S. users' data. Senators Mark Warner, a Democrat, and Marco Rubio, a Republican, who serve as the committee's head and ranking member, have asked FTC Chair Lina Khan to conduct additional research to determine whether TikTok may have lied to Congress about how it manages user data.

This demand comes in response to a BuzzFeed News investigation that showed ByteDance personnel in China were regularly accessing American data as late as early 2022, despite prior assurances from TikTok to the opposite. In response to the BuzzFeed story last weekend, TikTok wrote to Republican Senators to reassure them that it is working on a project named "Project Texas" to enhance data security for users in the United States.

The letter demanded that your organisation "immediately initiate a Section 5 investigation on the basis of apparent deception by TikTok" and "coordinate this work with any national security or counter-intelligence investigation that may be initiated by the U.S. Department of Justice" in light of the "new report."

Recently, TikTok has come under further pressure. On June 24, six senators wrote to the Treasury Department requesting information on the discussions between TikTok and CFIUS, which would have led to Trump's EO banning the TikTok app in the United States. On June 28, Brendan Carr, an FCC Commissioner, sent a letter to Apple and Google asking them to remove TikTok from their app stores due to "its record of sneaky data abuses."

End of a chapter at Theranos: What's next for former top two executives

In January, Elizabeth Holmes made history by becoming the first Silicon Valley entrepreneur to be found guilty of fraud related to her tenure as the CEO of the failing blood-testing company Theranos. Ramesh "Sunny" Balwani, her ex-boyfriend and former second-in-command, was also found guilty of fraud on Thursday by a different jury.

Their consecutive trials, which lasted over a year, marked the end of a startup that gained notoriety and a $9 billion valuation on the promise of revolutionising blood testing but instead turned into a cautionary story for digital entrepreneurs and businesses.

The focus now shifts to their upcoming sentencing hearings, with Holmes' scheduled for late September and Balwani's for mid-November, which will occur weeks apart from one another.

The former couple were initially charged jointly with the same 12 criminal offences four years ago, alleging that they had misled patients and investors about Theranos' capabilities and business practises in order to obtain money.

Their cases were dropped when Holmes made it clear she wanted to charge Balwani with assaulting her physically, emotionally, and mentally throughout the course of their ten-year relationship, which coincided with her time as the company's CEO. Through his counsel, Balwani has vehemently refuted the accusations.

Holmes' emotional testimony about the alleged abuse was mostly disregarded by the jury since it was deemed irrelevant to the counts she was facing, although the matter may be taken into consideration in

Holmes and Balwani each face a maximum sentence of 20 years in prison, a $250,000 fine, and restitution on each offence. However, legal professionals assert that receiving the full amount is extremely uncommon. It's also possible that any prison time imposed as a result of the charges will be served consecutively.

No one ever receives the maximum punishment allowed under the charge, according to Nancy Gertner, a retired US federal judge and senior lecturer at Harvard Law School. She added that some judges choose to give restitution a higher priority than jail time. "That doesn't happen as frequently now because it can seem like someone is buying their way out of jail, but it still happens occasionally,"

Holmes and Balwani's destinies will finally be decided by Judge Edward Davila, who presided over both of their trials, using sentence standards as a guide. Judge Davila will take into account a number of things, including the sum of money that was intended to be scammed. For instance, the total amount of the wire fraud accusations against individual investors was over $154 million.

The probation agency investigates each of the former executives between their convictions and their scheduled sentencing dates to provide a comprehensive look at their past, from their families to their finances, as well as their crimes, which will help the judge determine a sentence. The nature of Holmes' connection with Balwani, who is about 20 years her elder, and other factors, such as their psychological histories or any trauma, may also play a part in this. Additionally, Holmes and Balwani will be allowed to each submit a sentencing memo in which they will argue to the judge why they should receive a light sentence.

White collar defence expert Rachel Maimin, a partner at Lowenstein Sandler LLP, told CNN Business that "the offence itself is simply one aspect in the sentencing." "It's a crucial consideration, but it's not the only one. Each of them will be evaluated based on their own deeds and past experiences."

Both Holmes and Balwani were ultimately convicted guilty by separate juries, but they reached opposite conclusions.

Holmes, who left Stanford at the age of 19 to work at Theranos in 2004, was convicted on four counts of misleading investors. She was cleared of charges relating to patients, though, and the jury was split on three counts of misleading certain investors. (One patient-related charge was withdrawn as a result of an error by the prosecution.)

Balwani was found guilty on all 12 charges, which included 10 counts of federal wire fraud and two counts of conspiracy to commit wire fraud. Balwani assumed a formal position at Theranos in 2009 and controlled important components of the company, including its lab that processed patient testing.

Holmes has a $500,000 property-secured bail, and Balwani has a $750,000 bond, both of which are currently free on bonds.

Later this month, a hearing will be held on Holmes' motion for acquittal.

Attorney Jeffrey Coopersmith of Orrick, Herrington & Sutcliffe, who represents Balwani, said in a statement on Thursday that the defence is looking into potential legal strategies to challenge the verdict.

Ford Recalls Vehicles Due to Under-Hood Fire Risk

 A risk of under-hood fires has reportedly prompted Ford Motor Co. to recall 100,000 vehicles, including some Escape and Lincoln Corsair SUVs and some Maverick light pickups. Additionally, it is extending a previous recall of the Expedition and Lincoln Navigator SUVs due to a different issue that has the potential to start fires under the hood even while the affected cars are parked and off.

According to media sources on Friday, the new recall affects certain Escapes, Lincoln Corsairs, and Mavericks with 2.5-liter hybrid or plug-in hybrid powertrains because they have a defect where, if the engine fails, fuel and oil vapour might spill onto hot parts and catch fire.

According to reports, starting on August 8, Ford will notify owners of the impacted Escapes, Lincoln Corsairs, and Mavericks, and Ford dealers will fix the issue by installing modifications that reduce under-hood temperatures to a safe level. According to reports regarding the current recall from the company, there have been 23 complaints of fires that started while the engines were running, but no casualties.

Ford said in a release on Friday that owners of the impacted Expedition and Lincoln Navigator SUVs should park them outside and away from buildings as part of the widening of the earlier recall. The business reported receiving 21 instances of under-hood fires, five of which occurred after the previous recall. It claimed to be informed of a single injury report.

You may check the status of your vehicle's recall on pages provided by both Ford and the National Highway Traffic Safety Administration.

Over 66,000 Expedition and Lincoln Navigator SUVs produced between July 27, 2020, and August 31, 2021, are included in the expanded recall of the previous model. Just over 39,000 Expedition and Lincoln Navigator vehicles with a 2021 model year and manufacture dates between December 1, 2020, and April 30, 2021 were included in the earlier Ford SUV recall, which took place in May.
Ford claims to have located the problem's root cause with the Expedition and Lincoln Navigator vehicles.

According to a press release from the corporation, "the source of these vehicle fires can be connected to a change in manufacturing location by a supplier during the COVID-19 outbreak." The Expedition and Navigator SUVs manufactured during the recall window had printed circuit boards installed in them that were "uniquely susceptible to a high-current short."

The business stated that it anticipates parts to be accessible for a repair to start in early September. It claimed that it started notifying clients about the repair on Friday.

Ford could not be reached right away for further comment.

Former Heat Forward P.J. Tucker Moves On To The Next Chapter

 P.J. Tucker, a former forward for the Miami Heat, has consistently contributed intangibly at each NBA destination.

When Tucker shows up at training camp, the Philadelphia 76ers don't anticipate anything different. Wednesday marked Tucker's official signing with the Sixers. His contract is for three years and $33.2 million.

Sixers team president Daryl Morey said, "We're thrilled to add his leadership, toughness, defensive versatility, and championship heritage to our squad. P.J. is a valuable acquisition because of his work ethic and philosophy, which he says he wants to bring an NBA championship to Philadelphia.

He will try to aid Philadelphia in its bid for a title after leading the Heat past the Sixers in the second round of the playoffs. Tucker assisted the Heat in reaching the conference finals during his one season in Miami. They missed out on the NBA Finals by one victory.

I'm going to come in here and do all I can to help push us to that next level because this team is good enough to play head-to-head with anyone in the league, Tucker said. "Philadelphia fans want excellence, and it's up to us to get there,"

https://www.si.com/nba/heat/miami-news/miami-heat-pj-tucker-signs-with-sixers

What Amazon and Grubhub Get From a Partnership

Amazon is making a cautious comeback to the food delivery business. However, first

Must-read articles for today:

Account holders at the collapsed cryptocurrency company Voyager are unlikely to receive a full refund. To prevent cyberattacks, Apple launched Lockdown Mode, a "extreme" security capability.

• In June, the wait times for chip deliveries improved a little.

Amazon and Grubhub's partnership

The beleaguered US meal delivery company Grubhub is being given another chance. The partnership with retail juggernaut Amazon.com Inc., which will give millions of Amazon Prime members access to meal delivery, was revealed by the firm on Wednesday.

Through a one-year Grubhub+ membership, Prime customers may order meals online and have it delivered for no additional cost. As part of the agreement, Amazon will receive the option to purchase a 2 percent investment in Grubhub at first, and a further 13 percent stake if the collaboration is successful.

The accord arrives just when Grubhub needs it most. After pandemic lockdowns, in-person restaurant dining gradually resumed; however, household budgets were pinched by inflation, thus Americans' demand for takeout has decreased. In contrast, Grubhub has performed poorly when compared to its competitors. According to market research company YipitData, the Chicago-based subsidiary of Just Eat Takeaway.com NV has lost 10 percentage points of market share to DoorDash Inc. and Uber Technologies Inc. since the start of the pandemic.

https://www.bloomberg.com/news/newsletters/2022-07-07/amazon-grubhub-partnership-will-buoy-struggling-business

THE DEATH OF FORMER PURDUE BASKETBALL STANDOUT CALEB SWANIGAN

 Caleb Swanigan, a former basketball player for Homestead and Purdue, passed away at the age of 25. He passed away naturally, according to the Allen County Coroner's Office.

Swanigan attended Homestead High School in Fort Wayne after being born in Indianapolis. In 2015, the same year he assisted Homestead basketball in winning their first-ever state championship, he was named Indiana's Mr. Basketball.

Prior to being selected by the Portland Trailblazers in the first round of the NBA Draft, Swanigan spent two seasons at Purdue between 2015 and 2017.

"Caleb Swanigan's family and friends are in our thoughts and prayers. The Purdue Men's Basketball Twitter account wrote on Tuesday morning, "The world lost a gentle spirit last night.

Define Counterparty Risk

Counterparty Risk

What Is Counterparty Risk, and the way will It have an effect on You?

Counterparty risk refers to the likelihood that one in all the parties to a dealing would fail to fulfil its written agreement obligations. Credit, investment, and trade activities all have the potential for counterparty risk.

TAKEAWAYS necessary

• Counterparty risk refers to the likelihood that one in all the parties to a dealing would fail to fulfil its written agreement obligations. Credit, investment, and trade activities all have the potential for counterparty risk.

• The numerical worth of a borrower's credit score shows the lender's or creditor's counterparty risk.

• To determine whether or not there's a default or counterparty risk, investors should verify the entity that problems the bond, stock, or policy.

Counterparty Risk: an summary

In all money transactions, there's varied degrees of counterparty risk. Default risk is another name for counterparty risk. Default risk refers to the likelihood that companies or folks could also be unable to fulfill their money commitments. the majority styles of credit extensions subject lenders and investors to default risk. once considering a contract, each parties ought to trust counterparty risk.

Risk Premiums and Counterparty Risk

If one party is a lot of doubtless to default than the opposite, a premium is usually adscititious to the dealing to compensate the opposite. A risk premium is that the extra fee charged as a results of counterparty risk.

Credit reports square measure oft utilized by creditors in retail and business money transactions to assess the counterparty's credit risk. recipient credit scores square measure assessed and half-track to work out the creditor's risk level. A credit score could be a numerical illustration of a personality's or company's trustiness that's supported variety of things.

A credit score runs from three hundred to 850, with the higher the score, the a lot of financially trustworthy an individual is to a mortal. the subsequent square measure the numerical values of credit scores:

1. Excellent: 750 points and on top of

2. 700 to 749 could be a sensible score.

3. 650 to 699 could be a sensible vary.

4. Poor: 550 to 649 points

5. 550 and lower is taken into account unhealthy.

A client's payment history, total debt, length of credit history, and credit usage, that is that the proportion of a borrower's total out there credit that's presently being employed, square measure all components that influence a credit score. The numerical worth of a borrower's credit score shows the lender's or creditor's counterparty risk. A recipient with a credit score of 750 has stripped counterparty risk, whereas one with a credit score of 450 has high counterparty risk.

Due to the danger of neglect the loan, the mortal can possibly demand the next rate of interest or premium if the recipient includes a poor credit score. for instance, mastercard corporations

For example, charge purchasers with poor credit scores interest rates in way over two hundredth whereas giving third interest to those with wonderful credit or high credit ratings. mastercard corporations oft placed on a risk premium or "penalty rate" if the recipient is sixty days or a lot of late on payments or exceeds the card's credit limit, which may increase the annual rate of interest to over twenty nine %.

To determine whether or not there's a default or counterparty risk, investors should verify the entity that problems the bond, stock, or policy.

Counterparty Risk in Investments

Counterparty risk exists in money investment instruments like stocks, options, bonds, and derivatives. Bonds square measure hierarchal from aortic aneurysm to bond standing by rating organisations like Moody's and normal & Poor's to work out the number of counterparty risk. Bonds with the next counterparty risk pay the next rate of interest. once counterparty risk is low, like with market funds, premiums or interest rates square measure low.

A corporation that sells trash bonds, for instance, can have a high yield to compensate investors for the enlarged risk of the corporate defaulting on its commitments. A U.S. Treasury bond, on the opposite hand, includes a stripped counterparty risk and is thence rated higher.

Junk bonds and company debt aren't an equivalent factor. Treasury bonds, on the opposite hand, typically pay a lower come back than company debt since the danger of default is smaller.

Counterparty Risk Examples

When counterparty risk is underestimated and a celebration fails, the results is devastating. The default of such a large amount of collateralized debt obligations (CDOs), for instance, was a key explanation for the important estate crash in 2008.

For money functions, subprime risk mortgages square measure securitized into CDOs and secure by the underlying assets. one in all the first faults of CDOs before the economic catastrophe was that they incorporated subprime and low-quality mortgages, whereby the CDOs got an equivalent top-quality ratings as company debt.

Because funds square measure tributary to speculate solely in extremely rated debt, CDOs were ready to attract institutional investment because of their high credit rating. the important estate bubble burst once borrowers stopped paying their mortgages, feat investors, banks, and reinsurers with giant losses. The ratings agencies were blasted heavily for the collapse, that finally junction rectifier to the money market disaster that marked the 2007–2009 market.

Insurance Risk and AIG

AIG, or yankee International cluster, is associate underwriter that gives coverage for property, firms, and people. throughout the money crisis, the corporation needed a rescue from the US Government. people who were insured by AIG were suddenly exposed to the next level of counterparty risk. As a result, whereas decisive whether or not there's counterparty risk, investors should appraise the entity that issued the bond, stock, or policy.