Global tech roundup: Binance plans $200m stakes in Forbes as crypto donations pour in for Ukraine

Hello there.

Trust you’re having a fantastic day. As usual, it’s that time of the week when we say our goodbyes to yet another eventful week in the world of tech. As the week comes to an end, let’s take a quick look at some of the other major tech stories from around the world this week that you may have missed.

Binance to invest $200m in Forbes 

Binance, the world’s largest cryptocurrency exchange, plans to invest $200 million in Forbes through a private placement, making it one of the 104-year-old business magazine’s two largest shareholders.

If this goes through, two Binance executives are scheduled to join Forbes’ board of directors as the firm pursues a transaction with a special-purpose acquisition company to go public on the New York Stock Exchange.

According to a report of the statement released on Thursday, the investment is expected to close in the first quarter of this year.

“As Web 3 and blockchain technologies advance and the crypto market matures, we recognize that the media is a critical component in fostering widespread consumer understanding and education, “stated Binance founder and CEO, Changpeng Zhao”.

Binance sued Forbes for defamation in 2020 for an article published by the news source, but the action was ultimately dismissed.

Some industry analysts worry that Binance’s stake in Forbes could allow the centralized exchange to steer storylines, but Zhao insists that Forbes’ editorial independence will be “sacrosanct.”

Bitcoin donations pour into Ukraine amidst tension with Russia

Ukrainian volunteer groups are crowdsourcing bitcoin to support the country’s military as tensions with Russia increase.

According to an Elliptic report published, cryptocurrency payments worth hundreds of thousands of dollars have been made to Ukrainian NGOs and volunteer groups.

The cryptocurrency raised by Ukrainian protestors has been used for a number of objectives, including providing military equipment, medical supplies, and drones to the Ukrainian army. Despite Russia’s claims that it has no plans to launch an operation, the United States, the United Kingdom, and others have delivered military hardware to Ukraine ahead of any invasion.

Ukraine has been making moves to adopt cryptocurrency on a national level for months. In 2021, Ukrainian President Volodymyr Zelenskyy passed legislation allowing the central bank to establish its own digital currency.

In addition, the president and parliament are debating whether or not to pass legislation to legalize and regulate Bitcoin. If the bill passes, it will go a long way toward lifting cryptocurrency out of the legal restrictions it presently occupies.

Toyota’s profits fall as a global chip shortage hits production

As a result of the global chip shortage, automaker Toyota has disclosed a drop in its profitability of 21 per cent in the last three months of 2021. The corporation reported a third-quarter operating profit of 784.4 billion yen (£5 billion; $6.8 billion).

The world’s best-selling automaker also lowered its yearly manufacturing target from 8.5 million to 500,000 vehicles. It comes at a time when manufacturers all around the world are having difficulty finding adequate microprocessors for their goods.

As the epidemic disrupts supply lines, the corporation has also declared a series of production halts in recent months due to a scarcity of parts. Volkswagen, General Motors, Ford, Nissan, Daimler, BMW, and Renault, among others, have reduced vehicle manufacturing in recent months.

Toyota recently extended its lead over nearest rival Volkswagen to cement its status as the world’s largest automobile seller.

The company has decided to extend the production halts in Japan and will slash production by 40 per cent. Separately, Toyota informed buyers in Japan in January that they could face a four-year wait for delivery of its new Land Cruiser SUV.

Apple announces plans to prevent Airtag misuse

There have been more allegations of people being tracked using Airtags in the last several weeks, and Apple has announced plans to make a number of improvements to make it tougher to track people using AirTags.

The small devices are intended to integrate with Apple’s “Find My” network to track down misplaced objects. The business claims that the improvements to the gadget will make it easier to spot suspicious tags and will inform customers sooner if an AirTag is travelling with them.

AirTags were introduced by Apple in April of last year. The little, circular devices can be fastened to baggage, keys, or anything else that can be misplaced. However, when disguised in a car or on a personal object such as a bag, the devices can be used to track people.

As part of the modifications to make misuse more difficult, Apple stated that when users set up their AirTag for the first time, they will see a notification warning that tracking someone without their agreement is illegal in many parts of the world.

If an unknown AirTag goes with them, iPhone users (and Android users who download an app) receive “unwanted tracking” alerts.

According to Apple, people will be notified sooner if an unknown AirTag is travelling with them.