Family offices of millionaires are poised to benefit from the recent budget proposals related to capital gains tax and angel tax, creating a favorable environment for increased investments in startups. The changes in LTCG tax parity and the elimination of the angel tax are expected to encourage more capital infusion from wealthy family offices into emerging companies, particularly in the tech sector. This shift underscores a growing trend of family offices viewing startups as a lucrative asset class, with a substantial increase in the number of such offices in recent years. The amendments announced in the budget are likely to attract significant domestic capital towards supporting tech companies with sustainable models, fueling the growth of the startup ecosystem. Additionally, a key amendment proposed in the Income Tax Act is set to benefit loss-making companies, including startups, by easing the burden of tax withholding on high turnovers. These developments are expected to have a positive impact on investments, innovation, and overall economic growth in the startup landscape.
Australia imposes Magnitsky-style sanctions on Israeli settlers for violence
In response to Israeli settler violence in the West Bank, the Australian Government has imposed targeted financial sanctions and travel bans on seven individuals and one entity involved in attacks on Palestinians. These actions come as a result of beatings, sexual assault, and torture resulting in serious harm and death to Palestinians. The government emphasizes the need for accountability and an end to settlement activity in the region to promote stability and the potential for a two-state solution. Australia reaffirms its stance against illegal Israeli settlements and its commitment to fostering peace between Israelis and Palestinians. For more information on the sanctioned individuals and frameworks, visit the Australian government’s website.
Ministry of Justice and DGSN Sign Data Exchange Agreement in Rabat, Morocco
The Ministry of Justice and the General Directorate of National Security (DGSN) have announced the signing of an agreement to regulate and facilitate cooperation in electronic data exchange.
The two parties signed the memorandum of understanding today in Rabat, with the agreement seeking to enhance cooperation and partnership in establishing an integrated electronic judicial administration. His platform seeks to allow for joint access to information between the ministry and national police.
Charki Samia, director of Modernization and Information Systems at the ministry, signed the deal with Lahcen Rhanim, Director of Information and Communication Systems at the DGSN.
The signing ceremony was chaired by Justice Minister Abdellatif Ouahi.
Commenting on the agreement, Chakri said the deal aims to contribute to the acceleration of procedures and the reduction of processing times for judicial files.
Under the agreement, DGSN will be able to obtain updated data from information systems related to the management of judicial affairs.
Rhanim also expressed satisfaction with the agreement, stressing that DGSN is committed to ensuring the optimal implementation of the project by providing the necessary material and human resources.
This agreement establishes the rules and channels for exchanging and using these data, by detailed standards related to the physical and digital security of the data, while fully respecting current laws and regulations, including the protection of citizens’ data, a joint statement from the two parties said.
Android Users Flock to iPhone in Q2 2024: What’s Behind the Trend?
Android users have shown a significant trend in switching to iPhones in the second quarter of 2024, according to a recent report by Consumer Intelligence Research Partners (CIRP). The data reveals that a remarkable 17% of iPhone buyers in Q2 2024 were previously Android users, marking the highest percentage in the past five years. This spike is a stark contrast to last year’s Q2, which saw only 10% of iPhone buyers coming from the Android camp, the lowest in a considerable amount of time.
The unexpected surge in Android-to-iPhone switches during a quarter without a new iPhone release raises questions about the underlying factors driving this trend. Whether driven by an increased interest in other Apple products or a lackluster response to recent Android phone offerings, the numbers paint a challenging picture for Android in the competitive mobile market.
Apple’s popularity among the younger demographic in the US continues to grow, with many millennials and Gen Z users showing a strong preference for iPhones over Android devices. As these young consumers shape the future of the mobile industry, Google faces the pressing need to devise strategies to retain its market share and appeal to a wider audience.
While the overall drop in Android-to-iPhone switchers in 2023 brings a glimmer of hope, industry watchers remain cautious about the implications of this latest shift in consumer behavior. As the tech landscape evolves rapidly, both Android and iOS companies must adapt to meet changing user preferences and maintain their relevance in a fiercely competitive environment.
New Medicare Program Offers Free Dementia Care Navigators
A new pilot program called GUIDE Model has been introduced by Medicare to aid individuals with dementia. The initiative aims to offer free caregiving navigators to help those with any stage of dementia and their family caregivers. The navigators receive specialized training to guide recipients through the complex healthcare and long-term care systems, ensuring they receive the necessary support. The program reimburses GUIDE participants for their services, with no cost to Medicare beneficiaries. Alongside dementia-care navigation, GUIDE participants can provide free respite care for caregivers, offering much-needed relief. The program has energized experts in dementia and caregiving, as it focuses on both medical and non-medical needs, ultimately improving care coordination and outcomes. The Alzheimer’s Association has also launched a similar service, highlighting the growing importance of supporting individuals with dementia and their caregivers.
Prince Harry Links Legal Battles with Tabloids to Royal Family Rift, UK
London: Prince Harry, speaking in clips published on Wednesday from a new documentary, said his legal battles with Britain’s tabloid press have contributed to the breakdown of his relationship with the royal family.
It’s certainly a central piece to it, Harry told broadcaster ITV in the documentary Tabloids on Trial.
He is currently suing Rupert Murdoch’s UK newspaper arm, News Group Newspapers, and the publisher of the Daily Mail in two separate lawsuits, alleging unlawful activities by journalists and private investigators over several years.
Harry has previously referred to the lawsuits as his mission.
JD Vance Sparks Controversy with Comments on Childless Left, US
JD Vance recently sparked controversy with his comments on the childless left within the Democratic Party. During a speech at the conservative Intercollegiate Studies Institute, Vance criticized prominent Democrats like Kamala Harris, Pete Buttigieg, Cory Booker, and Alexandria Ocasio-Cortez for not having children. He suggested that those without children should not hold leadership positions in the country, as they lack a personal stake in its future. Vance’s remarks drew backlash from Democrats and commentators, with some questioning the impact of such divisive rhetoric on the political landscape. Despite the backlash, Vance stands by his views, citing the importance of family values in shaping public policy decisions. The incident sheds light on the ongoing debate over family, politics, and the role of personal life experiences in shaping political ideologies.
Florida Gov. DeSantis Opposes Recreational Marijuana Legalization Proposal, Canada
Florida Gov. Ron DeSantis opposes the legalization of adult-use marijuana in the state. As the November vote approaches, DeSantis made several statements regarding marijuana legalization, which prompted a fact-checking effort by News4JAX. Trulieve, a company incorporated in British Columbia, Canada, has been highlighted by DeSantis as a key player pushing for recreational marijuana use in Florida. If Amendment 3 passes, individuals aged 21 and older would be allowed to possess and use up to three ounces of marijuana for personal use. Despite concerns raised by DeSantis about potential private property use issues, the amendment explicitly grants the Florida Legislature the authority to regulate the public use of marijuana. While DeSantis mentioned increased black-market activity in states like Colorado and California after legalization, supporters argue that regulation can ensure safer products. The push for legalization also emphasizes the need for third-party lab testing to guarantee quality control. Throughout his tenure, DeSantis has supported medical marijuana use but questions the necessity of broader access to the drug for residents of Florida.
Councillor Throws Chocolates in Bunbury Council Meeting Amid Cost Crisis, Australia
A Bunbury councillor caused a stir during a budget debate by throwing chocolates around the council chambers. The move, aimed at drawing attention to interruptions during meetings, was met with criticism from Local Government Minister Hannah Beazley and mayor Jaysen Miguel. Despite the chaos, the City of Bunbury approved the budget amidst concerns about the impact on residents during a cost-of-living crisis.
Mercury Bank to Terminate Accounts in 13 African Countries by August 22, 2024, Nigeria
San Francisco-based digital bank Mercury, which gained prominence as a banking partner for African startups following the closure of Silicon Valley Bank earlier this year, is set to terminate accounts for users in thirteen African countries by August 22, 2024.
The decision comes as part of new internal compliance measures affecting users across 37 countries.
Emails obtained by TechCabal revealed that Mercury attributed the closures to updated account eligibility criteria, mainly targeting businesses with addresses in the affected African nations. Notably, African startups incorporated in Delaware will only be eligible for Mercury accounts if their founders reside in the United States.
The affected countries include Burundi, Cameroon, Central African Republic, Democratic Republic of Congo, Republic of Congo, Liberia, Mali, Mozambique, Nigeria, Somalia, South Sudan, Sudan, and Zimbabwe.
According to sources familiar with the matter, Mercury’s move reflects a broader trend of heightened scrutiny of fintech partnerships with US banks, spurred by regulatory concerns following incidents at other fintechs like Silicon Valley Bank and Synapse.
Mercury’s decision appears to be influenced by stricter Know Your Customer (KYC) processes imposed by its banking-as-a-service provider, Choice, due to compliance lapses related to money laundering and terrorism financing, stated an unnamed executive from a Nigerian fintech company.
The banking restrictions have sparked concerns within the Nigerian tech community, where US-based banking solutions are crucial for managing dollar-denominated investments and operational funds.
For startups, maintaining US dollar accounts allows for easier management of international transactions and treasury functions, explained Tomiwa Aladekomo, founder of a media tech startup relying on Mercury. This has become essential for Nigerian tech companies handling funding from local and foreign investors.
In response to the closures, affected startups are exploring alternatives such as Brex, Ramp, Wise, and other fintech solutions that support international banking operations.
