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Elon Musk is under federal investigations, Twitter says in court filing

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Elon Musk is being investigated by federal authorities over his conduct in his $44 billion takeover deal for Twitter Inc (TWTR.N), the social media company said in a court filing released on Thursday.

While the filing said he was under investigations, it did not say what the exact focus of the probes was and which federal authorities are conducting them, Reuters reported.

Twitter, which sued Musk in July to force him to close the deal, said attorneys for the Tesla Inc (TSLA.O) CEO had claimed "investigative privilege" when refusing to hand over documents it had sought.

In late September, Musk's attorneys had provided a "privilege log" identifying documents to be withheld, Twitter said. The log referenced drafts of a May 13 email to the U.S. Securities and Exchange Commission (SEC) and a slide presentation to the Federal Trade Commission (FTC).

"This game of 'hide the ball' must end," the company said in the court filing.

The court filing, which asked Delaware judge Kathaleen McCormick to order Musk's attorneys to provide the documents, was made on Oct. 6 - the same day that McCormick paused litigation between the two sides after Musk reversed course and said he would proceed with the deal.

Alex Spiro, an attorney for Musk, told Reuters that Twitter's court filing was a "misdirection" and asserted: "It is Twitter's executives that are under federal investigation."

Twitter declined to comment on Spiro's statement. It also declined comment when asked by Reuters about its understanding of any investigation into Musk.

The SEC did not immediately respond to a request for comment and the FTC declined to comment.

The SEC has questioned Musk's comments about the Twitter acquisition, including whether a 9% stake he had built up before announcing his bid had been disclosed late and why it indicated that he intended to be a passive shareholder. Musk later refiled the disclosure to indicate he was an active investor.

In June, the SEC asked Musk in a letter whether he should have amended his public filing to reflect his intention to suspend or abandon the deal.

The Information, a tech news site, reported in April that the FTC was scrutinizing whether Musk failed to comply with the antitrust reporting requirement relating to an investor's intentions of being a passive or active shareholder.

Twitter said in June, however, that the takeover deal with Musk had cleared an antitrust waiting period for review by the FTC and U.S. Justice Department, read the report.

McCormick has given Musk until Oct. 28 to close the acquisition. If the deal does not get done by then, a trial date will be set for November.

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South Korea authorities launch probe after three die in Hyundai car test

The Ulsan plant is Hyundai’s biggest manufacturing facility, with its own port and an annual production capacity of 1.4 million vehicles

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South Korean authorities launched an investigation on Tuesday after three people died during a car test at a Hyundai Motor plant in the city of Ulsan, police told Reuters.

The two Hyundai researchers and one Hyundai contractor were found unconscious in a car at around 3:00 p.m. while they were testing it in a "chamber," according to Hyundai's labour union.

South Korean media reports said the three had suffocated.

A police officer in Ulsan said the police and the labour ministry were investigating the incident, including its cause.

A fire department official told Reuters that it first received a report at 3:17 pm that the accident happened at Hyundai's No.4 factory.

"Hyundai Motor Company is deeply saddened by the incident that occurred at our plant in Ulsan, South Korea," Hyundai said in a statement, saying it would "cooperate fully with all relevant authorities to determine the cause of this incident."

The Ulsan plant is Hyundai's biggest manufacturing facility, with its own port and an annual production capacity of 1.4 million vehicles, including exports of 1.1 million units.

In November last year, Hyundai Motor broke ground on a 2 trillion won ($1.44 billion) plant in Ulsan dedicated to making electric vehicles in South Korea, as the automaker accelerated a shift away from petrol-powered cars.

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Russia fines Google more than the world’s total GDP over YouTube bans

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Russia has fined Google $2.5 decillion after the US tech giant took action against pro-Kremlin TV channels on YouTube following Moscow’s invasion of Ukraine.

Russia imposed a daily fine four years ago - a fine that has since swelled to an unprecedented level - ($20,000,000,000,000,000,000,000,000,000,000,000 - a 33-digit figure).

To put this into perspective, global GDP reaches an estimated $110 thousand billion (12-digit figure), according to the IMF.

Speaking to Russia’s TASS news agency, one expert, Roman Yankovsky from the HSE Institute of Education, said Google “clearly will not pay this penalty, and the Russian Federation will not be able to recover this money from the company."

Euronews reported that a short calculation shows that he is right.

Google's holding company, Alphabet, has a market capitalisation of slightly more than $2 trillion. Even with earnings of $80.54 billion from the last quarter, the tech giant doesn’t seem to be able to afford to pay the fine.

Google first barred pro-Moscow channel Tsargrad TV, which is owned by oligarch Konstantin Malofeev, four years ago.

At the time, Google was fined a daily penalty of 100,000 roubles and warned that amount would double every 24 hours if it went unpaid.

The original fine has been compounded by further penalties after Google eventually blocked a total of 17 Russian TV channels as a result of international sanctions, The Telegraph reported.

The tech giant now owes a staggering $2.5 decillion.

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Apple launches new iPad mini with AI features

Apple said it would roll out the first set of AI features in the U.S. version of the English language this month through a software update with iPadOS 18.1.

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Apple on Tuesday launched its new generation of the iPad mini packed with AI features including writing tools and an improved Siri assistant, as the iPhone maker races to boost its devices with artificial-intelligence capabilities, Reuters reported.

The new iPad mini is powered by Apple's A17 Pro chip, which is used in the iPhone 15 Pro and Pro Max models. With a six-core central processing unit, the A17 Pro would boost CPU performance by 30% compared to the current generation iPad minis and is central to running Apple Intelligence, Apple's AI software.

Apple said it would roll out the first set of AI features in the U.S. version of the English language this month through a software update with iPadOS 18.1.

The features will be available for iPads with A17 Pro or M1 chips and later generations, Apple said, adding it will roll out additional features including image-generation tools, Genmoji and ChatGPT-powered capabilities over the next several months, read the report.

Apple in September unveiled its long-awaited, AI-boosted iPhone 16 lineup, but with the AI features still in test mode, the company failed to excite some investors while early sales data raised some questions around demand.

Still, research firm Canalys on Monday said the iPhone 16 would help Apple's sales in the fourth quarter and drive momentum into the first half of 2025, after Apple reached a record high third-quarter shipments.

The iPad mini, starting at $499, is available for pre-orders starting on Tuesday and will begin arriving to customers and Apple store locations next week, Apple said.

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