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Beijing Police Starts Investigating Zhongzhi, A Struggling Wealth Management Firm

Leading Chinese wealth manager Zhongzhi Enterprise Group is the subject of a police investigation in Beijing, as per a social media statement on Saturday by the Chaoyang Public Security Bureau.   Zhongzhi threatened to rekindle investor concerns that China's property debt crisis is spreading...

By Year's End, X Might Lose Up To $75 Million Due To Advertiser Leaving The Platform

The New York Times revealed on Friday that Elon Musk's social network business X may lose up to $75 million in advertising revenue by the end of the year as a result of numerous big firms pausing their marketing initiatives.   Many businesses, including Walt Disney and Warner Bros....

Barclays Could Lay Off Up To 2,000 Workers As Part Of Its $1.25 Billion Cost Reduction Strategy

Barclays is developing plans to save up to 1 billion pounds ($1.25 billion), which may entail eliminating up to 2,000 people, mostly in the British bank's back office, according to a source with direct knowledge of the plans who spoke to Reuters.   Under the direction of Chief Executive C.S....

Protests And Strikes Rocked Amazon During Black Friday Sales Throughout Europe

On one of the busiest shopping days of the year, protests against the working conditions at the American e-commerce behemoth, Amazon, gathered momentum on Friday, when employees at many locations throughout Europe went on strike.   "Make Amazon Pay", a campaign coordinated by the UNI Global...

On China's Singles Day, Apple's Sales Volume Trails That Of Huawei And Xiaomi, Data Shows

According to statistics from Counterpoint Research, Apple reported a drop in smartphone sales during China's recent Singles Day shopping event, while local rivals Huawei and Xiaomi saw sharp rises.   During the two weeks of sales from October 30 to November 12, 4% less Apple devices were...

OpenAI Researchers Alerted The Board To An AI Discovery Before To The CEO's Dismissal: Reports

Two people familiar with the situation told Reuters that a number of staff researchers warned the board of directors about a potentially dangerous artificial intelligence breakthrough in a letter they prepared before OpenAI CEO Sam Altman's four-day banishment.   The two sources claimed that...

Legal Experts Argue There Are Few Means To Compel Changes To OpenAI Governance

Legal experts claim that only a select few, including the CEO of Microsoft, a significant financial backer, can compel OpenAI to alter its governance at the artificial intelligence startup.   On Friday, the nonprofit board that was in charge of the company that created the well-known ChatGPT...

China Concerns Persist Despite Nvidia's Outlook Exceeding Expectations

Due to new regulations in the United States, chip maker Nvidia said it anticipates a sharp decline in fourth-quarter sales in China, a major source of revenue. However, it projects overall revenue to surpass Wall Street projections as supply-chain problems improve.   The AI business is...

Due To Customers Cutting Back On Their Spending, Kohl's Fails Its Quarterly Sales Expectations

Kohl's reported lower-than-expected quarterly sales on Tuesday as a result of consumers spending less money at its department shops due to ongoing high inflation.   The company's shares, which are based in Menomonee Falls, Wisconsin, dropped 2.4% in premarket trading.   Due to rising...

Investors Of OpenAI Are Thinking Of Suing The Board Following The CEO's Sudden Termination

Some investors in OpenAI, the firm that created ChatGPT, are considering taking legal action against the board after the directors fired CEO Sam Altman and perhaps caused a mass resignation of staff members, according to those acquainted with the situation.   Investors are studying their...

Retail Investors Swarm Eli Lilly On The Clearance Of A Weight-Loss Medication

Retail inflows into Eli Lilly reached a record high of over two years in November as tiny investors snapped up the shares following the much-awaited approval of the weight-loss medication Zepbound by the giant American pharmaceutical company. According to statistics from Vanda Research, daily net...

Fired OpenAI CEO Altman Talks About A Potential Comeback And Considers Starting A New AI Venture: Reports

Sam Altman, the recently fired CEO of OpenAI, is thinking about starting a new artificial intelligence (AI) business while also talking about perhaps rejoining the company that created the ChatGPT bot, according to reports quoting source information.   According to the reports, Altman was...
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