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Chinese Bankers Ordered To Forgo Showy Attire And 5-Star Hotels As Part Of An Austerity Push

Chinese financial institutions have jumped on an austerity drive as Beijing seeks to close the wealth gap, slashing pay and bonuses, telling employees not to wear fancy clothes and watches to work, and reining in travel and entertainment costs.   The measures are being taken as government...

Twitter Will Reorganise Business And Put More Of An Emphasis On Video

According to an investor presentation by owner Elon Musk and incoming Chief Executive Linda Yaccarino, Twitter aims to concentrate on video, creative, and commerce partnerships to revitalise the social media company's business outside of digital advertising.   According to a source familiar...

Amid Friction Between China And The US, South Korea Pledges Support For Its Chip Industry

On Thursday, in the midst of escalating Sino-U.S. animosity, South Korea reaffirmed support for its chip industry, with President Yoon Suk Yeol referring to the industry's competition as a "all-out war".   Yoon met with approximately 60 business executives, legislators, and ministers earlier...

Results From Nvidia Trigger An Almost $300 Billion Rise In AI Stocks

Artificial intelligence-related stocks soared in extended session on Wednesday, increasing the market value by about $300 billion after chipmaker Nvidia Corp forecasted strong revenue growth and announced it was increasing production of its AI chips to keep up with rising demand.   After the...

Amidst Growing Sino-U.S. Tensions, China's Micron Ban Shows The Challenge Facing Chipmakers

As the world's semiconductor industry prepares for rising Sino-U.S. trade tensions, China's announcement on Sunday banning the use of some Micron Technology chips from the United States is a harsh reminder of the risks it faces.   China's action against Micron, the largest manufacturer of...

Bitcoin's Activity Gives Rise To A New Type Of Cryptocurrency

The situation on the bitcoin blockchain is getting hotter.   According to data from Glassnode, daily transactions have soared to an all-time high of 682,000 this month, over 40% higher than the previous peak in 2017. From 38% at the beginning of the year, Bitcoin's dominance, or its portion...

Regulators Review Their Policies In Order To Address Issues With Generative AI Like ChatGPT

Some regulators are using outdated rules to maintain control over a technology that has the potential to fundamentally alter how societies and businesses function as the race to create more potent artificial intelligence services like ChatGPT accelerates.   With the rapid advancements in the...

EU Privacy Regulator Slaps Record $1.3 Billion Fine Ion Meta, Has To Stop EU Data Flows In Five Months

Meta has been slapped with a record 1.2 billion euro ($1.3 billion) fine by the European Union's chief privacy regulator for its management of user information and given five months to halt transmitting customers' data to the United States.   According to a DPC statement issued on Monday,...

Committees Of EU Legislators Agree On Tighter Draft AI Restrictions

After a crucial vote on Thursday, European legislators moved one step closer to approving new laws governing artificial intelligence systems such as ChatGPT.   The widely anticipated AI Act of the European Union appears to be the world's first complete legislation regulating the technology,...

Executives From Google And Meta Oppose The Canadian Online News Bill

If legislation requiring internet companies to pay news publishers is implemented, Google and Meta would stop providing access to news items in Canada, company officials told Canadian parliamentarians on Wednesday.   As part of a larger worldwide trend to demand internet companies pay for...

Consumer Confidence In The US Lowest In Nine Months Housing Market Is About To Bottom Out

Concerns about the future caused U.S. consumer confidence to decline to a nine-month low in April, increasing the likelihood that the economy could experience a recession this year.   The percentage of Americans who plan to purchase large household appliances over the next six months has...

Bitcoin Miners Elude The Bear Trap In The Cryptoverse

After a long, chilly crypto winter, struggling bitcoin miners are now enjoying the warmth of spring.   The cryptocurrency's surge to above $30,000 this year, which worked in concert with lowering electricity prices to enhance their profitability, has provided a lifeline to the power-hungry...
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