business
Seoul (AFP) - From its birth in a Beijing apartment 12 years ago, ByteDance grew into one of the world's biggest tech firms -- best known in most countries as the creator of TikTok. But TikTok now faces a furious campaign in Washington: the House of Representatives is set to vote Wednesday on a bill that could see the wildly popular video-sharing app banned in the United States if it does not sever itself from ByteDance. How big is ByteDance? ByteDance has rocketed in recent years to become one of the most valuable companies in the world, worth around $225 billion, according to market intellig...
AFP
Mumbai (AFP) - India's Reliance Industries and Walt Disney have agreed to merge their Indian media businesses, creating a $8.5 billion entertainment giant in the world's most populous nation. India's entertainment market is already one of the world's biggest, with the merger expected to further shake up the multi-billion-dollar industry. The two companies had signed "binding definitive agreements" to form a joint venture that will combine the businesses of Reliance-backed Viacom18 and Star India, a joint statement by the firms said late Wednesday. Reliance, an oil-to-telecom conglomerate led b...
AFP
San Francisco (United States) (AFP) - Apple has abandoned its ambitions to produce an electric car, US media reported Tuesday, ending a struggling decade-long project. The iPhone maker had dedicated nearly 2,000 employees to its secretive car development program, Bloomberg reported, but faced an increasingly competitive electric vehicle (EV) sector. The target of "Project Titan," beginning around 2014, was to develop a fully autonomous car, according to media reports. The decision to shut down the car project was announced internally on Tuesday, Bloomberg and The New York Times reported, citin...
AFP
Washington (AFP) - The US Federal Reserve should be careful about the timing of interest rate cuts, a senior bank official said Wednesday, adding to the cautious tone taken by central bank officials in recent months about moving too quickly. The Fed swiftly raised and then held its benchmark lending rate in a largely successful bid to bring inflation down from multi-decade highs towards its long-term target of two percent. In December, policymakers on the rate-setting Federal Open Market Committee (FOMC) indicated they expect three interest rate cuts this year, but did not clarify when the fi...
AFP
Washington (AFP) - The US government said it was making initial offers to drugmakers Thursday as part of Medicare negotiations meant to lower the prices many older Americans would pay for 10 medicines. The move comes as President Joe Biden pushes to rein in health care costs ahead of November's election. The negotiation program came on the back of Biden's landmark Inflation Reduction Act, a major package of energy transition policy and social reforms. This allowed Medicare, the federal health insurance for seniors, to start negotiating drug costs -- a first in its nearly 60-year existence. "Th...
AFP
London (AFP) - Online betting giant Flutter this week took the first step to switch its main listing from London to New York, in a fresh post-Brexit blow to the City finance district. Flutter, which launched a secondary US listing on Monday, said its board "believes that the New York Stock Exchange is now the optimal location for Flutter's primary listing of its shares". The firm, which is based in Dublin but currently has its main listing on the London Stock Exchange, will put the proposal to shareholders at the next annual general meeting on May 1, it said in a statement. The City of London ...
AFP
San Francisco (AFP) - Sam Altman's shock return as chief executive of OpenAI late Tuesday -- days after being sacked -- caps a chaotic period that highlighted deep tensions at the heart of the Artificial Intelligence community. The board that fired Altman from his role as CEO of the ChatGPT creator has been almost entirely replaced following a rebellion by employees, cementing his position at the helm of the firm. The sole survivor in the boardroom in the new Altman era is Adam D'Angelo, the CEO of question-and-answer site Quora. He will be joined by ex-Salesforce co-CEO Bret Taylor and by f...
AFP
San Francisco (AFP) - ChatGPT creator OpenAI announced Tuesday that Sam Altman would return as its CEO, days after his shock dismissal plunged the pioneering artificial intelligence firm into crisis. Hundreds of OpenAI staff had threatened to quit following Altman's sacking on Friday, demanding in a letter released to the media the resignation of the board, as speculation swirled about the future of the company. His dramatic exit also sparked intense lobbying from OpenAI's biggest investors, including tech titan Microsoft, for his return. OpenAI wrote on X that it "reached an agreement in prin...
AFP
San Francisco (AFP) - Hundreds of staff at OpenAI threatened to quit the leading artificial intelligence company on Monday and join Microsoft, deepening a crisis triggered by the shock sacking of CEO Sam Altman. In a fast-moving sequence of events, Altman, who was ousted by the board on Friday, has now been hired by Microsoft where he will take the lead in developing a new advanced AI research team. There was talk Monday that OpenAI is interested in Altman returning, and that he may be open to the idea under certain conditions. "We want to partner with Open AI and we want to partner with Sam s...
AFP
San Francisco (AFP) - Microsoft CEO Satya Nadella on Monday announced the hiring of OpenAI's Sam Altman and other members of his team, days after the co-founder of the venture behind ChatGPT was fired. OpenAI's board sacked Altman on Friday, with US media citing concerns that Altman was underestimating the dangers of its tech and leading the company away from its stated mission -- claims his successor as CEO has denied. Altman shot to fame with the launch of its artificial intelligence (AI) chatbot last year, which ignited a race to advance AI research and development, as well as billions bein...
AFP
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