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Apple to settle trade secrets lawsuit against chip startup Rivos

(Reuters) - Apple plans to settle a lawsuit that accused tech startup Rivos of stealing its trade secrets related to computer-chip technology, according to a joint court filing on Friday in California federal court. The companies told the U.S. District Court for the Northern District of California that they had "signed an agreement that potentially settles the case," and that the agreement allows Apple to examine Rivos' systems and recover any confidential information. Representatives for Apple and Rivos did not immediately respond to requests for comment and more information about the settlement. Apple sued "stealth" startup Rivos in 2022. It said Mountain View, California-based Rivos had hired away dozens of its engineers and used its confidential information to develop competing "system-on-chip" (SoC) technology. SoCs are integrated circuits with several computer components in a single chip, including central processing units and graphic processing units. Apple said in the lawsuit that it spent billions of dollars and more than a decade of research on its SoC designs, and that they have "revolutionized the personal and mobile computing worlds." Rivos denied the allegations and claimed that Apple had "sought to punish Rivos and any Apple employees who may seek to work there since the moment Apple learned about the promising startup." It countersued Apple last September for unfair competition. Apple settled related claims in the case last month against six former employees who left the company to join Rivos. (Reporting by Blake Brittain in Washington; Editing by David Bario and Alistair Bell)

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2024-02-10 00:00:00

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(Reuters) - Apple plans to settle a lawsuit that accused tech startup Rivos of stealing its trade secrets related to computer-chip technology, according to a joint court filing on Friday in California federal court.

https://www.thestar.com.my/tech/tech-news/2024/02/10/apple-to-settle-trade-secrets-lawsuit-against-chip-startup-rivos

Musk's Neuralink switches location of incorporation to Nevada

(Reuters) -Elon Musk's brain-chip implant company, Neuralink, changed its location of incorporation from Delaware to Nevada, according to the business portals of both states. The development comes about a week after Musk said Tesla would hold a shareholder vote to transfer its state of incorporation to Texas from Delaware after a judge invalidated his $56 billion pay package. However, switching the state of incorporation for Tesla could come with hurdles such as investor lawsuits, particularly if it was seen as a move to secure his pay package, legal experts said. Musk said last week that Neuralink had implanted its first brain chip in a human patient, who was recovering well after the procedure. Neuralink did not immediately respond to a Reuters request for comment. (Reporting by Akash Sriram in Bengaluru; Editing by Anil D'Silva)

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2024-02-10 00:00:00

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(Reuters) -Elon Musk's brain-chip implant company, Neuralink, changed its location of incorporation from Delaware to Nevada, according to the business portals of both states.

https://www.thestar.com.my/tech/tech-news/2024/02/10/musk039s-neuralink-switches-location-of-incorporation---bloomberg-news

US says it dismantles 'Warzone RAT' malware service, suspects arrested

BOSTON (Reuters) - U.S. authorities on Friday said they had seized websites used to sell cybercriminals malware called "Warzone RAT" that could be used to steal data from victims' computers. Two people in Malta and Nigeria have been arrested on related charges, they added. Federal prosecutors in Boston said law enforcement had taken down four domains that together offered to sell malware, which allowed cybercriminals to secretly connect to peoples' computers for malicious purposes. The malware, a so-called remote access trojan, allowed hackers to browse file systems, take screenshots, obtain a victim's user names and passwords, record keystrokes and watch computer users through their web cameras, prosecutors said. Jodi Cohen, head of the Federal Bureau of Investigation's Boston office, called it sophisticated malware that was used to infect computers globally. Two individuals abroad are now in detention and have been indicted in the United States over their alleged involvement. An indictment filed in federal court in Atlanta charged Daniel Meli, 27, of Zabbar, Malta with causing unauthorized damage to protected computers and other cyber-related offenses. Prosecutors said since 2012, he had sold malware products like the Warzone RAT through online computer-hacking forums and offered teaching tools, including an eBook, for sale. The U.S. government is seeking his extradition. Prince Onyeoziri Odinakachi, 31, of Nigeria, was charged in an indictment filed in Boston with conspiracy to commit multiple computer intrusion offenses, prosecutors said. The indictment alleged that from June 2019 to March 2023, Odinakachi provided online customer support to users of the Warzone RAT malware. Defense lawyers for Meli and Odinakachi could not be immediately identified. (Reporting by Nate Raymond in Boston, editing by David Ljunggren)

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2024-02-10 00:00:00

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BOSTON (Reuters) - U.S. authorities on Friday said they had seized websites used to sell cybercriminals malware called "Warzone RAT" that could be used to steal data from victims' computers.

https://www.thestar.com.my/tech/tech-news/2024/02/10/us-says-it-dismantles-039warzone-rat039-malware-service-suspects-arrested

Exclusive-Cisco to cut thousands of jobs as it seeks to focus on high growth areas -sources

(Reuters) -Network giant Cisco is planning to restructure its business which will include laying off thousands of employees, as it seeks to focus on high-growth areas, according to three sources familiar with the matter. The San Jose, California-based company has a total employee count of 84,900 as of fiscal 2023, according to its website. The company is still deciding on the total number of employees to be affected by the layoffs, one person said. An announcement could come as early as next week, as the company prepares for its earnings call on Feb. 14. In November 2022, Cisco announced during an earnings call a restructuring that impacted roughly 5% of its workforce which lead to $600 million in severance and other charges. Cisco declined to comment. The move would come at a time when tech companies, including telecom makers Nokia and Ericsson, cut thousands of jobs last year in a bid to lower costs. Several big tech firms such as Amazon, Alphabet and Microsoft have implemented layoffs in recent weeks. Cisco had cut its full-year revenue and profit forecasts in its previous earnings call, in a sign that demand for its networking equipment was slowing. It had blamed the weakness on a slowdown in orders in the first quarter, saying "customers are currently focused on installing and implementing products in their environments." The company has in recent years grappled with supply chain issues and a post-pandemic slowdown in demand, which has hastened its push into software offerings like cybersecurity. (Reporting by Utkarsh Shetti in Bengaluru and Supantha Mukherjee in Stockholm; Editing by Chris Reese)

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2024-02-10 00:00:00

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(Reuters) -Network giant Cisco is planning to restructure its business which will include laying off thousands of employees, as it seeks to focus on high-growth areas, according to three sources familiar with the matter.

https://www.thestar.com.my/tech/tech-news/2024/02/10/exclusive-cisco-to-cut-thousands-of-jobs-as-it-seeks-to-focus-on-high-growth-areas--sources

Bitcoin surges in biggest weekly rally in four months

LONDON (Reuters) -Bitcoin rose 5% on Friday to one-month highs, powered by what analysts said was a flurry of buying ahead of April's halving event and as recent outflows from exchange-traded funds slowed. The price rose to a session peak of $47,705, the most since January, after the first U.S. listed spot bitcoin exchange traded products received regulatory approval. The world's largest cryptocurrency was last up 3.5% at $46,946, set for a rise of 10% this week, its most in a week since October. Ether was up 2.5% at $2,486. Bitcoin hit a two-year high just above $49,000 in January, but has since trended lower, under pressure from a "sell the news" wave of profit-taking after the Securities and Exchange Commission finally approved the ETFs. The drop in bitcoin went against the grain of other financial markets in recent weeks, as stocks, bonds and gold all rallied on the back of an expectation for global central banks to switch to cutting interest rates this spring. Policymakers have since pushed back against this and economic data has not supported the view that rates should fall any time soon, but risk assets like stocks have risen, with bitcoin resuming its march higher. Friday's jump in price was said to be a function of a slowing in recent ETF outflows and a burst of buying ahead of April's halving, analysts said. "With bitcoin back up to $46,000 this morning, traders are clearly gearing up for the hotly anticipated halving event due in roughly two months," Scope Markets' chief markets analyst Joshua Mahony said. The next halving is expected in April, a process designed to slow the release of bitcoin, whose supply is capped at 21 million - of which 19 million have already been mined - by cutting the reward for producing the tokens in half. "Should historical trends continue to hold, traders will be hoping to see a bumper 2024 given the previous pattern of post-halving outperformance," Mahony said. Bitcoin prices have typically rallied following halvings. Six months after the first halving in 2012, the price jumped to $126 from $12. After the second halving in 2016, it went to $1,000 from $654 within seven months and in 2020 it shot up to $18,040 from $8,570 in the same time period. Furthermore, according to Markus Thielen, founder of digital asset research firm 10x Research, bitcoin also tends to perform during U.S. election years, coinciding with halving cycles in 2012, 2016 and 2020. QCP Capital said in a note on Thursday that some ETF outflows had eased, in particular from the Grayscale Bitcoin ETF, the largest by assets, which supports spot crypto prices. "Total inflows across all BTC ETFs are now positive," QCP said. When the SEC approved the listing of ETFs in January, Grayscale, whose existing bitcoin trust was converted to an ETF at the time, bled $2.7 billion in outflows the first week after, as early investors rushed to book profits, according to LSEG Lipper data. The outflows slowed in the subsequent week to $1.5 billion, and had slowed to $701 million in the week ended Feb. 7. Scope Markets' Mahony noted the recent rise in the dollar has acted as a drag on crypto of late, but the effect was likely to wane. (Additional reporting by Medha Singh in Bangalore; Editing by Harry Robertson and Alison Williams)

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2024-02-10 00:00:00

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LONDON (Reuters) -Bitcoin rose 5% on Friday to one-month highs, powered by what analysts said was a flurry of buying ahead of April's halving event and as recent outflows from exchange-traded funds slowed.

https://www.thestar.com.my/tech/tech-news/2024/02/10/bitcoin-surges-in-biggest-weekly-rally-in-four-months

NY attorney general expands crypto lawsuit, sees $3 billion fraud

NEW YORK (Reuters) -New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion. James had in October sued DCG, its Genesis Global Capital unit, and Gemini Trust, the exchange run by twin brothers Cameron and Tyler Winklevoss. She claimed they caused more than $1 billion of losses by misleading investors about the Gemini Earn program, which let customers lend crypto assets to Genesis in exchange for a high rate of return. The attorney general said it had become clear as more investors came forward that "the scam perpetrated by DCG through Genesis" also ensnared investors who sent money directly to Genesis and were falsely assured their money was safe. Many of the additional investors were retail customers, including a chiropractor and a stay-at-home father who each invested $2 million of bitcoin with Genesis, the complaint said. James is seeking more than $3 billion of restitution for the more than 230,000 investors who she believes were defrauded. "This illegal cryptocurrency scheme, and the horrific financial losses that real people have suffered, are yet another reminder of why stronger cryptocurrency regulations are needed to protect all investors," James said in a statement. DCG said Friday that James' lawsuit was "baseless" and that it expects to win in court. "DCG has always conducted its business lawfully and with integrity, and DCG and Barry Silbert will be fully vindicated," it said in a statement. Genesis is shutting down after filing for bankruptcy in January 2023. Late Thursday, it reached a settlement with James' office, agreeing to pay on her fraud claims so long as it fully repays customers through the Chapter 11 process. That settlement requires a bankruptcy judge's approval. Representatives for DCG and Gemini did not immediately respond to requests for comment. Barry Silbert, who is DCG's chief executive, and Soichiro Moro, a former Genesis chief executive, are also defendants. Genesis filed for bankruptcy two months after halting withdrawals by Gemini Earn customers following the collapse of Sam Bankman-Fried's FTX cryptocurrency exchange. Both Genesis and Gemini were also sued by the U.S. Securities and Exchange Commission, which said they bypassed disclosure requirements meant to protect Gemini Earn customers. Last week, Genesis agreed to pay the SEC a $21 million fine, also contingent on its repaying customers first. Gemini, meanwhile, has sued DCG over their failure of their crypto lending partnership. (Reporting by Jonathan Stempel and Dietrich Knauth in New York; Editing by Mark Porter, David Gregorio and David Ljunggren)

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2024-02-10 00:00:00

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NEW YORK (Reuters) -New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion.

https://www.thestar.com.my/tech/tech-news/2024/02/10/ny-attorney-general-expands-crypto-lawsuit-sees-3-billion-fraud

Amazon steers consumers to higher-priced items, lawsuit claims

(Reuters) - Amazon.com was sued in a proposed U.S. class action accusing the online retailer of violating a consumer protection law by steering hundreds of millions of shoppers to higher-priced items in order to earn extra fees. According to a complaint filed on Thursday in federal court in Seattle, Amazon's algorithm for choosing what to display in its "Buy Box" when shoppers search for products often obscures lower-priced options with faster delivery times. Citing the recent antitrust case against Amazon by the U.S. Federal Trade Commission and 17 states, the complaint said shoppers go with Amazon's choices nearly 98% of the time by clicking its "Buy Now" or "Add to Cart" buttons, often falsely believing Amazon had found the best prices. Amazon allegedly created the algorithm to benefit third-party sellers that participate in its Fulfillment By Amazon program and pay "hefty fees" for inventory storage, packing and shipping, returns and other services, the lawsuit said. "While ostensibly identifying the selection that consumers would make if they considered all the available offers, Amazon's Buy Box algorithm deceptively favors Amazon's own profits over consumer well-being," the complaint said. Amazon declined to comment. The complaint was filed by California residents Jeffrey Taylor and Robert Selway. It seeks damages for Amazon's alleged violations since 2016 of a Washington state law against deceptive trade practices, which resulted in a "great burden placed upon its customers," according to the plaintiffs' lawyer Steve Berman. The case differs from other private litigation over the "Buy Box" by focusing on harm to consumers from deceptive practices, instead of antitrust violations or harm to sellers that do not join Amazon's fulfillment program. The case is Taylor et al v Amazon.com Inc, U.S. District Court, Western District of Washington, No. 24-00169. (Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)

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2024-02-09 00:00:00

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(Reuters) - Amazon.com was sued in a proposed U.S. class action accusing the online retailer of violating a consumer protection law by steering hundreds of millions of shoppers to higher-priced items in order to earn extra fees.

https://www.thestar.com.my/tech/tech-news/2024/02/09/amazon-steers-consumers-to-higher-priced-items-lawsuit-claims

Bankrupt Genesis Global settles NY Attorney General's lawsuit

(Reuters) - Crypto lender Genesis Global has settled a lawsuit that the New York Attorney General brought against it last year, eliminating a major legal burden as it wades through its bankruptcy proceedings. Attorney General Letitia James had sued the company, its parent Digital Currency Group (DCG) and cryptocurrency firm Gemini Trust Co in October for allegedly "defrauding" investors of more than $1 billion. James had alleged Genesis defrauded investors through an investment program called Gemini Earn, which it ran with its former partner Gemini. The Earn program allowed Gemini customers to loan their crypto assets to Genesis and earn interest in exchange. The settlement agreement filed on Thursday, which needs to be approved by the U.S. Bankruptcy Court for the Southern District of New York, disclosed that Genesis has agreed to cease conducting business in the state of New York. Last week, Genesis also settled a U.S. Securities Exchange Commission lawsuit over the Earn program, agreeing to a $21 million fine that will be paid only if it is able to fully repay customers in its bankruptcy. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Krishna Chandra Eluri)

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2024-02-09 00:00:00

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(Reuters) - Crypto lender Genesis Global has settled a lawsuit that the New York Attorney General brought against it last year, eliminating a major legal burden as it wades through its bankruptcy proceedings.

https://www.thestar.com.my/tech/tech-news/2024/02/09/bankrupt-genesis-global-settles-ny-attorney-general039s-lawsuit

Expedia shares sink after 2024 revenue warning on softening air fares

(Reuters) -Shares of Expedia Group plunged 19% in early trading on Friday after the online travel firm said it expects 2024 revenue growth rates to moderate, as air fares soften from post-pandemic highs. The company late on Thursday also said Chief Executive Officer Peter Kern will step down from his position and will be replaced by company insider Ariane Gorin. Expedia's shares were set to snap a four-day winning streak and were on course for their biggest single-day drop in nearly four years, if the losses held. Booking Holdings, Tripadvisor, and Airbnb were down between 1% and 4% in early trading on amplified concerns about moderating booking and uneven domestic travel demand following a rebound from pandemic lows. On Thursday, Expedia warned that air travel revenue was under pressure due to a fall in average ticket prices. "On a macro level, we expect travel demand to remain relatively healthy, but we expect growth rates across the world to decelerate," outgoing CEO Kern said on the company's earnings call. Air travel revenue was also affected by the grounding of Boeing's 737 Max 9 fleet, leading to multiple cancellations impacting its Vrbo brand. "Overall, we see an 'acceleration story' that is decelerating with a CEO transition now in play; near-term setup looks challenging," Wells Fargo analysts wrote in a note. The company forecast its gross bookings growth for the current quarter to be in the low- to mid-single digits range and said it expects revenue growth to be in the mid-single digit. "Expedia's first-quarter guidance may have underwhelmed investors, with revenue growth expected to be in the mid-single digits range compared to the 9% consensus estimate," CFRA analyst Siye Desta said. However, the company reported a better-than-expected adjusted profit of $1.72 per share on the back of resilient demand during the holiday season. Analysts on average had expected a profit of $1.68 per share, according to LSEG data. Shares of Expedia trade about 12.35 times their forward profit estimates, well below rival Booking's 21.04 multiple. (Reporting by Pratyush Thakur in Bengaluru; Editing by Maju Samuel)

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2024-02-09 00:00:00

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(Reuters) -Shares of Expedia Group plunged 19% in early trading on Friday after the online travel firm said it expects 2024 revenue growth rates to moderate, as air fares soften from post-pandemic highs.

https://www.thestar.com.my/tech/tech-news/2024/02/09/expedia-shares-sink-after-2024-revenue-warning-on-softening-air-fares

Exclusive-Nvidia pursues $30 billion custom chip opportunity with new unit -sources

SAN FRANCISCO (Reuters) -Nvidia is building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence (AI) processors, nine sources familiar with its plans told Reuters. The dominant global designer and supplier of AI chips aims to capture a portion of an exploding market for custom AI chips and shield itself from the growing number of companies pursuing alternatives to its products. The Santa Clara, California-based company controls about 80% of high-end AI chip market, a position that has sent its stock market value up 40% so far this year to $1.73 trillion after it more than tripled in 2023. Nvidia's customers, which include ChatGPT creator OpenAI, Microsoft, Alphabet and Meta Platforms, have raced to snap up the dwindling supply of its chips to compete in the fast-emerging generative AI sector. Its H100 and A100 chips serve as a generalized, all-purpose AI processor for many of those major customers. But the tech companies have started to develop their own internal chips for specific needs. Doing so helps reduce energy consumption, and potentially can shrink the cost and time to design. Nvidia is now attempting to play a role in helping these companies develop custom AI chips that have flowed to rival firms such as Broadcom and Marvell Technology, said the sources, who declined to be identified because they were not authorized to speak publicly. "If you're really trying to optimize on things like power, or optimize on cost for your application, you can't afford to go drop an H100 or A100 in there," Greg Reichow, general partner at venture capital firm Eclipse Ventures said in an interview. "You want to have the exact right mixture of compute and just the kind of compute that you need." Nvidia does not disclose H100 prices, which are higher than for the prior-generation A100, but each chip can sell for $16,000 to $100,000 depending on volume and other factors. Meta plans to bring its total stock to 350,000 H100s this year. Nvidia officials have met with representatives from Amazon.com, Meta, Microsoft, Google and OpenAI to discuss making custom chips for them, two sources familiar with the meetings said. Beyond data center chips, Nvidia has pursued telecom, automotive and video game customers. Nvidia shares rose 2.75% after the Reuters report, helping lift chip stocks overall. Marvell shares dropped 2.78%. In 2022, Nvidia said it would let third-party customers integrate some of its proprietary networking technology with their own chips. It has said nothing about the program since, and Reuters is reporting its wider ambitions for the first time. A Nvidia spokesperson declined to comment beyond the company's 2022 announcement. Dina McKinney, a former Advanced Micro Devices and Marvell executive, heads Nvidia's custom unit and her team's goal is to make its technology available for customers in cloud, 5G wireless, video games and automotives, a LinkedIn profile said. Those mentions were scrubbed and her title changed after Reuters sought comment from Nvidia. Amazon, Google, Microsoft, Meta and OpenAI declined to comment. $30 BILLION MARKET According to estimates from research firm 650 Group’s Alan Weckel, the data center custom chip market will grow to as much as $10 billion this year, and double that in 2025. The broader custom chip market was worth roughly $30 billion in 2023, which amounts to roughly 5% of annual global chip sales, according to Needham analyst Charles Shi. Currently, custom silicon design for data centers is dominated by Broadcom and Marvell. In a typical arrangement, a design partner such as Nvidia would offer intellectual property and technology, but leave the chip fabrication, packaging and additional steps to Taiwan Semiconductor Manufacturing Co. or another contract chip manufacturer. Nvidia moving into this territory has the potential to eat into Broadcom and Marvell sales. "With Broadcom's custom silicon business touching $10 billion, and Marvell’s around $2 billion, this is a real threat," said Dylan Patel, founder of silicon research group SemiAnalysis. "It's a real big negative - there's more competition entering the fray." BEYOND AI Nvidia is in talks with telecom infrastructure builder Ericsson for a wireless chip that includes the chip designer's graphics processing unit (GPU) technology, two sources familiar with the discussions said. Ericsson declined to comment. 650 Group's Weckle expects the telecom custom chip market to remain flat at roughly $4 billion to $5 billion a year. Nvidia also plans to target the automotive and video game markets, according to sources and public social media postings. Weckel expects the custom auto market to grow consistently from its current $6 billion to $8 billion range at 20% a year, and the $7 billion to $8 billion video game custom chip market could increase with the next-generation consoles from Xbox and Sony. Nintendo's current Switch handheld console already includes Nvidia's Tegra X1 chip. A new version of the Switch console expected this year is likely to include a Nvidia custom design, one source said. Nintendo declined to comment. (Reporting by Max Cherney and Stephen Nellis in San Francisco; Additional reporting by Supantha Mukherjee in Stockholm and Krystal Hu in San Francisco; Editing by Kenneth Li, Peter Henderson, Jamie Freed and Alexander Smith)

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2024-02-09 00:00:00

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SAN FRANCISCO (Reuters) -Nvidia is building a new business unit focused on designing bespoke chips for cloud computing firms and others, including advanced artificial intelligence (AI) processors, nine sources familiar with its plans told Reuters.

https://www.thestar.com.my/tech/tech-news/2024/02/09/exclusive-nvidia-chases-30-billion-custom-chip-market-with-new-unit--sources

Disney harnesses AI to drive streaming ad technology

(Reuters) -Walt Disney is harnessing artificial intelligence to power a new advertising tool that will help brands tailor their commercials to fit the mood of specific scenes within a movie or television series. Dubbed "Disney's Magic Words," this tool introduces a new form of contextual advertising for the Disney+ and Hulu streaming services. It uses a combination of AI and machine learning to analyze and tag scenes across its library, identifying the contents, brands, images and mood. Brands can use these descriptive tags, known as metadata, to identify a specific scene or mood and then personalize messaging to match. "What that means is leaving broad demos (demographics) behind and buying specific audiences," said Geoffrey Calabrese, Omnicom Media Group's chief investment officer. "These magic words are literally going to be able to connect me to the emotions of the consumer, at an audience level. And for us, that's really a game changer." Omnicom is one of six global advertising companies taking part in an early beta test of this advertising product, Disney told Reuters. The other beta partners are Dentsu, GroupM, Horizon Media, IPG Mediabrands and Publicis Media. The company announced the new ad features last month, at a showcase at the Consumer Electronics Show in Las Vegas. Rita Ferro, Disney's global head of ad sales, said the feature allows advertisers to maximize the impact of their messages "because it resonates with concepts that the viewers experience." Disney's investment in streaming ad technology comes as advertisers are moving away from broadcast and cable TV, along with viewers. The company's advertising revenue fell nearly 3% in its fiscal 2024 first quarter to $3.35 billion, according to LSEG, reflecting declines in traditional TV viewership. Researcher eMarketer estimated Disney+ accounted for about $790 million in revenue last year. Disney does not report its advertising revenue. CEO Bob Iger told investors during the company's quarterly investor call on Wednesday that the ad-supported version of the Disney+ service has attracted more than 1,000 advertisers in the first quarter, a tenfold increase from launch. "Our revolutionary approach to technology ensures that our entire streaming portfolio will be the ultimate destination for brands in the years ahead," Iger said in a statement to Reuters. Half of consumers who sign up for Disney+ opt for the less-expensive version of the service, which includes advertising, said Joe Earley, president of Disney's direct-to-consumer business. He said the company has spent years refining ad technology that has been designed specifically for streaming. Its Hulu service launched as a free, advertising-supported service in 2008. "Disney+ didn't have to ramp up," Earley said. "It hit the ground running." (Reporting by Dawn Chmielewski in Los Angeles; Editing by David Gregorio and Jonathan Oatis)

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2024-02-09 00:00:00

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(Reuters) -Walt Disney is harnessing artificial intelligence to power a new advertising tool that will help brands tailor their commercials to fit the mood of specific scenes within a movie or television series.

https://www.thestar.com.my/tech/tech-news/2024/02/09/disney-harnesses-039ai039-to-drive-streaming-ad-technology

White House touts $11 billion US semiconductor R&D program

WASHINGTON (Reuters) -The White House on Friday touted the U.S. government's plan to spend $11 billion on semiconductor-related research and development and said it was launching the $5 billion National Semiconductor Technology Center. Congress in August 2022 approved the landmark Chips and Science Act. The law provides that $52.7 billion, including $39 billion in subsidies for semiconductor production and $11 billion research and development. It also creates a 25% investment tax credit for building chip plants, estimated to be worth $24 billion. The centerpiece of the R&D program is the National Semiconductor Technology Center, which will conduct research and prototyping of advanced semiconductor technology. The center is a "public private partnership that the government, industry customers, suppliers, academics, entrepreneurs, venture capitalists to come together to innovate, connect, network, solve problems and allow Americans to compete and out compete the world," U.S. Commerce Secretary Gina Raimondo said at a White House event. Energy Secretary Jennifer Granholm said the effort was part of an "industrial strategy around chips" to preventing the loss of jobs overseas and add American jobs. "A nation that does not do R&D is a weak nation," Granholm said at the event. "We are not going to be weak anymore." NSTC will establish an investment fund to help emerging semiconductor companies advance technologies toward commercialization. The 2022 law also creates the National Advanced Packaging Manufacturing Program and new Manufacturing USA institutes focused on semiconductors. Raimondo on Monday said Commerce plans to make several major awards to fund chip manufacturing within two months. "We're in the process of really complicated, challenging negotiations with these companies," Raimondo told Reuters in an interview. She did not identify the companies. In the "next six to eight weeks, you will see several more announcements. That's what we're striving for." The semiconductor manufacturing program is intended to subsidize chip production and related supply chain investments. The awards will help build factories and increase production. "These are highly complex, first-of-their-kind facilities" in the U.S., Raimondo said, noting that TSMC, Samsung, Intel, are among companies that have proposed them. "These are new-generation investments -- size, scale complexity that's never been done before in this country," Raimondo said. (Reporting by David Shepardson in Washington and Anirudh Saligrama in Bengaluru; Editing by David Gregorio)

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2024-02-09 00:00:00

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WASHINGTON (Reuters) -The White House on Friday touted the U.S. government's plan to spend $11 billion on semiconductor-related research and development and said it was launching the $5 billion National Semiconductor Technology Center.

https://www.thestar.com.my/tech/tech-news/2024/02/09/us-announces-over-5-billion-investments-in-semiconductor-related-research-and-development

Analysis-SoftBank sees new-found caution as secret weapon in AI arms race

TOKYO (Reuters) - For years, SoftBank Group splashed out billions on startups at near-peak valuations without batting an eye. Now founder Masayoshi Son's tech powerhouse is relying on a new weapon as it searches for the next big thing in AI: caution. The strategy marks a vast turnaround for a company that completely transformed the world of tech investing with its high-conviction bets on startups at an unheard of scale. It also highlights the lingering effect of SoftBank's "defence mode", a strategy it adopted after being hit by plummeting valuations in the aftermath of the pandemic, when higher interest rates eroded investor appetite for risk. "We're being very prudent when we look at these opportunities out there," Navneet Govil, the chief financial officer of Softbank's investment arm, the Vision Fund, told Reuters in an interview late on Thursday. "We're financial investors not strategic investors." The Vision Fund unit made just 29 new and follow-on investments in all of 2023 out of more than 300 companies it studied. The October-to-December quarter was the unit's most miserly since 2017, with SoftBank saying the funds made $100 million in new investments, a drop from the heady days of 2021, when they spent $20.9 billion in April-June alone. "It's a good approach. Given the difficult period they went through, they've become very strict on choosing investees," said Mitsunobu Tsuruo, an equity analyst at Citi who covers SoftBank. On Thursday, SoftBank reported its first profit in five quarters, and a $4 billion investment gain at the Vision Fund business. Its war chest has ballooned to 4.4 trillion yen ($29 billion) in cash, cash equivalents and liquid bonds, it said. Even before the runaway success of chip design firm Arm, in which it owns around 90% and which listed in New York in September last year, SoftBank said it was exclusively focused on investing in artificial intelligence (AI). Arm's share price surged more than 55% on Thursday, powered by forecasts of robust demand for its technology to design chips for AI features. SoftBank CFO Yoshimitsu Goto said on Thursday Arm would soon be indispensable to AI and has previously called the chip designer "the core of the core" of SoftBank's group of companies. EARLY INNINGS Potential investments could be in AI hardware, infrastructure or applications, Govil said. "We're still in the early innings of a fast-growing space. These disruptors can easily by disrupted by other disruptors." Companies will need to meet strict criteria about their "transformative" quality and capacity for AI innovation, product market fit and scalability, unit economics, and track record of execution, Govil added. But when it comes to AI, SoftBank has a mixed track record. Although CEO Son has touted the promise of AI as an investment opportunity for some years, the vast majority of the more than 400 companies currently in the portfolio have not seen their valuations rise despite the excitement surrounding AI and AI-related companies over the past year. "There aren't many winners in the AI market," said Amir Anvarzadeh of Asymmetric Advisors. Valuations have shot up for companies seen as direct beneficiaries of a rise in AI-related applications, such as chip maker Nvidia. That means there will be fewer, if any, companies that can meet SoftBank's more stringent criteria. "Everyone's on top of this. The ship has sailed," Anvarzadeh said. While Son has made some bad bets on companies, such as now bankrupt office-sharing business WeWork, he's also backed some big winners including AliBaba, Arm and mobile internet technology, so it may yet be too early to rule him out of further AI gains. "There's also a high chance that they'll make an extremely large, controlling stake investment," Citi's Tsuruo said. "They would need to make sure they have the dry powder for it." ($1 = 149.3600 yen) (Reporting by Anton Bridge; Editing by David Dolan and Miral Fahmy)

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2024-02-09 00:00:00

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TOKYO (Reuters) - For years, SoftBank Group splashed out billions on startups at near-peak valuations without batting an eye. Now founder Masayoshi Son's tech powerhouse is relying on a new weapon as it searches for the next big thing in AI: caution.

https://www.thestar.com.my/tech/tech-news/2024/02/09/analysis-softbank-sees-new-found-caution-as-secret-weapon-in-ai-arms-race

OpenAI hits $2 billion revenue milestone - FT

(Reuters) - Microsoft-backed OpenAI hit the $2 billion revenue milestone in December, the Financial Times reported on Friday, citing two people with knowledge of the artificial intelligence (AI) start-up's finances. OpenAI believes it can more than double this figure in 2025, based on strong interest from business customers seeking to use its technology to adopt generative AI tools in the workplace, the report said. Microsoft and OpenAI did not immediately reply to Reuters' request for comment. The company's annualized revenue topped $1.6 billion in December based on strong growth from its ChatGPT product, up from $1.3 billion as of mid-October, the Information had reported previously. Investors have valued the San Francisco-based startup at more than $80 billion. OpenAI chief Sam Altman is in talks with investors, including the UAE, to raise funds for a tech initiative to boost the world's chip-building capacity and expand its ability to power AI, among other things, the Wall Street Journal reported late on Thursday. (Reporting by Devika Nair in Bengaluru; Editing by Rashmi Aich and Varun H K)

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2024-02-09 00:00:00

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(Reuters) - Microsoft-backed OpenAI hit the $2 billion revenue milestone in December, the Financial Times reported on Friday, citing two people with knowledge of the artificial intelligence (AI) start-up's finances.

https://www.thestar.com.my/tech/tech-news/2024/02/09/openai-hits-2-billion-revenue-milestone---ft

Japan offers $300 million backing for chip research organisation

TOKYO (Reuters) - Japan's trade ministry said on Friday it would offer backing worth up to 45 billion yen ($301 million) to an organisation, including chip foundry venture Rapidus, for research into cutting-edge semiconductor technology. The Leading-edge Semiconductor Technology Center (LSTC) is chaired by Rapidus Chairman Tetsuro Higashi and includes research institutions and universities. The support comes at a time when Japan is making a major push to rebuild its chip manufacturing base. Underpinned by billions of dollars in subsidies, Rapidus aims to mass manufacture 2-nanometre logic chips in Hokkaido and compete with leading companies such as Taiwan's TSMC. TSMC, this week, announced it would build a second fab in Japan to begin operation by 2027 in a vote of confidence in the country as a base for manufacturing. ($1 = 149.3100 yen) (Reporting by Sam Nussey; Editing by Eileen Soreng)

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2024-02-09 00:00:00

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TOKYO (Reuters) - Japan's trade ministry said on Friday it would offer backing worth up to 45 billion yen ($301 million) to an organisation, including chip foundry venture Rapidus, for research into cutting-edge semiconductor technology.

https://www.thestar.com.my/tech/tech-news/2024/02/09/japan-offers-300-million-backing-for-chip-research-organisation

In the US and Europe, TV networks are getting into streaming

For several years, viewers have been watching less live TV and increasingly turning to streaming services like Netflix. In response to this trend, several media groups around the world are launching new streaming platforms, some of which are available free of charge. Traditional television is seeking to reinvent itself, particularly in the sports sector, which is becoming a new field of exploration for SVOD services. In the USA, as in Europe, TV networks are betting on streaming. While in France, the Salto platform, which brought together shows from the TF1, France Télévisions and M6 channels, ended service at the beginning of 2023, TF1 launched its own free streaming platform with TF1+ on January 8. In the USA, ESPN, Fox and Warner Bros. Discovery have joined forces to launch a joint platform, a kind of "Netflix" dedicated to sports. Through their 15 dedicated sports channels, viewers will be able to follow their favorite teams, across all kinds of sports, all in one place. They'll find the country's four biggest leagues: American football (NFL), basketball (NBA), baseball (MLB) and ice hockey (NHL), as well as golf, motor racing (NASCAR), tennis, the soccer World Cup, college sports and more. In shot, users will have access to all the best sporting action in just a few clicks. Expected to be available this fall, this initiative promises to turn the audiovisual landscape upside down and shake up fans' viewing habits. For the moment, the price and the name of the platform have not been revealed. However, the package will be available bundled with Disney+, Hulu and/or Max. Meanwhile, in Europe... In Europe, the streaming market is also making inroads into sports. The European Broadcasting Union (UBR), which includes broadcasters such as France Télévisions and the BBC, has announced the launch of Eurovision Sport, a free-to-air streaming platform dedicated to live sports broadcasting. The line-up includes swimming (such as the World Aquatics Championships currently being held in Doha), athletics, women's ski jumping, gymnastics and biathlon. "Currently, only a third of sports fans have access to premium sports channels. Through its free streaming, we hope Eurovision Sport will democratize access to live sports coverage and help grow individual sports through visibility and engagement, encouraging greater participation and making sure we are all ‘united by sport’," said Noel Curran, the EBU’s Director General. In the UK, the BBC, ITV, Channel 4 and Channel 5 have announced a brand-new, totally free streaming service. Called Freely, the platform will enable users to watch live TV channels and enjoy on-demand content. The service will be available both online and directly via TVs. Users will be able to take advantage of several features on the platform, like pausing and resuming playback, or access other episodes. The launch is scheduled for the second quarter of 2024. – AFP Relaxnews

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2024-02-09 00:00:00

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For several years, viewers have been watching less live TV and increasingly turning to streaming services like Netflix. In response to this trend, several media groups around the world are launching new streaming platforms, some of which are available free of charge. Traditional television is seeking to reinvent itself, particularly in the sports sector, which is becoming a new field of exploration for SVOD services.

https://www.thestar.com.my/tech/tech-news/2024/02/09/in-the-us-and-europe-tv-networks-are-getting-into-streaming

OpenAI's Altman in talks to raise funds for chips, AI initiative - WSJ

(Reuters) -OpenAI CEO Sam Altman is in talks with investors, including the UAE, to raise funds for a tech initiative to boost the world's chip-building capacity and expand its ability to power AI, among other things, the Wall Street Journal reported on Thursday. The project could require raising as much as $5 trillion to $7 trillion, the report added, citing people familiar with the matter. OpenAI and its biggest investor Microsoft did not immediately respond to Reuters' requests for comment. Altman's fundraising plans are aimed at solving constraints to OpenAI's growth, including the scarcity of artificial intelligence (AI) chips required to train large language models behind systems such as ChatGPT, the WSJ reported. The Semiconductor Industry Association (SIA) has forecast a 13.1% jump in global chip sales to $595.3 billion this year, compared with a drop of about 8% in sales in 2023. The amounts Altman has discussed are outlandishly large by the standards of corporate fundraising, the report added. Investors have valued OpenAI at more than $80 billion. As part of the talks, Altman is pitching a partnership between OpenAI, investors, chip makers and power providers, which together would put up money to build chip foundries that would then be run by chip makers, the report said, adding that much of the effort could be funded by debt and the discussions are in its early stages. (Reporting by Gnaneshwar Rajan in Bengaluru; Editing by Rashmi Aich)

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2024-02-09 00:00:00

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(Reuters) -OpenAI CEO Sam Altman is in talks with investors, including the UAE, to raise funds for a tech initiative to boost the world's chip-building capacity and expand its ability to power AI, among other things, the Wall Street Journal reported on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/09/openai039s-altman-in-talks-to-raise-funds-for-chips-ai-initiative---wsj

Google's Gemini AI app to land on phones, making it easier for people to connect to a digital brain

SAN FRANCISCO: Google on Thursday introduced a free artificial intelligence app that will implant the technology on smartphones, enabling people to quickly connect to a digital brain that can write for them, interpret what they're reading and seeing, in addition to helping manage their lives. With the advent of the Gemini app, named after an AI project unveiled late last year, Google will cast aside the Bard chatbot that it introduced a year ago in an effort to catch up with ChatGPT, the chatbot unleashed by the Microsoft-backed startup OpenAI in late 2022. Google is immediately releasing a standalone Gemini app for smartphones running on its Android software. In a few weeks, Google will put Gemini's features into its existing search app for iPhones, where Apple would prefer people rely on its Siri voice assistant for handling various tasks. Although the Google voice assistant that has been available for years will stick around, company executives say they expect Gemini to become the main way users apply the technology to help them think, plan and create. It marks Google's next foray down a new and potentially perilous avenue while remaining focused on its founding goal "to organize the world’s information and make it universally accessible and useful.” "We think this is one of the most profound ways we are going to advance our mission," Sissie Hsiao, a Google general manager overseeing Gemini, told reporters ahead of Thursday's announcement. The Gemini app initially will be released in the U.S. in English before expanding to the Asia-Pacific region next week, with versions in Japanese and Korean. Besides the free version of Gemini, Google will be selling an advanced service accessible through the new app for US$20 (around RM95) a month. The Mountain View, California, company says it is such a sophisticated form of AI that will it be able to tutor students, provide computer programming tips to engineers, dream up ideas for projects, and then create the content for the suggestions a user likes best. The Gemini Advanced option, which will be powered by an AI technology dubbed "Ultra 1.0,” will seek to build upon the nearly 100 million worldwide subscribers that Google says it has attracted so far – most of whom pay US$2 (RM9.50) to US$10 (RM47) per month for additional storage to back up photos, documents and other digital material. The Gemini Advanced subscription will include 2 terabytes of storage that Google currently sells for US$10 (RM47) per month, meaning the company believes the AI technology is worth an additional US$10 (RM47) per month. Google is offering a free two-month trial of Gemini Advanced to encourage people to try it out. The rollout of the Gemini apps underscores the building moment to bring more AI to smartphones – devices that accompany people everywhere – as part of a trend Google began last fall when it released its latest Pixel smartphones and Samsung embraced last month with its latest Galaxy smartphones. It also is likely to escalate the high-stakes AI showdown pitting Google against Microsoft, two of the world's most powerful companies jockeying to get the upper hand with a technology that could reshape work, entertainment and perhaps humanity itself. The battle already has contributed to a US$2 trillion (RM9.5 trillion) increase in the combined market value of Microsoft and Google's corporate parent, Alphabet Inc., since the end of 2022. In a blog post, Google CEO Sundar Puchai predicted the technology underlying Gemini Advanced will be able to outthink even the smartest people when tackling many complex topics. "Ultra 1.0 is the first to outperform human experts on (massive multitask language understanding), which uses a combination of 57 subjects – including math, physics, history, law, medicine and ethics – to test knowledge and problem-solving abilities,” Pichai wrote. But Microsoft CEO Satya Nadella made a point Wednesday of touting the capabilities of the ChatGPT-4 chatbot – a product released nearly a year ago after being trained by OpenAI on large-language models, or LLMs. "We have the best model, today even,” Nadella asserted during an event in Mumbai, India. He then seemingly anticipated Gemini's next-generation release, adding, "We’re waiting for the competition to arrive. It’ll arrive, I’m sure. But the fact is, that we have the most leading LLM out there.” The introduction of increasingly sophisticated AI is amplifying fears that the technology will malfunction and misbehave on its own, or be manipulated by people for sinister purposes such as spreading misinformation in politics or to torment their enemies. That potential has already led to the passage of rules designed to police the use of AI in Europe, and spurred similar efforts in the U.S. and other countries. Google says the next generation of Gemini products have undergone extensive testing to ensure they are safe and were built to adhere to its AI principles, which include being socially beneficial, avoiding unfair biases and being accountable to people. – AP

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2024-02-09 00:00:00

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Google on Thursday introduced a free artificial intelligence app that will implant the technology on smartphones, enabling people to quickly connect to a digital brain that can write for them, interpret what they're reading and seeing, in addition to helping manage their lives.

https://www.thestar.com.my/tech/tech-news/2024/02/09/google039s-gemini-ai-app-to-land-on-phones-making-it-easier-for-people-to-connect-to-a-digital-brain

Bell Canada to cut 4,800 jobs, cites 'unsupportive' government among factors

OTTAWA (Reuters) -Bell Canada said on Thursday it was slashing 4,800 jobs to rein in costs that the media and telecom company blamed on declining legacy phone and news business and "unsupportive" government and regulatory decisions. Bell's biggest restructuring in about three decades will see about 9% of its workforce laid off and marks the second shakeup since last year, when it announced plans to cut 1,300 workers as revenue from legacy businesses dried up. "We need to take additional measures in response to increasingly unsupportive federal government and regulatory decisions," Bell CEO Mirko Bibic said as the company reported financial results, which saw profit for quarter ended December dive 23.3% to C$435 million ($323 million). Bibic blamed the federal government for failing "to level the playing field with global tech giants" and said the Canadian Radio-television and Telecommunications's (CRTC) decision to force Bell to let competitors use their infrastructure to sell internet services was "of particular concern." The CRTC cited declining competition among high-speed internet service providers when it announced that decision in November. In response, Bell said it would cut capital spending by C$1 billion. Canada's Heritage Minister Pascale St-Onge said it was "a dark day" for those losing their jobs and that she was "extremely disappointed" in Bell's decision. "There were changes made at the CRTC to help those companies that are facing challenges, but at some point companies also have to chip in. And again, they are not going bankrupt. They're still making billions of dollars," St-Onge told reporters in Ottawa. The Montreal-based company's operating revenue increased 0.5% to C$6.47 billion in the fourth quarter. Bibic said advertising revenue had declined in 2023 and news operations were posting losses, and that the latest job cuts are expected to save the company between C$150-$200 million this year. British Columbia premier David Eby called Bell and others like it "corporate vampires" and urged the federal government to intervene. "They have overseen the crapification of local news by laying off journalists," Eby told a news conference. Canada has also passed a law to force tech companies to pay Canadian publishers for news after years of complaints from the media industry about news businesses losing the online advertising market to large tech firms like Alphabet's Google and Meta Platform's Facebook. The law, the Online News Act, led to a deal in which Google will pay C$100 million annually to news publishers in the country, while Facebook chose to block news-sharing on its platforms in Canada. ($1 = 1.3456 Canadian dollars) (Reporting by Samrhitha Arunasalam in Bengaluru and Ismail Shakil in Ottawa; Additional reporting by Nia Williams in British Columbia; Editing by Shounak Dasgupta, Sriraj Kalluvila and Bill Berkrot)

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2024-02-09 00:00:00

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OTTAWA (Reuters) -Bell Canada said on Thursday it was slashing 4,800 jobs to rein in costs that the media and telecom company blamed on declining legacy phone and news business and "unsupportive" government and regulatory decisions.

https://www.thestar.com.my/tech/tech-news/2024/02/09/bell-canada-to-cut-4800-jobs-cites-039unsupportive039-government-among-factors

Motorola Solutions falls on weak full-year profit forecast

(Reuters) - Motorola Solutions forecast full-year adjusted profit below expectations on Thursday, taking the sheen off strong results and additional stock buyback, sending its shares down 5% in choppy trading after the bell. The telecommunication equipment company said it expects 2024 adjusted profit of $12.62 to $12.72 per share. The mid-point of the range was 1 cent below expectations of $12.68 per share. Its forecast of about 6% revenue growth this year was slightly higher than the 5.7% analysts' expectations, according to LSEG data. The Chicago, Illinois-based company provides critical communications gear such as walkie-talkies, video surveillance cameras and software services to help communities served by governments and businesses during emergencies. Motorola's revenue rose 5% to $2.85 billion in the fourth-quarter, driven by growth in North America and International markets. The figure came in higher than estimates of $2.82 billion. Adjusted per share profit of $3.90 handily beat expectations of $3.63. The company said it had expanded its share buyback authorization by $2 biliion. Last year, it repurchased $804 million worth of company stock and paid $589 million in dividends. The U.S. government and home office of the United Kingdom are the largest customers of Motorola Solutions. (Reporting by Yuvraj Malik in Bengaluru; Editing by Alan Barona)

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2024-02-09 00:00:00

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(Reuters) - Motorola Solutions forecast full-year adjusted profit below expectations on Thursday, taking the sheen off strong results and additional stock buyback, sending its shares down 5% in choppy trading after the bell.

https://www.thestar.com.my/tech/tech-news/2024/02/09/motorola-solutions-falls-on-weak-full-year-profit-forecast

Video game publisher Take-Two's quarterly booking forecast disappoints

(Reuters) -Take-Two Interactive Software forecast fourth-quarter bookings below market expectations and cut its annual estimates on Thursday, on signs of weak demand for its gaming titles such as "NBA 2K", sending its shares plunging 10% after the bell. Lower consumer spending and stiff competition from players such as Electronic Arts and Microsoft-owned Activision Blizzard are hurting the video game publisher. Take-Two forecast fourth-quarter bookings in the range of $1.27 billion to $1.32 billion, compared with analysts' expectations of $1.51 billion, according to LSEG data. It also cut its projection for full-year bookings to a range of $5.25 billion to $5.30 billion from its earlier forecast of $5.45 billion to $5.55 billion. "The forecast cut is almost entirely attributable to the shift of a game out of the fiscal year, so no real impact on the company's long-term prospects", said Wedbush securities analyst Michael Pachter. But the company's latest projection of "a little above $7 billion for net bookings" for fiscal 2025, after its last year's downwardly revised forecast of under $8 billion dashed investors' hopes. They were expecting a boost from Take-Two's "Grand Theft Auto VI", the latest installment of the best-selling franchise that is set for a 2025 release. "The reduction in outlook tells you it's ("Grand Theft Auto VI") not coming next fiscal year," Pachter added. THIRD-QUARTER HIT Take-Two's net bookings fell 3% to $1.34 billion in the third quarter, in line with analysts' estimates. The solid performance of games such as "GTA Online" and the "Red Dead Redemption" series was partially offset by softness in mobile advertising and sales of "NBA 2K", according to Take-Two CEO Strauss Zelnick. On an adjusted basis, the company earned 71 cents per share compared with estimates of 72 cents. (Reporting by Zaheer Kachwala in Bengaluru; Editing by Shinjini Ganguli)

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2024-02-09 00:00:00

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(Reuters) -Take-Two Interactive Software forecast fourth-quarter bookings below market expectations and cut its annual estimates on Thursday, on signs of weak demand for its gaming titles such as "NBA 2K", sending its shares plunging 10% after the bell.

https://www.thestar.com.my/tech/tech-news/2024/02/09/take-two-forecasts-quarterly-net-bookings-below-estimates-on-weak-demand

Exclusive-Trump's media deal partner nears $50 million financing -sources

(Reuters) - Digital World Acquisition Corp, the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday. The deal, which could be announced in the next few days, is based on convertible notes and will help fund DWAC while it tries to complete its merger with Trump Media & Technology Group (TMTG), owner of social media platform Truth Social, the sources said. DWAC shares ended trading on Thursday up 4.4% at $47.66 on the news. They are up almost threefold since Jan. 15 -- when Trump won the Iowa caucus on his way to the Republican nomination for president -- as investors bet that his re-emergence as a major political figure will make Truth Social more valuable. Investment firms Anson Funds, All Blue Capital and Mangrove Partners have offered to buy the convertible notes on offer, the sources added, cautioning that the timing and composition of the deal may still change. The sources requested anonymity because details of the deal discussions are confidential. DWAC Chief Executive Eric Swider declined to comment. Representatives for Anson Funds, All Blue Capital and Mangrove Partners did not immediately respond to requests for comment. DWAC had disclosed last month it was raising $50 million in convertible notes after cancelling a $1 billion private-investment-in-public-equity (PIPE) transaction. DWAC agreed to merge with TMTG in October 2021 but failed to complete the deal by a September 2022 deadline, as U.S. financial regulators scrutinized DWAC's disclosures to investors. That gave the PIPE investors the right to cancel their commitments. An amendment of TMTG's deal with DWAC last August called for unwinding the PIPE and gave Trump new shares in DWAC with more voting power. DWAC has been left with close to $300 million in funds it raised with its initial public offering in 2021, but that money is earmarked to go to TMTG once their merger gets completed. DWAC has faced several challenges in its bid to complete the deal with TMTG. It has been the target of investigations by the U.S. Department of Justice and the Securities and Exchange Commission (SEC), replaced its chief executive and shook up its board. In September, DWAC investors voted to give an extension of up to one year to complete the TMTG deal. DWAC is now waiting for clearance from the SEC to allow its shareholders to vote on the merger with TMTG. DWAC has said it expects to draw $10 million from the $50 million convertible note raise for its immediate use and tap the remainder on completing its deal with DWAC. (Reporting by Anirban Sen in New York; Additional reporting by Svea Herbst-Bayliss in Rhode Island; Editing by Mark Porter and Josie Kao)

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2024-02-09 00:00:00

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(Reuters) - Digital World Acquisition Corp, the blank-check acquisition company that has agreed to take former U.S. President Donald Trump's social media platform public, is nearing a $50 million financing deal, people familiar with the matter said on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/09/exclusive-trump039s-media-deal-partner-nears-50-million-financing--sources

Pinterest's weak forecast signals intense competition for ad dollars

(Reuters) - Pinterest forecast first-quarter revenue largely below Wall Street estimates on Thursday, a sign that it faces tough competition from larger social media players even as the digital advertising market stabilizes. However, shares of the San Francisco, California-based company, which were down more than 9%, pared losses in extended trading after CEO Bill Ready announced an ad integration deal with Google. The deal, which will let Pinterest serve ads via Google's Ad Manager, will help monetize several unmonetized international markets, Ready added. Last year, Pinterest partnered with e-commerce giant Amazon.com, which analysts had said would drive material advertising spend on its platform this year. "Third-party ad demand is scaling as we anticipated ... and we are now seeing it contribute to our growth this quarter," Ready said. Pinterest faces competition from the likes of TikTok and Meta Platforms-owned Facebook and Instagram, which have become the go-to platforms for advertisers in an uncertain economy because of their more extensive user base and higher engagement for targeted ads. "Pinterest’s solid but unspectacular Q4 numbers should see some scrutiny from the market, which saw Meta blow out expectations just last week," Jeremy Goldman, Insider Intelligence analyst, said. Ad spending in the shopping category, typically one of the large advertisers in the holiday quarter, grew by less than 1% sequentially, market intelligence firm Sensor Tower told Reuters on Tuesday. Ad spend from software and gaming categories in the U.S. saw sequential increases of 34% and 22%, respectively, in the fourth-quarter for Pinterest, Sensor Tower added. Global monthly active users (MAUs) on Pinterest, which lets users create online pinboards, rose by 11% to 498 million in the fourth quarter compared with estimates of 484.5 million. Pinterest posted revenue of $981.3 million for the fourth-quarter ended Dec. 31, missing estimates of $990.6 million. Excluding items, the company earned 53 cents per share, beating estimates of 51 cents. (Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)

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2024-02-09 00:00:00

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(Reuters) - Pinterest forecast first-quarter revenue largely below Wall Street estimates on Thursday, a sign that it faces tough competition from larger social media players even as the digital advertising market stabilizes.

https://www.thestar.com.my/tech/tech-news/2024/02/09/pinterest-forecasts-first-quarter-revenue-below-estimates

US agency declares AI cloned voice robocalls illegal

WASHINGTON (Reuters) -Calls made with AI-generated voices are illegal, the Federal Communications Commission said on Thursday, after a fake robocall imitating President Joe Biden sought to dissuade people from voting for him in New Hampshire's Democratic primary election. The declaratory ruling gives state attorneys general new tools to go after the entities behind the robocalls, FCC Chair Jessica Rosenworcel said. "Bad actors are using AI-generated voices in unsolicited robocalls to extort vulnerable family members, imitate celebrities, and misinform voters. We’re putting the fraudsters behind these robocalls on notice," Rosenworcel said. The FCC noted that state attorneys generals previously could target the outcome of an unwanted AI-voice-generated robocall, but the new action makes the act of using AI to generate a voice in these robocalls itself illegal. Earlier this week, New Hampshire Attorney General John Formella said the fake Biden robocall has been traced back to Texas-based Life Corp. He said a cease-and-desist letter has been sent to the company, run by Walter Monk, and a criminal investigation is under way. "The use of generative AI has brought a fresh threat to voter suppression schemes and the campaign season with the heightened believability of fake robocalls," Democratic FCC Commissioner Geoffrey Starks said. "Voice cloning," the FCC said, "can convince a called party that a trusted person, or someone they care about such as a family member, wants or needs them to take some action that they would not otherwise take." The FCC in 2023 finalized a $5.1 million fine levied on conservative activists for making more than 1,100 illegal robocalls ahead of the 2020 U.S. election. The calls sought to discourage voting by telling potential voters that if they voted by mail, their "personal information will be part of a public database that will be used by police departments to track down old warrants and be used by credit card companies to collect outstanding debts." (Reporting by David Shepardson; Editing by Leslie Adler)

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2024-02-09 00:00:00

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WASHINGTON (Reuters) -Calls made with AI-generated voices are illegal, the Federal Communications Commission said on Thursday, after a fake robocall imitating President Joe Biden sought to dissuade people from voting for him in New Hampshire's Democratic primary election.

https://www.thestar.com.my/tech/tech-news/2024/02/09/us-agency-declares-ai-cloned-voice-robocalls-illegal

US agency gathering details on Waymo crash with cyclist

WASHINGTON (Reuters) - The National Highway Traffic Safety Administration said it is gathering additional information on a crash between a driverless Waymo car and a cyclist in San Francisco on Tuesday resulting in minor injuries. The California Department of Motor Vehicles (DMV) said Wednesday it was reviewing the incident. NHTSA said Thursday in an email it is "aware of the crash, is in contact with Waymo, and is gathering more information." (Reporting by David Shepardson)

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WASHINGTON (Reuters) - The National Highway Traffic Safety Administration said it is gathering additional information on a crash between a driverless Waymo car and a cyclist in San Francisco on Tuesday resulting in minor injuries.

https://www.thestar.com.my/tech/tech-news/2024/02/09/us-agency-gathering-details-on-waymo-crash-with-cyclist

Lawmakers urge Commerce to put TikTok-parent ByteDance on export control list

WASHINGTON (Reuters) - A bipartisan group of 15 U.S. lawmakers on Thursday urged the Commerce Department to add TikTok-parent company ByteDance to a government export control list to restrict its access to American software. The lawmakers led by Republican Dan Crenshaw and Democrat Josh Gottheimer urged Commerce Secretary Gina Raimondo to add ByteDance to the so-called "Entity List" action "to address critical vulnerabilities created by the company’s access to U.S. software," and comes after efforts in Congress to ban TikTok or give the Biden administration new powers to restrict the app used by more than 170 million Americans has stalled. (Reporting by David Shepardson; Editing by Chris Reese)

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WASHINGTON (Reuters) - A bipartisan group of 15 U.S. lawmakers on Thursday urged the Commerce Department to add TikTok-parent company ByteDance to a government export control list to restrict its access to American software.

https://www.thestar.com.my/tech/tech-news/2024/02/09/lawmakers-urge-commerce-to-put-tiktok-parent-bytedance-on-export-control-list

Volkswagen sticking with North American EV plans - executive

DETROIT (Reuters) - Volkswagen is sticking with plans to launch 25 electric vehicle models in North America across its group brands by 2030, but is ready to adjust as the market shifts, Pablo Di Si, head of Volkswagen's North American business, told Reuters on Thursday. "When I look at the data from January, the (EV) segment continues to grow," Di Si said in a video interview ahead of a speech on the sidelines of the Chicago Auto Show. Electric vehicles accounted for 8.5% of North American vehicle sales in January, up from just under 8% last year, he said. However, Di Si said, the pace of growth is slowing. More investment in charging infrastructure and continued government support will be needed to expand EV sales in "middle America," he said. General Motors and Ford, among other automakers, have slowed investments in electric vehicles in response to decelerating growth in demand. Volkswagen plans to add more EV models in the United States. The ID.Buzz electric minibus and the ID.7 sedan are scheduled to launch in the U.S. market later this year, but will not deliver high sales volumes, Di Si said. SUVs are the highest volume segment in the U.S. market, and Volkswagen is developing midsize and larger electric SUVs to push sales toward a goal of capturing 10% of the U.S. market across all the group's brands by 2030. "We have them approved," Di Si said. The Volkswagen group's North American EV lineup will also expand in 2026 to include U.S.-made SUVs sold under the revived Scout brand. The Volkswagen brand's North American EV strategy got off to a slow start in 2022 as the automaker launched sales of the ID.4 compact electric SUV. Sales of the ID.4 in the U.S. rose to 37,789 vehicles last year - behind Tesla's Model Y and Model 3, GM's Chevrolet Bolt and Ford's Mustang Mach-E and just ahead of Hyundai's Ioniq 5 EV. This year, Di Si said the VW brand will aim to take advantage of revamped versions of the ID.4 that will come with longer driving range, improved infotainment software and eligibility for $7,500 in U.S. tax credits. U.S.-built Tesla Model Y SUVs qualify for $7,500 tax credits. But competing models from Hyundai, Ford and GM do not, according to information on federal websites. (Reporting by Joe White; editing by Jonathan Oatis)

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DETROIT (Reuters) - Volkswagen is sticking with plans to launch 25 electric vehicle models in North America across its group brands by 2030, but is ready to adjust as the market shifts, Pablo Di Si, head of Volkswagen's North American business, told Reuters on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/09/volkswagen-sticking-with-north-american-ev-plans---executive

Cisco's $28 billion Splunk deal set for March 13 EU antitrust decision

BRUSSELS (Reuters) - EU antitrust regulators have set a March 13 deadline to decide whether to clear Cisco Systems' $28 billion bid for cybersecurity firm Splunk, according to a European Commission filing. The technology deal, which was the biggest of last year, will help to reduce Cisco's reliance on its networking equipment business, which has faced supply chain issues and slowing demand in the post-pandemic period. The EU competition watchdog can clear the deal with or without remedies after its preliminary review or it can open a full-scale investigation as the next step if it has serious concerns. Antitrust regulators, worried about large players strengthening their market power at the expense of smaller or new rivals, have taken a tough line on tech mergers. San Jose, California-based Cisco already has a data-security partnership with Splunk, which counts Coca-Cola, Intel and Porsche among its more than 15,000 customers. (Reporting by Foo Yun Chee; editing by Barbara Lewis)

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BRUSSELS (Reuters) - EU antitrust regulators have set a March 13 deadline to decide whether to clear Cisco Systems' $28 billion bid for cybersecurity firm Splunk, according to a European Commission filing.

https://www.thestar.com.my/tech/tech-news/2024/02/09/cisco039s-28-billion-splunk-deal-set-for-march-13-eu-antitrust-decision

TikTok challenges EU supervisory fee, following Meta’s footsteps

BRUSSELS (Reuters) - Chinese online social media platform TikTok has challenged a supervisory fee amounting to 0.05% of its annual worldwide net income to cover EU regulators' costs of monitoring compliance with new EU rules, the second company to do so after Meta Platforms. Under the Digital Services Act (DSA), 20 very large online platforms, including TikTok, Meta, Google, Apple and two very large online search engines are required to pay the annual charge. The size of the fee accounts for the average monthly active users for each company and whether it posts a profit or loss in the preceding financial year. "We disagree with the fee and are appealing on a number of grounds, including the use of flawed third party estimates of our monthly active user numbers as a basis for calculating the total amount," a TikTok spokesperson said. The European Commission will defend its position in court, a spokesperson for the EU executive said in a statement. "Our decision and methodology are solid," the spokesperson said. "The fees were due by 31 December 2023. We can confirm that all Very Large Online Platforms / Search Engines in question honoured their commitments." Amazon and Elon Musk's X, both of which posted losses in 2022 are not expected to pay the 2023 fee though the former will have to cough up for this year as it returned to a profit last year. (Reporting by Foo Yun Chee; Editing by Josie Kao)

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BRUSSELS (Reuters) - Chinese online social media platform TikTok has challenged a supervisory fee amounting to 0.05% of its annual worldwide net income to cover EU regulators' costs of monitoring compliance with new EU rules, the second company to do so after Meta Platforms.

https://www.thestar.com.my/tech/tech-news/2024/02/09/tiktok-challenges-eu-supervisory-fee-following-metas-footsteps

US offers $10mln reward for information on Hive ransomware leaders

WASHINGTON (Reuters) - The United States is offering a reward of up to $10 million for information leading to the identification or location of key leaders in the Hive ransomware organized crime group, the State Department said in a statement on Thursday. "The Hive ransomware variant targeted victims in over 80 countries, including the United States," the State Department said. "Beginning in late July 2022, the FBI penetrated Hive’s computer networks, obtained its decryption keys, and offered them to victims worldwide, preventing victims from having to pay up to $130 million in ransoms demanded." (Writing by Paul Grant; Editing by Susan Heavey)

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WASHINGTON (Reuters) - The United States is offering a reward of up to $10 million for information leading to the identification or location of key leaders in the Hive ransomware organized crime group, the State Department said in a statement on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/08/us-offers-10mln-reward-for-information-on-hive-ransomware-leaders

Digital ecosystems to be included in Big Tech antitrust, merger probes, EU regulators say

BRUSSELS (Reuters) - EU antitrust regulators investigating Big Tech's merger deals or their market power will now also take their digital ecosystems and the impact of their free products or services into account, EU competition chief Margrethe Vestager said on Thursday. Vestager made the comment as she announced an update to nearly three-decade old rules known as the Market Definition Notice that determine whether companies have the market power to throttle rivals or control prices. The update follows criticism from lawyers and academics that the European Union's antitrust and merger laws have failed to keep up with the times, especially in tech markets and with companies offering free products or services in exchange for users' data. How regulators define markets can help them measure a company's pricing power in a merger or its power to shut out rivals in an antitrust case and the concessions they extract from these companies. For cases involving Big Tech, the European Commission will now examine multisided platforms and digital ecosystems, which are products built around a mobile operating system, to define a company's market power, as well as products and services offered for free. A company's market share could also be defined based on sales, capacity or the number of active users or website visits under the updated rules. Innovation, especially the development of new products, and other non-price elements such as reliable supply and the quality of products and services will now be given greater emphasis, a move which could affect the pharmaceutical industry. Another new element is the inclusion of imports and their impact on EU businesses in the EU antitrust watchdog's assessment. "To maintain our markets' competitiveness, we need to get the framework right because in the end competitive markets, they will serve consumers best," Vestager told a news conference. (Reporting by Foo Yun Chee; Editing by Hugh Lawson)

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BRUSSELS (Reuters) - EU antitrust regulators investigating Big Tech's merger deals or their market power will now also take their digital ecosystems and the impact of their free products or services into account, EU competition chief Margrethe Vestager said on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/08/digital-ecosystems-to-be-included-in-big-tech-antitrust-merger-probes-eu-regulators-say

Meta's oversight board to investigate posts about Australian Indigenous vote

SYDNEY (Reuters) - Meta's oversight board said on Friday it will examine two cases on how the social media giant handled potentially misleading posts that were shared ahead of the Australian referendum on Indigenous recognition in October last year. The board, which is funded by Meta but run independently, said the cases were selected to assess Meta's content moderation policies on false or misleading voting information and voter fraud. Australians in October last year decisively rejected a proposal to constitutionally recognise Aboriginal and Torres Strait Island people. The vote was held amid a deeply divisive debate in the country, and amid fears that a misinformation campaign was influencing voters. The board said two Facebook users separately posted screenshots showing partial information shared by the Australian Electoral Commission (AEC) on X (formerly Twitter). The board said screenshots from the AEC posted by the Facebook users included the following language: “If someone votes at two different polling places within their electorate, and places their formal vote in the ballot box at each polling place, their vote is counted.” They also show another comment that the secrecy of the ballot prevents the AEC from “knowing which ballot paper belongs to which person.” However, the screenshots did not show that voting multiple times is an offence in Australia, the board said. The first Facebook user shared the screenshot with the accompanying caption: “Vote early, vote often, and vote NO.” The second user posted the same screenshot saying: “so you can vote multiple times ... they are setting us up for a ‘rigging’ ... smash the voting centres ... it’s a No, No, No, No, No.” In both cases, Meta proactively identified the posts, which were automatically sent for human review, the board said, adding that following human review, the posts were both removed. Both users appealed Meta's decisions to remove their posts. In their statements to the board, both users claimed they were posting content from the AEC. The board said these cases fall within its strategic priority of Elections and Civic Space. As part of its decisions, the Board can issue policy recommendations to Meta. While recommendations are not binding, Meta must respond to them within 60 days. There will be more scrutiny on social media firms this year as countries making up more than half of the world's population hold elections, including the U.S., India and Russia. Social media platforms such as Facebook and X have become more popular platforms for election campaigns around the world. (Reporting by Praveen Menon)

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SYDNEY (Reuters) - Meta's oversight board said on Friday it will examine two cases on how the social media giant handled potentially misleading posts that were shared ahead of the Australian referendum on Indigenous recognition in October last year.

https://www.thestar.com.my/tech/tech-news/2024/02/08/meta039s-oversight-board-to-investigate-posts-about-australian-indigenous-vote

Google rebrands Bard chatbot as Gemini, rolls out paid subscription

SAN FRANCISCO (Reuters) - Google on Thursday renamed its Bard chatbot after the new artificial intelligence that is powering it, called Gemini, and said consumers can pay for better reasoning capabilities as it vies with Microsoft to win subscriptions. U.S. customers can subscribe for $19.99 a month to access Gemini Advanced, which includes a more powerful Ultra 1.0 AI model, the Alphabet subsidiary said. Subscribers will receive two terabytes of cloud storage that typically cost $9.99 monthly, and they will soon gain access to Gemini in Gmail and Google's productivity suite. This bundle, known as the Google One AI Premium plan, represents one of the company's biggest answers yet to Microsoft and its partner OpenAI. It also shows growing competition over consumers, who now have several paid AI subscription options. OpenAI's ChatGPT Plus a year ago pioneered the market for buying early access to AI models and other features, while Microsoft recently announced a competing subscription for AI in programs such as Word and Excel. Both subscriptions cost $20 a month in the United States. In an interview, Product Lead Jack Krawczyk said cloud storage, Gmail and other integrations would put Google's subscription in harmony with how people work. "When I pay $20 a month, access to a model alone is not really enough," he said. Krawczyk said the target market is people who want the most capable generative AI technology that can conjure new content on command and handle queries where no obvious answer exists online. Google, hoping for another product with billions of users, will use its large base of Android phone customers to give it a leg up. The company said Android users can opt into Gemini as the default digital aide on their phones, accessing it through an app, the power button or by saying "Hey Google." "When you do that, it presents one of the lowest friction ways in the world to access AI," Krawczyk said. Gemini is coming to the Google iPhone app as well, he added. Gemini Advanced is available in English in 150 countries as of Thursday, Krawczyk said. Gemini's smartphone rollout, starting in the U.S., will expand internationally next week to Asia-Pacific, Latin America and other regions with additional language support in Japanese and Korean, he said. Users get a two-month subscription trial at no cost. As for the name change, Krawczyk said Google's AI approach had matured, bringing "the artist formerly known as Bard," into "the Gemini era."

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2024-02-08 00:00:00

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SAN FRANCISCO (Reuters) - Google on Thursday renamed its Bard chatbot after the new artificial intelligence that is powering it, called Gemini, and said consumers can pay for better reasoning capabilities as it vies with Microsoft to win subscriptions.

https://www.thestar.com.my/tech/tech-news/2024/02/08/google-rebrands-bard-chatbot-as-gemini-rolls-out-paid-subscription

HSBC partners with Google to hit $1 billion climate tech finance goal

LONDON (Reuters) - Britain's biggest bank HSBC has partnered with Google to finance fast-growing climate technology firms behind some of the world's most promising solutions to global climate change, executives from both firms told Reuters. Under terms of the partnership, HSBC will look to provide financing to companies cherry-picked by the U.S. technology giant to join its Google Cloud Ready-Sustainability programme. Members of the programme undergo a validation process, with Google assessing quality and efficacy of the technology in development as well as its traction among customers. "What we're seeing is companies wanting to accelerate delivery of their sustainability goals. But there's a degree of confusion as to which solutions out there are going to help solve their problems," said Justin Keeble, managing director for global sustainability at Google Cloud. "HSBC's finance will help those partners scale their businesses, and then HSBC will help customers access all this innovation." Martin Richards, global head of climate tech and sustainable finance at HSBC, said Google's due diligence provided "a certain comfort" that complemented the bank's own assessment of potential new 'venture debt deals' - where a lender provides debt financing for inherently riskier companies. Scaling technologies that can help the corporate world move more quickly to a low-carbon economy dominated the COP28 climate talks in Dubai in December, and is a crucial part of most banks' efforts to drive a global push to cut emissions. But finance to the sector fell sharply in 2023, PwC data shows, as investors and lenders fret about risk. "We feel like we are increasing our odds of success by working with partners like Google. We recognise we're taking credit risks but that is all part of banking," Richards said. AMBITION The tie-up with Google's cloud computing arm comes a year after HSBC bought the UK unit of failed tech lender Silicon Valley Bank (SVB), a deal brokered by the UK government in an attempt to avert contagion in the startup world. The availability and impact of venture debt remains a key concern for policymakers. SVB was a significant player in the space but more mainstream lenders have tended to eschew the market, citing risks to capital. Research from the International Energy Agency suggests almost half the emissions reductions needed to hit net-zero by 2050 will rely on currently unscaled technology. Just six months after acquiring SVB UK, HSBC said it would aim to provide $1 billion in funding to climate tech companies across a range of sectors, including electric vehicles, battery storage and sustainable food systems by 2030. Richards said HSBC was "well ahead" of internal targets on that goal, and was hopeful the partnership and the launch of HSBC Innovation Banking would accelerate progress towards a more ambitious target of transitioning 1.3 million clients to net zero by 2050. The 30 companies in the initiative provide cloud-based tech solutions designed to help customers reduce their carbon emissions by processing data on their sustainability risks. "If you're an airline, and you need to get to net zero using sustainable aviation fuels, you're going to need to know the players who will come to market quickest and meet their production goals fastest," Richards said. Over time, HSBC would facilitate introductions between existing customers and climate tech firms to aid transition, he added. Alongside news of the tie-up with Google, HSBC said it had also inked the partnership's first venture debt deal with a startup called LevelTen Energy, which runs a marketplace for buyers and sellers of renewable energy. Lending terms were not disclosed. "Technology and finance are going to be key enablers of climate action. HSBC were very drawn to our belief that essentially the sustainability challenge is really a Data Challenge," Google's Keeble said. "And increasingly, our mutual customers are having to manage vast amounts of data and uncover useful insight from that to take action." (Editing by Mark Potter)

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LONDON (Reuters) - Britain's biggest bank HSBC has partnered with Google to finance fast-growing climate technology firms behind some of the world's most promising solutions to global climate change, executives from both firms told Reuters.

https://www.thestar.com.my/tech/tech-news/2024/02/08/hsbc-partners-with-google-to-hit-1-billion-climate-tech-finance-goal

Disney's investment in Epic Games signals the company has to 'be there'

(Reuters) -In 2017, Epic Games was among a handful of companies selected to participate in Walt Disney's Accelerator incubator program, where the game company's founder held ambitions of incorporating the entertainment giant's well-known characters into his digital playground. Now, Disney is making a much bigger bet that will make this possible. Disney CEO Bob Iger on Wednesday announced a $1.5 billion investment aimed at letting consumers interact with stories and characters from Disney, Marvel, Pixar and Star Wars, on Epic's Fortnite, where 100 million players gather each month. It was an acknowledgement of the amount of leisure time Generation Alpha, Generation Z and millennials devote to gaming. "In terms of their total media screen time on video games, it was stunning to me - equal to what they spend on TV and movies," Iger said during a call with analysts and investors after reporting quarterly results. "And the conclusion I reached was we have to be there. And we have to be there as soon as we possibly can in a very compelling way." Shares of the stock surged on Thursday, the day after its earnings report, gaining more than 13% in what would be their best day in more than three years. "Gaming is becoming a critical part of the entertainment world, particularly for the younger demo, and this positions Disney to play some catch-up in this important area," said Douglas Arthur of Huber Research Partners. Epic CEO Tim Sweeney had long envisioned a Disney's characters populating Fortnite's digital playground, according to two former executives. "Disney was one of the first companies to believe in the potential of bringing their worlds together with ours in Fortnite," Sweeney said in a statement, adding that Disney uses Epic's real time, 3D graphics creation tool, Unreal Engine. Other companies, such as Lego, have similarly forged partnerships with Epic. Game industry analyst Michael Pachter of Wedbush said Disney has failed multiple times at developing its own games in-house. It struggled to make money even on popular titles such as "Disney Infinity," he said, referring to a game that incorporated an expansive collection of Disney characters, which would come to life in the game's virtual toy box. Since it shifted to a licensing business model in 2016, nine Disney game franchises, including Spider-Man and Kingdom Hearts, have generated more than $1 billion in revenue, Disney said. Pachter called Disney's investment in Epic Games "a really smart strategic" move that is consistent with the company's approach of extending brand awareness and protecting the integrity of the brand. "Disney, I think, is acknowledging ... we are really good at brands and exploitation of those brands," said Pachter. "And Epic is really good at hooking consumers and getting them engaged and having fun." (Reporting by Dawn Chmielewski in Los Angeles; additional reporting by Arsheeya Bajwa; Editing by Christopher Cushing and Lisa Shumaker)

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(Reuters) -In 2017, Epic Games was among a handful of companies selected to participate in Walt Disney's Accelerator incubator program, where the game company's founder held ambitions of incorporating the entertainment giant's well-known characters into his digital playground.

https://www.thestar.com.my/tech/tech-news/2024/02/08/disney039s-investment-in-epic-games-signals-the-company-has-to-039be-there039

Arm shares soar as AI-fueled boom brightens growth prospects

(Reuters) - Arm Holdings surged more than 25% on Thursday driven by strong forecasts as customers aim to design new chips for artificial intelligence work that could bump up royalties for the British tech firm. The company, which sells blueprints and other intellectual property for creating computing chips that power most of the world's mobile phones including Apple, has been a key beneficiary of rising demand for AI-powered devices. The strong showing set Arm on course to add nearly $20 billion in market value, based on its premarket share price of $96.35. It would be Arm's best day since its listing in September, if gains hold. Arm executives said on Wednesday customers were flocking to Arm-based central processors to complement Nvidia's chips for AI work in data centers, and it was working on new laptops and smartphones that can handle chatbots and other AI features. Its model of creating and licensing semiconductor designs rather than manufacturing chips meant Arm was able to grow fast without employing a lot of capital, Russ Mould, investment director at AJ Bell, said. "These attributes still exist and are now being supercharged by AI ... that is reflected in the substantially higher royalty and licensing revenue being reported by the company," Mould added. The midpoints of Arm's fourth-quarter sales and adjusted profit forecasts range of $875 million and 30 cents per share, respectively, beat LSEG estimates. "Arm is riding on the coattails of demand for Nvidia's technology, particularly its datacentre systems," said Susannah Streeter, head of money and markets at Hargreaves Lansdown. SoftBank Group-controlled Arm trades at 56.46 times its 12-month forward earnings estimates, versus investor darling Nvidia's 32.66 and Advanced Micro Devices' 43.61. Only 9.5% of Arm's outstanding shares were publicly traded. Low-float stocks are susceptible to sharp moves. (Reporting by Samrhitha Arunasalam in Bengaluru; Additional reporting by Medha Singh; Editing by Shounak Dasgupta)

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(Reuters) - Arm Holdings surged more than 25% on Thursday driven by strong forecasts as customers aim to design new chips for artificial intelligence work that could bump up royalties for the British tech firm.

https://www.thestar.com.my/tech/tech-news/2024/02/08/arm-shares-soar-as-ai-fueled-boom-brightens-growth-prospects

PayPal tumbles as flat profit growth forecast in 2024 clouds strategy shift

(Reuters) -PayPal shares fell 9% in early trading on Thursday after it forecast a flat adjusted profit for 2024, disappointing investors who had hoped the payments firm's newly appointed CEO will reignite its growth. On a post-earnings call, CEO Alex Chriss laid out a strategic plan to turn the company leaner in its pursuit towards profitable growth as well as ease pressure on its shares, which were one of the worst performers on the Nasdaq 100 Index in 2023. Wall Street analysts said the outlook will weigh on shares in the near term but the new initiatives would likely bear fruit in time and benefit the company. "It's clear that 2024 will be more of a transition year than we were expecting, with previously targeted operating leverage coming after 2024. We expect pressure on the stock as estimates come down," J.P.Morgan wrote in a note. At current levels, if losses hold, the stock would lose roughly $6 billion in market value. It trades at a forward price-to-earnings ratio - a widely-used benchmark for valuing stocks which compares its share price with projected future earnings - of 11.64, compared with rival Block's 21.08, according to LSEG data. "PayPal continues to confront the twin challenges of market share and customers' loss in its branded PYPL wallet business," analysts at Evercore wrote in a note. 'MOVING THE NEEDLE' "We're doing a lot of things to drive change internally and externally. However, nothing happens overnight. It will take time for some of our initiatives to scale and move the needle," said Chriss in a conference call. Analysts at Morningstar said management's outlook suggests the road towards improving growth and profitability will be longer than expected. "Management's commentary implied PayPal won't see a meaningful improvement in either growth or margins this year," they added. Paypal also said it will no longer provide an annual revenue forecast, a departure from regular practice and further clouding its outlook. The California-based fintech also said the forecast for 2024 will see "minimal contribution from the innovations" they recently laid down. "We want to see execution and clear results prior to embedding these initiatives into our financial outlook," Chriss said. Last month, PayPal said it was launching new artificial intelligence-driven products as well as a one-click checkout feature, joining companies trying to tap investor enthusiasm for AI. (Reporting by Manya Saini and Mehnaz Yasmin in Bengaluru; Editing by Krishna Chandra Eluri)

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(Reuters) -PayPal shares fell 9% in early trading on Thursday after it forecast a flat adjusted profit for 2024, disappointing investors who had hoped the payments firm's newly appointed CEO will reignite its growth.

https://www.thestar.com.my/tech/tech-news/2024/02/08/paypal-shares-fall-as-2024-forecast-clouds-promise-of-turning-leaner-more-profitable

US says leading AI companies join safety consortium to address risks

WASHINGTON (Reuters) - The Biden administration on Thursday said leading artificial intelligence companies are among more than 200 entities joining a new U.S. consortium to support the safe development and deployment of generative AI. Commerce Secretary Gina Raimondo announced the U.S. AI Safety Institute Consortium (AISIC), which includes OpenAI, Alphabet's Google, Anthropic and Microsoft along with Facebook-parent Meta Platforms, Apple, Amazon.com, Nvidia Palantir, Intel, JPMorgan Chase and Bank of America. "The U.S. government has a significant role to play in setting the standards and developing the tools we need to mitigate the risks and harness the immense potential of artificial intelligence," Raimondo said in a statement. The consortium, which also includes BP, Cisco Systems, IBM, Hewlett Packard, Northop Grumman, Mastercard, Qualcomm, Visa and major academic institutions and government agencies, will be housed under the U.S. AI Safety Institute (USAISI). The group is tasked with working on priority actions outlined in President Biden’s October AI executive order "including developing guidelines for red-teaming, capability evaluations, risk management, safety and security, and watermarking synthetic content." Major AI companies last year pledged to watermark AI-generated content to make the technology safer. Red-teaming has been used for years in cybersecurity to identify new risks, with the term referring to U.S. Cold War simulations where the enemy was termed the "red team." Biden's order directed agencies to set standards for that testing and to address related chemical, biological, radiological, nuclear, and cybersecurity risks. In December, the Commerce Department said it was taking the first step toward writing key standards and guidance for the safe deployment and testing of AI. The consortium represents the largest collection of test and evaluation teams and will focus on creating foundations for a "new measurement science in AI safety," Commerce said. Generative AI - which can create text, photos and videos in response to open-ended prompts - has spurred excitement as well as fears it could make some jobs obsolete, upend elections and potentially overpower humans and catastrophic effects. While the Biden administration is pursuing safeguards, efforts in Congress to pass legislation addressing AI have stalled despite numerous high-level forums and legislative proposals. (Reporting by David Shepardson; Editing by Jamie Freed)

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WASHINGTON (Reuters) - The Biden administration on Thursday said leading artificial intelligence companies are among more than 200 entities joining a new U.S. consortium to support the safe development and deployment of generative AI.

https://www.thestar.com.my/tech/tech-news/2024/02/08/us-says-leading-ai-companies-join-safety-consortium-to-address-risks

Opinion: Tim Cook’s three-word answer about Apple’s plans for AI was incredibly revealing

On Apple's most recent earnings call, CEO Tim Cook was asked about the company's plans for artificial intelligence (AI). Of course, Apple's employees almost never reveal anything about their plans about much of anything until they make an announcement. The closest we've ever gotten is when Cook made his famous "I think the wrist is interesting" a few years before the company launched the Apple Watch. Ironically, and what most people forget, is that Cook's statement came in response to a question about whether Google Glass – or other headset computers – were likely to catch on. "I think from a mainstream point of view [glasses as wearable computing devices] are difficult to see," Cook said. "I think the wrist is interesting. The wrist is natural." Now, of course, the Vision Pro – a virtual reality headset with exceptional passthrough video – is Apple's bet on Spatial Computing. But as Apple launches its first new computing platform since the Apple Watch, most companies are focused on AI. In fact, every single tech event I've been to over the past 12 months has included as many references to AI-powered features as tech companies can cram into a 90-minute keynote. Well, except Apple's. There wasn't a single word about it mentioned at WWDC, Apple's annual developer conference. The same is true of the iPhone keynote in September. It wasn't until the launch of the M3 series of MacBook Pros that the company made mention of it in any substantive way. It's not surprising that people would want to know what Apple is going to do. There have been plenty of reports and rumors that the company is working on a Large Language Model of its own, perhaps built into Siri. It's not that Apple doesn't have many of the same features, they just don't call them AI. They use phrases like machine learning and talk about the Neural Engine built into Apple Silicon. For example, there is plenty of fancy computing happening in the Vision Pro to track where your eyes are looking, determine when your hands are pinching together to select items, and record spatial video. Tim Cook talked about the AI features of Vision Pro in an interview with Michael Strahan on Good Morning America on Friday morning: "We've been working on this for years. And to get the gestures down, there's a lot of artificial intelligence and machine learning, built into the product. To get hand gestures, to get room mapping – this stuff requires very deep machine learning." But the thing everyone wants to know is when Apple is going to roll out features to compete with ChatGPT or Google's Bard. Cook was asked basically that, and his answer was incredibly revealing. "As we look ahead, we will continue to invest in these and other technologies that will shape the future," said Cook. "That includes artificial intelligence, where we continue to spend a tremendous amount of time and effort, and we're excited to share the details of our ongoing work in that space later this year." Honestly, the most revealing part of that entire paragraph is the last three words. Cook isn't the kind of executive who might say that in a dismissive way, hoping everyone will forget by the time "later this year" gets here. And I don't think it's reading too much into those three words to think that it's pretty clear he's talking about the iPhone 16 and iOS 18. It would be astonishing if Apple isn't planning to include generative AI features in the next version of the iPhone. Every other smartphone maker has been racing to include everything from photo editing to live translation to improving their smart assistants. This, however, is the first time Apple has really given even a hint in public that it's working on any of it. I mean, just the idea that Siri might get better at understanding and answering questions is enough to get excited about. But I think Apple has bigger plans. I don't pretend to know what they are, but I don't think Cook would tell people to look forward to more coming this year if he wasn't confident that Apple was ready to dive all the way in. "Let me just say that I think there's a huge opportunity for Apple with Gen AI and AI, and without getting into more details and getting out in front of myself," Cook said. I'm not surprised Cook doesn't have more to say right now, but the fact he said anything at all is both revealing and – if you care about this sort of thing – exciting. – Inc./Tribune News Service

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AI

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Medium

2024-02-08 00:00:00

AI,Gadgets,Technology

On Apple's most recent earnings call, CEO Tim Cook was asked about the company's plans for artificial intelligence (AI). Of course, Apple's employees almost never reveal anything about their plans about much of anything until they make an announcement. The closest we've ever gotten is when Cook made his famous "I think the wrist is interesting" a few years before the company launched the Apple Watch.

https://www.thestar.com.my/tech/tech-news/2024/02/08/opinion-tim-cooks-three-word-answer-about-apples-plans-for-ai-was-incredibly-revealing

Spanish court suspends $209 million Apple, Amazon fines pending appeal

MADRID (Reuters) -Spain's high court has suspended 194 million euros ($209 million) in fines imposed on Amazon and Apple by the local antitrust watchdog in July, pending an appeal by the tech giants, an Amazon spokesperson said on Thursday. CNMC, as the watchdog is known, fined Amazon and Apple for colluding to prevent dealers other than Amazon from selling Apple wares on Amazon's websites in Spain. Apple was fined 143.6 million euros and Amazon 50.5 million euros and both companies at the time said they would appeal. The court decision to suspend the payment is part of the appeal process, the Amazon spokesperson said. Amazon said in July that as a result of the deal with Apple, the number of discounts on Apple devices on Amazon's websites increased, while Apple said the deal was intended to protect customers from fake devices. The suspension of the fine does not anticipate the court will rule in favour or against the tech giants. An Apple spokesperson declined to comment on Thursday. CNMC said a contract signed by the two companies in October 2018 granting Amazon the status of authorised Apple dealer on its websites in Spain included anti-competitive clauses that prevented more than 90% of the existing retailers from selling Apple wares on Amazon's market place. Following these contracts, Amazon also reduced the capacity of retailers in the European Union based outside Spain to access Spanish customers, and restricted the advertising Apple's competitors were allowed to place on its website when users searched for Apple products, the regulator said. A similar case was opened in Italy against the two companies but was eventually dropped. ($1 = 0.9275 euros) (Reporting by Inti Landauro; Editing by Sonali Paul, Kirsten Donovan)

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2024-02-08 00:00:00

Technology

MADRID (Reuters) -Spain's high court has suspended 194 million euros ($209 million) in fines imposed on Amazon and Apple by the local antitrust watchdog in July, pending an appeal by the tech giants, an Amazon spokesperson said on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/08/spain039s-high-court-suspends-209-million-fines-on-apple-amazon-amid-appeal

Study: How addicted are you to your phone?

Twelve years – that’s how much time the average American spends on their smartphone in a lifetime. It’s the result of a 4 hours and 37 minutes a day, every day, in screen time use. That’s one full day of time spent onscreen each week, six days every month and 70 days each year. Harmony Healthcare IT, a data management firm based in South Bend, Indiana, recently completed a survey of more than 1,000 Americans about their smartphone screen time habits, revealing these reported statistics and many more. Over a third of those surveyed said they couldn’t go 24 hours without their phone. Fewer than half of those surveyed said they are trying to cut down on their screen time. Of those trying, 27% said they don’t think they’ll succeed. “Health experts recommend spending no longer than two hours a day staring at a screen, but our new research finds that people spend more than double that on their phones daily,” Harmony reported. “That’s before even taking into account time spent using computers and tablets or watching television.” Baby boomers were on their phones the least, but they still racked up three and half hours a day. Gen Z users were don the phone the most, soaking up over three times the recommended amount each day. They averaged six hours and five minutes. Millennials averaged four hours and 36 minutes, while Gen X users averaged four hours and nine minutes. “Nearly half of Americans feel addicted to their phones,” the firm reported. “Gen Z and Millennials feel more addicted compared to the older generations. Why are people drawn to their phones? The top reason Americans use their phones so much is entertainment. Others turn to their phone out of boredom, distraction, and even habit.” – The Atlanta Journal-Constitution/Tribune News Service

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2024-02-08 00:00:00

Smartphones,Technology

Twelve years – that’s how much time the average American spends on their smartphone in a lifetime. It’s the result of a 4 hours and 37 minutes a day, every day, in screen time use.

https://www.thestar.com.my/tech/tech-news/2024/02/08/study-how-addicted-are-you-to-your-phone

Android users will no longer be able to sideload certain apps in Singapore

TO combat identity theft and financial fraud, Google has partnered with the Cyber Security Agency of Singapore (CSA) to block the installation of apps directly onto devices, also known as sideloading, in the island nation. Sideloading is done via APK files downloaded through web browsers or links sent via messages, potentially from scammers. The enhanced security feature, part of Play Protect, will analyse and automatically block the sideloading of apps that may use sensitive runtime permissions frequently abused for financial fraud. “These permissions are frequently abused by fraudsters to intercept one-time passwords via SMS or notifications, as well as spy on screen content. “Based on our analysis of major fraud malware families that exploit these sensitive runtime permissions, we found that over 95% of installations came from Internet-sideloading sources,” Google said in a blog. APK installation scams are a subject of concern across the globe. During the festive season last September, an APK scam targeting mooncake purchases defrauded 27 victims in Singapore, amounting to approximately S$325,000 (RM1.15mil). The feature is being piloted in Singapore first, but there is no indication when or if it will be rolled out in other countries. In October, Play Protect received an update that allowed it to scan app code for malicious behaviour during installations. Initially launched in India, it is expected to be rolled out to other countries.

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Christopher Fam

2024-02-08 00:00:00

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To combat identity theft and financial fraud, Google is blocking the installation of apps directly onto devices, also known as sideloading, in Singapore.

https://www.thestar.com.my/tech/tech-news/2024/02/08/android-users-will-no-longer-be-able-to-sideload-certain-apps-in-singapore

Electric cars can't advertise as 'zero emissions': UK body

LONDON: Britain's advertising regulator ruled Wednesday that BMW and MG Motors could not claim that their electric vehicles are "zero emissions" because of the environmental impact of their manufacturing and power generation. "We understood that when electric vehicles were driven no emissions were produced," the Advertising Standards Authority wrote about a Google ad for BMW seen in August 2023. "However, in other circumstances, such as the manufacture or charging of an electric vehicle using electricity from the national grid, emissions were generated," ASA said. The German manufacturer said the "zero emission cars" label was inserted because of Google's automatic keyword feature. "We welcomed BMW's assurance that the claim would not be repeated in the future," ASA said. A second decision followed an advert for Chinese-owned British carmaker MG Motor, also seen on Google last August, that claimed its models were "zero emissions". "The ad made the claim 'zero emissions' without material information that was required to allow consumers to understand on what it was based," ASA said. "The ad must not appear again in its current form." Colin Walker, head of transport at the Energy and Climate Intelligence Unit, called the decisions "very strange" given the government's efforts to promote electric cars. "It is accepted practice that cars of all fuel types are assessed by the CO2 they emit from their exhaust pipes," he said. "It seems perverse that car manufacturers, in an effort to meet the targets they have been set under this mandate for the number of zero emission vehicles that they have to sell, are being told that they can't market those vehicles as zero emission," he said. – AFP

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2024-02-08 00:00:00

EV,Technology,Automotive,Environment

Britain's advertising regulator ruled Wednesday that BMW and MG Motors could not claim that their electric vehicles are "zero emissions" because of the environmental impact of their manufacturing and power generation.

https://www.thestar.com.my/tech/tech-news/2024/02/08/electric-cars-can039t-advertise-as-039zero-emissions039-uk-body

Bard is becoming Gemini and getting a paid version

Major changes are in store for Bard, Google's AI chatbot and direct competitor to ChatGPT. Like its rival, Bard will soon propose a paid version, as well as a dedicated mobile application. It will also change its name to Gemini. It's goodbye Bard, and hello Gemini. According to a screenshot posted by an Android developer on X, as of Wednesday, February 7, Bard is set to be rebranded as Gemini, adopting the name of the multimodal generative artificial intelligence recently launched by Google, and which powers the chatbot. This will avoid any confusion. But the social media post reveals other important information. The new name also appears to be synonymous with a new beginning, with Gemini poised to become available in two versions – a free version and a paid-for service called Gemini Advanced. Billed as being more powerful, the latter will be able to handle complex tasks, particularly in the fields of coding, logical reasoning and creative collaboration. This paid version is due to be launched in over 150 countries, but will initially only be available in English, at an as yet unconfirmed price. What's more, a first dedicated app, in English only, should soon be available for Android just about everywhere, with the notable exception of the European Union. Japanese and Korean versions are also planned. On iPhone, it will be possible to use it directly via the Google application, in the form of a chat tool. These changes for Bard amount to a strategy reminiscent of that followed by ChatGPT, the competitor AI chatbot from OpenAI. This already has its own dedicated application and a more comprehensive, high-performance paid version. All Gemini needs next is a text-to-speech tool allowing users to chat directly with the bot. – AFP Relaxnews

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AI

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2024-02-08 00:00:00

AI,Technology

Major changes are in store for Bard, Google's AI chatbot and direct competitor to ChatGPT. Like its rival, Bard will soon propose a paid version, as well as a dedicated mobile application. It will also change its name to Gemini.

https://www.thestar.com.my/tech/tech-news/2024/02/08/bard-is-becoming-gemini-and-getting-a-paid-version

Microsoft partners with India's Sarvam AI for voice-based genAI tools

BENGALURU (Reuters) -Microsoft will support the development of voice-based generative artificial intelligence (AI) applications through a partnership with Indian startup Sarvam AI, the Windows-maker said on Thursday. The partnership was announced during CEO Satya Nadella's three-day visit as the company pushes for wider adoption of its products by consumers in India, the fastest-growing major economy. On Wednesday, Nadella had announced an initiative to provide 2 million Indians with AI skilling opportunities by 2025. Sarvam AI is building genAI models targeting Indic languages and context, and will now create its solutions on Microsoft's cloud services including Azure OpenAI Service, Microsoft said in a statement. The startup - whose founders earlier developed AI models at Indian Institute of Technology, Madras-based research group AI4Bharat - has raised $41 million in a series A funding from Lightspeed Venture Partners, Peak XV Partners and Khosla Ventures. (Reporting by Yuvraj Malik and Haripriya Suresh in Bengaluru; Editing by Varun H K)

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Technology

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2024-02-08 00:00:00

Technology

BENGALURU (Reuters) -Microsoft will support the development of voice-based generative artificial intelligence (AI) applications through a partnership with Indian startup Sarvam AI, the Windows-maker said on Thursday.

https://www.thestar.com.my/tech/tech-news/2024/02/08/microsoft-partners-with-india039s-sarvam-ai-for-voice-based-genai-tools

Nearly half of TikTok users say they get news from the app

Nearly half of TikTok users say they use the platform to keep up to date with the news, according to a US report. The Chinese social network is rising up the ranks as a preferred platform for news, particularly for Gen Z users, and could be capable of overshadowing Facebook and X in the near future. TikTok has risen to become the third most popular social media platform for news among its users, behind Facebook and X (formerly Twitter). Its transformation has been rapid, since 18 months ago, the platform was in fifth place, behind YouTube and Instagram, according to a study conducted by Morning Consult, carried out between July 2022 and December 2023, on a sample of 2,200 American adults. As such, the Chinese social network has found its place among the platforms traditionally used by internet users to keep up with the news around the world. According to the report, 47% of TikTok users say they get news from the app, compared to 30% in July 2022. Younger generations have become more accustomed to using this social network to follow the news. Indeed, Gen Z users have the biggest appetite for this kind of content. While 43% of them used the application for news in July 2022, some 61% do now. And it's a similar story for Millennials, up from 37% to 53%. In this US presidential election year, TikTok could play an important role in the American youth vote, given the platform's influence. Both Democrats and Republicans are more numerous in saying they use the app for news. Greater trust in TikTok? TikTok thus surpasses YouTube, Instagram and Snapchat in terms of the share of users who say they get news from the platform, according to Morning Consult. While Facebook is still in the lead, the Meta group's social network is not growing as fast as its competitors (54% of its users get news from the platform, compared with 53% in July 2022). X follows in second place, despite repeated scandals and moderation issues. So does TikTok's rise go hand in hand with a growth in trust among internet users? Despite a problem with the collection of its users' personal data, the platform has strengthened trust among its American users, gaining nine points between July 2022 and December 2023. However, the older social networks, like X and Facebook, have also seen an upturn in trust, while Snapchat and Instagram seem to be faltering slightly. "Trust is hard to earn, but crucial in helping brands weather scandals. TikTok has been heavily investing on this front, with CEO Shou Chew saying just last week that the company will spend $2 billion on trust and safety, doing so with its content moderation force of 40,000, which is similar in size with Meta’s and much larger than X and Snapchat's," the report explains. Many media outlets have already understood the business case for TikTok, with several of them already using the application to distribute their content. – AFP Relaxnews

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TECH

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Medium

2024-02-08 00:00:00

Nearly half of TikTok users say they use the platform to keep up to date with the news, according to a US report. The Chinese social network is rising up the ranks as a preferred platform for news, particularly for Gen Z users, and could be capable of overshadowing Facebook and X in the near future.

https://www.thestar.com.my/tech/tech-news/2024/02/08/nearly-half-of-tiktok-users-say-they-get-news-from-the-app

Ransomware hackers stole more than US$1bil in 2023

Ransomware gangs stole more than US$1bil (RM4.76bil) in 2023, the largest amount ever recorded, according to a report published Wednesday by blockchain analysis firm Chainalysis Inc. With ransomware hacks, cybercriminals block access to a victims’ data or files until they pay an extortion fee, typically through cryptocurrency. In 2023, hackers nearly doubled the funds stolen in 2022 and exceeded previous records made in a ransomware boom during the pandemic, according to the report. Chainalysis said ransomware hackers made off with US$567mil (RM2.7bil) in 2022. The commercialisation of ransomware – a phenomenon in which advanced hackers sell malware to others and take a cut of the proceeds – has made it easier to conduct such breaches. The professionalisation of the crime led to an increase in the number of threat actors in 2023, said Jackie Burns Koven, head of cyber threat intelligence at Chainalysis. Ransomware gangs are increasingly turning to a "big game hunting” strategy, which means they conduct fewer attacks throughout the year but collect bigger payments each time, sometimes extorting US$1mil (RM4.76mil) within a single attack, the report noted. In one extreme example, ransomware gang Cl0p racked up over US$100mil (RM476.40mil) in ransom payments by targeting the popular file transfer application MOVEIt, used by over thousands of organisations globally, according to Chainalysis. Some high-profile victims of the hack included oil and gas company Shell, US federal government agencies and British Airways. Other active players during the year included ALPHV-BlackCat and Scattered Spider, responsible for infiltrating casino giants MGM Resorts International and Caesars Entertainment in September, and LockBit, a group that offers ransomware as a service. – Bloomberg

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Cybersecurity

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Short

2024-02-08 00:00:00

Cybersecurity,Technology,Internet

With ransomware hacks, cybercriminals block access to a victims’ data or files until they pay an extortion fee, typically through cryptocurrency.

https://www.thestar.com.my/tech/tech-news/2024/02/08/ransomware-hackers-stole-more-than-us1bil-in-2023

Exclusive-SoftBank-backed Cohesity to buy Veritas data security unit, create $7 billion firm

NEW YORK (Reuters) -U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas' data protection business in a deal that values the combined entity at $7 billion. The cash and stock acquisition is expected to help Cohesity, which is backed by Japan's SoftBank Group, achieve positive growth margins and expand into international markets, Cohesity CEO Sanjay Poonen said in an interview, adding that the firms together have $1.6 billion in annual revenue. "You've got the fastest growth on our side and the best profitably on their side, combined together to be a profitable growth machine that's innovating with AI," he said. The deal comes at a time when Cohesity's biggest competitor Rubrik is, according to sources, planning to launch a stock market flotation in the coming weeks. San Jose, California-based Cohesity's artificial intelligence-powered software helps organizations protect and manage their data against cybersecurity threats. It is also working with Big Tech in the adoption of generative AI to search and retrieve large amounts of data. It raised about $1 billion in equity and $2 billion in debt from investors including Haveli Investments, Premji Invest and Madrona to help fund the deal, according to people familiar with the matter. Cohesity's takeover of the Veritas unit values the business at over $3 billion including debt, one of the sources said, requesting anonymity. Veritas is majority-owned by private equity firm Carlyle Group, which acquired the company from Symantec in 2016. Carlyle has rolled over its stake in the unit and will join the board of the newly merged company. Veritas CEO Greg Hughes will also join the board. The deal is expected to close by the end of the year. Veritas will form a separate company that will comprise its remaining businesses, including data compliance and backup services. Cohesity's customers include Salesforce, Delta Air Lines, Nasdaq and Broadcom. In late 2021, Cohesity tapped JPMorgan Chase and other banks to prepare for an initial public offering but chose not to proceed after the market for listings soured due to macroeconomic volatility. JPMorgan Chase, Simpson Thacher and Bartlett, and Gunderson Dettmer advised Cohesity on the deal. JPMorgan also provided committed financing for the deal, while PJT Partners served as debt capital markets advisor to Cohesity. Guggenheim Securities, Morgan Stanley and Latham & Watkins advised Veritas. (Reporting by Krystal Hu in San Francisco and Anirban Sen in New York; Editing by Edwina Gibbs)

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Technology

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Medium

2024-02-08 00:00:00

Technology

NEW YORK (Reuters) -U.S. data security software firm Cohesity told Reuters on Wednesday it has agreed to acquire Veritas' data protection business in a deal that values the combined entity at $7 billion.

https://www.thestar.com.my/tech/tech-news/2024/02/08/exclusive-softbank-backed-cohesity-in-3-billion-deal-for-veritas039-data-protection-unit

Elon Musk 'pounds the table' when facts are against him, US labour watchdog says

Elon Musk just "pounds the table” in his escalating legal battle with the US labour board over his aerospace company SpaceX because he lacks a cogent argument, its top prosecutor said on Feb 7. "If the law is not on your side, and the facts aren’t on your side, then just pound the table and yell like hell,” said National Labor Relations Board general counsel Jennifer Abruzzo, applying an old aphorism, during an interview with Bloomberg in Washington. "That’s what I feel that Elon Musk is doing.” In January, Abruzzo’s office issued a complaint accusing SpaceX of illegally retaliating by firing eight workers who circulated an open letter criticising the billionaire chief executive officer. SpaceX responded the next day by suing the labour board, arguing that its structure and proceedings are unconstitutional. The eight workers, Abruzzo said Wednesday, were terminated "for actually bringing up issues that they had around awful, misogynistic, sexist comments, conduct, etc.” What got them fired, she said, was merely "saying we’re in a workplace where this should not be OK and can we talk about this?” The general counsel was similarly dismissive of legal volleys against the labour board from Jeff Bezos’ Amazon.com Inc, and at Starbucks Corp, which until last year was led by billionaire Howard Schultz. In each case, she said, "they have these deep pockets” so the companies can pursue lengthy appeals or lawsuits regardless of whether they have merit. SpaceX didn’t respond to inquiries, and Amazon didn’t immediately comment. A Starbucks spokesperson declined to comment. All three companies have denied wrongdoing. Amazon has filed numerous objections seeking to overturn a union’s victory in a 2022 election at its Staten Island, New York, warehouse, including arguing that Abruzzo’s office inappropriately influenced workers there by suing to try to get a fired activist reinstated. It has said it expects its legal battle with the labor board to continue to federal appeals court. In Starbucks’ case, the Supreme Court agreed last month to hear an appeal from the coffee giant that’s challenging the labor board’s injunction requiring reinstatement of fired baristas in Memphis. Abruzzo’s office has also issued over 100 complaints against Starbucks alleging numerous violations of federal law, including illegally shutting down unionised cafes and refusing to fairly negotiate at locations across the country. Abruzzo said Wednesday that those complaints seem to have had some impact by reducing the number of alleged illegal statements lodged by local Starbucks managers. Still, she said, "I feel they’re a bad actor nationally.” A recent assessment the company commissioned that attributed "missteps” in its response to unionization efforts largely to its lack of preparation for them was unconvincing, she said. When the initial Starbucks union efforts emerged in and around Buffalo, New York, "they certainly felt they could squelch it,” she said. "But what they underestimated was that workers began to talk to one another all over the place.” – Bloomberg

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Technology

Complimentary

Medium

2024-02-08 00:00:00

Technology,Social media,Internet

Elon Musk just "pounds the table” in his escalating legal battle with the US labour board over his aerospace company SpaceX because he lacks a cogent argument, its top prosecutor said on Feb 7.

https://www.thestar.com.my/tech/tech-news/2024/02/08/elon-musk-039pounds-the-table039-when-facts-are-against-him-us-labour-watchdog-says

New tech means updated laws to protect kids, EU Commission says

STRASBOURG: The European Commission wants to update legislation to protect children from sexual abuse with the rise of new technologies in an overhaul proposed on Feb 6. "Fast evolving technologies are creating new possibilities for child sexual abuse online, and raises challenges for law enforcement," EU Home Affairs Commissioner Ylva Johansson said in a statement. The proposed update aims to address new challenges since the adoption of the current rules in 2011 and expands the definition of criminal offences related to child sexual abuse. This includes content generated with artificial intelligence, livestreaming abuse online and the possession and distribution of paedophilia manuals. Additionally, the update sets a longer time period during which victims can report sexual abuse as well as a right to financial compensation. The European Parliament and the 27 EU member states are now set to scrutinise the proposed updates to legislation. – dpa

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Social media

Complimentary

Short

2024-02-08 00:00:00

Social media,Cybersecurity,Technology,Internet

The European Commission wants to update legislation to protect children from sexual abuse with the rise of new technologies in an overhaul proposed on Feb 6.

https://www.thestar.com.my/tech/tech-news/2024/02/08/new-tech-means-updated-laws-to-protect-kids-eu-commission-says

SpaceX accused of sexual harassment as fight with ex-employees intensifies

Executives at Elon Musk’s SpaceX discriminated against women, joked about sexual harassment and fired workers for raising concerns, seven former employees allege in California civil rights complaints viewed by Bloomberg. The California-based workers, who were fired in 2022 after circulating an open letter critical of Musk’s behaviour, argue that the aerospace company’s actions violated the state’s Fair Employment and Housing Act. The law bans sex-based discrimination and retaliation against employees who raise concerns in the workplace. Their claims were detailed in filings with the California Civil Rights Department that were sent to SpaceX last month. The filings open up a new front in a contentious legal battle between SpaceX and the workers. In November 2022, the ex-employees also brought complaints about the company to the US National Labor Relations Board, saying SpaceX violated federal labor law by firing them. Last month, the NLRB’s prosecutors agreed, accusing SpaceX of illegally retaliating against the workers. In response, the Musk-led company sued the agency. SpaceX said in its suit the NLRB accusations are likely to harm the company’s reputation and its ability to recruit new employees. If the company loses, it might also have to reinstate the workers with backpay. The employees were all engineers, according to their lawyer Laurie Burgess. Now, because of the new complaints in California, SpaceX faces the threat of losing to the ex-workers at the state level, too. The California CRD can seek compensatory and punitive damages. SpaceX, which didn’t respond to inquiries, has denied wrongdoing in the NLRB case. Companies typically have 30 days to respond to California CRD complaints. Cases filed with the California CRD are investigated by agency staff, who can dismiss them, pursue mediation, choose to sue the company or greenlight workers to file lawsuits themselves. Ex-employees said in interviews that they hope their civil rights complaints will bring more scrutiny to the company’s culture, and show current workers they aren’t alone in their concerns. "Bringing things to light is the first step to actually make it better,” said Paige Holland-Thielen, one of the complainants, in an interview. The ex-employees’ concerns about SpaceX stretch back to their early days at the company, according to Holland-Thielen. When she was hired in March 2018, she became a "level 1” employee, despite having similar experience to men who were designated senior level engineers, according to her complaint. Even after getting promoted, Holland-Thielen was excluded from assignments, meetings and decisions because of her gender, she alleges. After she raised concerns with her manager that a male colleague was taking credit for her work, she received a performance review accusing her of being "too emotional” and saying she "should be more humble,” according to her filing. "I was left out of so many meetings that I was supposed to be in; I was left out of so many decisions that were my decision to make,” Holland-Thielen said in an interview. "I was forgotten on projects; I was forgotten in planning.” On one occasion, Holland-Thielen alleges in the complaint, she asked to talk to a manager about "inappropriate behaviour” by a colleague. Before she could speak, she said the manager saw downward-pointing data on her computer screen, made a sexual allusion and said, "How can we get it, up, up, up?” Musk also frequently posted what employees in the filings call inappropriate content on Twitter, the social media platform he now owns and has renamed X, according to the California filings. The workers allege they couldn’t easily avoid Musk’s posts because he also made important company announcements on the channel. His tweets were regularly disseminated in company venues, such as employee chat groups, according to several of the fired workers’ filings. "It was very common for people to quote things that Elon had previously said, when it comes to engineering practices or jokes he had made,” said Tom Moline, one of the fired engineers, in an interview. "Basically anything that would make a freshman frat initiate laugh was fair game in large parts of the company.” The workers’ frustrations with SpaceX became public in 2022. That year, Business Insider published an article detailing separate claims that Musk had sexually harassed a SpaceX flight attendant by touching her, exposing himself without her consent and offering her a horse in exchange for a massage. Musk denied the accusation, and made light of it on Twitter. In May 2022, he wrote to a user, "Fine, if you touch my (expletive), you can have a horse.” Holland-Thielen writes in her filing the company was also internally dismissive of the incident. She alleged that an HR director said something to the effect of, "I’ve never been sexual harassed (sic), I must not be hot enough,” and giggled after describing harassment claims as involving "fifty shades of gray,” a reference to the steamy romance novels. After the publication of the Business Insider article, SpaceX President Gwynne Shotwell sent an email companywide defending Musk. "Anyone who knows Elon like I do, knows he would never conduct or condone this alleged inappropriate behaviour,” Shotwell wrote. In response, the workers penned the open letter, calling Musk’s behaviour "a frequent source of distraction and embarrassment,” which was seen by the Verge and other news outlets. Several employees’ complaints say they were then called into meetings with executives, including Shotwell, and fired. "They told me that my employment was being terminated because they had determined that I was responsible for conceiving, writing, and distributing the open letter,” Moline alleges in his complaint to the California CRD. A hearing for their NLRB case is scheduled for early March, but SpaceX has asked a judge to put that proceeding on hold while considering the company’s argument that the agency’s structure violates the constitution’s "separation of powers.” In a January filing seeking a court injunction that would halt the proceedings, the company cited its work for the US government as a reason it shouldn’t be subjected to the burden of a labor board trial. Being subjected to the NLRB hearing, SpaceX argued, "distracts from its important missions, including launching satellites critical to US defence and intelligence agencies and flying NASA astronauts to space.” – Bloomberg

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2024-02-08 00:00:00

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Executives at Elon Musk’s SpaceX discriminated against women, joked about sexual harassment and fired workers for raising concerns, seven former employees allege in California civil rights complaints viewed by Bloomberg.

https://www.thestar.com.my/tech/tech-news/2024/02/08/spacex-accused-of-sexual-harassment-as-fight-with-ex-employees-intensifies

Apple defeats lawsuit claiming it overpaid CEO Tim Cook, others

NEW YORK (Reuters) - A federal judge on Wednesday dismissed a lawsuit accusing Apple of overpaying Chief Executive Tim Cook and other top executives by tens of millions of dollars by miscalculating the value of performance-based stock awards. U.S. District Judge Jennifer Rochon in Manhattan said the iPhone maker described its pay methods in detailed compensation tables in its 2023 proxy statement, "precisely" as securities laws and U.S. Securities and Exchange Commission rules require. Rochon also found no proof that Apple's board of directors acted improperly in awarding pay, and said the plaintiff, a pension fund affiliated with the International Brotherhood of Teamsters, did not give the board enough time to consider its objections before suing. Lawyers for the pension fund did not immediately respond to requests for comment. The plaintiff said Apple in 2021 and 2022 awarded a respective $92.7 million and $94 million of performance-based restricted stock units to Cook and four other executives, though its compensation committee intended to award just $77.5 million each year. It attributed the alleged error to the committee's improper calculation of the RSUs' fair values at the time of the grants, and said it misled shareholders who would be casting advisory votes on executive compensation, known as "say-on-pay." Cook's compensation totaled about $99 million in both 2021 and 2022, including more than $82 million of stock awards each year, Apple proxy filings show. His total pay declined to $63.2 million for 2023. The four other Apple executives were each awarded more than $26 million in each of the three years. The case is International Brotherhood of Teamsters, Garage Employees Local 272 Labor Management Pension Fund v Apple Inc et al, U.S. District Court, Southern District of New York, No. 23-01867. (Reporting by Jonathan Stempel in New York; Editing by Stephen Coates)

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2024-02-08 00:00:00

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NEW YORK (Reuters) - A federal judge on Wednesday dismissed a lawsuit accusing Apple of overpaying Chief Executive Tim Cook and other top executives by tens of millions of dollars by miscalculating the value of performance-based stock awards.

https://www.thestar.com.my/tech/tech-news/2024/02/08/apple-defeats-lawsuit-claiming-it-overpaid-ceo-tim-cook-others

OpenAI developing software that operates devices, automates tasks - The Information

(Reuters) - Microsoft-backed OpenAI is working on a type of agent software to automate complex tasks by taking over a users' device, The Information reported on Wednesday, citing a person with knowledge on the matter. The agent software will handle web-based tasks such as gathering public data about a set of companies, creating itineraries or booking flight tickets, according to the report. The new assistants - often called "agents" - promise to perform more complex personal and work tasks when commanded to by a human, without needing close supervision. OpenAI did not immediately respond to a request for comment. The company released its ChatGPT chatbot in late 2022 and made generative AI popular with its ability to pen sonnets and write emails. (Reporting by Nathan Gomes and Akash Sriram in Bengaluru; Editing by Anil D'Silva)

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2024-02-08 00:00:00

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(Reuters) - Microsoft-backed OpenAI is working on a type of agent software to automate complex tasks by taking over a users' device, The Information reported on Wednesday, citing a person with knowledge on the matter.

https://www.thestar.com.my/tech/tech-news/2024/02/08/openai-developing-software-that-operates-devices-automates-tasks---the-information

Meta challenges supervisory fee for EU online content rules

BRUSSELS (Reuters) - Meta Platforms has challenged a supervisory fee amounting to 0.05% of its annual worldwide net income aimed at covering EU regulators' costs of monitoring compliance with new European Union rules requiring it to do more to police content. The European Commission has said the Digital Services Act (DSA) levy applies to 20 very large online platforms, including Meta, Google, Apple and TikTok and two very large online search engines. The size of the annual fee is related to the number of average monthly active users for each company and whether it posts a profit or loss in the preceding financial year. Meta said it disagreed with the methodology used to calculate the fees. "Currently, companies that record a loss don't have to pay, even if they have a large user base or represent a greater regulatory burden, which means some companies pay nothing, leaving others to pay a disproportionate amount of the total," a Meta spokesperson said. The company has challenged the levy at the Luxembourg-based General Court, Europe's second-highest. Politico was the first to report about Meta's move. (Reporting by Foo Yun Chee; Editing by David Gregorio)

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2024-02-08 00:00:00

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BRUSSELS (Reuters) - Meta Platforms has challenged a supervisory fee amounting to 0.05% of its annual worldwide net income aimed at covering EU regulators' costs of monitoring compliance with new European Union rules requiring it to do more to police content.

https://www.thestar.com.my/tech/tech-news/2024/02/08/meta-challenges-supervisory-fee-for-eu-online-content-rules

A computer scientist says he's the mystery creator of bitcoin. A London judge aims to find the truth

LONDON: One of the enduring mysteries of the cryptocurrency industry took center stage on Feb 6 in a London court where a trial could finally settle the debate over the identity of bitcoin's founder. Australian computer scientist Craig Wright entered the witness box at the High Court and testified he was the man behind "Satoshi Nakamoto,” the pseudonym that has masked the identity of the creator of bitcoin. Wright has long asserted that he is Nakamoto. A nonprofit group of technology and crypto companies is trying to prove he’s not. The trial started on Feb 5 and is expected to last a month, before a judge rules at a later date. "Wright’s claim to be Satoshi is a lie, founded on an elaborate false narrative backed by forgery of documents on an industrial scale,” attorney Jonathan Hough said on behalf of the Crypto Open Patent Alliance (COPA) at the outset of trial. "As his false documents and inconsistencies have been exposed, he has resorted to further forgery and ever more implausible excuses.” At stake is not just bragging rights to the creation, but control of the intellectual property rights. Wright has used his claim as bitcoin's inventor to file litigation to drive developers away from further developing the open-source technology, the alliance claims in their lawsuit. The ruling will affect three pending lawsuits that Wright has filed based on his claim to having the intellectual property rights to bitcoin. "Wright has threatened to bankrupt developers, sent notices of his intent to sue, and has, in fact, engaged in scorched earth litigation against these volunteers, all premised on the baseless assertion that he is the founder of bitcoin,” the alliance said Monday in a statement. The murky origins of bitcoin date to the height of the financial crisis in 2008. A paper authored by a person or group using the Nakamoto pen name explained how digital currency could be sent around the world anonymously, without banks or national currencies. Nakamoto seemed to vanish three years later. Speculation on the true identity swirled for years and the names of several candidates had emerged when Wright first surfaced to claim the identity in 2016 only to quickly return to the shadows, saying he didn't "have the courage” to provide more proof. Wright asserted in court Tuesday that he created the technology and the cryptic identity behind it, which he said was based on his admiration for Japanese culture. He said the name was a combination of the surname of philosopher Tominaga Nakamoto and Satoshi David, a figure in a book about American tycoon J.P. Morgan, and a Pokemon character. He said he didn't want the creator to be anonymous, so he used an alias to protect his privacy. "This allowed me to focus on my work and ensured that the spotlight remained on the innovation and potential of bitcoin rather than the individual behind it," he said. Defence lawyer Anthony Grabiner said the alliance hadn't produced positive evidence that Wright wasn't Satoshi, and only sought to undermine the authenticity of documents that he has relied on to prove that he's the creator. "It is striking that no one else has credibly claimed the mantle of Satoshi, despite the high-profile nature of Dr Wright’s claim to be Satoshi,” Grabiner said. "If Dr Wright were not Satoshi, the real Satoshi would have been expected to come forward to counter the claim.” While Wright managed to convince several influential bitcoin enthusiasts that he was the real deal by demonstrating the use of Nakamoto’s secret bitcoin keys, other crypto experts said that they debunked his claims. Despite widespread scepticism in the cryptocurrency community, he has prevailed in court cases. In 2021, he won a civil case in Florida against the family of a deceased business partner that claimed it was owed half the 1.1 million bitcoin, worth approximately £37.7bil (RM226.68bil) today, that could only be owned by a person or entity involved with the digital currency from its beginning - such as the creator. Wright and other cryptocurrency experts testified at trial that he owned the bitcoin in question. His lawyers claimed that while he had collaborated with his deceased friend, David Kleiman, their partnership had nothing to do with bitcoin’s creation or early operation. Because all bitcoin transactions are public, members of the bitcoin community have regularly called for Wright to move just a fraction of the coins to prove ownership. Wright appears to have never done so, despite vowing to prove that he's the owner of the fortune. In the London trial, Hough repeatedly sparred with Wright over the authenticity of documents that he said support his claims. Hough said that the original white paper on the creation of bitcoin was written on OpenOffice software and that experts on both sides agreed that Wright submitted a version created on software called LaTeX, which didn't exist when the paper was written. Hough suggested that numbers misaligned on the document behind the "origin myth” were signs it had been forged. "If I forged that document, it would be perfect," said Wright, who is due to testify for another five days. – AP

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2024-02-08 00:00:00

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At stake is not just bragging rights to the creation, but control of the intellectual property rights.

https://www.thestar.com.my/tech/tech-news/2024/02/08/a-computer-scientist-says-he039s-the-mystery-creator-of-bitcoin-a-london-judge-aims-to-find-the-truth

Disney to take $1.5 billion stake in Epic Games

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2024-02-08 00:00:00

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(Reuters) - Walt Disney CEO Bob Iger announced Disney would acquire a $1.5 billion minority equity stake in Fortnite's publisher Epic Games in an interview with CNBC.

https://www.thestar.com.my/tech/tech-news/2024/02/08/disney-to-take-15-billion-stake-in-epic-games

Arm shares surge on strong forecast of AI-fueled chip upgrades

(Reuters) -Arm surged more than 30% on Wednesday after the British tech company forecast quarterly sales and profit above Wall Street expectations as customers aim to design new chips for artificial intelligence work, generating higher royalties. The surge in Arm's stock lifted its market capitalization by about $26 billion. Now trading at $102.11, Arm has doubled from the $51 price set in its September initial public offering. The company, uniquely, supplies a library of blueprints to chipmaking rivals. Its majority owner SoftBank Group bet in 2016 that Arm could use its dominant position in smartphones, where it sits at the heart of both Apple and Android devices. "The solid Arm earnings and, even more importantly, their robust forecasts are good signs for both the company and the tech industry overall," said Bob O'Donnell, president and chief analyst at TECHnalysis Research. Arm executives said on Wednesday the expansion strategy was starting to pay off, with customers flocking to Arm-based central processors to complement Nvidia's chips for AI work in data centers, and working on new laptops and smartphones that can handle chatbots and other AI features. The midpoints of Arm's fourth-quarter sales and adjusted profit forecasts range of $875 million and 30 cents per share, respectively, beat estimates of $780.3 million and 21 cents per share, according to LSEG data. It raised its guidance by roughly $100 million because markets such as automotive and AI are going to be strong in the fiscal fourth quarter, finance chief Jason Child told Reuters. The company expects licensing revenue for chips that power AI in data centers, phones and PCs to be a significant factor. Since 2016, Arm has significantly diversified its business. Smartphones now represent 35% of overall units shipped, versus between 60% and 70% in 2016, Child said. He said as well that AI was driving additional sales, but mostly indirectly. For instance, Arm-based central processors were frequently being paired with Nvidia's graphics processors, or GPUs. More direct AI business, such as consumers buying new phones and laptops with special AI features, could take a year or more to play out, Child said. "We're seeing more interest in newer designs and newer technologies by customers" due to interest in AI, Child said. "It's real. Folks are actually buying and licensing that technology." EVOLVED MODEL Arm makes money two ways: via licensing deals for its intellectual property and a royalty charged for each chip sold that uses its technology. In recent years, more of Arm's customers have started using the ninth and newest version of its core chip architecture, which is important to Arm's bottom line because the company charges about double the royalty rate per chip for the technology. Child said about 15% of Arm's royalty revenue is coming from its ninth-generation technology, up from 10% in the previous quarter. "Investors are starting to appreciate ... how Arm's evolved business model is going to benefit from more advanced chip designs across the board in all markets," said analyst Ben Bajarin from Creative Strategies. For the full fiscal year, Arm expects $3.18 billion in revenue and adjusted earnings of $1.22 per share, both above analysts' estimates of $3.05 billion and $1.07 per share. For the fiscal third quarter, Arm reported sales of $824 million and adjusted earnings of 29 cents per share, topping Wall Street estimates of $761.6 million and 25 cents per share. (Reporting by Stephen Nellis, Noel Randewich and Max Cherney in San Francisco and Arsheeya Bajwa in Bengaluru; Editing by Lisa Shumaker, Sayantani Ghosh and Chris Reese)

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2024-02-08 00:00:00

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(Reuters) -Arm surged more than 30% on Wednesday after the British tech company forecast quarterly sales and profit above Wall Street expectations as customers aim to design new chips for artificial intelligence work, generating higher royalties.

https://www.thestar.com.my/tech/tech-news/2024/02/08/arm-forecast-beats-estimates-as-ai-spurs-chip-upgrades

PayPal sees flat profit in 'transition year,' shares fall

(Reuters) - PayPal's forecast of flat growth in adjusted profit for the current year overshadowed its market-beating earnings report, sending shares of the payments giant down 7% in extended trading. On a post-earnings call, newly appointed CEO Alex Chriss laid out a strategic plan to turn the company leaner in its pursuit of driving profitable growth and ease pressure on its shares, which was one of the worst performers on the Nasdaq 100 Index in 2023. "We want to be clear eye in terms of the potential near-term benefits from our initiatives, which is why our 2024 guidance includes minimal contribution from the innovations we recently announced," Chriss said. "It will take time for some of our initiatives to scale and move the needle," he added. The company expects adjusted earnings per share of $5.10 for 2024, unchanged from a year earlier. It did not provide an outlook for revenue and operating margin for the full year. PayPal said the profit forecast reflects adjustments of roughly $1.8 billion, including estimated stock-based compensation expense and related payroll taxes, alongside a restructuring charge of roughly $120 million. That eclipsed the firm's upbeat fourth-quarter earnings report, which sailed past Wall Street estimates on the back of a strong holiday shopping season. PayPal posted a fourth-quarter adjusted profit of $1.48 a share for the three months ended Dec 31. Analysts on average had expected $1.36 per share, according to LSEG data. Revenue rose 9% to $8 billion in the quarter, on a currency-neutral basis, also beating expectations of $7.87 billion. "RESET BUTTON" Analysts at Jefferies said the company had hit the "reset button" with its full-year profit forecast but added the fourth-quarter results were solid. PayPal's stock struggled last year on fears that the entry of Apple and Alphabet's Google could take away a big chunk of its mainstay business. Last week, PayPal announced plans to cut about 2,500 jobs, or 9% of its global workforce, as it streamlines its operations. "2024 is going to be a transition year, focused on execution to position the business for long-term success," Chriss said. Meanwhile, analysts have focused on PayPal's margins, which have underwhelmed investors in recent quarters. The company's unbranded businesses, including payments processing, have shown strong growth, helping offset weakness in its branded business such as Venmo, which faces intense competition. Adjusted operating margin came in at 23.3% in the fourth quarter, expanding 39 basis points, from a year earlier. (Reporting by Manya Saini in Bengaluru; Editing by Anil D'Silva)

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2024-02-08 00:00:00

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(Reuters) - PayPal's forecast of flat growth in adjusted profit for the current year overshadowed its market-beating earnings report, sending shares of the payments giant down 7% in extended trading.

https://www.thestar.com.my/tech/tech-news/2024/02/08/paypal-beats-q4-profit-estimates

Microsoft launches Copilot internally to boost AI adoption by developers - Business Insider

(Reuters) - Microsoft is launching Microsoft 365 Copilot tool for employees as it looks to get more developers to use artificial intelligence, Business Insider reported on Wednesday. The company has been running pilot tests to up the usage of AI tools among its community of developers and was planning a wider release of Microsoft 365 to its teams for the first time, the report said, citing an internal message. Microsoft did not immediately respond to a Reuters request for comment. The company's investment and partnership with OpenAI, along with rapidly growing cloud business thanks to customers looking to build AI applications, has made Microsoft the world's most valuable company, surpassing Apple. The Copilot tool is Microsoft's generative AI assistant, built using OpenAI's large language models. The Microsoft 365 Copilot product is an iteration of the tool in the company's productivity suite which includes Word, Outlook and Teams. In November, Microsoft started selling Copilot, an AI assistant that can summarize an email inbox or craft a slide show, for $30 per month. (Reporting by Akash Sriram in Bengaluru; Editing by Shilpi Majumdar)

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2024-02-08 00:00:00

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(Reuters) - Microsoft is launching Microsoft 365 Copilot tool for employees as it looks to get more developers to use artificial intelligence, Business Insider reported on Wednesday.

https://www.thestar.com.my/tech/tech-news/2024/02/08/microsoft-launches-copilot-internally-to-boost-ai-adoption-by-developers---business-insider

Nvidia's stock market value on verge of overtaking Amazon

(Reuters) - Wall Street's enthusiasm about artificial intelligence has Nvidia on the verge of becoming more valuable than Amazon for the first time in two decades, and the AI chipmaker is not far behind Google-owner Alphabet. A 40% surge in Nvidia so far in 2024 has elevated its market capitalization to $1.715 trillion as of mid-day trading on Wednesday, only about 3% below Amazon's $1.767 trillion value, and less than 6% below Alphabet's $1.812 trillion value, according to LSEG data. Nvidia's shares gained 1.8% to $694.48 after an optimistic report from Morgan Stanley. Nvidia reports quarterly results on Feb. 21. Morgan Stanley raised its price target to $750 from $603, with analyst Joseph Moore writing in a client note that "AI demand continues to surge". After Nvidia's stock more than tripled in 2023, it has already become the U.S. stock market's fifth most valuable company. Nvidia has been a top beneficiary of technology companies' race to build AI into their products and services, with Meta Platforms and other Big Tech companies buying billions of dollars worth of Nvidia's graphics processors. AI developers face months-long waiting lists to use Nvidia's processors through cloud-computing providers, although those wait times are coming down, Morgan Stanley's Moore wrote. The last time Nvidia was more valuable than Amazon was in 2002, when they were each worth under $6 billion. An early leader in the AI race, Microsoft in January overtook Apple to become the world's most valuable company. Behind that duo, among the world's most valuable publicly-listed companies, are state oil giant Saudi Aramco, Alphabet and Amazon. Saudi Aramco has a $2-trillion market capitalization, making it the world's third most valuable publicly listed company, according to LSEG data. However, over 90% of that company is closely held by the government of Saudi Arabia and less than 2% of its shares are available for trading by investors. (Reporting by Noel Randewich, Editing by Nick Zieminski)

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(Reuters) - Wall Street's enthusiasm about artificial intelligence has Nvidia on the verge of becoming more valuable than Amazon for the first time in two decades, and the AI chipmaker is not far behind Google-owner Alphabet.

https://www.thestar.com.my/tech/tech-news/2024/02/08/nvidia039s-stock-market-value-on-verge-of-overtaking-amazon

TradeStation to pay $3 million to settle charges from SEC, states over unregistered crypto product

(Reuters) - Cryptocurrency platform TradeStation Crypto will pay $3 million to settle charges from the U.S. securities regulator and multiple states that it offered and sold unregistered securities through an interest-earning program. TradeStation failed to register its crypto lending product that allowed U.S. investors to deposit or purchase assets on TradeStation's platform in exchange for yield, the Securities and Exchange Commission said. The product was offered to customers beginning in 2020 and was shut down in 2022. (Reporting by Hannah Lang in Washington; Editing by Chris Reese)

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(Reuters) - Cryptocurrency platform TradeStation Crypto will pay $3 million to settle charges from the U.S. securities regulator and multiple states that it offered and sold unregistered securities through an interest-earning program.

https://www.thestar.com.my/tech/tech-news/2024/02/08/tradestation-to-pay-3-million-to-settle-charges-from-sec-states-over-unregistered-crypto-product

German court rules against Intel in patent row over chips

BERLIN (Reuters) -A court in Germany has issued an injunction against the sale of some of Intel's chips, in a patent dispute between the U.S. tech giant and a U.S. rival that filed the complaint. The regional court in Dusseldorf ruled in favour of the California-based R2 Semiconductor in a case involving voltage regulators, a court spokesperson said, confirming an earlier report in the Financial Times. The court has ordered Intel to refrain from applying the patent in question in Germany, the spokesperson said. "We are disappointed with the Regional Court of Duesseldorf's decision, and we intend to appeal," an Intel spokesperson said in an emailed response to Reuters. The spokesperson said that R2 had already filed an unsuccessful suit against the company in the United States and had since "shifted its campaign against Intel to Europe". R2 CEO David Fisher said in a statement the company plans to, "enforce this injunction and protect our valuable intellectual property." (Reporting by Tom Kaeckenhoff and Supantha Mukherjee, Writing by Rachel More and Max A. Cherney; editing by David Evans, Elaine Hardcastle)

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2024-02-08 00:00:00

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BERLIN (Reuters) -A court in Germany has issued an injunction against the sale of some of Intel's chips, in a patent dispute between the U.S. tech giant and a U.S. rival that filed the complaint.

https://www.thestar.com.my/tech/tech-news/2024/02/08/german-court-rules-against-intel-in-patent-row-over-chips

Worldline to lay off 8% of its workforce

(Reuters) - French digital payments company Worldline said on Wednesday it would cut its global workforce by around 8% as part of a cost reduction plan initially announced in October. "Worldline confirms that it has initiated social processes with the relevant employee representative bodies within the Worldline group," it said in a statement. The fintech company's shares sank in October after it shocked investors by cutting full-year targets and announcing that it was cutting ties with some merchants to reduce crime risks. The news sparked a wider sell-off in the sector which has been struggling as consumers spend less while tougher regulatory scrutiny also looms. Worldline received a boost last month after French bank Credit Agricole bought a 7% stake in the payments group. The company confirmed on Wednesday that it expects to deliver 200 million euros run-rate cash costs savings from 2025. (Reporting by Olivier Sorgho; Editing by Kirsten Donovan)

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2024-02-08 00:00:00

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(Reuters) - French digital payments company Worldline said on Wednesday it would cut its global workforce by around 8% as part of a cost reduction plan initially announced in October.

https://www.thestar.com.my/tech/tech-news/2024/02/08/worldline-to-lay-off-8-of-its-workforce

US closes probe into 3 million Hyundai, Kia vehicles over fire risks

WASHINGTON (Reuters) - U.S. auto safety regulators said on Wednesday they have closed an investigation into engine fire risks in 3 million Hyundai Motor and Kia vehicles. The National Highway Traffic Safety Administration (NHTSA) said it was ending the probe after the Korean automakers previously issued eight recalls covering about 3 million vehicles to address engine fires. Neither Hyundai, nor its affiliate Kia immediately responded to requests for comment. The NHTSA first opened investigations in 2019 and upgraded them in 2021 after reports of 161 fires from engine failures. The U.S. regulator said the majority of the recalled Hyundai and Kia vehicles experienced lower reported fire rates after the recall fixes were completed while those that have not been fixed "experienced relatively high fire rates". Hyundai told the NHTSA in December it will send reminders to all owners affected by engine failures and fires every eight months for the next three years to get the recall completed, while Kia will issue similar notifications to the majority of its owners every eight months for the next three years. NHTSA said the "renotification actions will help to increase the recall completion rates, thus reduce the frequency of engine fires in the future." NHTSA said both Hyundai and Kia have been installing an engine control software modification known as Knock Sensor Detection Software that is intended to detect impending engine failure, alert the driver, and limit engine power. Both companies have also extended limited engine warranties. Kia in December recalled 80,000 2011 model year Sorento vehicles for engine fire risks for inspections and if necessary engine replacements. The NHTSA in November opened a separate probe into 16 separate recalls issued by Hyundai and Kia covering 6.4 million vehicles relating to brake fluid leaks that could result in fires. The automakers have issued a string of recalls since 2016 for issues involving anti-lock braking systems (ABS) and hydraulic electronic control units (HECU) manufactured by the same parts supplier. (Reporting by David Shepardson in Washington Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber and Sharon Singleton)

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2024-02-07 00:00:00

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WASHINGTON (Reuters) - U.S. auto safety regulators said on Wednesday they have closed an investigation into engine fire risks in 3 million Hyundai Motor and Kia vehicles.

https://www.thestar.com.my/tech/tech-news/2024/02/07/us-closes-probe-into-3-million-hyundai-kia-vehicles-over-fire-risks

Sports streaming platform including Disney, Fox to cost above $40/month - CNBC

(Reuters) - The joint sports streaming platform of Fox Corp, Walt Disney's ESPN and Warner Bros Discovery is expected to be priced at above $40 per month, CNBC reported on Wednesday, citing sources. The media companies had said on Tuesday that they would launch a sports streaming service later this autumn to capture younger viewers who are not tuned in to television. The companies have identified an executive who would be named at a later date, CNBC reported. The yet-to-be-named service would offer an all-in-one package of programming that would include television channels such as ESPN, TNT and FS1, as well as sports content that is streamed. Subscribers would also have the option of subscribing to it as part of a streaming bundle from Disney+, Hulu or Max. Disney, Fox and Warner Bros Discovery did not immediately respond to Reuters' requests for comment. (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Maju Samuel)

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2024-02-07 00:00:00

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(Reuters) - The joint sports streaming platform of Fox Corp, Walt Disney's ESPN and Warner Bros Discovery is expected to be priced at above $40 per month, CNBC reported on Wednesday, citing sources.

https://www.thestar.com.my/tech/tech-news/2024/02/07/sports-streaming-platform-including-disney-fox-to-cost-above-40month---cnbc

Apple is developing foldable clamshell iPhones - The Information

(Reuters) - Apple is building prototypes of at least two iPhones that fold widthwise like a clamshell, The Information reported on Wednesday, citing a person with direct knowledge of the situation. The foldable iPhones are in early development and are not on the company's mass production plans for 2024 or 2025, according to the report. Apple recently approached at least one manufacturer in Asia for components related to two foldable iPhones of different sizes, the report said. Apple did not immediately respond to a Reuters request for comment. (Reporting by Yuvraj Malik in Bengaluru; Editing by Arun Koyyur)

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2024-02-07 00:00:00

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(Reuters) - Apple is building prototypes of at least two iPhones that fold widthwise like a clamshell, The Information reported on Wednesday, citing a person with direct knowledge of the situation.

https://www.thestar.com.my/tech/tech-news/2024/02/07/apple-is-developing-foldable-clamshell-iphones---the-information

Crypto ransom attack payments hit record $1 billion in 2023 - Chainalysis

(Reuters) -Payments from crypto-related ransom attacks nearly doubled to a record $1 billion in 2023, blockchain analytics firm Chainalysis said on Wednesday. Scammers targeting institutions such as hospitals, schools and government offices for ransom pocketed $1.1 billion last year, compared with $567 million in 2022. However, losses stemming from other crypto-related crimes such as scamming and hacking fell in 2023, Chainalysis said. Bitcoin, the largest cryptocurrency, has jumped 60% since the end of September to $43,134 on enthusiasm about a new U.S. bitcoin ETF and on signs central banks around the world will begin trimming interest rates. "An increasing number of new players were attracted by the potential for high profits and lower barriers to entry," Chainalysis said. "Big game hunting" has become the dominant strategy over the last few years, with a dominant share of all ransom revenue volume made up of payments of $1 million or more, Chainalysis added. A group of digital extortionists named "cl0p", which subverted a file sharing software MOVEit, made nearly $100 million in ransom payments, the analytics company said. Hundred of organizations, including government departments, UK's telecom regulator and energy giant Shell, have reported cybersecurity breaches involving the MOVEit software tool, which is typically used to transfer large amounts of often sensitive data, including pension information and social security numbers. A report in November showed that cybercrime group "Black Basta" had extorted at least $107 million in bitcoin, with much of the laundered ransom payments making their way to the sanctioned Russian cryptocurrency exchange Garantex. Cryptocurrency theft via cyberheists and ransomware attacks is also a significant source of funding for North Korea, according to UN reports. Chainalysis' figures undervalue crypto's role in all crime as it only tracks cryptocurrency sent to wallet addresses identified as illicit. It does not include payments for non-crypto-related crime such as crypto used in drug trafficking deals. (Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty)

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2024-02-07 00:00:00

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(Reuters) -Payments from crypto-related ransom attacks nearly doubled to a record $1 billion in 2023, blockchain analytics firm Chainalysis said on Wednesday.

https://www.thestar.com.my/tech/tech-news/2024/02/07/crypto-ransom-attack-payments-hit-record-1-billion-in-2023---chainalysis

Tesla asks which jobs are critical, stoking layoff fears- Bloomberg

(Reuters) -Tesla managers have been asked whether each of their employees' positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday. Tesla sent out a single-line query for each job after canceling some employees' biannual performance reviews, some of the people familiar with the matter told Bloomberg. Tesla did not immediately respond to a Reuters request for comment. Its shares rose 2.7% in premarket trading, They have slumped more than 25% so far this year. The report comes after CEO Elon Musk warned sales growth would slow this year despite price cuts that have already hurt margins at the world's most valuable automaker and fueled investor concerns about soft demand and Chinese competition. The electric automaker had 140,473 employees globally as of Dec. 31 last year. (Reporting by Nilutpal Timsina in Bengaluru; Editing by Arun Koyyur)

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2024-02-07 00:00:00

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(Reuters) -Tesla managers have been asked whether each of their employees' positions were critical, stoking layoff fears in the company, Bloomberg News reported on Wednesday.

https://www.thestar.com.my/tech/tech-news/2024/02/07/tesla-asks-which-jobs-are-critical-stoking-layoff-fears--bloomberg

Roblox forecasts strong 2024 bookings; in-game spending gets holiday boost

(Reuters) - Gaming platform Roblox forecast annual bookings above estimates on Wednesday after it crossed $1 billion in quarterly bookings for the first time on higher in-game spending during the holiday season, sending its shares up 15% before the bell. In a positive sign for the gaming industry, the global video game market is anticipated to grow 2.8% this year, as it expects robust sales of Microsoft's Xbox and Sony's PlayStation 5 consoles, according to research firm NewZoo. Roblox forecast annual bookings, generated from in-game purchases of virtual currency "Robux", between $4.14 billion and $4.28 billion, above the estimate of $4.03 billion, according to LSEG data. Its first-quarter bookings forecast was also above expectations. Net bookings for the fourth quarter came in at $1.13 billion, hitting a new record for the company and surpassing the estimate of $1.08 billion. The company has been seeing an uptick in spending on its online gaming platform during the holiday quarter, when players have more time because schools and colleges are closed. Roblox said the growth "continue to be heavily influenced by older users" above the age of 13. "A slow and steady improvement in the core technology has allowed our developer communities to build better stuff... (which has) naturally attracted an older audience," Roblox CFO, Michael Guthrie said, underscoring Roblox's attempt at diversifying and aging up its player base. Roblox which is popular for games such as "Brookhaven", "Adopt Me!" and "Blade Ball", has partnered with a number of brands including Adidas, Lamborghini and L'Oreal to engage fans in its 3D world. The company reported adjusted EBITDA, a profitability metric looked at by investors, of $259.6 million, beating analysts' expectation of $191.2 million. Average daily active users rose 22%, to 71.5 million in the fourth quarter. (Reporting by Harshita Mary Varghese; Editing by Pooja Desai)

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2024-02-07 00:00:00

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(Reuters) - Gaming platform Roblox forecast annual bookings above estimates on Wednesday after it crossed $1 billion in quarterly bookings for the first time on higher in-game spending during the holiday season, sending its shares up 15% before the bell.

https://www.thestar.com.my/tech/tech-news/2024/02/07/roblox-forecasts-strong-2024-bookings-in-game-spending-gets-holiday-boost

Uber expects strong core profit as ride share, food delivery pick up pace

(Reuters) -Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses. It posted its first annual net profit as a public company as user retention improved, also benefiting from initiatives like memberships, corporate travel and advertising. Uber will discuss capital allocation plans at its investor day on Feb. 14, it said, lifting hopes of a buyback plan that sent its shares up nearly 2%. CEO Dara Khosrowshahi had said in September Uber was considering buybacks and dividend. "Uber's platform advantages and disciplined investment in new growth opportunities resulted in record engagement and accelerating Gross Bookings in Q4," Chief Financial Officer Prashanth Mahendra-Rajah said. The company expects adjusted earnings before interest, taxes, depreciation, and amortization of $1.26 billion to $1.34 billion in the quarter ending March, compared with expectations of $1.26 billion, according to LSEG data. Uber's gross bookings forecast of $37 billion to $38.5 billion came in higher than expectations of $37.33 billion. The outlook follows strong results in the seasonally strong October-December period. Revenue jumped 15% to $9.9 billion and gross bookings rose 22% to $37.6 billion, exceeding Wall Street targets. Its net profit nearly tripled to $1.43 billion in the fourth quarter, thanks to a $1 billion net pre-tax benefit from re-evaluation of the company's equity investments. It posted net profit of $1.89 billion in fiscal 2023. Uber said revenue from its core ride-share business grew 34%, driven in part from "outsized trip growth" in Latin America and Asia Pacific markets. Delivery business revenue grew 6%, while gross bookings growth for the segment was the highest in two years. "Management took the intrigue off the table for today in saying it will address capital return more formally at the investor day, said RBC Capital Markets analyst Brad Erickson, adding that those plans are top of investors' priority. (Reporting by Yuvraj Malik in Bengaluru; Additional reporting by Aishwarya Venugopal in Bengaluru; Editing by Arun Koyyur)

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2024-02-07 00:00:00

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(Reuters) -Uber Technologies forecast quarterly core profit and gross bookings above estimates and reported market-beating results for the holiday quarter on Wednesday, fueled by higher demand in its ride sharing and food delivery businesses.

https://www.thestar.com.my/tech/tech-news/2024/02/07/uber-expects-strong-core-profit-as-ride-share-food-delivery-demand-accelerates

Ford shares surge on dividend boost, lower EV spending

(Reuters) -Ford Motor shares surged 6% in morning trading on Wednesday after the automaker increased its dividend for the first quarter and decided to scale back investments in new capacity for loss-making electric vehicles (EV). On Tuesday, the automaker disclosed its plans to return an extra 18 cents per share in dividend on top of the regular 15 cents to investors, joining rival General Motors in returning cash to investors. GM shares were also up 2%. The dividend payout is aimed at enhancing the firm's payout ratio and distributing a portion of its substantial automotive cash balance, which stands at $28.7 billion, to shareholders, David Whiston, analyst at Morningstar said in a note. "With this much cash plus credit lines giving over $46 billion of year-end total automotive liquidity, we think Ford can handle most bad 2024 macroeconomic news without sacrificing investing for the future," Whiston added. The Dearborn, Michigan-based company said it was targeting $2 billion in cost reduction, in a bid to offset expenses related to the labor contract deal reached with the United Auto Workers union. Ford will reduce investments in new EV capacity to align with a decrease in demand, as consumers opt for hybrid vehicles and family SUVs due to price and charging concerns. The next generation of Ford EVs will be launched "only when they can be profitable," Marin Gjaja, head of the Model E EV business, told analysts on Tuesday. "We remain underweight on Ford, as we see pricing and cost reductions assumptions as optimistic," Wells Fargo analysts wrote in a note. The carmaker also reported an adjusted profit of 29 cents per share for fourth quarter ended December, beating analysts' estimates of 14 cents. "There is a long way to go, but with a strong near-term product cadence (Super Duty, Navigator, Expedition) combined with management focus, we expect strong profits and progress," BofA Global Research said and raised its price objective on the Ford stock to $21. Shares of Ford trade about 6.81 times forward profit estimates, above rival GM's 4.26 multiple. (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shailesh Kuber)

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2024-02-07 00:00:00

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(Reuters) -Ford Motor shares surged 6% in morning trading on Wednesday after the automaker increased its dividend for the first quarter and decided to scale back investments in new capacity for loss-making electric vehicles (EV).

https://www.thestar.com.my/tech/tech-news/2024/02/07/ford-shares-surge-on-dividend-boost-lower-ev-spending

Snap slumps as ad sales lag larger rivals

(Reuters) -Snap slumped more than 32% on Wednesday after fourth-quarter revenue missed Wall Street expectations, with the company struggling to compete for advertising dollars against heavyweights such as Meta and Alphabet. The Snapchat owner's results are in contrast to strong advertising sales that rivals reported, a sign that advertisers are gravitating towards larger, stable companies amid an uncertain economy. Snap, whose shares nearly doubled last year, was on track to lose roughly $9.2 billion in market value, based on its share price of $11.83 on Wednesday. Rival Pinterest also fell nearly 1.8%. "Once again, Snap's results have disappointed investors," said Jasmine Enberg, principal analyst at Insider Intelligence, adding the company's rebound hasn't kept pace with the big tech titans. Meta's advertising sales surged 25% during the holiday quarter and Alphabet's Google ad business grew 11% as ad sales from YouTube increased 16% in the same period. "Coming so soon after the stellar Meta performance, a nagging worry about the way Snap is being run has turned into a crisis of confidence," Susannah Streeter, head of money and markets at Hargreaves Lansdown, said. The company's fourth-quarter revenue came in at $1.36 billion, missing estimates of $1.38 billion, according to LSEG data. Snap said earlier this week it would lay off 10% of staff, or 528 employees, in order to "invest incrementally" in the company's growth over time. "While the layoffs show a company unafraid to lean out ... cost per employee remains well above peer benchmarks, while ad revenue growth remains well below," Bernstein analyst Mark Shmulik said. Snap's shares trade at 88.37 times expected earnings, compared with a forward price-to-earnings (PE) ratio of 22.71 for social media rival Meta and 29.47 for Pinterest. A lower PE multiple indicates a more attractive investment opportunity. "Investor patience has been tested, and it's clear fewer are optimistic about Snap's ability to bounce back from the ad slump," Streeter said. Snap's shares were set for their worst day since July 2022. (Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shounak Dasgupta)

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2024-02-07 00:00:00

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(Reuters) -Snap slumped more than 32% on Wednesday after fourth-quarter revenue missed Wall Street expectations, with the company struggling to compete for advertising dollars against heavyweights such as Meta and Alphabet.

https://www.thestar.com.my/tech/tech-news/2024/02/07/snap-tumbles-as-ad-sales-lag-larger-rivals

Exclusive-Microsoft in talks to end trade body's cloud computing complaint

BRUSSELS (Reuters) -Microsoft is in talks with CISPE in an attempt to resolve its European Union antitrust complaint about the U.S. software giant's cloud computing licensing practices, the trade group said on Wednesday. Working the issue out bilaterally could help Microsoft stave off a possible lengthy EU investigation that could lead to a possible fine and an order to change its business practices. CISPE, whose members include Amazon and 26 small EU cloud providers, filed a complaint with the European Commission in late 2022 alleging that Microsoft's new contractual terms imposed on Oct. 1 were harming Europe's cloud computing ecosystem. Microsoft, which ranks behind market leader Amazon in the cloud computing sector but ahead of Alphabet's Google, amended its licensing terms in mid-2022 after rivals in Germany, Italy, Denmark and France took their grievances to the EU competition watchdog. However, Amazon, Google, Alibaba and Microsoft's own cloud services are excluded from the changes. "Today, CISPE confirms that it has opened discussions with Microsoft aimed at resolving ongoing issues related to unfair software licensing for cloud infrastructure providers and their customers in Europe," the trade body said in a statement. "Both parties are exploring potential remedies." "We continue to work constructively with CISPE to resolve concerns raised by European cloud providers," a Microsoft spokesperson said, declining to provide details. The Commission said it had received several complaints about Microsoft, including in relation to its product Azure, which it was assessing based on its standard procedures, but declined to comment further. Azure is Microsoft's cloud computing platform. CISPE said the discussions were at an early stage and it was uncertain whether these would result in effective remedies but said "substantive progress must be achieved in the first quarter of 2024". "We are supportive of a fast and effective resolution to these harms but reiterate that it is Microsoft which must end its unfair software licensing practices to deliver this outcome," said CISPE secretary general Francisco Mingorance. Microsoft, which notched up 1.6 billion euros ($1.7 billion) in EU antitrust fines in the previous decade, has in recent years changed its approach towards regulators to a more accommodative one. ($1 = 0.9293 euros) (Reporting by Foo Yun Chee; Editing by Alexander Smith)

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Medium

2024-02-07 00:00:00

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BRUSSELS (Reuters) -Microsoft is in talks with CISPE in an attempt to resolve its European Union antitrust complaint about the U.S. software giant's cloud computing licensing practices, the trade group said on Wednesday.

https://www.thestar.com.my/tech/tech-news/2024/02/07/exclusive-microsoft-in-talks-to-end-trade-body039s-cloud-computing-complaint

This robot helper failed to win over the NYPD

Announced with great enthusiasm in September 2023, the New York City Police Department's experiment with the Knightscope K5 surveillance robot has finally come to an end, and the device has been mothballed. This example shows the limits of this type of robot, even if more and more robotic devices will likely be coming to the streets of New York and other big cities around the world. In the end, New Yorkers won't have seen much of the Knightscope K5, since the robot responsible for patrolling the city's subway at Times Square station, has been retired, according to the New York Times. On paper, the experiment looked promising. Knightscope K5 had been trained and configured by the police to provide regular patrols between midnight and 6 am in the subway corridors. Measuring almost 1.60, (5 ft 3) in height, the robot moves at the same pace as a human, never exceeding 5 km/h (3 mph). Equipped with several cameras and a call-for-help system, it can follow a precise, predefined route and "patrol" any area before returning to its charging station on its own. Despised by users, sometimes mistreated and often compared to a toy or, worse still, a trash can, because of the way it looked, the robot had major shortcomings. For example, it was unable to use the subway stairs properly. The robot almost always had to be accompanied by a human police officer, either to recharge it or simply to protect it. The Knightscope K5 may not have managed to adapt to the New York subway, but it has already proved its worth in Los Angeles, where it has been patrolling certain neighborhoods since 2022. For the New York City Police Department (NYPD), the Knightscope K5 may have completed its pilot project, but that's not the end of robots in the city. The NYPD intends to continue using Digidog, a version of Boston Dynamics' famous four-legged robot Spot, and StarChase's Guardian HX, a portable GPS launcher capable of sending GPS tags to vehicles, even when moving, so that police can keep track of them. – AFP Relaxnews

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Robotics

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2024-02-07 00:00:00

Robotics,Technology,Internet

Announced with great enthusiasm in September 2023, the New York City Police Department's experiment with the Knightscope K5 surveillance robot has finally come to an end, and the device has been mothballed. This example shows the limits of this type of robot, even if more and more robotic devices will likely be coming to the streets of New York and other big cities around the world.

https://www.thestar.com.my/tech/tech-news/2024/02/07/this-robot-helper-failed-to-win-over-the-nypd

Microsoft says will help 2 million Indians in small cities learn AI skills

MUMBAI (Reuters) - Microsoft will provide 2 million people in India with AI skilling opportunities by 2025, CEO Satya Nadella said on Wednesday, adding that it is imperative for India and the United States to cooperate on AI norms and regulations. The skilling will focus on training individuals in tier-2 and tier-3 cities, as well as rural areas and unlock inclusive socio-economic progress, the company said in a statement. "I hope consensus emerges and that is what really helps, in some sense, (with) the diffusion of this technology," Nadella said at a conference in Mumbai, referring to global attempts to draw up rules and regulate AI. Nadella said he hoped diffusion of AI globally would lead to "equal distribution of economic growth". (Reporting by Dhwani Pandya in Mumbai; Writing by Bansari Mayur Kamdar; Editing by YP Rajesh)

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2024-02-07 00:00:00

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MUMBAI (Reuters) - Microsoft will provide 2 million people in India with AI skilling opportunities by 2025, CEO Satya Nadella said on Wednesday, adding that it is imperative for India and the United States to cooperate on AI norms and regulations.

https://www.thestar.com.my/tech/tech-news/2024/02/07/microsoft-says-will-help-2-million-indians-in-small-cities-learn-ai-skills

Now that Google cache functionality is disappearing, how can you consult web archives?

Google recently removed a useful feature enabling users to access the archives of web pages referenced in its search results. But for anyone whose curiosity is prompting them to do a deep dive or who is simply nostalgic, there are online tools capable of taking them back into the vaults of the web's archives. A very useful feature has disappeared from Google Search: the cache link formerly enabled users to access an earlier version – the one saved by the search engine – of pages appearing in the Search results. This could be useful in a number of situations, for instance, when a page was having trouble loading, when a site was temporarily inaccessible or offline or simply for reference, for instance after changing appearance. Google originally designed the feature to be used when a page didn't load properly, and since "things have greatly improved" in this regard, the company has decided to abandon the tool, saying it was no longer needed, much to the despair of some internet users who complained on social networks. The deletion of this cache has been taking place progressively over the past few weeks, and Google has confirmed that it is now gone. However, it is still possible to consult the archives via a well-known online service.. Internet Archive is a non-profit organisation, a veritable institution dedicated to archiving the web, that now serves as a veritable digital library. This US-based web archiving and preservation initiative brings together not only snapshots and copies of pages taken at different times, but also images, videos, numerous books and audio recordings, and even software. Its impressive database contains more than 866 billion web pages, 40 million texts and 11 million videos, freely accessible either using a web address or keyword. – AFP Relaxnews

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2024-02-07 00:00:00

Internet,Technology

Google recently removed a useful feature enabling users to access the archives of web pages referenced in its search results. But for anyone whose curiosity is prompting them to do a deep dive or who is simply nostalgic, there are online tools capable of taking them back into the vaults of the web's archives.

https://www.thestar.com.my/tech/tech-news/2024/02/07/now-that-google-cache-functionality-is-disappearing-how-can-you-consult-web-archives

Twitch ‘Clips’ feature is used by predators to record and share child abuse

In the spring of 2023, a 12-year-old boy went live on Twitch, the popular livestreaming site owned by Amazon.com Inc, to eat a sandwich and play his French horn. Minutes later, about a dozen viewers joined him. Through Twitch’s chat, one asked him to do a somersault. Another requested that he show his muscles. In response, the boy pulled his pants down. The whole thing ended in an instant, but one viewer, who was following over a hundred other Twitch accounts appearing to belong to children, used a feature called “clips” to capture the fleeting moment in a 20-second video. The resulting clip has since been viewed over 130 times. Twitch is planning to expand the “clips” function this year. As part of the previously announced build-out, the company will be encouraging more users to turn ephemeral livestreaming events into short, on-demand videos for display on a soon-to-be-launched discovery feed – or for easy export to other social networks, including TikTok. Now, ahead of the move, online safety experts are warning that the tool is already being exploited by child predators to record and share the abuse of underage Twitch users. An analysis by Bloomberg News of nearly 1,100 clips on Twitch found that at least 83 of the short videos contain sexualised content involving children. The Canadian Centre for Child Protection, which reviewed the material, identified 34 that depict young users – primarily boys between the ages of 5 and 12 – showing body parts to the camera, often apparently following the encouragement of viewers during a livestream. Another 49 videos included sexualised content involving minors exposing body parts or being subjected to grooming efforts. According to the Centre, the 34 most egregious clips have been viewed 2,700 times. The other explicit videos, the Centre noted, have been watched 7,300 times. When a viewer captures a livestream involving predation, it “becomes an almost permanent record of that sexual abuse”, said Stephen Sauer, the Centre’s director. “There’s a broader victimisation that occurs once the initial livestream and grooming incident has happened because of the possibility of further distribution of this material,” he said. Once Bloomberg alerted the company, Twitch removed the prohibited content. “Youth harm, anywhere online, is deeply disturbing,” Twitch chief executive officer Dan Clancy said in a statement. “Even one instance is too many, and we take this issue extremely seriously.” Twitch initially launched the clips function in 2016. Over the past year, facing greater competition from ByteDance Ltd’s short-form video site TikTok, Twitch’s product team has made the expansion of clips a major focus. At the same time, the clips feature has remained among the least moderated on the site, according to people familiar with the safety protocols who asked for anonymity while discussing the inner workings of the company. In the statement, Clancy said that “combating child predation meaningfully”, requires collaboration. He noted that Twitch is partnering with various agencies to do so and has “made significant progress”. By continuously screening the live content on Twitch, Clancy said, the company is preventing “the creation and spread of harmful clips at the source”. Twitch is also working retroactively to “delete and disable” harmful clips while making sure such videos “aren’t available through public domains or other direct links”. “Like all other online services, this problem is one that we’ll continue to fight diligently,” he added. Over the years, company executives have struggled to stamp out child grooming on Twitch, which hosts over 96,000 live channels and 7 million monthly broadcasters. In 2022, Bloomberg News reported that child predators routinely use Twitch to track kids in real time, with over 297,000 children apparently targeted. Since the report, Twitch has announced several changes. The company launched a new phone-verification requirement and is developing technology to catch and terminate accounts belonging to kids under 13. The company has also made it harder for minors who have been previously banned to create new accounts. Twitch uses language analysis tools to detect child grooming and AI technology to flag nudity. In April, Twitch laid off at least 15% of its internal trust and safety team and increased its reliance on outside providers to identify and remove problematic content. At the moment, Twitch focuses most of its monitoring efforts on its livestreams, which the company says are reviewed using human moderators, artificial intelligence and other tools. By contrast, when it comes to moderating clips, Twitch relies solely on its users to report instances of suspicious or upsetting material. In the last quarter of 2022, Twitch detected 318 instances a day of ostensible child grooming, a fifth of which led to account suspensions, according to a recent report by Australia’s eSafety Commissioner. Experts say moderation challenges are intrinsic to Twitch’s design. Typically, social media sites such as YouTube and Instagram can identify when users are attempting to upload abusive videos by comparing new content to previous sources featuring similar material. On Twitch’s livestreams, child predation happens in real time so there are no prior videos to compare with. “Hash technology looks for something that’s a match to something seen previously,” said Lauren Coffren of the US National Center for Missing & Exploited Children. “Livestreaming means it’s brand new.” In April, a bipartisan group of US Senators introduced the Protecting Kids on Social Media Act, a bill aiming to improve children’s safety on sites such as Twitch that feature user-generated content. Sauer said that social-media companies can no longer be trusted to regulate themselves. “We’ve been on the sidelines watching the industry do voluntary regulation for 25 years now,” he said. “We know it’s just not working. We see far too many kids being exploited on these platforms. And we want to see government step in and say, ‘These are the safeguards you have to put in place’.” – Bloomberg

Tech

Internet

Complimentary

Long

2024-02-07 00:00:00

Internet

In the spring of 2023, a 12-year-old boy went live on Twitch, the popular livestreaming site owned by Amazon.com Inc, to eat a sandwich and play his French horn. Minutes later, about a dozen viewers joined him. Through Twitch’s chat, one asked him to do a somersault. Another requested that he show his muscles.

https://www.thestar.com.my/tech/tech-news/2024/02/07/twitch-clips-feature-is-used-by-predators-to-record-and-share-child-abuse

GM's troubled robotaxi service faces another round of public ridicule in regulatory hearing

General Motors' troubled robotaxi service Cruise on Tuesday endured a public lashing from a California judge who compared the company to the devious TV character Eddie Haskell for its behavior following a ghastly collision that wrecked its ambitious expansion plans. The withering comparison to the two-faced Haskell from the 1950s-era TV series, "Leave It To Beaver,” was drawn by Administrative Law Judge Robert Mason III during an hour-long hearing held to consider a proposed settlement of a case accusing Cruise trying to conceal its excruciating role in an incident that resulted in the suspension of its California license. After a vehicle driven by a human struck a San Francisco pedestrian in early October, a Cruise robotaxi named "Panini” dragged the person 20 feet (6 meters) while traveling at roughly seven miles per hour (11 kilometers per hour). But the California Public Utilities Commission, which in August had granted Cruise a permit to operate an around-the-clock fleet of computer-driven taxis throughout San Francisco, alleged Cruise then covered up what Panini did for more than two weeks, raising the specter of a potential fine of US$1.5mil (RM7.1mil), depending on how the regulations are interpreted. A new management team that General Motors installed at Cruise following the October incident acknowledged it didn't fully inform regulators what Panini did to the pedestrian that night while also trying to persuade Mason that the company wasn't necessarily being purposefully deceitful. Mason became so exasperated by Cruise's mixed messaging during Tuesday's hearing that he harked back to the TV series starring Jerry Mathers as the Beaver that still pops up in reruns. "For some reason, Eddie Haskell popped in my head,” Mason quipped to Craig Glidden, who now oversees Cruise as its president and chief administrative officer. Glidden sought to assure Mason that Cruise will accept its culpability for what he described as a regrettable "mistake.” Cruise entered the hearing proposed to settle the case for US$75,000 (RM357,487), but when Mason contended that the company should be required to pay at least US$112,500 (RM536,231), Glidden immediately agreed to that figure. "We want to move forward,” Glidden said. He also reminded Mason that Cruise could still face other repercussions beyond California, with both the U.S. Justice Department and U.S. Securities and Exchange Commission probing the robotaxi service's conduct. But Mason indicated that he is leaning toward letting the case continue through the entire hearing process rather than approving a settlement. The judge didn't set a timetable for resolving the matter. Tuesday's hearing came less than two weeks after Cruise released a lengthy report reviewing how the company mishandled things after the pedestrian was hurt. The report prepared by the law firm of Quinn Emanuel Urquhart & Sullivan rebuked Cruise’s management that has since been dumped for "poor leadership," and fostering an "us versus them” mentality with regulators. But is also blamed internet connection problems for preventing various regulators from seeing parts of a video showing Panini dragging the pedestrian after the vehicle misread the situation. Besides parting ways with former CEO and co-founder Kyle Vogt and other top executives, Cruise also has laid off about one-fourth of its workforce as part of GM's decision to back off its one-time goal of generating US$1bil (RM4.7bil) in annual revenue from the robotaxi service by 2025. – AP

Tech

Technology

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Medium

2024-02-07 00:00:00

Technology,Internet,Autonomous vehicles

General Motors' troubled robotaxi service Cruise on Tuesday endured a public lashing from a California judge who compared the company to the devious TV character Eddie Haskell for its behavior following a ghastly collision that wrecked its ambitious expansion plans.

https://www.thestar.com.my/tech/tech-news/2024/02/07/gm039s-troubled-robotaxi-service-faces-another-round-of-public-ridicule-in-regulatory-hearing

TeamViewer posts Q4 beat in revenue

(Reuters) - German software developer TeamViewer reported higher-than-expected fourth-quarter revenue on Wednesday, helped by partnerships with tech companies such as Siemens. Quarterly revenue rose 8% from a year earlier to 163 million euros ($175.16 million), slightly above analysts' forecast of 160 million euros, according to LSEG data. On a yearly basis, the German software developer reported slightly higher than expected preliminary revenue which rose 11% to 626.7 million euros, above a company-provided consensus of 623.1 million euros, thanks to favourable currency effects. "Despite a challenging macro environment and currency headwinds, we delivered strong 2023 results," said CFO Michael Wilkens in a statement. TeamViewer's shares have declined since the end of the COVID-related restrictions, during which companies had used its remote maintenance software to connect the computers of employees and customers working from home. The developer of the homonymous software expects 2024 revenue within a range of 660 to 685 million euros, seeing savings from the interruption of Manchester United shirt sponsorship to positively affect margins in the second half of the year. ($1 = 0.9306 euros) (Reporting by Paolo Laudani and Tristan Veyet in Gdansk; Editing by Chizu Nomiyama)

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2024-02-07 00:00:00

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(Reuters) - German software developer TeamViewer reported higher-than-expected fourth-quarter revenue on Wednesday, helped by partnerships with tech companies such as Siemens.

https://www.thestar.com.my/tech/tech-news/2024/02/07/teamviewer-posts-q4-beat-in-revenue

Spotify passes 600 million users, expects profitable 2024 start

STOCKHOLM: Music streaming giant Spotify on Tuesday said it passed 600 million monthly users at the end of 2023, and that it was expecting a profitable first quarter of 2024. "Spotify had a very strong quarter, rounding out a great year of truly remarkable growth across the company," CEO Daniel Ek said in a post to X after the company published its fourth quarter earnings. At the end of 2023, the company had 602 million monthly active users (MUAs), an increase of 23 percent compared to a year earlier. The company also saw a 15% rise in paying subscribers, which make up the bulk of the company's revenue, to 236 million. For the year, Spotify reported revenues of 13.2bil euros (RM67bil), up from 11.7bil euros (RM60bil) the year before. The company still saw an operating loss of 446mil euros (RM2.2bil) in 2023, however this was still an improvement over the operating loss of 659mil euros (RM3.3bil) in 2022. The company has never posted a full-year net profit and only occasionally quarterly profits despite its success in the online music market. In December, Spotify announced it would reduce its staff by around 17% in a bid to reduce costs, which followed earlier cuts announced in January and June of 2023. In July, the Swedish company, which is listed on the New York stock exchange, announced it was raising its prices for premium subscribers "across a number of markets around the world," following in the footsteps of similar moves by competing music services from Apple and Amazon. Spotify has invested heavily since its launch to fuel growth with expansions into new markets and, in later years, exclusive content such as podcasts. Last week, it announced it had renewed a deal with Joe Rogan, signing a "multi-year partnership" for his flagship chart-topping podcast. For the first quarter of 2024, the company said it expects to reach 618 million MUAs and make an operating profit of 180 million euros. – AFP

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2024-02-07 00:00:00

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Music streaming giant Spotify on Tuesday said it passed 600 million monthly users at the end of 2023, and that it was expecting a profitable first quarter of 2024.

https://www.thestar.com.my/tech/tech-news/2024/02/07/spotify-passes-600-million-users-expects-profitable-2024-start

SoftBank seen likely to log first quarterly profit in over a year

TOKYO (Reuters) - Japan's SoftBank Group is expected to post a net profit for the first time in five quarters when the tech investment giant reports earnings on Thursday, benefiting from strong gains in the value of its listed assets. The company has worked hard to shore up its financial position and investors will be looking for any clues as to what it might do with the ample capital it now has at its disposal to deploy - in particular whether it will embark on share buybacks. The opaque nature of many of SoftBank's investments makes forecasting difficult but three of four analyst estimates collated by LSEG and Reuters call for a third-quarter profit of between 282 billion yen to 460 billion yen ($1.9 billion to $3.1 billion). Only one calls for a loss, of 67 billion yen. The company has flagged that it will book $1.9 billion in gains on the T-Mobile shares it received last year after conditions in SoftBank's 2020 deal to sell U.S. mobile carrier Sprint to T-Mobile were met. The gains reflect an accounting time lag in assessing the fair value of the shares. For its non-listed assets - many of which are in its Vision Fund 2 - analysts do not expect major revaluations given that capital markets have been quiet over the past quarter. A net profit would mark a long-awaited turnaround for SoftBank and its founder Masayoshi Son whose reputation for having a Midas touch with investing was hit after the failure of high-flying office-sharing startup WeWork. More pain came when SoftBank's portfolio of tech startups in its two Vision Funds - which commanded high valuations between 2020 and 2021 - fell out of favour in the higher interest rate environment that followed the pandemic. To improve its financial position, SoftBank sold almost all of its "crown jewel" stake in Chinese e-commerce group Alibaba. SoftBank's cash position - which also includes cash equivalents and liquid bond holdings - as of end-September stood at 5.1 trillion yen ($34.5 billion). That's led to high expectations among investors that SoftBank will reward them with share buybacks, analysts say. SoftBank has in the past conducted share buybacks to help tackle the discount to its net asset value at which its shares trade when the discount has been at similar levels. "The setup for a buyback is a strong one," said Rolf Bulk of New Street Research. "But management’s intentions are still unclear." In recent quarters, SoftBank has "carefully restarted" investing and it remains to be seen how much more of an aggressive stance the company might take. "Whereas the rest of the world is investing aggressively in AI startups, SoftBank has become a lot more disciplined in its investments," said Bulk. It recently set out stringent quality and valuation criteria for investments, but with few deal announcements to go on, analysts are hoping for clarity on how many companies currently seeking out investment fit the bill. They also noted that SoftBank could also sell down or use as collateral either its T-Mobile holdings or its 90% stake in chip designer Arm to fund investments or buybacks. The stake in Arm surged 40% in value between its initial public offering in September and the end of December and is now the largest holding in SoftBank's portfolio. But as it is a consolidated subsidiary, that jump will not count towards SoftBank's investment gains in net profit. ($1 = 147.9100 yen) (Reporting by Anton Bridge; Editing by Edwina Gibbs)

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2024-02-07 00:00:00

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TOKYO (Reuters) - Japan's SoftBank Group is expected to post a net profit for the first time in five quarters when the tech investment giant reports earnings on Thursday, benefiting from strong gains in the value of its listed assets.

https://www.thestar.com.my/tech/tech-news/2024/02/07/softbank-seen-likely-to-log-first-quarterly-profit-in-over-a-year

India's Paytm shares jump after reports CEO met RBI, finance minister

BENGALURU (Reuters) - Shares of Paytm climbed as much as 10% on Wednesday after media reported that the embattled digital payments firm's CEO had met India's finance minister and central bank to try to resolve a regulatory crackdown on its payments bank business. Paytm shares climbed as high as 496.25 rupees but remained far below their level before Jan. 31, when the Reserve Bank of India (RBI) ordered Paytm Payments Bank to stop accepting new deposits in its accounts and its popular digital wallets from March, citing supervisory concerns and non-compliance with rules. The share price rise added to gains on Tuesday when reports of talks with government and central bank officials emerged. "Discussions are on about addressing the regulatory concerns and compliance issues with both the RBI and the ministry," a source with direct knowledge of the talks told Reuters on Tuesday. The company has sought an extension of the Feb. 29 deadline from the RBI and has also been seeking clarity from the central bank regarding the transfer of its licence for the wallets business and digital highway toll payment service Fastag, the source said. "Investors are getting some confidence from the fact that the CEO has met the regulators," said Kranthi Bathini, equity strategist at WealthMills Securities. "While the main issues of compliance still remain and it is not clear how the company will handle the operational crisis going ahead, the stock has corrected a lot and that may be creating some buying opportunity," Bathini added. Shares of the company are still trading about 24% below the median price target of 650 rupees of 14 analysts, according to LSEG data. "There is a realisation that Paytm's payment operations are quite sizable and that customers and merchants could be inconvenienced by a sudden shutdown of payments bank operations and hence efforts would be made to ensure a smooth transition out of its dependency on PPBL," said Pranav Gundlapalle, senior analyst at Bernstein, referring to Paytm Payments Bank Ltd. (Reporting by Chris Thomas in Bengaluru; Editing by Sonali Paul)

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2024-02-07 00:00:00

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BENGALURU (Reuters) - Shares of Paytm climbed as much as 10% on Wednesday after media reported that the embattled digital payments firm's CEO had met India's finance minister and central bank to try to resolve a regulatory crackdown on its payments bank business.

https://www.thestar.com.my/tech/tech-news/2024/02/07/india039s-paytm-shares-jump-after-reports-ceo-met-rbi-finance-minister

Meta says it will label AI-generated images on Facebook and Instagram

Facebook and Instagram users will start seeing labels on AI-generated images that appear on their social media feeds, part of a broader tech industry initiative to sort between what’s real and not. Meta said Tuesday it's working with industry partners on technical standards that will make it easier to identify images and eventually video and audio generated by artificial intelligence tools. What remains to be seen is how well it will work at a time when it's easier than ever to make and distribute AI-generated imagery that can cause harm - from election misinformation to nonconsensual fake nudes of celebrities. "It's kind of a signal that they’re taking seriously the fact that generation of fake content online is an issue for their platforms,” said Gili Vidan, an assistant professor of information science at Cornell University. It could be "quite effective” in flagging a large portion of AI-generated content made with commercial tools, but it won't likely catch everything, she said. Meta's president of global affairs, Nick Clegg, didn’t specify Tuesday when the labels would appear but said it will be "in the coming months” and in different languages, noting that a "number of important elections are taking place around the world.” "As the difference between human and synthetic content gets blurred, people want to know where the boundary lies,” he said in a blog post. Meta already puts an "Imagined with AI” label on photorealistic images made by its own tool, but most of the AI-generated content flooding its social media services comes from elsewhere. A number of tech industry collaborations, including the Adobe-led Content Authenticity Initiative, have been working to set standards. A push for digital watermarking and labeling of AI-generated content was also part of an executive order that U.S. President Joe Biden signed in October. Clegg said that Meta will be working to label "images from Google, OpenAI, Microsoft, Adobe, Midjourney, and Shutterstock as they implement their plans for adding metadata to images created by their tools.” Google said last year that AI labels are coming to YouTube and its other platforms. "In the coming months, we’ll introduce labels that inform viewers when the realistic content they’re seeing is synthetic,” YouTube CEO Neal Mohan reiterated in a year-ahead blog post Tuesday. One potential concern for consumers is if tech platforms get more effective at identifying AI-generated content from a set of major commercial providers but miss what's made with other tools, creating a false sense of security. "There’s a lot that would hinge on how this is communicated by platforms to users,” said Cornell's Vidan. "What does this mark mean? With how much confidence should I take it? What is its absence supposed to tell me?” – AP

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2024-02-07 00:00:00

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Facebook and Instagram users will start seeing labels on AI-generated images that appear on their social media feeds, part of a broader tech industry initiative to sort between what’s real and not.

https://www.thestar.com.my/tech/tech-news/2024/02/07/meta-says-it-will-label-ai-generated-images-on-facebook-and-instagram

Bluesky, a social network championed by Jack Dorsey, opens for anyone to sign up

Bluesky, a Twitter-like social network championed by Twitter co-founder Jack Dorsey, has emerged from its cocoon and is now allowing anyone to create an account and join the service. Until Tuesday, anyone hoping to join Bluesky needed an invitation, which typically meant hunting down an existing member and begging for an invite. That invite-only period gave the site time to build out moderation tools and other features, Bluesky said. Bluesky resembles Twitter – now known as X after Tesla billionaire Elon Musk paid US$44bil (RM209.73bil) for the company – in many respects, although it doesn’t yet offer direct messaging between users. It does offer more customisation options, though whether these will appeal to users isn't yet clear. By default, Bluesky displays posts by accounts you follow in a linear timeline, although it’s also possible to switch to algorithm-driven timelines created by other users. The service does its own moderation but also plans to let its users stack together alternative moderation schemes. That feature hasn’t been enabled yet. And once things really get going, Bluesky plans to set users free by allowing them to move their collections of friends, followers and other data to competing social networks. As the company says in a whimsical cartoon page included in Tuesday's announcement, Bluesky aims to be " the last social account you'll ever need to create.” In practice, it probably won't be that easy. The technical term for making social networks interoperable this way is "federation," and it turns out there are multiple ways sites can federate. For instance, Mastodon and similar microblogging sites – including Meta's Threads service – use a federation algorithm called ActivityPub that should allow users to move between them. In fact, Threads has already begun experimenting with sharing posts to Mastodon and other services using ActivityPub. "Making Threads interoperable will give people more choice over how they interact and it will help content reach more people,” Meta CEO Mark Zuckerberg wrote in a Threads post in December. "I’m pretty optimistic about this.” By contrast, Bluesky adopted a federation algorithm called the Authenticated Transfer Protocol and is so far the only such service using it. A "frequently asked questions” page for the protocol argues that ActivityPub makes it cumbersome to transfer accounts and that it lacks other important features. – AP

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2024-02-07 00:00:00

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Bluesky, a Twitter-like social network championed by Twitter co-founder Jack Dorsey, has emerged from its cocoon and is now allowing anyone to create an account and join the service.

https://www.thestar.com.my/tech/tech-news/2024/02/07/bluesky-a-social-network-championed-by-jack-dorsey-opens-for-anyone-to-sign-up

Meta wants industry-wide labels for AI-made images

SAN FRANCISCO: Meta on Feb 6 said it is working with other tech firms on standards that will let it better detect and label artificial intelligence-generated images shared with its billions of users. The Silicon Valley social media titan expects to have a system in place in a matter of months to identify and tag AI created images posted on its Facebook, Instagram and Threads platforms. Meta and other platforms are under pressure to keep tabs on AI-generated content with fears that bad actors will ramp up disinformation, with elections due this year in countries representing half the world's population. "It's not perfect, it's not going to cover everything; the technology is not fully matured," Meta head of global affairs Nick Clegg told AFP. While Meta has implemented visible and invisible tags on images created using its own AI tools since December, it also wants to work with other companies "to maximise the transparency the users have," Clegg added. "That's why we've been working with industry partners to align on common technical standards that signal when a piece of content has been created using AI," the company said in a blog post. This will be done with companies Meta already works with on AI standards, including OpenAI, Google, Microsoft, Midjourney and other firms involved in the fierce race to lead the nascent sector, Clegg said. But while companies have started including "signals" in images made using their AI tools, the industry has been slower to start putting such identifying markers into audio or video created with AI, according to Clegg. Clegg admits that this large-scale labeling, using invisible markers, "won't totally eliminate" the risk of false images being produced, but argues that "it would certainly minimise" their proliferation "within the limits of what technology currently allows." In the meantime, Meta advised people to look at online content critically, checking whether accounts posting it are trustworthy and looking for details that look or sound unnatural. Politicians and women have been prime targets for so-called "deepfake" images, with AI-created nudes of superstar singer Taylor Swift recently going viral on X, formerly Twitter. The rise of generative AI has raised fears that people could use ChatGPT and other platforms to sow political chaos via disinformation or AI clones. OpenAI last month announced it would "prohibit any use of our platform by political organisations or individuals." Meta already asks that advertisers disclose when AI is used to create or alter imagery or audio in political ads. The company's Oversight Board, which independently reviews content moderation decisions, on Monday warned that Meta's policy on deepfake content is in urgent need of updating. The warning was in a decision about a manipulated video of US President Joe Biden that was not created with AI. The Board said that Meta's policy in its current form was "incoherent, lacking in persuasive justification and inappropriately focused on how content has been created." – AFP

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2024-02-07 00:00:00

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In the meantime, Meta advised people to look at online content critically, checking whether accounts posting it are trustworthy and looking for details that look or sound unnatural.

https://www.thestar.com.my/tech/tech-news/2024/02/07/meta-wants-industry-wide-labels-for-ai-made-images

Employers want to fire workers without getting shamed on TikTok

Videos of disastrous layoffs accumulating on TikTok are prompting companies to seek help in delivering the bad news. More people are sharing intimate details and recordings from workplace conversations that used to transpire behind closed doors. TikToks about getting laid off are now routinely dissected in public - from CEOs’ mea culpa memos to awkwardly timed announcements and the precise intonation used by human resources managers. Fear of social-media backlash has executives, especially from smaller tech firms that don’t have big HR operations, looking for advice on how to lay people off without it blowing up in their faces. Onwards HR, a startup specialises in layoff logistics, says its customer base grew 300% last year. "They’re like, can you tell us how to do it so that doesn't happen to us?” said Sarah Rodehorst, co-founder and chief executive of Onwards HR. "With social media, everybody’s watching.” While the overall jobs market data remains robust, big job cuts are nonetheless showing up in a slew of industries to start the year, most notably in tech, where several of America’s largest employers are nixing hundreds or thousands of positions. United Parcel Service Inc also announced last week that it will slash 12,000 management jobs, and Citigroup Inc has said it plans to eliminate 20,000 roles by 2026. Onwards HR offers companies a centralised platform to standardise the layoff process, automate severance payments and enable smoother collaboration across HR, legal and finance teams. But customers want more than just technology, Rodehorst said. They want step-by-step guidance on how to have tough conversations with people who are being let go. Rodehorst tells her clients that they should allow every laid-off worker the opportunity to meet with their manager to ask questions. Meticulous planning is another non-negotiable. Rodehorst has culled these best practices from experience, but she’s considering offering more formal training and certification programs since there’s so much demand. A mismanaged layoff can damage a company’s reputation and its recruiting. Last month, an employee at tech firm Cloudflare shared a recording of her layoff on TikTok, unleashing a torrent of criticism. The CEO said Cloudflare made a mistake in "not being more kind and humane,” in a statement on X. Internally, layoffs can even result in other employees calling it quits. Worker morale often languishes for months after a massive round of job cuts, according to employer review site Glassdoor Inc. Regardless of social media, HR experts say layoffs should always be handled with care. "You could be ruining someone’s life,” said Jenny Dearborn, a veteran HR officer who has helped restructure tech firms, including the now-defunct Sun Microsystems, which recruited her in 2003 to help the company move some jobs abroad. At Hewlett-Packard in the late 1990s, Dearborn says the company showed a tape of an executive talking about the emotional toll layoffs can take on individuals, their families and their identities. Decades later, one line stayed with her: "If you don’t stay up all night sick to your stomach, then you’re not doing it right.” Last year, Kim Rohrer helped lead two separate job cuts at hiring and payroll platform Oyster that impacted about 120 people. The fully-remote company had to comply with labour laws across 70 countries and coordinate day-of communication across time zones. It was "extremely complicated,” she said. Rohrer and her team advised managers on how to deliver the news over Zoom – use a natural, warm and empathetic tone of voice – and what to do if the conversation got contentious. They had scripts prepared for different situations and different reactions. They also put together over 20 pages of documentation addressing common questions like how to access benefits and how handoffs will work for ongoing projects. Both times Oyster laid off workers, HR kept the timing of the notifications tight. The employees were given a bonus week of paid time off so they could review the information and ask questions before they were officially let go. They were also encouraged to apply for other open roles at the company. In September, Rohrer found her own name on the cut list. "I know what you’re going to say, it’s fine,” she recalled telling her bosses at the time. "I wrote the script.” – Bloomberg

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2024-02-07 00:00:00

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Videos of disastrous layoffs accumulating on TikTok are prompting companies to seek help in delivering the bad news.

https://www.thestar.com.my/tech/tech-news/2024/02/07/employers-want-to-fire-workers-without-getting-shamed-on-tiktok

Meta CEO Zuckerberg's martial arts hobby forces warning to investors

SAN JOSE: Facebook founder Mark Zuckerberg's enthusiasm for martial arts has forced the Meta Group, which he heads, to issue an unusual warning to investors. Zuckerberg and several other managers took part in "various high-risk activities, such as combat sports, extreme sports, and recreational aviation" which run the risk of "serious injury and death", Meta stated in a detailed report to the Securities and Exchange Commission (SEC) over the past year, which was published over the weekend. It is the first time that the Facebook group has included such a reference to the head's hobbies in the usual risk warnings for investors. As before, Meta also emphasised that if Zuckerberg were no longer available for whatever reason, this could have a "material adverse impact on our operations." Zuckerberg has a controlling stake in Meta thanks to shares with more voting rights than ordinary investors - and continues to play a leading role in determining the group's strategy. Meta has billions of users on its platforms, which include Facebook, Instagram and WhatsApp. – dpa

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2024-02-07 00:00:00

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Facebook founder Mark Zuckerberg's enthusiasm for martial arts has forced the Meta Group, which he heads, to issue an unusual warning to investors.

https://www.thestar.com.my/tech/tech-news/2024/02/07/meta-ceo-zuckerberg039s-martial-arts-hobby-forces-warning-to-investors

Apple beats AliveCor lawsuit over heart-rate apps for Apple Watch

(Reuters) - Apple persuaded a federal judge to dismiss a lawsuit by a Silicon Valley startup accusing it of illegally monopolizing the U.S. market for heart rate monitoring apps for its Apple Watch. U.S. District Judge Jeffrey White in Oakland, California, ruled on Tuesday against AliveCor, which had developed an app for detecting irregular heartbeats. It accused Apple of violating the federal Sherman antitrust law and a California unfair competition law. The decision explaining White's reasoning is temporarily being kept under seal because of confidentiality concerns. "AliveCor is deeply disappointed and strongly disagrees with the court's decision to dismiss our anti-competition case and we plan to appeal," the company said in a statement. Apple said in a statement that the lawsuit challenged its ability to make improvements to the Apple Watch that consumers and developers rely on. "Today's outcome confirms that is not anticompetitive," it said. In an amended complaint, AliveCor said Apple had led it to believe it would collaborate on heart-monitoring technology for the Apple Watch, only to then copy its ideas and embark on a "concentrated campaign to corner the market for heartrate analysis." The complaint also accused Apple of "updating" the heartrate algorithm for its watches, to prevent third parties from identifying irregular heartbeats and offering competing apps. AliveCor had developed KardiaBand, a wristband for the Apple Watch capable of recording an electrocardiogram, or ECG. The Mountain View, California-based company also developed the Kardia app for analyzing ECG readings on Apple Watches, and a SmartRhythm heartrate analysis app powered by artificial intelligence. Apple, based in Cupertino, California, has denied wrongdoing, and said competitors have no right to dictate its design decisions. AliveCor is still litigating separate patent infringement claims against Apple. The case is AliveCor Inc v Apple Inc, U.S. District Court, Northern District of California, No. 21-03958. (Reporting by Jonathan Stempel in New York; Editing by Sandra Maler)

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2024-02-07 00:00:00

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(Reuters) - Apple persuaded a federal judge to dismiss a lawsuit by a Silicon Valley startup accusing it of illegally monopolizing the U.S. market for heart rate monitoring apps for its Apple Watch.

https://www.thestar.com.my/tech/tech-news/2024/02/07/apple-beats-alivecor-lawsuit-over-heart-rate-apps-for-apple-watch

Fired 'Mandalorian' actor sues Disney with funding from Elon Musk

LOS ANGELES (Reuters) - Actor Gina Carano sued Walt Disney for wrongful termination from Star Wars series "The Mandalorian" in a lawsuit filed on Tuesday and backed by billionaire Elon Musk. Carano argued in the suit that she was fired in 2021 for voicing conservative opinions on social media platforms including Twitter, which is now owned by Musk and known as X. "A short time ago in a galaxy not so far away, Defendants made it clear that only one orthodoxy in thought, speech, or action was acceptable in their empire," said the lawsuit, which was filed in federal court in California. She also claimed sex discrimination, arguing that male stars who voiced opinions did not suffer any consequences. Carano, who played warrior Cara Dune, is asking the court to order Disney's Lucasfilm unit to reinstate her in the role and seeks compensatory damages of up to $75,000 plus emotional distress and punitive damages to be determined at trial. A Disney spokesperson did not respond to a request for comment. Musk, who hurled an expletive at Disney CEO Bob Iger in September when the company pulled advertising from X, said last year that he would fund legal action by users who faced retaliation from employers for comments on the platform. "As a sign of X Corp's commitment to free speech, we're proud to provide financial support for Gina Carano's lawsuit, empowering her to seek vindication of her free speech rights on X and the ability to work without bullying, harassment, or discrimination," said Joe Benarroch, X's head of business operations. Disney removed Carano from "The Mandalorian" over social media posts that the company at the time called "abhorrent and unacceptable" for "denigrating people based on their cultural and religious identities." "Jews were beaten in the streets, not by Nazi soldiers but by their neighbors ... even by children," Carano wrote on Instagram, according to a Variety report at the time. Carano also came under fire for Twitter posts in which she derided mask-wearing during the pandemic and echoed false claims of voter fraud during the 2020 presidential election. Musk, founder of Tesla and SpaceX, himself generated a backlash for liking an anti-Jewish post on X in September, prompting advertisers including Disney to pause spending on the platform. (Reporting by Lisa Richwine, Editing by Rosalba O'Brien)

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2024-02-07 00:00:00

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LOS ANGELES (Reuters) - Actor Gina Carano sued Walt Disney for wrongful termination from Star Wars series "The Mandalorian" in a lawsuit filed on Tuesday and backed by billionaire Elon Musk.

https://www.thestar.com.my/tech/tech-news/2024/02/07/fired-039mandalorian039-actor-sues-disney-with-funding-from-elon-musk

Cognizant gives weak 2024 forecast as IT services weakness persists; shares fall

(Reuters) - Cognizant Technology Solutions forecast full-year revenue below estimates on Tuesday, underscoring persistent weakness in demand for IT services and sending its shares down 4% in extended trading. Businesses across sectors are cutting technology and outsourcing expenses while bringing some processes in-house, as they deal with the effects of sticky inflation and higher interest rates. That has led to a slowdown in the IT services sector. Last month, peer Tata Consultancy Services reported its slowest profit growth since 2020, while Infosys missed profit targets in the most recent quarter. Cognizant, which draws the bulk of its revenue from customers in North America and Europe, said it expected revenue of $19 billion to $19.8 billion in 2024. Analysts were expecting $19.8 billion, according to LSEG data. Its forecast for full-year adjusted profit and first-quarter revenue were also below expectations. Cognizant's revenue fell 1.7% to $4.76 billion in the quarter ended Dec. 31, but was in line with expectations, while adjusted earnings came in 14 cents higher than expectations at $1.18. Revenue from financial services and health sciences - its top two customer segments - dropped 5.8% and 2.1%, respectively. (Reporting by Yuvraj Malik in Bengaluru; Editing by Anil D'Silva)

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2024-02-07 00:00:00

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(Reuters) - Cognizant Technology Solutions forecast full-year revenue below estimates on Tuesday, underscoring persistent weakness in demand for IT services and sending its shares down 4% in extended trading.

https://www.thestar.com.my/tech/tech-news/2024/02/07/cognizant-gives-weak-2024-forecast-as-it-services-weakness-persists-shares-fall

Is social media making your kid sick? A children’s hospital in the US is taking action

MIAMI: Depression. Addiction. Eating disorders. A “mental health tsunami” is affecting kids and teens. And research shows a correlation between the Internet, social media and an increase among children for suicidal thoughts and other health-related concerns, experts say. That’s why Nicklaus Children’s Hospital near South Miami is calling on parents to help protect their kids from the dark side of today’s digital world, including cyberbullying, predators, pornography and other content that can affect a child’s self-esteem, health and safety. On Jan 31, the children’s hospital with a series of partners, launched Safe+Sound, a campaign to help parents create digital safeguards for their families. The initiative was announced on the same day Congress once again grilled big-tech executives on the risks that TikTok, Snapchat and other popular social media platforms pose on kids and teens. Florida lawmakers are also proposing a bill to ban kids under 16 from popular social media platforms. The key takeaway to social media concerns “There is no right age to give your child a phone or when you should let them have access to social media or video games. There is no one-size-fits-all answer for every child,” Dr Jennifer McCafferty-Fernandez, Nicklaus Children’s senior vice president of external affairs, said at a news conference. “But we do know one thing: Children’s minds undergo development for several years from birth into young adulthood. Their exposure to the Internet, social media, video games and other technologies can be extremely harmful to their psychological and behavioural health.” About 72% of teens believe social media has a negative effect on their emotional and mental health, the hospital said, with data showing that teens who spend more than three hours daily on electronic devices have a 34% increase of likely experiencing suicidal ideation or attempts. The initiative’s purpose The goal: The campaign seeks to help raise awareness among families and provide best practices to help with their children’s digital journey. It’s part of the mission of the newly announced Digital Safety Alliance, which includes Nicklaus Children’s and the nonprofit Digital Health Institute for Transformation. Besides spreading awareness, the alliance is focused on researching how digital technology affects kids and what can be done to reduce the risk, while maximisng the benefits of technology. The start: A new website with information and resources, including age-appropriate guidelines, to help parents and children navigate smartphones and technology safely. The sites also provides information on software parents can use to monitor their child’s phone such as Apple Screen Time, Google Family Link, Norton Family and Circle with Disney. “We wouldn’t give our kids the keys to a car and expect them to drive on the highway without appropriate instruction and licensing,” said Leyan “Lee” Phillips, a father of two, co-founder of the nonprofit Digital Health Institute for Transformation and a board member of the Digital Safety Alliance. “So lets explore taking a similar approach to digital safety before we let them loose on the digital highway.” Seek alternatives: Besides monitoring tools for existing devices, the website also recommends parents find alternatives, such as Troomi Wireless, a child-safe phone that lets parents control who can call and text with their children and what websites and apps their kids can use. Troomi CEO Bill Brady, a father of five, spoke at the conference and founding partner of the Digital Safety Alliance. “Teenagers, like 20 years ago, are going through the difficult tasks of adolescence, looking for an identity, sexuality, self esteem, relationships,” said Dr Marisa Azaret, director of clinical psychology at Nicklaus Children’s. The difference is they’re experiencing it under the eyes of a larger audience. Red flags to watch out for For Michelle Appelrouth-Rader, a former high school teacher and a parent of three kids, finding a balance between using the Internet and safety came with communication. “We’ve been very open with our children about social media, the good, the bad and the ugly,” said Appelrouth-Rader, who is part of the hospital’s Family Advisory Council. She and her husband decided to give their 13-year-old daughter, Harlee, a phone in middle school because they didn’t want her walking alone after school without any form of communication. Their 11-year-old twin boys will get a phone in middle school, too. While Harlee still isn’t allowed to have social media, she can watch YouTube shorts, a “compromise” that lets her keep up with what’s trending, without the risk of cyberbullying and other interactions that platforms like Snapchat have, said Appelrouth-Rader. Once she starts high school, there will be a larger conversation on social media. The former teacher said parents also need to be aware about what’s happening at school and at home. “You need to be proactive because children often don’t how how to necessarily come to you or even put words to their feelings and put words to what is going on or they may be embarrassed,” Appelrouth-Rader said. “So you want to make sure that you’re actively engaging with your child on a regular basis, reassuring them that they can come and talk to you.” Azaret, the Nicklaus psychology expert, said education, prevention and communication are keys to ensuring your child has a healthy relationship with technology. She recommends that parents look for any red flags with their child, including isolation, changes in sleep and academic achievements, unusual comments their child might make and a change in friends. “You know your child better than anyone else,” Azaret said. – Miami Herald/Tribune News Service Those suffering from problems can reach out to the Mental Health Psychosocial Support Service at 03-2935 9935 or 014-322 3392; Talian Kasih at 15999 or 019-261 5999 on WhatsApp; Jakim’s (Department of Islamic Development Malaysia) family, social and community care centre at 0111-959 8214 on WhatsApp; and Befrienders Kuala Lumpur at 03-7627 2929 or go to befrienders.org.my/centre-in-malaysia for a full list of numbers nationwide and operating hours, or email [email protected].

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Social media

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Long

2024-02-07 00:00:00

Social media,Technology,Internet,Cybersecurity

A “mental health tsunami” is affecting kids and teens. And research shows a correlation between the Internet, social media and an increase among children for suicidal thoughts and other health-related concerns, experts say.

https://www.thestar.com.my/tech/tech-news/2024/02/07/is-social-media-making-your-kid-sick-a-childrens-hospital-in-the-us-is-taking-action

Snap misses revenue estimate, shares plunge 30%

(Reuters) -Snap missed Wall Street estimates for quarterly revenue on Tuesday, as the Snapchat owner continued to struggle to compete against larger rivals for digital advertising revenue, sending its shares down 30%. Though its features are often copied by competitors, investors have long questioned Snap's ability to hold its own against tech giants like Facebook owner Meta Platforms and Alphabet, which have more data to target ads. Meta's advertising sales surged 25% in the December quarter. Google's ad business grew 11% as ad sales from YouTube increased 16% in the same period. Snap has failed to show that it can capitalize on a healthy advertising market that has largely remained resilient despite economic uncertainty, said Thomas Monteiro, a senior analyst at Investing.com. "It hints that Snap's concerns are not macroeconomic in nature but mainly internal," he said. During a conference call with analysts, LightShed Partners analyst Rich Greenfield questioned Snap CEO Evan Spiegel on whether the company was "fundamentally disadvantaged" compared to larger rivals. Spiegel said he still believed "there's enormous opportunity for us to continue to grow our business." That will involve focusing more on serving advertisers that seek to increase sales or generate website clicks from their ads, rather than simply promoting brand awareness, the company said. "Obviously, we wish we were moving faster, but we're working as hard as we can," Spiegel said. Revenue in the fourth quarter ended Dec. 31 was $1.36 billion, missing the consensus analyst estimate of $1.38 billion, according to LSEG data. The company's full year revenue for 2023 was $4.6 billion, unchanged from the previous year. Snap announced on Monday it would lay off 10% of staff, or 528 employees, in order to "invest incrementally" in the company's growth over time. In a letter to shareholders on Tuesday, Snap said it would shift more of its focus this year to increasing Snapchat's user base and investing in markets where the tech company earns the most money, including North America and Europe. Snap's user numbers in North America were stagnant in the fourth quarter, while users in Europe grew by just 4 million compared with the previous year. Spiegel said Snap would work on "resurrecting people who (previously) tried Snapchat or weren't coming into the service as often." Daily active users totaled 414 million in the fourth quarter, beating analyst estimates of 411.6 million. Most of the growth occurred in regions outside North America and Europe, which generate less advertising revenue. Snap said it expects daily active users will grow to 420 million and forecast revenue between $1.1 billion and $1.14 billion in the first quarter. Analysts were expecting $1.1 billion. Shares of Snap plunged 33% to $11.72 in after-market trading following the results and the conference call. (Reporting by Sheila Dang in Austin; Additional reporting by Arsheeya Singh Bajwa; Editing by Jonathan Oatis and Lisa Shumaker)

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Technology

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Medium

2024-02-07 00:00:00

Technology

(Reuters) -Snap missed Wall Street estimates for quarterly revenue on Tuesday, as the Snapchat owner continued to struggle to compete against larger rivals for digital advertising revenue, sending its shares down 30%.

https://www.thestar.com.my/tech/tech-news/2024/02/07/snap-misses-revenue-estimate-says-it-will-focus-more-on-user-growth

SpaceX probed by California over sex bias, retaliation claims

(Reuters) - SpaceX is being investigated by a California civil rights agency over allegations that the rocket and satellite maker and CEO Elon Musk have failed to address rampant discrimination and sexual harassment against female employees. The California Civil Rights Department notified SpaceX of the claims in January, several months after a group of engineers filed complaints with the agency claiming they were fired for criticizing SpaceX and Musk in a letter to company executives, their lawyer Laurie Burgess said Tuesday. Those same workers are the focus of a case that the U.S. National Labor Relations Board (NLRB) has filed against SpaceX, accusing the company of violating federal labor law by firing them. The company has denied wrongdoing and, in turn, sued the agency seeking to block its lawsuit from moving forward, claiming that NLRB board members and in-house judges were not properly appointed under the U.S. Constitution. Six of the California complaints were obtained by Reuters. In them, the engineers said that Hawthorne, California-based SpaceX routinely passes women over for jobs and promotions in favor of men, pays female workers less than men who do comparable work, tolerates sexual comments and other harassment, and retaliated against the engineers and other workers for complaining. "SpaceX tolerates, condones and permits a work environment that is hostile to female employees and to employees of all genders who object to discrimination and harassment," the workers said in the complaints. SpaceX did not immediately respond to a request for comment. The California agency, which is prohibited by state law from commenting on pending investigations, did not respond to a request for comment. Burgess said the complaints were meant to vindicate the engineers and create a safer workplace for all SpaceX employees. "SpaceX insists that nothing is more important than its mission to get to Mars; our clients shared that vision but were fired for daring to demand that SpaceX comply with basic civil rights while doing so," Burgess said. SpaceX has until later this month to respond to the California civil rights agency, as first reported by Bloomberg. It will then decide whether to dismiss the allegations or attempt to broker a settlement. If no deal is reached, the agency could then give the workers permission to sue or file its own lawsuit. The engineers in their 2022 letter called Musk a "distraction and embarrassment" and criticized his response to sexual harassment allegations by a flight attendant. The letter also highlighted a series of social media posts that Musk had made since 2020, many of which were sexually suggestive. The California and U.S. labor board cases are the latest to accuse companies run by Musk of widespread violations of labor and employment laws. The California agency in 2022 sued electric car maker Tesla, where Musk is CEO, for alleged harassment and discrimination against Black factory workers. Tesla has said it does not tolerate discrimination and unsuccessfully challenged the agency's process for investigating complaints and deciding whether to sue. The U.S. Equal Employment Opportunity Commission made similar claims against Tesla in a lawsuit filed last September. (Reporting by Daniel Wiessner in Albany, New York, Editing by Will Dunham and Alexia Garamfalvi)

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Technology

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Medium

2024-02-07 00:00:00

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(Reuters) - SpaceX is being investigated by a California civil rights agency over allegations that the rocket and satellite maker and CEO Elon Musk have failed to address rampant discrimination and sexual harassment against female employees.

https://www.thestar.com.my/tech/tech-news/2024/02/07/spacex-probed-by-california-over-sex-bias-retaliation-claims

India top court scraps opaque election funding system, calls it 'unconstitutional'

NEW DELHI (Reuters) -India's Supreme Court on Thursday scrapped a seven year-old election funding system that allows individuals and companies to donate money to political parties anonymously and without any limits. The decision is seen as a setback for Prime Minister Narendra Modi's Bharatiya Janata Party, which has been the largest beneficiary of the system it introduced in 2017. The system, called 'Electoral Bonds', was challenged by opposition members and a civil society group on grounds that it hindered the public's right to know who had given money to political parties. Under the system, a person or company can buy these bonds from the state-run State Bank of India and donate them to a political party of their choice. A five-judge bench headed by Chief Justice D.Y. Chandrachud said that the system is "unconstitutional". The court directed SBI to not issue any more of these bonds. (Reporting by Arpan Chaturvedi and Krishn Kaushik; Editing by YP Rajesh)

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2024-02-15 00:00:00

NEW DELHI (Reuters) -India's Supreme Court on Thursday scrapped a seven year-old election funding system that allows individuals and companies to donate money to political parties anonymously and without any limits.

https://www.thestar.com.my/news/world/2024/02/15/india039s-supreme-court-scraps-opaque-election-funding-system

Tinder, Hinge and other dating apps encourage ‘compulsive’ use, lawsuit claims

Stuck in a dating app loop with no date in sight? A lawsuit filed Feb 14 against Match Group claims that is by design. Tinder, Hinge and other Match dating apps are filled with addictive features that encourage “compulsive” use, the proposed class-action lawsuit claims. The lawsuit filed in federal court in the Northern District of California on Feb 14 – Valentine’s Day – says Match intentionally designs its dating platforms with game-like features that “lock users into a perpetual pay-to-play loop” prioritising profit over promises to help users find relationships. This, the suit claims, turns users into “addicts” who purchase ever-more-expensive subscriptions to access special features that promise romance and matches. “Match’s business model depends on generating returns through the monopolisation of users’ attention, and Match has guaranteed its market success by fomenting dating app addiction that drives expensive subscriptions and perpetual use,” the lawsuit says. It was filed by six dating app users and seeks class action status. Representatives for Dallas-based Match did not immediately respond to a message seeking comment. Though it focuses on adults, the lawsuit comes as tech companies face increasing scrutiny over addictive features that harm young people’s mental health. Meta Platforms, the parent company of Facebook and Instagram, for instance, faces a lawsuit by dozens of states accusing it of contributing to the youth mental health crisis by designing features on Instagram and Facebook that addict children to its platforms. Match’s apps, according to the lawsuit against the company, “employs recognised dopamine-manipulating product features” to turn users into “gamblers locked in a search for psychological rewards that Match makes elusive on purpose”. – AP

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2024-02-15 00:00:00

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Stuck in a dating app loop with no date in sight? A lawsuit filed Feb 14 against Match Group claims that is by design.

https://www.thestar.com.my/tech/tech-news/2024/02/15/tinder-hinge-and-other-dating-apps-encourage-compulsive-use-lawsuit-claims

India ministers, farmer unions to hold talks aimed at ending protests

AMBALA, India (Reuters) - Agricultural unions in India will hold talks with government ministers on Thursday, a union leader said, after two days of protests by farmers demanding higher prices for their crops. Security forces have used tear gas and barricades to stop thousands of farmers from marching to the capital New Delhi to press their demands that the government set a minimum price for all their produce to ensure they can sustain their livelihood. Farmers form an influential voting bloc, and the protests come a few months before national elections in which Prime Minister Narendra Modi is seeking to win a third term. Sarvan Singh Pandher, general secretary of one of the unions leading the protests, the Punjab Kisan Mazdoor Sangharsh Committee, said the farmers would hold talks with Agriculture Minister Arjun Munda, Commerce Minister Piyush Goyal and Minister of State for Home Affairs Nityanand Rai. "We are going to the meeting in a completely positive mood and with complete faith that some solution will be found," Pandher told news agency ANI, in which Reuters has a minority stake. The meeting will be the third between the unions and the government this month. Earlier talks failed to secure a government commitment to provide support prices, which spurred the farmers to go ahead with their "Delhi Chalo", or "Let's go to Delhi", march. Pandher said that if these talks fail, the farmers should be allowed to protest in peace. In addition to tear gas, authorities have set up barricades some 200 km (124 miles) away from the capital, and deployed riot police and other security forces, to stop the march. Several unions have threatened to stop trains in several parts of Punjab for four hours on Thursday to protest against the police action. The protest comes two years after Modi's government, following similar protests, repealed some farm laws and promised to find ways to ensure support prices for all farm produce. (Writing by Sakshi Dayal; editing by Miral Fahmy)

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2024-02-15 00:00:00

AMBALA, India (Reuters) - Agricultural unions in India will hold talks with government ministers on Thursday, a union leader said, after two days of protests by farmers demanding higher prices for their crops.

https://www.thestar.com.my/news/world/2024/02/15/india-ministers-farmer-unions-to-hold-talks-aimed-at-ending-protests

That influencer tip? Probably an ad in disguise, EU finds

BRUSSELS: Watching a favourite influencer chow down on the latest fast food fad or cocktail may feel like entertainment, but those posts are likely adverts in disguise, the EU said on Feb 14. The European Union is concerned about the growing impact of social media content creators – on everything from physical and mental health, to politics and the spread of disinformation. With influencer marketing believed to have a reaped a global total of around €20bil (RM102.50bil) last year, the European Commission launched a probe into the practice. The results were unequivocal: it found that 97% of influencers published posts with commercial content but only 20% “systematically disclosed” it as advertising. The study looked at 576 influencers in 22 member states as well as Iceland and Norway as part of a “sweep” to check their compliance with EU consumer law – which compels creators to disclose all advertising activity. The platforms used by creators included Facebook, Instagram, Snapchat, TikTok, gamer streaming unit Twitch, X (formerly Twitter) and YouTube. “Influencers hold considerable sway over their followers, many of which are minors,” the EU’s justice commissioner, Didier Reynders, said in a statement. “I call on them to be much more transparent to their audience.” Of the influencers screened, 119 promoted “unhealthy or hazardous activities” including junk food and alcohol, cosmetic treatments, gambling or crypto trading. The commission said 358 influencers face further action if they do not comply with the rules. Need for ‘ethical code’? The 27-nation EU is weighing what action to take towards influencers. A discussion paper seen by AFP recommended that member states “consider developing an ethical code or ethical label for influencers”. The paper dated Jan 31 said influencers can have a “positive impact” on young people – for instance creating a sense of community for people underrepresented in traditional media – but it also warned of potential “harmful” effects. “The mis- and disinformation shared by some influencers can also have a negative impact at the societal level,” it said. The issue is in the spotlight after a scandal last year involving Italy’s Instagram star Chiara Ferragni, who is being investigated over a charity cake deal in which she wrongly suggested that sale proceeds would help children with bone cancer. Italy responded with plans to increase supervision of influencers. France last year passed a law targeting influencers, in a bid to prevent creators selling questionable products or promoting risky trends. The EU has had the digital world increasingly in its sights in recent years. The bloc’s milestone Digital Services Act (DSA) demands companies do more to protect users from hate speech and disinformation as well as consumers shopping online. While aimed largely at big tech, the DSA will also affect how influencers use platforms to share their content as it demands more transparency over advertising. All companies must comply with the DSA from Saturday (Feb 17). – AFP

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Medium

2024-02-15 00:00:00

Social media,Internet

Watching a favourite influencer chow down on the latest fast food fad or cocktail may feel like entertainment, but those posts are likely adverts in disguise, the EU said on Feb 14.

https://www.thestar.com.my/tech/tech-news/2024/02/15/that-influencer-tip-probably-an-ad-in-disguise-eu-finds

Study: Online images reinforce gender stereotypes more than text

PARIS: Images on the Internet reinforce gender stereotypes – such as doctors being men or nurses women – more than text, contributing to a lasting bias against women, a US-based study said on Feb 14. The importance of images has soared as much of the world’s media, communication and even social interactions have moved online. But this rising dominance of the image “exacerbates gender bias” by significantly under-representing women, according to the study in the journal Nature. Lead author Douglas Guilbeault, a researcher at the business school of the University of California, Berkeley, told AFP that this was an “alarming” trend. He warned of “the potential consequences this can have on reinforcing stereotypes that are harmful, mostly to women, but also to men”. Study co-author Solene Delecourt, also from UC Berkeley, said an example would be if a child was trying to find out more about a profession online but only saw images of one gender. “They may feel like they don’t belong,” she said. Images are also “often more memorable and emotionally evocative than text”, the study said. ‘Really concerning’ For the study, the researchers sifted through more than one million images from Google, Wikipedia and the IMDb film database, as well as billions of words on those platforms. They looked for potential bias in nearly 3,000 social categories, including jobs such as doctor or lawyer, or roles such as neighbour or colleague. Both over-represented men, but the images displayed even more gender bias than the words, the researchers found. For example, the stereotype that women are nurses was “consistently stronger” in the images than the text, Guilbeault said. This bias was not limited to the United States – the researchers used many images from websites around the world – nor was it confined to a particular platform. The gender bias is also larger than what the general public broadly think, according to an opinion poll carried out by the researchers. The team also used US census data to show that the under-representation of women for these jobs seen in online images does not match reality. Finally, they looked into what psychological impact this bias has on people using the Internet. They had 450 people search online for specific jobs – such as astronaut, poet or neurobiologist – some reading text while others looked at images. Afterwards, the participants carried out a test designed to measure their bias. The group that looked up images had a more pronounced gender bias – and the effect was still present during another test three days later, the researchers said. “Images influence people in ways that they may not consciously realise,” Guilbeault said. He also lamented that there has been so little attention paid to “this shift towards image-based communication”. The researchers pointed to the role of online platforms in amplifying gender bias through their images, calling for more to be done. They also warned that new image generators driven by artificial intelligence algorithms draw heavily on existing online images. “It’s not a surprise that the images these algorithms generate reflect all kinds of biases,” Guilbeault said. – AFP

Tech

Internet

Complimentary

Medium

2024-02-15 00:00:00

Internet,Technology,Gender stereotypes

Images on the Internet reinforce gender stereotypes – such as doctors being men or nurses women – more than text, contributing to a lasting bias against women, a US-based study said on Feb 14.

https://www.thestar.com.my/tech/tech-news/2024/02/15/study-online-images-reinforce-gender-stereotypes-more-than-text

Chinese carmaker deploys its own satellites to facilitate autonomous driving

The Chinese automotive group Geely has announced the launch of its first satellites. The aim is to soon form a constellation dedicated to the smooth operation of the autonomous cars of the future. Geespace, the Chinese carmaker's space subsidiary, has just launched 11 satellites into low-Earth orbit as part of its constellation project dedicated to Geely's future mobility solutions. This is a major first not only for China, but also for the automotive industry. The satellites will be used for communication, navigation and remote sensing of vehicles produced by the group. The aim is to be able to locate vehicles as precisely as possible (to the nearest centimeter), with a view to developing autonomous driving and making it more reliable. Among the first models concerned are those under the automaker's new Zeekr high-end electric vehicle brand. In addition to its Chinese brands, Geely also owns Lotus, Smart and Volvo. By 2025, a total of 72 satellites should make up this constellation to serve these needs. A second phase is already in preparation to extend the network to 168 satellites. This project is reminiscent of another low-orbit satellite constellation, Starlink, dedicated to universal internet access. – AFP Relaxnews

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Driverless vehicle

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2024-02-15 00:00:00

Driverless vehicle

The Chinese automotive group Geely has announced the launch of its first satellites. The aim is to soon form a constellation dedicated to the smooth operation of the autonomous cars of the future.

https://www.thestar.com.my/tech/tech-news/2024/02/15/chinese-carmaker-deploys-its-own-satellites-to-facilitate-autonomous-driving

Google’s once happy offices feel the chill of layoffs

SAN FRANCISCO: When Diane Hirsh Theriault’s co-worker returned from lunch to Google’s Cambridge, Massachusetts, office one afternoon in October, his work badge couldn’t open a turnstile. He quickly realised it was a sign that he had been laid off. Hirsh Theriault soon learned that most of her fellow Google News engineers in Cambridge had also lost their jobs. More than 40 people in the news division were cut, a union at the company said, though a number of them were later offered jobs elsewhere inside Google. Hirsh Theriault’s experience is increasingly common at Google, where rolling job cuts in recent months, after a year of significant layoffs, have employees on edge. The layoffs have slowed down projects and prompted employees to spend working hours trying to learn which work groups have been hit and who could be next, said 10 current and former Google employees, including some who asked for anonymity so they could speak candidly about their jobs. Diane Hirsh Theriault, a software engineer for Google News, at her home in Waltham, Massachusetts, on Jan 31, 2024. She wrote in a post on LinkedIn that ‘the buildings are half empty at 4.30’. — The New York Times What’s more, the layoffs have shifted the narrative that long defined working at Google; that it was more of a tinkers’ community than a workaday office, where creativity and thinking out of the box was encouraged. That it was a fun, different kind of place to work. Google CEO Sundar Pichai said more than a year ago that the company would cull 12,000 jobs, or 6% of the workforce, describing it as “a difficult decision to set us up for the future”. Those cuts have trickled into this year in what Pichai said could be much smaller, rolling layoffs throughout the year. Since early January, the company has cut more than 1,000 jobs, affecting its ad sales division, YouTube and employees working on the company’s voice-operated assistant. Alphabet, Google’s parent company, has said it is trying to shed expenses to pay for its growing investment in artificial intelligence. And Google is trying to reduce layers of bureaucracy so that employees can focus on the biggest company priorities, said Courtenay Mencini, a Google spokesperson. The company added that it was not conducting a companywide layoff, and that reorganisations were part of the normal course of business. “The reality is that to create the capacity for this investment, we have to make tough choices,” Pichai wrote in a note to employees on Jan 17. For some divisions, “this means reorganising and, in some cases, eliminating roles.” Teams could still cut additional roles throughout the year, he added. Employees say the workplace mood has turned glum. While Google has shifted into overdrive to develop AI products and keep pace with competitors such as Microsoft and the startup OpenAI, some of the humans that build the company’s technology feel less important. The Google offices in Cambridge, Massachusetts, were hit by layoffs last year, on Jan 31, 2024. Job cuts, which could continue throughout the year, have created a glum mood at what was arguably Silicon Valley’s most exuberant workplace. — The New York Times Now “the buildings are half empty at 4.30,” Hirsh Theriault wrote in a LinkedIn post. “I know a lot of people, myself included, who used to happily do extra work evenings and weekends to get the demo done or just out of boredom. That’s gone.” Google’s layoffs have been smaller than those at some other big tech companies such as Meta. And as a percentage of the company’s total workforce, they are far smaller than recent cuts at companies such as Xerox and the livestreaming platform Twitch. Google’s full-time workforce was 182,502 at the end of 2023, just 4% smaller than at the end of 2022. On Tuesday, the company said it had a US$20.7bil (RM99.06bil) profit in the last quarter of 2023, up 52% from a year earlier. But Google’s job cuts have accompanied broader changes in how the company operated as it reshuffled work groups and removed management layers. Workers complain that reorganisation has been chaotically carried out and poorly communicated. When YouTube laid off one of its vendor manager teams, which are responsible for approving purchase orders so that content moderation firms get paid, the company did not notify other groups that rely on the team, one person said, though some of the workers were offered the chance to get their jobs back. Rupert Breheny, who spent 16 years at Google before he was laid off last summer, outside the company’s offices in Zurich on Feb 2, 2024. ‘The thing that took you to Google was passion,’ he says. — The New York Times When layoffs resumed in January, a Google worker in Switzerland started an internal document for employees to track the job cuts since the company has said little to them about where it is making the cuts. The document has become an essential source of information, employees said, along with news reports, social media and the old-fashioned office rumour mill. “From an HR standpoint, this is a nightmare,” said Meghan M. Biro, whose firm, TalentCulture, creates content about best practices in human resources. “It completely reverses their image as a desirable employer.” Google said leaders had communicated clearly to teams when they were undergoing changes. Workers warned in interviews that some of the cuts could prove disruptive to parts of the business already struggling to complete thorny tasks. In January, Google cut hundreds of employees from its core engineering organisation, responsible for its infrastructure and tools used across the company. The Google logo is reflected in the window of a restaurant across the street from the company’s Manhattan offices on Jan 30, 2024. Google’s layoffs have been smaller than those at some other big tech companies but the cuts have accompanied broader changes in how the company operates. — The New York Times One of the core division’s main priorities is helping Google comply with the European Digital Markets Act when the law goes into effect on March 6. The law will make tech giants show consumers their choices for online services, such as web browsers, and force them to get consent to share user data within the company. But employees working on the efforts fear that the company is behind schedule and that it could be difficult for Google to be in full compliance by the deadline, two people with knowledge of the matter said. Google said it had already started rolling out consent screens to European users in January and expected to introduce more changes before the deadline. It added that the recent job reductions in its core division would not affect the timing. Google employees were for a long time encouraged to work on experimental projects. But doing something experimental has over the last year proved to be risky, said four workers who spoke on the condition of anonymity. The company has all but shuttered Area 120, its in-house incubator that tried to develop new products and services, and altered the strategy of X, a “moonshot factory” that tried to build new companies. Google said employees were constantly doing “extraordinarily innovative, ambitious things across the company”. Employees are more reluctant to ask for the so-called 20%, or side, projects, which used to be a way to explore an idea outside of their regular work that they found compelling, five people said. That was a regrettable shift for Rupert Breheny, who spent 16 years at Google, mostly in Zurich, working on products such as Google Street View in Maps. “The thing that took you to Google was passion,” said Breheny, who was laid off last summer. “You could have fun making stuff. It stayed like that for a long time.” – The New York Times

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2024-02-15 00:00:00

Internet

When Diane Hirsh Theriault’s co-worker returned from lunch to Google’s Cambridge, Massachusetts, office one afternoon in October, his work badge couldn’t open a turnstile. He quickly realised it was a sign that he had been laid off.

https://www.thestar.com.my/tech/tech-news/2024/02/15/googles-once-happy-offices-feel-the-chill-of-layoffs