Latest News
See the latest news and get GPT analysis of articles
U.S. stock futures signal fresh 15-month high amid cooling inflation optimism 2023-07-13 - U.S. stock futures show Wall Street pushing to fresh highs for the year on Thursday, as traders welcome cooling inflation and attention turns to the corporate earning season. On Wednesday, the Dow Jones Industrial Average DJIA rose 86 points, or 0.25%, to 34347, the S&P 500 SPX increased 33 points, or 0.74%, to 4472, and the Nasdaq Composite COMP gained 158 points, or 1.15%, to 13919. What’s driving markets Equity bulls continue to be energized by Wednesday’s news that U.S. headline inflation has fallen to its lowest level in more than two years, bolstering the chances that the Federal Reserve is near the end of its campaign of interest rate hikes. As implied borrowing costs dip further — with the benchmark 10-year Treasury yield BX:TMUBMUSD10Y, which started the week near 4.1%, now at 3.83% — the S&P 500 and Nasdaq Composite indices look set to extend their march to fresh 15-month highs, having already gained 16.5% and 33% respectively, for the year to date. “Markets have put in sturdy performance thanks to an encouraging U.S. CPI report that boosted hopes of a soft landing for the U.S. economy…the good news is the disinflation process looks increasingly benign, especially when set against a U.S. economy characterized by low unemployment and solid growth,” said Stephen Innes, managing partner at SPI Asset Management. Mohamed El-Erian, adviser to Gramercy and Allianz, agreed that easing inflation had made investors more optimistic about U.S. growth. Source: Twitter Indeed, there is a broad ‘risk on’ tone across global markets. For example, the Hang Seng HK:HSI in Hong Kong, whose currency peg with the U.S. dollar makes it particularly sensitive to Fed policy, rose 2.5% on Wednesday, despite news that Greater China exports fell in June by their most since the start of the COVID pandemic. Extending the rally now likely depends on how the second-quarter corporate earnings season is received. PepsiCo PEP and Delta Air Lines DAL are among those publishing their numbers on Thursday, but the season really kicks into gear on Friday when big banks such as JPMorgan Chase JPM, Citigroup C and Wells Fargo WFC present their figures. Overall S&P 500 earnings are expected to fall by 6.4%, according to Refinitiv, though much of this is because of large losses for energy companies. Source: Refinitiv U.S. economic updates set for release on Thursday include the weekly initial jobless claims and June producer prices data, both at 8:30 a.m. Eastern. And there is more Fedspeak, with San Francisco Fed President Daly giving a TV interview at 11:10 a.m., and Fed Governor Waller speaking at 6:45 p.m.
Chinese internet stocks jump as Beijing signals support 2023-07-13 - Shares of Chinese internet platform companies jumped in Hong Kong Thursday as investors welcomed Beijing’s latest signal supporting the sector. Food delivery company Meituan 3690, +5.73% rose as much as 6.4% and was last 5.7% higher. Video streaming platform Bilibili Inc. BILI, +7.74% 9626, +7.52% jumped 8.1% and short-video app operator Kuaishou Technology 1024, +7.94% rose 6.7%. E-commerce giant Alibaba Group Holding BABA, +2.41% 9988, +3.23% added 2.6%. The rally came after Chinese Premier Li Qiang met with senior executives from the country’s leading technology firms, including Meituan and Alibaba, on Wednesday. Li emphasized the importance of the sector in creating jobs and fostering innovation. Analysts say the meeting represents another signal that Beijing’s crackdown on the tech sector has likely come to an end and regulations for the sector should stabilize. “The increasing clarity on government policies and regulatory frameworks for the internet sector should boost investor sentiment,” analysts at Citic Securities said in a note following the Wednesday meeting. Write to Yifan Wang at yifan.wang@wsj.com
Bank of Korea holds key rate steady again amid signs of easing inflation, weaker growth 2023-07-13 - South Korea’s central bank has held its policy rate steady for a fourth consecutive time amid signs that inflation is easing and growth is weakening. The Bank of Korea kept the benchmark seven-day repurchase rate unchanged at 3.50% on Thursday as widely expected, continuing a pause in its rate-increase campaign aimed at fighting inflation.
Paul Krugman Asks If June Inflation Print Is Just 'Another Head Fake' Or Real: 'History Makes Me Nervous' 2023-07-13 - The June inflation report came in softer than expected and raised hopes of pricing pressure beginning to inflect lower. Economist and Nobel laureate Paul Krugman offered his take on the numbers through a series of tweets. What Happened: “It's nice to see economists squabbling over who gets credit for declining inflation as opposed to who gets blame for rising inflation,” Krugman said. Delving on his takeaways from the data, the economists said the number could be "another head fake." There could be something about the seasonal adjustment factors and it will likely be upwardly revised to make things look less rosy, he said. “Probably not, given all the private surveys, but history makes me nervous,” he added. Assuming the news is real, the soft June numbers suggest a lot of inflation was due to the temporary result of the pandemic-related disruption, Krugman said, adding it could be now “fading away.” Another takeaway is that the cool-off of demand could sharply reduce inflation without a noticeable rise in unemployment, the economist said. “At full employment, the Phillips curve is very steep,” he added. There could be some truth to both assumptions, namely transitory impact and inflation reducing due to cooling off of demand, the economist said. He does not think the Fed was wrong to raise rates. Given the economy's surprising resilience, the central bank may even need to keep them high, he said. “But there's now a very strong case for pausing and looking around.” See Also: Best Depression Stocks Why It's Important: The 0.2% month-over-month rise in inflation, pushed the annual rate to 3%, the slowest since March 2021. Additionally, core inflation which excludes energy and food prices, edged up 0.2% in June, the smallest gain since Aug. 2021. The biggest contributor to the month-over-month increase is the shelter cost, which accounted for roughly 70% of the increase, said LPL Chief Economist Jeffrey Roach. LPL Financial's Chief Global Strategist Quincy Krosby said, “The cooler print across the board underscores that inflation is edging lower, but the core remains “sticky,” although also cooling but not fast enough for the Fed to declare victory.” Even after the inflation data, the futures market is pricing in a 92.4% probability of a 25 basis-point hike to the Fed funds rate to 5.25%-5.50% in the July meeting. Read Next: Paul Krugman Smacks Down ‘Recession Truthers’ Led By Elon Musk As ‘Crypto Cultists’ Photo via WTO on Flickr
'Ozempic Butt:' TikTok User Says 'Nothing To Brag About' After Popular Weight Loss Drug Leaves Her With Saggy Skin 2023-07-13 - A recent trend on TikTok has users claiming that the popular medication Ozempic is causing saggy skin, particularly in the buttocks area. This phenomenon has been dubbed “Ozempic butt,” Yahoo Canada reports. The Claim TikTok user @jocelyngarcia3514 went viral for her claim that Ozempic led to her developing “loose skin and cellulite” on her buttocks. “Nothing to brag about. It's just loose skin,” she stated in one of her videos. See Also: Beware, Ozempic Has A Doppelganger And It Can Be Dangerous Ozempic and Weight Loss Ozempic, originally designed to help Type 2 diabetes patients regulate their blood sugar and manage appetite, has gained attention for significant weight loss as a side effect. This has led to the rise of the terms “Ozempic butt” and “Ozempic face,” referring to loose skin resulting from rapid weight loss. Expert Opinion Weight Management Specialist Dan Burton explained that loose skin is a normal reaction to significant weight loss, regardless of the method. “If a person goes on Ozempic and they lose enough weight, they can develop loose skin. However, it is not Ozempic that is causing it specifically, it’s the loss of a significant amount of weight that leads to loose skin,” he clarified. Read Next: Miracle Weight Loss Drug Ozempic Has A Counterfeit In The Market But It Has Life-Threatening Consequences Photo by i yunmai on Unsplash
How To Download And Install iOS 17 Public Beta 1 On iPhone - Apple (NASDAQ:AAPL) 2023-07-13 - Apple Inc. AAPL has rolled out the first public beta of iOS 17 for eligible iPhones, allowing users to give the upcoming iOS update a spin before the final version is released. The final release of iOS 17 is scheduled for September alongside the iPhone 15 series, but you can experience it right now. What Happened: Apple has been testing the iOS 17 update for a few weeks now with developer betas, and now it has rolled out the first public betas. Public betas are relatively more stable than developer betas, but bugs might still be present, so proceed with caution. Apart from iOS 17, Apple has also rolled out public betas of macOS Sonoma, watchOS, and iPadOS. iOS 17 Public Beta 1 Features: In addition to the peppy AirDrop animations and fast haptic touch that we saw in iOS 17 developer beta 2, the first public beta of iOS 17 brings a couple of new features to the table. See Also: Don’t Miss Out: Apple Watch Series 8 Available At An Unbeatable $120 Discount In Amazon Prime Days Sale A useful addition is the ability to sort items in the storage list by name, size, and last used date, making it easier to find large-sized and unused or less-used items and delete them to free up space. Other features of iOS 17 include StandBy mode, interactive widgets, and an option to create animated stickers from Live Photos. Apple has also updated Messages and Phone apps, and improved FaceTime. How To Download And Install iOS 17 Public Beta 1 Before you proceed, we recommend backing up your iPhone. Sign in with your Apple ID at beta.apple.com. Open the Settings app on your iPhone – you will need to be on at least iOS 16.4 update. Now go to General -> Software Update . . Tap on the Beta Updates button and choose iOS 17 Public Beta. The beta update will appear in a short while – download and install it when it does. Check out more of Benzinga’s Consumer Tech coverage by following this link. Read Next: The Best Free Short Video Editing Apps On iOS And Android iOS 17 Photo by rafapress on Shutterstock
Delta Air Lines, Conagra Brands And 3 Stocks To Watch Heading Into Thursday - Conagra Brands (NYSE:CAG), Delta Air Lines (NYSE:DAL) 2023-07-13 - Wall Street expects Delta Air Lines, Inc. DAL to post quarterly earnings at $2.37 per share on revenue of $14.45 billion before the opening bell. Delta Air shares gained 1.5% to $48.67 in after-hours trading. to post quarterly earnings at $2.37 per share on revenue of $14.45 billion before the opening bell. Delta Air shares gained 1.5% to $48.67 in after-hours trading. Sarcos Technology and Robotics Corporation STRC reported preliminary revenue of around $1.3 million for the second quarter. The company also withdrew its previous full-year revenue forecast. Sarcos Technology shares fell 1.3% to $1.51 in the after-hours trading session. reported preliminary revenue of around $1.3 million for the second quarter. The company also withdrew its previous full-year revenue forecast. Sarcos Technology shares fell 1.3% to $1.51 in the after-hours trading session. Analysts are expecting Conagra Brands, Inc. CAG to have earned 59 cents per share on revenue of $2.99 billion for the latest quarter. The company will release earnings before the markets open. Conagra shares gained 0.6% to $33.17 in after-hours trading. The Walt Disney Company DIS extended Bob Iger's contract as CEO through 2026. Disney shares rose 1% to $91.05 in the after-hours trading session. extended Bob Iger's contract as CEO through 2026. Disney shares rose 1% to $91.05 in the after-hours trading session. Analysts expect The Progressive Corporation PGR to report quarterly earnings at 90 cents per share on revenue of $14.98 billion before the opening bell. Progressive shares gained 0.3% to $132.50 in after-hours trading. Read This Next: Top 5 Tech Stocks That May Fall Off A Cliff
Elizabeth Warren Takes 'Prime Day' Opportunity To Slam Amazon's 'Freeloading' In 2018: '$10B In Profits ... But Paid $0 Income Tax' - Amazon.com (NASDAQ:AMZN) 2023-07-13 - Amazon, Inc.'s AMZN Prime Day 2023 concluded late Wednesday and early estimates pointed to record sales at the two-day event. Prime Day is a shopping event organized by the e-commerce giant during which very attractive deals are available for Prime members. What Happened: As the 2023 Prime Day drew to a close, Sen. Elizabeth Warren (D-Mass) used the opportunity to remind that the company paid no federal income taxes at one point in the past. Terming it as a "Prime Day reminder," the senator said, "In 2018, Amazon made over $10 billion in profits but paid $0 in federal income taxes." Warren noted that Congress passed her plan for a minimum tax on massive corporate profits, "tackling Amazon's freeloading head-on." Adobe's Prime Day sales tracker showed that consumers spent $6.4 billion on July 11, the first day of the event, marking a roughly 6% year-over-year increase. This is the single biggest e-commerce day so far in 2023, it said. See Also: Everything You Need To Know About Amazon Stock Why It's Important: The corporate minimum tax proposal was part of the Inflation Reduction Act of 2022, which became law in Aug. 2022. This proposal calls for the imposition of a minimum tax of 15% on the adjusted earnings of large corporations with $1 billion or more in average annual earnings. Companies would have to pay the larger of the minimum tax or the regular tax. This tax became applicable, beginning on Dec. 31, 2022. Amazon paid zero federal taxes in 2018 and 2019, skirting the statutory 21% income tax rate on its U.S. income. This was made possible due to various unspecified tax credits as well as tax breaks for executive stock options, said Institute on Taxation and Economic Policy in a report. In 2019, the company had to foot a federal tax bill of $162 million, which was a fraction of the $13.98 billion it earned as pre-tax income in 2019. The IETP said in a separate report that Amazon avoided about $5.2 billion in corporate federal taxes in 2021 despite reporting record profits of $35 billion. The company paid only 6% of the profits as federal corporate income taxes as opposed to the 21% statutory rate, thanks to the tax breaks. Price Action: Amazon closed Wednesday’s session up 1.57% at $130.80, according to Benzinga Pro data. Read Next: Top 10 States For Amazon Monthly Spending: Here’s How Much The Average American Spends On The E-Commerce Site Photo by Sheila Fitzgerald on Shutterstock
Fed's Potential Rate Hike Pause Boosts Expectations For Indian Rupee's Rise 2023-07-13 - The Indian rupee is set to rise, with expectations that the Federal Reserve will soon halt interest rate hikes due to cooling inflation in the United States, Reuters reports. Non-Deliverable Forwards Non-deliverable forwards suggest the rupee will open at around 82-82.05 to the U.S. dollar, compared with 82.2475 in the previous session. “Having talked of an upside breakout (for USD/INR) last week, this has been quite a turnaround,” an anonymous forex trader said. “We are now back to discussing whether the 81.70-81.80 is the floor.” Reserve Bank of India’s Role The Reserve Bank of India has likely been buying dollars at around the 81.70-81.80 level through public sector banks, leading interbank to believe that USD/INR will not fall below that level. See Also: CPI Inflation Falls To Lowest Level Since March 2021, Traders Rethink Fed’s Policy U.S. Inflation and Federal Reserve The dollar index fell to its lowest in over a year and U.S. yields dropped after data showed U.S. inflation slowed more than expected. “The Federal Reserve seems intent on pushing ahead with a July rate hike, but the need for additional tightening thereafter is questionable,” ING Bank noted. Asian Market Response Asian currencies rallied with the Korean won, the Indonesian rupiah, and the Malaysian ringgit up 0.7% to 1.1%. Asian shares rose, and U.S. equity futures added to the overnight advance. Read Next: Small Caps Lift Stock Futures As Traders Await Inflation Data, Analyst Says Now Is A Good Time To Buy Image Via shutterstock
How To Make Your iPhone Speech Assistant Sound Exactly Like You With iOS17 - Apple (NASDAQ:AAPL) 2023-07-13 - Apple Inc.'s AAPL upcoming iOS 17 would bring a new feature that allows iPhone users to create a personalized speech assistant that sounds just like them — here's everything you need to know about how to access this latest way to interact with your device. What Happened: Earlier this year, during Apple’s Worldwide Developers Conference or WWDC 2023, Cupertino introduced the world with the next iteration of the OS version, iOS 17. On Thursday, Marques Brownlee, a prominent tech influencer, took to Twitter to share the exciting news that iPhone users would soon have the ability to create a voice for their speech assistant that closely resembles their own, with the entire process taking a mere 15 minutes. See Also: Think You Know Your iPhone Inside-Out? Marques Brownlee Reveals 3 Hidden Features How To Access This Feature: To access this feature, iPhone users need to navigate to the Accessibility settings of the new iOS 17. Then, under the Speech section, a new option called “Personal Voice” can be found. How Does The Feature Work: According to Brownlee, the feature utilizes recordings of the user’s actual voice to create a synthesized voice that closely resembles their own. Users are guided through a process where they are provided with 15 minutes of text prompts to read out loud into the device’s microphone. The device then processes this data overnight, and the user wakes up the next day with a new personalized voice that can be used for typing to speak. Brownlee’s Reaction: Brownlee found the synthesized voice impressive but noted that it still sounded slightly robotic, akin to speaking with someone on a phone call with a poor connection. Why It's Important: While the official release date of iOS 17 is anticipated to coincide with the launch of the new iPhone lineup in mid-September, the buzz surrounding this feature is already creating a wave of anticipation among tech enthusiasts and users alike. On Wednesday, Cupertino made the first betas of iOS 17 and iPadOS 17 available to the public beta testers, following the software’s initial unveiling at the WWDC. With developers having already received three betas, the public beta offers the same content as the third developer beta. View more Tech Hacks by following this link. Read Next: 5 Game-Changing iPhone Hacks YouTuber MrWhoseTheBoss Recommended In This Viral Video Photo by Poetra.RH on Shutterstock
IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds 2023-07-13 - Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth. "Persistent macroeconomic headwinds, apparent in a deepening manufacturing slump, have led us to revise our 2023 growth estimate lower for the first time this year," the IEA said in its latest monthly oil market report released on Thursday. "World oil demand is coming under pressure from the challenging economic environment, not least because of the dramatic tightening of monetary policy in many advanced and developing countries over the past twelve months," the agency added. Looking ahead to next year, the IEA expects demand growth to slow to 1.1 million barrels per day, "as the recovery loses momentum and as ever-greater vehicle fleet electrification and efficiency measures take hold." The IEA last month said that global demand will trickle nearly to a halt in the coming years and peak before the end of the decade as the transition away from fossil fuels gathers pace. The Thursday report comes at a time when recent U.S. inflation and economic data renewed hopes that the Federal Reserve may be closing in on an end to its rate hiking cycle. Oil prices traded slightly higher on Thursday morning, extending gains month-to-date. Brent crude futures with September expiry were up around 0.4% at $80.42 a barrel at around 9 a.m. London time, while U.S. West Texas Intermediate crude futures with August delivery rose 0.3% to trade at $75.98 a barrel.
Will Smith-backed U.S. broker Public launches in the UK in first foray overseas 2023-07-13 - The Public.com app displayed on a smartphone. Gabby Jones | Bloomberg | Getty Images American stock brokerage startup Public launched its services in the U.K. Thursday, marking its first international expansion its launch in 2017. The app, backed by celebrities including Will Smith and skateboarding legend Tony Hawk, will offer U.K. users commission-free trading in over 5,000 U.S.-listed stocks during the country's regular trading hours. Public hopes to broaden its U.K. offering over time to include other asset classes already available in the U.S., such as ETFs, U.S. government bonds, and cryptoassets. The company also plans to launch an "investment plans" tool in the future that lets users come up with customized recurring investments. Public's U.K. debut will see it compete with a flurry of well-established digital brokerage firms like AJ Bell and Hargreaves Lansdown, which make money from commission charges and management fees, as well as upstarts such as Revolut, Freetrade and eToro, where revenue comes mainly from subscriptions and other fees. It is a heavily congested market — but Leif Abraham, Public's co-CEO, touted the company's lower foreign exchange fees as one element separating it from the pack in the U.K. "Most of our competitors in the U.K. will charge currency conversion fees on every single trade," Abraham told CNBC in an interview. "We only do it with the money deposited, and our fees are going to be dramatically lower than most of our competitors." Public will charge 30 basis points, or 0.3%, on each deposit to convert British pounds into U.S. dollars. watch now The firm has European roots, having been founded in September 2019 by Jannick Malling and Abraham, from Denmark and Germany, respectively, who now serve as co-CEOs. The platform, which lets people build portfolios and invest in stocks and cryptocurrency, hit more than 1 million users in 2021. It benefited significantly from the GameStop saga of early 2021, which saw the share price of the U.S. game retailer and other heavily-shorted companies skyrocket on the back of buzz from an online community of investors. The period shone a light on the controversial "Payment for Order Flow" (PFOF) practice, where brokerages are paid by market makers like Citadel Securities to route customer orders to the firm. In 2021, Public removed PFOF from its platform, concerned it was driving customers to unhealthy day trading habits. It also added "safety labels" to certain stocks to inform users when certain companies are facing heightened bouts of volatility or the risk of bankruptcy. PFOF is already banned in the U.K., while the European Union is planning to follow suit with its own prohibition of the practice. Public has gone down the route of partnering with a firm that is already regulated to provide its services in the U.K., rather than apply for its own license. "A ton of fintechs have gone through this route," Dann Bibas, the company's head of international, told CNBC. Public will operate in the U.K. as an appointed representative of Khepri Advisers Limited, which is authorized and regulated by the Financial Conduct Authority. Bibas said that, for now, the U.K. is the only country Public is focusing on for its international expansion. In the future, it hopes to take learnings from its U.K. launch to open in other European markets. Public has offices in New York, Copenhagen, London, and Amsterdam. Tough market conditions Online brokerage platforms have had a tough time lately. The rising cost of living has made it tougher for consumers to part with the cash they were flush with during the days of Covid. Freetrade, the U.K. brokerage startup, slashed its valuation by a whopping 65% last month to £225m in a crowdfunding round, citing a "different market environment." Abraham said Public didn't face the same problems facing many retail brokerage apps, which have been left facing a funding crunch due to a rise in interest rates. "We have a very healthy cash balance," Abraham said. "Hence why we can do things like expanding into the U.K., the U.S., and so on." Public, he said, saw no reason to raise cash at this stage. It has already raised $300 million from investors including Accel, Greycroft and Tiger Global. The company was last valued at $1.2 billion, giving it coveted "unicorn" status. Abraham said that higher interest rates have actually benefited Public to some extent, as it is earning yields on the cash customers deposit and seeing increased interest in other assets such as U.S. Treasurys. Can Public succeed where others have failed? Public is hoping to avoid the fate of its U.S. peer Robinhood, which abandoned its U.K. operation in 2020 to prioritize its home market. Abraham said he's convinced this won't happen in Public's case. "We don't have to reinvent our business model in order to enter a new market," he told CNBC. "It's not like – to take the other extreme – like the last-mile delivery company, where you have to now have a massive footprint," Abraham added. "We can actually expand in other markets with a fairly lean team that's responsible for that." Robinhood does have plans to reenter the U.K., however – it is set to launch in the country at some point in the near future following its acquisition of cryptocurrency trading app Ziglu last year.
Google says Bard can now use images and give audio responses 2023-07-13 - A hand holding a smartphone with the Google Bard logo is seen, in front of a computer screen showing Google's logo. Google is adding new features to its chatbot Bard as it tries to stay ahead of rapidly improving competition from Microsoft -backed OpenAI, Anthropic, and others in the white-hot generative AI space. The search giant debuted its ChatGPT competitor to the public in March, starting with tests in the U.S. and the U.K. Since then, the company announced new updates at its annual developer conference Google I/O in May. OpenAI's ChatGPT also announced new features in May, including launching the ChatGPT app for iOS and integrating voice prompts. Here are a few of the updates Google launched Thursday:
China finalizes first-of-its-kind rules governing generative A.I. services like ChatGPT 2023-07-13 - China artificial intelligence Ying Tang | Nurphoto | Getty Images Chinese regulators on Thursday finalized first-of-its-kind rules governing generative artificial intelligence as the country looks to ramp up oversight of the rapidly growing technology. The powerful Cyberspace Administration of China (CAC) said it worked with several other regulators to come up with the new regulation that will come into effect on Aug. 15. Generative AI is a fast-growing area of technology in which artificial intelligence services are able to generate content such as text or images. ChatGPT, developed by U.S. firm OpenAI, is the most well-known example and allows users to prompt the chatbot and receive replies to queries. watch now These services are trained on vast amounts of data. However, ChatGPT's success has sparked a wave of rival services to pop up, raising concern among global regulators about the potential risks around the technology. Chinese technology giants have jumped on the bandwagon, announcing plans and launching their own generative AI services. But China, which tightly controls the domestic internet via censorship and regulation, is watching AI development closely. Chinese regulators are concerned about the potential for these services to generate content which may go against Beijing's views or ideology. That's partly why Chinese tech firms have been circumspect about launching their ChatGPT-like services. Rather than full services that are widely available to the public, Chinese companies have focused their technology on enterprise and narrow uses. For example, Alibaba this month launched an artificial intelligence tool that can generate images from prompts called Tongyi Wanxiang, but it is only available for enterprise customers for beta testing. However, the rules from the CAC provide technology giants a framework to work with when it comes to the technology. What are China's generative A.I. rules? The rules will only apply to generative AI services that are available to the general public rather than those being developed in research institutions, for example. Generative AI services will need to obtain a license to operate, the CAC said. If a generative AI service provider finds "illegal" content, it should take measures to stop generating that content, improve the algorithm and then report that material to the relevant authority.
CNBC Daily Open: Cool inflation and hot markets 2023-07-13 - This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe here . Disinflation in process U.S. headline inflation in June rose just 0.2% compared with May, and 3% from a year ago — the lowest level since March 2021. Both consumer price index figures were 0.1 percentage points lower than the Dow Jones estimate. Excluding food and energy prices, core CPI was 0.2% higher month on month and 4.8% higher on an annual basis. Highest close this year U.S. stocks advanced Wednesday, with the S&P 500 and the Nasdaq Composite closing at their highest level since April 2022, after the cooler-than-expected inflation report. Asia-Pacific markets traded higher Thursday too. Hong Kong's Hang Seng Index surged about 2.5%, leading gains in the region, while South Korea's Kospi added 0.85% as the country's central bank kept interest rates unchanged at 3.5%. China's trade trickling dry China's trade activity in June indicated the country's economic slump isn't over. The dollar value of China's exports plunged 12.4% compared with a year ago, far steeper than the 9.5% drop economists had expected as well as the 7.5% decline in May. Imports fared badly too. They sank 6.8% on an annual basis, more than May's 4.5% decline. X, meet xAI Elon Musk is already the CEO of Tesla and SpaceX as well as the owner of Twitter. Now, he'll have a new title to add to that list: leader of xAI, an artificial intelligence company that aims to "understand the true nature of the universe." xAI seems to be positioned as a rival to OpenAI, Google and Anthropic. Musk will share more information on the company during a Twitter Spaces chat Friday. [PRO] It's not the end until the end June's promising CPI reading has traders betting the Federal Reserve will stop its hiking cycle soon. But Wells Fargo Securities' Michael Schumacher cautions that it might be too soon to celebrate — and suggests traders pay attention to an asset that will benefit from the Fed's last rate hike.
Philippines allows 'Barbie' movie to be screened, calls China map 'cartoonish' 2023-07-13 - Margot Robbie and Ryan Gosling at the premiere of "Barbie" held at Shrine Auditorium and Expo Hall on July 9, 2023 in Los Angeles, California. The Philippines cleared the "Barbie" movie for release following calls to ban the show due to a controversial map of China's "nine dash line." The decision came after the film review board concluded the map was "cartoonish" and that there was no representation of a controversial map feature that China uses to stake its claims to large swarths of the disputed South China Sea. Warner Bros. "Barbie" is unexpectedly turning out to be one of the most controversial movie releases this summer after Vietnam last week banned Greta Gerwig's comedic fantasy production about the famous doll. Promotional trailers reportedly featured a scene showing the "nine-dash line," a map feature China uses to justify its territorial claims to the vast majority of the South China Sea. "Considering the context by which the cartoonish map of the character 'Weird Barbie' was portrayed in the film, the review committee is convinced that the contentious scene does not depict the 'nine-dash line,'" the Philippines' Movie and Television Review and Classification Board said in a statement Wednesday. It said the decision came after reviewed the movie twice, and consulted both foreign affairs officials and legal experts.
Inflation is 'history' for the U.S, says veteran economist Steve Hanke 2023-07-13 - watch now The U.S. no longer has an inflation problem, according to veteran economist Steve Hanke. "I think the inflation story is history. One reason for that is that money supply has been contracting on a year-over-year basis by minus 4% in the United States," Hanke, a professor of applied economics at Johns Hopkins University, told CNBC's "Street Signs Asia" on Thursday. "We haven't seen that since 1938," Hanke said. "Money supply changes cause changes in the price index and inflation." Prices are displayed in a grocery store on February 01, 2023 in New York City. Leonardo Munoz | Corbis News | Getty Images U.S. inflation rate for June came in lower than expected at 3% on Wednesday, the smallest year-on-year increase in two years. The core consumer price index, which strips out volatile food and energy prices, rose 4.8% from a year ago and 0.2% month-on-month. The latest data could give the Federal Reserve some wiggle room as the central bank navigates its interest rates policy direction. U.S. producer price index is due later Thursday. If it also shows prices falling that could further influence the Fed's decision to end the rate hiking cycle soon. Traders are betting there's a 92.4% chance that the Fed will keep rates unchanged at its July meeting, according to the CME FedWatch tool. "When inflation was going and roaring, the producer price index roared up first and then the consumer price index roared up. And then finally the core gradually like a snail went up," said Hanke. Forget all the propaganda we're hearing — that the chairman of the Federal Reserve has a tough problem, that this is going to be a long fight, things are sticky and so forth. Things aren't sticky. Steve Hanke Professor, Johns Hopkins University
SAG-AFTRA officials recommend strike after contracts expire without new deal 2023-07-13 - A deadline for Hollywood actors to reach a deal with studios and streaming services passed Thursday without word on whether a strike would be called, and their union's negotiating board then voted unanimously to recommend a walkout, the union said. The Screen Actors Guild-American Federation of Television and Radio Artists had set a deadline of 11:59 p.m. PDT Wednesday, when their contracts expired, for a deal to be reached. But the time came and went without an agreement and SAG said its negotiating committee then opted to recommend that the SAG-AFTRA national board call a strike. The board is slated to vote on that Thursday morning, the union said. If the actors strike, they would formally join screenwriters on picket lines outside studios and filming locations in a bid to get better terms from studios and streaming giants like Netflix and Amazon. It would be the first time since 1960 that the two guilds were on strike at the same time. Members of the Writers Guild of America have been on strike since early May, slowing production on film and television series on both coasts and in productions centers like Atlanta. Issues in negotiations include the unregulated use of artificial intelligence and effects on residual pay brought on by the streaming ecosystem that has emerged in recent years. Actors, including SAG-AFTRA President Fran Drescher, have joined writers on picket lines for weeks in solidarity. An actors strike would prevent performers from working on sets or promoting their projects. In a message to union members after the pacts ran out, Dresher said, "Over the past decade, your compensation has been severely eroded by the rise of the streaming ecosystem. Furthermore, artificial intelligence poses an existential threat to creative professions, and all actors and performers deserve contract language that protects them from having their identity and talent exploited without consent and pay." The studios' Alliance of Motion Picture and Television Producers issued a statement saying, "We are deeply disappointed that SAG-AFTRA has decided to walk away from negotiations. This is the union's choice, not ours. In doing so, it has dismissed our offer of historic pay and residual increases, substantially higher caps on pension and health contributions, audition protections, shortened series option periods, a groundbreaking AI proposal that protects actors' digital likenesses, and more." Whether the cast of Christopher Nolan's film "Oppenheimer" attends Thursday's London premiere hangs in the balance of whether the actors strike. Attending a photo event on Wednesday, star Matt Damon said that while everyone was hoping a strike could be averted, many actors need a fair contract to survive. "We ought to protect the people who are kind of on the margins," Damon told The Associated Press. "And 26,000 bucks a year is what you have to make to get your health insurance. And there are a lot of people whose residual payments are what carry them across that threshold. And if those residual payments dry up, so does their health care. And that's absolutely unacceptable. We can't have that. So, we got to figure out something that is fair." The looming strike has cast a shadow over the upcoming 75th Emmys. Nominations were announced Wednesday, and the strike was on the mind of many nominees. "People are standing up and saying, 'This doesn't really work, and people need to be paid fairly,'" Oscar-winner Jessica Chastain, who was nominated for her first Emmy Award on Wednesday for playing Tammy Wynette in "George & Tammy," told the AP. "It is very clear that there are certain streamers that have really kind of changed the way we work and the way that we have worked, and the contracts really haven't caught up to the innovation that's happened."
Shopify's new tool shows employees the cost of unnecessary meetings 2023-07-13 - How to cut down on meetings How to cut down on meetings How to cut down on meetings Shopify has unveiled a new tool for its more than 11,000 employees that assigns a cost to scheduled meetings in an effort to reduce unnecessary gatherings. The Shopify Meeting Cost Calculator is a Chrome extension that shows the estimated cost of any meeting with three or more attendees once it's set up in Google Calander. "The average size of a meeting at Shopify includes 3 people and the average length of a meeting is about 30 minutes," Shopify said in a statement. "A typical meeting of this size and length would cost between $700-$1600." That cost would increase if more people are added or if one of the attendees is a high-level executive. An example of Shopify's Meeting Cost Calculator. Shopify The company said it had canceled recurring meetings and eliminated Wednesday meetings back in January. But recently, "we have seen meeting creep seep back in and we needed to take immediate action," Shopify said. Shopify chief operating officer Kaz Netajian gave "CBS Sunday Morning" correspondent Mo Rocca a demonstration of the tool back in April. "People ask questions: what is this meeting for? Why are this many people in it? And those questions will put an immense amount of pressure on organizers to organize fewer meetings — and leave the rest of us alone," he said. Unnecessary meetings can be costly, with one report last year finding that large companies waste up to $100 million a year on them. That report, produced for Otter.ai by UNC Charlotte professor Steven G. Rogelberg, a UNC Charlotte professor, found that employees felt that a company with 100 employees could save $2.5 million per year by eliminating unnecessary meetings. Microsoft estimates the number of meetings has increased by 153% since the beginning of the COVID-19 pandemic. "People who build things, people who create things, require focus," Netajian said in April. "So, if you're thinking about a problem and you're constantly interrupted, nothing good comes out of it." Rogelberg noted that not all meetings are unnecessary. "While we definitely could do with a little fewer meetings in our schedules, for sure, the bigger problem is ineffective meetings," he told Rocca. "If we do our meetings better, there [are] lots of positive outcomes that come from it."
Cosmetic surgeon who streamed procedures on TikTok loses medical license 2023-07-13 - An Ohio plastic surgeon who livestreamed procedures on TikTok has been banned from practicing medicine. The Ohio Medical Board on Wednesday voted to permanently revoke the license of Dr. Katharine Grawe — known as Dr. Roxy in her plastic surgery practice, "Roxy Plastic Surgery," and to her many TikTok followers. The board determined Grawe harmed patients while livestreaming their surgeries on the social media app. Grawe spoke into a camera and answered viewer questions — all while the surgeries were taking place. Grawe originally had her license suspended in November. She opened the meeting with the board on Wednesday by asking for leniency. "I ask you from the bottom of my heart to please consider my thoughts with an open mind. This has humbled me more than you can know," she said, according to CBS Austin. "I am willing to change my social media practices, and I will never livestream a surgery again." A medical board member was unmoved, CBS Austin reported. "We've seen an extreme lack of professionalism. Her posts are done as a marketing ploy," the board member said. "Dr. Grawe's social media was more important to her than the lives of the patients she treated." Neither Grawe nor her lawyers responded to Wednesday messages from the Associated Press seeking comment. Grawe's TikTok account is currently private. Perforated intestine The board warned Grawe about her actions as early as 2018, citing concerns over patient privacy and possible ethics violations, according to a previous board suspension notice. The notice also listed three patients of Grawe's who suffered severe complications and needed intense medical care after she operated on them. One woman's intestine was found to be perforated a week after her surgery, a procedure that Grawe partially livestreamed on TikTok. The unnamed patient suffered severe damage to and bacterial infections in her abdomen, as well as loss of brain function from the amount of toxins in her blood, according to the notice. At the board meeting Wednesday, former patient Mary Jenkins, who went to Grawe for breast reconstructive surgery after battling cancer, expressed relief at the decision. "It's finally over," she told CBS Austin. "That chapter in my life is finally over, but I will never forget." While Ohio's state medical board can only affect doctors' rights to practice in the state, disciplinary actions are reported to the National Practitioner Databank and posted online.