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Google is facing patent litigation over its AI technology, while Microsoft’s support for OpenAI has sparked increased EU scrutiny. Germany’s Galeria Kallstadt Kaufhof has filed for bankruptcy amid a real estate crisis. Hewlett Packard Enterprise may acquire Juniper Networks. Kyushu Electric Power is paying attention to US energy investment. China’s population is declining. With the World Bank predicting global economic growth to be the weakest in 30 years, BlackRock plans to cut jobs while focusing on growth areas. South Korea’s unemployment rate is the highest in two years. This edition of World Street has it all.
Google went before a federal jury in Boston on January 9 in a case over accusations that the processors it uses to power artificial intelligence technology in its main products infringe a computer scientist’s patents. He is scheduled to appear in court. Singular Computing, founded by Massachusetts-based computer scientist Joseph Bates, is a company Google hopes will copy his technology and power AI features in Google Search, Gmail, Google Translate, and other Google services. He claims to have used it for support.
Microsoft’s financial support for ChatGPT maker OpenAI could be subject to EU merger rules, the EU antitrust regulator announced on Tuesday, following a similar warning issued by its UK peer in December. emphasized. The US software giant last year pledged to invest more than $10 billion in OpenAI without voting rights on its board of directors, but the company said it does not own any part of OpenAI.
aftershock
German department store giant Galleria Karlstadt Kaufhof announced on Tuesday that it has filed for bankruptcy protection following the collapse of its parent company Cigna due to the region’s real estate crisis. Germany’s most prominent retailer Galleria is on the hunt for a new owner, hit by troubles with bankrupt Austria-based real estate empire Cigna, the biggest casualty of Europe’s real estate crisis so far. It was announced that there was.
deal book
Story continues below
Hewlett Packard Enterprise is in talks to buy networking equipment maker Juniper Networks in a deal that values it at about $13 billion, people familiar with the matter told Reuters. The partnership will help strengthen the nearly 100-year-old technology company’s artificial intelligence (AI) offerings.
I feel energized
Kyushu Electric Power is considering investing in U.S. Energy Transfer’s Lake Charles liquefied natural gas (LNG) project and other projects in order to ensure a stable supply of fuel, a company spokesperson said.
The comment comes as Kyushu Electric Power is buying a roughly 10% stake in the Lake Charles project, signing a 20-year contract and potentially importing around 1.6 million tons per year on behalf of other Japanese power companies, Nikkei said. This partially corroborates the Sangyo Shimbun’s report on Sunday. .
the other side of the wall
China’s population is likely to decline for the second consecutive year in 2023 due to a surge in coronavirus-related deaths as the country abruptly lifted its strict lockdown, Reuters reports. On the other hand, the birth rate continues to be low due to the economic downturn.
The number of new births in 2023 will be lower than the 9.56 million in 2022, demographers said in January 17 population data, as long-standing problems such as gender inequality and high childcare costs remain largely unresolved. It is estimated that. China’s birth rate has been declining since 2016.
crypto chaos
Cryptocurrency prices fluctuated sharply on Tuesday following an erroneous post from the U.S. Securities and Exchange Commission’s official X account claiming approval of the first U.S. spot Bitcoin exchange-traded fund (ETF). This false declaration, which appeared just after 4pm Washington time, announced SEC approval of #Bitcoin ETFs on all registered national stock exchanges.
However, within 10 minutes, SEC Chairman Gary Gensler revealed that the @SECGov account had been compromised through his personal He asserted that he had not authorized the transaction.
Global growth slump
The World Bank predicts global economic growth will be the slowest in 30 years, falling from 2.6% in 2023 to 2.4% in 2024. Despite resilience to recession risks in 2023, rising geopolitical tensions are likely to pose new challenges and lead to slower economic growth. Growth from 2024 to 2025.
The report highlights the need for a major change in direction and warns that without it, this decade could be a period of missed potential and missed opportunities.
Staff reduction strategy
BlackRock plans to cut 600 jobs, or about 3% of its workforce. The move is aimed at directing resources within the $9.1 trillion asset management company to rapidly expanding sectors such as technology, ETFs and private markets.
CEO Larry Fink and President Rob Capito communicated through a company-wide memo to all employees recognizing the need to adapt to a rapidly evolving situation. Despite the job cuts, the overall number of employees is currently around 20,000 and will continue to grow, they asserted.
Rapid increase in unemployment rate
South Korea’s unemployment rate has risen to its highest level in nearly two years, reflecting both the economic impact of rising interest rates and a growing labor force. According to the Statistics Bureau, the seasonally adjusted unemployment rate rose to 3.3% in December from 2.8% the previous month.
The rising unemployment rate indicates that economic conditions affected by high borrowing costs may put a strain on businesses. However, the rise in the labor force participation rate indicates a more positive trend, suggesting that more individuals are entering or re-entering the labor market in search of employment opportunities.
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