Regulators at the U.S. Federal Deposit Insurance Corp (FDIC) have asked banks interested in acquiring failed lenders Silicon Valley Bank and Signature Bank to submit bids by March 17, people familiar with the matter said on Wednesday. The new auctions show how the FDIC is making a concerted effort to return the lenders to the […]
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China will set up a financial watchdog run by the Communist Party, state media reported on Thursday, as part of a broad reorganisation of governing bodies set to give the ruling party direct control and supervision over financial affairs. The creation of the Central Financial Commission will see the dissolution of the state-run Financial Stability […]
President Vladimir Putin on Thursday urged Russia’s billionaires and business elite to invest in new technology, production facilities and enterprises to help Russia overcome what he said were Western attempts to destroy its economy. Putin also said Russia had so far defied those attempts, and that the Western firms that had decided to stay in […]
Taiwan chipmaker TSMC’s talks with the German state of Saxony about building a new factory are at an advanced stage and are now focused on government subsidies to support the investment, two people familiar with the matter said. TSMC, the world’s largest contract chipmaker and Asia’s most valuable listed company, flagged in 2021 that it […]
President Vladimir Putin on Thursday called on Russia’s billionaires and business elite to invest in new technology, production facilities and enterprises to help Russia overcome what he said were Western attempts to destroy its economy. Putin said Russia had so far defied those Western attempts, and that Western firms that had decided to stay in […]
ABB is expanding its main US robot factory as its customers there in the automotive, packaging and machinery industries confront a tight labour market as they bring production back home. The Swiss engineering company, which competes with Japan’s FANUC and Germany’s Kuka, is spending $20 million boosting capacity at its Auburn Hills site in Michigan […]
The European Commission on Thursday will present the centrepieces of its strategy to ensure its industry can compete with the United States and China in making clean tech products and accessing raw materials required for the green transition. The EU executive’s Net-Zero Industry Act and Critical Raw Materials Act, part of its Green Deal Industrial […]
The Biden administration has demanded that TikTok’s Chinese owners divest their stakes in the popular video app or face a possible U.S. ban, the company told Reuters on Wednesday. The move is the most dramatic in a series of recent steps by U.S. officials and legislators who have raised fears that TikTok’s U.S. user data […]
The U.S. Copyright Office issued new guidance on Wednesday to clarify when artistic works created with the help of artificial intelligence are copyright eligible. Building on a decision it issued last month rejecting copyrights for images created by the generative AI system Midjourney, the office said copyright protection depends on whether AI’s contributions are “the […]
Microsoft Corp-backed startup OpenAI began the rollout of GPT-4, a powerful artificial intelligence model that succeeds the technology behind the wildly popular ChatGPT. GPT-4 is “multimodal”, which means it can generate content from both image and text prompts. WHAT IS THE DIFFERENCE BETWEEN GPT-4 AND GPT-3.5? GPT-3.5 takes only text prompts, whereas the latest version […]