Republican lawmakers on Wednesday prodded Wall Street’s top regulator to justify his agency’s efforts to regulate companies’ climate disclosures and criticized the U.S. Securities and Exchange Commission for what they said was hasty rulemaking. In an appearance before a House of Representatives panel overseeing federal spending, SEC Chair Gary Gensler defended the agency’s request for […]
China
China’s Big Five lenders posted above 3.5% annual net profit growth this week, but warned that the foundations of the country’s recovery were “not yet solid”. China’s Bank of Communications Co Ltd (BoCom) and Bank of China (BoC) both posted just over 5% annual net profit growth on Thursday. Even higher figures came from the […]
Microsoft has been at the forefront of the artificial intelligence (AI) revolution, developing innovative technologies to enhance the capabilities of businesses worldwide. One such technology is ChatGPT, an AI-based chatbot that uses deep learning algorithms to understand and respond to natural language inputs. However, with the growing demand for AI-based chat tools, Microsoft is taking […]
A team of 20 bank examiners at the San Francisco Federal Reserve took over day-to-day supervision of Silicon Valley Bank in the second half of 2021, after the bank’s growth pushed its assets above the $100 billion mark that triggers more intense oversight. Soon after, supervisors began calling out problems at the bank, but only […]
U.S. criminal charges should be dropped against two former Societe Generale SA bankers for allegedly trying to rig the London interbank offered rate, prosecutors told a New York court on Wednesday. Muriel Bescond, a former head of Societe Generale SA’s Treasury desk in Paris, and her boss Danielle Sindzingre, who was SocGen’s global head of […]
Countries in a relatively stronger position should help vulnerable nations especially those under debt distress, International Monetary Fund managing director Kristalina Georgieva said on Thursday. The IMF chief said such assistance would be particularly important against the backdrop of high interest rates and currency depreciation. “We urgently need faster and more efficient global mechanisms for […]
The world of telecommunications is constantly evolving, with new technologies emerging that promise faster speeds, lower latency, and greater reliability. However, the development of private 5G technology by China and Russia could have significant implications for the global telecom industry, potentially leading to a fragmentation of networks and a separate ecosystem of devices and services […]
Microsoft-backed OpenAI is no longer the only game in town for software developers looking to capitalize on an expected $90 billion market for artificial intelligence. Motivated by a wariness of relying on a single company, a desire for models tailored to specific tasks and the chance to cut costs, more than a dozen startups and […]
As the world’s two largest economies, the United States (US) and China have been engaged in a game of economic tug-of-war for decades. But for all that, recent developments suggest that the struggle for global supremacy between these superpowers may be taking on a more political dimension. With China extending its political reach toward countries […]
Micron Technology Inc on Tuesday forecast third-quarter revenue would tumble nearly 60% from a year earlier but the steep drop was in line with Wall Street expectations and company executives painted a rosy outlook for 2025 with artificial intelligence boosting sales. With a glut still nagging the chip industry, Micron expects the deepest revenue drop […]