headlines...by halloapp

To provide feedback, please reply to this email.

Forwarded this email? Subscribe here for more.

12-14-2023

TECH

- Google Cloud has introduced its new generative AI model, Imagen 2, which offers improved image quality and accurate text rendering. Gemini, Google's multimodal model, is now available for businesses and developers, offering voice, video, text, and image processing capabilities. Gemini Pro is accessible via API for free with usage limitations. Google has also launched AI Studio, a web-based tool for developers to build apps and chatbots using the Gemini model. Additionally, Google has released Duet AI for Developers, an AI-powered assistance tool for code completion and generation, which will soon use the more powerful Gemini model. Alphabet has announced reduced costs for Gemini, making it more accessible for developers.

- The European Union is expected to rule against Apple in Spotify's complaint, potentially resulting in a ban on App Store rules and a significant fine.

- Meta Platforms has launched its microblogging app, Threads, in the European Union, expanding its availability beyond the US and other global markets. The launch was delayed due to regulatory uncertainty and clashes with EU regulators over data usage. Threads aims to compete with Twitter and has made improvements to the app, including the ability to edit posts.

- The European Union has reached a provisional agreement to reclassify gig workers as employees, granting them benefits and oversight of algorithms.

- The hacker group Solntsepek, linked to Russia's Sandworm hackers, claims responsibility for a cyberattack on Ukraine's largest mobile operator, Kyivstar. Services may take weeks to fully restore.

- Amazon has successfully avoided paying €250 million in back taxes after the EU court overturned the tax order against them.

- Apple has updated its guidelines to require a court order for law enforcement to access push notification data, aligning with Google's policy.

- Elon Musk plans to establish a STEM-focused primary and secondary school, as well as a university in Austin, Texas, with a $100 million gift.

- Photronics Inc. reported record revenue for the sixth consecutive year, with a compound annual growth rate of over 12%.

- A jury ruled that Google's app store is an illegal monopoly, potentially impacting the app store business model and prompting more lawsuits against Big Tech.

- Pope Francis urges a global treaty to regulate AI, citing concerns about weaponization and emphasizing ethical development and use.

MEDIA

- French media conglomerate Vivendi is considering splitting into three separate listed companies: Havas, Groupe Canal+, and an investment company. This move aims to boost valuation and unlock growth potential, causing shares to surge.

- The US Supreme Court will hear an appeal that could impact the obstruction charges against January 6 riot defendants, including Donald Trump.

- House Democrats are divided over a resolution condemning campus antisemitism and calling for the resignation of Harvard and MIT presidents.

- Rudy Giuliani is testifying in a defamation trial where two election workers seek $15.5m to $43m in damages. Giuliani's false claims caused reputational damage and harassment.

- Mattel is partnering with Paramount Pictures and Temple Hill Entertainment to produce a live-action American Girl movie, inspired by the success of the Barbie film.

CONSUMER

- Etsy is cutting 225 jobs, about 11% of its workforce, due to stagnant sales and increased competition from Shein and Temu.

- Inditex, the parent company of Zara, reports a 14.9% sales increase and 24% operating profit jump for the first nine months.

- US retail sales in November surpassed expectations with a 0.3% increase, driven by strong Black Friday turnout and holiday season spending.

- Temu, an Alibaba rival, has filed a lawsuit against fast-fashion retailer Shein for anti-competitive practices in the US, including coercion and copyright takedowns.

REAL ESTATE

- Chinese developer Country Garden Holdings is selling its stake in Zhuhai Wanda Commercial Management Group for $428 million to aid debt restructuring. Executives are taking pay cuts due to stagnant sales and a cash crunch. The company has also implemented cost-cutting measures.

- Brookfield Corporation is an alternative asset manager and REIT that focuses on real estate, renewable power, infrastructure, and venture capital.

ECONOMIC

- The UK economy unexpectedly contracted by 0.3% in October, raising concerns of a potential recession and challenging the Bank of England's stance on interest rates.

- Adobe's stock fell 6% after issuing lower revenue projections, while Opendoor's stock rose 8% and Vivendi's shares rose 8% in Paris. Pfizer's stock fell 8% after issuing lower-than-expected guidance for 2024, but the company's acquisition of Seagen offers potential for future growth.

- Hungarian Prime Minister Viktor Orban is blocking EU membership talks and financial aid for Ukraine at the EU summit, citing various concerns.

- Germany's budget fix, which includes spending cuts and borrowing caps, is expected to slow economic growth in 2024. The government has reached a deal to resolve the budget crisis caused by a court ruling, cutting subsidies and maintaining support for Ukraine. The country's GDP is expected to contract by 0.5% in 2024.

- UK regulators are proposing a cap on cross-border interchange fees charged by Visa and Mastercard to protect businesses from overpaying.

CRYPTO

- Goldman Sachs predicts a surge in trading volumes of blockchain-based assets and rising interest in cryptocurrency derivatives trading within the next one to two years. The bank is also exploring digital assets beyond cryptocurrencies.

- Line Next, the NFT unit of SoftBank-Naver joint venture, has raised $140 million for global expansion and new services.

- The FASB rule change in 2024 will allow firms like Tesla and MicroStrategy to record profits from Bitcoin gains on their balance sheets, potentially encouraging more companies to hold cryptocurrency.