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As AI booms, EU lawmakers wrangle over new rules

22Mar

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Technology

As AI booms, EU lawmakers wrangle over new rules

STOCKHOLM/LONDON, March 22 (Reuters) - Rapid technological advances such as the ChatGPT generative artificial intelligence (AI) app are complicating efforts by European Union lawmakers to agree on landmark AI laws, sources with direct knowledge of the matter have told Reuters.The European Commission proposed the draft rules nearly two years ago in a bid to protect citizens from the dangers of the emerging technology, which has experienced a boom in investment and consumer popularity in recent months.The draft needs to be thrashed out between EU countries and EU lawmakers, called a trilogue, before the rules can become law.Several lawmakers had expected to reach a consensus on the 108-page bill last month in a meeting in Strasbourg, France and proceed to a trilogue in the next few months...

Nvidia turns to AI cloud rental to spread new technology

21Mar

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Technology

Nvidia turns to AI cloud rental to spread new technology

March 21 (Reuters) - Nvidia Corp (NVDA.O) Chief Executive Jensen Huang on Tuesday laid out the company's plans to make the powerful and expensive supercomputers used to develop AI technologies like ChatGPT available for rent to nearly any business.While that access will not come cheap - at $37,000 a month for eight of Nvidia's flagship A100 or H100 chips strung together - offering it to a wider swath of business customers could accelerate an AI boom that has driven Nvidia shares up 77% this year, making it about five times more valuable than longtime rival Intel Corp (INTC.O).The Santa Clara, California-based company already dominates the field for artificial intelligence chips and has helped partners like Microsoft Corp (MSFT.O) build huge systems for ChatGPT creator OpenAI's services ...

SVB is largest bank failure since 2008 financial crisis

11Mar

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Business

SVB is largest bank failure since 2008 financial crisis

California regulator closes SVB, appoints FDIC as receiverSVB focused on lending to start-ups; branches to reopen MondayFDIC to sell bank assets; 'chaos' reported amid withdrawalsBank shares fall in U.S., Europe, but well off lowsCrisis exposes banking 'vulnerabilities' amid rising ratesMarch 10 (Reuters) - Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis on Friday, in a sudden collapse that roiled global markets, left billions of dollars belonging to companies and investors stranded.California banking regulators closed the bank, which did business as Silicon Valley Bank, on Friday and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for later disposition of its assets.Based in Santa Clara, the lend...

Exclusive: Nvidia’s plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft

3Mar

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Technology

Exclusive: Nvidia’s plans for sales to Huawei imperiled if U.S. tightens Huawei curbs-draft

WASHINGTON, March 3 (Reuters) - U.S. chipmaker Nvidia Corp's plans to sell technology to China's Huawei would be thwarted if the U.S. government proceeds with a proposal to further restrict shipments to the blacklisted company, a draft report by a government contractor shows.The Biden administration has been considering limiting the items it authorizes U.S. companies to ship to telecoms equipment giant Huawei Technologies Co, which was added to a U.S. trade blacklist in 2019 but which continues to receive billions in U.S. goods under a special plan implemented by the Trump administration."The proposed 2023 amendment of (the Commerce Department's) licensing will likely have a high economic impact on Nvidia," according to excerpts of the draft report seen by Reuters, referring to the comp...

Stake sale in Bundesliga media rights business to launch early March -sources

22Feb

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Business

Stake sale in Bundesliga media rights business to launch early March -sources

FRANKFURT, Feb 22 (Reuters) - Germany's soccer governing body is poised to kick off the sale of a stake in the Bundesliga's media rights business that could fetch $2.9 billion, sources familiar with the matter said.Deutsche Fussball Liga (DFL) plans to launch the formal sale process in early March, the sources told Reuters. One of the sources said DFL aims to find a buyer for "at least" 15% of the media rights business.The holding company that controls the media rights is valued at between 15 and 18 billion euros, the sources said, meaning a 15% stake could be worth about 2.7 billion euros ($2.9 billion).National soccer leagues in Europe are increasingly eyeing external funding around broadcasting arrangements as they look at ways to boost revenues and increase their global reach.The Bu...

Boeing to move historic financing arm under jet business

17Feb

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Business

Boeing to move historic financing arm under jet business

WASHINGTON/PARIS, Feb 16 (Reuters) - Boeing (BA.N) said on Thursday it is absorbing its decades-old aircraft-financing arm into its commercial airplanes unit as part of a push to simplify its corporate structure.After the retirement of Boeing Capital Corp (BCC) President Tim Myers this spring, Boeing said it would "realign" the financing arm within the commercial airplane unit while maintaining "strong coordination" with Boeing's treasury arm.Airfinance Journal earlier reported the move.Boeing Capital, a subsidiary of Boeing, provides asset-based financing and leasing to airlines lacking access to funding.The realignment will "focus resources on our core work of supporting our customers and their financing needs," Boeing Chief Financial Officer Brian West said in an internal memo viewed...

ABB sells its power conversion division for $505 million

20Jan

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Technology

ABB sells its power conversion division for $505 million

ZURICH, Jan 20 (Reuters) - ABB (ABBN.S) has sold its power conversion business to AcBel Polytech Inc (6282.TW) for $505 million, the Swiss engineering and technology company said on Friday.The sale is the last part of ABB's measures to trim its portfolio of companies which saw it sell its power transmission unit Dodge and spin off its turbocharging business Accelleron to shareholders.ABB said it expects to make a small non-operational book gain from the sale of the United-States-based Power Conversion business, which provides products for telecoms, data centres and general industry.Chief Executive Bjorn Rosengren said he was "delighted" with the deal which completed divisional portfolio divestments announced by ABB at the end of 2020.Power Conversion was acquired by ABB as part of the G...

CES technology trade show adopts social theme

6Jan

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Technology

CES technology trade show adopts social theme

Las Vegas, Jan 6 (Reuters) - Farm equipment took the keynote spotlight at the CES technology trade show in Las Vegas, as "human security for all" became the first theme in its 56-year history.In his speech opening the Consumer Electronics Show on Thursday, John Deere Chief Executive John May laid out a strategy of using technology to feed a hungry world as arable land and rural labor decline while costs are rising."Technology allows farmers to create more with less," May told an audience of 2,000 at one of the world's largest tech events, organized by the Consumer Technology Association (CTA).The trade group is partnering with the World Academy of Art and Science and the United Nations Trust Fund for Human Security to encourage the tech industry to help tackle the world's most pressing ...

China’s stretched health system braces for peak in COVID infections

23Dec

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Health

China’s stretched health system braces for peak in COVID infections

COVID infections may peak next week - Chinese health officialChina reports no new COVID deaths for third dayChina still ill-prepared for major outbreak - expertsBEIJING/SHANGHAI, Dec 23 (Reuters) - China is expecting a peak in COVID-19 infections within a week, a health official said, with authorities predicting extra strain on the country's health system even as they downplay the disease's severity and continue to report no new deaths.In the face of a surging outbreak and widespread protests against its "zero-COVID" regime of lockdowns and testing, China began dismantling it this month, becoming the last major country to move towards living with the virus.Its containment measures had slowed the economy to its lowest growth rate in nearly half a century, jamming global supply chains and...

Amid health fears, plastic makers pledge greater transparency over chemicals

30Nov

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Health

Amid health fears, plastic makers pledge greater transparency over chemicals

Nov 30 (Reuters) - Plastic makers need to be more transparent about the chemicals used in their products, a leading chemicals industry group has said, as concern mounts about the health impacts of the everyday material finding its way into the food chain and human bodies.Tiny fragments of plastic have been found in blood samples, stools and placentas of unborn babies, recent studies have shown. Scientists are trying to understand the health risks of this new phenomenon, but concerns range from the impact on organs to how some plastic additives might disrupt hormonal systems."We certainly recognise that on the issue of additives in particular there is a need for more information and increased transparency," Stewart Harris, senior director for global plastics policy at the American Chemis...