Business and Tech News - 4.12.24

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Skool Projekt Staff
April 12, 2024

Amazon CEO Advocates for AI, Pledges Spending Cuts

Amazon CEO Andy Jassy voiced dissatisfaction with regulators for impeding mergers such as the company's attempted acquisition of iRobot, arguing it unjustly benefits Chinese firms over Amazon in accessing U.S. home data. The company was forced to retract its $1.7 billion proposal for iRobot after facing antitrust objections from European and U.S. authorities, amid broader regulatory crackdowns on Big Tech's expansion efforts. Concurrently, Amazon's aggressive investments in artificial intelligence are under scrutiny, as the FTC has initiated a lawsuit against the company for alleged monopolistic practices that harm competition and inflate prices for consumers and sellers.

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March's Wholesale Prices Increase 0.2%, Below Expectations

In March, the Producer Price Index (PPI) increased by a modest 0.2%, falling short of the expected 0.3%, while the annual PPI gain of 2.1% marked the highest rise since April 2023, signaling potential ongoing inflation. Despite this, initial jobless claims fell to 211,000, surpassing expectations and indicating resilience in the labor market. The mix of rising service costs and falling goods prices, alongside persistent consumer inflation, continues to influence the Federal Reserve's approach to interest rate adjustments.

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SEC Sends Lawsuit Warning To Crypto Exchange Uniswap

Uniswap, a decentralized cryptocurrency exchange, announced receiving a SEC Wells notice, hinting at possible enforcement, without revealing specific charges. This move is part of the SEC's wider efforts to regulate digital asset entities, evidenced by its recent legal actions against platforms like Coinbase. Despite this regulatory pressure, Uniswap intends to maintain its current services and continue launching new products.

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Instagram to Obscure Nudes Sent to Minors

Instagram is rolling out a new safety feature that blurs nude images in messages, automatically enabled for teens and recommended for adults, in an effort to shield minors from abuse. The initiative, addressing concerns about minors' mental health and the platform's use by predators, employs on-device machine learning to ensure privacy, with a worldwide launch planned soon. Alongside blurring, the feature includes cautionary messages for those sending or receiving such content, bolstering overall user protection.

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Vietnam Sentences Real Estate Tycoon to Death for Fraud

Truong My Lan, embroiled in Vietnam's biggest financial fraud, faces the death penalty after convictions for embezzlement, bribery, and violations of banking regulations. Her control of over 90% of Saigon Joint Stock Commercial Bank via proxies facilitated illicit loans exceeding $44 billion, highlighting a critical case in the nation's sweeping anti-corruption efforts. Lan plans to appeal the sentence, marking a significant chapter in the Communist party's campaign against corruption.

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