Business and Tech News - 3.14.24

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Skool Projekt Staff
March 14, 2024

House Passes Bill That Could Ban TikTok

The U.S. House passed a bipartisan bill targeting China-based ByteDance by mandating the sale of TikTok or facing a U.S. ban. This decisive action, passing with a 352-65-1 vote, signifies a major escalation in the ongoing scrutiny over the app's national security implications. Despite the swift movement of the bill through the House, introduced just last week, its future remains uncertain without a Senate counterpart. The bill's passage followed a classified briefing, which left some lawmakers skeptical about the specific security threats posed by TikTok. While facing criticism for the hastened legislative process, the bill garnered broad bipartisan support. 

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EU Passes First Law Regulating AI

The European Union achieved a milestone by passing the world's first extensive AI regulation law, setting a global precedent. Expected to be enacted by mid-2023, with a phased implementation concluding by mid-2026, the AI Act introduces a risk-based framework for AI governance. It prohibits AI systems presenting "unacceptable risk" such as those exploiting biometric data for discriminatory purposes and imposes stringent oversight on high-risk applications in sectors like employment and law enforcement. The regulation mandates transparency, safety, and adherence to privacy norms for AI developers, imposing fines up to 7% of annual global turnover for non-compliance. Each EU country will establish an AI regulatory body, and a central AI Office will oversee general-purpose AI systems, including major models like OpenAI's GPT-4 and Google's Gemini, with additional requirements for risk mitigation and energy consumption disclosure.

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Toyota Agrees To Biggest Wage Increase in 25 Years

Toyota Motor has agreed to its largest worker pay increase in 25 years, signaling a significant shift in Japan's wage dynamics. This move, part of annual wage negotiations involving major Japanese corporations like Panasonic, Nippon Steel, and Nissan, could pave the way for the Bank of Japan to reconsider its long-standing negative interest rate policy as early as next week. The decision reflects growing momentum for wage hikes across Japan, with Toyota's increase potentially setting a precedent for broader economic impacts. These wage negotiations are closely watched as they mark a potential turning point in Japan's struggle with stagnant wage growth and could stimulate consumer spending and economic revitalization. 

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Lilly and Amazon Partner To Help Deliver Some Prescription Drugs

Eli Lilly announced a partnership with Amazon Pharmacy to deliver prescription drugs, including the sought-after weight loss treatment Zepbound, directly to patients' homes. This collaboration, through Eli Lilly's direct-to-consumer website LillyDirect, aims to simplify access to medications by bypassing the need for traditional prescription and pharmacy visits. Launched in January, LillyDirect facilitates easier access to treatments for obesity, diabetes, and migraine by connecting patients with telehealth services for prescriptions, which are then fulfilled by online pharmacies like Amazon Pharmacy and Truepill. This initiative represents a significant shift in drug distribution and prescription practices, potentially reducing consumer costs and addressing drug shortages, including those experienced by Zepbound.

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Oil Prices Rise After Russian Oil Refineries Attacked

Crude oil futures surged on Wednesday, reacting to Ukrainian drone strikes on Russian refineries, highlighting the ongoing war's risk to oil production and supply. West Texas Intermediate for April rose by 2.78% to $79.72 a barrel, while Brent for May increased by 2.58% to $84.03 a barrel. The attacks targeted Rosneft and Novoshakhtinsk refineries, crucial for Russia's oil processing capacity. These strikes are part of Ukraine's strategy to impact Russia's economy ahead of its presidential election, affecting roughly 25% of Russia's refining capability and potentially turning Russia into a gasoline importer. The market is adjusting to the likelihood of further supply disruptions amid continuous Ukrainian operations.

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