In a blog post on its website, the AI enterprise responded, saying that Musk, as one of its co-founders, supported a for-profit structure and even suggested a merger with Tesla, Inc. (TSLA). Musk alleges that OpenAI’s focus is on generating profits for its partners and major investor, Microsoft Corporation (MSFT). Musk claims that when he…
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The adoption of digital financial services has experienced a remarkable upswing in the Asia-Pacific region, particularly in emerging economies where a significant portion of the population previously lacked access to traditional banking services. Smartphones' widespread availability and convenience have revolutionised daily financial transactions, enabling greater financial inclusion for many. Despite these advancements, Ueda highlighted the…
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The reputation of interbank rates like Euribor's counterpart, Libor, suffered greatly due to manipulation scandals. This led to Libor's discontinuation and its replacement by overnight rates determined by central banks such as the Federal Reserve, European Central Bank, and Bank of England. The Euro Interbank Offered Rate overhaul, or Euribor, seeks to lessen the workload…
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Among the main targets of the country’s ruling Communist Party is boosting consumer spending as a way of driving the economy forward. 2023’s 5.2% growth had been an improvement on the meagre 3% achieved in 2022 as China continued to feel the effects of the COVID-19 pandemic. Li has spoken about having to find a…
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Known as Gigafactory Berlin-Brandenburg, Tesla applied to double its manufacturing capacity to 1 million electric vehicles (EVs) per year in July 2023. This plant reportedly rolled out 6,000 EVs per week just before it halted operations due to a component shortage in January 2024. At the time, plant director Andre Thierig said in a Tagesspiegel…
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Germany's 10-year bond yield, a European financial benchmark, plunged by three basis points (bps) to 2.365%. On Thursday, 29 February 2024, this yield was 2.513%, the highest it has been since November 2023. Markets anticipate an unchanged stance on interest rates but hope that ECB president Christine Lagarde may drop hints as to when any…
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The Financial Conduct Authority (FCA) revealed on Tuesday that the Federation of Small Businesses (FSB), acting as a consumer advocacy group, has raised concerns about the negative impact on small businesses caused by lenders' heightened demands for personal guarantees, potentially deterring them from seeking financial support. Although the FCA's mandate does not extend to lending…
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The lawsuit, brought forward by four individuals, claimed that Capital One inflated its profits by applying "fictional" rates for converting transactions made in foreign currencies into U.S. dollars. According to the plaintiffs, the bank, headquartered in McLean, Virginia, did not adhere to the guidelines established by card networks Visa and Mastercard, which require the use…
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Tickmill, a leading multi-regulated broker, recently partnered with Capitalise.ai, a pioneer in AI-based trading and analysis solutions. This alliance aims to bring cutting-edge AI analysis and automation to Tickmill's traders. Innovative Technology to Empower Traders Capitalise.ai's platform allows traders to analyse and automate market scenarios using plain English, eliminating the need for coding skills. Consequently,…
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The most important economic data for this week are: Tuesday: US Services PMI at 15:00 GMT for the month of February. The consensus is for a slight decrease of 0.4 points, reaching 53. This might be relatively bullish news for the dollar since it would mean that the services sector in the States is still…
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