Senators and representatives held separate hearings March 8 on the perils and promise of artificial intelligence (AI), signaling lawmakers’ growing regulatory appetite in the wake of actions on the technology from the Biden administration. “AI is no longer a matter of science fiction nor is it a technology confined to research labs. AI is a…
Congress Grapples with AI Revolution, ChatGPT
March 8, 2023
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Google to Launch Fund to Support Taiwan’s Media Outlets
TAIPEI—Alphabet Inc.’s Google said on Wednesday it will launch a T$300 million ($9.8 million) fund over the next three years to help boost the Taiwanese media’s continuing operations and digital competitiveness. Google has come under pressure in some countries to negotiate commercial deals and pay news publishers for their content, though not in Taiwan. Google…
Adidas Wonders What to Do With Yeezy Shoes After Ye Split
FRANKFURT, Germany—Adidas is still wrestling with how to dispose of 1.2 billion euros ($1.3 billion) worth of Yeezy shoes after its breakup with the rapper formerly known as Kanye West, forcing the German sportswear maker into a big loss at the end of last year and expectations of more pain ahead. CEO Bjorn Gulden said…
Bankman-Fried’s Bid to Shift Blame Complicated by New Charges
NEW YORK—Since his December arrest on fraud charges, FTX founder Sam Bankman-Fried and his lawyers have suggested part of his defense will be seeking to distance himself from the day-to-day operations of the now-bankrupt cryptocurrency exchange. But new accusations against him and a third former member of his inner circle in recent weeks could complicate…
White House Reverses Course, Gives Congress Green Light to Pass Bill Banning TikTok
March 8, 2023
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WASHINGTON—The White House has reversed direction this week, saying it would support a Senate bill that would outlaw TikTok in the United States. The Biden administration had been at a standstill for two years over how to deal with the threat to national security posed by the Chinese-owned mobile app. U.S. National Security Advisor Jake…
Bank of America CEO Proclaims ‘We Are Capitalists’ After Critics Blast ESG Stance
March 8, 2023
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Bank of America CEO Brian Moynihan told shareholders this week that “we are capitalists,” after a massive backlash from critics over his bank’s stance on the environmental, social, and governance (ESG) agenda. The head of America’s second-largest bank is under heavy fire as Wall Street executives face increasing criticism across the country for adopting progressive…
US Auto Safety Regulator Investigating Tesla After Two Steering Wheels Fell Off
Auto safety regulators have begun investigating Tesla’s Model Y SUVs after a pair of owners reported their steering wheels were not properly secured to the steering column and could come off. The National Highway Traffic Safety Administration’s Office of Defects Investigation (ODI) published a report (pdf) on Wednesday revealing the two Model Y SUVs were…
Elon Musk Responds After Federal Agency Allegedly Makes 350 Demands for Internal Twitter Information
The Federal Trade Commission (FRC) allegedly demanded that Twitter owner Elon Musk hand the agency internal communications and information about layoffs as part of an investigation into the social media company, according to a House Judiciary Committee report. On Tuesday, the committee’s report detailed alleged FTC attempts to pressure Twitter and made more than 300…
Senators Mull Past Failures, Possible Solutions on Big Tech
March 8, 2023
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Members of a Senate antitrust subcommittee on March 7 voiced frustration over the failed attempts by Democrats and Republicans alike to regulate tech giants like Google and Apple, as expert witnesses and lawmakers debated legislation that didn’t get a full vote last Congress. “Neither the judiciary nor the executive branch can solve these problems alone—Congress…
Wall Street Rises After Selloff, Labor Data on Tap
U.S. stock indexes opened slightly higher on Wednesday after a selloff in the previous session, with investors awaiting more comments from Federal Reserve Chair Jerome Powell and job openings data. The Dow Jones Industrial Average rose 15.62 points, or 0.05 percent, at the open to 32,872.08. The S&P 500 opened higher by 1.18 points, or…
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