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Montana becomes first US state to ban TikTok

Montana has become the first U.S. state to ban TikTok, with the law set to take effect next year. The ban, signed into law by Governor Greg Gianforte, will be a test for a potential national ban on the Chinese-owned app. The move is expected to face legal challenges and has been criticized for infringing on free speech rights. TikTok has been accused of being a tool for Chinese espionage, allegations the company denies.

Case filed against French fashion groups over Uyghur labour

Rights groups in France, including Sherpa and the Ethique sur l’etiquette collective, have filed a new complaint against clothing giants Uniqlo and Inditex, alleging that they profited from the forced labor of the Uyghur minority in China. The complaint includes charges of crimes against humanity, genocide, and human trafficking. The groups aim to shed light on the responsibility of multinational clothing companies that benefit from Uyghur forced labor, particularly in the production of cotton items. Previous accusations against Uniqlo France, Inditex, and other brands were dropped in April.

Dai Wei, co-founder of failed bike-sharing startup Ofo, explore new business opportuinity in New York

Dai Wei, the Chinese entrepreneur behind the now-failed bike-sharing company Ofo, is making a fresh start in New York City with his coffee store, About Time Coffee. Despite Ofo’s downfall, investors have shown confidence in Dai Wei’s new venture, overlooking his past failure. Ofo faced numerous challenges, including financial difficulties, regulatory issues, and backlash from users demanding refunds for their deposits.

In Taiwan, UK’s ex-PM to urge West to confront ‘Cold War’ with China

Former British Prime Minister Liz Truss’s visit to Taiwan is expected to ignite a clash with both China and her successor Rishi Sunak as she calls for a tougher stance against Beijing. Truss will demand that Sunak designate China as a strategic threat, close down UK-based Confucius Institutes controlled by the Chinese government, and replace them with cultural centers run by individuals from Hong Kong and Taiwan. She will argue that the West cannot avoid a “Cold War” with China and criticize attempts to cooperate with Beijing on issues like climate change. Truss’s visit has drawn criticism and accusations of performative diplomacy.

ChatGPT’s Altman pleads US Senate for AI rules

OpenAI CEO Sam Altman emphasized the need for regulation of artificial intelligence during his testimony before US lawmakers. He highlighted the real and present nature of AI technologies and urged Congress to impose new rules on big tech. Altman suggested a combination of licensing, testing, and increased global coordination in regulating AI, along with the creation of a dedicated US agency. Lawmakers discussed the EU’s AI Act and the importance of transparency measures for generative AI systems like ChatGPT and DALL-E. Experts cautioned that AI technology is still in its early stages and called for thoughtful and nuanced regulation based on the specific impacts of different AI applications.

Former SVB head draws outrage at hearing on US bank failures

Executives from failed US banks faced intense scrutiny as senators criticized their risk management practices and excessive executive pay. Former Silicon Valley Bank CEO Gregory Becker defended the bank’s management but attributed its downfall to unforeseen events. The poor management of both Silicon Valley Bank and Signature Bank was highlighted in government reports. Senators questioned the executives’ decisions and compensation, emphasizing the need for accountability and legislation to reclaim pay from bankers involved in bank failures.

Sam Altman: the quick, deep thinker leading OpenAI

OpenAI CEO Sam Altman, an influential figure in Silicon Valley, has emerged as a tech titan in the AI age. Altman testified to the US Senate Judiciary Committee, highlighting the potential of artificial intelligence. With a background in startups and a focus on AI, Altman envisions a future where technology creates wealth and policy ensures fair distribution, leading to a society where everyone has enough. Despite his success, Altman remains grounded, dressing casually and emphasizing the positive advancements in the world.

Ex SVB head says social media ‘fueled’ run on doomed bank

Silicon Valley Bank’s former CEO, Gregory Becker, testified that the bank’s collapse was caused by a social media-driven bank run and external factors like the Federal Reserve’s sudden monetary policy shift. He defended the bank’s risk management practices and attributed its demise to rumors and misconceptions sparked by the failure of another bank. Becker will face questioning from the Senate Banking Committee. SVB’s downfall involved selling assets at a loss due to a deposit flight, triggered partly by online rumors. The bank’s heavy investment in government-backed securities and lack of a robust hedging strategy exacerbated its losses when interest rates rose.

TikTok parent to ‘vigorously’ fight former US exec allegations

Chinese company ByteDance, owner of TikTok, plans to fight allegations that it fired an executive for exposing its “culture of lawlessness.” Yintao Yu filed a lawsuit claiming ByteDance stole videos from rival platforms, but the company denies the allegations. Critics argue that TikTok allows Beijing to collect user data and manipulate opinions, a claim ByteDance refutes. The issue of data access has raised concerns among US authorities, but TikTok insists that user data is stored only on US-based servers.

Vice Media files for bankruptcy protection

Digital news media company Vice Media has filed for Chapter 11 bankruptcy protection to facilitate its sale. Vice, once valued at US$5.7 billion, struggled as advertising revenues declined. The company has agreed to an asset purchase agreement with a consortium of lenders, including Fortress Investment Group and Soros Fund Management, who submitted a credit bid of around US$225 million. Vice’s bankruptcy filing aims to facilitate the sale process, and the company plans to continue producing content across its media brands.