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As technology titans jockey to back hot new startups, they are extracting explicit or implicit promises of revenue in return. loadingMicrosoft’s injection of $10 billion into OpenAI in January helped kick off the craze. As part of their deal, the ChatGPT operator agreed to exclusively use its new investor’s cloud computing services. Much of the invested capital should be returned relatively quickly as AI firms buy back-end services. Nvidia (NVDA.O) has at least 80% and as much as 95% of the AI market, according to estimates by analysts.

Persons: Sam Altman, Satya Nadella, OpenAI, Optimists, cynics, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav, Streisand Neto Organizations: Reuters, Microsoft, Financial Times, Apple, Nasdaq, Big Tech, OpenAI, Wall Street, Google, Reuters Graphics Reuters, Cisco Systems, Lucent Technologies, Nortel Technologies, Company, Global, Telecom, Nortel, Network, Nvidia, Thomson Locations: OpenAI, Silicon Valley

Owen Chow Ka-shing, one of the 47 pro-democracy activists charged with conspiracy to commit subversion under the national security law, arrives at West Kowloon Magistrates' Courts building, in Hong Kong, China November 29, 2021. On the first day of closing submissions, one of the handpicked national security judges, Andrew Chan, said a verdict would "tentatively" come in three to four months, with 10 days set aside for closing submissions. Beijing says the national security law brought stability to the city after monthslong pro-democracy protests in 2019. "Communication with the public is much easier, (it's) easy to manipulate those means in order to endanger national security," he added. Thirty-one of the 47 charged have pleaded guilty - which could qualify them for reduced sentences.

Persons: Owen Chow Ka, Lam, Andrew Chan, Hong, Jonathan Man, Man, Gwyneth Ho, Owen Chow, Gordon Ng, Leung Kwok, Helena Wong, Benny Tai, Joshua Wong, Gerry Doyle Organizations: REUTERS, Hong, Thomson Locations: Kowloon, Hong Kong, China, HONG KONG, United States, Beijing

☆ Amazon’s shipping splurge delivers payoff
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

A worker sorts products during Cyber Monday operations at the Amazon's fulfillment center in Robbinsville, New Jersey, U.S., November 27, 2023. In 2016, before its in-house logistics initiative took off, global shipping costs tallied about $16 billion, with customers covering about half. Last year, the total expense was about five times higher. Moreover, higher turnover means higher profit, especially from ancillary services such as advertising. And that’s before the generally lucrative holiday season, which should bring Amazon shareholders some more upbeat shipping news.

Persons: Robert Cyran, Julius Baer’s, Warren Buffett, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, UPS, FedEx, Wall Street Journal, Services, Shipping, Amazon, X, Thomson Locations: Robbinsville , New Jersey, U.S, America, China

☆ Warner Bros Discovery boss’s payday is toast
▼ + stars: | 2023-11-27 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

The Warner Bros Discovery (WBD.O) chief executive will have to more than double the value of the media company if he wants to collect a lavish $200 million compensation package awarded when Discovery agreed to merge with Warner Media in 2021. The news sent shares plunging 19%, the largest one-day drop since Discovery merged with Warner Media. Its current value is over $18 billion when applying Bernstein’s multiple of 8 times EBITDA. At the end of September, the company had net leverage – after deducting $2.4 billion cash – of 4.2 times EBITDA. Shares of Warner Bros Discovery fell 19% on that day.

Persons: David Zaslav, He’s, Harry Potter, Jefferies, Max, “ Barbie ”, Zaslav, David, Peter Thal Larsen, Sharon Lam Organizations: Reuters, Warner Bros Discovery, Discovery, Warner Media, HBO, CNN, Food Network, TBS, LSEG, Netflix, Reuters Graphics Reuters, HGTV, Thomson Locations: EBITDA

☆ A Singaporean couple built 500 homes on the Ukrainian frontlines as the war raged around them. Here's how they did it.
▼ + stars: | 2023-11-25 | by ( Matthew Loh | ) www.businessinsider.com time to read: +13 min

Lam Baoyan and Rudy Taslim are a Singaporean couple who built 500 emergency homes in Ukraine. Lam Baoyan and Rudy Taslim. A team of Ukrainian aid workers helps them identify people who need homes the most and coordinate delivery. Rudy Taslim and Lam Baoyan. Lam Baoyan and Rudy Taslim.

Persons: Lam Baoyan, Rudy Taslim, they've, —, Lam, Lam's, Taslim, Rudy Taslim Lam, who'd, she'd, it's, couldn't, hadn't, Moshchun —, We've, Yulia, Andrii Lupaniek, Lupaniek, Lyman Organizations: Service, Business, Genesis Architects, Labor, BI, Cross Singapore, Singapore Locations: Ukraine, Ukrainian, Russian, Singapore, TKTK, Bad Blankenburg, Germany, Russia's, Poland, Lviv, Maldives, Taiwan, New Zealand, Lam, Lyman, Irpin, Moshchun, Ternopil, Kyiv

REUTERS/Mike Segar/File Photo Acquire Licensing RightsBEIJING, Nov 23 (Reuters) - Apple (AAPL.O) saw a decline in the number of smartphones sold during China's recent Singles Day shopping festival, data from Counterpoint Research showed, lagging domestic rivals Huawei and Xiaomi which recorded robust increases. The number of Apple smartphones sold declined 4% year-on-year during the two-week sales from Oct. 30 to Nov. 12, the research consultancy said on Thursday. In comparison, the number of units sold by Huawei (HWT.UL) and Xiaomi (1810.HK) grew 66% and 28% respectively year-on-year over the same period. The increases for Huawei and Xiaomi helped fuel a 5% year-over-year rise in the overall number of Chinese smartphones sold during the promotion period, it said. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Yelin Mo and Brenda Goh; editing by Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, China's, JD.com, Xiaomi, Lei Jun, Ivan Lam, Yelin Mo, Brenda Goh, Miral Organizations: Apple Inc, Apple, REUTERS, Rights, Counterpoint Research, Huawei, HK, IDC, Thomson Locations: Manhattan , New York, U.S, Rights BEIJING, China, United States

☆ OpenAI calls time on alt-governance experiment
▼ + stars: | 2023-11-22 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

But the stakes at OpenAI, which develops the potentially world-reshaping ChatGPT, are higher. To stay true to its charter, the board must be ready to take actions that financial backers find intolerable. When it threatened to hire Altman and his staff, it effectively swiped the company out from under the board. Follow @JMAGuilford on XCONTEXT NEWSSam Altman has been reinstated as the chief executive of ChatGPT developer OpenAI, the company said on Nov. 21. The non-profit company that governs the startup had announced on Nov. 17 that its board had decided to fire Altman.

Persons: Sam Altman, –, Mark Zuckerberg, Satya Nadella, Altman, Larry Summers, John Foley, Sharon Lam Organizations: Reuters, Microsoft, OpenAI’s, Google, Thomson Locations: OpenAI

☆ Binance mega-fine fits go-big-or-go-home vibe
▼ + stars: | 2023-11-22 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

NEW YORK, Nov 21 (Reuters Breakingviews) - Cryptocurrency is a precocious industry, in its lows as well as its highs. So it makes sense that Binance, the world’s largest crypto exchange, has agreed to pay a $4.3 billion fine for anti-money laundering, effortlessly surpassing penalties paid by miscreant financial firms that have been around for more than a century longer. Binance boss Changpeng Zhao, a kingpin of crypto and the man who precipitated the downfall of bankrupt rival FTX, pleaded personally guilty on Tuesday to criminal violations. HSBC (HSBA.L), (0005.HK) in 2012 agreed to pay $1.9 billion for its role in facilitating drug cartels’ money laundering. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Changpeng Zhao, FTX, Zhao, Binance, Al Qaeda, It’s, Goldman Sachs, Goldman, David Solomon, Sam Bankman, John Foley, Sharon Lam Organizations: Reuters, HSBC, HK, Malaysian, U.S . Treasury Department, Thomson Locations: Iran, North Korea, U.S

☆ GM’s driverless ride heads into a ditch
▼ + stars: | 2023-11-21 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

A self-driving GM Bolt EV is seen during a media event where Cruise, GM's autonomous car unit, showed off its self-driving cars in San Francisco, California, U.S. November 28, 2017. Automotive giant GM acquired Cruise in 2016, subsequently bringing on investors including SoftBank’s (9984.T) Vision Fund, Honda Motor (7267.T) and Microsoft (MSFT.O). The question is whether GM’s autonomous division has enough momentum to recover from that loss. CONTEXT NEWSDaniel Kan, co-founder and chief product officer of General Motors’ autonomous taxi business Cruise, resigned from the company on Nov. 20, Reuters reported. California’s Department of Motor Vehicles suspended Cruise’s autonomous license in the state on Oct. 24, saying that the company had “misrepresented” the safety of its technology.

Persons: Elijah Nouvelage, Tesla, that’s, Cruise’s, Cruise, Kyle Vogt, Daniel Kan –, Sam Altman, Elon Musk, Mary Barra hasn’t, SoftBank, Daniel Kan, John Foley, Sharon Lam Organizations: GM Bolt, REUTERS, Reuters, General Motors, Automotive, GM, Cruise, Vision Fund, Honda, Microsoft, Uber Technologies, Ford, U.S . National, Traffic, Administration, California’s Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, San Francisco, California

☆ Citigroup Makes Fresh Round of Layoffs in Jane Fraser’s Restructuring Plan
▼ + stars: | 2023-11-20 | by ( David Benoit | ) www.wsj.com time to read: 1 min

Citigroup’s layoffs are part of Chief Executive Jane Fraser’s efforts to streamline the global bank. Photo: Lam Yik/Bloomberg NewsCitigroup began making an extensive round of layoffs and organizational changes, part of Chief Executive Jane Fraser ’s efforts to streamline the sprawling global bank. The bank on Monday didn’t say how many employees were due to be cut on Monday and it hasn’t set a target for total layoffs. Instead, Fraser in September ordered her subordinates to remake their teams for a new alignment she devised and then cut positions that no longer were needed.

Persons: Jane Fraser’s, Lam Yik, Jane Fraser ’, Fraser Organizations: Bloomberg News Citigroup

☆ CEO of GM's Cruise robo-taxi unit resigns amid US safety review
▼ + stars: | 2023-11-20 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +4 min

Nov 19 (Reuters) - - Kyle Vogt, the CEO of General Motors' robot-taxi unit Cruise, has resigned from the company a day after apologizing to staff as the company undergoes a safety review of its U.S. fleet. The Cruise board met on Nov. 13 and the next day named GM general counsel Craig Glidden as Cruise's chief administrative officer. The board also said it would retain a third-party safety expert to assess safety operations and culture. Former Tesla President Jon McNeill, a GM director since 2022, was named vice chairman of the Cruise board alongside Barra, who is the chair. The National Highway Traffic Safety Administration in October opened an investigation into pedestrian risks at Cruise and the Cruise board hired law firm Quinn Emanuel to review Cruise management's responses to regulators investigating the Oct. 2 accident.

Persons: Kyle Vogt, Vogt, Cruise, Vogt's, Craig Glidden, Stephen Lam, Mary Barra, Glidden, Mo Elshenawy, Jon McNeill, Barra, Quinn Emanuel, Greg Bensinger, David Shepardson, Kenneth Li Organizations: General Motors, Reuters, GM, Cruise, Honda, REUTERS, California Department of Motor Vehicles, Traffic Safety Administration, Thomson Locations: United States, San Francisco , California, U.S, San Francisco

☆ GM's Cruise robo-taxi CEO resigns from company
▼ + stars: | 2023-11-20 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +2 min

Kyle Vogt, chief technology officer, president & co-founder of Cruise, a Honda and General Motors self-driving car partnership, speaks on stage at the launch of the Cruise Origin autonomous vehicle in San Francisco, California, U.S. January 21, 2020. REUTERS/Stephen Lam/File Photo Acquire Licensing RightsNov 19 - The CEO of General Motors' robot-taxi unit Cruise, Kyle Vogt, has resigned from the company a day after apologizing to staff as the company undergoes a safety review of its U.S. fleet. "The last 10 years have been amazing, and I'm grateful to everyone who helped Cruise along the way," he wrote in the email. Cruise in recent months had touted ambitious plans to expand to additional cities offering fully autonomous taxi rides. Cruise competes with Alphabet’s (GOOGL.O) Waymo in deploying autonomous vehicles and had been testing hundreds in several cities across the U.S., notably its home of San Francisco.

Persons: Kyle Vogt, Cruise, Stephen Lam, Vogt, Greg Bensinger, Kenneth Li Organizations: Honda, General Motors, Cruise, REUTERS, Reuters, California Department of Motor Vehicles, Thomson Locations: San Francisco , California, U.S, Vogt, San Francisco

NEW YORK, Nov 20 (Reuters Breakingviews) - Microsoft (MSFT.O) boss Satya Nadella’s stressful weekend is probably only the beginning. A lack of corporate governance protections left Nadella with few options to salvage his company’s $13 billion investment in OpenAI. As a 49% owner of OpenAI, Microsoft could have hedged itself by getting more directly involved in oversight. Recruiting Altman is at least a better outcome for Microsoft than standing by and watching him go to Google, a rival startup or opening his own AI shop. Money and salesmanship are two essential elements of developing AI, but so are the proper controls, risk management and strategic clarity.

Persons: Satya Nadella’s, OpenAI, Sam Altman, Altman, Reid Hoffman, Elon Musk’s, Satya Nadella, Greg Brockman, OpenAI’s, Brockman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Microsoft, Google, Altman, Thomson Locations: OpenAI

☆ Gap's closet cleanup begins to pay off
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid Acquire Licensing RightsTORONTO, Nov 17 (Reuters Breakingviews) - Gap’s (GPS.N) new CEO is embarking on a closet cleanup. Shares in the U.S. apparel company leapt over 30% on Friday morning, a day after it unveiled third-quarter results. That reaction looks overdone, considering how overall net sales of $3.8 billion are still down 7% compared to last year, and earnings fell year-on-year. Same-store sales at sub-brand Old Navy for the quarter were up 1% year-on-year, the first quarterly increase in over two years. The company might even use that tailwind to revive its scrapped plans to separate Old Navy into a stand-alone company.

Persons: Brendan McDermid, That’s, Richard Dickson, Barbie, Sharon Lam, John Foley, Aditya Sriwatsav Organizations: REUTERS, Rights TORONTO, Reuters, Navy, Mattel, Banana Republic, X, Walmart, Thomson Locations: midtown Manhattan, New York, U.S, China

☆ Exclusive: Applied Materials under US criminal probe for shipments to China's SMIC-sources
▼ + stars: | 2023-11-16 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Shares in Applied Materials fell 7.3% after the news and the company reported quarterly results. Reuters could not determine whether Applied Materials violated the law, and it isn't clear whether the investigation will result in charges. SMIC did not immediately respond to a request for comment on the shipments from Applied Materials. A spokesperson for China's embassy in Washington was not aware of the Applied Materials probe.

Persons: Dado Ruvic, SMIC, Liu Pengyu, Karen Freifeld, Anna Driver Organizations: REUTERS, Semiconductor, Applied, Justice Department, Reuters, Materials, Justice and Commerce, Attorney's, Prosecutors, National Security Unit, China's Semiconductor Manufacturing International Corporation, U.S . Commerce Department, Commerce Department, Federal Register, Lam Research Corp, U.S . Securities, Exchange Commission, Thomson Locations: U.S, South Korea, China, Santa Clara , California, Massachusetts, Boston, Gloucester, Washington

☆ Morgan Stanley CEO says his firm is ready for 'Basel III endgame' — the sweeping new global rules on banking
▼ + stars: | 2023-11-16 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

James Gorman, chairman and chief executive of Morgan Stanley, speaks during the Global Financial Leader's Investment Summit in Hong Kong, China, on Tuesday, Nov. 7, 2023. The de-facto central bank of the Chinese territory is this week holding its global finance summit for a second year in a row. Photographer: Lam Yik/Bloomberg via Getty ImagesSINGAPORE — Morgan Stanley Chairman and CEO James Gorman said his firm will be able to cope with "any form" that new banking regulations end up taking, but added he expects some watering down before the final rules are confirmed. U.S. regulators on Tuesday defended their plans for a sweeping set of proposed changes to banks' capital requirements, speaking in front of the U.S. Senate Banking Committee. These proposed changes in the U.S. seek to incorporate parts of international banking regulations known as Basel III, which was agreed to after the 2008 crisis and has taken years to roll out.

Persons: James Gorman, Morgan Stanley, Lam Yik, Getty Images SINGAPORE — Morgan Stanley, it's, Gorman, Morgan, I've Organizations: Financial, Investment, Bloomberg, Getty Images SINGAPORE, U.S . Senate Banking Committee, Basel III, CNBC, Pacific, Federal Reserve, Fed Locations: Hong Kong, China, U.S, Basel, —, Morgan Stanley's, Asia, Singapore, New York

☆ Applied Materials forecasts upbeat first-quarter revenue on resilient demand
▼ + stars: | 2023-11-16 | by ( Samrhitha A | ) www.reuters.com time to read: +2 min

A smartphone with a displayed Applied Materials logo is placed on a computer motherboard in this illustration taken March 6, 2023. Reuters reported Applied Materials is under U.S. criminal investigation for potentially evading export restrictions on China's top chipmaker SMIC. Santa Clara, California-based Applied Materials, expects first-quarter revenue of $6.47 billion, plus or minus $400 million, higher than analysts' estimates of $6.37 billion, according to LSEG data. Companies focusing on generative AI tools this year has also led to an increase in spending for Applied Materials' equipment. Rival Lam Research (LRCX.O) last month forecast revenue below estimates due to weak memory chip demand, while KLA (KLAC.O) forecast revenue above expectations on growing adoption of AI tools.

Persons: Dado Ruvic, Gary Dickerson, Samrhitha, Shounak Dasgupta Organizations: REUTERS, Reuters, United, Justice and Commerce, Intel, Devices, Materials, Revenue, Lam Research, KLA, Thomson Locations: United States, China, U.S, Santa Clara , California, Bengaluru

☆ Meta Allows Ads Claiming Rigged 2020 Election on Facebook, Instagram
▼ + stars: | 2023-11-15 | by ( Salvador Rodriguez | ) www.wsj.com time to read: 1 min

Meta Platforms has made a number of changes that might fundamentally alter its influence and reach. Photo: Stephen Lam/REUTERSMeta Platforms will let political ads on Facebook and Instagram question the legitimacy of the 2020 U.S. presidential election, one of several changes the social-media company and other platforms have made to loosen constraints on campaign advertising for 2024. Meta made the change last year, but it hasn’t gained wide attention. The company decided to allow political advertisers to say past elections were “rigged” or “stolen” but prevented them from questioning the legitimacy of ongoing and coming elections.

Persons: Stephen Lam, Meta, hasn’t Organizations: Facebook

☆ Uncle Sam cleverly goes long on short sellers
▼ + stars: | 2023-11-15 | by ( John Foley | ) www.reuters.com time to read: +4 min

The United States is a rare place where financial regulators hand out cash for information that leads to successful enforcement. Moreover, the rewards are not just for corporate insiders, but also short sellers. In 2019, the SEC doled out $60 million, a sum it has already exceeded nearly five-fold this year. Skeptical investors – notwithstanding their sleuthing skills – generally trade on information regulators could in theory find themselves. Short sellers aren’t always welcome, but some are undeniably being put to good use.

Persons: Julia Nikhinson, Carson Block, Kyle Bass, Waters, It’s, aren’t, ”, Jeffrey Goldfarb, Sharon Lam Organizations: U.S, Capitol, Congress, REUTERS, Reuters, U.S . Securities, Exchange Commission, Hayman Capital, SEC, Bloomberg, Futures Trading Commission, European, Harvard University, Workers, Thomson Locations: Washington , U.S, United States

☆ Google antitrust trial crystallizes Apple’s risk
▼ + stars: | 2023-11-15 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Nov 15 (Reuters Breakingviews) - The antitrust case against Google is spelling out some serious problems. The U.S. Department of Justice claims that Alphabet maintains its market dominance by striking deals to make Google the default search engine on other companies’ devices and browsers. One expert witness for Google said Apple receives 36% of the ad revenue Google makes from searches on Apple’s Safari browser. Kevin Murphy, an economics professor at the University of Chicago, and an expert witness for Google, made the remark, Bloomberg reported. The two companies have had a partnership since 2002, where Google shares advertising revenue generated from users of Apple devices, and Google is the default search engine for these devices.

Persons: Dado Ruvic, Tim Cook, Bernstein, Kevin Murphy, Alphabet’s Google, Lauren Silva Laughlin, Sharon Lam Organizations: Apple, REUTERS, Reuters, Google, U.S . Department of Justice, Microsoft, U.S . Department, University of Chicago, Bloomberg, Alphabet’s, Thomson

☆ Goodyear tune-up may go beyond rotating the tires
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Aug 20, 2023; Watkins Glen, New York, USA; A detailed view of Goodyear Eagle racing tires prior to the Go Bowling at The Glen at Watkins Glen International. Mandatory Credit: Matthew O'Haren-USA TODAY Sports Acquire Licensing RightsNEW YORK, Nov 15 (Reuters Breakingviews) - A century is a long time to accumulate bad habits. Goodyear Tire & Rubber (GT.O) on Wednesday said it would try to shed some, by selling $2 billion of assets, streamlining its business and paying down debt. As the $4 billion company tidies itself, it could turn out to be worth more in pieces. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Watkins, Matthew O'Haren, Richard Kramer, Elliott, Goodyear, Jonathan Guilford, taints, Jeffrey Goldfarb, Aditya Sriwatsav, Sharon Lam Organizations: Goodyear Eagle, Watkins Glen International, Reuters, Goodyear Tire &, Elliott Investment Management, Electric, United States Steel, Goodyear, X, Alstom, Thomson Locations: , New York, USA

☆ Target’s aim is better at the bottom than the top
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Nov 15 (Reuters Breakingviews) - Target (TGT.N) is improving what it can control to try to compensate for price-sensitive consumers. That’s despite a 4% decline in sales, as customers pulled back on buying apparel, electronics and home accessories. It’s the best the $60 billion retailer can do, and shareholders are rightly rewarding it. The key to its success this quarter is inventory, which fell 14% from the same period last year. For a long time, too much stuff sat in Target’s back room.

Persons: Brian Cornell, Jennifer Saba, taints, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S . Commerce Department, Cornell, X, Alstom, Thomson Locations: U.S, Target’s

☆ Payments-app war drags banks into discomfort zone
▼ + stars: | 2023-11-14 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Nov 14 (Reuters Breakingviews) - Banks tend to have a consistent message for customers who unwittingly make payments to scammers: tough break. Rapid growth in digital payments has brought out a softer side in lenders such as JPMorgan (JPM.N) and Bank of America (BAC.N). If the con artist was posing as the victim’s bank, a government agency or a legitimate company – say, a utility – the sender’s bank will return the funds if other criteria are met and recoup them from the recipient’s bank. From next year its banks will have to reimburse victims of online payment deceit. Moreover, convenience and trust are powerful weapons: Bank of America customers now use Zelle twice as often as their checkbooks.

Persons: Banks, Taylor Swift, Zelle, Wells, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, JPMorgan, Bank of America, TSB, SVB, Warning Services, Services, PNC Financial, US Bancorp, Truist, Thomson Locations: Zelle, Britain, Wells Fargo

BEIJING, Nov 14 (Reuters) - Strong sales growth at Huawei (HWT.UL) helped power an 11% rise in China's total smartphone shipments in October, data from research firm Counterpoint showed on Tuesday, indicating signs of recovery in its lagging mobile market. Huawei was a major contributor to the average year-on-year growth in the first four weeks of October, with its sales surging 83%, a note from the firm showed. According to the Counterpoint data, Xiaomi (1810.HK) also saw a 33% increase in smartphone sales in October. China's smartphone market has seen sales fall over several quarters, with a 3% drop in the quarter ending June, according to Counterpoint. Analysts expect the market may be poised for a rebound, with research firm IDC predicting unspecified year-on-year sales growth in the fourth quarter after ten consecutive quarters of falling shipments.

Persons: Archie Zhang, we’re, ”, Ivan Lam, Yelin Mo, Brenda Goh, Jan Harvey Organizations: Huawei, HK, IDC, Thomson Locations: BEIJING, China

☆ Meta’s China quest thaws thin layer of dense cube
▼ + stars: | 2023-11-10 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +4 min

In August, the United States banned domestic companies from making some new investments in Chinese tech, including computer chips and artificial intelligence systems. Chinese-based ByteDance, the owner of TikTok, counts the United States as its largest market. Selling virtual reality hardware primarily used for gaming is also an easier way of entering China. CONTEXT NEWSMeta Platforms struck a preliminary deal to sell virtual reality headsets in China through an exclusive partnership with Tencent, the Wall Street Journal reported on Nov. 9. China banned Meta’s Facebook platform from the country in 2009 and subsequently banned its WhatsApp and Instagram services as well.

Persons: Carlos Barria, Susan Li, Joe Biden, China’s Xi, Biden, Meta’s, Meta, ByteDance’s, Apple’s, Lauren Silva Laughlin, Sharon Lam Organizations: Meta, REUTERS, Reuters, HK, Wall Street, Facebook, United, Huawei, Companies, Republican, Tencent, Google, New York Times, Thomson Locations: Menlo Park , California, U.S, China, Beijing, Washington, United States, San Francisco, Texas, Florida, Montana

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