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Stablecoins are a type of cryptocurrency which aim to keep a constant value and are usually backed by traditional assets such as dollars. Tether's reserves report, signed off by accountants BDO Italia, says Tether's assets rose to $86.5 billion in the three months to June 30, 2023, up 5.7% from the previous quarter and a record high, according to previous reports on its website. Tether is a key cog in global digital asset trading, with many crypto-to-crypto trades denominated in the stablecoin. U.S. regulators have warned banks that stablecoin reserves could be subject to rapid outflows, for example if holders rushed to exchange such tokens back into traditional currency. Tether's holdings of U.S. Treasury Bills hit $55.8 billion, up 5.2% from the end of March, while non-U.S. Treasury Bills rose to $62.9 million, up more than 30% from the previous quarter, the report said.

Persons: Elizabeth Howcroft, Christina Fincher Organizations: BDO Italia, Treasury Bills, U.S . Treasury Bills, New York Attorney, Thomson Locations: . U.S, U.S

OTTAWA, July 18 (Reuters) - Canada sees a path forward in reaching international consensus on digital services taxes, and a decision to not back a global agreement on freezing the implementation of domestic taxes was taken in the national interest, Finance Minister Chrystia Freeland said on Tuesday. Last week, most countries with planned digital services taxes agreed to hold off applying them for at least a year longer than what was agreed initially as a global tax deal to replace local taxes was pushed back. Ottawa did not back that deal to extend, saying such a delay would put Canada at a disadvantage relative to countries that have been collecting revenue under their pre-existing digital services taxes. Freeland, in India to attend G7 and G20 meetings, said she had good conversations about finding a path forward on digital services taxes. More than 140 countries were supposed to start implementing next year a 2021 deal overhauling decades-old rules on how governments tax multinational companies.

Persons: Chrystia Freeland, Freeland, Ismail Shakil, Steve Scherer, David Ljunggren, Matthew Lewis Organizations: OTTAWA, Finance, Ottawa, Apple, Thomson Locations: Canada, New Delhi, Freeland, India, Ottawa

☆ Nvidia's chips fuel A.I. — here's why the U.S. worries about China's access
▼ + stars: | 2023-06-28 | by ( Lauren Feiner | ) www.cnbc.com time to read: +1 min

Jensen Huang, president and CEO of Nvidia, speaks during the Computex Show in Taipei on May 30, 2017. Nvidia's powerful semiconductors have taken on particular importance as their capacity to fuel artificial intelligence has become increasingly sought after. That's why the Commerce Department is reportedly considering new limits on the export of such chips to China, The Wall Street Journal reported Tuesday. Nvidia had already created a version of the A100, its popular AI chip, that it could sell to the Chinese market. But the new limits reportedly being considered by the Biden administration would restrict even those sales without a license.

Persons: Jensen Huang, what's, authoritarians, Eileen Donahoe, Biden Organizations: Nvidia, Human Rights Council, Stanford, Global, NBC, U.S, Commerce Department, Street Locations: Taipei, China, U.S

☆ Why traditional outsourcing is becoming obsolete as AI continues to evolve
▼ + stars: | 2023-06-23 | by ( Sponsor Post | Created Jampro With Insider Studios | ) www.businessinsider.com time to read: +4 min

But as process automation increases, there's a very real threat that outsourcing companies will gradually lose this original cost advantage: Robots can do it cheaper. Most significantly, third-party digital services providers are now using AI to augment the workforce, allowing employees to focus on higher-value tasks. Clearly, AI is accelerating a transition from low value-added, volume-driven digital services to more sought-after, complex, and creative higher-level digital services such as Knowledge Process Outsourcing and Information Technology Outsourcing. Digital services outsourcing just got better, and AI is responsible. Learn more about the global digital services sector in Jamaica.

Persons: Statista Organizations: Outsourcing, Information Technology Outsourcing, Insider Studios Locations: Jamaica

☆ Alibaba to launch local versions of its China e-commerce site in Europe
▼ + stars: | 2023-06-15 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

Michael Evans, President of Alibaba Group, said that the firm will bring its Tmall e-commerce site to Europe. Michael Evans, president of Alibaba, said the company will bring one of its China e-commerce services Tmall into Europe. In China, Tmall is an Alibaba site and app that has a big focus on selling foreign brands to Chinese consumers. Launching Tmall in Europe reflects a significant shift in strategy for Alibaba in its international e-commerce operations. However, Evans' suggestion is that Tmall in Europe would focus on selling local brands to local shoppers.

Persons: Michael Evans, PARIS —, Alibaba, Evans Organizations: Alibaba, PARIS, Viva Tech, Shipping, AliExpress, Tmall, Digital Commerce Locations: Europe, China, Paris, France, Spain

☆ $5 billion fintech Zepz looks to take on rivals like PayPal with digital wallet, M&A plans
▼ + stars: | 2023-06-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

With a $5 billion valuation, Zepz is one of the largest fintech companies in Europe, backed by leading investors including Accel, TCV and Leapfrog. The company enables users to send money from a smartphone or computer to people abroad, who can receive it in their bank account, mobile wallet, or as a mobile airtime top-up. Lenhard didn't identify which companies Zepz was looking to buy, but said the sharp slump in private fintech valuations made it an attractive time to kick off M&A exploration. A particular focus for Zepz product-wise in the near term is digital wallets, Lenhard said, with the company planning to launch its first digital wallet "imminently." He added that he hopes the company's upcoming digital wallet product will convince customers to rely more on Zepz, rather than using competing digital banks and other financial apps which have grown their services to offer a much wider range of products.

Persons: Mark Lenhard, Zepz, It's, Lenhard, Sendwave Organizations: Getty, CNBC, Accel, Bank of England, Sky News, PayPal Locations: Europe, Western Union

☆ As China's intelligence capabilities grow, spying becomes an increasing flashpoint in ties with US
▼ + stars: | 2023-06-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +12 min

They underscore how intelligence gathering – an activity meant to go on without detection, out of the public eye – is becoming an increasingly prominent flashpoint in the US-China relationship. That pushes intelligence gathering itself to become “another factor that is complicating US-China relations,” he said. That’s especially the case, experts say, as China continues to expand its own intelligence gathering capabilities – catching up in an area where the US has traditionally had an edge. Other arms of the Communist Party apparatus also play a role in activities beyond conventional intelligence gathering, experts say. Heightened concern and awareness about Chinese intelligence gathering – or the potential for it – has exploded in the US in recent years.

Persons: Antony Blinken, Blinken, Bill Burns, ”, Lyle Morris, Christopher Johnson, “, there’s, they’ve, Johnson, Xi Jinping, That’s, Xuezhi Guo, Guo, Xi, Hector Retamal, –, TikTok –, Edward Snowden, ’, Shou Zi Chew, Jabin, John Delury, John T, Downey, Delury Organizations: Hong Kong CNN, US, White House, CIA, CNN, Asia Society, Center for, Central Intelligence Agency, China, Group, U.S . Navy, AP, Guilford College, People’s Liberation Army, Ministry of State Security, Communist Party, Federal Bureau of Intelligence, The New York Times, Huawei, TikTok, Tiktok, US Justice Department, China Initiative, Center for Strategic, International Studies, National Security Agency, US Central Intelligence Agency, Washington, China ”, Energy, Commerce, Capitol, Washington Post, Subversion Locations: Hong Kong, United States, China, Beijing, American, Cuba, US, Center for China, South, Russia, AFP, Washington, USA, South China, Washington , DC

☆ Washington Post publisher Fred Ryan steps down
▼ + stars: | 2023-06-12 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

CNN —Fred Ryan, the publisher and chief executive of The Washington Post who oversaw the newspaper through several tumultuous years, announced on Monday that he will step down from his position after nearly a decade at the helm. “Nine years ago, I was honored to be selected by Jeff Bezos to be Publisher and CEO of The Washington Post,” Ryan wrote in a memo to staff on Monday. Ryan’s handling of the matter angered much of the newsroom and pushed high-profile reporters to join the newspaper’s union, including some who had previously resisted joining the union, known as The Washington Post Newspaper Guild. Ryan said that he will continue in his position as publisher of the newspaper until August 1 to help with the transition. Patty Stonesifer, the founding chief executive of the Bill and Melinda Gates Foundation and an Amazon board member, will serve as interim chief executive of The Post.

Persons: Fred Ryan, Ryan, Ronald Reagan, Jeff Bezos, ” Ryan, Jeff, Donald Trump, “, We’ve, Patty Stonesifer, Melinda Gates, “ I’m, Fred, we’ve, ” Bezos, ” Organizations: CNN, The Washington Post, Foundation, Employees, Washington Post Newspaper, Melinda Gates Foundation, The, Amazon

☆ Washington Post publisher, CEO Fred Ryan to depart after overseeing growth under Jeff Bezos
▼ + stars: | 2023-06-12 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +7 min

From left, Washington Post Publisher Fred Ryan, Executive Editor Marty Baron, and National Security Editor Peter Finn, applaud as investigative reporter Tom Hamburger speaks to the newsroom after The Washington Post wins two pulitzer prizes, Monday, April 16, 2018, in Washington. Washington Post publisher and CEO Fred Ryan announced on Monday that he will step down from the helm of the newspaper in August. In a statement, the Washington Post said that it saw multiple years of profitability and a dramatic jump in digital subscriptions under Ryan. Read Fred Ryan's memo to employees here:Subject: Message for Washington Post ColleaguesDear Washington Post Colleagues,Nine years ago, I was honored to be selected by Jeff Bezos to be Publisher and CEO of The Washington Post. Read Jeff Bezos' memo here:Subject: Message for The Washington Post TeamDear Washington Post Team,I want to express my deepest gratitude and appreciation to Fred for his dedicated service to The Washington Post as our Publisher and CEO.

Persons: Fred Ryan, Marty Baron, Peter Finn, Tom Hamburger, Ryan, Jeff Bezos, Ronald Reagan, Jeff, Bezos, Patty Stonesifer, Melinda Gates, Read Fred Ryan's, We've, we've, Fred, Read Jeff Bezos, he's, I'm, She'll, Patty, You'll Organizations: Washington Post, National Security, Washington . Washington Post, Amazon, Foundation, Melinda Gates Foundation, Microsoft, The Washington Post, Innovative Media, Fast Company, Ronald Reagan Presidential Foundation and Institute, The Washington Post Team, Washington Post Team Locations: Washington .

☆ The Binance lawsuit is a 'legislative failure', says fmr. SEC Senior Trial Counsel Howard Fisher
▼ + stars: | 2023-06-05 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Binance lawsuit is a 'legislative failure', says fmr. SEC Senior Trial Counsel Howard FisherHoward Fischer, former SEC senior trial counsel, and Gabriella Kusz, Global Digital Asset & Crypto Associate, join 'Closing Bell Overtime' to discuss the Securities and Exchange Commission suing Binance over U.S. securities violations.

Persons: fmr, Howard Fisher Howard Fischer, Gabriella Kusz, Binance Organizations: SEC, Crypto, Securities and Exchange Commission

☆ Opinion: We’ve reached a turning point with AI, expert says
▼ + stars: | 2023-05-31 | by ( Jessica Chia | Bethany Cianciolo | ) edition.cnn.com time to read: +33 min

Will general purpose AI — AI that is as capable as humans — eventually take over the world? CNN/Peg Skorpinski “…even though we may understand how to build perfectly safe general purpose AI, what’s to stop Dr. We don’t know if they reason; we don’t know if they have their own internal goals that they’ve learned or what they might be. It is not general purpose AI, but it’s giving people a taste of what it would be like. And so it turns out that you can actually build AI systems that have those properties, but they’re very different from the kinds of AI systems that we know how to build.

Persons: CNN —, ChatGPT, Bill Gates, —, Stuart Russell, Russell, ” Russell, they’ve, Peg Skorpinski “, ” Stuart Russell Russell, ”, STUART RUSSELL, ” Stuart Russell, we’ll, “, it’s, they’re, That’s, Arthur Samuel, Samuel, Travis Teo, I’ve, Garry Kasparov, Kasparov, Stan Honda, There’s, they’re misaligned, you’ve, It’s, that’s, we’ve Organizations: CNN, University of California, IBM Watson Media, Hyundai, Boston Dynamics, Reuters, Microsoft, Artificial, Intelligence, US National Academies, GPT, IBM's, Getty, Federal Aviation Administration, Nuclear Regulatory, PIXAR Locations: Berkeley, ”, Singapore, New York, AFP, ChatGPT, Luxembourg, Cayman Islands, United States, California, —

☆ Alibaba plans to list cloud division as quarterly revenue misses expectations
▼ + stars: | 2023-05-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

In this article BABABABA Follow your favorite stocks CREATE FREE ACCOUNTAlibaba Cloud, the cloud computing subsidiary of Alibaba, unveiled its ChatGPT-style product Tongyi Qianwen during the 2023 Alibaba Cloud Summit on Tuesday morning. Bloomberg | Bloomberg | Getty ImagesAlibaba announced plans to spin off its cloud division as a separate, publicly traded company, while the e-commerce titan's quarterly revenue missed expectations. In its Thursday report, Alibaba said it plans to spin off its cloud division as a newly listed company, subject to restructuring certain assets, liabilities and contracts, and regulatory approvals. Dan Ives, an analyst at Wedbush Securities, said Alibaba's cloud spin-off plan was a "no brainer strategic move that we believe adds to the sum of the parts valuation on BABA." "We believe this was a step in the right direction for the Alibaba story," Ives told CNBC in emailed comments Thursday.

REUTERS/Aly Song/File PhotoSYDNEY/HONG KONG, May 8 (Reuters) - Alibaba's (9988.HK) logistics arm aims to raise up to $2 billion via a listing in Hong Kong likely early next year, sources with knowledge of the matter said, bolstering hopes for a capital markets revival in the Asian financial hub. Cainiao, which has started work on the IPO, is looking to raise between $1 billion and $2 billion in Hong Kong, according to three sources. IPO PROSPECTSDealmakers hope that Cainiao's potential IPO, expected to be followed by market debuts from some of the other Alibaba units in the near-term, could help revive sluggish fundraising activities in Hong Kong. About $1.5 billion has been raised from IPOs in Hong Kong so far this year, marginally above the $1.2 billion raised in the same period last year, according to Refinitiv data. ($1 = 6.9149 Chinese yuan renminbi)Reporting by Scott Murdoch in Sydney and Julie Zhu in Hong Kong; Editing by Sumeet Chatterjee and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Do digital transformations drive or destroy market value?
▼ + stars: | 2023-05-05 | by ( Sponsor Post | Created Deloitte With Insider Studios | ) www.businessinsider.com time to read: +7 min

Tim Smith, Deloitte Consulting's US leader for technology strategy & business transformationWhat digital actions drive the most market value? Digital Strategy adds value: Businesses that are making digital bets in line with enterprise strategy see market value gains, according to Deloitte's Unleashing Digital Transformation value analysis of over 4,500 publicly listed companies. Compared with digital strategy value gains, this action drove double the market value, according to our analysis. "While challenges may be ample across digital initiatives, our research revealed two risks to market value — both relate to digital change capability in unexpected ways." Digital strategy and strategy-aligned tech investments together — without a digital change capability — destroy the most value: Our analysis made it clear that digital change capability is a wild card.

☆ Opinion: Six experts imagine an internet that women actually want
▼ + stars: | 2023-04-27 | by ( Cnn Opinion | As Equals | ) edition.cnn.com time to read: +13 min

Women still have less access to the internet, with men being 21% more likely to be online than women globally. One reason for this is because being a girl, teenager, woman, trans or non-binary person makes us victims of digital violence. An internet women want is one where there is no fear to comment, to express an opinion, or publish photos of our bodies -- and where there are no limits simply because you are a woman on the internet. Women stood together internationally when Iranian women cut their hair , showing how the internet politicises women, sparks debates and builds international solidarity. Therefore, an internet that women want -- and that works for women -- needs to start by being affordable for women.

☆ The head of tech at indie music publisher TuneCore credits the company's growth to its collaborative approach to building new products
▼ + stars: | 2023-04-13 | by ( Nicholas Fearn | ) www.businessinsider.com time to read: +6 min

Thanks to the advancement of technology, music is transforming rapidly and becoming more accessible than ever before. In an industry dominated by behemoths like Spotify and Apple Music, TuneCore continues to strengthen. The mastermind behind TuneCore's product, technology, and operations is chief technology and product officer (CTPO) Alisha Outridge. To create the most impactful products, TuneCore utilizes a dual qualitative and quantitative measurement approach. Reflecting on the past decade, Outridge said Web 2.0 technologies have transformed "how fans discover new music and artists, connect with their favorite artists, and how artists create music."

☆ PepsiCo's first-ever chief strategy and transformation officer says cultural change is crucial when implementing tech tools at a company
▼ + stars: | 2023-04-07 | by ( Meira Gebel | ) www.businessinsider.com time to read: +7 min

Athina Kanioura, PepsiCo's first-ever chief strategy and transformation officer, has revamped the company's internal digital strategies. "If you treat this as a technology change, it will not be successful," she said. "There weren't global standards," she said. "We had to work to correct and, in some cases, get rid of some of the standards that existed and replace them with global standards," she said. Mapping out a communication campaign and establishing global standards are great first steps, she said.

HONG KONG, April 6 (Reuters Breakingviews) - Alibaba's (9988.HK) worth may be hiding in plain sight. The $260 billion Chinese group wants to split off faster-growing, money-losing bets like its cloud and logistics units. It accounted for 9% of Alibaba's top line in the nine months to December, nearly double five years ago. Zhang would do well to focus investor attention back onto Alibaba's commerce operations in China. That’s some 30% more than the company’s entire market value as of Wednesday.

☆ Alibaba's breakup lifts hopes China's regulatory winter is thawing
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +6 min

The move represented a light at the end of the tunnel for many investors who had seen a wave of regulatory blitzes as a major cloud hanging over China's private sector. Reuters GraphicsAlibaba said on Tuesday it would split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. He was spotted on Monday in Hangzhou, home to Alibaba, just one day before the company announced the restructuring. Tencent Holdings Ltd (0700.HK), China's largest gaming company, saw shares rise as much as 5.1%. Alibaba's split may pave the way for other Chinese tech giants to undergo similar restructuring, CMC Markets analyst Tina Teng said.

☆ Alibaba's breakup plan lifts hopes China's tech crackdown is ending
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +4 min

The group's Hong Kong-listed shares jumped as much as 16.3%, tracking a 14.3% rally in its U.S.-listed shares overnight . Its e-commerce rival JD.com Inc (9618.HK) rose 7% and gaming giant Tencent Holdings Ltd (0700.HK) gained 5%. That compared with a 2.3% jump in benchmark Hang Seng Index (.HSI) and a 3.2% gain for the Hang Seng Tech Index (.HSTECH). Brian Tycango, who tracks China's tech sector at Stansberry Research, says that in addition to enabling higher valuations, the restructuring better protects individual divisions from future government regulation. "Any new regulations will likely not affect the whole company now - just the particular division that that regulation covers," Tycango told Reuters.

☆ China's Alibaba to break up empire into six units as Jack Ma returns home
▼ + stars: | 2023-03-29 | by ( Josh Horwitz | ) www.reuters.com time to read: +5 min

Alibaba said the biggest restructuring in its 24-year history would see it split into six units - Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group. Zhang will continue as chairman and CEO of Alibaba Group, which will follow a holding company management model, and also serve as CEO of Cloud Intelligence Group. The exception would be Taobao Tmall Commerce Group that handles China commerce businesses and will remain a wholly owned unit of Alibaba Group. Investors said the split signals the clearing of regulatory worries and allays concerns that Alibaba had lost the potential to grow. [1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021.

☆ Alibaba shares soar 15% in Hong Kong on news of major overhaul
▼ + stars: | 2023-03-29 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

Signage at the Alibaba Group Holding Ltd. offices in Beijing, China, on Tuesday, Jan. 17, 2023. Hong Kong-listed shares of Alibaba surged 15% at the open on Wednesday after the company announced a significant overhaul to split the tech giant into six business groups. On Wall Street overnight, Alibaba stocks soared to close 14.26% higher. The decision to split into different units means each will be managed by its own leadership and executive board, and can pursue independent fundraising and IPOs when they're ready. The company said the move aims to "unlock shareholder value."

☆ SoftBank shares jump on Alibaba split-up plans
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

TOKYO, March 29 (Reuters) - Shares in SoftBank Group Corp (9984.T) soared on Wednesday after Chinese e-commerce conglomerate Alibaba Group (9988.HK), in which the Japanese technology investor has a 13.7 % stake, announced a major restructuring plan. SoftBank shares were up 5.6% in afternoon trade, on track to post the biggest percentage gain in five months. Alibaba shares were up 13.2%. Ichiyoshi Asset Management director Mitsushige Akino said that investors chased SoftBank higher in light of a spike in Alibaba shares, but that it is too early to tell whether the revamp will bring lasting growth to the Chinese company. "I'm not sure if a 5% rise (in SoftBank shares) can be justified.

☆ Alibaba is splitting into six to prepare for IPOs
▼ + stars: | 2023-03-28 | by ( ) edition.cnn.com time to read: +2 min

Alibaba Group plans to split its business into six main units covering e-commerce to cloud in the biggest restructuring of its 24-year history. Five of the business units will explore fundraising or initial public offerings, the company said Tuesday. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart Logistics Group, Global Digital Commerce Group and Digital Media and Entertainment Group, it said in a statement. Daniel Zhang will continue to serve as chairman and CEO of Alibaba Group (BABA), which will follow a holding company management model, and concurrently serve as CEO of Cloud Intelligence Group. The restructuring “does inject an element of flexibility and adaptability into the company, which currently is something of a behemoth,” he added.

☆ Alibaba to split into 6 units and explore IPOs; shares pop 7%
▼ + stars: | 2023-03-28 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +3 min

Each business group will be managed by its own CEO and board of directors. These are the groups:Cloud Intelligence Group: Alibaba CEO Daniel Zhang will be head of this business which will house the company's cloud and artificial intelligence activities. Alibaba CEO Daniel Zhang will be head of this business which will house the company's cloud and artificial intelligence activities. Taobao Tmall Commerce Group: This will cover the company's online shopping platforms including Taobao and Tmall. Yu Yongfu will be CEO and the business will cover Alibaba's food delivery service Ele.me as well as its mapping.

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