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☆ China fines Mintz Group $1.5 million for 'unapproved' investigations
▼ + stars: | 2023-08-22 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China has fined Mintz Group, an American corporate due diligence firm, about $1.5 million for allegedly conducting unapproved statistical work in the country, as it continues with a nationwide crackdown on consulting firms in the name of national security. The fine came to light months after authorities closed the firm’s Beijing office in March and detained five of its local employees. Mintz’s Beijing office had carried out “foreign-related statistical investigations” without seeking and obtaining approvals, which violated two Chinese regulations, the Beijing Municipal Bureau of Statistics said in a statement on its website dated July 14. The authorities imposed a fine totaling 10.69 million yuan ($1.49 million) on the company and ordered it to stop conducting such investigations in the country. Days after the raid occurred, a spokesperson for the Chinese foreign ministry said Mintz was suspected of “illegal business operations.”Since then, Chinese regulators launched a broader crackdown on consulting firms.

Persons: Mintz, Mintz didn’t, Capvision Organizations: Hong Kong CNN, China, Mintz Group, Beijing Municipal Bureau, Statistics, CNN, Wall Street, Bain & Company Locations: Hong Kong, American, Beijing, Shanghai, New York, United States, Washington, chipmaking, China

The "AI for business" diploma offers training in data and AI for client leaders, practitioners, and WPP executives, according to WPP's website. The team work under AI expert Daniel Hulme who was appointed chief AI officer at WPP two years ago. While lawmakers and philosophers alike still debate whether content produced by generative AI models amounts to anything like human creativity, advertisers have already begun using the technology in their promotional campaigns. Unilever, which owns more than 400 brands including Dove soap and Ben & Jerry's ice cream, has its own generative AI technology that can write product descriptions for retailers' websites and digital commerce sites, it said. The company's TRESemmé haircare brand has used its AI content generator for written content and its automation tool for visual content on Amazon.co.uk (AMZN.O).

Persons: Mark Read, Read, we've, Mondelez, Shah Rukh Khan, Daniel Hulme, Nestle, Gandon, Ray, Johannes Vermeer's, Aaron Rajan, Nestle's Gandon, Martin Sorrell, You've, Ben King, Richa Naidu, Martin Coulter, Matt Scuffham, Daniel Flynn Organizations: Nestle, Unilever, Marketing, Investment, Reuters, WPP, Oreo, Cadbury, Bollywood, YouTube, Facebook, University of Oxford, Global, Google, Go, Market Technology, Consumer, Walmart, Carrefour, Kroger, Thomson Locations: Africa, India, London, Swiss, Okta

☆ How ChatGPT and other AI tools are helping workers make more money
▼ + stars: | 2023-08-10 | by ( Aaron Mok | ) www.businessinsider.com time to read: +5 min

Here are 3 ways people are making more money with generative AI tools such as ChatGPT. Here are 3 ways workers are using ChatGPT and other generative AI tools to make more money. AI is helping workers draft marketing and sales contentWorkers are using AI chatbots to automate time-consuming tasks — and, in turn, they are making extra cash. Depending on the company, a chief AI officer may offer guidance on developing in-house AI tools, identify areas of the business where AI can be deployed, or become the go-to expert on all things AI in the workforce, WorkLife reported. Companies are even creating ChatGPT-centered roles such as "ChatGPT email-marketing super-expert" and a "ChatGPT and AI developer."

Persons: OpenAI, ChatGPT, Laura Anderson, —, makemoneywithchatgpt, it's, Jacqueline DeStefano, Randy Baruh, Peggy Dean, Lance Junck, Zain Kahn, Awais, doesn't Organizations: YouTube, Google, Companies Locations: New York City

☆ China spy agency’s social media debut calls for ‘all members of society’ to combat espionage
▼ + stars: | 2023-08-02 | by ( Chris Lau | ) edition.cnn.com time to read: +5 min

The Ministry of State Security oversees intelligence and counterintelligence both within China and overseas. Titled “Countering espionage requires the mobilization of all members of society,” the ministry said national security bodies should keep reporting channels, such as hotlines and online platforms, open to handle reports of suspected espionage within China in a timely manner. But those efforts have gathered pace under Xi Jinping, China’s most assertive and authoritarian leader in a generation who has made state security his top priority. Previous anti-spying driveThere have been multiple previous calls by China for the public to look for potential spies. In June last year, China announced “material rewards” of up to and above 100,000 yuan ($15,000) for tip-offs about people who endanger national security.

Persons: Hong Kong CNN —, ”, Xi Jinping, Greg Baker, Xiao Li, Li –, David Organizations: Hong Kong CNN, of State Security, CIA, FBI, Group, Bain & Company, Astellas Pharma, Getty Locations: Hong Kong, China, Beijing, American, Shanghai, Japan, AFP

WASHINGTON, July 27 (Reuters) - U.S. senators, alarmed by the malevolent potential of artificial intelligence, will summon developers, executives and experts for hearings later this year on possible legislative safeguards, Senate Majority Leader Chuck Schumer said on Thursday. Speaking on the Senate floor, Schumer, the chamber's leading Democrat, said the Senate would convene what he called "the first-ever AI Insight Forums" to hear what experts had to say. Democratic and Republican senators voiced alarm this week about artificial intelligence's potential use to create a biological weapon. Schumer said senators were briefed on AI on Wednesday by experts at the U.S. Energy Department, the National Science Foundation and the Defense Advanced Research Projects Agency, or DARPA, which had laid the groundwork for the internet. Reporting by Diane Bartz; Editing by Howard GollerOur Standards: The Thomson Reuters Trust Principles.

Persons: Chuck Schumer, Schumer, Diane Bartz, Howard Goller Organizations: Democratic, U.S . Energy Department, National Science Foundation, Defense, Research Projects Agency, DARPA, Senate Homeland Security, Governmental Affairs, Thomson

☆ China is telling anyone who'll listen it's open for business again – but its economy has a Xi Jinping problem
▼ + stars: | 2023-07-18 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

China is signaling to the rest of the world that it's open for business again. Both Elon Musk and Janet Yellen have made trips to Beijing recently. But less money is flowing into the country – with foreign investors likely alienated by Xi Jinping's authoritarianism. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Spooked investors responded by dumping Chinese stocks in a $6 trillion blowout, while the onshore Chinese yuan dropped against the US dollar.

Persons: Elon Musk, Janet Yellen, Xi, Li Qiang, John Kerry, Mark Mobius, he'd Organizations: Service, Privacy, China, Tesla, Communist Party, Bain, Co, Big Tech Locations: China, Beijing, Wall, Silicon, Tianjin, Shanghai, West

☆ OpenAI's mysterious new headquarters features nap rooms, a two-story library, and lounges for viewing both sunrise and sunset, according to planning documents
▼ + stars: | 2023-07-10 | by ( Darius Rafieyan | ) www.businessinsider.com time to read: +4 min

It's only fitting then that OpenAI should have a headquarters befitting its status as the vanguard of new AI revolution. But the company has kept details about its San Francisco headquarters a closely guarded secret. A reporter for Insider was even less successful, turned away by a security guard on an intercom who refused even to confirm or deny the existence of an OpenAI office at the location. But we may now have some hints about what it's like inside the offices of the world's most famous AI company, thanks to architectural plans and planning documents viewed by Insider. "It's an impressive space," said Peter Eisenbeiser, a city official who performed the final inspection of the 1960 Bryant Street space.

Persons: OpenAI, Peter Eisenbeiser, Travis Organizations: San Francisco's Mission, Microsoft, San, San Francisco, Florida Street, Bay, Eaton Hall, Architects, Boston Consulting Group Locations: San Francisco's, London, San Francisco, Florida, Seattle

During her first day of meetings in Beijing, Treasury Secretary Janet L. Yellen criticized punitive measures the Chinese government has taken against American firms. I’ve made clear that the United States does not seek a wholesale separation of our economies. Ms. Yellen conveyed her objections to China’s top officials, including Premier Li Qiang, in what was the first visit to China by a Treasury secretary in four years. A Treasury Department official said Ms. Yellen had discussed the outlook for the economy in an informal discussion with her former counterparts that lasted more than an hour. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security,” Ms. Yellen said.

Persons: Janet L, Yellen, I’ve, Biden, Yellen’s, Li Qiang, Ms, “ I’ve, Mark Schiefelbein, Wang Yong, Wang, ”, Shi Yinhong, “, China’s, Michael Hart, “ We’ve, Mr, Hart, Liu He, Yi Gang, Li, Li’s, ” Claire Fu, Christopher Buckley Organizations: U.S, American Chamber of Commerce, Boeing, Bank of America, Cargill, Group, Bain & Company, Beijing, Biden, of, People, ., Center for American Studies, Peking University, “, Renmin University, U.S . State Department, Chamber of Commerce, Treasury, People’s Bank of China, Treasury Department Locations: Beijing, United States, China, American, Shanghai, U.S, States

Beijing/Hong Kong CNN —The world is big enough for both the United States and China to thrive, US Treasury Secretary Janet Yellen said Sunday as she wrapped up a visit to Beijing aimed at stablizing the relationship between the world’s two largest economies. But I expect that this trip will help build a resilient and productive channel of communication,” Yellen told a news conference in Beijing. “China believes that generalizing national security is not conducive to normal economic and trade exchanges,” it said. Yellen said she discussed with Chinese officials areas of cooperation on global challenges, including working together to mobilize multilateral financing for climate action. US climate envoy John Kerry is expected to visit China next, according to US Ambassador to China Nicholas Burns, though he did not provide a timetable for the trip.

Persons: Janet Yellen, Yellen, Li Qiang, Pan Gongsheng, ” Yellen, —, Thomas Peter, ”, “, Biden, That’s, John Kerry, China Nicholas Burns Organizations: Hong Kong CNN, Communist Party, Washington, Sunday, Reuters, US, China’s, Xinhua, China, Bain & Company, Group, Street, Politico, Ukraine Locations: Beijing, Hong Kong, United States, China, “, Japan, Netherlands, decouple, Shanghai, American, ”

☆ Yellen, in Beijing, Criticizes China’s Treatment of U.S. Companies
▼ + stars: | 2023-07-07 | by ( Alan Rappeport | More About Alan Rappeport | ) www.nytimes.com time to read: +1 min

Treasury Secretary Janet L. Yellen on Friday criticized the Chinese government’s harsh treatment of companies with foreign ties and its recent decision to impose export controls on certain critical minerals, suggesting that such actions justify the Biden administration’s efforts to make U.S. manufacturers less reliant on China. Ms. Yellen delivered the forceful defense of American industry on her first day of meetings in Beijing during a high-stakes trip to ease tension between the United States and China. Her comments, to a group of executives from American businesses operating in China, underscored challenges that the world’s two largest economies face as they look to move beyond their deep differences. In March, the Chinese authorities detained five Chinese nationals working in Beijing for the Mintz Group, an American consulting company with 18 offices around the world, and closed the branch. The next month, the authorities questioned employees in the Shanghai office of Bain & Company, the U.S. management consulting firm.

Persons: Janet L, Yellen, I’ve, Ms, “ I’ve Organizations: Biden, American Chamber of Commerce, U.S, ”, Boeing, Bank of America, Cargill, Group, Bain & Company Locations: China, Beijing, United States, American, Shanghai, U.S

☆ The AI act: Europe is leading the race to regulate artificial intelligence. Here's what you need to know
▼ + stars: | 2023-06-15 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

“We have made history today,” Brando Benifei, a member of the European Parliament working on the EU AI Act, told journalists. Detailed summaries of the copyrighted data used to train these AI systems would also have to be published. AI systems with minimal or no risk, such as spam filters, fall largely outside of the rules. Fines under the AI Act serve as a “war cry from the legislators to say, ‘take this seriously’,” Muldoon said. The Act also requires EU member states to establish at least one regulatory “sandbox” to test AI systems before they are deployed.

Persons: ” Brando Benifei, ” Benifei, Brad Smith, Sam Altman —, Doug McMillion, James Quincy —, Racheal Muldoon, Maitland Chambers, Meta, ” Muldoon, Dragoș, ”, Muldoon Organizations: London CNN, European Union, EU, Lawmakers, of, Big Tech, Microsoft, Yale, Summit, Walmart, ” Systems, Facebook, Twitter, General Data, Office, AI, Companies, Google, IBM Locations: Brussels, EU, Europe, China, London

☆ 10 Things in Tech: Hello, Apple Vision Pro
▼ + stars: | 2023-06-06 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

The Nerd Helmet, as coined by The Wall Street Journal's Joanna Stern, has arrived! Apple on Monday unveiled its first hardware release in almost a decade: The $3,499 Vision Pro mixed-reality headset. But while Meta has aimed to make VR/AR affordable for the masses, with limited success, Apple is squarely aiming the Vision Pro at early adopters and developers. Apple's Vision Pro headset has an exterior "EyeSight" display to make your eyes visible to others around you. Say hello to the Vision Pro.

Persons: Lara O'Reilly, Joanna Stern, Apple, Let's, Tim Cook, Bob Iger, Elizabeth Holmes, Justin Sullivan, Linda Yaccarino, Elon Musk, Sam Altman, Altman, OpenAI, Binance, Changpeng Zhao, Bernstein, Hollywood's, Roy Rochlin, Craig Federghi, Jack Sommers Organizations: Apple, Meta, Apple's Worldwide, Conference, Vision, Getty, Twitter, Venture, Sequoia, US Securities and Exchange Commission, Alliance, Producers, Hollywood, New York Stock Exchange, Wall, nab, Wall Street Locations: London, ChatGPT

☆ Top asset manager says pension fund clients are turning skittish on China - 'There is a very real geopolitical risk'
▼ + stars: | 2023-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

APG's pension fund clients are more worried about investing in China, the Financial Times reported. That's as geopolitical risk has grown, with China increasingly at odds with the West. "There is a very real geopolitical risk that has been added to the proposition." There is a very real geopolitical risk that has been added to the proposition," he said. The hesitation felt by pension funds towards Chinese assets comes as foreign investors overall have begun moving out of the country at a faster rate.

Persons: —, Thijs Knaap, Knapp, we've, Micron's microchips, Minxin Pei Organizations: Financial Times, Service, APG Asset Management, APG Locations: China, Beijing, Shanghai, Singapore, Europe, That's, Taiwan, Russia

☆ VC firm Sequoia is pulling out all the stops to dominate AI, insiders say. The firm is using everything from 'speed dating' to star studded summits to woo founders.
▼ + stars: | 2023-05-22 | by ( Stephanie Palazzolo | Ben Bergman | ) www.businessinsider.com time to read: +10 min

It's just one move of many the VC firm has taken to cement its position in the white-hot AI space. Huang and Grady wrote a public blog post on Sequoia's website inviting AI founders to email them their ideas and pitches directly. But the firm has been louder where it counts, investing in splashy AI startups like Harvey and LangChain. Every member of the firm, from managing partner Roleof Botha on down, has made AI a top priority, with Grady, Huang, and Buhler most prominently involved. Both Huang and Buhler now spend over 90% of their time researching AI companies, versus 50% in previous years, they said.

☆ How generative A.I. and ChatGPT will influence jobs at all professional levels
▼ + stars: | 2023-05-16 | by ( Mikaela Cohen | ) www.cnbc.com time to read: +6 min

A new C-suite role of chief AI officer is comingAsha Palmer, senior vice president of compliance solutions at digital learning platform Skillsoft, says every C-suite has executives who oversee privacy and data, so AI could prompt the creation of a chief AI officer and entire departments overseeing AI security. As AI takes off, a chief AI officer will be a key decision maker over tech priorities that filter down through the organization. Companies need to take precaution and set up guardrails to oversee AI use, Palmer said, and that starts with training employees on how to use chatbots and generative AI. "For companies using or buying AI, they should ask AI companies what their transparency metrics are, how often they audit and check these, and ask them to make this information public facing." Office workers face a challenge, but it is the roles in middle management, specifically, he said, "where it's ambiguous how AI will impact them."

☆ China's security crackdown could signal new realities for foreign investors
▼ + stars: | 2023-05-16 | by ( Clement Tan | ) www.cnbc.com time to read: +6 min

Last Monday, state broadcaster CCTV singled out a consulting company for not complying with China's national security laws. "It may seem a paradox," said Chong Ja Ian, an associate professor at the National University of Singapore who studies Chinese foreign policy. So much of what is now regarded as national security or state secrets is not sufficiently defined or classified. This includes passing a data security law in 2021 on the protection of information involving national and economic security and on issues of important public interest. "To have multiple companies involved now in this crackdown and the restriction of financial data to foreigners, it appears that Chinese security departments are on to something larger."

Capvision said in a statement soon after the broadcast that it would resolutely abide by national security rules. The CCTV report was the first clear indication of the national security scope of recent police action against several consulting firms. "The state security organ and other authorities will intensify law enforcement against activities that endanger national security, such as illegal consulting," the state-owned Global Times said. The revisions will see all documents, data, materials and items "related to national security and interests" given the same protection as state secrets. The law does not define China's national security or interests.

Hong Kong CNN —China’s state security authorities raided multiple offices of international advisory firm Capvision, state media reported Monday, part of a broader crackdown on the consulting industry as Beijing tightens control over what it considers sensitive information related to national security. The consultancy firm, which is headquartered in Shanghai and New York, adds to a growing list of global consulting companies that have been ensnared in Beijing’s widening crackdown on what it perceives as national security risks. In the report, Capvision was singled out as a “leading company” in the industry. According to state security police, he downloaded 5,000 documents from his state-owned company’s internal network. The authorities said he had provided clients with six pieces of information that were classified as state secrets, CCTV said.

☆ Foreign Firms in China Squeezed by U.S. Disclosure Demands, Beijing’s Security Clampdown
▼ + stars: | 2023-05-04 | by ( Elaine Yu | Dan Strumpf | ) www.wsj.com time to read: 1 min

Mintz Group’s Beijing office was raided by authorities, who detained five of the company’s workers. Photo: greg baker/Agence France-Presse/Getty ImagesHONG KONG—Foreign companies in China are walking a tightrope between their need for business intelligence to comply with proliferating U.S. sanctions and mounting concerns about the risks of carrying out the due diligence required for business on the ground. Authorities recently questioned staff at consulting firm Bain & Co.’s Shanghai office and detained the Beijing-based workers for U.S. due-diligence company Mintz Group. The news has put companies that conduct due diligence and business intelligence in China on heightened alert, with details about the visits scant and uncertainty swirling around what triggered them.

But a drumbeat of government security measures, including a broadening of counterespionage laws, and unannounced visits by investigators to the Chinese offices of several foreign firms have sent a shiver of worry that under Xi Jinping, economic pragmatism could again give way to a heightened focus on state control. International consulting and advisory firms are among those that have faced questioning from Chinese security officers in recent weeks, adding to fears among foreign investors that the authorities may be trying to choke off their access to unvarnished information about markets, competitors and potential deals in China. The scrutiny has left some companies questioning whether their China operations are at risk. Officers visited the Shanghai office of Bain & Company, a major American consulting firm, and questioned employees, Bain said in late April. And the Mintz Group, an American company specializing in corporate investigations, said in late March that officials visited its Beijing office and detained five Chinese employees.

☆ US Chamber of Commerce warns of major increase in risks for businesses in China
▼ + stars: | 2023-05-01 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —The United States Chamber of Commerce has warned that rising scrutiny of American firms in China “dramatically increases” the uncertainties and risks of doing business in the country. “The services these firms provide are fundamental to establishing investor confidence in any market, including China,” the chamber said in a statement, without naming either company. Suzanne Clark, president and chief executive officer of the US Chamber of Commerce, speaking during an event in Ottawa, Canada, in April. The news came a month after Chinese authorities closed the Beijing offices of Mintz, detaining five of its local staff. The news about Bain has spooked the US business community in China, the American Chamber of Commerce in China told CNN last week.

By comparison, less than 5% of companies mentioned AI in analyst calls held during the first quarter of 2016. Big Tech mentions jump AI has been a growing theme in Big Tech as companies try to capitalize on the wave following 2022's selloff. In calls from Big Tech companies alone, AI was mentioned 265 times. Executives at real estate company UDR said its AI chat has a 10% higher closing rate than normal call centers. Interpublic Group of Companies CEO Philippe Krakowsky noted the advertising company brought on a chief AI officer two years ago.

The revision is likely to heighten concerns of foreign individuals, such as academic researchers or journalists, and businesses about visiting or operating in China. “Something like a local government budget you could broadly define as relating to national security, or even food security,” he said. “Researchers definitely need to be careful.”China says its laws related to national security and espionage are meant to safeguard the country. “Even with this amendment we still don’t understand what kind of document constitutes a national security issue,” he added. Chinese authorities did not offer details about both cases, including the reason for the crackdown, but analysts say the move is likely to further spook foreign businesses operating in China.

☆ Chinese police question staff at Bain’s Shanghai office
▼ + stars: | 2023-04-26 | by ( Michelle Toh | ) edition.cnn.com time to read: 1 min

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☆ Chinese police query Bain's Shanghai office staff - company spokesperson
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

April 26 (Reuters) - Chinese police have visited U.S. management consultancy Bain & Company's office in Shanghai and questioned staff there, a company spokesperson said on Wednesday without elaborating. "We are cooperating as appropriate with the Chinese authorities," the spokesperson told Reuters by email. The U.S. embassy in China and the American Chamber of Commerce in Shanghai did not immediately respond to requests for comment. American companies worry that China may be stepping up retaliatory action because of measures taken against Chinese firms by U.S. President Joe Biden's administration. Chinese authorities last month raided the office of U.S. corporate due diligence firm Mintz Group in Beijing and detained five local staff.

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