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The bank said its recently announced reorganization plan will result in a 15% reduction in functional roles and that the first phase of the plan eliminated 60 net committees. Revenue at Citi's institutional clients group that houses its Wall Street operations rose 12% from a year ago, fueled by a 34% jump in investment banking fees. The bank's trading unit also boosted revenue, while its division providing treasury and securities services to corporations brought in 12% more revenue. At Citi, the total provision for the credit portfolio rose to $17.6 billion from $16.3 billion a year ago. Fraser announced a sweeping reorganization last month that will disband ICG and give her more direct oversight over the company's businesses.

Persons: Nick Zieminski, Jane Fraser, Fraser, Rivals Wells, JPMorgan Chase, Manya Saini, Tatiana Bautzer, Lananh Nguyen, Arun Koyyur Organizations: Citibank, REUTERS, LSEG, Citi, Federal, ICG, Rivals, JPMorgan, Thomson Locations: Jackson, Queens, New York City, U.S, Bengaluru, New York

☆ Tesla whistleblowers filed a complaint to the SEC in 2021, but the agency never interviewed them. Here's what the complaint said
▼ + stars: | 2023-10-12 | by ( Lora Kolodny | ) www.cnbc.com time to read: +22 min

With a "goodwill" repair, Tesla essentially foots the bill for labor, parts or accessories given to keep a customer happy. "Were Tesla to accurately categorize its 'goodwill' repairs as warranty repairs, it would likely need to restate earnings for every quarter since at least 2017," the tipsters wrote in their submission. In one example, the tipsters said screenshots showed other Tesla employees changed the status of material used in manufacturing from "scrap" to "work in progress." In another example, the complaint said screenshots showed Tesla employees had manually changed the status of "used" cars to "new" in a program that tracked vehicle deliveries data. In correspondence to the agency expanding on their complaint, the whistleblowers alleged this raises questions about the firm's independence and objectivity in judging Tesla's financials.

Persons: Brandon Bell, Elon, Tesla's, Tesla, Musk, Ann Lipton, Lipton, Karen Nelson, Nelson, Nicholas Parks, it's, Oxley, restate financials Organizations: Getty, U.S . Securities, Exchange Commission, SEC, PricewaterhouseCoopers, CNBC . Agency staff, CNBC, Twitter, Tulane Law School, University of Chicago Law School, Securities, Sarbanes, Oxley, Texas Christian University, Public Company, Tesla, Parks, Nelson, Business, Exchange, Board, SpaceX, The Boring, California Alternative Energy, Transportation Financing Authority Locations: Austin , Texas, Tesla, California, U.S, Delaware

☆ DOJ sues eBay for selling ‘rolling coal’ devices; fines could hit $2 billion
▼ + stars: | 2023-10-11 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Ebay could be on the hook for as much as $2 billion in fines for allegedly allowing hundreds of thousands of "rolling coal" pollution devices and other products that violate environmental laws to be sold on its platform. The Department of Justice, on behalf of the Environmental Protection Agency, filed a lawsuit claiming that the e-commerce giant enabled the sale of more than 343,000 rolling coal devices. The DOJ's 61-page complaint included screenshots of emissions tampering devices that were listed on eBay's platform. Rolling coal devices are among several tools that can be used to disable or tamper with a vehicle's pre-installed emissions control systems, which the EPA requires of all vehicles. Under the Clean Air Act, tampering with a vehicle's emissions control systems and selling those tampering tools are illegal.

Organizations: Ebay, of Justice, Environmental Protection Agency, DOJ, eBay, Act Locations: New Jersey , Maryland, Maine

☆ Japan and South Korea defense stocks jump after Hamas attack, aviation stocks slide
▼ + stars: | 2023-10-10 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

At his first troop review Saturday, Kishida renewed his pledge to consider "all options," including acquiring enemy base strike capability. Japanese and South Korean defense stocks surged on Tuesday as both stock markets returned to their first day of trading following the weekend attack of Israel by Palestinian militants Hamas. In South Korea, defense heavyweights Hanhwa Aerospace — which builds artillery and air defense systems — gained 2.23%, while Korea Aerospace Industries rose 4.07%. KAI produces fighter jets and aviation platforms for the South Korean military. Smaller South Korean defense players saw bigger gains.

Persons: Fumio Kishida, Kishida, Israel, KAI Organizations: Japan's, Defense Force, Hamas, Hanhwa Aerospace, Korea Aerospace Industries, South Korean, Kawasaki Heavy Industries, Japan's Self Defense Forces Locations: Japan, Tokyo, Israel, Gaza, South Korea

☆ Japan to allocate $205 million to support electric aircraft systems, Nikkei reports
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: 1 min

TOKYO, Oct 8 (Reuters) - Japan will subsidize hydrogen fuel cell systems and other equipment to the tune of 30.6 billion yen ($205 million), the Nikkei business daily reported on Sunday. The government's decision is aimed at supporting the development of components for electric aircraft with reduced carbon dioxide (CO2) emissions, the newspaper said. The trade ministry is expected to present the policy at a working group of the ministry's council, it said. The government will allocate 17.3 billion yen for the development of hydrogen fuel cell systems for aircraft, and 13.3 billion yen for the development of fuel-efficient engine control systems, the Nikkei said. ($1 = 149.3200 yen)Reporting by Kaori Kaneko; editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Kaori Kaneko, Robert Birsel Organizations: Nikkei, Thomson Locations: TOKYO, Japan, ministry's

Hollysys offers integrated services for industrial automation and rail transport, according to its website, and its control systems have been used in sensitive areas such as nuclear power stations. In August, a consortium led by Recco Control Technology and Dazheng Group Investment Holdings made an all-cash offer of $25 per share to buy the company. The special committee will discuss the next steps with Recco Control and Dazheng Group (Hong Kong) in response to the offer to acquire the company, while expediting the process to seek "additional serious and compelling offers," Hollysys said in a statement. Deutsche Bank will solicit additional potential offers on behalf of Hollysys, it added. Founded in 1993, Hollysys now has operations in China and eight other countries and regions throughout Asia.

Persons: Hollysys, Kannaki, Anil D'Silva, Susan Fenton Organizations: Hollysys Deutsche Bank, Automation Technologies, Recco Control Technology, Dazheng Group Investment Holdings, Nasdaq, Recco, Dazheng, Deutsche Bank, Dazheng Group, Reuters, U.S, New, Thomson Locations: Beijing, United States, China, Taiwan, Hong Kong, Hollysys, New York, Asia, Bengaluru, Yantoultra, Singapore

☆ Abrams tanks were 'built to kill' Russian armor, but Ukraine has its work cut out for it keeping them in the fight
▼ + stars: | 2023-09-27 | by ( Chris Panella | Ryan Pickrell | ) www.businessinsider.com time to read: +12 min

Ukraine has received a first batch of US-provided M1A1 Abrams tanks. It's heavy-duty, combat-proven armor that was built with a very specific mission in mind: killing Russian tanks. The promise to deliver American-made Abrams tanks to Ukraine followed plans from the UK, Germany, and other European partners to provide Ukraine with Challenger and Leopard tanks. AdvertisementAdvertisement"The Abrams was built, A1 and A2 alike, knowing we had to kill many more Russian tanks. AdvertisementAdvertisementUS M1A1 Abrams tanks needed for training the Armed Forces of Ukraine arrive by rail at Grafenwoehr, Germany, May 14, 2023.

Persons: Abrams, it's, —, Robert Greenway, Volodymyr Zelenskyy, Biden, M1A1 Abrams, Lance Cpl, Scott Jenkins, Joe Biden, M1A1s, Pat Ryder, Gian Gentile, RAND's, Gentile, Leo, Challenger, Allan Tannenbaum, Greenway, Charlie Company ,, Brendan Mullin, there's, It's, Tylon Chapman, Douglas R, Bush, we've Organizations: US Army, Service, Ukraine, Soviet, Hudson Institute, Army, New York Times, M1A1, Iraq's, Special Forces, Marine Corps M1A1, 2nd Tank Battalion, 2nd Marine Division, Marine Expeditionary Force, US Marine Corps, Kyiv, Pentagon, Challenger, Leopard, Leopards, RAND's Arroyo Center, US, Charlie, Charlie Company , 1st Tank Battalion, 1st Marine Division, United Arab Emirates, Armed Forces, US Air National Guard, Honeywell, Abrams, Acquisition, Logistics, Technology, M1 Abrams Locations: Ukraine, Soviet, Pohjankangas, Niinisalo, Finland, Scott Jenkins Ukraine, Germany, RAND's Arroyo, Russian, Iraq, Soviet Union, U.S, Kuwait, Grafenwoehr

☆ Russian soldiers captured a Ukrainian exploding drone — then it blew up and killed several of them: report
▼ + stars: | 2023-09-26 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +2 min

Russian soldiers intercepted a Ukrainian drone and successfully landed it, the Kyiv Post reported. But as they were photographing the drone, it blew up, Ukrainian intelligence told the outlet. AdvertisementAdvertisementRussian soldiers were inspecting a captured Ukrainian drone they had seized when it blew up and killed some of them, The Kyiv Post reported on Monday. A source in Ukrainian military intelligence (HUR) told the outlet the Russian soldiers hacked the drone's control systems and were able to land it in Kursk, some 50 miles inside Russian territory. AdvertisementAdvertisementIt is unclear how many died, but there were several senior people in the group, Kyiv Post reported, citing the intelligence source.

Persons: —, HUR, Steve Wright Organizations: Kyiv Post, Service, Royal United Services Institute Locations: Ukrainian, Kyiv, Kursk, Ukraine, Moscow, Russia

☆ Exclusive: U.S. FDA found lapses at Novo's main U.S. factory in May 2022 -report
▼ + stars: | 2023-09-20 | by ( Maggie Fick | ) www.reuters.com time to read: +4 min

Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020. A Form 483 is a type of agency report containing "observations" that FDA inspectors "deem to be objectionable". The FDA did not immediately respond to a request for comment on the report, but usually does not comment on inspections. The report from the May 2022 inspection shows that FDA officials found the factory had failed to include one type of bacteria, abbreviated as B. cepacia, on its list of "objectionable organisms". Analysts at Barclays and Jefferies said in notes this week that, although investors may be concerned by news of potential manufacturing issues, they saw minimal impact on Novo's production of semaglutide.

Persons: Andrew Kelly, Clayton, Jefferies, Steven Lynn, Maggie Fick, Josephine Mason, Mark Potter Organizations: Food and Drug Administration, FDA, REUTERS, Novo Nordisk, Reuters, U.S . Food, Drug Administration, Barclays, Manufacturing, Thomson Locations: White Oak , Maryland, U.S, North America, Clayton , North Carolina

☆ North Korea's Kim inspects Russian nuclear-capable bombers, hypersonic missiles
▼ + stars: | 2023-09-16 | by ( ) www.reuters.com time to read: +4 min

Summary Kim inspects nuclear-capable bombersKim shown hypersonic missilesPutin's defence minister greets KimKim inspects war ship of Russia's fleetVLADIVOSTOK, Russia, Sept 16 (Reuters) - North Korean leader Kim Jong Un inspected Russian nuclear-capable strategic bombers, hypersonic missiles and warships on Saturday, accompanied by President Vladimir Putin's defence minister. Shoigu showed Kim Russia's strategic bombers - the Tu-160, Tu-95 and Tu-22M3 - which are capable of carrying nuclear weapons and form the backbone of Russia's nuclear air attack force, Russia's defence ministry said. "It can fly from Moscow to Japan and then back again," Shoigu told Kim of one aircraft. Putin told reporters Russia was "not going to violate anything", but would keep developing relations with North Korea. While in Vladivostok, Kim watched the first act of the ballet "Sleeping Beauty", staged by St Petersburg's Mariinsky theatre, the RIA news agency reported.

Persons: Kim, Kim Kim, Kim Jong Un, Vladimir Putin's, Sergei Shoigu, Shoigu, Kim Russia's, Alexander Matsegora, Oleg Kozhemyako, Nikolay Yevmenov, Shaposhnikov, KIM, Putin, Dmitry Peskov, Washington, Guy Faulconbridge, Kevin Liffey, William Mallard, Mark Potter, Nick Macfie Organizations: Russian, Defence, North, Russia's, Navy, Russian Pacific, RUSSIAN PACIFIC, Pyongyang, Kim's, West, Russia, Kremlin, St, Mariinsky, Reuters, Thomson Locations: VLADIVOSTOK, Russia, Knevichi, Pacific, Vladivostok, United States, South Korea, Pyongyang, Ukraine, Moscow, Japan, North Korea, Vladivostok's Primorye, Russian, Primorsky, RUSSIAN, Russian Pacific, Soviet Union, Washington, U.S

Russia's President Vladimir Putin shakes hands with North Korea's leader Kim Jong Un during a meeting at the Vostochny Сosmodrome in the far eastern Amur region, Russia, September 13, 2023. DPRK is short for the Democratic People's Republic of Korea, North Korea's formal name. At the opening of the meeting with Putin, Kim said it was an unwavering position of the North to further develop its traditional friendship and ties with Russia. Russian media said Putin showed Kim around the building where Russia's new space launch rocket, the Angara, is assembled. Humanitarian aid to North Korea and U.N. Security Council resolutions imposed on Pyongyang may also be discussed, Russian officials have said.

Persons: Vladimir Putin, North, Kim Jong Un, Vladimir Smirnov, Kim, Putin, Kim Jong, Moscow, Dmitry Peskov, Peskov, KCNA, Jo Chun Ryong, Hyunsu Yim, Josh Smith, Soo, hyang Choi, Lidia Kelly, Guy Faulconbridge, Jack Kim, Gerry Doyle Organizations: Sputnik, REUTERS Acquire, North, DPRK, Democratic People's, Russia, Kremlin, Vostochny, Munitions Industry, Thomson Locations: Amur, Russia, North Korea, South Korea, MOSCOW, SEOUL, Washington, Democratic People's Republic of Korea, North, Moscow, Ukraine, Pyongyang, Vostochny Cosmodrome, Russia's, South, United States, Korea, Seoul, Tokyo, Melbourne

☆ Buy this defense technology stock as acquisitions add long-term value, Citi says
▼ + stars: | 2023-09-11 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Citi says L3Harris Technologies ' short-term growth headwinds are outweighed by expanding defense budgets. The bank resumed coverage of the defense technology stock on Monday with a buy rating and a $193 per share price target. L3Harris stock has slumped nearly 19% since the start of the year, after falling in three of the five years from 2018 through 2022. LHX YTD mountain L3Harris Technologies stock. "Execution is key at this point given elevated leverage after a recent string of acquisitions," Gursky said.

Persons: Jason Gursky, Rocketdyne, Gursky, — CNBC's Michael Bloom Organizations: Citi, L3Harris Technologies, U.S Locations: Ukraine

☆ Top Ukrainian advisor warns the war is coming to Russia and 'cannot be stopped' as drones destroy Russian aircraft
▼ + stars: | 2023-08-30 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

A top Ukrainian advisor says the war is increasingly crossing into Russia and can't be stopped. Recent drone attacks have damaged Russian aircraft and jets far from the front lines. The fiery comments come amid increasing drone strikes inside Russian territory, including an attack over the weekend that Ukraine said damaged Russian fighter jets. Ukraine said it hit the jets with Australian-made "cardboard" drones that have a range of up to 75 miles. Drone attacks on Russia — Ukrainian-claimed or otherwise — are not new.

Persons: Mykhailo Podolyak, Volodymyr Zelenskyy Organizations: Twitter, Service, Ukraine's Security Services, intel Locations: Ukrainian, Russia, Wall, Silicon, Ukraine, Russian, Soviet, Moscow

☆ UK flight disruption will take 'days' to fix after technical glitch causes travel chaos
▼ + stars: | 2023-08-29 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

The United Kingdom's air traffic control systems have grounded thousands of flights on one of the busiest travel days of the year. LONDON — A technical glitch which has caused hundreds of U.K. flights to be disrupted could take "days" to fix, causing chaos for passengers during the busy summer travel period. Hundreds of flights were delayed and canceled Monday after a systems failure at the U.K.'s air traffic control services left operators unable to automatically process flight plans. Britain's National Air Traffic Service said several hours later that it had resolved the issue, but warned that it would take time for normal flight schedules to resume. The issue comes during the U.K.'s busy public holiday travel period, with many people returning from summer vacations.

Persons: Juliet Kennedy, Kennedy, Mark Harper, Harper Organizations: LONDON, Air Traffic Service, London's, London Gatwick, BBC Radio, Civil Aviation Authority Locations: Heathrow, Manchester

☆ North Korea's space launch program and long-range missile projects
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +5 min

North Korean leader Kim Jong Un gives field guidance at the Seohae satellite launch site, in North Korea, in this photo released on March 11, 2022 by North Korea's Korean Central News Agency (KCNA). Dec. 12, 2012: North Korea successfully launches the Kwangmyongsong-3, putting an object in orbit. April 2013: North Korea establishes the National Aerospace Development Administration (NADA) which purports to pursue space exploration for peaceful purposes. Aug 29, 2017: North Korea fires an intermediate range missile over northern Japan, prompting warnings to residents to take cover. March 16, 2023: North Korea test launches the Hwasong-17 ICBM, its biggest missile, which some analysts believe incorporates technology for space launch vehicles.

Persons: Kim Jong Un, KCNA, Kim Jong Il, Hyon, ”, Kim, Jack Kim, Ed Davies, Josh Smith, Gerry Doyle Organizations: Korean Central News Agency, REUTERS, Rights, Japan's Coast Guard, ., North Korea, National Aerospace Development Administration, United, International, Japan, International Maritime Organization, Pacific, Thomson Locations: North Korea, North, Rights SEOUL, South Korea, United States, Korea, Pyongyang, Japan, U.S, East China

☆ JetZero: Is this new plane design the future of aviation?
▼ + stars: | 2023-08-21 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +9 min

“That is a staggering leap forward in comparison to what the industry is used to.”A rendering of JetZero's blended wing design. American aircraft designer and industrialist Jack Northrop created a jet-powered flying wing design in 1947, which inspired the B-2 in the 1990s. NASAIn 2020, Airbus built a small blended wing demonstrator, about six feet in length, signaling interest in pursuing a full-size aircraft in the future. Similarly, JetZero wants to simultaneously develop three variants: a passenger plane, a cargo plane and a fuel tanker. “Extensive aerodynamic testing and optimization are essential to fully realize the drag reduction potential of this innovative aircraft design.

Persons: Douglas, ”, Tom O’Leary, Jack Northrop, O’Leary, “, “ It’s, ” JetZero, JetZero, Bailey Miles, Miles, Richard Aboulafia, “ There’s Organizations: CNN, Boeing, Airbus, Douglas DC, NASA, JetZero, KC, US Air Force, Air Force Locations: California, Germany, American

A utility pole on Friday that had been damaged in the high winds this week in Lahaina, Hawaii. But Hawaiian Electric, the state’s largest utility and the parent company of the power provider on Maui, made wildfire prevention its lowest priority in a state regulatory filing in April. In fact, the utility had no plan to cut power to prevent further ignitions even after flames began consuming the island. The recent devastation on Maui served as a reminder that climate-driven disaster can strike anywhere. “From what we’ve learned, we believe the Lahaina fires could have been prevented had proper safety precautions been taken,” said Gerald Singleton, one lawyer who issued a release about potential lawsuits.

Persons: ”, Jennifer Potter, Potter, Jim Kelly, we’ve, Gerald Singleton, Nicole Lowen, Ms, ” Ms, “ Organizations: Hawaii Public Utilities Commission, Pacific Gas & Electric, San Diego Gas &, Hawaiian Electric, Energy, Hawaii State Legislature Locations: Lahaina , Hawaii, Maui, California, Lahaina, “, Hawaii

☆ UK Electoral Commission says it was hacked by 'hostile actors'
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

LONDON, Aug 8 (Reuters) - Britain's Electoral Commission said on Tuesday it had been targeted in a complex cyber incident first identified last October, which involved its systems being accessed by "hostile actors." The Electoral Commission is the independent body which oversees elections and regulates political finance in Britain. "Hostile actors were active in our systems and had access to servers which held our email, control systems, and copies of the electoral registers," it said in a series of posts on social media platform X. The commission has worked with Britain's National Cyber Security Centre and external experts to investigate the incident and had since made improvements to the security of its IT systems, it said. Reporting by Sachin Ravikumar; editing by William JamesOur Standards: The Thomson Reuters Trust Principles.

Persons: Sachin Ravikumar, William James Our Organizations: Cyber Security, Thomson Locations: Britain's, Britain

☆ White House partners with Amazon, Google, Best Buy to secure devices from cyberattacks
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, July 18 (Reuters) - The White House on Tuesday along with companies such as Amazon.com Inc (AMZN.O), Alphabet's Google (GOOGL.O) and Best Buy (BBY.N) will announce an initiative that allows Americans to identify devices that are less vulnerable to cyberattacks. A new certification and labeling program would raise the bar for cybersecurity across smart devices such as refrigerators, microwaves, televisions, climate control systems and fitness trackers, the White House said in a statement. Retailers and manufacturers will apply a "U.S. Cyber Trust Mark" logo to their devices and the program will be up and running in 2024. The Federal Communications Commission will seek public comment before rolling out the labeling program and register a national trademark with the U.S. Patent and Trademark Office, the White House said. In March, the White House launched its national cyber strategy that called on software makers and companies to take far greater responsibility to ensure that their systems cannot be hacked.

Persons: Nandita Bose, Jacqueline Wong Organizations: Amazon.com Inc, Google, Cyber, Federal Communications Commission, U.S . Patent, LG Electronics, Logitech, Cisco Systems, Samsung, White House, Federal Bureau of Investigation, Defense Department, Microsoft, Thomson Locations: U.S, Washington

☆ ASML to hire 100 researchers leaving Philips
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +1 min

AMSTERDAM, July 18 (Reuters) - Dutch semiconductor equipment maker ASML (ASML.AS) will hire 100 researchers who are leaving Philips (PHG.AS), the companies said on Tuesday. ASML was founded as a joint venture between Philips and ASM International (ASMI.AS) in 1984 and has become Europe's largest technology company by market capitalisation. Philips, a former industrial conglomerate that now focuses on medical technology, has been retrenching and cutting staff after a major recall of respiratory devices. The employees switching companies are from Philips' Engineering Solutions division, including staff working on "mechatronics", the integration of mechanical control systems into electronics. ASML hired a net 7,000 employees in 2022, adding almost 20% to its global workforce, but it is expected to slow that pace this year.

Persons: ASML, Toby Sterling, David Goodman, Jonathan Oatis Organizations: Philips, ASM International, Engineering Solutions, Thomson Locations: AMSTERDAM, Financieele Dagblad, ASML

☆ Tesla's push into humanoid robots is set to benefit these 5 global stocks in the supply chain, HSBC says
▼ + stars: | 2023-07-13 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

HSBC identified key stocks in the supply chain that may benefit from Tesla's push into humanoid robots. Tesla launched its human-shaped robot, called "Tesla Bot," last September. But compared with its more seasoned counterpart, Boston Dynamics' Atlas, the Tesla Bot lacks advanced motion control capabilities, HSBC said. The table below shows the five buy-rated stocks expected to be in the supply chain for such robots, according to HSBC. These companies — Japan's Keyence, South Korea's LG Energy Solution, Chinese firms Inovance, Contemporary Amperex Technology (CATL), and Zhejiang Sanhua — are involved in different aspects of the supply chain for humanoid robots, HSBC said.

Persons: Tesla, HSBC's, Elon Musk, Helen Fang, Japan's, Dyson Organizations: HSBC, Boston Dynamics, South Korea's LG, Amperex Technology Locations: South, Zhejiang

☆ China releases its first open-source computer operating system
▼ + stars: | 2023-07-06 | by ( Josh Ye | ) www.reuters.com time to read: +1 min

HONG KONG, July 6 (Reuters) - China has released its first homegrown open-source desktop operating system, named OpenKylin, state media said, as the country steps up efforts to cut reliance on U.S. technology. China's massive market for operating systems was worth 15.5 billion yuan ($2.1 billion) last year, state media said, citing an industry report. Developing an operating system independent of U.S. technology has been an important goal for China's tech industry in recent years, with many companies and organisations having contributed to the development of the OpenKylin system. More than a dozen Chinese companies are trying to develop operating systems that could replace Microsoft's Windows and Apple's MacOS operating systems. One such company, UnionTech Software Technology Co Ltd, has been developing what it calls the "Unity operating system".

Persons: Josh Ye, Clarence Fernandez Organizations: China Industrial Control Systems, UnionTech Software Technology Co, Thomson Locations: HONG KONG, China

The decision overturned a lower court's ruling that Abitron Germany GmbH was liable in the United States for trademark infringement that occurred abroad. Hetronic Germany, which was later bought by Abitron Germany GmbH, distributed its products in Europe. A jury found in favor of Hetronic and awarded more than $115 million in damages, $96 million of which was for violating federal trademark law. That $96 million was the subject of the appeal to the Supreme Court. President Joe Biden's administration told the Supreme Court that Abitron should be liable only for its acts abroad that were likely to confuse consumers in the United States.

Persons: Abitron, Hetronic, Joe Biden's, Blake Brittain, Will Dunham Organizations: U.S, Supreme, Methode Electronics, Hetronic, Abitron, Circuit, Appeals, Thomson Locations: Abitron Germany, United States, Denver, Appeals . Oklahoma, Germany, Europe, Oklahoma, Washington

☆ How About if We Don’t Make AI All That Intelligent?
▼ + stars: | 2023-06-23 | by ( Joe Queenan | ) www.wsj.com time to read: 1 min

Illustration: Mark MatchoThese days everyone is worried that artificial intelligence will allow machines to take over the world because computers will be so much smarter than us. Armed with powerful tools that we foolishly gave them, machines will have the ability to shut down power grids, disrupt air-traffic control systems or send the stock market into a free fall. They will be able to rig football games, close the Panama Canal, sabotage military operations, perhaps even start wars.

Persons: Matcho Locations: Panama

☆ Their parents made China the world's factory. Can the kids save the family business?
▼ + stars: | 2023-06-19 | by ( David Kirton | ) www.reuters.com time to read: +9 min

Du, like tens of thousands of other young Chinese factory bosses, is inheriting a basic manufacturing business that can no longer rely on the labour-intensive model that made China the world's largest exporter of goods. Those skills would come in handy in a factory the Chinese state set up in 1951 and privatised in 2002. Like five of the other chang er dai who spoke to Reuters, Zhang never planned to take over the factory. Chang er dai, however, help lift the bottom, which is also important for preserving China's share of world manufacturing, two industry experts told Reuters. Not all chang er dai will get there.

Persons: Steven Du, Du, Zhang Zhipeng, Mao Zedong's, Du said, Zhang, Zhang Zeqing, Chang, Zhou Yuxiang, Tian Weihua, Tian, Zhang Ying, David Kirton, Marius Zaharia, David Crawshaw Organizations: Shenzhen Research Institute of High, Reuters, Apple, Agricultural Products, Lake Technologies, Science, Technology Innovation Research Institute, University of Arts, Workers, Thomson Locations: RUICHANG, China, Shanghai, Southeast Asia, India, New Zealand, United States, TW, Wisconsin, Ruichang, France, London, Ningbo

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