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☆ China's Didi plans 2024 Hong Kong listing - Bloomberg News
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +1 min

A Didi logo is seen at the headquarters of Didi Chuxing in Beijing, China November 20, 2020. REUTERS/Florence Lo/File photo Acquire Licensing RightsOct 13 (Reuters) - China's biggest ride-hailing company, Didi Global, aims to list its shares on the Hong Kong Stock Exchange next year, Bloomberg News reported on Friday, citing people familiar with the matter. The company delisted from the New York Stock Exchange in 2022 after it ran afoul of Chinese regulators by pushing ahead with a $4.4 billion listing in the U.S in July 2021. Didi was banned by Chinese regulators from taking on new users and its app not available from mid-2021 until January 2023. Didi has contemplated a Hong Kong listing previously, Reuters has reported, with a listing by introduction where new capital is not raised as one option.

Persons: Didi Chuxing, Florence, Didi Global, Didi, Gursimran Kaur, Scott Murdoch, Sonia Cheema, Jamie Freed, Gerry Doyle Organizations: REUTERS, Hong Kong Stock Exchange, Bloomberg, Reuters, New York Stock Exchange, Cyberspace Administration of China, CAC, Thomson Locations: Beijing, China, U.S, New York, Hong Kong, United States, Bengaluru

☆ China proposes blacklist of training data for generative AI models
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsBEIJING, Oct 12 (Reuters) - China has published proposed security requirements for firms offering services powered by generative artificial intelligence, including a blacklist of sources that cannot be used to train AI models. Generative AI, popularised by the success of OpenAI's ChatGPT chatbot, learns how to take actions from past data, and creates new content like text or images based on that training. The committee proposes conducting a security assessment of each body of content used to train public-facing generative AI models, with those containing "more than 5% of illegal and harmful information" to be blacklisted. The draft rules also state that information censored on the Chinese internet should not be used to train models. The draft security requirements published on Wednesday require organisations training these AI models to seek the consent of individuals whose personal information, including biometric data, is used for training purposes.

Persons: Dado Ruvic, OpenAI's, Eduardo Baptista, Jane Merriman, Jan Harvey Organizations: REUTERS, Rights, National Information Security, Cyberspace Administration of China, CAC, Ministry of Industry, Information Technology, Baidu, HK, U.S, Thomson Locations: Rights BEIJING, China

BANGKOK (AP) — Crude oil prices surged and share prices were mostly lower on Monday after the Israeli government declared war following deadly attacks by Hamas from the Gaza Strip. Oil prices fell back slightly after gaining more than $3 a barrel. Conflict in the Middle East often pushes oil prices higher given the risk of disruptions to supplies. Wall Street hates high interest rates because they hurt prices for all kinds of investments. It means the economy is still doing well despite high rates, which could support corporate profits.

Persons: ” Stephen Innes, Brent, Germany's DAX, Australia's, India's Sensex, Lloyd Austin, GM, JPMorgan Chase, Jon Gambrell Organizations: Management, New York Mercantile Exchange, Israel’s, Bank, U.S ., CAC, Dow, U.S . Defense, Ford, Wall Street, Federal Reserve, Nasdaq, Fed, General Motors, United Auto Workers, Detroit’s, Delta Air Lines, JPMorgan, UnitedHealth Group Locations: BANGKOK, Gaza, Tel, Paris, London, Shanghai, Hong Kong, Bangkok, Tokyo, Palestinian, Israel, Jerusalem

☆ China plans to ease one of the biggest hurdles for foreign business
▼ + stars: | 2023-10-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

China News Service | China News Service | Getty ImagesBEIJING — Chinese authorities are signaling a softer stance on once-stringent data rules, among recent moves to ease regulation for business, especially foreign ones. But foreign businesses have found it difficult to comply — if not operate — due to vague wording on terms such as "important data." The country's top executive body, the State Council, in August revealed a 24-point plan for supporting foreign business operations in the country. The text included a call to reduce the frequency of random inspections for companies with low credit risk, and promoting data flows with "green channels" for certain foreign businesses. When U.S. Commerce Secretary Gina Raimondo visited China in August, she called for more action to improve predictability for U.S. businesses in China.

Persons: Reva Goujon, Goujon, Gabriel Wildau, Gina Raimondo, Martin Chorzempa, Samm Sacks, Yale Law School Paul, Chorzempa, Sacks, Beijing's Organizations: China News Service, Getty, Cyberspace Administration of China, Government, European Union Chamber of Commerce, CNBC, EU, State, China Corporate, CAC, State Council, Commerce, Peterson Institute for International Economics, Yale Law School, Yale Law School Paul Tsai China Center and New, Baidu Locations: Chongqing, BEIJING, China, Beijing, Covid, U.S, Yale Law School Paul Tsai China Center and New America

TOKYO (AP) — Global shares mostly rose Friday in cautious trading ahead of an update on the U.S. jobs market. U.S. futures and oil prices were little changed. “The sentiment of unease prevails as the market awaits the release of the U.S. employment report later today,” said Anderson Alves at ActivTrades. Market attention also remains on oil prices, which have fluctuated recently and will have major effects on how central banks act on interest rates. On Thursday, Wall Street drifted to a quiet close on worries over inflation and interest rates.

Persons: Germany's DAX, Australia's, Seng, ”, Anderson Alves, Stocks, acquiesce, Brent Organizations: TOKYO, — Global, CAC, Dow, Nikkei, China, Investors, Federal, Dow Jones, Nasdaq, Federal Reserve, U.S Locations: Tokyo, China, Hong, Hong Kong, U.S, ActivTrades

The Cyberspace Administration of China (CAC) said it was considering waiving data export security assessments for activities such as international trade, academic cooperation, cross-border manufacturing and marketing that do not contain personal information or important data. Alex Roberts, a Shanghai-based lawyer at Linklaters, said the new rules are "a great signal for foreign investment and trade into China". You Yunting, a lawyer with Shanghai-based DeBund Law Offices, said the new rules "represents a certain degree of relaxation in data export regulation" in China. He added that the new rules could keep the cross-border transfer of human resources data low for companies. The previous rules were causing consternation among international businesses in China as some fear they could be cut off from assessing their human resources data from within China.

Persons: Alex Roberts, Brenda Goh, Josh Ye, Christina Fincher, Alison Williams Organizations: Cyberspace Administration of China, European, Reuters, Thomson Locations: SHANGHAI, HONG KONG, China, Shanghai, Linklaters, Hong Kong

☆ China enforces new filing rules on smartphone app stores
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Sept 27 (Reuters) - China's cyberspace regulator on Wednesday released the first batch of mobile app stores that have completed filing business details to regulators as it enforces a new set of rules to expand oversight on mobile apps. A total of 26 app stores operated by companies including Tencent (0700.HK), Huawei (HWT.UL), Ant Group(688688.SS), Baidu (9888.HK), Xiaomi (1810.HK) and Samsung (005930.KS) have submitted filings to the authority, according to the Cyberspace Administration of China (CAC). Notably, Apple's App Store is not among the app stores on the list. This comes after the CAC issued a new rule last June requiring mobile app distribution platforms to submit business details to the government as it expands oversight on mobile apps in the country. Reporting by Josh Ye; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Josh Ye, Jacqueline Wong Organizations: Wednesday, HK, Huawei, Ant, Baidu, Samsung, Cyberspace Administration of China, CAC, Thomson Locations: HONG KONG, KS

☆ Huawei and Alibaba among companies seeking Chinese deepfake approvals
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +1 min

An AI (Artificial Intelligence) sign is seen at the World Artificial Intelligence Conference (WAIC) in Shanghai, China July 6, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 1 (Reuters) - China's cyberspace regulator has received 110 applications from Chinese technology companies such as Huawei (HWT.UL) and Alibaba (9988.HK) for approvals related to models that can be used to manipulate visual and audio data. This approval process is separate from the CAC's regulation of Chinese tech firms looking to push out generative artificial intelligence (AI) products, which have been in high demand ever since the success of U.S. firm OpenAI's ChatGPT. Five Chinese tech firms, including Baidu Inc (9888.HK) and SenseTime Group (0200.HK), on Thursday launched AI chatbots to the public after receiving government approval. Reporting by Eduardo Baptista, Josh Ye, and Brenda Goh Editing by David Goodman and Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, OpenAI's, chatbots, Eduardo Baptista, Josh Ye, Brenda Goh, David Goodman, Mark Potter Organizations: Artificial Intelligence, REUTERS, Rights, Huawei, HK, Cyberspace Administration of China, CAC, Baidu Inc, SenseTime, Thomson Locations: Shanghai, China, Rights BEIJING

☆ European stocks open higher after Fed chair signals more rate hikes possible
▼ + stars: | 2023-08-28 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

At the gathering, a slew of central bankers met to discuss monetary policy and how to address stubbornly high inflation in many major economies. The most closely watched speech of the event came from Fed Chair Jerome Powell. The U.S. central bank head said that that inflation remains too high and that the Fed is ready to continue hiking interest rates to tame persistently high prices. While Powell said the Fed could be flexible, he added it still has further to go to fight inflation. "Although inflation has moved down from its peak — a welcome development — it remains too high," Powell said in prepared remarks at Jackson Hole.

Persons: Germany's DAX, Jerome Powell, Powell, Jackson Organizations: U.S . Federal Reserve, CAC, Italian, Kansas City Federal Locations: Jackson Hole , Wyoming, U.S

☆ What Instacart's IPO filing reveals for Uber and DoorDash investors
▼ + stars: | 2023-08-28 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Instacart's recent IPO filing delivered Wall Street some surprising insight into the grocery delivery business, and how competitors Uber and DoorDash 's could better harness advertising opportunities to unlock profit. Last week, the grocery delivery company brought an end to the tech IPO drought when it filed to go public on the Nasdaq Stock Market . And according to some Wall Street analysts, the filing revealed a better positioned company than expected, and one further along on the road to profitability than Uber and DoorDash at the time of their respective IPOs. Filings also revealed insight into customer behavior that both DoorDash and Uber can apply to their budding grocery segments. 'Cautious read-throughs' Despite widespread optimism about the long-term outlook for the grocery delivery business, the filing also revealed some near-term growth concerns for grocery delivery orders.

Persons: Uber, Bernstein, Nikhil Devnani, bode, Bernstein's Devnani, Lloyd Walmsley, Walmsley, — CNBC's Michael Bloom Organizations: Nasdaq, UBS, DASH

"We're going to see our first rise in headline inflation after 12 consecutive months of falling prices," said Ben Laidler, global markets strategist at eToro. The pan-European benchmark STOXX 600 (.STOXX) rose 0.5%, supported by gains in the luxury sector (.STXLUXP) after China lifted a ban on group tours in the United States and other key markets. In currency markets, the dollar index , which measures the U.S. currency against six peers, eased 0.4%. "We've got $1 trillion coming down the pipe over the next three months," eToro's Laidler said. "Any sign that markets are absorbing that well, which we got the first signs of yesterday, will be very well taken."

Persons: Ben Laidler, Laidler, Germany's DAX, Rodrigo Catril, We've, eToro's Laidler, Bond, Brent, Samuel Indyk, Ankur Banerjee, Edwina Gibbs, Sam Holmes, Susan Fenton, Alexandra Hudson Organizations: Silicon Valley Bank, Credit Suisse, Reuters, CAC, FTSE, Wall, National Australia Bank, U.S, Treasury, Alexandra Hudson Our, Thomson Locations: Frankfurt, Silicon, China, United States, Europe's, Europe, CHINA, U.S, Asia, Pacific, Japan, Beijing, Saudi Arabia, Russia

☆ China cyberspace regulator issues guidelines targeting offensive comments against businesses
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: 1 min

A sign above an office of the Cyberspace Administration of China (CAC) is seen in Beijing, China July 8, 2021. REUTERS/Thomas PeterHONG KONG, Aug 10 (Reuters) - China cyberspace regulator issued a set of guidelines on Thursday targeting offensive comments against businesses on social media as Beijing seeks to improve the business environment. The Cyberspace Administration of China (CAC) said that online platforms should focus on addressing false and misleading information about businesses online. Offensive comments aimed at entrepreneurs and disclosure of private information about people on the internet should also be addressed. Reporting by Josh Ye; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter HONG KONG, Josh Ye, Jacqueline Wong Organizations: Cyberspace Administration of China, REUTERS, Thomson Locations: Beijing, China

☆ China drafts rules for using facial recognition technology
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +1 min

FILE PHOTO-A sign above an office of the Cyberspace Administration of China (CAC) is seen in Beijing, China July 8, 2021. REUTERS/Thomas Peter/File PhotoBEIJING, Aug 8 (Reuters) - China's cyberspace regulator said on Tuesday it has issued draft rules to oversee the security management of facial recognition technology in the country. It said facial recognition technology can only be used to process facial information when there is a specific purpose and sufficient necessity, and with strict protective measures. The use of the technology will also require individual's consent, the Cyberspace Administration of China said in a statement. If there are other non-biometric identification technology solutions available that can achieve the same purpose or meet equivalent business requirements, priority should be given to selecting that non-biometric identification technology solution, it said.

Persons: Thomas Peter, Liz Lee, Jacqueline Wong Organizations: Cyberspace Administration of China, REUTERS, Cyberspace Administration, Beijing, Thomson Locations: Beijing, China, BEIJING

The German share price index DAX graph is pictured at the Frankfurt stock exchange in Frankfurt, Germany, March 17, 2023. The pan-European STOXX 600 (.STOXX) closed up 0.1% ahead of inflation readings from Germany, China and the U.S. later this week, all likely to drive expectations on how long interest rates could remain high. Europe's aerospace and defence index (.SXPARO) hit a record high, rising 1.0%, with Italy's Leonardo (LDOF.MI) and London-listed Melrose (MRON.L) up 3.1% and 2.6% respectively. Major European bourses were mixed, with London's commodity-heavy FTSE 100 down 0.1%, while France's blue-chip CAC 40 index (.FCHI) rose 0.1%. Pressuring Germany's DAX (.GDAXI), Siemens Energy (ENR1n.DE) dropped 6.1%, having shuttled between gains and losses throughout the day.

Persons: Daniela Hathorn, Italy's Leonardo, Anthi Tsouvali, Germany's DAX, Shashwat Chauhan, Sruthi Shankar, Amruta, Varun, Alex Richardson Organizations: REUTERS, Staff, Defence, Siemens Energy, U.S, Aurubis AG, Capital.com, Bavarian, Melrose, State Street Global Markets, Thomson Locations: Frankfurt, Germany, China, Danish, London, U.S, Bengaluru

FILE PHOTO-A woman walks past a Credit Agricole logo outside a bank office in Reze near Nantes, France, May 12, 2021. The results boosted Credit Agricole SA's (CAGR.PA) stock, which was up by about 5% at 0817 GMT, making it the best performer within France's blue-chip index CAC 40 (.FCHI). Helping the positive sentiment, the investment vehicle of the mutual banks that control Credit Agricole said it would spend 1 billion euros on the bank's shares, further tightening its grip on the lender. The vehicle currently owns 60.2% of Credit Agricole SA and said it had no intention to go beyond 65%. Degroof Petercam has client assets of 71 billion euros, while Indosuez said it had assets under management of 130 billion euros at the end of 2022.

Persons: Stephane Mahe, Degroof, France's, JP Morgan, Degroof Petercam, Indosuez, Xavier Musca, Musca, Mathieu Rosemain, Geert de Clercq, Piotr Lipinski, Ingrid Melander, Augustin Turpin, Alexander Smith Organizations: REUTERS, Agricole, CAC, PARIS, Credit Agricole, Credit Agricole SA, Royal Bank of Canada, Barclays, Credit Agricole's, Indosuez, KBC, Thomson Locations: Reze, Nantes, France, Belgian

☆ China to make holders of more than 1 mln users' data get annual audits
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

A man walks past an office of the Cyberspace Administration of China (CAC) in Beijing, China July 8, 2021. The appointed compliance agency must also evaluate services that own the data of more than 100,000 users, or those with sensitive data of more than 10,000 users, the CAC said. Services that hold data of fewer than 1 million users must undergo a personal information compliance check at least once every two years, the CAC said. China has in recent years tightened controls on data and information, especially data and information that flows abroad. The CAC last year required platform companies with data on more than 1 million users to undergo a security review before listing their shares overseas.

Persons: Thomas Peter BEIJING, Albee Zhang, Brenda Goh, Robert Birsel Organizations: Cyberspace Administration of China, CAC, REUTERS, Services, Thomson Locations: Beijing, China

☆ China wants to limit teens to using their phones for just an hour a day to fight rising 'internet addiction'
▼ + stars: | 2023-08-03 | by ( Pete Syme | ) www.businessinsider.com time to read: +2 min

Those between the ages of eight and 16 would be limited to using them for just one hour a day. China could restrict teenagers to using their phones for just one hour a day, under draft rules proposed by the country's cyberspace regulator. The Cyberspace Administration of China announced potential guidelines on Wednesday that include limits seeking to prevent "the problem of minors' internet addiction." That would also prevent children from using their phones between 10 p.m. and 6 a.m., except for education products and emergency services. The CAC's proposed rules are currently open for public consultation.

Persons: it's, Tencent Organizations: Cyberspace Administration, China Locations: China

☆ China floats two-hour daily limit of smartphone screen time for kids
▼ + stars: | 2023-08-02 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +1 min

The powerful Cyberspace Administration of China proposed rules that would limit the screen time of children aged under 18 years old. Chinese regulators have proposed rules that would limit the smartphone screen time of people under the age of 18 to a maximum of two hours per day. The radical draft rules laid out by the increasingly powerful Cyberspace Administration of China (CAC) highlight Beijing's desire to exert control over more parts of the country's digital life. In 2021, China introduced regulation that restricted teens under 18 years of age from playing online video games for more than three hours per week. The CAC warned online firms not to provide services that induce addiction or are detrimental to the physical and mental healthy of kids.

Organizations: Cyberspace Administration, Administration of China, CAC, China's Locations: China

☆ China looks to limit children to two hours a day on their phones
▼ + stars: | 2023-08-02 | by ( Josh Ye | ) www.reuters.com time to read: +2 min

Youngsters check mobile phones during a dinner time at a cafeteria in Shanghai, China September 3, 2021. Users aged 16 to 18 would be allowed two hours a day, children aged eight to 16 would get one hour while children under eight would be allowed just eight minutes. But the CAC said service providers should allow parents to opt out of the time limits for their youngsters. Xia Hailong, a lawyer at the Shanghai Shenlun law firm, said the rules would be a headache for the internet companies. The proposed rules come after signals from Beijing that a years-long regulatory crackdown on its technology industry has ended.

Persons: Aly, Hong Kong, Xia Hailong, ByteDance's, Josh Ye, Liz Lee, Jacqueline Wong, Robert Birsel Organizations: REUTERS, Cyberspace Administration of China, CAC, HK, Tencent Holdings, Authorities, Thomson Locations: Shanghai, China, Hong, Hong Kong, Beijing

☆ CNBC Daily Open: Powell’s conference had something for everyone
▼ + stars: | 2023-07-27 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Muted markets U.S. markets reacted little to the Fed's rate hike. A much-anticipated Fed hike The Federal Reserve hiked by 25 basis points , taking rates to a target range of 5.25% to 5.5%, the highest since 2001. However, Chair Jerome Powell left the door open to a subsequent rate hike, saying the central bank will make decisions "meeting by meeting."

Persons: America —, Jerome Powell, —, Powell, Frances Donald, Dow, CNBC's Fred Imbert, that'd Organizations: CNBC, Reserve, CNBC Pro, Wall, Revenue, Reality Labs, Dow Jones, CAC, Federal, Manulife Investment Management, Nasdaq, Dow Locations: America

☆ Europe stocks dip at open on Fed decision day; Rolls-Royce up 20% after raising profit guidance
▼ + stars: | 2023-07-26 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

LONDON — European stock markets were slightly lower early Wednesday amid a slew of earnings and ahead of the latest monetary policy update from the U.S. Federal Reserve. The benchmark Stoxx 600 index was 0.1% lower, with sectors spread across losses and gains. France's CAC 40 fell 0.77% as luxury goods behemoth LVMH fell 3.6% after reporting a surprise slowdown in U.S. sales after the market close on Tuesday. Banks nudged 0.1% higher as Deutsche Bank and UniCredit both beat expectations, while British aerospace and defense firm Rolls-Royce soared 20% higher after it hiked its profit forecast for the year.

Persons: LVMH, Banks, Royce Organizations: U.S . Federal Reserve, CAC, Deutsche Bank

The decree fulfills a campaign promise by Lula, who criticized looser gun controls under Bolsonaro, arguing they were responsible for a wave of political violence during last year's election. The country has nearly 800,000 registered gun owners, up from 117,467 in 2018 when Bolsonaro was elected, according to the 2023 Brazilian Yearbook of Public Security. Lula's decree rolled back firearms access for that group. Lula's decree also closes a loophole that allowed many gun owners to go out in public with loaded weapons if they claimed to be going to a gun club. Gun owners who bought their weapons during the previous administration will not be forced to give them up, but the decree envisages a buyback program starting this year.

Persons: Luiz Inacio Lula da Silva, Jair Bolsonaro, Lula, Bolsonaro, Lula's, Lisandra, Gabriel Stargardter, Brad Haynes, David Holmes, Richard Chang Organizations: of Public Security, Brazilian Armed Forces, CAC, Gun, Thomson Locations: BRASILIA, Brazil, Brasilia, Rio de Janeiro

HONG KONG, July 18 (Reuters) - China plans to appoint the CEO of state-owned telecoms giant China Unicom (0762.HK), (600050.SS), Liu Liehong, as the head of its new national data bureau, four sources said, putting him in charge of efforts to make the country a digital superpower. China announced plans for the data bureau in March as part of a sweeping government reshuffle. Its formation is part of efforts to achieve President Xi Jinping's vision of a "digital China", where data is managed alongside labour and capital as a key economic driver. China's internet regulator, the Cyberspace Administration of China (CAC), will also transfer some staff to the data bureau, said one source. "Whether Mr. Liu Liehong will take up any role in the National Data Bureau shall be subject to the decision of the PRC government," it added.

Persons: Liu Liehong, Liu, Xi, China Unicom, Julie Zhu, Kevin Huang, Jane Xu, Brenda Goh, Sam Holmes Organizations: HK, National Data Bureau, Reuters, China, Tech Development Department, Cyberspace Administration of China, CAC, Information Office, National, Bureau, China Electronics Technology Group Corporation, Ministry of Industry, Information Technology, Communist Party, Committee, Thomson Locations: HONG KONG, China, Hong Kong, Chengdu, Sichuan province

☆ China finalizes first-of-its-kind rules governing generative A.I. services like ChatGPT
▼ + stars: | 2023-07-13 | by ( Arjun Kharpal | ) www.cnbc.com time to read: 1 min

Chinese regulators on Thursday finalized first-of-its-kind rules governing generative artificial intelligence as the country looks to ramp up oversight of the rapidly-growing technology. The powerful Cyberspace Administration of China (CAC) said it worked with several other regulators to come up with the new regulation that will come into effect on Aug. 15. Generative AI is a fast-growing area of technology in which artificial intelligence services are able to generate content such as text or images. ChatGPT, developed by U.S. firm OpenAI, is the most well-known example and allows users to prompt the chatbot and receive replies to queries.

Organizations: Cyberspace Administration of China, U.S

☆ 'Shark Tank' investor Kevin O'Leary warns small businesses are battling a cash crunch - and a funding crisis is looming
▼ + stars: | 2023-07-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Kevin O'Leary warned the Fed's rate hikes are hammering America's small businesses. "We've got a real crisis coming here, there's no cash for small businesses," O'Leary said. "You can't say that about small business anymore. "I'm here on the hill today in Washington talking to everybody I can about the problems I've got in just getting working capital for small businesses," he said. "I have never, ever seen anything like this," O'Leary told CNBC after Meta's new social-media platform racked up 100 million sign-ups in five days.

Persons: Kevin O'Leary, O'Leary, We've, that's, I've Organizations: Service, Fox Business, Capitol, CAC, CNBC Locations: Wall, Silicon, Washington

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