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From left to right: Johan Pihl, Doconomy's chief creative officer and co-founder, and Mathias Wikstrom, chief executive officer and co-founder. DoconomySwedish climate-focused financial technology startup Doconomy told CNBC on Thursday that it's raised 34 million euros ($36.9 million) from leading European banks, including UBS and Commerzbank . Credit ratings agency S&P Global came on board as a new investor, while existing shareholders Motive Ventures, PostFinance and Tenity also participated. watch nowDoconomy plans to use the fresh cash to drive expansion into North America and roll out new products, CEO and co-founder Mathias Wikstrom told CNBC in an interview. Mathias Wikstrom CEO, Doconomy
Persons: Johan Pihl, Mathias Wikstrom, it's, Tenity, Wikstrom, Jordan Peterson, It's, Doconomy Organizations: CNBC, UBS, Commerzbank, UBS Next, P Global, Motive Ventures, PostFinance, Boston Consulting Group, Mastercard, United Nations, Dreams Technology, Citi Ventures, Ikea Locations: Sweden, North America
The boss of Swedish financial technology startup Trustly says an initial public offering for the company is still a year or two away from happening, even after a 51% jump in operating profit. "We need another year or two to really demonstrate to the market that open banking is happening happening, it's here," Tjarnberg told CNBC. Trustly is holding out on an IPO even after reporting a strong set of financials. Growth accelerated significantly in the second half of the year, Trustly said, climbing 27% compared with the same period in 2022. Tjarnberg told CNBC that the company's performance in 2023 was heavily driven by the growth at its U.S. business.
Persons: Johan Tjarnberg, Tjarnberg, Trustly, PayWithMyBank Organizations: CNBC, Trustly
Customers with funds locked up in crypto exchange Gemini's defunct crypto lending program are finally going to start getting their money back. The email adds: "This means that if you lent one bitcoin in the Earn program, you will receive one bitcoin back. At $2.18 billion, the fund distribution represents a 232% recovery for users since Gemini froze withdrawals for customers of its Earn program 18 months ago. Gemini then lent customers' crypto to institutional borrowers through Genesis Global Capital, its lending partner of choice. In November 2022, Genesis Global Capital paused new loan originations and redemptions, forcing Gemini to halt withdrawals from its Earn program.
Persons: Tyler Winklevoss, Cameron Winklevoss, Cameron, Genesis, Gemini, Letitia Organizations: Gemini, Mana Convention, Genesis Global Capital, New York Locations: Wynwood, Miami , Florida, Manhattan
PwC said the deal will see its U.S. and U.K. employees and clients gain access to the latest tools from OpenAI. PwC landed a deal Wednesday with OpenAI to become the artificial intelligence company's first resale partner and largest enterprise user. PwC will hand ChatGPT Enterprise licenses to over 100,000 employees — 75,000 in the U.S. and 26,000 in the U.K. — according to Wall Street Journal, which earlier reported on the deal. PwC did not specify the number of workers that would use ChatGPT Enterprise. PwC didn't disclose the financial terms of the deal.
Persons: PwC, OpenAI, PwC didn't Organizations: Microsoft, ChatGPT Enterprise, Enterprise, , Wall Street Locations: U.S
PARIS, France — X CEO Linda Yaccarino on Friday hit out at Australia after a face off with online safety regulators. It comes after the Elon Musk-owned social media platform X last week won a reprieve in Australia as a court refused to extend a temporary order blocking videos of a Sydney church stabbing. In a talk onstage at the VivaTech conference in Paris, Yaccarino accused Australia of overreach over the dispute. "The good news is that the people prevailed," Yaccarino, the former global advertising chief at CNBC parent company NBCUniversal, said. "We're happy to be that beacon of light and that place for truth."
Persons: Linda Yaccarino, Elon, Yaccarino Organizations: Elon Musk, eSafety, CNBC Locations: PARIS, France, Australia, Sydney, Paris, overreach
It's worth noting that their comments come as the world's first major law governing AI, the EU's AI Act, was given the final greenlight. Meanwhile, European Commissioner Thierry Breton, a major architect of rules around Big Tech, is set to speak later in the week. Vogels, who is tasked with driving technology innovation within Amazon , said that AI can be used to "solve some of the world's hardest problems." Manyika said Google open-sourced its watermarking tech so that any developer can "build on it, improve on it." "I am concerned that there is potential for monopolies to emerge around Big Tech and AI," he said.
Persons: Rafael Henrique, Lightrocket, Werner Vogels, Society James Manyika, Thierry Breton, Vogels, Manyika, it's, Google's, Gemma AI, Emmanuel Macron, Eric Schmidt, Yann LeCun, Macron, Matt Calkins, Appian, Calkins Organizations: Getty, France —, Viva Tech, Amazon Chief, Google, Technology, Society, Regulators, Big Tech, European Union, Microsoft, Amazon, Meta, Elysee, CNBC Locations: PARIS, France, Paris, Jakarta, Indonesia, View , California, U.S
Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute's Global Conference at the Beverly Hilton Hotel,on May 6, 2024 in Beverly Hills, California. PARIS, France — Tesla CEO Elon Musk said on Thursday that he doesn't support President Biden's recent announcement of a tariff on Chinese electric vehicles. "Neither Tesla nor I asked for these tariffs," Musk said during a question and answer session at the VivaTech conference Wednesday in Paris. "Tesla competes quite well in the market in China with no tariffs and no deferential support," Musk said Thursday. It's a change of tune for Musk, who suggested earlier this year that Chinese EV companies will crush competitors elsewhere in the absence of trade restrictions.
Persons: Elon Musk, Tesla, Biden's, Musk, Biden Organizations: SpaceX, X Holdings Corp, Milken Institute's Global, Beverly Hilton Hotel, Revenue Locations: Beverly Hills , California, PARIS, France, Paris, China, Europe
The DocuSign website is seen on a laptop in Dobbs Ferry, New York, April 1, 2021. Contract management platform DocuSign is committed to remaining a public company and is working to convince investors of its artificial intelligence potential, CEO Allan Thygesen told CNBC, after reports suggested the firm had been the target of takeover interest from private equity suitors. "We're focused on building a great, independent public company," Thygesen told CNBC in an interview earlier this week at a partner event the company held in London. "I joined DocuSign as a public company, it's a very exciting time right now, so that's our plan." Bain Capital and Hellman & Friedman were unavailable for comment when contacted by CNBC.
Persons: Allan Thygesen, We're, Thygesen, DocuSign, Bain, Friedman Organizations: CNBC, Bain Capital, Hellman, Reuters, Bloomberg Locations: Dobbs Ferry , New York, London, DocuSign
Launched in 2017 by founder and CEO Jaroslaw "Jarek" Kutylowski, DeepL is a competitor to Google Translate. At $2 billion, DeepL is now worth double what it was in its previous round in January 2023, when it raised $100 million from investors at a $1 billion valuation. ICONIQ Growth and Teachers' Venture Growth came on board as new investors, while existing investors IVP, Atomico and WiL also participated. "We're really expanding our product toward being able to support these bigger enterprise customers," Kutylowski said. The company has ramped up its focus on selling into enterprise over the past few years and now counts customers including Zendesk, Nikkei, Coursera and Deutsche Bahn.
Persons: Kutylowski, Jaroslaw, WiL, PARIS —, I'm, DeepL Organizations: CNBC, Google, Venture, PARIS, Zendesk, Nikkei, Coursera, Deutsche Bahn Locations: Atomico, Swiss, U.S, Asia
The Peugeot e-3008 electric car on display during a presentation at the Stellantis car factory in Sochaux, France. PARIS, France — French car giant Peugeot told CNBC this week that it's partnering with Vay, a German mobility startup, to integrate so-called "teledriving" tech — an alternative to autonomous cars — into its vehicles. The deal will see the two companies assess the use of Vay's teledriving tech on "last-mile delivery" vans and smaller logistics vehicles, with a focus on business-to-business (B2B) customers. The first pilot test drives of Vay's technology with Peugeot vehicles are expected to take place this year. Peugeot is looking to include the tech in its E-3008 electric SUVs and some electric vans.
Persons: Vay, Justin Spratt, Spratt Organizations: Peugeot, CNBC, Amazon Locations: Sochaux, France, PARIS
European Union member states on Tuesday agreed the world's first major law for regulating artificial intelligence, as institutions around the world race to introduce curbs for the technology. The EU Council said that it reached final approval for the AI Act — a ground-breaking piece of regulation that aims to introduce the first comprehensive set of rules for artificial intelligence. "The adoption of the AI act is a significant milestone for the European Union," Mathieu Michel, Belgium's secretary of state for digitization said in a Tuesday statement. The AI Act applies a risk-based approach to artificial intelligence, meaning that different applications of the technology are treated differently, depending on the threats they pose to society. High-risk AI systems cover autonomous vehicles or medical devices, which are evaluated on the risks they pose to the health, safety, and fundamental rights of citizens.
Persons: Mathieu Michel, Michel Organizations: EU, European Union Locations: Europe
A slew of major tech companies including Microsoft , Amazon , and OpenAI, on Tuesday agreed to a landmark international agreement on artificial intelligence safety at the Seoul AI Safety Summit. The agreement will see companies from countries including the U.S., China, Canada, the U.K., France, South Korea, and the United Arab Emirates, make voluntary commitments to ensure the safe development of their most advanced AI models. In those sorts of extreme circumstances, companies say they will implement a "kill switch" that would see them cease development of their AI models if they can't guarantee mitigation of these risks. "It's a world first to have so many leading AI companies from so many different parts of the globe all agreeing to the same commitments on AI safety," Rishi Sunak, the U.K.'s prime minister, said in a statement Tuesday. "These commitments ensure the world's leading AI companies will provide transparency and accountability on their plans to develop safe AI," he added.
Persons: Rishi Sunak Organizations: Microsoft, Seoul AI Safety, United Arab Locations: Seoul, U.S, China, Canada, France, South Korea, United Arab Emirates
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe broadening of the market will drive more flows in equities, says PIMCO's Erin BrownePIMCO's Erin Browne joins 'Closing Bell' to discuss what's next for the markets, the cyclical trade, and precious metals.
Persons: PIMCO's Erin Browne, Erin Browne, what's
The government on Monday announced it would open a U.S. counterpart to its AI safety summit, a state-backed body focused on testing advanced AI systems to ensure they're safe, in San Francisco this summer. The U.S. iteration of the AI Safety Institute will aim to recruit a team of technical staff headed up by a research director. In a statement, U.K. Technology Minister Michelle Donelan said the AI Safety Summit's U.S. rollout "represents British leadership in AI in action." The AI Safety Institute was established in November 2023 during the AI Safety Summit, a global event held in England's Bletchley Park, the home of World War II code breakers, that sought to boost cross-border cooperation on AI safety. The government said that, since the AI Safety Institute was established in November, it's made progress in evaluating frontier AI models from some of the industry's leading players.
Persons: Ian Hogarth, Michelle Donelan, it's, Anthropic Organizations: LONDON, Monday, AI, Technology, Safety, U.S, Microsoft, AI Safety, Institute, Seoul, European Union Locations: San Francisco, California, United States, U.S, London, British, Bay, OpenAI, England's Bletchley, South Korea, Bletchley Park, Seoul, Britain, European
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with PIMCO's Erin Browne and Payne Capital’s Courtney GarciaPIMCO's Erin Browne and Payne Capital's Courtney Garcia join 'Closing Bell' to discuss what's next for the markets, the cyclical trade, and precious metals.
Persons: PIMCO's Erin Browne, Payne Capital’s Courtney Garcia, Erin Browne, Payne Capital's Courtney Garcia, what's
Muni bonds are beloved by wealthy investors because they offer income that's free of federal taxes. Muni bond ETFs and mutual funds, meanwhile, don't have a definite maturity date and their price can fluctuate while the investor is holding them. Liquidity needs are also a major factor, with individual bonds potentially being hard to sell if an investor has a cash need. Since these funds offer a fixed number of shares, they trade at a discount or premium to their net asset value. Some of these funds hold municipal bonds and are trading at sharp discounts to their net asset value, potentially making them an attractive purchase.
Persons: Kathleen McNamara, there's, muni, he'll, Beth Foos, James Ritzema, Baird, Jon Browne Organizations: Federal Reserve, UBS, tradeoffs Investors, SEC, Investors, Morningstar, RiverNorth Locations: Americas,
Asked about when Navan would choose to go public, the firm's CEO and co-founder Ariel Cohen said the company is close to reaching that milestone. "We can see the signals," he said, adding that Navan has been adjusting its leadership structure and making changes to its board in a signal of maturity. Last month saw Navan announce the return of Rich Liu, formerly Navan's chief revenue officer and "an expert on scaling companies from seed to IPO and beyond," to the business as CEO of Navan Travel, the company's travel division. While Cohen wouldn't commit to a date for Navan's eventual IPO, he said the business was "not far" from being ready for a stock market listing. The company is on track to become cash-flow positive and achieve profitability for the first time this year, he said.
Persons: Ariel Cohen, Rich Liu, Amy Butte, Cohen, Cohen wouldn't, he's Organizations: Navan, CNBC, Navan Travel, New York Stock Exchange Locations: Navan, U.S
Kathy Hochul of New York focused on looking forward for solutions to worldwide crises like global warming and a lack of affordable housing. But as she visited County Kerry, Ireland, Ms. Hochul paused to linger in the past. They would later meet in Chicago, where they married before moving to Buffalo, the governor’s hometown, to work at the steel mill there. Every so often, as money and time allowed, the family would make the trip back to the Maharees, a peninsula that juts off Ireland’s west coast and contains three small towns: Fahamore, Kilshannig and Candeehy. On Sunday, around 100 local residents, county council members and relatives gathered in Spillane’s Bar in Fahamore for a civic reception to honor Ms. Hochul.
Persons: Kathy Hochul, Hochul, Kathleen Courtney, John Courtney, Mary Browne Organizations: Gov Locations: Europe, New York, County Kerry, Ireland, Kilshannig, United States, Chicago, Buffalo, Spillane’s, Fahamore
The U.K.'s Competition and Markets Authority cleared Microsoft's AI partnership with Mistral of regulatory concerns after previously inviting views on whether the arrangement qualified as a merger. Now, the regulator says it's no longer looking into Microsoft's investment in Mistral. It has given no update on its inquiries into the Amazon-Inflection deal and into Microsoft's hiring of employees from Inflection. Microsoft previously denied its deals with OpenAI and Mistral and hiring of employees from Inflection constituted mergers. Amazon has also said that its partnership with Anthropic represents a limited corporate investment, not a merger.
Persons: OpenAI Organizations: Markets, Mistral, CMA, Enterprise, CNBC, Microsoft, U.S, Anthropic Locations: French, U.S, Mistral
Mark Zuckerberg, CEO of Meta testifies before the Senate Judiciary Committee at the Dirksen Senate Office Building on January 31, 2024 in Washington, DC. Facebook parent company Meta on Thursday was hit with a major investigation from the European Union into alleged breaches of the bloc's strict online content law over child safety risks. The Commission added that it is concerned about age verifications on Meta's platforms, as well as privacy risks linked to the company's recommendation algorithms. "This is a challenge the whole industry is facing, and we look forward to sharing details of our work with the European Commission." The EU said it will carry out an in-depth investigation into Meta's child protection measures "as a matter of priority."
Persons: Mark Zuckerberg, Meta, Thierry Breton Organizations: Dirksen, Facebook, Meta, European Union, European Commission, CNBC Locations: Washington ,
British computing startup Raspberry Pi on Wednesday said it plans to list in London, in a rare win for the U.K. stock market. Raspberry Pi, which makes tiny single-board computers, is considering an initial public offering on the main market of the London Stock Exchange. The IPO is a win for the London stock market, which has been struggling to attract high-growth tech companies. A slew of major U.K. tech firms have chosen New York over London for their listings over the last year. Upton established Raspberry Pi in 2012 to make computing more accessible to young people, gaining traction among hobbyists and teachers in the early days.
Persons: Ocado, Eben Upton . Raspberry Pi, Upton, Raspberry Organizations: London Stock Exchange, Nasdaq, Sunday Telegraph, Sky News, Raspberry Pi Foundation, Sony, amortization Locations: London, New York, British
Dystopia has rarely looked as grim and felt as exhilarating as it has in George Miller’s “Mad Max” cycle. The thing is, it has started to feel less cool just because in the years since the original “Mad Max” opened in 1979, the distance between Miller’s scorched earth and ours has narrowed. Set “a few years from now,” the first film tracks Max Rockatansky (Mel Gibson), a highway patrol cop who has a semblance of a normal life with a wife and kid. Miller’s latest and fifth movie in the cycle, “Furiosa: A Mad Max Saga,” is primarily an origin story that recounts the life and brutal, dehumanizing times of the young Furiosa (Anya Taylor-Joy), the hard-bitten rig driver played by Charlize Theron in the last film, “Mad Max: Fury Road” (2015). As befits a creation story, “Furiosa” tracks Furiosa from childhood to young adulthood, a downward spiral that takes her from freedom to captivity and, in time, circumscribed sovereignty.
Persons: Dystopia, George Miller’s “, Max ”, Miller, shivers, Max Rockatansky, Mel Gibson, Max, gunning, Anya Taylor, Joy, Charlize Theron, , Fury, ” Max, Tom Hardy, Gibson, Alyla Browne, They’re, Furiosa, Charlee Fraser Organizations: Hall of Justice Locations: Auschwitz
Swedish financial technology company Klarna said Tuesday that nearly 9 out of 10 employees in its 5,000-strong workforce are now using generative artificial intelligence tools in their daily work. Klarna, which lets individuals split their purchases into interest-free, monthly installments, said over 87% of its employees are using generative AI tools, including OpenAI's ChatGPT and its own internal AI assistant. The biggest users of generative AI in the company are those in non-technical groups, such as communications (92.6%), marketing (87.9%) and legal (86.4%), Klarna said. At those rates, Klarna is seeing much higher adoption of generative AI within the company than in the broader corporate world. Klarna has its own internal AI assistant, called Kiki.
Persons: Klarna, OpenAI's, Kiki Organizations: Deloitte
The company also narrowly missed its forecast for unit sales of its flagship PlayStation 5 gaming console for the full year. Here's how Sony did in the March quarter versus LSEG consensus estimates:Revenue: 3.5 trillion yen ($22.4 billion) versus 2.89 trillion yen expected. Operating profit: 229.4 billion yen versus 236.81 billion yen expected. Sony's operating profit for the full year, though, came in at 1.2 trillion yen, down 7% year-over-year. That's slightly lower than the revised 21 million unit target that Sony gave investors in February.
Organizations: Sony, PlayStation
(Photo by Walid Berrazeg/SOPA Images/LightRocket via Getty Images)Uber Technologies will acquire the Taiwan business of Delivery Hero -owned Foodpanda for $950 million in cash, as Foodpanda focuses on other markets. In a separate agreement, Delivery Hero will sell $300 million in newly issued ordinary shares to Uber. Taiwan's food delivery market is dominated by Foodpanda and Uber Eats. Delivery Hero said in February it had ended talks to sell its Foodpanda business in selected Southeast Asian markets. Östberg told CNBC the same month that the firm was "happy" to hold on to its Foodpanda business in Southeast Asia "forever."
Persons: Walid Berrazeg, Niklas Östberg, Pierre, Dimitri Gore, Uber, Foodpanda, Östberg, – CNBC's Ryan Browne, Dylan Butts Organizations: Getty, Technologies, Coty, Foodpanda, CNBC Locations: TAIPEI, TAIWAN, Taipei, Taiwan, Asia, Singapore, Malaysia, Thailand, Philippines, Hong Kong, Southeast Asia
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