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☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ China's Xi accused the US of trying to trick him into invading Taiwan, but said he won't take the bait: report
▼ + stars: | 2024-06-17 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Xi Jinping accused the US of trying to trick China into invading Taiwan, per the Financial Times. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChinese leader Xi Jinping has accused the US of trying to trick China into invading Taiwan, but he said it won't take the bait, the Financial Times reported, citing people familiar with the matter. According to the FT, Xi made the accusation during a meeting with European Commission President Ursula von der Leyen in April last year.

Persons: Xi Jinping, Ursula von der Leyen, —, Xi Organizations: Financial Times, Service, European, Business Locations: China, Taiwan

☆ China's Xi accused the US of trying to trick him into invading Taiwan, but said he won't take the bait, report says
▼ + stars: | 2024-06-17 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Xi Jinping accused the US of trying to trick China into invading Taiwan, the Financial Times said. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's leader, Xi Jinping, accused the US of trying to trick China into invading Taiwan but said his country wouldn't take the bait, the Financial Times reported, citing people familiar with the matter. The FT said Xi made the accusation in April last year during a meeting with European Commission President Ursula von der Leyen.

Persons: Xi Jinping, Ursula von der Leyen, —, Xi Organizations: Financial Times, Service, FT, European, Business Locations: China, Taiwan

☆ 'We're not backing down:' How the West plans to use Russia's frozen funds, and why some say it's still not enough to help Ukraine
▼ + stars: | 2024-06-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

The Group of Seven has agreed in principal to provide Ukraine with a $50 billion loan. Profits from Russian frozen funds are to be used as collateral to back the loan. AdvertisementThe Group of Seven has finally moved the dial on a contentious idea to provide funding to Ukraine by using Russian funds. AdvertisementRoughly $322 billion in funds were frozen after Moscow invaded Ukraine and have sat untouched for over two years. That could mean Moscow taps Western funds in the country and punishes any Western companies that have remained in Russia.

Persons: —, Putin, we're, Joe Biden, Biden, Michael Froman, Donald Trump, Vladimir Putin, Charles Lichfield, Chatham House's Timothy Ash Organizations: Seven, Service, Kyiv, European Commission, of Foreign, CNBC, Moscow, The, CEPA, Financial Times Locations: Ukraine, headbutting, Moscow, Europe, Kyiv, Russia, France, Germany

☆ Adidas investigates bribery allegations in China, FT says
▼ + stars: | 2024-06-16 | by ( ) www.cnbc.com time to read: +1 min

Adidas has launched an investigation into allegations of large-scale bribery in China after the company received a whistleblower complaint that accused senior staff of embezzling "millions of euros", the Financial Times reported on Sunday. Adidas confirmed that it had received an anonymous letter on June 7 indicating potential compliance violations in China. The German sportswear company said it was investigating this matter together with external legal counsel. According to the FT, the letter alleges that Adidas staff received kickbacks from external service providers who were commissioned by the company that include "millions in cash from suppliers, and physical items such as real estate". China sales of the German sportswear giant grew by 8% in the first-quarter, the company reported earlier.

Organizations: Adidas, Financial Times Locations: China, Adidas China, German

☆ Russia shuts down dollar and euro trading after sweeping US sanctions take aim at Moscow's financial lifelines
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's Moscow Exchange halted dollar and euro trading on Thursday. AdvertisementRussia's central exchange has barred dollar and euro trading, spelling an end to a market that's been open since the Cold War. Trades were halted Thursday on the Moscow Exchange after it became one of many targets of an expansive new US sanctions package. The latest sanctions are part of a US effort to sever Russia from foreign financial support, taking aim at virtually any global lender that transacts with Moscow. Last month, the yuan made up over half of foreign currency trades in Russia, the FT reported.

Persons: That's, —, Moex Organizations: Russia's, Russia's Moscow Exchange, US, Service, Clearing Center, Settlement Depository, Financial Times, Bloomberg Locations: Russia's Moscow, Moscow, Russia, Ukraine, Russian, Beijing

☆ Microsoft-backed Mistral AI raises $645 million at a $6 billion valuation
▼ + stars: | 2024-06-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

French founder of artificial intelligence startup Mistral AI, Arthur Mensch, attends the Viva Technology show at Parc des Expositions Porte de Versailles in Paris, France, on May 22, 2024. Mistral AI did not give much detail about the round, but the Financial Times reported that venture capital firm General Catalyst led the round that also included existing investors. Mistral AI, a French tech startup, raised a funding round of 600 million euros, or $645 million, as huge amounts of money continues to pour into the artificial intelligence race. Mistral AI is building so-called large language models, which underpin applications such as chatbots popularized by ChatGPT. In February, Microsoft announced an investment in Mistral AI.

Persons: Arthur Mensch, Porte de Versailles, Catalyst, ChatGPT, Mensch Organizations: Viva Technology, Parc, Mistral, Financial Times, CNBC, Nvidia, Microsoft, Google Locations: Paris, France, European, U.S

☆ The US expands sanctions against Russia-friendly institutions as Treasury chief Janet Yellen says the Kremlin is 'desperate' for outside help
▼ + stars: | 2024-06-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewForeign financial institutions engaged in Russia's wartime economy are now at greater risk of secondary sanctions, as the Treasury Department's ability to blacklist institutions just got a boost. The update, announced Wednesday, also unveiled fresh sanctions against 300 individuals and entities accused of fueling Moscow's war in Ukraine and helping it circumvent sanctions. "Russia's war economy is deeply isolated from the international financial system, leaving the Kremlin's military desperate for access to the outside world," said Treasury Secretary Janet Yellen said, quoted in the report. The new announcement comes as Russia's wartime activity has kept its economy afloat while its partnership with China has only grown. AdvertisementA handful of stock exchanges in Moscow are also restricted, meant to prevent investors from profiting from Russia's war through defense firms and other corporations.

Persons: —, Janet Yellen, that's Organizations: Service, Treasury, Business, United Arab, Financial Times, West Locations: Ukraine, Turkey, United Arab Emirates, Austria, Russia, China, Russian, Moscow

☆ Trump and Biden campaigns go head-to-head with rival fundraisers in London
▼ + stars: | 2024-06-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Donald Trump pictured with right-wing British politician Nigel Farage during a campaign rally at the Mississippi Coliseum on Aug. 24, 2016. LONDON — Supporters of U.S. presidential candidates Donald Trump and Joe Biden will put their money where their mouths are at two rival fundraising events in London on Wednesday. "It seems to be the worst kept secret in London," Greg Swenson, spokesperson for Republicans Overseas UK, a campaign group for Trump's party, told CNBC over the phone. In the days after a Manhattan jury convicted the former president of 34 felony counts last month, the Trump campaign said it raised $141 million in donations. The pair have been visibly associated with Trump and Farage since at least April 2022, when Farage tweeted a picture of the group after a meal at Mar-a-Lago.

Persons: Donald Trump, Nigel Farage, Joe Biden, Donald Trump Jr, Kimberly Guilfoyle, Holly Valance, Nick Candy, Greg Swenson, Swenson, Trump, Farage, Matthew Elliott, Valance —, — Organizations: Mississippi Coliseum, LONDON, U.S, Fox News, Republican, Republicans Overseas UK, CNBC, Trump, Reform, Financial Times, Guardian, Reform UK Locations: British, London, Australian, Chelsea, Knightsbridge, U.S

☆ With signs of an M&A comeback, Goldman Sachs' bankers are raring to win. Do they still have what it takes following a raft of partner exits?
▼ + stars: | 2024-06-12 | by ( Reed Alexander | ) www.businessinsider.com time to read: +13 min

AdvertisementDavid Solomon Goldman SachsPressure-cooker cultureWith signs suggesting mergers and acquisitions could soon return — including the megadeals Goldman specializes in — the firm's dealmakers are itching to end 2024 on a high note. In M&A, Goldman has fallen to No. AdvertisementMark Sorrell Goldman SachsGoldman is also seeking to become more interconnected across its business lines via the One Goldman Sachs program. "They figure that if they're talking to one person at Goldman Sachs, they're talking to everybody." The result, bankers said, is an M&A machine built to withstand threats like star dealmakers leaving for more-nimble rivals.

Persons: —, Goldman Sachs, Bill Quinn, Goldman, Jacki Zehner, Rishi Bali, Hank Paulson, John Thornton, John Thain, David Solomon, Solomon, Dan Dees, What's, David Solomon Goldman Sachs, Gene Sykes, Alison, It's, LSEG, dealmaking, Goldman dealmakers, Momo Takahashi, We've, Mark Sorrell, Mark Sorrell Goldman Sachs Goldman, Sykes, they're, Sorrell, Dees, it's, Dan Dees Goldman Sachs, we're, John Waldron, Kim Posnett, that's, Timothy Ingrassia, Ingrassia, Stephan Feldgoise, I'm, Reed Alexander Organizations: Service, Business, Goldman, JPMorgan, playbook Bank, Wall Street, Competition, & $ Locations: Silicon Valley, London, New York City, Latin America

☆ Let's be real, Apple couldn't hype its ChatGPT collab — that would mean conceding it's lost the AI race
▼ + stars: | 2024-06-11 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Read previewTech watchers expecting a sweeping partnership announcement between Apple and OpenAI were probably disappointed on Monday. The Cupertino-based giant unveiled its generative AI strategy, "Apple Intelligence," during its keynote presentation at this year's Worldwide Developers Conference. very happy to be partnering with apple to integrate chatgpt into their devices later this year! AdvertisementAside from poaching talent and working with external partners like OpenAI, Apple has also worked with TSMC to make AI chips for its data centers. Making chips would go a long way toward securing Apple's AI supremacy since, unlike most companies, it would not have to rely completely on chip giant Nvidia.

Persons: —, Mark Gurman, OpenAI, Apple, Craig Federighi, Federighi, Sam Altman didn't, Altman, — Sam Altman, Siri, John Giannandrea, TSMC, Gene Munster, Apple didn't Organizations: Service, Apple, Apple Intelligence, Business, Microsoft, Meta, Nvidia, Financial Times, BI Locations: Cupertino

☆ Young men and women are diverging politically. That could shape the 2024 election.
▼ + stars: | 2024-06-11 | by ( Ronald Brownstein | ) edition.cnn.com time to read: +18 min

In 2013, the share of self-identified liberals among young women exceeded the share among young men by 5 percentage points; by 2023, that gap was nearly four times as large. (In that survey, young men were substantially more likely than young women to say they rely on YouTube as a major source of news.) (In the Harvard poll, one-fourth of young women identified in some way as LGBTQ, more than double the share of young men.) “He’s got to make up for the defection of young men by winning young women by more, and he’s got to get every young woman he can out to vote,” said Lake, the Democratic pollster. Biden’s best hope of avoiding a catastrophic decline in his youth support is that the number of young women Trump repels exceeds the number of young men he attracts.

Persons: Joe Biden, Donald Trump, Biden, John Burn, Murdoch, ”, Harvard University’s John F, Daniel Cox, William Frey, Melissa Deckman, Gen, “, Trump, John Della Volpe, Joe Biden doesn’t, Della Volpe, White, Deckman, aren’t, Cox, Dobbs, Anna Dean, Dean, ” Della Volpe, he’s, don’t, ” Cox, “ Donald Trump, “ He’s Organizations: CNN, Trump, Biden, Pew Research Center, Financial, NBC, Democratic, Republican, GOP, Institute of Politics, Harvard University’s, Kennedy, Republican Party, Harvard, Democrats, Survey Center, American Enterprise Institute, Biden didn’t, Brookings Metro thinktank, Religion Research Institute, Biden’s, YouTube, Pew, AEI, Blacks, Harvard Poll, Biden won’t Locations: Gaza, New York, Bentonville , Arkansas, America

☆ The biggest threat to the dollar isn't other countries but America's own dysfunction, think tank experts say
▼ + stars: | 2024-06-10 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Foreign de-dollarization efforts are unlikely to spur the greenback's demise. Instead, internal dysfunction could cut into the dollar's dominance, two think tank experts wrote in the FT.That's because the US's global and economic power are the basis for the currency's might. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWhile they've grabbed a lot of attention, foreign efforts to advance the trend are questionable at best, Kamin and Sobel wrote. Amplifying de-dollarization is rising trade protectionism and the potential for unilateral financial sanctions.

Persons: —, Steven B, Kamin, Mark Sobel, they've, Sobel, bode Organizations: Service, Financial Times Locations: Russia, Ukraine

☆ Macron has taken a radical gamble that could backfire
▼ + stars: | 2024-06-10 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +4 min

Read previewFrench President Emmanuel Macron shocked the world on Sunday by calling a snap election in France. The move came after a big win for his rival Marine Le Pen's National Rally party at the European parliamentary elections. AdvertisementHowever, the snap election could likely end the current coalition, which comprises Macron's party, Renaissance, the Democratic Movement, Horizons, En commun, and the Progressive Federation. Macron may have to form a cohabitation government with a prime minister from an opposition party, such as the National Party or Les Republicains. AdvertisementRepresentatives for President Macron did not immediately respond to a request for comment.

Persons: —, Emmanuel Macron, There's, Daniel Hamilton, Johns Hopkins University SAIS, France's, Macron, I've, Pen, Alain Duhamel, Bruno Cautrès, Antonio Barroso Organizations: Service, Business, Foreign, Institute, Johns Hopkins University, CNBC, Guardian, Cac, Financial Times, Democratic Movement, Progressive Federation, National Party, Sciences Po Locations: France, Paris

☆ Check out the very corporate goodbye email PwC told staffers to send if they're taking a buyout
▼ + stars: | 2024-06-10 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

PwC offered UK buyout packages and directed staff on how to communicate their exits. The buyout comes amid slowing client work, with PwC and other firms cutting jobs and delaying hires' starts. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAfter accounting giant PwC offered UK buyout packages in recent weeks, staff were directed on exactly how they should communicate their exits, the Financial Times reported. The FT saw a note sent to employees that told them they could not talk about the circumstances of their departure.

Persons: PwC, — Organizations: Service, Financial Times, Business

☆ NATO is making plans for surging US troops into Europe in case Russia invades
▼ + stars: | 2024-06-06 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewNATO is busy setting up land corridors that US soldiers and military vehicles would use in the case of a Russian invasion of Europe, The Telegraph reported, citing unnamed officials. AdvertisementPlans are also being developed to move troops through ports in Sweden, Finland, and the Balkans, the outlet reported. AdvertisementLast year, NATO leaders agreed to keep 300,000 soldiers in a state of high readiness, The Telegraph reported. Last week, the Financial Times reported that NATO had less than 5% of the air defenses needed to protect Central and Eastern Europe, citing people familiar with NATO's defense plans.

Persons: —, Vaidotas Urbelis, Donald Tusk, Poland's, Alexander Sollfrank Organizations: Service, NATO, The Telegraph, Business, The, Telegraph, Financial Times, Command Locations: Europe, Netherlands, Greece, Italy, Turkey, Norway, Hungary, Ukraine, Bulgaria, Romania, Sweden, Finland, Balkans, Germany, Poland, Russia, Baltic States, Central, Eastern Europe

☆ The diamond industry is in trouble as it loses its sparkle in China
▼ + stars: | 2024-06-06 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

In China, the industry's second-largest market, lab-grown varieties, a sluggish luxury market, and low marriage rates are causing it to lose its sparkle. Related storiesCook said one issue is a shift in perception of lab-grown diamonds in the country. The Knot's Real Weddings Study found that nearly half of engagement rings bought in the US last year featured a lab-grown diamond as a center stone. A social media analysis by Daxue Consulting found that lab-grown diamonds are also gaining traction in China, particularly among cash-strapped younger people. Even so, De Beers recently announced that it would halt its six-year experiment with selling lab-grown diamond jewelry.

Persons: —, Duncan Wanblad, De Beers, Wanblad, Al Cook, Cook, Paul Zimnisky, Zimnisky Organizations: Service, Financial, Business, Financial Times, Daxue Consulting Locations: China, De Beers

☆ Russia's biggest energy company says it'll take it at least 10 years to recover gas sales lost because of the Ukraine war
▼ + stars: | 2024-06-05 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's gas giant Gazprom won't recover gas sales lost to the Ukraine war for at least a decade. Gazprom will likely lose its leading role in Russia's energy sector over time. AdvertisementGazprom, Russia's state-owned energy giant, likely won't recoup pre-war gas sales for a decade, research commissioned by the company said. By that year, gas exports to Europe will barely average a third of the volumes sold before 2022, when Moscow invaded Ukraine. Although Europe has long been the primary hub for Russia's gas, the war triggered a wave of retaliatory sanctions, upending trade with the West.

Persons: —, that's Organizations: Gazprom, Financial Times, Service, Financial, West Locations: Ukraine, Russia's, Europe, Moscow, Siberia, Russia, Beijing, China

☆ Europe Has Fallen Behind the U.S. and China. Can It Catch Up?
▼ + stars: | 2024-06-05 | by ( Patricia Cohen | ) www.nytimes.com time to read: 1 min

Europe’s share of the global economy is shrinking, and fears are deepening that the continent can no longer keep up with the United States and China. “We are too small,” said Enrico Letta, a former Italian prime minister who recently delivered a report on the future of the single market to the European Union. “We are not very ambitious,” Nicolai Tangen, head of Norway’s sovereign wealth fund, the world’s largest, told The Financial Times. “Americans just work harder.”“European businesses need to regain self-confidence,” Europe’s association of chambers of commerce declared.

Persons: ”, Enrico Letta, ” Nicolai Tangen Organizations: European Union, Financial Times Locations: United States, China, Italian

☆ Elliott builds $2 billion position in SoftBank, pushes for buyback
▼ + stars: | 2024-06-05 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Investment firm Elliott Management has rebuilt its position in Japanese conglomerate SoftBank and is pushing the Masayoshi Son-led firm to begin a $15 billion share buyback, according to a person familiar with the matter. The news, first reported by the Financial Times, sent SoftBank shares up as much as 6.3%. SoftBank shares have surged in recent months largely off the back of its Arm investment. SoftBank's Japanese shares trade at their highest level in decades. SoftBank launched a $20 billion share buyback and asset disposal program in 2020 during Elliott's initial campaign.

Persons: Son, Elliott, SoftBank, Elliot, Nabeel Bhanji, unfriendliness, WeWork Organizations: SoftBank Group Corp, University of Tokyo, Investment, Elliott Management, Financial Times, Tokyo Stock Exchange, Mitsubishi Fudosan, Toshiba, Dai Nippon Printing, Vision Locations: Tokyo, Japan, SoftBank, China

☆ Diamond industry 'in trouble' as lab-grown gemstones tank prices further
▼ + stars: | 2024-06-05 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +4 min

Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.

Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S

☆ SoftBank shares jump up to 6.3% on report that Elliott Management's pushing for $15 billion in buybacks
▼ + stars: | 2024-06-05 | by ( Sheila Chiang | In Sheilachiang | ) www.cnbc.com time to read: +2 min

SoftBank Group Corp. is scheduled to announce its earnings figures on May 13. Elliott is lobbying for $15 billion worth of share buybacks, arguing that the buybacks will boost SoftBank's share price and "act as a sign of Son's confidence in his strategy," the Financial Times reported. SoftBank shares hit a high of 9,572 yen on Wednesday, 6.32% higher than its Tuesday closing price, according to LSEG data. Elliott had invested $2.5 billion in SoftBank in 2020 and sought share buybacks worth $20 billion along with governance changes, Financial Times reported that year. SoftBank Group declined to comment.

Persons: Toru Hanai, Elliott, SoftBank, Elliott's, Masayoshi Son Organizations: SoftBank Corp, SoftBank Group Corp, Bloomberg, Getty, SoftBank, Elliott Management, Financial Times, U.S Locations: Tokyo, Japan, SoftBank

☆ Opinion: 80 years after D-Day, have our world leaders learned nothing?
▼ + stars: | 2024-06-05 | by ( Frida Ghitis | ) edition.cnn.com time to read: +8 min

The ceremonies, as is tradition, honor those who fought and died in World War II, and reaffirm a commitment to learn the lessons of history. But what exactly are those lessons, and how exactly will world leaders turn that commitment into reality? Join us on Twitter and FacebookAs they gaze on the once blood-drenched beaches of Normandy, world leaders should consider the lessons of World War II, and how to apply them today. Eventually, 16.4 million Americans served in the military during World War II, more than 10% of the population. And yet, the beaches of Normandy resonate with the lessons of that terrible history; world leaders should listen closely.

Persons: Frida Ghitis, Joe Biden, Donald Trump, ”, Hitler, Trump, Reenactors, Daniel Cole, Biden, Volodymyr Zelensky, Russia’s Vladimir Putin, Emmanuel Macron, Putin, Macron, Ukraine's Volodymyr Zelensky, Ludovic Marin, Donald Tusk, Zelensky, Jeremias Gonzalez, Olaf Scholz, Jens Stoltenberg, America Firsters Organizations: CNN, Washington Post, Politics, CNN CNN, Frida Ghitis CNN, Europe, Utah, AP, Kyiv, Russia, Financial Times, Zelensky, NATO, 1st Infantry Division, Twitter, Facebook Locations: France, United States, US, Normandy, Nazi, Ukraine, Europe, Sainte, Marie, Mont, Paris, Moscow, Russian, Russia, ” Germany, Spain, AFP, Kyiv, Soviet Union, Czechoslovakia, Poland, Kharkiv, Omaha Beach, Finland, America, Pearl

☆ Meta's AI chatbot says it was trained on millions of YouTube videos. Meta didn't deny it but said the bot could be inaccurate.
▼ + stars: | 2024-06-04 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

Read previewThe Meta AI chatbot is more willing to share what data it was trained on than Meta is. It expanded Meta AI in April as a chat and image generator function across all its apps, including Instagram and WhatsApp. Meta AI told Business Insider that it was trained on large datasets of transcriptions from YouTube videos. Meta AI initially said its training data included a third-party dataset of 3.7 million transcribed YouTube videos. In responding to further queries about its YouTube training data, Meta AI said its training data included another, larger dataset of transcriptions from 6 million YouTube videos also compiled by a third party.

Persons: —, hasn't, Meta, OpenAI, Meta AI's, We'll, Meta's chatbot, Google's GoogleBot, Kali Hays Organizations: Service, Meta, Facebook, Business, TED, YouTube, NBC News, CNN, Financial Times, US Locations: khays@businessinsider.com

☆ Shein IPO: London Stock Exchange is desperate for IPOs. Could Shein end the drought?
▼ + stars: | 2024-06-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

If Shein goes ahead with the listing, it is expected to try to raise more than £1 billion ($1.3 billion) from the sale of new shares, Sky News said. Bloomberg and the Financial Times have also reported that Shein is preparing a confidential filing for a London listing. Given its high profile and potential hefty valuation, an IPO by Shein would be a much-needed coup for the London Stock Exchange. In recent years, several companies have quit the exchange for other cities or chosen New York to go public. Still, even the slightest hint that Shell could ditch London will have rattled the city’s financial center.

Persons: Shein, ”, “, Marco Rubio, Susannah Streeter, Hargreaves Lansdown, Wael Sawan, Sawan, Shell Organizations: London CNN, Authority, Sky News, Bloomberg, Financial Times, UK’s Labour Party, CNN, Shein, London Stock Exchange, Nasdaq, Shell Locations: China, United Kingdom, Britain, Singapore, New York, United States, While New York, London

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