Business and Technology
The Business and Technology Section of IR Insider publishes breaking news reports and analyses regarding developments relating to the U.S. and World Economy. Topics covered may include the global debt crises, changes to tech and privacy policies, updates on U.S. foreign trade, and ratification of economic treaties and sanctions. Additionally, news and data on world financial markets and leading banking institutions will be discussed. The section editor is Elaine Lang.
Elon Musk’s Twitter Must Abide by EU Rules to Continue Operating in Europe
This Friday, multi-billionaire tech mogul Elon Musk closed his $44 billion Twitter deal, prompting EU official Thierry Breton to warn Musk that Twitter must abide by EU standards regardless of Musk's ambitions for the platform.
Construction Begins On Saudi Arabia’s latest Mega-Project
In recent weeks, construction has begun on Saudi Arabia’s latest mega-project. As a part of grand visions for a post-oil world, Saudi Arabia has poured trillions into projects that often seem unrealistic and draw international criticism, with the latest project appearing unrealistic even by the country’s ambitious standards.
StabilityAI's Recent Fundraising In Context
Stability AI raised $101 million this month to fund greater computing capacity and various other operational costs. This funding will back the company's efforts to provide open-source generative AI models, such as the firm's recently successful Stable Diffusion text-to-image model.
World's Largest Chip Maker Suspends Production for Chinese Start-up Amid US Regulation
On Saturday, October 22nd, TSMC (Taiwan Semiconductor Manufacturing Co.) announced that it has suspended all production for China-based Biren Technology to comply with recent US regulations banning US-based companies from exporting semiconductors used for AI to China, according to Bloomberg.
Despite Twitter Controversy, Elon Musk’s SpaceX Will Continue to Fund Crucial Ukrainian Internet Service
Elon Musk, multi-billionaire CEO of Tesla and SpaceX, tweeted Saturday that he plans to continue funding SpaceX’s internet service, Starlink, “for free” for the Ukrainian government.
Why Is Japan Trying to Build a 6th Generation Fighter Jet?
Article 9 of the Japanese constitution imposed by the US after the Second World War limits Japan’s military strictly to defense.
China’s Quantum Computing Research Faces Sweeping Challenges from US Export Rules
The Biden administration announced extensive new export rules on the sale of semiconductor technologies to China on Friday, escalating tensions in the technology race between the US and China.
The new wave of rules bans companies from selling advanced computer chips used in AI or supercomputing produced using US technology or machinery to China. Additionally, US companies are now banned from selling chip-producing machinery to China without a license and shipment of chips used for supercomputer systems to China will be banned.
Future of the UK’s Tech Industry
As the birthplace of the industrial revolution, the United Kingdom became the global leader in technological advancement for centuries. From 1750 to 1850, the UK produced over 60% of global carbon emissions due to its technological preeminence. However, the UK has taken a backseat to the US and East Asia in technological leadership in recent decades.
Russia's Court Ruling Fines Social Media for LGBT and Pro-Ukraine Propaganda
On Tuesday, Oct. 4th, the Tagansky district court of Moscow ruled that they will fine TikTok and Twitch for failure to comply with propaganda laws. The court fined Tiktok after the Beijing-based tech company failed to delete "LGBT" content on the platform, which violated the existing "gay propaganda" law.
Every Business In America Can Get $100K in Tech Training from Google
The need for digital skills is heightening, and tech giants like Google offer companies free access to courses aimed at improving their employees’ skills. Google has quite the established plan, offering $100,000 worth of online courses in technical skills like data analytics and design to any American business.
Landmark Bill Targets Social Media and Big Tech's Misinformation Spreading
The European Union reached an agreement on Saturday to push new legislation to force global tech companies to tackle the misinformation problem on their social media platform products. The law, the Digital Service Act, will require companies to not only actively combat the misinformation threat, but also be transparent about the harm of divisive content and stop targeting certain advertisements for ethnicity, religion, or sexual orientation.
Examining Japan’s Technological Stagnation
Post-World War II, Japan shocked the world with unprecedented economic growth. This growth was fueled by technology transfers from the West, endogenous technological innovation, and the birth of political institutions which facilitated economic growth through industrial policy.
Biden Opens Public Lands for Drilling to Tackle Gas Crisis amidst Russo-Ukraine War
On Friday April 15, the Biden administration officially announced to resume opening public lands for drilling under the pressure to lower gas prices. The new policy series will resume the previously halted sales of leasing for oil and gas drilling on public lands. However, companies who are going to pursue such a lease will have to pay more federal royalties.
Norway On Track to Become the Next Industrial Tech Hub
Norway is home to Kahoot!, one of the most popular game-based learning platforms, which originated in Oslo almost a decade ago. Now, the Scandinavian country is seeing a rise in successful tech ventures, particularly in the industrial field.
Meta’s Quest to Bring Internet to the Global South
Though the modern world has become increasingly dependent on internet accessibility for important tasks, much of this world has also been left behind. The African continent, with 1.4 billion people, remains largely unconnected to the internet. With only 22 percent of people having internet connectivity, the majority of the continent remains isolated from the web.
Resurging COVID Cases in China Escalates Economics and Geopolitical Crisis
On March 28 Shanghai, the biggest and the wealthiest city in China, was finally shut down due to the surging COVID-19 cases. The east Asia financial and supply chain center was known for its prompt and thorough response to the pandemic, yet the reluctance of enforcing official full scale shutdown.
How AI is Shaping the Future of Trade
Over the past decade, artificial intelligence (AI) has progressively become more accessible, powerful, and easier to use. This has led to the widespread adoption of AI in the manufacturing, medicine, and gaming sectors. AI tools allow for big data sets to be analyzed in ways previously difficult, while making decisions that are often more accurate than even the best humans in complex fields, such as legal analysis.
German Chancellor Signaled Law Makers on the Oppositions against Russian Energy
On Wednesday, March 23, German Chancellor Olaf Scholz addressed lawmakers against banning Russian energy, believing it will lead to substantial job loss in Germany. The statement is the latest signal on Germany’s stance on the international economic hotspot.
Google Faces Systemic Bias Lawsuit
The latest lawsuit facing Google is a compilation of alleged bias against Black employees. April Curley, a former employee, sued the multinational entity last Friday, making a range of accusations regarding discriminatory activity against Black workers: job placement in lower-level roles that didn’t correspond to their education and experience, underpayment, and lack of career advancement are a few of the claims being made.
Multinational Tech Firms Questioned Over Intent and Impact of Leaving Russia
Multinational tech companies are part of the major Western businesses and governments sanctioning Russia. Ukraine’s minister of digital transformation, Mykhailo Fedorov, urged businesses to sever ties with Russia on Facebook, describing how he, “asked YouTube to block the Russian propaganda media, which call us Nazis and drug addicts, lie and promote war. Asked Meta to block Facebook and Instagram. I asked Netflix to block the service in Russia.”