TikTok to Allow Creators to Sell Collections of Long-Format Videos

The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
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TikTok to Allow Creators to Sell Collections of Long-Format Videos

The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)

Chinese short-video sharing app TikTok said on Tuesday it will allow some creators to produce collections of longer videos and charge their audience a premium for access, opening up a new channel of monetization for its users.

Its new offering "Series" will allow eligible creators to put collections of up to 80 videos, each about 20 minutes long behind a paywall. Currently, the allowed length of a video on TikTok is up to 10 minutes.

TikTok, which has disrupted the social media space largely dominated by Meta Platforms Inc's Facebook and Instagram with its short-form videos and a sophisticated recommendation engine, is now taking a shot at YouTube.

TikTok said its users are increasingly coming to the platform for content like must-know spreadsheet shortcuts, workout routines and recipe guides, areas where YouTube still remains the dominant destination.

It is not clear whether TikTok will take a cut from the creators. The company already offers its creators the ability to receive tips and gifts, as well as manages a fund to incentivize them to grow their audience.

TikTok, owned by China's ByteDance, hit 1 billion monthly active users in September 2021 and has not reported its user base since. In comparison, Facebook had nearly 3 billion monthly active users as of December 2022.



Microsoft Kicks off Product Event with AI Devices in Focus

 A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, February 9, 2024. (Reuters)
A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, February 9, 2024. (Reuters)
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Microsoft Kicks off Product Event with AI Devices in Focus

 A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, February 9, 2024. (Reuters)
A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, February 9, 2024. (Reuters)

Microsoft kicked off a product event on Monday where it is expected to debut hardware and software related to consumer devices and AI.

At the event on its campus in Redmond, Washington, the Windows maker is expected to reveal a new version of its Surface Pro tablet and Surface Laptop that feature Qualcomm chips based on Arm Holdings' architecture.

After Intel's processors dominated the personal computer market for decades, Qualcomm and other makers of lower-power Arm components have tried to compete in the Windows-PC market.

The Qualcomm Snapdragon X Elite chips include a so-called neural processing unit that is designed to accelerate AI-focused applications, such as Microsoft's Copilot software.

Microsoft held the product event a day before the start of its annual developer conference.

Microsoft aims to extend its early advantage in the race to produce AI tools that consumers are willing to pay for. Its partnership with ChatGPT maker OpenAI allowed it to jump ahead of Alphabet, as other Big Tech companies race to dominate the emerging field.

Last week, OpenAI and Alphabet's Google showcased dueling AI technologies that can respond via voice in real time and be interrupted, both hallmarks of realistic voice conversations that AI voice assistants have found challenging. Google also announced it was rolling out several generative AI features to its lucrative search engine.

The PC industry has been under increasing pressure from Apple since the company launched its custom chips based on designs from Arm and ditched Intel's processors. The Apple-designed processors have given Mac computers superior battery life and speedier performance than rivals' chips that use more energy.

Microsoft tapped Qualcomm to lead the effort to move the Windows operating system to Arm's chip designs in 2016. Qualcomm has exclusivity on Microsoft Windows devices that expires this year. Other chip designers such as Nvidia have efforts under way to make their own Arm-based PC chips, Reuters has previously reported.


Self-Proclaimed Bitcoin Inventor Lied ‘Repeatedly’ to Support Claim, Says UK Judge

A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
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Self-Proclaimed Bitcoin Inventor Lied ‘Repeatedly’ to Support Claim, Says UK Judge

A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP
A man walks past a bitcoin poster in Hong Kong on April 15, 2024. DALE DE LA REY / AFP

An Australian computer scientist who claimed he invented bitcoin lied "extensively and repeatedly" and forged documents "on a grand scale" to support his false claim, a judge at London's High Court ruled on Monday.

Craig Wright had long claimed to have been the author of a 2008 white paper, the foundational text of bitcoin, published under the pseudonym "Satoshi Nakamoto".

But Judge James Mellor ruled in March that the evidence Wright was not Satoshi was "overwhelming", after a trial in a case brought by the Crypto Open Patent Alliance (COPA) to stop Wright suing bitcoin developers.

Mellor gave reasons for his conclusions on Monday, stating in a written ruling: "Dr Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is."

The judge added: "All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto."

Mellor also said that Wright's actions in suing developers and his expressed views about bitcoin also pointed against him being Satoshi, Reuters reported.

Wright, who denied forging documents when he gave evidence in February, said in a post on X: "I fully intend to appeal the decision of the court on the matter of the identity issue."

COPA – whose members include Twitter founder Jack Dorsey's payments firm Block – described Monday's ruling as "a watershed moment for the open-source community".

"Developers can now continue their important work maintaining, iterating on, and improving the bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright," a COPA spokesperson said.


Google Invests 1 billion Euros in Finnish Data Center to Drive AI Growth

The Google logo is seen on the Google house at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, US, January 10, 2024. (Reuters)
The Google logo is seen on the Google house at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, US, January 10, 2024. (Reuters)
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Google Invests 1 billion Euros in Finnish Data Center to Drive AI Growth

The Google logo is seen on the Google house at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, US, January 10, 2024. (Reuters)
The Google logo is seen on the Google house at CES 2024, an annual consumer electronics trade show, in Las Vegas, Nevada, US, January 10, 2024. (Reuters)

Alphabet-owned Google will invest a further 1 billion euros ($1.1 billion) into the expansion of its data center campus in Finland to drive its artificial intelligence (AI) business growth in Europe, it said in a statement on Monday.

In recent years, many data centers have been located in the Nordic countries because of the region's cooler climate, tax breaks and abundant availability of renewable power.

Finland's Nordic neighbours Sweden and Norway have recently grown increasingly critical of hosting them, with some industry experts arguing the Nordic countries should use their renewable power for products such as green steel that could leave higher surplus value in the countries.

But Finland's wind power capacity has increased so rapidly in recent years, by 75% to 5,677 megawatts in 2022 alone, that on windy days prices have plummeted to negative, industry statistics showed, Reuters reported.

Therefore there is still renewable capacity available for data centers such as Google's, which acquires wind power in Finland under long term contracts.

Analysts believe data centers' power consumption is set to massively increase due to the rapid growth in AI usage, which Google, too, cited for one of the reasons behind its investment decision, alongside its Hamina data center in Finland already operating with 97% carbon-free energy.

"Heat coming out of our Finnish data center will be re-routed to the district heating network in nearby Hamina, covering local households, schools and public service buildings," Google said in the statement. It added that it aimed to achieve net zero emissions across all of its operations and value chain by 2030.

In addition to its Finnish investment, the search and cloud giant announced last month it would build new data centers in the Netherlands and Belgium.


Apple Slashes iPhone Prices in China Amid Fierce Huawei Competition

FILE PHOTO: People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo
FILE PHOTO: People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo
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Apple Slashes iPhone Prices in China Amid Fierce Huawei Competition

FILE PHOTO: People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo
FILE PHOTO: People look at the new iPhone 15 Pro as Apple's new iPhone 15 officially goes on sale across China at an Apple store in Shanghai, China September 22, 2023. REUTERS/Aly Song/File Photo

Apple has launched an aggressive discounting campaign on its official Tmall site in China, offering discounts of up to 2,300 yuan ($318) on select iPhone models.
The discounting comes as the US tech giant seeks to defend its position in the high-end smartphone market, where it faces increasing competition from local rivals such as Huawei .
Running from May 20 to May 28, it is more substantial than the one Apple offered in February.
While the highest discount in the February campaign was 1,150 yuan, this time discounts are up to 2,300 yuan. The steepest discount applies to the 1TB iPhone 15 Pro Max model, while other models also see significant price cuts.
For instance, the 128 GB version of the base iPhone 15 model has a discount of 1,400 yuan, according to Reuters' checks on Monday.
The increased competitive pressure on Apple comes after Huawei last month introduced its new series of high-end smartphones, the Pura 70, following the launch of the Mate 60 last August.
Apple's previous discounting effort in February appears to have helped the company mitigate a sales slowdown in China.
Apple's shipments in China increased by 12% in March, according to Reuters' calculations based on data from the China Academy of Information and Communications Technology (CAICT). This marks a significant improvement from the first two months of 2024, when the company experienced a 37% slump in sales.


South Korea, Britain Host AI Summit with Safety Top of Agenda

The explosive growth of generative AI has sparked fears about its safety. Stefani REYNOLDS / AFP/File
The explosive growth of generative AI has sparked fears about its safety. Stefani REYNOLDS / AFP/File
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South Korea, Britain Host AI Summit with Safety Top of Agenda

The explosive growth of generative AI has sparked fears about its safety. Stefani REYNOLDS / AFP/File
The explosive growth of generative AI has sparked fears about its safety. Stefani REYNOLDS / AFP/File

South Korea and Britain kick off a major international summit on artificial intelligence in Seoul this week, where governments plan to press tech firms on AI safety.
The meeting is a follow-up to the inaugural global AI safety summit at Bletchley Park in Britain last year, where dozens of countries voiced their fears to leading AI firms about the risks posed by their tech, AFP said.
Safety is again on the agenda at the AI Seoul Summit starting Tuesday and representatives are expected from leading AI firms, including ChatGPT maker OpenAI, Google DeepMind, French AI firm Mistral, Microsoft and Anthropic.
"As with any new technology, AI brings new risks, including deliberate misuse from those who mean to do us harm," South Korean President Yoon Suk Yeol and UK Prime Minister Rishi Sunak said Monday in a joint article.
"However, with new models being released almost every week, we are still learning where these risks may emerge," they said in the piece, published by the South Korean daily JoongAng Ilbo and Britain's i newspaper.
The stratospheric success of ChatGPT soon after its 2022 release sparked a gold rush in generative AI, with tech firms around the world pouring billions of dollars into developing their own models.
Generative AI models can generate text, photos, audio and even video from simple prompts, and its proponents have heralded them as a breakthrough that will improve lives and businesses around the world.
But critics, rights activists and governments have warned that they can be misused in a wide variety of situations, including the manipulation of voters through fake news stories or so-called "deepfake" pictures and videos of politicians.
- Dramatic changes -
Many have called for international standards to govern the development and use of AI.
"When we meet with companies at the AI Seoul Summit, we will ask them to do more to show how they assess and respond to risk within their organizations," Yoon and Sunak wrote.
"We will also take the next steps on shaping the global standards that will avoid a race to the bottom."

The Seoul summit comes days after OpenAI confirmed that it had disbanded a team devoted to mitigating the long-term dangers of advanced AI.
The two-day summit will be partly virtual, with a mix of closed-door sessions and some open to the public in Seoul.
However, a group of six South Korean civil society organizations, including the prominent Peoples Solidarity for Participatory Democracy, criticized the summit's organizers for not including more developing nations.
"It would be beneficial to discuss international norms for AI in a more open forum where all countries and diverse stakeholders from around the world can participate equally, rather than in an elite club of a few developed countries," they said in a joint statement on Monday.
In addition to safety, the summit will discuss how governments can help spur innovation, including into AI research at universities.
Participants will also consider ways to ensure the technology is open to all and can aid in tackling issues such as climate change and poverty.
"It is just six months since world leaders met at Bletchley, but even in this short space of time, the landscape of AI has changed dramatically," Yoon and Sunak said.
"The pace of change will only continue to accelerate, so our work must accelerate too."
France will host the next AI safety summit.


A Former OpenAI Leader Says Safety Has 'Taken a Backseat to Shiny Products' at the AI Company

 OpenAI showed off the latest update to its artificial intelligence model, which can mimic human cadences in its verbal responses and can even try to detect people’s moods. - The AP.
OpenAI showed off the latest update to its artificial intelligence model, which can mimic human cadences in its verbal responses and can even try to detect people’s moods. - The AP.
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A Former OpenAI Leader Says Safety Has 'Taken a Backseat to Shiny Products' at the AI Company

 OpenAI showed off the latest update to its artificial intelligence model, which can mimic human cadences in its verbal responses and can even try to detect people’s moods. - The AP.
OpenAI showed off the latest update to its artificial intelligence model, which can mimic human cadences in its verbal responses and can even try to detect people’s moods. - The AP.

A former OpenAI leader who resigned from the company earlier this week said that safety has “taken a backseat to shiny products” at the influential artificial intelligence company.

Jan Leike, who ran OpenAI's “Superalignment” team alongside a company co-founder who also resigned this week, wrote in a series of posts on the social media platform X that he joined the San Francisco-based company because he thought it would be the best place to do AI research.

“However, I have been disagreeing with OpenAI leadership about the company’s core priorities for quite some time, until we finally reached a breaking point,” wrote Leike, whose last day was Thursday, The AP reported.

An AI researcher by training, Leike said he believes there should be more focus on preparing for the next generation of AI models, including on things like safety and analyzing the societal impacts of such technologies. He said building “smarter-than-human machines is an inherently dangerous endeavor” and that the company “is shouldering an enormous responsibility on behalf of all of humanity.”

“OpenAI must become a safety-first AGI company,” wrote Leike, using the abbreviated version of artificial general intelligence, a futuristic vision of machines that are as broadly smart as humans or at least can do many things as well as people can.

Open AI CEO Sam Altman wrote in a reply to Leike's posts that he was “super appreciative” of Leike's contributions to the company was “very sad to see him leave.”

Leike is "right we have a lot more to do; we are committed to doing it,” Altman said, pledging to write a longer post on the subject in the coming days.

The company also confirmed Friday that it had disbanded Leike's Superalignment team, which was launched last year to focus on AI risks, and is integrating the team's members across its research efforts.

Leike’s resignation came after OpenAI co-founder and chief scientist Ilya Sutskever said Tuesday that he was leaving the company after nearly a decade. Sutskever was one of four board members last fall who voted to push out Altman — only to quickly reinstate him. It was Sutskever who told Altman last November that he was being fired, but he later said he regretted doing so.

Sutskever said he is working on a new project that's meaningful to him without offering additional details. He will be replaced by Jakub Pachocki as chief scientist. Altman called Pachocki “also easily one of the greatest minds of our generation” and said he is “very confident he will lead us to make rapid and safe progress towards our mission of ensuring that AGI benefits everyone.”


Elon Musk Launches Starlink Satellite Internet Service in Indonesia

Tesla and SpaceX's CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. (Reuters)
Tesla and SpaceX's CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. (Reuters)
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Elon Musk Launches Starlink Satellite Internet Service in Indonesia

Tesla and SpaceX's CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. (Reuters)
Tesla and SpaceX's CEO Elon Musk pauses during an in-conversation event with British Prime Minister Rishi Sunak in London, Britain, Thursday, Nov. 2, 2023. (Reuters)

Elon Musk traveled to Indonesia’s resort island of Bali on Sunday to launch Starlink satellite internet service in the world’s largest archipelago nation.

Wearing a green Batik shirt, Musk was greeted with a garland of flower petals at a community health clinic in Denpasar, the provincial capital of Bali, where he launched the Starlink service alongside Indonesian ministers, The AP reported.

Indonesia, a vast archipelago of 17,000 islands sprawled across three time zones with a population of more than 270 million, has been trying for years to secure deals with Musk's Tesla on battery investment and for Musk’s SpaceX to provide fast internet for the country’s remote regions.

During the ceremony, Musk took a speed test of the Starlink internet service with several health workers in Indonesia’s remote regions, including in Aru, one of Indonesia’s unserved and outermost islands in Maluku province.

“This can make it really a lifesaver for remote medical clinics, and I think it could be a possibility for education as well,” Musk told reporters.

“If you can access the internet and then you can learn anything and you can also sell your business services worldwide. So, I think it’s going to be incredibly beneficial," he said.

He also signed an agreement on enhancing connectivity in the country’s health and education sectors. Details about the agreement between the Indonesian government and Musk’s SpaceX, the aerospace company that operates Starlink services, were not provided.

Launching the service at a health clinic aligns with Starlink’s broader mission of providing affordable access to high-speed internet services, particularly in underserved and remote regions, said Coordinating Minister of Maritime and Investment Luhut Binsar Pandjaitan.

“Our remote regions need Starlink to expand high-speed internet services, especially to help with problems in the health, education and maritime sectors,” Pandjaitan, a close ally of Indonesia's President Joko Widodo, told reporters. He held separate talks with Musk on Sunday.

Communication and Informatics Minister Budi Arie Setiadi said earlier that local internet providers, which rely on base transceiver stations to transmit signals, are unable to reach outer islands because they have limited coverage. Starlink’s satellites, which remain in low orbit, will help them deliver faster internet with nationwide coverage.

Health Minister Budi Gunadi Sadikin said of the more than 10,000 clinics across the country, there are still around 2,700 without internet access.

“The internet can open up better access to health services as communication between regions is said to be easier, so that reporting from health service facilities can be done in real time or up to date,” he said.

During his first in-person visit to Bali, Musk is also scheduled to participate in the 10th World Water Forum, which seeks to address global water and sanitation challenges.

Musk spoke in 2022 at the B-20 business forum ahead of a summit of the Group of 20 leading economies that took place in Bali. He joined the conference by video link weeks after completing his heavily scrutinized takeover of Twitter.

Musk’s visit comes just weeks after Apple CEO Tim Cook met Widodo on April 17 and said the company would “look at” manufacturing in Indonesia. Microsoft CEO Satya Nadella visited on April 30 and said the company would invest $1.7 billion over the next four years in new cloud and artificial intelligence infrastructure in Indonesia.

Indonesia under Widodo has promoted development of the digital technology and information sectors, aiming to achieve the government’s Golden Indonesia 2045 Vision. The country hopes to become one of the world’s top five economies with a GDP of up to $9 trillion, exactly a century after it won independence from Dutch colonizers.


Ineos Drives towards Hydrogen Car Future

An Ineos hydrogen-fuelled Grenadier car is driven on a test track during a 'Roadmap to Decarbonisation' event. Adrian DENNIS / AFP
An Ineos hydrogen-fuelled Grenadier car is driven on a test track during a 'Roadmap to Decarbonisation' event. Adrian DENNIS / AFP
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Ineos Drives towards Hydrogen Car Future

An Ineos hydrogen-fuelled Grenadier car is driven on a test track during a 'Roadmap to Decarbonisation' event. Adrian DENNIS / AFP
An Ineos hydrogen-fuelled Grenadier car is driven on a test track during a 'Roadmap to Decarbonisation' event. Adrian DENNIS / AFP

At a sprawling vehicle test center in the English countryside, a hydrogen-powered Grenadier 4x4 made by Ineos Automotive grips steep and rugged tracks, showcasing its off-road capabilities.
Making the demonstrator car was "a really obvious thing" to do, the company's chief executive Lynn Calder told journalists at the unveiling this week, AFP reported.
The young, fast-expanding company is part of petrochemicals giant and hydrogen producer Ineos, run by British billionaire and Manchester United stakeholder Jim Ratcliffe.
"When we embarked upon the demonstrator project, we saw the opportunity to showcase... that we have a completely uncompromised Grenadier in net zero form," she said at the event called "Road to Decarbonisation".
'Not this decade'
Calder cautioned it would be some time before the car was available to buy amid a limited offering of other hydrogen-powered vehicles that are helping drive a path towards net zero carbon emissions.
Ineos cites the high cost of extracting the Earth's most abundant element and a lack of hydrogen refueling stations, especially in the UK, as obstacles to the development of cars deemed greener than popular electric vehicles (EVs).
Is the car "for tomorrow? No because there isn't infrastructure there", Calder said.
"We will keep it warm, we'll continue to talk about it, we will see it as part of the future but it doesn't feel like it's this decade," she added.
Calder spoke from the UTAC vehicle test center in Millbrook, a village north of London, where the hydrogen-powered vehicle quietly navigated dusty sharp bends and other obstacles.
Hydrogen cars work thanks to the cleanest form of the gas combining with oxygen in a fuel cell to generate electricity. The only waste emitted is water vapor.
Hydrogen-powered buses, cars, trucks and vans are all on the market, made by a small number of companies including Hyundai, Renault, Toyota and Vauxhall.
With governments pressuring the auto sector to go green, Ineos Automotive plans to launch an electric 4x4 in 2027, the Fusilier, to be sold alongside current diesel and petrol versions of the Grenadier.
Speaking against the din of sports cars speeding in the distance, Calder hit out at the UK government's goal of banning the sale of new petrol and diesel cars from 2035.
'Pipe dream plan'
"I don't think it works, I don't think it's achievable, I think we will fail," she predicted, even after Prime Minister Rishi Sunak pushed back the original 2030 date.
The Scottish CEO called it a "pipe dream plan with no strategy around it, no idea how we're going to get there".
Responding, the Department for Transport said a number of incentives were on offer to enable the transition away from polluting vehicles.
It added that demand for EVs was "high", even if recent data shows evidence of slowing sales in the UK and abroad.
Regarding infrastructure, "there are over 61,000 public chargepoints across the UK -- an increase of 44 percent since this time last year", a department spokesperson told AFP.
According to consultants LBST, only 921 hydrogen refueling stations were in operation worldwide at the end of last year.
China was out in front with around 200 stations, or about double the amount in European leader Germany.
The UK currently has just six, even if hydrogen vehicles can offer a longer journey range and are faster at refueling than electric rivals.
Election impact
The country's road to net zero is clouded somewhat by the outcome of this year's general election.
Polls widely suggest that Sunak's Conservatives will lose power to the main opposition Labour Party.
Labour's plans for emissions targets have been called into question after leader Keir Starmer ditched its flagship commitment to spend £28 billion ($35.5 billion) a year on green infrastructure if in power.
Greenpeace UK's senior transport campaigner, Paul Morozzo, called on the next government to reinstate the 2030 ban and increase tax on polluting vehicles.
He added that it must "get on with delivering a proper network of EV charging points all across the country and get the transition to EVs back on the road".
As for hydrogen, with so little infrastructure, the fuel "isn't viable or desirable for mass transit" at the current time, he told AFP.


Reddit Stock Jumps after OpenAI Partnership

Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. (Reuters)
Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. (Reuters)
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Reddit Stock Jumps after OpenAI Partnership

Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. (Reuters)
Reddit app is seen on a smartphone in this illustration taken, July 13, 2021. (Reuters)

Shares of Reddit rose nearly 15% on Friday, following a partnership with artificial intelligence firm OpenAI that is expected to boost advertising income for the social media platform.

The jump pushed the stock up at $64.80, within striking distance of the record closing price of $65.11 hit in late-March, and added $1.38 billion to the company's market value.

The partnership, announced on Thursday, allows Reddit to leverage OpenAI's technology to build tools and features, and OpenAI's ChatGPT platform to integrate Reddit's content in a "real-time, structured" manner. OpenAI will also become an advertising partner for Reddit.

The deal could yield more than $50 million to $60 million annually for Reddit, Piper Sandler lead analyst Thomas Champion said in a note on Friday.

More than half the analysts covering the stock have a "buy" or higher rating, with a median price of $63.

The deal delivers on Reddit's "IPO promise of seizing opportunities to make more of AI," said Russ Mould, investment director at AJ Bell.

The company's shares have gained more than 90% since their debut in March at $34 a piece.

In a February filing, the company indicated its intentions to explore new monetization channels beyond advertising revenue, including offering creator tools and licensing its data to third parties.

Reddit already has data licensing agreements with undisclosed firms that are projected to contribute at least $66.4 million in revenue this year. The license allows third parties to access, search, and analyze data on the platform.

The deal comes amidst a growing number of lawsuits against OpenAI, with firms alleging unauthorized use of their content for training large language models.

In recent months, OpenAI has also secured content licensing deals with several publishers, including the Associated Press and the Financial Times.


Nigeria Court Rules Binance Executive Can Face Trial on Behalf of Crypto Exchange

Nigeria Court Rules Binance Executive Can Face Trial on Behalf of Crypto Exchange
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Nigeria Court Rules Binance Executive Can Face Trial on Behalf of Crypto Exchange

Nigeria Court Rules Binance Executive Can Face Trial on Behalf of Crypto Exchange

A Nigerian court on Friday ruled that Binance executive Tigran Gambaryan can stand trial on behalf of the cryptocurrency exchange in an ongoing tax evasion case.

Binance and executives Gambaryan, a US citizen and head of financial crimes compliance, and British-Kenyan national Nadeem Anjarwalla, a regional manager for Africa, face four counts of tax evasion.

In a separate case, they have also been charged with laundering more than $35 million and engaging in specialised financial activities without a licence. They have all pleaded not guilty to the money laundering charges.

Binance's lawyer declined to comment after Friday's court hearing. Gambaryan's lawyer also had no comment, Reuters reported.

Gambaryan remains in custody while Anjarwalla fled the country in March. Nigeria's security adviser's office has said it is working with Interpol to seek Anjarwalla's arrest.

The CEO of Binance has accused Nigeria of setting a dangerous precedent after its executives were invited to the African country in February for talks with authorities and then detained as part of a crackdown on crypto.

Binance itself has not been charged in the tax evasion case by Nigeria's Federal Inland Revenue Service (FIRS), which has said Gambaryan could face the charges on the exchange's behalf.

Gambaryan's lawyer has previously said Gambaryan was "neither a director, partner nor company secretary" and had no written instructions from Binance to face the charges on its behalf.

Judge Emeka Nwite ruled on Friday that Gambaryan should be served with the charges against Binance because he is the chief financial compliance officer of Binance and he was duly appointed to represent it in a meeting in Nigeria.

Gambaryan will be arraigned in court on Wednesday to take a plea on behalf of Binance.

Gambaryan's bail application in relation to the money laundering case was denied on Friday.

Nigeria has blamed Binance for its currency woes after cryptocurrency websites emerged as platforms of choice for trading the Nigerian naira currency, as the country grappled with chronic dollar shortages.