Top Games Including ‘World of Warcraft’ to Return to China

This photo taken on January 26, 2024 shows people playing computer games at an internet cafe in Beijing. (AFP)
This photo taken on January 26, 2024 shows people playing computer games at an internet cafe in Beijing. (AFP)
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Top Games Including ‘World of Warcraft’ to Return to China

This photo taken on January 26, 2024 shows people playing computer games at an internet cafe in Beijing. (AFP)
This photo taken on January 26, 2024 shows people playing computer games at an internet cafe in Beijing. (AFP)

"World of Warcraft" is returning to China this summer, its developer and local partner said Wednesday, more than a year after dismayed fans saw the hugely popular video game and other titles pulled from the market in a contract dispute.

US-based game-maker Blizzard and China's NetEase said a new deal would see "World of Warcraft" (WoW) return alongside first-person shooter "Overwatch" and spin-offs such as WoW card game "Hearthstone".

"Beloved video game titles from Blizzard Entertainment that captivated millions of players in China will return to the market sequentially, beginning this summer, under a renewed publishing deal," the companies said in a statement.

WoW's Chinese servers went offline in January 2023, prompting a wave of mourning and anger from fans who poured years of their lives into building up their in-game points.

Chinese social media users on Wednesday cheered the return of Blizzard's titles to the market, with "Blizzard announces return" and "NetEase and Blizzard remarry" the top trending searches on the Weibo platform.

"Today, our long-lost old friend returns, our most beloved game returns," gaming blogger "Scarlet Bunny" wrote in a Weibo post.

"Come back to life, my beloved!" another fan wrote.

'Thrilled to align'

Massively popular worldwide, particularly in the 2000s, WoW is an online multiplayer role-playing game set in a fantasy Medieval world where good battles evil.

It is known for its immersive and addictive gameplay, and players can rack up hundreds of hours of game time.

Blizzard's games launched in China in 2008, through collaboration with internet giant NetEase -- under local law, foreign developers are required to partner with Chinese firms to enter the market.

But after 14 years and acquiring millions of players in China, the two firms announced in November 2022 that talks over renewing their operating contract had failed to lead to an agreement.

"After continuing discussions over the past year, both Blizzard Entertainment and NetEase are thrilled to align on a path forward to once again support players in mainland China and are proud to reaffirm their commitment to delivering exceptional gaming experiences," the companies said in their statement.

Some long-time WoW players remained bitter about the title's extended absence from China.

"The Chinese market is not Blizzard's living room where you come and leave as you want. Players are not playthings in Blizzard's hands that you take or abandon at will," one gamer wrote on Weibo, calling for a boycott.

Difficult years

The news will be a welcome boost for NetEase, which like many of the country's tech giants has had a rough few years after a government crackdown on the industry.

Since 2021, children under 18 years old have only been allowed to play online between 8:00 pm and 9:00 pm on Fridays, Saturdays and Sundays during the school term.

Gamers are required to use their ID cards when registering to play online to ensure minors do not lie about their age.

Companies are also prohibited from offering gaming services to young people outside government-mandated hours.

An end to a freeze in gaming licenses had raised hopes that the focus on the industry had subsided.

But then in December a set of draft guidelines aimed at limiting in-game purchases and preventing obsessive gaming behavior sent shares in NetEase and its rivals tumbling.

Authorities backtracked a day later, announcing that the rules would be further revised, though it did not give details.

The draft rules were later removed from the regulator's website.



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.


UK's CMA Rejects Probe into Microsoft-Mistral AI Tie-up

UK's CMA Rejects Probe into Microsoft-Mistral AI Tie-up
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UK's CMA Rejects Probe into Microsoft-Mistral AI Tie-up

UK's CMA Rejects Probe into Microsoft-Mistral AI Tie-up

Britain's competition watchdog said on Friday it would not investigate the partnership between Microsoft and Mistral AI, weeks after it invited views on the tie-up.

In February, Microsoft invested $16 million in Mistral AI, partnering to make the French start-up's artificial intelligence models available through its Azure platform. It has also invested in ChatGPT owner OpenAI.

The Competition and Markets Authority (CMA) said the Mistral partnership did not qualify for investigation under Britain's merger regulations. "The CMA has considered information submitted by Microsoft and Mistral AI, together with feedback received in response to its invitation to comment," a CMA spokesperson said, Reuters reported.

"Based on the evidence, the CMA does not believe that Microsoft has acquired material influence over Mistral AI as a result of the partnership and therefore does not qualify for investigation."

The CMA in April sought comments on the partnership, as well as separate links between Microsoft and Inflection AI and a tie-up between Amazon and Anthropic.

A Microsoft spokesperson said: "Investment and partnership are essential to new players in the AI economy.

"We welcome the CMA's determination that our fractional investment and partnership with Mistral AI does not qualify as a merger or acquisition."

European Union antitrust chief Margrethe Vestager, who has been looking into Big Tech's partnerships with AI start-ups, met Mistral AI last month. "We need vibrant competition in AI, now," she wrote on X after the meeting.


Technology Leads European Shares Lower

Rate-sensitive technology and real estate were the worst-hit sectors, down 0.7% each. (File/AFP)
Rate-sensitive technology and real estate were the worst-hit sectors, down 0.7% each. (File/AFP)
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Technology Leads European Shares Lower

Rate-sensitive technology and real estate were the worst-hit sectors, down 0.7% each. (File/AFP)
Rate-sensitive technology and real estate were the worst-hit sectors, down 0.7% each. (File/AFP)

European shares kicked off Friday's trade on a weaker note, led by declines in technology and real-estate companies, as investors looked forward to euro zone inflation data for some clarity on the path for interest rate cuts beyond June.

The pan-European STOXX 600 dipped 0.2% as of 0715 GMT, but was on track for its second straight weekly advance owing to a robust corporate earnings season.

All eyes are on the final euro zone inflation reading later in the day, after a report showed European Central Bank board member Isabel Schnabel advocated caution about further rate cuts after a likely first one in June.

Rate-sensitive technology and real estate were the worst-hit sectors, down 0.7% each, Reuters reported.

Meanwhile, personal and household goods led sectoral gains, with luxury group Richemont climbing 6% after quarterly results.

H&M rose 2.5% after RBC upgraded the fashion retailer to "outperform" from "sector perform".

French re-insurer Scor dropped 8.0% after first-quarter results.

Nibe lost 4.6% after Citigroup downgraded the Swedish heat-pump maker to "neutral" from "buy", while German utility E.ON lost 4.1% on trading ex-dividend.


CoreWeave Raises $7.5 billion Debt from Blackstone, Others

CoreWeave Raises $7.5 billion Debt from Blackstone, Others
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CoreWeave Raises $7.5 billion Debt from Blackstone, Others

CoreWeave Raises $7.5 billion Debt from Blackstone, Others

Specialized cloud services provider CoreWeave is raising $7.5 billion in debt from financiers led by Blackstone and Magnetar to expand its infrastructure to meet rising artificial intelligence (AI) workloads, it said on Friday.

The deal is one of the largest debt financing rounds for a startup and adds firepower to CoreWeave's balance sheet as it looks to expand its cloud computing services to more customers, Reuters reported.

The Nvidia-backed company has raised more than $12 billion in equity and debt investments over the past 12 months, including a $1.1 billion series C investment led by private equity firm Coatue earlier this month.

"The caliber of investors in this large debt financing round is a powerful testament to ... the insatiable market appetite for AI infrastructure," CEO and co-founder Michael Intrator said in a statement.

Coatue, Carlyle, CDPQ, DigitalBridge Credit, funds managed by BlackRock, Eldridge Industries and Great Elm Capital Corp were also part of CoreWeave's latest debt raise.

CoreWeave has seen a boost from businesses rapidly adopting generative AI technology. It has partnerships with AI startups and competing cloud providers to build clusters to power AI workloads.


Microsoft Offers Cloud Customers AMD Alternative to Nvidia AI Processors 

A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. (Reuters)
A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. (Reuters)
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Microsoft Offers Cloud Customers AMD Alternative to Nvidia AI Processors 

A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. (Reuters)
A view shows a Microsoft logo at Microsoft offices in Issy-les-Moulineaux near Paris, France, March 25, 2024. (Reuters)

Microsoft said on Thursday it plans to offer its cloud computing customers a platform of AMD artificial intelligence chips that will compete with components made by Nvidia, with details to be given at its Build developer conference next week.

It will also launch a preview of new Cobalt 100 custom processors at the conference.

Microsoft's clusters of Advanced Micro Devices' flagship MI300X AI chips will be sold through its Azure cloud computing service. They will give its customers an alternative to Nvidia's H100 family of powerful graphics processing units (GPUs) which dominate the data center chip market for AI but can be hard to obtain due to high demand.

To build AI models or run applications, companies typically must string together - or cluster - multiple GPUs because the data and computation will not fit on a single processor.

AMD, which expects $4 billion in AI chip revenue this year, has said the chips are powerful enough to train and run large AI models.

As well as Nvidia's top-shelf AI chips, Microsoft's cloud computing unit sells access to its own in-house AI chips called Maia.

Separately, the Cobalt 100 processors Microsoft plans to preview next week offer 40% better performance over other processors based on Arm Holdings' technology, the company said. Snowflake and others have begun to use them.

The Cobalt chips, which were announced in November, are being tested to power Teams, Microsoft's messaging tool for businesses, and positioned to compete with the in-house Graviton CPUs made by Amazon.com.


Video Game Maker Ubisoft Swings to Full-Year Operating Profit on Record Bookings

A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. (Reuters)
A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. (Reuters)
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Video Game Maker Ubisoft Swings to Full-Year Operating Profit on Record Bookings

A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. (Reuters)
A view of the Ubisoft Entertainment logo on a panel during a news conference at the company's headquarters in Saint-Mande, near Paris, France, September 8, 2022. (Reuters)

French video games group Ubisoft swung to an operating profit for its full-year to end-March, it said on Wednesday, as record bookings helped it reverse a year earlier loss of 500 million euros, its biggest ever.

Ubisoft's full-year net bookings jumped 33.5% to 2.31 billion euros, on a non-IFRS operating income of 401.5 million euros ($435.35 million).

"Our full-year 2024 results confirm that Ubisoft is back on track on its profitable growth trajectory, with record annual and fourth quarter net bookings", CEO Yves Guillemot said in a statement.

During the year, the company reported strong growth in both the "Rainbow Six" and "Assassin's Creed" franchises as well as new releases, driving bookings up and compensating for the long-delayed "Skull & Bones" game.

"Skull & Bones", released in February, received poor review scores, among the lowest for any Ubisoft game and was not a big seller, Wedbush Securities analyst Michael Pachter told Reuters.

Skull & Bones got off to a "slightly slower start than expected", Ubisoft CFO Frederick Duguet said during a call with journalists, adding that it still had the second-best daily playtime for a Ubisoft game.

The firm hopes to boost the game's audience and keep players engaged for longer in the first half of its financial year beginning April 1.

To address concerns from Britain's antitrust regulator regarding Microsoft's acquisition of "Call of Duty" maker Activision Blizzard, the latter agreed to sell its streaming rights to Ubisoft.

Ubisoft started receiving payments from Microsoft in the first three months of the year, which have already exceeded the company's initial investment of between 50 million-100 million euros, Duguet said on the call.

For the quarter to come, the company expects net bookings of around 275 million euros.


OpenAI Co-Founder Ilya Sutskever Departs ChatGPT Maker 

The OpenAI logo is displayed on a cell phone with an image on a computer monitor generated by ChatGPT's Dall-E text-to-image model, Dec. 8, 2023, in Boston. (AP)
The OpenAI logo is displayed on a cell phone with an image on a computer monitor generated by ChatGPT's Dall-E text-to-image model, Dec. 8, 2023, in Boston. (AP)
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OpenAI Co-Founder Ilya Sutskever Departs ChatGPT Maker 

The OpenAI logo is displayed on a cell phone with an image on a computer monitor generated by ChatGPT's Dall-E text-to-image model, Dec. 8, 2023, in Boston. (AP)
The OpenAI logo is displayed on a cell phone with an image on a computer monitor generated by ChatGPT's Dall-E text-to-image model, Dec. 8, 2023, in Boston. (AP)

OpenAI co-founder and chief scientist Ilya Sutskever is leaving the startup at the center of today's artificial intelligence boom.

"OpenAI would not be what it is without him," OpenAI CEO Sam Altman wrote in a message to the company, which OpenAI posted on its blog.

Microsoft-backed OpenAI makes the popular ChatGPT chatbot, which sparked a race among the world's largest tech companies for dominance in the emerging generative AI field.

Jakub Pachocki will be the company's new chief scientist, the company said on its blog.

Pachocki has previously served as OpenAI's director of research and led the development of GPT-4 and OpenAI Five.

"After almost a decade, I have made the decision to leave OpenAI," Sutskever said in a post on X.

Sutskever posted that he is working on a new project "that is very personally meaningful to me about which I will share details in due time."

Sutskever played a key role in Altman's dramatic firing and rehiring in November last year. At the time, Sutskever was on the board of OpenAI and helped to orchestrate Altman's firing.

Days later, he reversed course, signing onto an employee letter demanding Altman's return and expressing regret for his "participation in the board's actions."

After Altman returned, Sutskever was removed from the board and his position at the company became unclear.

Sutskever's exit comes a day after the company said at an event on Monday that it would release a new AI model called GPT-4o, capable of realistic voice conversation and able to interact across texts and images.

Shortly after launching in late 2022, ChatGPT was called the fastest application ever to reach 100 million monthly active users. However, worldwide traffic to ChatGPT's website has been on a roller-coaster ride in the past year and is only now returning to its May 2023 peak, according to analytics firm Similarweb.

Sutskever has long been a prominent researcher in the AI field. Before founding OpenAI, he worked as a researcher at Google Brain, and was a postdoctoral researcher at Stanford, according to his personal website. He started his career working with Geoffrey Hinton, one of the so-called "godfathers of AI".


Tesla is Sued Over Emissions from California Plant

FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
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Tesla is Sued Over Emissions from California Plant

FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)
FILE - A Model X sports-utility vehicle sits outside a Tesla store in Littleton, Colo., on June 18, 2023. (AP Photo/David Zalubowski, File)

Tesla has been sued by an environmental nonprofit that accused Elon Musk's electric car company of violating the federal Clean Air Act hundreds of times by letting its Fremont, California, plant emit harmful pollutants.

In a complaint filed on Monday, the Environmental Democracy Project said Tesla has since January 2021 exposed nearby residents and workers to excessive nitrogen oxides, arsenic, cadmium and other harmful chemicals, mainly through its paint shop operations.

The nonprofit wants an injunction to halt excess pollution, plus civil fines of up to $121,275 per day per violation of the Clean Air Act.

Tesla did not immediately respond on Tuesday to requests for comment, Reuters reported.

The lawsuit filed federal court in San Francisco adds to pressure on Tesla to improve air quality surrounding the Fremont plant, its main US factory.

On May 2, the Bay Area Air Quality Management District said it wanted an independent hearing board to order Tesla to reduce harmful emissions from its paint shop operations.

It said that Tesla's emissions abatement system breaks down "repeatedly," and the automaker has since 2019 racked up 112 notices of violation, each accounting for as much as 750 pounds of illegal air pollution.

In February, Tesla agreed to pay $1.5 million to settle a lawsuit by 25 California counties that claimed it mishandled hazardous waste at locations across the state.

The Environmental Democracy Project said it has authority to file a "citizen" lawsuit under the Clean Air Act because Tesla "has violated or in violation of conditions imposed by an operating permit for major sources of pollution."

Lawyers for the nonprofit did not immediately respond to requests for additional comment.

The case is Environmental Democracy Project v Tesla Inc et al, US District Court, Northern District of California, No. 24-02888.


Amazon’s Cloud Unit CEO Adam Selipsky to Step Down, Matt Garman to Take His Place

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Boves, France, May 13, 2019. REUTERS/Pascal Rossignol/File Photo
FILE PHOTO: The logo of Amazon is seen at the company logistics center in Boves, France, May 13, 2019. REUTERS/Pascal Rossignol/File Photo
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Amazon’s Cloud Unit CEO Adam Selipsky to Step Down, Matt Garman to Take His Place

FILE PHOTO: The logo of Amazon is seen at the company logistics center in Boves, France, May 13, 2019. REUTERS/Pascal Rossignol/File Photo
FILE PHOTO: The logo of Amazon is seen at the company logistics center in Boves, France, May 13, 2019. REUTERS/Pascal Rossignol/File Photo

The chief executive of Amazon.com's cloud unit Amazon Web Services, Adam Selipsky, is stepping down, the company said on Tuesday.

Amazon.com's shares fell 1% in early trading.

Senior Vice President Matt Garman will take on Selipsky's role at AWS, effective June 3, the firm said, Reuters reported.

Over two stints, Selipsky has spent 14 years at AWS.

He was the CEO of Tableau Software from 2016 to 2021.