All by Karishma Puri
The European Union has been considering new legally binding requirements for developers of artificial intelligence to ensure modern technology is developed and used ethically. The draft of the new legislation will be announced on the 19th of February 2020, and Silicon Valley bosses Sundar Pichai (Google) and Mark Zuckerberg (Facebook) have taken it upon themselves to head to Brussels and tout the importance of the freedom of innovation in AI.
Recent scrutiny of tech giants’ business strategies has resulted in the revelation of illegal conduct or abuse of dominant power, meaning firms have been fined or asked to change the way they operate as a result. Facebook and Amazon, in particular, have been targeted recently for the way they handle consumer data, and investigations have been launched from NY’s AG, EU Commissioners and Italian Competition watchdogs who have been concerned about the way the companies are functioning.
FedEx is struggling due to its lack of competence in the rise of e-commerce and is falling behind its competitors such as UPS and Amazon.
Tesco, the UK’s largest supermarket chain said it’s thinking of selling its businesses in Thailand and Malaysia on Monday, in hopes of restructuring its business through UK-based shops.
Big beauty brands like Coty Inc. and Estee Lauder Co. have been acquiring parts or whole trendy brands in hopes of boosting sales through younger clientele.
The world’s dominant provider of internet search, advertising, and video services, Alphabet, (Google’s parent company) seems to have lost its way. Its stock fell as much as 4% in after-hours trading this Monday after it reported it missed analyst expectations and posted a 23% decline in profit as it faces rising expenses.
Lloyds Banking Group and Barclays have warned they will take billions of pounds in extra charges to cover a last-minute surge in claims relating to mis-sold payment protection insurance (PPI).
