LG Energy Solution, a major South Korean battery maker, has announced plans to reduce its capital expenditure by up to 30% this year, citing slowing demand for electric vehicles (EVs). The decision was made after the company reported a quarterly loss for the first time in three years. For the October-December period, LGES posted an operating loss of 226 billion won ($158 million), compared to a profit of 338 billion won during the same period in 2023.
The company, which supplies batteries to automakers like Tesla, General Motors, and Volkswagen, attributed its poor performance to a drop in demand from General Motors, one of its key clients. LGES expects demand to recover in the second quarter as GM launches new EV models. Additionally, the company highlighted that changes to US tariffs and potential reductions in EV tax credits could impact short-term growth in the US market, though it believes the long-term outlook for the battery industry remains strong.
In response to these challenges, LGES intends to prioritise using existing production capacity rather than expanding with new plants in North America. Despite the reduced spending, the company remains focused on growth, targeting a revenue increase of 5-10% this year. LGES will also launch joint battery production with Stellantis and Honda later this year. CEO Kim Dong-myung has expressed optimism about a recovery in the EV market after 2026, though he also acknowledged growing competition from Chinese rivals.
Shares of LGES remained flat following the announcement, while the broader KOSPI index saw a slight rise.
Stargate, a new joint venture formed by OpenAI, SoftBank, and Oracle, aims to build data centres across the US to support the growing demands of AI. According to a report by the Financial Times on Thursday, these data centres will be dedicated solely to OpenAI, the company behind the popular ChatGPT. The collaboration between these tech giants underscores the increasing importance of robust infrastructure to power the next wave of AI innovation.
The exclusive focus on OpenAI’s needs comes when AI technologies rapidly expand, with the demand for high-performance computing capabilities soaring. The partnership will allow OpenAI to scale its operations and provide the necessary computing power for its cutting-edge AI models. As companies worldwide race to develop more advanced AI tools, the infrastructure provided by Stargate is expected to play a crucial role in supporting the next generation of AI services.
Oracle and SoftBank’s involvement brings significant expertise in cloud infrastructure and global telecom, making the venture a powerful alliance in the competitive AI landscape. The project highlights the growing intersection of cloud computing, data storage, and AI as companies like OpenAI push the boundaries of what AI can achieve.
The founder and former CEO of GameOn, an AI startup in San Francisco, has been indicted for orchestrating a six-year-long fraud scheme that allegedly defrauded investors and the company out of over $60 million. Alexander Beckman, 41, faces 23 criminal charges, while his wife, Valerie Lau Beckman, 38, who worked as a lawyer for the company, is charged with 16 counts, including obstruction. Both have pleaded not guilty. The US Securities and Exchange Commission has also filed civil charges against the couple.
Beckman is accused of deceiving investors by inflating the company’s financial status, including fabricating fake customer relationships, overstating revenue, and creating fraudulent bank statements and audit reports. He allegedly went as far as impersonating individuals to share false information. Meanwhile, Lau Beckman allegedly assisted her husband by providing authentic audit reports to help fabricate false documents and delete critical files after an investigation began.
The Beckmans are also accused of misusing investor funds for personal expenses, including purchasing a luxury home, vehicles, and covering costs for their wedding. The fraudulent activities reportedly continued up until Beckman’s resignation as CEO in July 2024. GameOn, which has since been rebranded as On Platform, eventually admitted to the financial discrepancies and laid off most of its employees.
The case underscores the need for integrity in the tech industry, particularly within startups, as federal prosecutors emphasise that fraud cannot fuel innovation.
Oracle has introduced a suite of AI agents designed to streamline tasks for sales professionals. Unlike consumer-focused virtual assistants, these agents specialise in specific functions, such as updating records after customer meetings and compiling detailed reports to assist with deal negotiations. The agents can integrate data from across Oracle’s business software ecosystem, even translating information from different languages to offer sales teams a comprehensive view of customer interactions.
A notable feature of the new system is its ability to highlight critical insights, such as delays in shipments affecting repeat customers in other regions, which can help sales teams navigate negotiations more effectively. Rob Pinkerton, Oracle’s senior vice president, emphasised the global relevance of the technology, especially for companies operating in multiple markets. The tools are particularly tailored for industries like manufacturing and logistics, where accurate and timely data is crucial.
The AI agents are available to customers starting this week at no additional cost, reflecting Oracle’s commitment to enhancing its software offerings. The move aligns with broader industry trends, as competitors like Microsoft and Google also focus on deploying specialised AI to increase productivity and tackle complex challenges in enterprise environments.
ByteDance, the Chinese tech giant behind TikTok, has allocated over 150 billion yuan ($20.64 billion) for capital expenditure this year, with a significant focus on AI, according to sources familiar with the matter. About half of the investment will support overseas AI infrastructure, including data centres and networking equipment. Beneficiaries of this spending are expected to include chipmakers Huawei, Cambricon, and US supplier Nvidia, although ByteDance has denied the accuracy of the claims.
The investment aims to solidify ByteDance’s AI leadership in China, where it has launched over 15 standalone AI applications, such as the popular chatbot Doubao, which boasts 75 million monthly active users. Its international counterparts include apps like Cici and Dreamina, reflecting ByteDance’s strategy to adapt its AI offerings globally. The company also recently updated its flagship AI model, Doubao, to rival reasoning models like those developed by Microsoft-backed OpenAI.
ByteDance’s international spending aligns with its efforts to expand AI capabilities abroad amid challenges like the uncertain future of TikTok in the United States. While ByteDance’s $20 billion plan is substantial, it remains modest compared to the AI investments of US tech giants like Google and Microsoft, which spent $50 billion and $55.7 billion respectively on AI infrastructure in the past year. The spending will also bolster ByteDance’s partnerships with suppliers such as Nvidia, from which it has procured custom AI chips tailored to China despite US export restrictions.
Gloucestershire is poised to benefit significantly from the UK government’s push to expand AI development. Prime Minister Rishi Sunak’s AI Opportunities Action Plan, backed by leading tech firms pledging £14 billion in funding, is expected to create over 13,000 jobs and stimulate economic growth. The county, home to the government intelligence hub GCHQ, is uniquely positioned to leverage this investment, with major developments like Cheltenham’s Golden Valley cyber park and the Minster Exchange project at the forefront of the initiative.
Local experts and educators are optimistic about Gloucestershire’s role in AI advancement. Neil Smith, Managing Director of Reform IT, highlighted the region’s potential to develop talent and establish itself as a centre of excellence for AI development. Institutions such as the University of Gloucestershire and Berkeley Green UTC are already offering specialist courses in AI and cyber security. Gareth Lister, an educator, emphasised the need to integrate AI programming, cloud computing, and cybersecurity more prominently into school curriculums to prepare young people for emerging opportunities.
Dr Will Sayers, head of the University of Gloucestershire’s School for Computing, believes the county’s well-established cyber industry is a significant advantage. He pointed to the potential for local companies to form partnerships and capitalise on the government’s AI investment. With the growing focus on developing skilled talent and fostering innovation, Gloucestershire is on track to become a key player in the UK’s AI and cyber sectors.
Researchers from Scotland are developing an AI tool that could enable high-street opticians to detect early signs of dementia using retinal photographs. By analysing nearly a million eye scans, the NeurEYE team, led by the University of Edinburgh, has created an algorithm capable of assessing the health of blood vessels in the retina, which can reveal signs of neurodegenerative diseases such as Alzheimer’s long before symptoms arise. This innovation could revolutionise early diagnosis, offering patients and their families valuable time to prepare and adapt.
The retina’s blood vessels are small and fine, making them ideal indicators of health issues, including conditions affecting the brain. Professor Baljean Dhillon of the University of Edinburgh highlighted the retina’s potential as a “biological barometer” for brain health, accessible through simple, inexpensive eye examination equipment. The research team hopes to roll out a prototype later this year, with plans for wider implementation in 2026, allowing opticians nationwide to integrate this tool into routine eye tests.
Early diagnosis of dementia can significantly improve patient care and family preparedness. Retired engineer David Steele, whose mother’s Alzheimer’s was detected too late, believes such technology could have spared his family years of struggle. Specialist optometrist Ian Cameron also emphasised the importance of regular eye tests, noting that advancements in eye care can lead to earlier detection of various conditions, from diabetes to neurological disorders, ultimately improving overall health outcomes.
MTN, China Telecom, and Huawei have partnered to launch Africa’s largest 5G-enabled smart mine in Northern Cape, South Africa. That initiative marks a milestone in the continent’s mining sector, leveraging a state-of-the-art 5G private network to revolutionise operations.
The network provides ultra-reliable, high-speed connectivity for applications such as personnel surveillance, vehicle tracking, and unmanned trucks, significantly improving productivity, workplace safety, and operational efficiency. Additionally, the project promotes greener mining practices by optimising energy consumption and resource management, aligning with global sustainability goals.
The collaboration also demonstrates the potential of 5G to drive industrial transformation and positions the mine as a leader in sustainable mining while contributing to Africa’s broader digital transformation. The success of this initiative stems from the expertise of the three industry leaders.
Huawei delivered a tailored 5G private network, MTN provided robust infrastructure and network integration expertise, and China Telecom contributed its global knowledge in system integration and innovative digital solutions. Beyond mining, MTN is rapidly expanding its 5G private network business across sectors such as oil and gas, ports, manufacturing, and education, as well as extending its 5G presence to countries like Nigeria, Zambia, Côte d’Ivoire, and Cameroon.
President Donald Trump unveiled a $500 billion private-sector initiative on Tuesday aimed at transforming AI infrastructure in the US. The joint venture, called Stargate, brings together OpenAI, SoftBank, and Oracle to build 20 massive data centres and create over 100,000 jobs. Backers have committed $100 billion for immediate deployment, with the remainder spread over the next four years.
The announcement, made at the White House with SoftBank CEO Masayoshi Son, OpenAI CEO Sam Altman, and Oracle Chairman Larry Ellison in attendance, underscores America’s push to lead in AI development. Ellison revealed that the first data centres, each half a million square feet, are already under construction in Texas. These facilities aim to power advanced AI applications, including analysing electronic health records to assist doctors.
Trump attributed the project’s launch to his leadership, with executives expressing their support. “We wouldn’t have decided to do this unless you won,” Son said. However, the ambitious project arrives amid concerns over the rising energy demands of AI data centres. Trump promised to simplify energy production for these facilities, even as experts warn of potential power shortfalls across the country in the coming decade.
The announcement comes against a backdrop of surging AI investments since OpenAI’s release of ChatGPT in 2022, which sparked widespread adoption of AI across industries. Oracle and other tech stocks, including Nvidia and Dell, climbed on the news, reflecting market enthusiasm for the Stargate project.
The International Telecommunication Union (ITU) has launched the AI Skills Coalition, a global initiative backed by 27 organisations, including Amazon Web Services, Microsoft, and Cognizant, to bridge the AI skills gap in developing countries. The coalition will provide accessible education and capacity-building in areas like generative AI, machine learning, and AI for sustainable development through a new online platform set to launch in March 2025.
The platform will offer free resources such as self-paced courses, webinars, in-person workshops, hybrid programs, and a comprehensive digital library of AI materials. In collaboration with the United Nations Development Programme (UNDP), the coalition will leverage UNDP’s global presence to ensure an inclusive, global approach to AI training, extending beyond the efforts of companies like Google, AWS, and Microsoft.
The initiative will also focus on underrepresented groups, including women, youth, and persons with disabilities, aiming to foster diversity in AI development. Specialised training programs for government officials will address AI governance, ethics, and policymaking, tailored to the needs of developing countries and least developed countries (LDCs).
The AI Skills Coalition’s efforts to deliver AI education and capacity-building aim to ensure that the benefits of AI are shared more equitably, addressing global inequalities in AI knowledge. By equipping the future workforce with critical skills and empowering policymakers to harness AI responsibly, the coalition seeks to support sustainable development and help countries navigate the unique challenges they face in the AI era.
