Two leading chip manufacturers, TSMC and Samsung Electronics, are exploring the establishment of chip factories in the United Arab Emirates. Reports suggest these projects could surpass $100 billion in value, indicating significant investment in the region’s technology sector.
Executives from TSMC have made recent visits to the UAE, discussing plans for a facility comparable to their advanced plants in Taiwan. Meanwhile, Samsung is also assessing opportunities for major chip-making operations in the country, though these talks remain in preliminary stages.
Funding for these ambitious projects may largely come from the UAE, with Abu Dhabi’s Mubadala playing a crucial role. The overarching aim is to boost global chip production while maintaining the profitability of manufacturers.
As tech ventures in the Middle East accelerate, concerns in Washington grow regarding the potential transfer of advanced US technology to China via the UAE and other regional partners.
Xiaomi has urged India’s competition authority to recall an antitrust report concerning Walmart’s Flipkart. The Chinese smartphone maker claims the document contains confidential business information, which should have been redacted. The move could slow the ongoing investigation that began in 2021.
The Competition Commission of India (CCI) has previously responded to similar concerns, such as with Apple, leading to the recall of an antitrust report. Xiaomi is concerned that sensitive data, like model-specific sales figures, was shared without proper redaction, potentially harming its business.
The CCI report also found that e-commerce platforms, such as Amazon and Flipkart, gave preferential treatment to certain sellers, launching exclusive products from companies like Xiaomi. The commission has asked involved parties to return the report, allowing it to be reviewed again for necessary redactions.
Xiaomi’s concern with the report focuses on Flipkart’s involvement, while its dealings with Amazon remain unaffected. The CCI’s broader investigation includes various smartphone companies, with Samsung, Vivo, and Motorola also named for participating in exclusive online product launches.
A recent survey by Deutsche Bank reveals that cash is likely to remain a staple for consumers, despite the global interest in Central Bank Digital Currencies (CBDCs). The survey, which gathered responses from 4,850 individuals across Europe, the UK, and the US, found that 59% of participants believe cash will always be relevant. Additionally, 44% of respondents prefer using cash over CBDCs, while only 16% think digital currencies will become mainstream.
The report highlights that although the COVID-19 pandemic accelerated the shift towards digital payments—especially among Gen Z—many consumers remain hesitant about CBDCs. Privacy concerns significantly influence this reluctance, with respondents in the US favouring cryptocurrencies for better privacy than government-backed options. In fact, 21% expressed a preference for private cryptocurrencies like Bitcoin, while many Europeans preferred the anonymity that cash provides.
The skepticism surrounding CBDCs is evident in Canada, where a Bank of Canada report indicated that 86% of Canadians oppose the idea, with 92% still preferring cash over a potential digital Canadian dollar. As central banks continue to explore CBDC applications, user confidence remains a key barrier to widespread adoption.
The European Commission is taking significant steps to ensure Apple aligns its practices with the Digital Markets Act (DMA). That initiative involves specifying the actions Apple must undertake to enhance interoperability with other products, marking a pivotal moment as it represents the first formal use of this DMA tool to engage with the tech giant.
The move reflects the Commission’s commitment to fostering a competitive digital market within the EU, particularly in light of ongoing discussions regarding Apple’s role in this landscape. To this end, the Commission has initiated two key proceedings focused on interoperability issues concerning Apple’s iOS operating system.
The first aims to simplify the connection process for non-Apple devices, such as smartwatches and headphones, enabling them to work seamlessly with iPhones and iPads. That includes enhancing features like Bluetooth pairing and notifications. The second proceeding examines how Apple interacts with developers seeking interoperability, aiming to establish a fair and efficient process that encourages innovation while addressing potential privacy and security concerns.
The European Commission has established a clear timeline for these proceedings, setting a six-month deadline for investigations into Apple’s compliance with the DMA. Should Apple fail to meet the specified requirements, the Commission may impose fines or restrictions on the company’s operations in certain regions or technology sectors. Moreover, it follows a previous mandate requiring Apple to address competition concerns related to access to near-field communication (NFC) technology for contactless payments, highlighting the company’s ongoing scrutiny.
Chinese multinational technology company, Alibaba, has intensified its push into the generative AI space by releasing new open-source AI models and text-to-video technology. The Chinese tech giant’s latest models, part of its Qwen 2.5 family, range from 0.5 to 72 billion parameters, covering fields like mathematics, coding, and supporting over 29 languages.
This marks Alibaba’s shift towards a hybrid approach, combining both open-source and proprietary AI developments, as it competes with rivals such as Baidu and OpenAI, which favor closed-source models. The newly introduced text-to-video model, part of the Tongyi Wanxiang family, positions Alibaba as a key player in the rapidly growing AI-driven content creation market.
The company’s new AI offerings aim to serve a wide range of industries, from automotive and gaming to scientific research, solidifying its role in shaping the future of AI across various sectors.
Philippines has introduced Joint Administrative Order No. 24-03, Series of 2024, which outlines the Implementing Rules and Regulations (IRR) for the Internet Transactions Act (ITA) of 2023. The new regulatory framework is designed to govern all business-to-business (B2B) and business-to-consumer (B2C) internet transactions under the jurisdiction of the Department of Trade and Industry (DTI).
Specifically, it applies to transactions involving parties within the Philippines or businesses targeting the Philippine market. To clarify the scope of the ITA, the IRR defines key terms such as ‘availment of the Philippine market,’ which includes activities like advertising, soliciting orders, and providing support within the country. Additionally, ‘minimum contacts’ refers to any interaction with customers in the Philippines, including allowing access to digital platforms and facilitating the exchange of goods or services.
Philippines has also specified specific exclusions from the ITA’s coverage through the IRR. For instance, it does not apply to Consumer-to-Consumer (C2C) transactions, purely offline transactions, or foreign entities not targeting the Philippine market. Furthermore, while most online media content is excluded, live selling is considered a form of advertising.
Consequently, the IRR outlines different obligations for various online entities, such as digital platforms that do not oversee transactions, e-marketplaces that retain oversight, and e-retailers or online merchants who must adhere to specific compliance requirements.
Philippines has made the IRR effective immediately; however, it allows for an 18-month transition period for businesses to comply. During this time, companies must submit detailed information to the E-Commerce Bureau and ensure that online merchants provide their registration details. Additionally, digital platforms must disclose information about product origins. Furthermore, the IRR includes Codes of Conduct for businesses and consumers to ensure fair and ethical e-commerce practices.
During the recent ‘Made on YouTube’ event, several new features were announced, with the highlight being the integration of AI into YouTube Shorts. The company is incorporating Google DeepMind’s AI video generation model, Veo, first introduced at Google’s I/O 2024. This integration will allow creators to generate high-quality backgrounds and six-second video clips in various cinematic styles. Veo is capable of producing 1080p clips and is positioned to compete with similar AI tools from OpenAI, Runway, and others. It is considered an upgrade to YouTube‘s Dream Screen, launched in 2023, and is intended to enhance the content creation process by making it smoother and more dynamic.
The new Veo-powered feature in Dream Screen allows creators to choose from AI-generated images and convert them into short video clips, enabling smoother transitions in content creation. This tool is expected to enhance storytelling on Shorts, for instance, by adding cityscapes or filler scenes to enrich the narrative. The resulting videos will be watermarked using DeepMind’s SynthID technology to indicate that they are AI-produced content.
YouTube has introduced new features to improve user interaction in addition to the Veo update. One of these features is “Jewels,” which allows viewers to send digital items to creators during livestreams, similar to TikTok’s gifting option. The platform has also expanded its automatic dubbing tool to cover more languages and is testing more expressive voice dubbing. Furthermore, YouTube has added AI brainstorming tools for video ideas, AI-generated thumbnails, and AI-assisted comments to help creators engage more effectively with their audiences.
The cryptocurrency market saw a significant boost following a recent rate cut by the US Federal Reserve, leading to a surge in liquidations. Data from Coinglass shows a 46% rise in crypto liquidations, totalling nearly $200 million. Most of these were short positions, with Bitcoin experiencing a 2.9% price rise, pushing its value to around $63,000. The largest single liquidation, valued at $8.9 million, occurred on the Bybit exchange.
Ethereum followed closely, with over $35 million in liquidations as its price surpassed $2,400. Despite the increase in liquidations, total crypto open interest rose by 4%, reflecting strong market engagement. A jump in open interest often points to ‘fear of missing out’ (FOMO), which can lead to further liquidations and high price volatility.
After the Federal Reserve’s 50-basis-point rate cut, the global cryptocurrency market cap increased by 1.9%, reaching $2.23 trillion. Trading volume exceeded $120 billion, highlighting strong bullish sentiment across both the crypto and traditional markets.
YouTube and the e-commerce platform Shopee have introduced a new online shopping service in Indonesia. This initiative aims to expand across Southeast Asia in response to increased competition from TikTok’s e-commerce ambitions. As part of this collaboration, users can now directly purchase products they see on YouTube through links to Shopee, which is owned by Sea Ltd. This service, already available in South Korea and the U.S., will soon be launched in Thailand and Vietnam.
The partnership is happening as Southeast Asia’s e-commerce market is growing rapidly, with Indonesia being a key focus due to its strong online shopping demand. Alphabet Inc.’s YouTube and Shopee will be competing with TikTok, which has strengthened its regional presence through its own shopping platform called TikTok Shop. In 2023, the TikTok service experienced significant growth and became the second-largest e-commerce platform in Southeast Asia, just behind Shopee.
YouTube executives did not provide details on the extent of the partnership but suggested that there could be future collaborations with other e-commerce platforms. The e-commerce sector in the region is expected to keep growing, having reached $114.6 billion in gross merchandise value in 2023.
Alibaba pushes forward with AI innovation, launching a wide range of open-source models and text-to-video technology. The Chinese tech giant’s latest release includes over 100 models from its Qwen 2.5 family, offering significant improvements in mathematics, coding, and multilingual support.
These models aim to enhance AI capabilities in various industries, including gaming, automotive, and scientific research. Alibaba has adopted a unique hybrid approach, combining open-source and proprietary methods, setting itself apart from competitors like OpenAI and Baidu.
With model sizes ranging from 0.5 to 72 billion parameters, Alibaba’s AI tools cater to diverse business needs. The company’s text-to-video technology, part of its Tongyi Wanxiang image generation family, positions it as a key player in the expanding text-to-video market.
As competition in AI technology intensifies globally, Alibaba’s new developments could challenge major players such as OpenAI and ByteDance. ByteDance recently launched a text-to-video app for Chinese users on Apple’s App Store, further highlighting the rising interest in this technology.
