Japanese tech giants NTT Communications and SoftBank are developing AI-driven systems to support call centre employees dealing with abusive customers. NTT Communications has designed a support system that monitors interactions, providing operators with appropriate real-time responses. During a recent demonstration, the system suggested a response to a customer complaint, which was then confirmed as effective.
The technology aims to reduce the psychological stress faced by call centre staff, who often struggle to remain composed when confronted with aggressive callers. By providing quick and accurate responses, the system may also help calm upset customers, according to NTT Communications.
Meanwhile, SoftBank is working on an AI system that modifies the tone of customer voices during interactions, aiming to ease tensions. The company plans to launch this service by fiscal year 2025. These developments address the growing issue of ‘kasu-hara,’ or customer harassment, in Japan, where verbal abuse and demands for excessive apologies have led to mental health issues and job resignations among workers in service industries.
Google is enhancing its Shopping tab with AI, building on its previous integration of generative AI into Search in 2023. The company announced it will use AI technology to help users find products that match their specific needs. The update includes a new, personalised feed of shoppable products, offering a scrollable, TikTok-inspired design.
When users search for a product, an AI-generated brief will provide personalised tips and considerations based on their query. For example, if someone searches for a “men’s winter jacket for Seattle,” the AI might recommend prioritising water resistance for the rainy climate and suggest insulation types suitable for the milder temperatures.
Google’s AI will recommend relevant products, offering brief descriptions to explain why each item is a suitable choice. Users can browse categories like “Synthetic insulated winter jackets for Seattle” and use filters to refine their search based on specific sizes or local availability.
The personalised shopping feed will showcase products and videos tailored to user preferences, featuring items like Chelsea boots alongside YouTube Shorts with shopping tips. Google is positioning itself to compete with TikTok, which has gained traction in e-commerce. These new features will roll out in the US in the coming weeks, as Google combines its Shopping Graph with advanced Gemini models to enhance the user experience.
Blackstone, the world’s largest alternative asset manager, is set to invest €7.5 billion ($8.2 billion) in developing data centres in Aragon, Spain, further establishing the region as a key cloud computing hub in Europe. This investment follows similar moves by tech giants like Microsoft and Amazon, who are also investing heavily in data centre projects in the area.
The US private equity firm will concentrate on building facilities with cooling systems and cable connections, which will be leased to companies for server installations. The Aragon regional government has indicated that 19 data centre projects are currently pending approval.
In recent announcements, Microsoft revealed plans for a €6.69 billion investment in Aragon, while Amazon’s AWS intends to invest €15.7 billion in its own data centres. Notably, Amazon has committed to powering its facilities with renewable energy, leveraging Aragon’s significant wind power resources.
The Central Bank of Brazil has opened the second phase of its digital currency pilot, Drex, inviting companies to apply from 14 Oct. to 29 Nov. The initiative aims to explore complex use cases for the tokenised real, including government-backed loans, agribusiness assets, and carbon credits. Thirteen proposals have already been approved, advancing Brazil’s push toward integrating blockchain into its financial system.
The first phase of the Drex pilot saw 16 consortiums, mostly led by banks, testing the digital real through decentralised networks. However, privacy concerns remain, with four participants yet to resolve transaction anonymity issues. Brazil’s Securities Commission president stressed that tokenisation is a business model poised for long-term success and must be regulated within the financial system.
Brazil’s efforts to develop its CBDC align with global trends. The Atlantic Council notes that 134 countries are considering CBDCs, with Brazil among the 65 most advanced. China, meanwhile, has made significant strides, with its digital renminbi, e-CNY, reaching $1.02 trillion in transactions by 11 October.
Nvidia’s shares reached a record high on Monday, pushing the AI chipmaker closer to overtaking Apple as the most valuable company in the world. Closing at $138.07, Nvidia’s stock surged 2.4%, driven by investor optimism around demand for both current and future AI processors. The company’s market value now stands at $3.39 trillion, just shy of Apple’s $3.52 trillion.
The fierce competition among leading tech firms has propelled Nvidia to become Wall Street’s biggest success story in the AI race. In June, the company briefly held the title of the world’s most valuable firm before being overtaken by Microsoft. Analysts from TD Cowen highlighted how major AI players face constant pressure to invest, fearing the risk of falling behind in the fast-evolving sector.
Nvidia has been working to meet increasing demand, despite delays in its upcoming Blackwell chip production. The company confirmed that production was postponed until the fourth quarter, although customers remain eager to purchase the current generation of chips. TD Cowen maintained Nvidia as its ‘Top Pick’, with a $165 price target, citing the ongoing demand for its processors.
As Apple and Microsoft also recorded gains, Nvidia, Apple, and Microsoft now account for nearly a fifth of the S&P 500’s total weight. Taiwan Semiconductor, which manufactures Nvidia’s processors, is expected to report a 40% rise in profits later this week, further reflecting the soaring demand for AI technology. Nvidia’s revenue is projected to more than double to approximately $126 billion this year, supported by spending on AI data centres.
Swedish telecom company Ericsson has secured a new multi-billion dollar deal to supply 5G equipment to India‘s Bharti Airtel, according to sources. This follows a $3.6 billion contract last month with Vodafone Idea, shared with Nokia and Samsung, highlighting Ericsson’s expanding presence in India’s growing 5G market.
Ericsson’s shares rose nearly 9% on Tuesday after the company reported third-quarter earnings that exceeded analyst expectations, driven by strong demand in North America. Adjusted earnings reached 7.327 billion Swedish crowns ($0.7 billion), up from 3.9 billion crowns a year earlier, while net sales fell 4% year-on-year to 61.8 billion crowns, still surpassing forecasts. The North American market showed over 50% year-on-year growth, offsetting declines in northeast and southeast Asia.
CEO Börje Ekholm noted signs of market stabilisation, attributing demand for 5G largely to growth in mobile internet consumption. He highlighted that the rapid rollout of 5G in India has inflated sales but remains optimistic about growth opportunities despite challenges in China. With improved gross margins and positive outlook comments, analysts are forecasting upgrades to Ericsson’s earnings before interest and tax for 2024 and 2025. The results signal a recovery for Ericsson, which has faced slowing demand for its 5G equipment and previously announced layoffs to cut costs.
US officials are considering restricting the sale of advanced AI chips from Nvidia and other American firms to certain countries, focusing on the Persian Gulf region. These deliberations aim to limit exports based on national security concerns, Bloomberg News has reported, citing sources familiar with the discussions.
The idea has gained traction in recent weeks, although plans remain in early stages and may change. Neither the US Commerce Department nor Nvidia commented on the matter. Intel and AMD also did not immediately respond to inquiries from Reuters.
Recent regulatory updates from the Commerce Department could simplify the export process. Data centres in the Middle East may apply for Validated End User status, enabling them to obtain AI chips through a general authorisation, bypassing the need for individual export licences.
In 2023, the Biden administration expanded licensing rules to tighten AI chip exports to over 40 countries, including some Middle Eastern nations, amid concerns that exports might be diverted to China or used in ways conflicting with US security interests.
Deutsche Bank has entered a strategic partnership with Keyrock, a crypto-native market maker, to bolster its global market-making and OTC trading operations. The collaboration is set to improve settlement processes and expand Keyrock’s operations across regions like Europe, the Middle East, and Asia-Pacific. Deutsche Bank will provide multi-currency accounts and access to over 100 currency pairs, enabling Keyrock to trade efficiently and reduce settlement risks.
Keyrock CEO Kevin de Patoul welcomed the partnership, emphasising Deutsche Bank’s industry expertise and innovative approach. Kilian Thalhammer, Deutsche Bank’s Global Head of Merchant Solutions, noted that this move reflects the bank’s commitment to supporting fintech and blockchain advancements.
This partnership follows Deutsche Bank’s earlier steps into blockchain technology, including its involvement in Singapore’s Project Guardian. The bank’s proactive stance on digital assets highlights its increasing engagement with the evolving financial markets.
The increasing use of AI and machine learning in financial services globally could lead to financial stability risks, according to the Governor of the Reserve Bank of India (RBI), Shaktikanta Das. Speaking at an event in New Delhi, Das cautioned that the reliance on a small number of technology providers could lead to concentration risks in the sector.
Disruptions or failures in these AI-driven systems could trigger cascading effects throughout the financial industry, amplifying systemic risks, Das warned. In India, financial institutions are already employing AI to improve customer experience, reduce operational costs, and enhance risk management through services like chatbots and personalised banking.
However, AI adoption comes with vulnerabilities, including increased exposure to cyber attacks and data breaches. Das also raised concerns about the ‘opacity’ of AI algorithms, which makes them difficult to audit and could lead to unpredictable market consequences.
Das further emphasised the risks posed by the rapid growth of private credit markets, which operate with limited regulation. He warned that these markets have not been tested under economic downturns, presenting potential challenges to financial stability.
Stablecoins are rapidly emerging as a vital solution for businesses seeking to streamline payment processes, with Singapore recently hitting a milestone of $1 billion in stablecoin payment value. As a stable alternative to both traditional fiat and volatile cryptocurrencies, stablecoins are increasingly being adopted for everyday transactions, particularly within the e-commerce sector. Recent studies indicate that 64% of consumers are open to using cryptocurrencies and stablecoins for payments, with a growing number of retailers planning to accept them within the next couple of years.
These digital currencies, tethered to stable assets like the US dollar or Euro, offer notable advantages, such as faster transactions and reduced volatility. The stability allows businesses to mitigate the risks associated with sudden price fluctuations, making it easier to lock in profits. Furthermore, with stablecoins expanding across various blockchain networks, including faster and more cost-effective options like Polygon and Solana, they are becoming more accessible to a wider range of businesses. This shift not only simplifies payment processing but also enhances cross-border transactions by eliminating currency conversion hassles.
As regulations around cryptocurrencies continue to evolve, stablecoins are well-positioned to lead the charge in the transformation of financial settlements. With their increasing normalisation in markets like Singapore, these digital assets are set to play a crucial role in the future of e-commerce. The potential for stablecoins to overcome many of the challenges faced by traditional payment systems suggests that they will soon become a mainstream choice for businesses worldwide, ushering in a new era of digital financial solutions.
