Société Générale has achieved a milestone by conducting the first repo transaction using blockchain within the Eurosystem. The transaction carried out with Banque de France through Société’s digital asset subsidiary Forge, involved tokenised bonds issued on Ethereum in 2020 as collateral. Central bank digital currency (CBDC) issued by Banque de France was exchanged as cash, showcasing the potential of blockchain in modern financial operations.
The move highlights the feasibility of conducting interbank refinancing on-chain. Société Générale stated that using CBDCs for such transactions could improve liquidity for digital financial securities. Tokenisation, which converts traditional securities into digital tokens, offers faster settlement times and an immutable record of transactions, making it a promising technology for the financial sector.
Banque de France has been actively exploring CBDC use cases since 2021, including cross-border transactions and collaborations with global partners like the Hong Kong Monetary Authority. Meanwhile, Société Générale continues to expand its digital asset operations, including launching its euro-denominated stablecoin EUR convertible. The bank’s innovative efforts reflect its position as one of the world’s largest financial institutions.
Panelists, including Jorge Cancio of the Swiss Government and David Fairchild of Canada, underscored the IGF’s central role as a multistakeholder platform for dialogue. However, concerns about its diminishing mandate and inadequate funding surfaced repeatedly. Fairchild warned of ‘a centralisation of digital governance processes,’ hinting at geopolitical forces that could undermine inclusive, global cooperation. Cancio urged an updated ‘Swiss Army knife’ approach to WSIS, where existing mechanisms, like the IGF, are strengthened rather than duplicated.
The session also highlighted emerging challenges since WSIS’s 2005 inception. Amrita Choudhury from MAG and Anita Gurumurthy of IT for Change emphasised that AI, data governance, and widening digital divides demand urgent attention. Gurumurthy lamented that ‘neo-illiberalism,’ characterised by corporate greed and authoritarian politics, threatens the vision of a people-centred information society. Meanwhile, Gitanjali Sah of ITU reaffirmed WSIS’s achievements, pointing to successes like digital inclusion through telecentres and distance learning.
Amid these reflections, the IGF emerged as an essential event for harmonising WSIS and GDC goals. Panellists, including Nigel Cassimire from the Caribbean Telecommunications Union, proposed that the IGF develop performance targets to implement GDC commitments effectively. Yet, as Jason Pielemeier of the Global Network Initiative cautioned, the IGF faces threats of co-optation in settings hostile to open dialogue, which ‘weakens its strength.’
Despite these tensions, hope remained for creative solutions and renewed international solidarity. The session concluded with a call to refocus on WSIS’s original principles—ensuring no one is left behind in the digital future. As Anita Gurumurthy aptly summarised: ‘We reject bad politics and poor economics. What we need is a solidarity vision of interdependence and mutual reciprocity.’
For eight years, TeraFeng has shared her glamorous Shanghai lifestyle with over 500,000 followers on Chinese social media. Her audience, primarily financially independent urban women, has proven to be a valuable market for high-end and niche brands. In recent months, Feng’s switch to livestream selling on Xiaohongshu, a platform similar to Instagram, has seen her sell products ranging from luxury suits priced at 15,000 yuan ($2,060) to premium rice costing 60 yuan per kilogram.
Xiaohongshu has long been used for lifestyle inspiration but has struggled to find success in e-commerce. As Chinese consumers on other platforms like Taobao and Pinduoduo hunt for discounts, Xiaohongshu attracts a different crowd — users willing to spend on quality and aspiration-driven products. Influencers and brands are embracing this trend, with companies like L’Oreal and Coach launching stores and partnering with livestream hosts to drive sales. These livestreams adopt a relaxed, conversational style, contrasting the aggressive sales tactics on other platforms.
Brands are seeing tangible results. For example, Ms Min, an independent fashion label, experienced a spike in sales after actress Dong Jie featured it in a livestream. Marketing agencies like Magic Advertising, which works with luxury clients like Max Mara and LVMH, are also eyeing Xiaohongshu for growth. While analysts predict the platform’s annual sales could surpass $100 billion by 2025, experts suggest it will remain a niche player compared to China’s e-commerce giants like Tmall and JD.com. Nonetheless, Xiaohongshu’s ability to connect luxury brands with eager, affluent consumers marks it as a growing force in China’s online retail landscape.
The European Union is addressing a trade dispute with India over tariffs on ICT goods, which India has effectively blocked under the World Trade Organization (WTO) by appealing a favourable report for the EU to the non-functional WTO Appellate Body, stalling the resolution process. India has also rejected alternative dispute resolution methods, such as ad hoc appeal arbitration or a mutually agreed solution.
In response, the EU uses its Enforcement Regulation to enforce international trade obligations when disputes are blocked, ensuring that WTO rules are respected. The EU has launched a consultation for concerned entities, with responses due by 10 February 2025, to guide decisions on potential commercial policy measures should a mutually satisfactory solution not be reached.
At the same time, the EU continues to seek a resolution through alternative means, inviting India to join the Multi-Party Interim Appeal Arrangement (MPIA) or agree to ad hoc appeal arbitration. The dispute began in 2014 when India imposed customs duties of up to 20% on various ICT products, which the EU argues violates India’s WTO commitments to apply a zero-duty rate.
In 2019, the EU initiated the WTO dispute settlement process, and in April 2023, the panel ruled in favour of the EU, confirming that India’s tariffs were inconsistent with WTO rules. India appealed the decision in December 2023, prolonging the dispute.
TikTok’s deadline is approaching as its Chinese parent company, ByteDance, prepares to take its case to the US Supreme Court. A federal appeals court on Friday rejected TikTok’s request for more time to challenge a law mandating ByteDance to divest TikTok’s US operations by 19 January or face a nationwide ban. The platform, used by 170 million Americans, now has weeks to seek intervention from the Supreme Court to avoid a shutdown that would reshape the digital landscape.
The US government argues that ByteDance’s control over TikTok poses a persistent national security threat, claiming the app’s ties to China could expose American data to misuse. TikTok strongly disputes these assertions, stating that user data and content recommendation systems are stored on US-based Oracle servers and that moderation decisions are made domestically. A TikTok spokesperson emphasised the platform’s intention to fight for free speech, pointing to the Supreme Court’s history of defending such rights.
The ruling leaves TikTok’s immediate fate uncertain, placing the decision first in the hands of President Joe Biden, who could grant a 90-day extension if progress toward a divestiture is evident. However, Biden’s decision would give way to President-elect Donald Trump, who takes office just one day after the 19 January deadline. Despite his previous efforts to ban TikTok in 2020, Trump recently opposed the current law, citing concerns about its benefits to rival platforms like Facebook.
Adding to the urgency, US lawmakers have called on Apple and Google to prepare to remove TikTok from their app stores if ByteDance fails to comply. As the clock ticks, TikTok’s battle with the US government highlights a broader conflict over technology, data privacy, and national security. The legal outcome could force millions of users and businesses to rethink their digital strategies in a post-TikTok world.
Google has revealed that a trial of its traditional search result layout, featuring 10 blue links per page, negatively impacted both users and hotels. The test, conducted in Germany, Belgium, and Estonia, aimed to gauge the format’s viability under new EU digital regulations. The results showed users were less satisfied and took longer to find desired information, with hotel traffic dropping by over 10%.
The test was part of Google’s efforts to align with the EU’s Digital Markets Act, which prohibits favouritism towards its own services. However, the return to the older layout, implemented last month, left hotels at a disadvantage and reduced the ability of users to locate accommodations efficiently. “People had to conduct more searches and often gave up without finding what they needed,” stated Oliver Bethell, Google’s Competition Legal Director.
The trial results come as Google faces mounting pressure from price comparison websites and the European Commission. Over 20 comparison platforms have criticised Google’s compliance proposals, urging EU regulators to impose penalties. Google has indicated it will seek further guidance from the Commission to develop a suitable solution. This tension underscores the challenges tech giants face in balancing business interests with regulatory compliance and user experience, particularly in Europe’s increasingly stringent tech landscape.
Nvidia has refuted social media claims suggesting it plans to limit chip supplies to China, categorically stating that these rumours are false. In a post on a popular Chinese platform, the company reaffirmed its dedication to providing top-quality products and services to Chinese customers, highlighting the importance of the region to its business.
The denial comes at a time of heightened scrutiny over global semiconductor trade, with geopolitical tensions influencing market dynamics. Nvidia’s statement emphasises its continued focus on meeting the needs of its Chinese clientele, despite speculation circulating online.
This clarification is expected to reassure stakeholders in one of Nvidia’s most significant markets, where demand for advanced chips continues to grow, particularly in artificial intelligence and high-performance computing sectors. The company’s swift dismissal of the claims underscores its commitment to maintaining strong ties with China.
Warner Bros Discovery has announced a significant restructuring of its operations, separating its traditional cable TV businesses like CNN and TNT from its growing streaming platforms such as Max and Discovery+. This move is aimed at adapting to the ongoing decline in cable subscriptions while positioning itself for potential sales or industry mergers.
The company’s shares rose over 15% following the announcement, with analysts noting that the split could make its linear TV networks more attractive to buyers. The restructuring mirrors similar efforts by media giants like Comcast, which recently launched a spin-off for its cable assets. Despite this, Warner Bros Discovery’s $40 billion debt remains a challenge in attracting buyers for its cable unit.
Streaming and studio operations, now placed in a separate division, continue to show promise, with growing returns on investment. CEO David Zaslav, known for orchestrating major deals, hinted at further industry consolidation in the near future. Warner Bros Discovery’s new structure is widely seen as a proactive measure to navigate a shifting media landscape.
The US Commerce Department announced a preliminary deal to provide German auto supplier Bosch with up to $225 million in subsidies to produce silicon carbide (SiC) power semiconductors in California. The funding supports Bosch’s $1.9 billion transformation of its Roseville facility, with an additional $350 million in proposed government loans. This effort draws from the $52.7 billion fund established in 2022 to bolster US semiconductor production and research.
Bosch plans to begin manufacturing SiC chips, critical for electric vehicles, telecommunications, and defence, by 2026. These chips, known for their energy efficiency, play a vital role in improving electric vehicle performance and charging capabilities. The Commerce Department estimates the project could represent over 40% of US-based SiC manufacturing capacity once fully operational.
The investment aligns with Bosch’s strategy following its 2023 acquisition of TSI Semiconductors and highlights the growing importance of domestic chip production after pandemic-related supply chain disruptions. Representative Doris Matsui, who helped craft the semiconductor funding law, praised the move as a step toward advancing clean energy technologies and electric vehicle development in the US.
Autonomous agents and profitability are predicted to define the AI landscape in 2025, according to industry experts. These agents, designed to perform tasks like scheduling or making purchases without direct user input, are gaining momentum due to advancements in reasoning techniques. OpenAI CFO Sarah Friar anticipates rapid progress in this area, emphasising their potential to simplify everyday activities.
The emergence of step-by-step reasoning methods, exemplified by OpenAI’s recent models, has paved the way for this evolution. Friar, who joined the Microsoft-backed company earlier this year, also highlighted the approaching milestone of AGI, predicting its arrival in the near term. Such developments promise to reshape the capabilities of AI, enabling it to surpass human efficiency in economically valuable tasks.
Industry leaders are already witnessing the transformative impact of AI. George Mathew from Insight Partners cited significant productivity gains, such as digital sales teams that operate at a fraction of traditional labour costs. Similarly, Molly Alter of Northzone forecasted 2025 as a turning point for AI profitability, shifting the focus from growth to improved profit margins through streamlined processes.
Beyond startups, established firms are integrating AI into their workflows. For example, BNY Mellon has equipped thousands of employees with tools to create AI-powered agents. CEO Robin Vince highlighted these tools’ ability to deliver insights and solutions that were previously unattainable, underscoring AI’s growing role in enhancing business efficiency and client services.
