Economic

UAE commits to global crypto tax transparency

The United Arab Emirates has signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information under the Crypto-Asset Reporting Framework (CARF). The move follows the Ministry of Finance’s earlier commitment to strengthen oversight of digital assets.

Implementation of CARF in the UAE is scheduled for 2027, with the first exchange of information expected in 2028. The framework will enable automatic sharing of crypto tax data, providing greater certainty for the sector and reinforcing global transparency.

Authorities are calling on stakeholders across the crypto-asset ecosystem, including intermediaries, exchanges, custodians and traders, to contribute to a public consultation on the implementation of CARF.

The consultation, which opened on 15 September 2025 and runs until 8 November 2025, seeks expert input to help shape regulatory rules aligned with market needs.

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Europe prepares formal call for AI Gigafactory projects

The European Commission is collaborating with the EU capitals to narrow the list of proposals for large AI training hubs, known as AI Gigafactories. The €20 billion plan will be funded by the Commission (17%), the EU countries (17%), and industry (66%) to boost computing capacity for European developers.

The first call drew 76 proposals from 16 countries, far exceeding the initially planned four or five facilities. Most submissions must be merged or dropped, with Poland already seeking a joint bid with the Baltic states as talks continue.

Some EU members will inevitably lose out, with Ursula von der Leyen, the President of the European Commission, hinting that priority could be given to countries already hosting AI Factories. That could benefit Finland, whose Lumi supercomputer is part of a Nokia-led bid to scale up into a Gigafactory.

The plan has raised concerns that Europe’s efforts come too late, as US tech giants invest heavily in larger AI hubs. Still, Brussels hopes its initiative will allow EU developers to compete globally while maintaining control over critical AI infrastructure.

A formal call for proposals is expected by the end of the year, once the legal framework is finalised. Selection criteria and funding conditions will be set to launch construction as early as 2026.

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BlackRock backs South Korea push to become Asia AI hub

South Korea has secured a significant partnership with BlackRock to accelerate its ambition of becoming Asia’s leading AI hub. The agreement will see the global asset manager join the Ministry of Science and ICT in developing hyperscale AI data centres.

A deal that followed a meeting between President Lee Jae Myung and BlackRock chair Larry Fink, who pledged to attract large-scale international investment into the country’s AI infrastructure.

Although no figures were disclosed, the partnership is expected to focus on meeting rising demand from domestic users and the wider Asia-Pacific region, with renewable energy powering the facilities.

The move comes as Seoul increases national funding for AI, semiconductors and other strategic technologies to KRW150 trillion ($107.7 billion). South Korean companies are also stepping up efforts, with SK Telecom announcing plans to raise AI investment to a third of its revenue over five years.

BlackRock’s involvement signals international confidence in South Korea’s long-term vision to position itself as a regional AI powerhouse and secure a leadership role in next-generation digital infrastructure.

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OpenAI and NVIDIA forge $100B AI power deal

OpenAI and NVIDIA have unveiled plans for a major partnership to build next-generation AI infrastructure, with NVIDIA committing up to $100 billion to support OpenAI’s push toward superintelligence. The deal, outlined in a letter of intent, will see NVIDIA provide at least 10 gigawatts of computing power, with the first systems expected to be online in late 2026 through its new Vera Rubin platform.

NVIDIA’s CEO Jensen Huang called the agreement the next leap forward in AI, noting the companies’ decade-long collaboration from the early DGX supercomputers to the rise of ChatGPT. OpenAI’s CEO Sam Altman stressed that computing power is now the backbone of the future economy, framing the new investment as vital for both breakthroughs and large-scale access to AI.

OpenAI President Greg Brockman emphasised the scale of the move, saying 10 gigawatts of computing will allow the organisation to expand the frontier of intelligence and make the benefits of AI more widely available. NVIDIA will serve as OpenAI’s preferred partner for compute and networking, with both companies coordinating their hardware and software roadmaps.

The alliance builds on OpenAI’s existing collaborations with companies like Microsoft, Oracle, and SoftBank, which are working with the group to develop advanced AI infrastructure. Together, they are targeting global enterprise adoption while ensuring systems can grow at a pace that matches AI’s rapid evolution.

With over 700 million weekly active users and strong uptake across businesses and developers, OpenAI sees the partnership as central to its mission of creating artificial general intelligence that benefits humanity. Details of the deal are expected to be finalised in the coming weeks.

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Oracle to oversee TikTok algorithm in US deal

The White House has confirmed that TikTok’s prized algorithm will be managed in the US under Oracle’s supervision as part of a deal to place the app’s US operations under majority American ownership. The agreement would transfer control of TikTok’s US business, along with a copy of the algorithm, to a new joint venture run by a board dominated by American investors.

The confirmed participants are Oracle and private equity firm Silver Lake, with Fox Corp. also expected to join the group. President Donald Trump has suggested that high-profile figures such as Michael Dell, Rupert, and Lachlan Murdoch could be involved, though CNN sources say that the Murdochs personally will not invest. ByteDance will keep a stake of less than 20% in the new US entity.

The deal follows years of negotiations over concerns that TikTok’s Chinese parent company could be pressured to manipulate the platform for political influence. By law, ByteDance is barred from cooperating on the algorithm with any new American owners. The code will be reviewed, retrained on US user data to address these fears, and monitored by Oracle to ensure its independence.

President Trump is expected to sign an executive order later this week certifying that the deal meets national security requirements under last year’s ‘ban-or-sale’ law. He will also extend the pause on enforcement by 120 days, giving Washington and Beijing time to finalise regulatory approvals. The White House said the deal could be signed within days, with completion likely early next year.

The arrangement deepens Oracle’s role in managing TikTok’s American presence, building on its existing partnership to store US user data. The development coincided with Oracle announcing a leadership shake-up, with CEO Safra Catz stepping down to become vice chair and two co-CEOs taking over. It is unclear if the timing is connected, but Catz, a close Trump ally, could take a role in the TikTok venture.

While financial details remain uncertain, the White House has ruled out taking a direct stake in the company. The deal, valued in the billions, would conclude a years-long effort to bring TikTok under US oversight and resolve national security concerns tied to its Chinese ownership.

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Misconfigurations drive major global data breaches

Misconfigurations in cloud systems and enterprise networks remain one of the most persistent and damaging causes of data breaches worldwide.

Recent incidents have highlighted the scale of the issue, including a cloud breach at the US Department of Homeland Security, where sensitive intelligence data was inadvertently exposed to thousands of unauthorised users.

Experts say such lapses are often more about people and processes than technology. Complex workflows, rapid deployment cycles and poor oversight allow errors to spread across entire systems. Misconfigured servers, storage buckets or access permissions then become easy entry points for attackers.

Analysts argue that preventing these mistakes requires better governance, training and process discipline rather. Building strong safeguards and ensuring staff have the knowledge to configure systems securely are critical to closing one of the most exploited doors in cybersecurity.

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Research shows AI complements, not replaces, human work

AI headlines often flip between hype and fear, but the truth is more nuanced. Much research is misrepresented, with task overlaps miscast as job losses. Leaders and workers need clear guidance on using AI effectively.

Microsoft Research mapped 200,000 Copilot conversations to work tasks, but headlines warned of job risks. The study showed overlap, not replacement. Context, judgment, and interpretation remain human strengths, meaning AI supports rather than replaces roles.

Other research is similarly skewed. METR found that AI slowed developers by 19%, but mostly due to the learning curves associated with first use. MIT’s ‘GenAI Divide’ measured adoption, not ability, showing workflow gaps rather than technology failure.

Better studies reveal the collaborative power of AI. Harvard’s ‘Cybernetic Teammate’ experiment demonstrated that individuals using AI performed as well as full teams without it. AI bridged technical and commercial silos, boosting engagement and improving the quality of solutions produced.

The future of AI at work will be shaped by thoughtful trials, not headlines. By treating AI as a teammate, organisations can refine workflows, strengthen collaboration, and turn AI’s potential into long-term competitive advantage.

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China cracks down on Kuaishou and Weibo over alleged online content violations

China’s internet watchdog, the Cyberspace Administration of China (CAC), has warned online platforms Kuaishou Technology and Weibo for failing to curb celebrity gossip and harmful content on their platforms.

The CAC issued formal warnings, citing damage to the ‘online ecosystem’ and demanding corrective action. Both firms pledged compliance, with Kuaishou forming a task force and Weibo promising self-reflection.

The move follows similar disciplinary action against lifestyle app RedNote and is part of a broader two-month campaign targeting content that ‘viciously stimulates negative emotions.’

Separately, Kuaishou is under investigation by the State Administration for Market Regulation for alleged malpractice in live-streaming e-commerce.

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MrBeast under scrutiny for child advertising practices

The Children’s Advertising Review Unit (CARU) has advised MrBeast, LLC and Feastables to strengthen their advertising and privacy practices following concerns over promotions aimed at children.

CARU found that some videos on the MrBeast YouTube channel included undisclosed advertising in descriptions and pinned comments, which could mislead young viewers.

It also raised concerns about a promotional taste test for Feastables chocolate bars, which appeared to children as a valid comparison despite lacking a scientific basis.

Investigators said Feastables sweepstakes failed to clearly disclose free entry options, minimum age requirements and the actual odds of winning. Promotions were also criticised for encouraging excessive purchases and applying sales pressure, such as countdown timers urging children to buy more chocolate.

Privacy issues were also identified, with Feastables collecting personal data from under-13s without parental consent. CARU noted the absence of an effective age gate and highlighted that information provided via popups was sent to third parties.

MrBeast and Feastables said many of the practices under review had already been revised or discontinued, but pledged to take CARU’s recommendations into account in future campaigns.

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Nissan to launch next-generation ProPILOT in 2027

Nissan has announced plans to launch its next-generation ProPILOT system in fiscal year 2027. The upgraded system will include Nissan Ground Truth Perception, next-generation Lidar, and Wayve AI Driver, enhancing collision avoidance and autonomous driving.

Wayve AI Driver software is built on an embodied AI foundation model that enables human-like decision-making in complex real-world driving conditions. By efficiently learning from large volumes of data, the system continuously enhances Nissan vehicles’ performance and safety.

Wayve, a global AI company, specialises in embodied AI for driving. Its foundation model leverages extensive real-world experience to deliver reliable point-to-point navigation across urban and highway environments, while adapting quickly to new scenarios and platforms.

The partnership positions Nissan at the forefront of autonomous vehicle technology, combining cutting-edge sensors, AI, and adaptive software to redefine safety and efficiency in future mobility.

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