Economic

UN to train governments in blockchain and AI

The UN Development Programme (UNDP) plans to launch a ‘Government Blockchain Academy’ next year to educate public sector officials on blockchain, AI, and other emerging technologies.

The initiative aims to help governments leverage tech for economic growth and sustainable development.

The academy will partner with the Exponential Science Foundation, a non-profit promoting blockchain and AI. Training will cover financial services, digital IDs, public procurement, smart contracts, and climate finance to help governments boost transparency, inclusion, and resilience.

UNDP officials highlighted that developing countries, including India, Pakistan, and Vietnam, are already among the leading adopters of crypto technology.

The academy will provide in-person and online courses, workshops, and forums to guide high-impact blockchain initiatives aligned with national priorities.

The programme follows last year’s UNDP blockchain academy, created in partnership with the Algorand Foundation, which trained over 22,000 staff members to support sustainable growth projects in participating countries.

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Hong Kong to speed up tech hub plan with China

One of S.A.R. of China, Hong Kong, is preparing to accelerate its cross-border technology hub plans with mainland China as the city seeks new growth drivers to offset its fragile economy.

Chief Executive John Lee is set to deliver his annual policy address on Wednesday, with the Northern Metropolis project expected to take centre stage.

The initiative aims to transform a sparsely populated area into a base for advanced industries and innovation, while reducing reliance on finance and real estate.

According to state-owned media, the government will ease financing rules to attract companies in AI, renewable energy and medical technology.

An urgency that comes despite signs of recovery, as the economy of Hong Kong grew at its fastest pace in over a year last quarter. Yet home prices continue to fall, unemployment has risen, and public finances remain stretched.

The administration is unlikely to offer sweeping property incentives, such as tax cuts or looser rules for mainland buyers, given fiscal constraints. Instead, it may revive the long-dormant Tenants Purchase Scheme, first launched in 1998, which allows public housing tenants to buy their flats at reduced prices.

Analysts say that without bold reforms, the housing market will stay under pressure as oversupply and weak sentiment weigh on values.

Hong Kong’s $7.2 trillion stock market could benefit if new listings and inflows are encouraged, especially as developers look to stimulus and lower mortgage rates to support sales.

However, with the economy of China also slowing down, doubts remain over whether deeper integration and technology investments can provide a lasting boost.

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Japan-backed AI avatar to highlight climate risks at Osaka Expo

An AI avatar named Una will be presented at the UN pavilion during the 2025 World Expo in Osaka later in the month as part of efforts to promote climate action.

The anime-inspired character, developed with support from the Japanese government, will use 3D hologram technology to engage visitors from 29 September to 4 October.

Una was launched online in May and can respond automatically in multiple languages, including English and Japanese. She was created under the Pacific Green Transformation Project, which supports renewable energy initiatives such as electric vehicles in Samoa and hydropower in Vanuatu.

Her role is to share stories of Pacific island nations facing the impacts of rising sea levels and raise awareness about climate change.

Kanni Wignaraja, UN assistant secretary-general and regional director for Asia and the Pacific, described Una as a strong voice for threatened communities. Influenced by Japanese manga and anime, she is designed to act like a cultural ambassador who connects Pacific struggles with Japanese audiences.

Pacific sea levels have risen by more than 15 centimetres in some regions over the past three decades, leading to flooding, crop damage and migration fears. The risks are existential for nations like Tuvalu, with an average elevation of just two metres.

The UN hopes Una will encourage the public to support renewable energy adoption and climate resilience in vulnerable regions.

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AI search tools challenge Google’s dominance

AI tools are increasingly reshaping how people search online, with large language models like ChatGPT drawing millions away from traditional engines.

Montreal-based lawyer and consultant Anja-Sara Lahady says she now turns to ChatGPT instead of Google for everyday tasks such as meal ideas, interior decoration tips and drafting low-risk emails. She describes it as a second assistant rather than a replacement for legal reasoning.

ChatGPT’s weekly user base has surged to around 800 million, double the figure reported in 2025. Data shows that nearly 6% of desktop searches are already directed to language models, compared with barely half that rate a year ago.

Academics such as Professor Feng Li argue that users favour AI tools because they reduce cognitive effort by providing clear summaries instead of multiple links. However, he warns that verification remains essential due to factual errors.

Google insists its search activity continues to expand, supported by AI Overviews and AI Mode, which offer more conversational and tailored answers.

Yet, testimony in a US antitrust case revealed that Google searches on Apple devices via Safari declined for the first time in two decades, underlining the competitive pressure from AI.

The rise of language models is also forcing a shift in digital marketing. Agencies report that LLMs highlight trusted websites, press releases and established media rather than social media content.

This change may influence consumer habits, with evidence suggesting that referrals from AI systems often lead to higher-quality sales conversions. For many users, AI now represents a faster and more personal route to decisions on products, travel or professional tasks.

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PayPal launches one-time links for easy payments

PayPal has introduced PayPal links, a new way for users to send and receive money via personalised, one-time links. Users can share links through text, chat, or email, add notes or emojis, and cancel or remind recipients before links expire after 10 days.

The service will initially be available in the US, with the UK, Italy, and other markets set to follow later this month.

The company confirmed gifts, reimbursements, and split payments remain exempt from tax reporting to keep personal transfers private. PayPal said the links are designed to simplify payments, attract new users, and enhance interoperability with Venmo and other wallets.

Crypto support also allows peer-to-peer transfers between digital assets and stablecoins.

PayPal also introduced Pay with Crypto, enabling merchants to accept over 100 cryptocurrencies and wallets, including Coinbase and MetaMask, with instant conversion to stablecoins or fiat. The platform charges just 0.99% per transaction, cutting costs compared with international credit card payments.

Looking ahead, Venmo users can shop online and in-store at millions of merchants starting in 2026. PayPal said these initiatives aim to expand global reach, provide more payment options, and drive growth for merchants while enhancing the user experience.

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Millions of customer records stolen in Kering luxury brand data breach

Kering has confirmed a data breach affecting several of its luxury brands, including Gucci, Balenciaga, Brioni, and Alexander McQueen, after unauthorised access to its Salesforce systems compromised millions of customer records.

Hacking group ShinyHunters has claimed responsibility, alleging it exfiltrated 43.5 million records from Gucci and nearly 13 million from the other brands. The stolen data includes names, email addresses, dates of birth, sales histories, and home addresses.

Kering stated that the incident occurred in June 2025 and did not compromise bank or credit card details or national identifiers. The company has reported the breach to the relevant regulators and is notifying the affected customers.

Evidence shared by ShinyHunters suggests Balenciaga made an initial ransom payment of €500,000 before negotiations broke down. The group released sample data and chat logs to support its claims.

ShinyHunters has exploited Salesforce weaknesses in previous attacks targeting luxury, travel, and financial firms. Questions remain about the total number of affected customers and the potential exposure of other Kering brands.

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Codex gets smarter with GPT-5, targets GitHub Copilot and rivals

OpenAI has optimised its new GPT-5 model for Codex, its agentic software development tool, boosting performance on both quick coding sessions and long, complex projects. CEO Sam Altman said Codex already accounts for 40% of platform traffic.

GPT-5 Codex can now build full projects, add features, run tests, refactor large codebases, and conduct detailed code reviews. It dynamically adjusts the time spent ‘thinking’ based on task complexity, allowing both interactive pair programming and extended autonomous work.

OpenAI stated that the model can run independently for over seven hours, completing refactorings, fixing test failures, and delivering finished code. Early tests indicate that it catches critical bugs more reliably, allowing developers to focus on the most important issues.

The upgraded Codex is available via terminal, IDE integrations, the web, and GitHub, and comes bundled with ChatGPT Plus, Pro, Business, Edu, and Enterprise subscriptions. OpenAI launched Codex CLI in April and a research preview in May.

With GPT-5 Codex, OpenAI aims to capture market share from GitHub Copilot, Google’s Gemini, Anthropic’s Claude, and startups such as Anysphere and Windsurf. The company claims the new version delivers faster, higher-quality results for developers at every stage of the software lifecycle.

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European regulators push for stronger oversight in crypto sector

European regulators from Italy, France, and Austria have called for changes to the EU’s Markets in Crypto-Assets Regulation (MiCA). Their proposals aim to fix supervisory gaps, improve cybersecurity, and simplify token white paper approvals.

The regulation, which came into force in December 2024, requires prior authorisation for firms offering crypto-related services in Europe. However, early enforcement has shown significant gaps in how national authorities apply the rules.

Regulators argue these differences undermine investor protection and threaten the stability of the European internal market.

Concerns have also been raised about non-EU platforms serving European clients through intermediaries outside MiCA’s scope. To counter this, authorities recommend restricting such activity and ensuring intermediaries only use platforms compliant with MiCA or equivalent standards.

Additional measures include independent cybersecurity audits, mandatory both before and after authorisation, to bolster resilience against cyber-attacks.

The proposals suggest giving ESMA direct oversight of major crypto providers and centralising white paper filings. Regulators say the changes would boost legal clarity, cut investor risks, and level the field for European firms against global rivals.

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UK to benefit from Google’s £5 billion AI plan

Google has unveiled plans to invest £5 billion (around $6.8 billion) in the UK’s AI economy over the next two years.

An announcement comes just hours before US President Donald Trump’s official visit to the country, during which economic agreements worth more than $10 billion are expected.

The investment will include establishing a new AI data centre in Waltham Cross, Hertfordshire, designed to meet growing demand for services like Google Cloud.

Alongside the facility, funds will be channelled into research and development, capital expenditure, engineering, and DeepMind’s work applying AI to science and healthcare. The project is expected to generate 8,250 annual jobs for British companies.

Google also revealed a partnership with Shell to support grid stability and contribute to the UK’s energy transition. The move highlights the economic and environmental stakes tied to AI expansion, as the UK positions itself as a hub for advanced digital technologies.

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Alphabet hits US$3 trillion valuation on AI optimism

Google’s parent company, Alphabet, has become the fourth company to reach a market value above US$3 trillion, fuelled by investor confidence in AI and relief over a favourable antitrust ruling.

Its shares jumped 4.3 percent to close at US$251.76 on 15 September, lifting the firm’s valuation to US$3.05 trillion.

The rally has added about US$1.2 trillion in value since April, with Alphabet joining Apple and Microsoft in the elite group while Nvidia remains the most valuable at US$4.25 trillion.

Investor optimism has been strengthened by expectations of a US Federal Reserve rate cut and surging demand for AI-related products.

Alphabet’s communications services unit has risen more than 26 percent in 2025, outpacing all other major sectors. Strong growth in its cloud division, new AI investments, and the Gemini model have reinforced the company’s momentum.

Analysts note that, while search continues to dominate revenues, Alphabet is increasingly viewed as a diversified technology powerhouse with YouTube, Waymo, and AI research at its core.

By avoiding a forced breakup of Chrome and Android, the antitrust ruling also removed a significant threat to its business model.

Market strategists suggest Alphabet now combines the strength of its legacy platforms with the credibility of emerging technologies, securing its place at the centre of Wall Street’s AI-driven rally.

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