Ferrari announced on Wednesday that it will expand its cryptocurrency payment option for luxury sports cars to its European dealers starting at the end of this month. The Italian automaker introduced this payment method in the United States last year to cater to its wealthy clientele’s requests.
The company plans to extend this scheme to other international markets by the end of 2024, where cryptocurrencies are legally accepted. While many major companies have avoided cryptocurrencies due to their volatility, Ferrari’s move aims to meet its customers’ evolving needs.
In the US, Ferrari partnered with BitPay to facilitate bitcoin, ether, and USDC transactions, converting crypto payments into traditional currency to shield dealers from price fluctuations. Ferrari has not disclosed whether it will use the same payment processors in Europe or other regions.
Malaysia’s digital minister has urged Microsoft and CrowdStrike to consider compensating companies affected by last week’s global tech outage. The disruption, caused by a faulty update to CrowdStrike’s security software, impacted computers running Microsoft’s Windows operating system, affecting internet services worldwide and various industries.
In Malaysia, five government agencies and nine aviation, banking, and healthcare companies were affected. Minister Gobind Singh Deo has requested a full report from Microsoft and CrowdStrike on the incident and asked them to implement measures to prevent future outages. He also emphasised the need for the companies to consider compensation claims from affected parties, with the government ready to assist where possible.
The total amount of losses has yet to be determined. Tony Fernandes, CEO of Malaysia’s Capital A, which operates AirAsia, highlighted the significant impact on airlines and other businesses, calling for appropriate compensation from the tech firms responsible.
Spain’s antitrust regulator, the CNMC, has launched an investigation into Apple’s App Store for potentially anti-competitive behaviour. The investigation focuses on Apple’s alleged imposition of unequal commercial conditions on developers of mobile applications sold through its platform.
The CNMC has suggested that these practices could constitute a serious violation of competition law. If Apple is found guilty, it could face a substantial fine of up to 10% of its global revenues. The following investigation in Spain highlights ongoing concerns about Apple’s dominance in the app store market and its impact on competition and developers.
The US Federal Trade Commission (FTC) announced a probe into eight companies using AI-powered ‘surveillance service pricing’ to evaluate its impact on privacy, competition, and consumer protection. The companies under scrutiny include Mastercard, JPMorgan Chase, Revionics, Bloomreach, Task Software, PROS, Accenture, and McKinsey & Co. These firms use AI to adjust pricing based on consumer behaviour, location, and personal data, potentially leading to different prices for different customers.
The FTC’s investigation aims to uncover the types of surveillance pricing services developed by these companies and their current applications. The agency seeks to understand how these AI-driven pricing models affect consumer pricing and whether they exploit personal data to charge higher prices. FTC Chair Lina M. Khan emphasised the risks to privacy and the potential exploitation of personal data in her statement, highlighting the need for transparency in how businesses use consumer information.
This inquiry reflects growing concerns about using AI and other technologies to set personalised prices based on detailed consumer data. The FTC’s actions aim to shed light on these practices and ensure consumer protection in an increasingly data-driven market.
Adobe has announced new AI-powered tools being added to their software, aimed at enhancing creative workflows. The latest Firefly Vector AI model, available in public beta, introduces features like Generative Shape Fill, allowing users to add detailed vectors to shapes through text prompts. The Text to Pattern beta feature and Style Reference have also been improved, enabling scalable vector patterns and outputs that mirror existing styles.
Illustrator’s update includes a Dimension tool for automatic sizing information, a Mockup feature for 3D product previews, and Retype for converting static text in images into editable text. Photoshop enhancements feature the Generate Image tool, now generally available on desktop and web apps, and the Enhance Detail feature for sharper, more detailed large images. The Selection Brush tool is also now generally available, making object selection easier.
“Our goal is to empower all creative professionals to realize their creative visions,” said Deepa Subramaniam, Adobe Creative Cloud’s vice president of product marketing. The company remains committed to using generative AI to support and enhance creative expression rather than replace it.
Negotiations for a global tax deal have extended beyond the 30 June deadline, with governments now looking to the Group of 20 (G20) finance leaders meeting this week for progress on the stalled plan. The ‘Pillar 1’ arrangement, part of the 2021 global two-part tax deal, aims to replace unilateral digital services taxes on tech giants like Google, Amazon, and Apple with a new mechanism to share taxing rights on a broader, global group of companies.
The stakes are high, as failure to reach an agreement could lead to several countries reinstating their taxes on the United States tech conglomerates, risking punitive duties on billions of dollars in exports to the US. Standstill agreements, under which Washington suspended threatened trade retaliation against seven countries, expired on 30 June. Despite this, the US has not yet imposed tariffs, and discussions are ongoing.
Canada recently became the eighth country to impose a unilateral digital services tax, emphasising the urgency for a global resolution. The US Treasury maintains that such taxes are discriminatory and continues to oppose measures targeting US businesses. The G20 meeting in Rio de Janeiro is seen as a critical juncture to finalise the international tax deal, with the European Union listing it as a top priority. As global leaders continue their discussions, there is a strong push to ensure a fair, risk-free, balanced tax system in the digital age.
Cybersecurity startup Wiz has declined a $23 billion acquisition offer from Google’s parent company, Alphabet, opting to pursue its initial plan of an initial public offering (IPO). CEO Assaf Rappaport confirmed the decision in a memo, highlighting the company’s goals of reaching $1 billion in annual recurring revenue and proceeding with the IPO.
Top competition authorities from the EU, UK, and US have issued a joint statement emphasising the importance of fair, open, and competitive markets in developing and deploying generative AI. Leaders from these regions, including Margrethe Vestager of the European Commission, Sarah Cardell of the UK Competition and Markets Authority, Jonathan Kanter of the US Department of Justice, and Lina M. Khan of the US Federal Trade Commission, highlighted their commitment to ensuring effective competition and protecting consumers and businesses from potential market abuses.
The officials recognise the transformational potential of AI technologies but stress the need to safeguard against risks that could undermine fair competition. These risks include the concentration of control over essential AI development inputs, such as specialised chips and vast amounts of data, and the possibility of large firms using their existing market power to entrench or extend their dominance in AI-related markets. The statement also warns against partnerships and investments that could stifle competition by allowing major firms to co-opt competitive threats.
The joint statement outlines several principles for protecting competition within the AI ecosystem, including fair dealing, interoperability, and maintaining choices for consumers and businesses. The authorities are particularly vigilant about the potential for AI to facilitate anti-competitive behaviours, such as price fixing or unfair exclusion. Additionally, they underscore the importance of consumer protection, ensuring that AI applications do not compromise privacy, security, or autonomy through deceptive or unfair practices.
Deloitte has formed a strategic collaboration with Amazon Web Services (AWS) to assist companies globally in enhancing their capabilities in generative artificial intelligence, data analytics, and quantum computing. The partnership includes the establishment of an Innovation Lab, with a focus on cutting-edge technologies like AI, quantum machine learning, and autonomous robotics. This lab aims to address industry-specific challenges and support companies in successfully transitioning proofs of concept into full production.
The Innovation Lab will facilitate collaboration between Deloitte and AWS engineers to develop solutions for diverse industries, encompassing financial services, healthcare, media, and energy. One of the initial projects, Deloitte’s C-Suite AI™ for CFOs, is designed to streamline financial functions using large language models. These models simplify workflows, generate investor documentation, and automate customer service. This tool is powered by NVIDIA and Amazon Bedrock to specifically aid the financial services sector.
Toyota Motors North America exemplifies a company benefiting from AWS machine learning and decision intelligence services to enhance their data ecosystem. Innovative solutions, such as dynamic pricing and parts forecasting, have been developed through their collaborative efforts with Deloitte. The partnership’s objective is to assist companies in transitioning from exploration to production of new technologies, addressing the inherent complexities and challenges involved.
Why does this matter?
Deloitte remains committed to supporting companies throughout their AI transformation journey. They offer tailored AI services and leverage their deep industry knowledge. The firm is currently training over 120,000 professionals worldwide in AI and investing more than £2 billion in technology learning and development initiatives. This extensive programme aims to boost skills in AI and other advanced technologies, ensuring greater client impact and improved productivity.
Italian tax police have seized €121 million from Amazon’s Italian logistics unit as part of an investigation into alleged tax fraud and illegal labour practices. The Milan Prosecutors’ Office has accused Amazon Italia Transport of bypassing labour and tax laws by using cooperatives and limited liability companies to supply workers, avoiding VAT tax duties, and reducing social security payments.
Prosecutors claim this system allowed Amazon to maintain competitive service prices in the Italian market. An Amazon spokesperson in Italy did not comment on the case when contacted by Reuters.
The investigation follows similar probes targeting other large businesses in recent years, including DHL, UPS, DB Schenker, and the Italian supermarket chain Esselunga.
