Investigators in France and the Netherlands have conducted searches at Netflix offices as part of a tax fraud probe led by France’s Parquet National Financier (PNF), a unit specialising in financial crime investigations. This inquiry, opened in November 2022, seeks to clarify Netflix’s reported revenues and tax payments within the country, following questions over whether the streaming giant routed income through the Netherlands to reduce its French tax obligations.
The Paris office was searched Tuesday morning, and simultaneous searches took place at Netflix’s European headquarters in Amsterdam. The PNF and Dutch financial crime authorities have coordinated for months on the probe, although a preliminary investigation does not necessarily imply criminal charges.
The probe follows scrutiny from French tax authorities over Netflix’s financial filings; the company reported under €1 million in French taxes between 2019 and 2020 while showing significantly higher revenues beginning in 2021. Netflix, which settled a similar tax issue in Italy in 2022, has stated it complies with tax regulations in all operating regions and cooperates with authorities.
Italy’s data protection authority has criticised Intesa Sanpaolo for underestimating the severity of a data breach that affected thousands of customers, including Prime Minister Giorgia Meloni. The breach, which involved an Intesa employee accessing the data of around 3,500 clients, was initially reported with a higher number of affected individuals. However, the bank later clarified that the number was lower than what had been reported in the media.
The data watchdog instructed Intesa to notify all impacted customers within 20 days and noted that the bank had not adequately communicated the full scope of the breach. The authority emphasised that the breach posed a significant risk to the affected individuals’ rights and freedoms, including potential harm to their financial status and reputation. Intesa had already dismissed the employee involved and informed both the data protection authority and prosecutors.
The authority is now reviewing the bank’s security measures and has asked Intesa to provide an update within 30 days. In response, the bank assured that it had prioritised customer data security and had taken steps to enhance its systems and control procedures. Intesa also stated there was no evidence that the data had been shared outside the bank.
Google has announced plans to open a new AI-focused data centre in Saudi Arabia, aligning with Saudi Arabia’s Public Investment Fund to expand research in Arabic language AI models and ‘Saudi-specific AI applications.’ The project arrives as Google continues to face scrutiny over meeting its own climate goals, including its commitment to reduce carbon emissions by 2030.
The tech giant’s choice of location, a region highly dependent on fossil fuels, has raised eyebrows, given Google’s 2020 pledge to avoid developing AI algorithms for oil and gas. Aramco, Saudi Arabia’s state-owned petroleum company, currently uses AI to enhance production, with one oil field reportedly seeing a 15% boost through AI integration. While Google has stated the partnership ‘comports’ with its climate pledges, the data centre may contribute to advancing AI within the oil and gas sector.
The exact nature of ‘Saudi-specific AI applications’ remains unclear, though the centre could have implications for energy production as AI’s role in Saudi industry expands.
Apple is set to face its first fine under the European Union‘s Digital Markets Act (DMA) for breaching the bloc’s antitrust regulations, according to sources familiar with the matter. This comes after EU regulators charged Apple in June for violating the new tech rules, which are designed to curb the dominance of big tech companies. The fine, expected to be imposed later this month, adds to Apple’s ongoing antitrust challenges in the EU.
In March, Apple was hit with a €1.84 billion fine for restricting competition in the music streaming market through its App Store policies. The company also faces additional investigations related to new fees on app developers and potential violations of the DMA, which could result in penalties of up to 10% of its global annual revenue.
The Digital Markets Act, which came into effect earlier this year, mandates Apple to make changes, such as allowing users to choose default browsers and permitting alternative app stores on its operating systems. Apple has not commented on the impending fine, and the European Commission has yet to provide a response.
Bitcoin reached a record peak in Asian trading, rising 7% to $75,060, as anticipation grew for Donald Trump’s return to the White House. Investors are betting on a softer regulatory stance towards cryptocurrencies, which they see as more likely under a Trump administration. Early election projections showed Trump winning 15 states, while Kamala Harris captured seven and Washington, D.C., but the final result remained too close to call.
Matthew Dibb of Astronaut Capital said the market’s reaction suggests a belief that a shift in the US Securities and Exchange Commission’s attitude under Trump could remove some barriers to cryptocurrency growth. He noted that a Democrat win might have signalled a short-term setback for crypto, although perhaps not in the long run. Alongside Bitcoin, Ether also saw gains, increasing 7.5% to $2,593, though it still trails its 2021 high of $4,867.
A group of financial tech firms, including Robinhood, Kraken and Galaxy Digital, has launched a new stablecoin, USDG, through a joint initiative called the Global Dollar Network. The stablecoin pegged to the US dollar, is designed to drive stablecoin adoption worldwide while benefiting its network partners financially. The move signals a growing interest in digital assets as the industry anticipates friendlier US regulations towards cryptocurrency.
Stablecoins like USDG offer a stable alternative to volatile cryptocurrencies like Bitcoin, providing a fixed value by linking to traditional currencies such as the US dollar or euro. Issued from Singapore by the crypto platform Paxos, USDG will be managed by a governing committee of network partners. The consortium aims to establish USDG as a global stablecoin, challenging established market leaders Tether and USD Coin, which currently dominate the sector.
Despite the competition, the Global Dollar Network promises participants nearly all the rewards generated from the stablecoin, encouraging wide participation. Paxos CEO Charles Cascarilla highlighted the initiative’s goal of spurring global adoption, viewing stablecoins as essential to integrating cryptocurrency into everyday financial systems.
Palantir Technologies raised its 2024 revenue forecast for a third time, attributing the surge to rising adoption of AI by government and corporate clients. The data analytics company now expects annual revenue between $2.805 billion and $2.809 billion, exceeding its previous outlook. Investor confidence has grown alongside the company’s strong performance in the AI sector, pushing shares up 13% in extended trading.
Government clients have continued to drive a substantial portion of Palantir’s revenue, with US government contracts alone increasing by 40% in the third quarter. These public sector contracts accounted for over 44% of the company’s third-quarter revenue, totalling $725.5 million and surpassing analyst expectations of $701.1 million. Palantir’s addition to the S&P 500 index and its stock’s 140% increase this year further highlight its impressive growth.
Despite its reliance on government contracts, Palantir’s commercial business is quickly gaining momentum. Industry analysts predict that its corporate sales, bolstered by the company’s AI solutions, may soon surpass government revenue. Palantir’s platform, used to test and debug code and evaluate AI scenarios, is attracting clients who appreciate the flexibility and quick turnaround for software decisions in the commercial sector.
Palantir’s revised forecast also included a rise in its adjusted income from operations to between $1.05 billion and $1.06 billion. Company executives highlighted that revenue growth is now feeding into bottom-line performance, reflecting the increasing demand for AI solutions across sectors. The company’s outlook for the fourth quarter remains strong, with revenue expected to exceed analysts’ projections.
The French Ligue de Football Professionnel (LFP) and WSC Sports have partnered to revolutionise the league’s digital content strategy through AI-powered automation. WSC Sports’ platform will enable LFP to rapidly create and distribute tailored, data-driven content across various formats and platforms, including websites, apps, social media, and global broadcasts.
That will enhance fan engagement by delivering personalised content while maximising LFP’s digital assets, improving international visibility, and opening new revenue streams. The partnership also involves digitising 20 years of archived footage from Ligue 1 and Ligue 2, transforming historic moments into formats suited for modern platforms like vertical video, which will engage younger fans.
By automating content creation and distribution, LFP can scale its production efforts, expand its fanbase, and unlock new monetisation opportunities, driving financial growth. The collaboration is a significant step in LFP’s broader strategic transformation, focusing on providing a more dynamic and engaging experience for its fans.
By embracing AI and automation, LFP aims to meet the increasing demand for digital content and stay culturally relevant in a rapidly evolving media landscape. The partnership aims to strengthen fan loyalty, deliver content that exceeds expectations, and ensure that LFP’s competitions remain prominent in the global sports ecosystem.
Anthropic has unveiled Claude 3.5 Haiku, its latest AI model, which claims to outperform its previous flagship model, Claude 3 Opus. Designed for tasks such as coding support, data extraction, and content moderation, Claude 3.5 Haiku is now available on Anthropic’s API and several third-party platforms, including AWS Bedrock. Despite improvements, the new model lacks image analysis features, which its predecessor Claude 3 Haiku offers.
A price hike for Claude 3.5 Haiku has surprised many, as Anthropic previously suggested pricing would remain consistent with its older model. However, after outperforming Claude 3 Opus in final tests, Anthropic increased the model’s price to match its enhanced performance. The revised cost is now $1 per million input tokens and $5 per million output tokens — a fourfold increase from Claude 3 Haiku’s pricing.
Claude 3.5 Haiku provides advantages in text output length and an updated knowledge cutoff, enabling it to handle more recent information than Claude 3 Haiku. Despite this, the absence of image analysis functionality may lead some users to stick with the earlier, more affordable Claude 3 Haiku.
The unexpected price increase raises questions about Anthropic’s pricing approach as competition intensifies in the AI industry. As new models are developed, balancing enhanced features with accessibility is expected to remain a challenge for AI companies.
Physical Intelligence, a robot AI startup, has raised $400 million in early funding, attracting high-profile investors like Jeff Bezos, OpenAI, Thrive Capital, and Lux Capital. This latest investment values the startup at $2 billion, underscoring strong interest in AI-driven robotics solutions. Physical Intelligence aims to develop foundational software adaptable across different types of robots, eliminating the need for custom software per specific robotic task.
Global technology giants like Microsoft, Google, Meta, Amazon, and Nvidia are already funnelling billions into AI. Industry estimates from venture capital firm Accel project that AI and cloud tech funding across the US, Europe, and Israel will hit $79.2 billion by the end of 2024. With several startups joining the robotic AI sector, including Vicarious, Universal Robots, and Covariant, competition in this space is intensifying.
Elon Musk recently predicted that at least 10 billion humanoid robots will be available by 2040, with prices ranging from $20,000 to $25,000. His Tesla company showcased the latest Optimus humanoid robot, adding to the anticipation around robotics advancements and automation technologies. Musk’s vision is part of the broader trend pushing the potential for AI-powered robots in everyday life.
Physical Intelligence recently demonstrated its innovative software, named π0, or pi-zero, showing its flexibility by enabling robots to carry out complex household tasks like folding laundry, bagging groceries, and retrieving toast from a toaster. This achievement highlights the startup’s strides toward building a universal robot software platform, with potential impacts on industries from home automation to logistics.
