Bain & Company announced it is expanding its partnership with OpenAI to offer AI tools like ChatGPT to its clients. The firms previously formed a global alliance to introduce OpenAI technology to Bain’s clients, and the consultancy has now made OpenAI platforms, including ChatGPT Enterprise, available to its employees worldwide.
Bain is also setting up an OpenAI Centre of Excellence, managed by its own team, to further integrate AI solutions. The partnership will initially focus on developing custom solutions for the retail and healthcare life sciences industries, with plans for expansion into other sectors.
While Bain did not disclose financial details, around 50 employees will be dedicated to this collaboration, as reported by the Wall Street Journal.
The US Securities and Exchange Commission (SEC) has filed an appeal in its case against Ripple, though it does not challenge the court’s decision that XRP is not a security. Instead, the SEC’s appeal, submitted on 16 October, questions Ripple’s XRP sales on exchanges and personal sales by its executives, Brad Garlinghouse and Chris Larsen.
Ripple’s chief legal officer, Stuart Alderoty, clarified that the ruling regarding XRP’s status as a non-security remains unchanged. Ripple is set to file its own Form C in response within seven days, and both parties will agree on a briefing schedule for the ongoing case.
The legal process is expected to take up to 90 days, with the SEC required to file its first brief within that period. Ripple’s legal team remains confident as the case progresses.
The European Union is set to enforce new common regulations for crypto asset service providers (CASPs) under the Markets in Crypto-Assets (MiCA) framework by 30 December, replacing national laws. The Cyprus Securities and Exchange Commission (CySEC) has already begun freezing CASP applications under Cypriot law as of 17 October, advising market participants to prepare for the upcoming changes.
CASPs that register under national regulations before the December deadline can continue to operate until July 2026, unless they receive or are denied MiCA authorisation before then. The transition will bring new regulatory standards, and CASPs must comply with the European Commission’s guidelines, which are still pending final publication. In the meantime, the European Securities and Markets Authority (ESMA) has issued draft standards for CASPs to follow.
Other European regulators, such as the Dutch Authority for the Financial Markets, are already investigating potential fraud and manipulation schemes before MiCA takes full effect. The new regulations aim to bring greater transparency and stricter oversight to the crypto market across the EU.
OpenAI has released the ChatGPT app for Windows, which is now available via the Microsoft Store. Like the Mac version launched earlier this year, it offers quick access to the AI-powered chatbot, allowing users to integrate AI into their daily activities.
The app is in an early release stage and limited to paid users, including Plus, Team, Enterprise, and Edu subscribers. A broader rollout to free-tier users is expected within the next few weeks or months. Some Mac and web version features are not yet included but are planned for future updates.
Key features missing from the Windows version include advanced voice modes, integration with Google Drive and Microsoft OneDrive, and external authentication through GPT Builder. Users, however, can still upload files and photos using the newly introduced o1 model for analysis.
ChatGPT offers convenience features such as the ‘Alt + Space’ shortcut, which allows users to bring it into focus when multitasking. It also remembers its previous position on the screen, resetting to the centre upon reopening.
Republican presidential candidate Donald Trump revealed that he spoke with Apple CEO Tim Cook about the financial penalties imposed on the tech giant by the European Union. Trump claimed that Cook informed him about a recent $15 billion fine from the EU, along with an additional $2 billion penalty, although Apple has not confirmed the details of the call.
The EU is investigating major tech companies to limit their influence and promote fair competition for smaller businesses. Recently, Apple encountered major challenges, including a court ruling that required the company to pay about $14 billion in back taxes to Ireland. Additionally, Apple was hit with a $2 billion antitrust fine for allegedly restricting competition in the music streaming sector via its App Store.
During the podcast with Patrick Bet-David, Trump expressed his commitment to protect American companies from what he described as unfair treatment. He stated, ‘Tim, I got to get elected first. But I’m not going to let them take advantage of our companies.’ Trump and Democrat Kamala Harris are currently in a tight race for the 5 November presidential election.
The Central Bank of the UAE has given preliminary approval to AED Stablecoin, positioning it to be the first regulated stablecoin pegged to the dirham in the country. The move follows the bank’s recent licensing framework, which restricts crypto payments to licensed dirham-pegged tokens, easing previous concerns over potential restrictions on crypto use.
If fully licensed, AED Stablecoin’s AE Coin could become a local trading pair for cryptocurrencies and be used by merchants for payments. Issuers of the stablecoin must back it with cash reserves held in UAE banks or a combination of cash and government bonds.
The UAE’s favourable regulatory environment has been attracting major players in the crypto space. While AED Stablecoin faces competition from Tether, OKX has launched a new trading platform, and M2 has introduced a system allowing direct dirham conversions to Bitcoin and Ether.
The authors make several points relevant to the global AI discussions. First, as AI becomes integral to the global economy, warning echo of the looming threat of concentrated corporate control, which risks stifling innovation, compromising consumer privacy, and undermining democratic values. To combat it, the authors advocate for a diverse AI market that includes public, private, and non-profit stakeholders to ensure the technology’s benefits are widely distributed.
In "Stopping Big Tech from Becoming Big AI" we lay out a series of detailed, practical measures to check rising market concentration and keep AI open for all 🧵 pic.twitter.com/gaHjwHwLYL
Second, the report mentions monopolistic risks, through tactics such as exclusive partnerships and control over computing power that allow dominant firms to consolidate power, restricting competition and innovation. Despite often being unseen by consumers, these practices could centralise AI development and inhibit market diversity. As an action point, the authors call on governments to act swiftly using existing regulatory tools, such as blocking mergers and enforcing ex-ante competition policies, to dismantle these barriers and impose fair access rules on essential AI resources.
Finally, international cooperation is one of the key points, particularly the importance of recognising the global nature of AI development. Authors warn against repeating past mistakes of digital market dominance, emphasising the need for a unified approach to AI regulation. Through fostering competition, the report asserts that AI can deliver broader societal benefits, prioritising innovation and privacy over profit maximisation and surveillance.
Why does it matter?
The global community sees the current moment as a pivotal chance to shape AI’s future for the collective good, urging immediate regulatory intervention. Echoing this approach, this report aims to ensure that AI remains a competitive field characterised by transparency and fairness, safeguarding a digital economy that benefits all stakeholders equally.
Meta has joined forces with Blumhouse, the Hollywood studio renowned for horror films, to test its new AI-driven video tool called Movie Gen that creates custom 1080p videos with sound using text-based inputs, offering filmmakers innovative ways to visualise their ideas.
The pilot project engaged prominent filmmakers, including Aneesh Chaganty, Casey Affleck, and The Spurlock Sisters, who integrated AI-generated clips into their films. Chaganty’s work is already featured on the Movie Gen website, with other contributions set to appear soon. The collaboration demonstrates how AI can become a creative partner, expanding artistic possibilities through responses to text prompts and advanced sound effects.
Blumhouse CEO Jason Blum praised the initiative, stating that these tools could empower artists to tell better stories and stressed the importance of involving creators early in the development phase. Meta aims to continue refining the tool by extending the pilot programme through 2025, encouraging user feedback to enhance its capabilities.
Alongside this initiative, Meta has expanded its AI chatbot, Meta AI, to 21 markets, including the UK and Brazil. Seen as a competitor to ChatGPT, Meta AI supports multiple languages, targeting 500 million monthly active users globally.
Schneider Electric has announced an $850 million deal to acquire a 75% controlling stake in Motivair Corp, a US company specialising in liquid cooling solutions for high-performance computing. The French firm expects to complete the all-cash deal in the coming quarters, with plans to acquire the remaining stake by 2028. The acquisition is part of Schneider’s strategy to expand its offerings for the rapidly growing data centre market, which increasingly demands efficient cooling solutions for technologies like generative AI.
Motivair, located in Buffalo, New York, manufactures advanced cooling systems that pump coolant directly near chips, efficiently managing the heat produced by high-performance computing—something traditional air cooling struggles to do. Schneider CEO Peter Herweck emphasised the expansion of the data centre and networks sector, which accounted for 21% of the company’s 2023 orders, approximately 8 billion euros. He also noted strong global demand for these technologies.
Herweck stated that Schneider is not actively pursuing further acquisitions in the data centre sector but remains open to opportunities as they emerge. The company’s shares have climbed 31% this year, driven by its strong market presence and the growing demand for advanced cooling solutions in data centres.
Siam Commercial Bank has launched Thailand’s first cross-border payment system powered by stablecoins, aiming to revolutionise international transactions. Partnering with SCB 10X and Lightnet, the system uses stablecoins pegged to gold or the US dollar to offer faster, more cost-effective transfers, allowing users to transact in local currencies.
The innovative payment network runs on a public blockchain, with Fireblocks ensuring the highest level of asset security. By eliminating the need for pre-funded accounts with foreign banks, SCB’s new system reduces operational costs and enhances capital efficiency.
Having completed testing in Thailand’s regulatory sandbox, the project is now fully operational, setting a new benchmark for blockchain-driven financial services and solidifying SCB’s leadership in the digital banking sector.
