Vietnam’s leading tech firm, FPT Corporation, has embarked on a $174 million AI project in Binh Dinh province, marking its latest advancement in the AI sector. The initiative, launched in collaboration with FPT City Danang, FPT Investment, and FPT Software, spans 93.24 hectares and will feature a state-of-the-art AI centre, an educational facility, and a supporting urban zone.
The AI centre will focus on several key areas: research, software development, digital transformation, and cybersecurity solutions. This new development would mark FPT’s commitment to expanding its role in the AI industry.
As Vietnam‘s most valuable tech company with a market capitalisation of $7.7 billion, FPT offers a broad range of AI, cloud computing, and big data services. Last year, the company reported revenues surpassing $2 billion.
In addition to this latest venture, FPT announced plans in April to invest $200 million in an AI factory utilising Nvidia’s advanced graphics chips and software, further highlighting its ongoing investment in cutting-edge technology.
German authorities have seized nearly €25 million in cash during a large-scale operation targeting illegal cryptocurrency ATMs. The operation uncovered 13 machines operating without the necessary permits, posing significant risks related to money laundering. These unlicensed ATMs were used for trading bitcoin and other cryptocurrencies, prompting the swift action from the country’s financial regulator, BaFin.
Across 35 different locations in Germany, 13 ATMs were found. The lack of proper authorisation for these machines meant they could be exploited for illicit activities, heightening concerns about financial crimes within the cryptocurrency market. The seizure of such a large sum of cash underscores the scale of the problem and the authorities’ determination to clamp down on illegal financial operations.
Collaboration between BaFin, law enforcement agencies, and the German Bundesbank was key to the success of this operation. By working together, these organisations were able to effectively identify and shut down the unauthorised ATMs, preventing further potential misuse of these machines. However, the operation highlights the ongoing efforts by German authorities to regulate the rapidly evolving world of cryptocurrency.
The seizure marks a significant step in Germany’s efforts to enforce stricter regulations on cryptocurrency trading. As the popularity of digital currencies grows, so too does the need for robust oversight to prevent financial crimes. The operation serves as a warning to those attempting to bypass regulations and operate outside the law in the cryptocurrency industry.
A fast fashion retailer Shein has escalated its legal battle against rival Temu by filing a lawsuit accusing Temu of operating as an unlawful enterprise. The allegations against Temu include counterfeiting, theft of trade secrets, and manipulating sellers on its platform. Shein claims Temu exerts complete control over its sellers, even preventing them from removing products after admitting to intellectual property infringement.
The lawsuit is part of an ongoing feud between the two budget retailers, which have exchanged legal threats before. Temu had previously accused Shein of pressuring manufacturers to cut ties with it, while Shein claimed Temu encouraged false statements by influencers. Both companies are known for aggressive tactics to dominate the US market, where Temu has recently overtaken Shein in sales.
Shein’s latest lawsuit also highlights its own struggle to improve its reputation as it prepares to go public in the US. The company, notorious for poor working conditions and accusations of copying independent designers, now accuses Temu of similar practices. Both retailers are heavily reliant on the Chinese supply chain and exploit trade loopholes to maintain their competitive pricing.
Meanwhile, Shein itself faces a class action lawsuit, accused of large-scale copyright infringement against small designers and artists. Despite these legal challenges, Shein continues to battle Temu in a race to the bottom in the competitive world of fast fashion.
Google must now contend with a class action lawsuit accusing it of collecting data through Chrome without user consent. A US federal appeals court has revived the case, overturning a 2022 decision that had dismissed it. The court highlighted the need for a closer examination of Google’s privacy disclosures to determine whether users genuinely understood and consented to the data collection.
The lawsuit, originally filed in 2020, alleges that Google collected user data from Chrome even when they did not enable Chrome sync. Plaintiffs argue that browsing history, IP addresses, and unique browser identifiers were shared without explicit permission. Google has maintained that users consented by accepting its privacy policy, a stance previously upheld by a lower court.
However, the recent ruling suggests that the lower court may have overlooked whether users truly grasped the implications of their agreement with Google. The case will now return to the lower courts for further consideration. Google remains confident in its position, stating that Chrome Sync provides seamless functionality across devices while maintaining clear privacy controls.
Despite the ongoing legal challenge, Google spokesperson José Castañeda has emphasised that upcoming changes to Chrome’s sync feature, which will no longer be necessary for accessing saved information, are unrelated to the lawsuit.
Google has released new updates for Gmail building on its existing ‘Help me write’ feature. These updates will enable users to polish drafts written by users on both web and mobile devices. Additionally, there will also be ‘help me write’ and ‘refine my drafts’ shortcuts on both Android and iOS devices.
Users paying for Google One AI Premium or those who have paid for ‘Google’s Gemini add-on for Workspace’ will have access to the tools. Just by opening an empty draft, one can access the ‘Help me write’ shortcut that enables Gemini to draft texts. As long as there are 12 or more (regardless of whether it’s written by AI or Humans) words in a draft, the ‘refine my draft’ shortcut appears.
The latest addition expands Google’s array of AI offerings as it competes with Microsoft’s Copilot and ChatGPT in the race to capture market share in the AI chatbot space.
India’s Commerce Minister, Piyush Goyal, has accused Amazon and other e-commerce giants of predatory pricing practices that threaten the survival of millions of traditional brick-and-mortar stores in the country. He expressed concerns that these companies are using their vast investments to mask business losses and undercut smaller retailers, thus bypassing Indian regulations designed to protect local businesses.
Amazon and Walmart-owned Flipkart have significantly transformed India‘s retail sector by investing billions to attract consumers with enticing discounts. However, India’s regulations prohibit these companies from directly selling to consumers, limiting them to operating marketplaces where third-party sellers offer products. Despite these restrictions, small retailers have alleged that Amazon and Flipkart use complex business structures to circumvent the rules.
Goyal’s comments came during an event in New Delhi, where he criticised Amazon, accusing the company of using its substantial investments to cover up losses linked to predatory pricing tactics. He questioned the legitimacy of Amazon’s business practices but did not provide specific evidence to support his claims. Both Amazon and Flipkart have yet to respond to these allegations.
Why does this matter?
In the past, Goyal has openly criticised US e-commerce companies for exploiting their scale and access to low-cost capital to the detriment of small retailers. A report in 2021 revealed that Amazon allegedly helped a select group of sellers thrive on its Indian platform by offering them discounted fees, which allowed the company to bypass foreign investment laws—a claim Amazon has denied.
Both Amazon and Flipkart are currently under investigation by Indian antitrust authorities, but they continue to deny any wrongdoing. Goyal’s remarks have reignited the debate over the impact of large e-commerce players on India’s traditional retail landscape.
A federal judge in Dallas has blocked the Federal Trade Commission’s (FTC) ban on noncompete agreements, which would have made it difficult for workers to join competing employers or start their own businesses. The ruling, issued by US District Judge Ada Brown, prevents the ban from taking effect on 4 September, although the FTC may still appeal the decision. Judge Brown stated that the FTC had exceeded its authority, calling the ban ‘unreasonably overbroad’ and potentially causing ‘irreparable harm.’
The FTC has expressed disappointment with the ruling, emphasising its commitment to challenging noncompete agreements that they argue restrict economic freedom, hinder innovation, and depress wages. The agency is considering an appeal, which would go to the Fifth Circuit Court of Appeals. In the meantime, the FTC will have to address noncompete issues on a case-by-case basis.
The ruling stems from a lawsuit filed by tax firm Ryan LLC, supported by the US Chamber of Commerce and Business Roundtable, which argued that the ban would make it harder for companies to retain talent. Despite the FTC’s claim that the ban would enable the creation of over 8,500 new businesses annually, the judge’s decision has put the nationwide ban on hold.
US-based State Street Corporation, a global financial and banking service provider and Swiss crypto company Taurus have announced their partnership to expand their offerings of digital assets through new services. As per the joint statement, under the partnership, Taurus will provide State Street with crypto custody and asset tokenisation services to institutional clients like banks and asset management firms.
State Street’s chief product officer and head of digital asset solutions, Donna Milrod, stated, ‘We need to provide our clients the ability to deal with both traditional finance as well as (digital assets) side by side.’ The following move will help the company meet the market demand for safe banking partners that protect investors’ crypto assets, offering an alternative to exchanges and wallet providers with weaker security measures. Milord added that plans to offer crypto custody for customers are contingent upon the US Securities and Exchange Commission updating its 2022 accounting guidelines, making it highly costly for publicly traded banks to hold crypto.
Why does this matter?
There has been an increase in the spread of cryptocurrencies in the traditional financial system through regulated products like futures and exchange-traded funds. As financial institutions look for ways to hedge inflation and diversify their portfolios, they turn to crypto. Thus, with the significant rise of digital asset’s impact on traditional finance, there’s a gradual blurring of the distinction between these two previously distinct financial systems.
As a part of its ongoing investigation, the European Commission has imposed a final duty of 36.3% on imported electric vehicles manufactured in China. Some specified companies who have cooperated with the EU in the process of the investigation will, however, be subjected to a reduced tariff rate of 21.3%.
The EU launched the investigation in October 2023 against the backdrop of a witnessed spike in low-cost electric vehicle export from China to the EU and is expected to conclude by November this year. It seeks to examine whether Chinese clean tech products are dumping subsidised goods in the EU market and if Chinese-owned entities operating within the EU avail of any other unfair subsidy advantages.
The final duty needs further approval from EU’s 27 countries and will take effect unless a majority of 15 countries representing 65% of the EU population vote against it. These duties are expected to be confirmed by 30 October and typically last for five years. Meanwhile, talks between Europe and China could also lead to a compromise to mitigate or avoid the tariffs altogether.
A recent report from research firm Arize AI reveals a dramatic surge in Fortune 500 companies identifying AI as a significant risk. Out of the 500 companies, 281—accounting for 56.2%—cited AI as a risk, marking a 473.5% increase from the previous year. The report suggests that while AI is seen chiefly as a risk factor, there are opportunities for businesses to stand out through innovation and transparency in their use of generative AI.
The media and entertainment industry is the most concerned, with 91.7% of its Fortune 500 companies citing AI risks. Netflix and Disney, for instance, highlighted potential competitive disadvantages and unsettled regulations impacting revenue and production processes. Other sectors such as software and tech (86.4%), telecommunications (70%), healthcare (65.1%), financial services (62.7%), and retail (60%) also expressed significant concerns. Conversely, the automotive, energy, and manufacturing sectors reported fewer AI-related issues, with only 18.8%, 37.3%, and 39.7% respectively recognising AI risks.
Notable companies have provided concrete examples of AI-related risks. Motorola warned that AI might malfunction or use flawed datasets, potentially harming operational results and reputation. Salesforce highlighted possible governmental scrutiny and reputational damage tied to its AI solutions, especially around human rights and privacy. The importance of AI in cybersecurity was also emphasised, noting both its potential for enhancing security and posing new threats.
The report underscores the need for consumer acceptance of AI’s benefits, with academic experts stressing that public trust is crucial. Overall, the findings indicate that AI risks are now a prominent concern for corporate America, but they also offer a chance for businesses to differentiate through proactive innovation and clear communication.
