Google LLC and the University of Tokyo are teaming up to leverage generative AI to tackle local challenges in Japan, such as the nation’s shrinking workforce. The initiative, featuring prominent AI researcher Professor Yutaka Matsuo, will be piloted in Osaka and Hiroshima prefectures, with plans to expand successful models nationwide by 2027.
In Osaka, the project aims to address employment mismatches by using AI to suggest job opportunities and career paths that job seekers might not have considered. That approach differs from traditional job placement agencies and will draw from extensive online data to offer more tailored job suggestions.
The specific focus for Hiroshima has yet to be determined. However, Hiroshima Governor Hidehiko Yuzaki expressed a vision for AI to provide detailed responses to relocating inquiries, signalling AI’s potential to shape the prefecture’s future.
Beyond these initial projects, Google suggests that generative AI could enhance medical care on remote islands and automate agriculture, forestry, and fisheries tasks. Professor Matsuo emphasised that effectively utilising generative AI presents a significant opportunity for Japan.
Survey reveals that 94% of central banks are actively exploring Central Bank Digital Currencies (CBDCs), with each institution progressing at its own pace and considering various design features. In 2023, there has been a significant increase in experiments and pilots related to wholesale CBDCs, particularly in advanced economies, though emerging markets and developing economies have also ramped up their efforts. The likelihood of central banks issuing a wholesale CBDC in the next six years now surpasses that of issuing retail CBDCs.
Key features under consideration include interoperability and programmability for wholesale CBDCs, and holding limits, interoperability, offline options, and zero remuneration for retail CBDCs.
Anthropic, a startup backed by Google and Amazon, has introduced a new AI model named Claude 3.5 Sonnet alongside a revamped user interface to enhance productivity. The release comes just three months after the launch of its Claude 3 family of AI models. Claude 3.5 Sonnet surpasses its predecessor, Claude 3 Opus, in benchmark exam performance, speed, and cost efficiency, being five times cheaper for developers.
CEO Dario Amodei emphasised AI’s flexibility and rapid advancement, noting that, unlike physical products, AI models can be quickly updated and improved. Anthropic’s latest technology is now available for free on Claude.ai and through an iOS app. Additionally, users can opt into a new feature called ‘Artifacts,’ which organises generated content in a side window, facilitating collaborative work and the production of finished products.
Anthropic’s rapid development cycle reflects the competitive nature of the AI industry, with companies like OpenAI and Google also pushing forward with significant AI advancements. The startup plans to release more models, including Claude 3.5 Opus, within the year while focusing on safety and usability.
Democratic lawmakers in California are quickly advancing bill SB 1144, which requires online marketplaces to collect identity data from high-volume sellers who advertise online but transact offline. If passed, sellers on platforms like Craigslist, Facebook Marketplace, and NextDoor must provide identity verification, which could include biometrics and personal details such as bank account information, Social Security numbers, or driver’s licenses.
The proposal aims to combat the resale of stolen goods, targeting sellers who make over $5,000 in profit and complete at least 200 transactions annually. It is part of a broader legislative effort to address retail theft in the state, a problem the California Retailers Association says has reached crisis levels.
However, US tech lobby groups, including TechNet, argue that these requirements will harm the economy by deterring businesses from operating in California. They claim that excessive data collection is unnecessary and will disproportionately benefit large retailers at the expense of smaller online marketplaces. Critics also argue that the bill’s requirements are too vague and could inadvertently target unintended users and sites.
The bill, expected to reach Governor Gavin Newsom’s desk within weeks, now lies between the need for law enforcement to collect data to fight crime and concerns about privacy and economic impact from the tech industry.
Why does it matter?
Similarly, in New York and Chicago, shoplifting has surged, creating a shadow economy where stolen goods are sold on resale sites and at illicit pawn shops. Last year, a new federal law, the Inform Consumer Act, took effect, requiring online marketplaces like eBay, Facebook Marketplace, and Amazon to verify the identities and bank information of high-volume sellers to combat the online sale of stolen goods.
In a post on his platform X, tech boss Elon Musk revealed his partnership with Dell Technologies and Super Micro Computer to provide server racks set to power Musk’s AI startup, xAI. According to Dell CEO Michael Dell, the company is responsible for manufacturing half the microchips for the project. To this end, Dell has partnered with Nvidia Corporation, a multinational technology company that supplies electronic chips for computer motherboard chipsets, smartphones and game consoles. The duo, together with Super Micro Computers, will build xAI’s supercomputer, which will, in turn, power the startup’s chatbot, Grok.
Musk’s xAI, a rival to Microsoft-backed OpenAI and Alphabet’s Google, opened its doors last year, and its chatbot is already on version 2. Musk’s timeline for Grok 3 is fall 2025. The chatbot requires 100,000 Nvidia H100 chips to run. Grok 2 utilised 20,000 Nvidia H100 graphic processing units. The Nvidia H100 GPU chip is the most powerful GPU chip on the market and is designed for AI applications only. The chips are in short supply, and on average, one costs $25,000.
Worldcoin, a cryptocurrency startup co-founded by OpenAI’s Sam Altman, has been permitted to resume its iris-scanning operations in Kenya after a year-long investigation into privacy and regulatory concerns was concluded. The Kenyan Directorate of Criminal Investigations (DCI) officially closed its probe, citing no further police action as necessary. However, Worldcoin must now register its business in Kenya, secure requisite licences, and vet its vendors to maintain operations.
Worldcoin’s activities had been suspended nearly a year ago due to compliance issues with Kenyan security, financial services, and data protection laws. A parliamentary committee recommended shutting down the company altogether, citing violations of the Computer Misuse and Cybercrimes Act, and labelling its activities as potential espionage. It was also found that Worldcoin and its parent entity, Tools for Humanity, were unregistered in Kenya, and had not received approval to use the Orbs, considered telecommunications equipment.
Thomas Scott, Chief Legal Officer of Tools for Humanity, expressed gratitude for the fair investigation and said this is merely a new beginning. He highlighted the company’s commitment to working with Kenyan authorities to advance Worldcoin’s mission and create economic opportunities. While Worldcoin has resolved its immediate regulatory hurdles in Kenya, it continues to face significant scrutiny in other countries, including ongoing investigations in Germany, Spain, Portugal, and Italy.
The situation has highlighted challenges in regulating new technologies, particularly around privacy and compliance. In response, Kenya is developing a regulatory framework for virtual assets, aiming to provide clearer guidelines for crypto startups like Worldcoin. The outcome could pave the way for more structured compliance pathways amid the rapid advancements in digital finance and identity systems.
A report published by venture capital firm Accel shows the state of affairs of Europe and Israel’s generative AI (GenAI). That type of AI is able to generate text, images, sounds, videos and other mediums based on datasets upon which it is trained. Four countries in the region are leading the pack, with the UK and France coming up as winners in their distinct categories.
The UK leads with 30% of the 221 GenAI startups analysed, followed by Germany (14%), Israel (13%) and France (11%). The UK’s strong lead can be explained by a long tradition of tech and AI development over the last quarter century. UK universities have partnered with tech giants to create AI research hubs throughout the country, setting the perfect grounds for attracting AI talent. UK based AI giants like DeepMind, Microsoft and Meta, have seen many of their former employees go on to create their own GenAI startups. 12% of all GenAI startups surveyed in the UK had at least one founder who had worked at the British AI pioneer DeepMind, the report said.
Despite coming in fourth place by quantity of GenAI startups, France comes in first in terms of funding at $2.29 billion. Next, at half of that, is the UK with $1.15 billion, Israel at $1.04 billion and Germany at $636 million. The funding boom is both a symptom and a cause of the country becoming a new AI hub for Europe. French universities such as École Polytechnique, Université Pierre et Marie Curie and École normale Supérieure have educated and given work experience to the many maths and engineering students starting GenAI startups. In return, this has led Google, Meta and Kyutai to open facilities in Paris to attract that potential.
Three of the region’s best funded companies are French, with Mistral, Europe’s competitor to OpenAI, raising over €600 million alone. Cooperation between universities and tech giants in Israel and Germany are also a main source of growth for their respective AI sectors.
Italy is set to strengthen its surveillance of crypto assets with new measures, including hefty fines for market manipulation, according to a draft decree reviewed by Reuters. The decree, expected to be approved by the cabinet, imposes fines ranging from 5,000 to 5 million euros for offences such as insider trading and unlawful disclosure of inside information.
The legal move matches with warnings from central banks and international bodies about the risks cryptocurrencies pose to financial stability and their potential for fraud. The plan designates Italy’s central bank and market watchdog, Consob, as the authorities responsible for overseeing cryptocurrency activities to maintain financial stability and orderly market functioning.
Why does it matter?
Cryptocurrencies allow global money transfers outside the traditional financial system, with transactions recorded on a blockchain where users are identified only by wallet addresses. However, the anonymity and decentralisation have raised concerns about their misuse, prompting Italy to implement stricter controls.
India’s Financial Intelligence Unit (FIU) has fined Binance, the world’s largest crypto exchange, 188.2 million rupees ($2.25 million) for breaching local anti-money laundering regulations. The country mandates that virtual digital asset service providers, including crypto exchanges, must register with the FIU and adhere to its rules. Binance recently registered with the FIU in May to resume operations but has not yet commented on the fine.
Earlier, Binance received a show-cause notice from the FIU and eight other offshore exchanges for non-compliance. In response, the FIU requested that the Ministry of Electronics and Information Technology block access to these exchanges. In contrast, KuCoin, another crypto exchange, registered with the FIU in March and faced a significantly more minor penalty of 3.45 million rupees.
Why does it matter?
The legal sanction isn’t Binance’s only run-in with regulatory bodies, as Canada fined the exchange $4.38 million in May for similar violations. Additionally, Binance’s former CEO, Changpeng Zhao, was sentenced to four months in prison in the US for violating anti-money laundering laws.
Ilya Sutskever, co-founder and former chief scientist at OpenAI, announced on Wednesday the launch of a new AI company named Safe Superintelligence. The company aims to create a secure AI environment amidst the competitive generative AI industry. Based in Palo Alto and Tel Aviv, Safe Superintelligence aims to prioritise safety and security over short-term commercial pressures.
Sutskever made the announcement on social media, emphasising the company’s focused approach without the distractions of traditional management overhead or product cycles. Joining him as co-founders are Daniel Levy, a former OpenAI researcher, and Daniel Gross, co-founder of Cue and former AI lead at Apple.
Sutskever’s departure from Microsoft-backed OpenAI in May followed his involvement in the dramatic firing and rehiring of CEO Sam Altman in November of the previous year. His new venture underscores a commitment to advancing AI technology in a manner that ensures safety and long-term progress.
