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OpenAI whistleblowers ask SEC to investigate alleged restrictive non-disclosure agreements
OpenAI whistleblowers filed an SEC complaint about restrictive NDAs. Sen. Grassley urged an investigation into NDAs waiving whistleblower rights. SEC declined to comment. Originally reported by Washington Post. Fines requested; criticized penalties, consent, non-disparagement clauses. Inspection of contracts, severance, investor agreements requested. OpenAI's Safety and Security Committee led by CEO Sam Altman. Chandni Shah reported AI risks and generative AI.
Meta to roll back some restrictions on Trump's Facebook, Instagram accounts
The social media company indefinitely suspended Trump's accounts following his praise of people who stormed the U.S. Capitol on Jan. 6, 2021. The company then reinstated his accounts in early 2023, saying it would monitor Trump's posts for further violations that could result in another suspension of between one month and two years.
Ukraine urges NATO to lift restrictions on targeting Russia, China denounces criticism
NATO members issued a declaration in support of Ukraine at a summit in Washington on Wednesday, promising additional aid and pledging to back its "irreversible path" to NATO membership. "At this summit we are turning a corner and putting in place the foundations for Ukraine to prevail," NATO Secretary General Jens Stoltenberg told a news conference after a three-day meeting in Washington of the 32 NATO states.
HDFC Defence Fund gave 145% return before restriction on fresh investment kicks in
The scheme is benchmarked against Nifty India Defence Index TRI. The fund aims to capitalise on the opportunities in the space and has seen good interest from investors. The government's focus on modernising its defence forces and push toward self-reliance should drive the long-term growth of the sector. As global geopolitical tensions rise, many nations are spending on enhancing defence capabilities.
P2P lenders like BharatPe, LenDenClub rework products, business to follow RBI diktat
India's P2P lending startups, including BharatPe, Cred, and LenDenClub, adjust products amid regulatory scrutiny. Lendbox introduces Per Annum, aiming for an OBPP license. Liquiloans expands offline. Bhuvan Rustagi seeks stable returns. RBI targets asset liability mismatch. Cred Mint’s minimum investment is Rs 2 lakh. LenDenClub’s assets under management dropped to Rs 908 crore since March 2023.
Rice exporters rally over 9% amid likely easing of curbs
The government's plan to relax rice export restrictions led to share surges in Kohinoor (9.6%), Chaman Lal (8.8%), KRBL (7.1%), and LT Foods (5.96%), aiming to avoid an October glut and tackle food inflation. Key points include Minimum Export Price, sector rotation, rural focus, biogas policy, Russia's impact, Geojit Financial Services, agricultural waste, and the agro-economy.
Budget wish list: ATMA asks govt to restrict import of waste tyres
Budget expectation: The Automotive Tyre Manufacturers' Association (ATMA) urged restrictions on waste tyre imports, warning that India is becoming a dumping ground for scrap tyres. Imports have surged fivefold since FY20-21, posing environmental and safety risks. ATMA also called for duty-free natural rubber imports and addressing the inverted duty structure affecting the tyre industry.
HDFC Mutual Fund to discontinue lumpsum subscription and restrict systematic transactions in defence fund
HDFC Mutual Fund will restrict SIPs and discontinue lumpsum investments in the HDFC Defence Fund from July 22. The fund raised Rs 1,000 crores in a defence-focused NFO, targeting defence companies. Managed by Abhishek Poddar, it is benchmarked against Nifty India Defence Index TRI. Minimum investment is Rs 100 with a 1% exit load if redeemed within a year.
Chinese AI market optimistic despite scrutiny from west
The generative AI sector in China has experienced significant expansion, as reported by the United Nations, which notes China has become the leading applicant for patents in AI software, creating a wide range of outputs from illustrations to computer code. However, OpenAI has accused China of using its language models to create content aimed at influencing social media sentiment.
UP stampede: Trains to make special stoppage at Hathras
Following the tragic stampede at a religious event in Hathras, Uttar Pradesh, which claimed 121 lives, Indian Railways has taken measures to assist around 3,000 attendees returning home. A speed restriction of 15 kmph has been enforced at Sikandar Rau station for safety, with additional stoppages and special trains arranged. Senior officials and medical teams are onsite to provide necessary support, including first-aid and medical care. The ministry has ensured availability of water, food packets, and standby trains at Kasganj station to facilitate smooth transport for affected passengers.
K-pop leads to death: North Korean youth publicly executed for listening to South Korean music
A 22-year-old man in North Korea was publicly executed in 2022 for listening to and sharing K-pop music and South Korean films, according to a South Korean human rights report. The report details how North Korean authorities enforce strict laws against "reactionary ideology and culture," targeting various forms of Western influence, including fashion and media. Despite these harsh measures, South Korean culture continues to influence North Korean youth.
Credit Card issuance soars despite worries over unsecured loans
Credit card base in India grew 18% YoY to reach 103 million, with HDFC bank adding the most new cards. However, Kotak Mahindra bank saw a sharp drop amid RBI restrictions. Card spending also grew 17% YoY to reach Rs 1.65 trillion. The credit card industry has seen a continuous decline due to caution about large unsecured loans and asset quality issues.
Departments advised against blanket approval of Chinese FDI
There must be review and monitoring, including through robust IT tools and databases, when it comes to FDI from countries of concern, highly placed sources told ET. Once a system is in place, disposal of cases should take place through a time-bound mechanism, sources pointed out.
Chinese AI firms woo OpenAI users as US company plans API restrictions
ChatGPT maker OpenAI is planning to block access to technology used to build AI products for entities in China and some other countries, Chinese state-owned newspaper Securities Times reported on Tuesday.
Apple is first company charged under new EU competition law
Apple is facing intense regulatory scrutiny globally, with charges in the EU, legal battles in the US, and regulatory actions in Britain, signaling a turbulent period for the tech giant in various markets.
New mineral fund rules restrictive: Chhattisgarh government
Chhattisgarh government red-flags new District Mineral Foundation guidelines, citing potential misuse of funds meant for people affected by mining activities.
US proposes targeted restrictions for AI, tech investment in China
The U.S. proposed rules to regulate investments in China to prevent sensitive technology development, supported by Treasury Assistant Secretary Paul Rosen.
Railway Board sets up committee, holds meeting to ascertain why drivers violate speed restrictions
The Railway Board has formed a committee to investigate train drivers' violations of speed restrictions between stations, prompted by recent incidents where drivers exceeded limits at a river bridge under maintenance. Loco pilots of Gatiman Express and Malwa Express were involved. A circular was issued, calling for review and input from loco pilots to ensure adherence to speed restrictions for safe train operations. Suggestions include improved communication and visual aids for better compliance.
Pharma industry raises concerns over new Schedule M's impact on cosmetic manufacturing
The pharmaceutical industry, represented by the Federation of Pharma Enterprises (FoPE), has expressed concerns over the government's new Schedule M, which prohibits the manufacture of any product other than drugs in units licensed for drug production. FoPE argues that setting up a separate plant for cosmetic manufacturing is financially unviable for medium and small-scale enterprises. They are requesting permission to manufacture cosmetics in the area designated for topical products like creams and lotions.
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