The world this week--Business
Elon Musk appointed Linda Yaccarino as chief executive of Twitter, five months after he said he would relinquish the role.
Mr Musk took over the company last October.
Ms Yaccarino comes from NBCUniversal, where she was in charge of advertising.
Mr Musk said his new hire will focus on day-to-day operations while he concentrates on product development, as he strives to “transform this platform into X, the everything app”.
The chief executive of OpenAI, the firm behind the ChatGPT chatbot, called for tighter regulation of rapidly developing generative artificial intelligence, such as by forcing disclosure on images that have been generated by AI.
Sam Altman told American senators that “if this technology goes wrong, it can go quite wrong”, pointing to the near-term potential for its use in the 2024 elections.
Some senators did wonder whether regulating AI now would solidify power among companies that dominate the market.
America’s Federal Trade Commission filed a lawsuit to block the $28bn takeover of Horizon Therapeutics by Amgen.
It is the FTC’s first challenge to a drugs merger in recent memory.
It said consolidation in the industry was “rampant”, and that its suit is a signal that it won’t tolerate mergers that entrench monopolies.
Separately, the EU cleared Microsoft’s takeover of Activision, a contrast to America and Britain, where antitrust regulators want to block the deal.
Saudi Aramco is planning another public offering of its shares, according to reports.
The IPO of just 1.5% of its stock in 2019 raised $25.6bn, the most ever in a market debut. A second offering would be of a similar size.
Japan’s economy grew by 0.4% in the first quarter over the previous three months.
On an annualised basis it expanded by 1.6%, outpacing America’s GDP growth by that measure.
Domestic demand has picked up, but the country is also benefiting from a recovery in tourism.
The bullish mood has pushed the benchmark Topix index to a 33-year high.
A boom in construction helped Britain eke out a 0.1% rise in GDP in the first quarter over the final three months of 2022.
The insipid performance is in line with updated forecasts from the Bank of England, which thinks the economy will now stagnate in the first half of this year, rather than fall into a recession.
Final approval was given in the EU to the world’s first comprehensive framework for regulating crypto assets.
The new rules come into force next year and will require firms that issue, trade and oversee cryptocurrencies, tokens and stablecoins to obtain a licence.
Crypto transfers will be easier to trace and firms will be liable if they lose customers’ assets.