Category: Business

Chill pervades China’s tech firms even as crackdown eases

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FILE – A staff member prepares to demonstrate live streaming at a booth from Chinese technology firm Alibaba at the China International Fair for Trade in Services (CIFTIS) in Beijing, on Sept. 2, 2022. A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead. (AP Photo/Mark Schiefelbein, File)

By ZEN SOO AP Technology Writer

HONG KONG (AP) — A grinding crackdown that wiped billions of dollars of value off Chinese technology companies is easing, but the once-freewheeling industry is bracing for much slower growth ahead.

Analysts say China’s easing of restrictions on companies like e-commerce giant Alibaba and online games company Tencent and talk of support for the private sector reflects Beijing’s decision to refocus on growth after the economy was ravaged by the pandemic and restrictions imposed to fight COVID-19.

But controls on internet content remain firmly in place. And the crackdown has left a “chilling” effect on the industry, potentially slowing innovation, while U.S. restrictions against China’s computer chips industry are hindering progress in developing leading edge technology in 5G and artificial intelligence.

In January, a top official at China’s central bank said in an interview with state-owned media that the crackdown on technology companies was “basically” over, adding that companies would be encouraged to lead economic growth and create more jobs. That came just weeks after China dropped stringent entry restrictions and testing and quarantine requirements that were part of its “zero-COVID” strategy meant to quash the virus. Continue reading

Spotify latest tech name to cut jobs, axes 6% of workforce

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FILE- This March 20, 2018 file photo shows the Spotify app on an iPad in Baltimore. Music streaming service Spotify says it’s cutting 6% of its workforce, becoming yet another tech company resorting to layoffs as the economic outlook worsens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted online Monday, Jan. 23, 2023. (AP Photo/Patrick Semansky, File)

By KELVIN CHAN AP Business Writer

LONDON (AP) — Music streaming service Spotify said Monday it’s cutting 6% of its global workforce, or about 600 jobs, becoming yet another tech company forced to rethink its pandemic-era expansion as the economic outlook weakens.

CEO Daniel Ek announced the restructuring in a message to employees that was also posted online.

As part of the revamp involving a management reshuffle, “and to bring our costs more in line, we’ve made the difficult but necessary decision to reduce our number of employees,” Ek wrote.

Big tech companies like Amazon, Microsoft and Google announced tens of thousands of job cuts this month as the economic boom that the industry rode during the COVID-19 pandemic waned. Continue reading

As elites arrive in Davos, conspiracy theories thrive online

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People set up the stage at the eve of the opening of the World Economic Forum in Davos, Switzerland, Sunday, Jan. 15, 2023. The annual meeting of the World Economic Forum is taking place in Davos from Jan. 16 until Jan. 20, 2023. (AP Photo/Markus Schreiber)

By SOPHIA TULP Associated Press

NEW YORK (AP) — When some of the world’s wealthiest and most influential figures gathered at the World Economic Forum’s annual meeting last year, sessions on climate change drew high-level discussions on topics such as carbon financing and sustainable food systems.

But an entirely different narrative played out on the internet, where social media users claimed leaders wanted to force the population to eat insects instead of meat in the name of saving the environment.

The annual event in the Swiss ski resort town of Davos, which opens Monday, has increasingly become a target of bizarre claims from a growing chorus of commentators who believe the forum involves a group of elites manipulating global events for their own benefit. Experts say what was once a conspiracy theory found in the internet’s underbelly has now hit the mainstream. Continue reading

Ukrainian startups bring tech innovation to CES 2023

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Packaging made from leaves is on display at the Releaf Paper booth during the CES tech show Thursday, Jan. 5, 2023, in Las Vegas. (AP Photo/John Locher)

By JAMES BROOKS Associated Press

LAS VEGAS (AP) — The past year has been difficult for startups everywhere, but running a company in Ukraine during the Russian invasion comes with a whole different set of challenges.

Clinical psychologist Ivan Osadchyy brought his medical device, called Knopka, to this year’s CES show in Las Vegas in hopes of getting it into U.S. hospitals.

His is one of a dozen Ukrainian startups backed by a government fund that are at CES this year to show their technology to the world.

“Two of our hospitals we operated before are ruined already and one is still occupied. So this is the biggest challenge,” Osadchyy said.

“The second challenge is for production and our team because they are shelling our electricity system and people are hard to work without lights, without heating in their flats,” he said. Continue reading

CES startups face cautious investors amid economic woes

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An exhibitor demonstrates the OneThird avocado ripeness checker during CES Unveiled before the start of the CES tech show, Tuesday, Jan. 3, 2023, in Las Vegas. More than a thousand startups are showcasing their products at the annual CES tech show in Las Vegas, hoping to create some buzz around their gadgets and capture the eyes of investors who can help their businesses grow.(AP Photo/John Locher, File)

By HALELUYA HADERO AP Business Writer

LAS VEGAS (AP) — More than a thousand startups are showcasing their products at the annual CES tech show in Las Vegas, hoping to create some buzz around their gadgets and capture the eyes of investors who can help their businesses grow.

But amid the slew of layoffs in the tech industry and an economic landscape battered with high inflation and interest rates, many may be met with cautious investors looking for products that can deliver quick returns instead of hype.

Analysts say the event this year has somewhat of a muted tone compared to prior shows, when many companies routinely unveiled pie-in-the-sky projects that never saw the light of day. Carolina Milanesi, president and principal analyst at the consumer tech research firm Creative Strategies, said this time around, many of the tech items displayed during the show’s media preview days, which occurred Tuesday and Wednesday, have been less “flamboyant” compared to prior years, which showcased things like talking microwaves and smart jeans that vibrate to direct users.

“The economy — and I think the mood in general — is a little bit negative around tech,” Milanesi said. “It’s really getting companies to focus on real value for customers.” Continue reading

South Asian eateries try ‘going local’ as recovery strategy

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People sit for a meal at a local restaurant in Goa, India, Thursday, Dec. 29, 2022. Across South Asia, hotels and restaurants have faced profoundly challenging circumstances over the past few years, rendering business plans ineffective and forcing a reset in strategies, say industry observers. Experts say revenge eating out after the pandemic restrictions were eased in 2022 have helped bring back investments in the restaurant business. (AP Photo/Vineeta Deepak)

By VINEETA DEEPAK Associated Press

NEW DELHI (AP) — Hotels and restaurants across South Asia have had to adapt and reimagine dining out since the pandemic ripped through the region, forcing many out of business.

Those that have survived are tapping local sources and going online.

In India, from hole-in-the-wall casual eateries to fine dining, restaurants were devastated by lockdowns and virus outbreaks, with millions losing their jobs since COVID-19 hit in early 2020.

In neighboring Sri Lanka, where the tourism-driven economy also has been hammered by political upheavals and shortages, the situation remains dire.

Saman Nayanananda, a food and beverage manager at a hotel chain in the Sri Lankan capital Colombo, says going local for food sourcing and menu offerings is vital.

Nayanananda, who was in New Delhi recently for the South Asian Food for Thought festival, survived a devastating tsunami in 2004 that killed 230,000. He lived through a prolonged civil war that ended in 2009 and witnessed the aftermath of deadly 2019 Easter terrorist attacks. After every calamity, the economy managed to get back on its feet. Continue reading

CES 2023: Tech world to gather and show off gadgets

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FILE – People walk across an empty booth spot during the CES tech show on Jan. 6, 2022, in Las Vegas. CES is returning to Las Vegas in January 2023 with the hope that it inches closer to how it looked before the pandemic. (AP Photo/Joe Buglewicz, File)

By HALELUYA HADERO AP Business Writer

NEW YORK (AP) — CES, the annual tech industry event formerly known as the Consumer Electronics Show, is returning to Las Vegas this January with the hope that it looks more like it did before the coronavirus pandemic.

The show changed its name to CES to better reflect the changing industry and the event, which had expanded beyond audio and video to include automotive, digital health, smart phones, wearables and other technologies.

Companies and startups will showcase innovations in virtual reality, robotics and consumer tech items to the media and others in the tech industry during next month’s gadget show and organizers say their goal is to draw 100,000 attendees.

That would be a marked contrast with the look and feel of the past two shows — the last of which saw a 70% drop in in-person attendance amid the spread of the Omicron variant. The one before that was held virtually, replacing in-person displays and meet and greets with video streams and chats. Continue reading

Historic biodiversity agreement reached at UN conference

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Huang Runqiu, left, President of the COP 15 and Minister of Ecology and Environment of China listens as Steven Guilbeault, Minister of Environment and Climate Change Canada, speaks during a press conference at the COP 15 summit on biodiversity, in Montreal, Saturday, Dec. 17, 2022. (Peter McCabe /The Canadian Press via AP)

By MICHAEL CASEY Associated Press

MONTREAL (AP) — Negotiators reached a historic deal at a U.N. biodiversity conference early Monday that would represent the most significant effort to protect the world’s lands and oceans and provide critical financing to save biodiversity in the developing world.

The global framework comes on the day the United Nations Biodiversity Conference, or COP15, is set to end in Montreal. China, which holds the presidency at this conference, released a new draft on Sunday that gave the sometimes contentious talks much-needed momentum.

“We have in our hands a package which I think can guide us as we all work together to halt and reverse biodiversity loss and put biodiversity on the path to recovery for the benefit of all people in the world,” Chinese Environment Minister Huang Runqiu told delegates before the package was adopted to rapturous applause just before dawn. “We can be truly proud.” Continue reading

Croatia to join Europe’s ID-check-free area, others to wait

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A Croatian border police officer crosses the road at the border between Croatia and Slovenia at the Bregana border crossing, Thursday, Dec. 8, 2022. European Union countries are weighing on Thursday whether the bloc’s three newest members — Bulgaria, Romania, and Croatia — can fully open their borders and participate in Europe’s ID-check-free travel zone, but more delays to their entry appear likely. (AP Photo)

By STEPHEN McGRATH and LORNE COOK Associated Press

BRUSSELS (AP) — European Union countries agreed Thursday to allow Croatia to fully open its borders and participate in Europe’s ID-check-free travel zone, but Bulgaria and Romania were told that they must wait longer to be allowed in.

This triggered an angry response from Romania, which lashed out at Austria for blocking its bid to join the so-called Schengen area.

The world’s largest free travel zone, the Schengen area comprises 26 countries — 22 EU states plus Iceland, Liechtenstein, Norway and Switzerland. Almost 1.7 million people live in one Schengen country and work in another. Around 3.5 million people cross an internal border each day.

Austria, in particular, had objected to Bulgaria and Romania joining, citing migration concerns.

“When it comes to the accession of Romania and Bulgaria we are not united and that makes us very weak and that makes me also sad,” Home Affairs Commissioner Ylva Johansson told reporters after the decision, taken during a meeting of interior ministers in Brussels, was announced. Continue reading

Police raid more EU Parliament offices in corruption probe

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A man walks down stairs during a special session on lobbying Monday, Dec. 12, 2022 at the European Parliament in Strasbourg, eastern France. Four people have been charged with being part of a criminal group, money laundering and corruption in connection with an investigation into suspected influence peddling by a Persian Gulf country at the European Union’s parliament. (AP Photo/Jean-Francois Badias)

By SAMUEL PETREQUIN Associated Press

BRUSSELS (AP) — Belgian police conducted more raids at European Parliament offices Monday as the legislature’s president pledged to launch an internal investigation into corruption allegations and the bloc’s top official called for the creation of an EU-wide independent ethics body.

Prosecutors investigating alleged influence peddling by a Gulf country at the European Parliament charged four people over the weekend with corruption, participation in a criminal group and money laundering. Parliament Vice President Eva Kaili of Greece was relieved of her duties.

The prosecutors declined to identify the country suspected of offering cash or gifts to parliament officials in exchange for political favors. Several members of the assembly and some Belgian media linked the investigation to Qatar, which is currently hosting soccer’s gala event, the World Cup.

Qatar’s Ministry of Foreign Affairs has denied any wrongdoing. Continue reading