E-commerce and trade

HR embraces AI in hiring

A recent survey reveals that 66% of HR leaders have a more positive view of AI in the workplace compared to a year ago. Commissioned by recruitment platform HireVue, the research also found that 67% believe AI is as effective or better than humans at identifying qualified applicants.

Linsey Zuloaga, HireVue’s chief data scientist, highlighted AI’s potential to streamline hiring by automating repetitive tasks and improving candidate communication.

The survey also showed that 64% of candidates feel AI is as fair or fairer than human recruiters, with 49% believing AI can address bias in hiring. Despite this, 75% of candidates oppose AI making final hiring decisions. Zuloaga emphasised the importance of transparency, suggesting HR departments clearly communicate how AI is used in the hiring process to build trust.

Rich Bye of Workday noted that attitudes toward AI improve as its benefits become apparent, such as increased efficiency and reliability in candidate screening.

However, the survey found that 42% of HR professionals are waiting for corporate guidelines on generative AI, and 33% have implemented AI without formal approval. Zuloaga advised HR leaders to ensure potential AI tools comply with ethical and regulatory standards before implementation.

Apple’s NFC technology will no longer be reserved to Apple Pay and Wallet in the EEA

The EU Commission has announced that Apple will open its near-field-communication (NFC) technology to third party developers, including competitors. Rival mobile wallet providers will now be able to use this technology as well, giving them access to a new market of users. Companies other than Apple will also be able to access tap-and-go services which use NFC technology. This means they will have access to technologies for things like digital wallets, house and car keys, security badges, loyalty cards, and event tickets.  

“We have offered commitments to provide third-party developers in the European Economic Area with an option that will enable their users to make NFC contactless payments from within their iOS apps, separate from Apple Pay and Apple Wallet,” Apple said in an emailed statement to Reuters. EU antitrust chief Margrethe Vestager noted that ‘consumers will have a wider range of safe and innovative mobile wallets to choose from.’

 After the EU shared its concerns on Apple’s market dominance in May 2022, Apple decided it would settle the case and determined a first set of commitments. Commission market-tested these commitments between 19 January 2024 and 19 February 2024, consulting all interested third parties to verify whether they would remove its competition concerns. After this process, Apple came up with a second round of commitments which the EU turned into law. This way, Apple avoided a violation of the EU’s antitrust laws and a fine. 

Apple’s decision to settle the EU antitrust probe stands out given the company has pushed back against the EU competition watchdog on other occasions. Besides this case, it is currently facing a number of investigations under the Digital Markets Act (DMA) over its business practices. It recently received a €1.8 billion fine, which it is currently appealing.

South Korean company launches AI beauty lab

South Korean cosmetics giant AmorePacific has seen immense interest in its new AI beauty lab, where robots custom mix face products and advanced technology recommends the most suitable lipstick colours. Customers like Kwon You-jin appreciate the personalised service, which uses AI-generated reports to analyse skin conditions and match products precisely to individual skin tones.

AI technology is becoming increasingly prevalent in the cosmetics industry, with global brands like L’Oréal and Sephora also adopting it to tailor products to customer needs. In 2023, global beauty industry sales, including cosmetics, reached $625.6 billion, showing steady growth since a dip during the COVID-19 pandemic.

AmorePacific employs deep learning and machine learning techniques to recommend the best product choices. The use of AI speeds up product development and reduces human error and variability in consultations. Analysts believe that AI integration will continue accelerating product launches and lowering industry hurdles.

The market for AI in the beauty and cosmetics sector is projected to more than double from $3.27 billion in 2023 to $8.1 billion by 2028. According to Business Research Company, services such as personalised beauty recommendations, skin analysis, diagnostics, and virtual makeup artists are expected to drive this growth.

Intuit to cut 1,800 jobs, focus on AI investments

Intuit, the parent company of TurboTax, has announced plans to reduce its workforce by 10%, affecting approximately 1,800 jobs. This move comes as Intuit shifts its focus towards enhancing its AI-powered tax preparation software and other financial tools.

The company intends to close two sites in Edmonton, Canada and Boise, Idaho, while aiming to rehire for new positions primarily in engineering, product development, and customer-facing roles.

CEO Sasan Goodarzi outlined that while 300 roles will be eliminated to streamline operations, another 80 technology positions will be consolidated across locations such as Atlanta, Bengaluru, and Tel Aviv.

This restructuring effort is expected to incur costs between $250 million and $260 million, with significant charges anticipated in the fourth quarter of this year.

Despite the layoffs, Intuit plans to ramp up its investments in generative AI and expand its market presence, targeting regions including Canada, the United Kingdom, and Australia. Goodarzi expressed confidence in growing the company’s headcount beyond fiscal 2025, following recent positive financial performance and increased demand for its AI-integrated products.

AI driving transformation in financial services

At YourStory’s Tech Leaders’ Conclave, Ankur Pal, Chief Data Scientist at Aplazo, discussed how AI is transforming the financial services industry. Aplazo aims to address financial inclusion, especially in developing countries with low credit card penetration, by providing fair and transparent solutions like their Buy Now Pay Later (BNPL) platform. Pal highlighted AI’s potential to revolutionise fintech by creating personalised financial products and improving operational efficiency, ultimately reducing friction for consumers and institutions.

Pal emphasised AI’s role in enhancing decision-making processes, reducing fraud, and improving customer service. AI-driven solutions enable real-time data processing, which helps financial institutions detect and prevent fraud more effectively.

Additionally, AI can automate routine tasks, allowing financial professionals to focus on strategic initiatives. The real-time decision-making is becoming increasingly important as financial institutions invest in event streaming infrastructure and machine learning operations (MLOps) stacks to manage high transaction volumes with low latency.

Overcoming financial inclusion barriers was a key topic, with Pal noting that many developing countries still have a large unbanked or underbanked population despite high bank account ownership. AI can bridge this gap by offering tailored financial solutions for underserved communities.

Pal also discussed the importance of leadership and the skill sets required for building successful AI teams. He stressed the need for adaptability, continuous learning, and a deep understanding of both technology and business to create valuable AI solutions. While AI will transform job roles, it will also create new opportunities, making it crucial for leaders to foster a culture of innovation.

Alipay launches tap-and-pay feature in China

Alipay, China’s leading mobile payment service, has introduced a new tap-and-pay feature to simplify the checkout process for merchants and enhance user experience on Android and iPhone devices.

The Ant Group-operated service, recognised for popularising QR code payments, launched the Tap! function, allowing users to complete transactions by tapping their smartphones on a merchant’s USB device at the register. The new tap-and-pay service, now being introduced in major cities in China and available to over 2,300 brands and merchants in major cities like Shanghai, Chengdu, Wuhan, and Hangzhou, aims to speed up in-store mobile payments.

That move indicates Alipay’s ongoing efforts to advance contactless payment methods, following similar features by Samsung, Google, and Apple worldwide. Usually, tap-and-pay functions use Near-Field Communication (NFC) technology to enable secure transactions and data exchanges with a simple tap of a smart device within a 4-centimeter range.

However, Alipay stated that its Tap! feature differs from the NFC payment methods of Apple Pay, Samsung Pay, and Google Pay, which use card emulation. Instead, Alipay’s service turns a smartphone into an NFC tag reader, simplifying the QR code payment process with a single tap.

Why does this matter?

Tech companies’ increasing foray into contactless payments shapes the future of money transactions at point-of-sale (POS) purchases, highlighting the ongoing shift towards contactless payments on mobile devices such as smartphones and wearables. That evolution grants tech companies significant influence over consumer payment options, making it an important area to monitor.

Chip boom propels TSMC into top tech giants

The recent surge of Taiwanese chip giant TSMC into the ranks of the world’s most valuable companies underscores the significant impact of the generative AI revolution on Wall Street. TSMC briefly surpassed the $1 trillion market capitalisation mark, surpassing Tesla to become the seventh most valuable tech giant. The milestone occurred on a day when Alphabet, Apple, and Meta all reached record highs.

Microsoft and Apple dominate the top echelon of the world’s most valuable companies, followed closely by AI chip designer Nvidia. These companies boast global stock market valuations exceeding $3 trillion. Alphabet and Amazon, both exceeding $2 trillion, also feature prominently in the ranking, while Saudi oil giant Aramco, Meta, TSMC, and Tesla complete the top ten.

The semiconductor industry, now the leading sector in the S&P 500, is experiencing unprecedented growth due to the rising demand for chips driven by generative AI. That boom attracts significant investment and government subsidies, such as the Biden administration’s multi-billion-dollar support for US chip factories. Worldwide semiconductor sales are projected to reach a record $611.2 billion in 2024, with further growth expected in subsequent years.

Nvidia, a key player in AI chip design, has seen its market capitalisation increase eightfold since the launch of ChatGPT in November 2022. Nvidia’s GPUs are essential for building generative AI, propelling the company to briefly become the world’s most valuable publicly traded company. Analysts at Wedbush Securities highlight Nvidia’s GPU chips as the new “gold or oil” of the tech sector, with Nvidia, Apple, and Microsoft racing toward a $4 trillion market valuation. TSMC, which manufactures the bulk of Nvidia’s products, is poised to benefit significantly from this booming demand.

Thousands of event tickets leaked because of Ticketmaster hack

In an ongoing extortion scheme targeting Ticketmaster, nearly 39,000 print-at-home tickets for 150 upcoming concerts and events featuring artists like Pearl Jam, Phish, Tate McCrae, and Foo Fighters have been leaked by threat actors. The person responsible, known as ‘Sp1derHunters,’ is the same individual who sold data stolen from recent data breaches targeting Snowflake, a third-party cloud database provider.

The chain of events began in April when threat actors initiated the download of Snowflake databases from over 165 organisations using stolen credentials acquired through information-stealing malware. Subsequently, in May, a prominent threat actor named ShinyHunters started to sell the data of 560 million Ticketmaster customers, allegedly extracted from Ticketmaster’s Snowflake account. Ticketmaster later verified that their data had indeed been compromised through their Snowflake account.

Initially, the threat actors demanded a ransom of $500,000 from Ticketmaster to prevent the dissemination or sale of the data to other malicious actors. However, a recent development saw the same threat actors leaking 166,000 Taylor Swift ticket barcodes and increasing their demand to $2 million.
In response to the situation, Ticketmaster asserted that the leaked data was ineffective due to their anti-fraud measures with a system that continuously generates unique mobile barcodes. According to Ticketmaster, their SafeTix technology safeguards tickets by automatically refreshing barcodes every few seconds, making them impervious to theft or replication.

Contrary to Ticketmaster’s claims, Sp1d3rHunters refuted the assertion, stating that numerous print-at-home tickets with unalterable barcodes had been stolen. The threat actor emphasised that Ticketmaster’s ticket database has online and physical ticket types, such as Ticketfast, e-ticket, and mail, which are printed and cannot be automatically refreshed. Instead, they suggested that Ticketmaster must invalidate and reissue the tickets to affected customers.

The threat actors shared a link to a CSV file containing the barcode data for 38,745 TicketFast tickets, revealing ticket information for various events and concerts, including those featuring Aerosmith, Alanis Morissette, Billy Joel & Sting, Bruce Springsteen, Carrie Underwood, Cirque du Soleil, Dave Matthews Band, Foo Fighters, Metallica, Pearl Jam, Phish, P!NK, Red Hot Chili Peppers, Stevie Nicks, STING, Tate McRae, and $uicideboy$.

Talen defends Amazon agreement against utility claims

Talen Energy has urged US regulators to dismiss a challenge to its recent agreement with Amazon for a data centre, which has faced opposition from electric utilities like American Electric Power and Exelon. These utilities argue that the deal could lead to higher power bills for the public. Talen countered this claim, stating that the interconnection agreement for the Amazon data centre would not result in increased costs for utility customers or impact grid reliability.

In its filing with the Federal Energy Regulatory Commission (FERC), Talen criticised the challenge as an unlawful attempt to derail a straightforward interconnection service agreement amendment. They argued it was being turned into a national debate on the future of data centre energy consumption, which was unwarranted. The decision by FERC on this matter could set a precedent for future deals where data centres are co-located with power plants, enabling quicker power supply without long interconnection delays.

Talen’s agreement, announced in March, involves selling electricity and a data centre campus at its Pennsylvania nuclear power plant to Amazon Web Services. However, this deal would provide Amazon’s data centres with up to 960 megawatts of electric capacity, sufficient to power around a million homes. Utilities like American Electric Power and Exelon have raised concerns that the agreement could impose a $140 million annual cost shift to regular ratepayers and potentially disrupt the grid during unexpected power plant interruptions.

Talen warned that if FERC allowed the challenge to proceed or rejected the agreement, it could stifle data centre expansion and deter the construction of new power plants amidst rising US electricity demand. Conversely, AEP and Exelon argue that the deal, if approved, could unfairly burden everyday ratepayers with costs associated with power infrastructure that doesn’t benefit them. The timing of FERC’s decision on the case remains uncertain.

Why does it matter?

The IATSE’s tentative agreement represents a significant step forward in securing fair wages and job protections for Hollywood’s behind-the-scenes workers, ensuring that the rapid technological advancements do not come at the expense of human employment.

Russia considers cryptocurrencies for international payments amid Western sanctions

Russia’s central bank has advised businesses to adopt ‘multiple choice solutions,’ including cryptocurrencies and other digital assets, to manage payments with foreign partners amidst Western sanctions related to Ukraine conflict. The sanctions have severely impacted Russia’s trade with non-sanctioning countries like China, India, the UAE, and Turkey. Key financial institutions, such as the Moscow Stock Exchange and Russia’s SWIFT alternative, have been targeted, exacerbating the challenges for the Russian economy.

Elvira Nabiullina, the central bank governor, highlighted at a financial conference in St Petersburg that the main economic hurdle is the disruption in payment systems. She noted that new financial technologies offer unprecedented opportunities, prompting the central bank to relax its stance on cryptocurrencies for international payments. Businesses have become innovative and discreet in finding solutions, often not disclosing their methods even to the authorities.

Nabiullina also discussed ongoing efforts to establish a new global payment system independent of Western institutions, noting that countries like Russia and its BRICS partners are feeling increasingly vulnerable relying on a single international payment framework. The proposed BRICS Bridge payments system aims to integrate the financial systems of member nations, though progress has been slow and complex.

Adding to the discussion, Andrei Kostin, head of Russia’s second-largest lender VTB, emphasised the sensitivity of international payment mechanisms. He suggested that such information should be classified as a state secret to prevent quick countermeasures from Western entities, implying that Western diplomats closely monitor Russian financial strategies.