Uber Partners with BYD to Expand EV Fleet Globally
Uber and BYD have announced a partnership to supply 100,000 EVs to Uber drivers worldwide, aiming to lower EV ownership costs and promote greener rides. This deal boosts BYD’s global expansion, especially amid US and EU tariffs on Chinese car exports. BYD, which surpassed Tesla as the largest EV maker in 2022, will see its vehicles introduced in markets such as the Middle East, Canada, Australia, and New Zealand. This partnership signifies a significant endorsement of BYD’s vehicles and a step toward autonomous-capable EVs for Uber.
China Recognizes New Professions, Emphasizing Digital and Smart Manufacturing
China has officially recognized 19 new professions, including live-streamers, smart car test drivers, AI system specialists, and intelligent manufacturing system administrators. The revised list aims to guide vocational education, improve employment standards, and promote entrepreneurship. By 2025, China plans for skilled professionals to comprise at least 30% of the workforce. Local regions like Guangdong are already providing housing and training subsidies for these emerging professions.
Middle-Market Apparel Brands Struggle as Chinese Consumers Seek Value
Middle-market apparel brands in China face declining demand as consumers opt for better value amid economic uncertainty. Fast Retailing, behind Uniqlo, reported struggling revenue in mainland China due to waning demand and a mismatch in product preferences. Domestic brands like Li Ning and Xtep also saw slower sales growth. Concerns over China’s economy, rising unemployment, and a housing market slump have driven consumers toward value-for-money options. Analysts note a shift towards either value-driven or luxury products.
Intel Shares Plummet due to Workforce Cuts and Dividends Halt
Intel’s shares dropped 26% on Friday, marking their worst day since 1974, after suspending its dividend and announcing a 15% workforce reduction. This comes amid efforts to regain its competitive edge in the global chip market. The stock fell to $21.48, its lowest since 2013, losing over $30 billion in market value. Weaker-than-expected forecasts and economic slowdown concerns added to investor worries. Other chipmakers also saw declines, with the PHLX chip index falling 5.2% for the week.
U.S. Stocks Plunge as Weak Jobs Report Stokes Recession Fears
U.S. stocks fell for a second consecutive session on Friday, with the Nasdaq Composite entering correction territory. Unemployment climbed to 4.3%, sparking recession fears and raising expectations for a significant Federal Reserve rate cut. The Dow dropped 610.71 points, the S&P 500 lost 100.12 points, and the Nasdaq fell 417.98 points. Weak earnings from Amazon and Intel contributed to the decline, pushing the Nasdaq down over 10% from its July high.
AI Financial Advisor PortfolioPilot Disrupts Wealth Management with $20 Billion in Assets
PortfolioPilot, an AI-driven financial advisor, has quickly amassed $20 billion in assets and 22,000 users since its launch two years ago. Developed by Global Predictions, the service uses generative AI and machine learning to offer personalized investment recommendations, targeting individuals with $100,000 to $5 million in assets. PortfolioPilot is also the first-ever non-human financial advisor regulated by SEC. Co-founder Alexander Harmsen predicts a major industry shake-up as traditional human advisors may struggle to compete with automated, AI-based financial advice.
UK Cancels £1.3 Billion AI Projects Fiscal Reprioritization
The UK government has canceled £1.3 billion ($1.7 billion) in computing infrastructure projects, impacting its AI leadership ambitions. This includes a £500 million AI Research Resource initiative and an £800 million next-gen exascale computer at the University of Edinburgh. The Labour government, citing fiscal priorities, confirmed these cuts to focus on economic stability.
