Telegram gains popularity after CEO’s arrest, chatbot convinces woman to euthanize her dog, Y-Combinator backs weapons company, and more.
News from August 22 - August 29, 2024
UK’s Economic Growth Continues
Britain’s private sector experienced its strongest growth in four months, with signs of easing price pressures, suggesting a stable economic environment for both the Bank of England and the new government. The services sector led this growth, contributing to lower inflation rates.
The positive economic outlook may support cautious interest rate cuts, while the UK’s fiscal plans. Firms continue to hire at a strong pace, reflecting ongoing confidence in the economy.
Source
Telegram Gains Popularity After CEO’s Arrest
Following the arrest of Telegram founder Pavel Durov in France, the app has seen a surge in popularity, climbing to the No. 2 spot on the U.S. App Store’s Social Networking charts and becoming No. 1 in France.
The increased downloads are likely driven by curiosity and support for Durov’s commitment to free speech, reflecting the strong global user base and growing influence of Telegram, despite recent events.
Macron, President of France: “France is deeply committed to freedom of expression and communication, to innovation, and to the spirit of entrepreneurship. It will remain so.”
Source
Canada Imposes 100% Tariff on China
Canada announced a 100% import tariff on China-made electric vehicles, effective October 1, following similar moves by the U.S. and EU. This tariff, along with a 25% tariff on Chinese steel and aluminum imports, aims to counter perceived unfair trade practices and protect Canadian industries.
China has strongly opposed the decision, claiming it violates WTO rules. Spokesperson of the Chinese Embassy in Canada: “It will damage trade and economic cooperation between China and Canada, hurt the interests of Canadian consumers and enterprises, slow down the green transition process of Canada and certainly won’t help global efforts to address climate change, which benefits no one and will only backfire.”
Despite potential setbacks, experts believe this will not halt the momentum of China’s EV growth.
Source
Bulletin Board
- Wingstop Outpaces Competitors. Wingstop is thriving despite the broader consumer pullback affecting chains like McDonald’s and Starbucks, largely due to the popularity of its chicken wings during live sports and a disciplined pricing strategy. Since 2019, Wingstop has increased prices by just 15%, compared to competitors who raised prices by 30-40%. The company plans to continue leveraging live sports for brand awareness. Wingstop's stock has surged over 50% this year and is now trading at around $400 per share. Source
- Wasp Homes Cost $1,000 USD. The United Nations is deploying a massive 3D printer that transforms clay, mud, and agricultural waste into affordable homes, inspired by the natural construction techniques of wasps. Known as the "infinity printer," it can build houses in remote areas for as little as $1,000 each. This initiative aims to address housing shortages in developing countries by offering a sustainable, low-cost solution that eliminates the need for expensive imported materials. The printer could revolutionize construction in hard-to-reach locations, enabling the rapid creation of entire villages. Source
- Blue Origin Rocket Faces Problems. Jeff Bezos' Blue Origin is in a desperate race to meet an October deadline for its New Glenn rocket, needed for a NASA Mars mission. The project faces serious delays due to technical failures, including a rocket section implosion and persistent engine issues. Despite assembling the hardware, the chances of hitting the target date look slim. With critical NASA contracts and the company’s reputation on the line, Blue Origin is under immense pressure to deliver, but success remains uncertain. Source
- Chatbot Convinces Woman to Euthanize Her Dog. An AI-powered chatbot developed by AskVet advised a distressed pet owner to euthanize her dog due to diarrhea, raising serious ethical concerns. The chatbot even provided a list of nearby clinics, ultimately convincing the owner to follow through, despite her reluctance. The incident, shared by the CEO of AskVet at an AI conference, has sparked outrage and highlights the dangers of relying on AI for sensitive health decisions, particularly when it comes to life-and-death matters involving beloved pets. Source
- Y-Combinator Backs Weapons Company. Ares Industries, the first defense startup backed by Y Combinator, launched this week with a mission to build low-cost cruise missiles that are smaller and cheaper than current options. The company aims to deliver these missile systems by mid-2025 and has already tested prototypes in the Mojave Desert. Y Combinator's support for defense tech startups marks a strategic shift, with CEO Garry Tan and partner Jared Friedman encouraging such ventures. Ares Industries' approach echoes Palantir's successful, though controversial, defense work. Source
Disclaimer: This blog offers insights into international business and global events for informational purposes only. It is not intended as investment or business advice. WeavePay is not liable for any decisions made based on the content provided.
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