OpenAI says it has not partnered with Robinhood for stock token
On Monday, Robinhood had launched tokens that would allow its customers in the European Union to get exposure to OpenAI and SpaceX.
"We did not partner with Robinhood, were not involved in this, and do not endorse it," OpenAI said.
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Business Times
an hour ago
- Business Times
China spares major cognac makers from EU brandy dumping duties
[SHANGHAI] China spared major cognac producers Pernod Ricard, LVMH and Remy Cointreau from new duties of up to 35 per cent on EU brandy announced on Friday (Jul 4), provided they sell at a minimum price. China's Commerce Ministry issued its final ruling following an investigation into brandy originating in the European Union, most of it cognac from France, launched last year. Duties of up to 34.9 per cent for a period of five years starting from Jul 5, 2025 would be levied on those without minimum price commitments or those that breached promised minimums, the ministry said in a statement. It did not disclose the minimum prices. In addition, China's commerce ministry will also give back deposits made by brandymakers since October 2024, when provisional duties were imposed. The refund issue, which weighed particularly heavily on smaller producers, was one of the sticking points in months-long negotiations, two industry sources said. Remy Martin-owner Remy Cointreau said in a statement that the deal on minimum price commitments constituted 'a substantially less punitive alternative' thus enabling 'the strengthening of some investments in China.' French cognac makers generate global exports of US$3 billion a year combined. They have complained they are collateral damage in a broader trade row between Brussels and Beijing over import tariffs imposed on China-made electric vehicles (EVs). BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up China imposed temporary anti-dumping measures last October of up to 39 per cent on imports of brandy from the EU, including on French brands including Hennessy and Remy Martin, after the European Union accused Beijing of giving its auto industry unfair subsidies, and imposed duties on imports of Chinese-made EVs. 'The French government has been raising this repeatedly with the Chinese government and saying this is a major bone of contention,' said a senior French industry source with knowledge of the China negotiations, who declined to be named because they were not authorised to speak to the media. 'I think both sides, France and China, did not want this to get out of hand, they wanted to find a resolution.' The Bureau National Interprofessionnel du Cognac (BNIC), a French cognac industry group, said that the deal for minimum price commitments will be 'less unfavourable' than anti-dumping duties, but still worse for its members than the historical pre-investigation norm. 'This is why we renew our call to the French government and the European Commission to reach a political agreement with the Chinese authorities as soon as possible to return to a situation without anti-dumping duties,' BNIC said in a statement. Monthly cognac exports to China, the world's most valuable market for the spirit, have fallen by as much as 70 per cent due to the trade dispute, according to BNIC data. Last week Reuters reported that French cognac makers had reached a tentative deal on minimum import prices for the Chinese market, but that China would only finalise the deal if progress was made regarding EU tariffs on Chinese-made EVs. Pernod Ricard, LVMH and Campari did not immediately respond to requests for comment on Friday. The news will likely be welcomed by brandy distillers that have also seen sales slow in the US, the world's biggest cognac market by volume, as a result of inflation and economic uncertainty. REUTERS
CNA
3 hours ago
- CNA
China-EU relations: Beijing announces duties up to 35% on EU brandy producers
China has levied tariffs of up to 35 per cent on European brandy, which will start on Jul 5. The decision was reached after several postponements, after Beijing's launched an investigation last year in response to the European Union's probe into Chinese electric vehicles. The measure comes as top Chinese diplomat Wang Yi wraps his European tour. Ross Cullen reports from Paris.
CNA
4 hours ago
- CNA
Exclusive-Google's AI Overviews hit by EU antitrust complaint from independent publishers
BRUSSELS :Alphabet's Google has been hit by an EU antitrust complaint over its AI Overviews from a group of independent publishers, which has also asked for an interim measure to prevent allegedly irreparable harm to them, according to a document seen by Reuters. Google's AI Overviews are AI-generated summaries that appear above traditional hyperlinks to relevant webpages and are shown to users in more than 100 countries. It began adding advertisements to AI Overviews last May. The company is making its biggest bet by integrating AI into search but the move has sparked concerns from some content providers such as publishers. The Independent Publishers Alliance document, dated June 30, sets out a complaint to the European Commission and alleges that Google abuses its market power in online search. "Google's core search engine service is misusing web content for Google's AI Overviews in Google Search, which have caused, and continue to cause, significant harm to publishers, including news publishers in the form of traffic, readership and revenue loss," the document said. It said Google positions its AI Overviews at the top of its general search engine results page to display its own summaries which are generated using publisher material and it alleges that Google's positioning disadvantages publishers' original content. "Publishers using Google Search do not have the option to opt out from their material being ingested for Google's AI large language model training and/or from being crawled for summaries, without losing their ability to appear in Google's general search results page," the complaint said. The Commission declined to comment. The UK's Competition and Markets Authority confirmed receipt of the complaint. Google said it sends billions of clicks to websites each day. "New AI experiences in Search enable people to ask even more questions, which creates new opportunities for content and businesses to be discovered," a Google spokesperson said. The Independent Publishers Alliance's website says it is a nonprofit community advocating for independent publishers, which it does not name. The Movement for an Open Web, whose members include digital advertisers and publishers, and British non-profit Foxglove Legal Community Interest Company, which says it advocates for fairness in the tech world, are also signatories to the complaint. They said an interim measure was necessary to prevent serious irreparable harm to competition and to ensure access to news. Google said numerous claims about traffic from search are often based on highly incomplete and skewed data. "The reality is that sites can gain and lose traffic for a variety of reasons, including seasonal demand, interests of users, and regular algorithmic updates to Search," the Google spokesperson said. Foxglove co-executive director Rosa Curling said journalists and publishers face a dire situation. "Independent news faces an existential threat: Google's AI Overviews," she told Reuters. "That's why with this complaint, Foxglove and our partners are urging the European Commission, along with other regulators around the world, to take a stand and allow independent journalism to opt out," Curling said. The three groups have filed a similar complaint and a request for an interim measure to the UK competition authority. The complaints echoed a U.S. lawsuit by a U.S. edtech company which said Google's AI Overviews is eroding demand for original content and undermining publishers' ability to compete that have resulted in a drop in visitors and subscribers.
