Wion Business Wrap | Sam Altman's dramatic comeback, Binance's troubles & more
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WION's Business Desk brings you this daily round up of global stories from the world of business and economy.
OpenAI confirms Sam Altman's return as CEO 'in principle' after days of boardroom battles
Following a recent boardroom upheaval that had OpenAI in chaos over the last few days, former CEO Sam Altman is set to return to his position in the company.
Baidu unfazed by US chip curbs, reveals chip stockpile amid Q3 revenue triumph
Chinese tech giant Baidu remains resistant to US chip export restrictions, revealing a substantial stockpile of artificial intelligence chips that will shield its business from immediate impacts.
Richard Teng is new Binance CEO amid regulatory changes
As part of a comprehensive deal to settle a US criminal investigation against ex-CEO Changpeng Zhao, Richard Teng assumed the role of CEO at Binance on Tuesday.
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Microsoft CTO offers matching compensation to OpenAI employees amid leadership issues
Microsoft's Chief Technology Officer (CTO) Kevin Scott has extended an olive branch to the disgruntled employees at OpenAI, agreeing to match their current compensation amid the upheaval following the sudden removal of CEO Sam Altman.
OpenAI, Microsoft face lawsuits over unauthorized use of authors' work in AI training
OpenAI and Microsoft are confronting a new legal challenge as they are being sued over allegations of misusing nonfiction authors' work to train artificial intelligence models, including OpenAI's popular chatbot ChatGPT.
Elon Musk to donate ad revenue from 'X' to Israeli hospitals, relief work in Gaza
Amid the ongoing Israel-Hamas conflict, 'X' owner Elon Musk has announced an initiative to contribute to the relief efforts. Musk declared on 'X' that he would donate all advertising revenue associated with the war in Gaza to hospitals in Israel and the Red Cross/Crescent in Gaza.
Argentina's black market peso plummets as libertarian Milei secures presidential win
Days after libertarian Javier Milei's triumph in Argentina's presidential election, the black-market peso tumbled by 12 per cent to 1,045 per dollar Tuesday.
Canada’s Fiscal Update: Higher deficits, slower debt reduction, and housing boost
Canada's deficit spending will surpass March forecasts and the reduction of debt will proceed at a slower pace, the mid-year fiscal update by finance ministry said on Tuesday.
China's state banks drive yuan rally amidst dollar weakness: Report
China's major state-owned banks have actively participated in the currency market, buying the yuan and accelerating its rebound against a weakening US dollar.