YOUR WEEKLY TECH INSIGHT FROM ACROSS THE GLOBE
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An influential Samsung Electronics workers union on Thursday warned that its members could walk out over a wage dispute in what could be the South Korean tech giant’s first strike in its history.
Tension over wage negotiations
The National Samsung Electronics Union, which says it represents around 10,000 staff, or around 9% of employees, claims that Samsung management has cut the union out of wage negotiations.
The NSEU staged a press conference outside one of Samsung’s buildings in Seoul and demanded the tech giant’s Chairman Lee Jae-yong join the discussions.
Lee Hyun-kuk, a representative of the union, said it would go on strike after a consultation with its members but said it depends on the “attitude” of Samsung Chair Lee, according to local media reports that were posted on the union’s website.
“It depends on the attitude of chairman Lee Jae-yong. We sincerely ask him to come to the table for talks,” the NSEU’s Lee said, according to Bloomberg.
Potential first strike in company’s history
The union is asking for a 6% wage increase for workers. Samsung management said last month it would increase wages by around 4%, according to the union.
Samsung was not immediately available for comment when contacted by CNBC.
If the walkout goes ahead, it would be the first strike since the founding of Samsung Electronics in 1969. Samsung Electronics encompasses Samsung’s consumer hardware, semiconductor, display and mobile carrier businesses.
Tension with workers comes at a sensitive time for the world’s biggest smartphone and memory chip maker, after its operating profit in the first quarter plunged to its lowest level since 2009.
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Canada-based Shopify on Thursday announced it’s cutting 20% of its workforce. The news came as it reported first-quarter earnings that beat analyst estimates on both the top and bottom lines.
Shares of Shopify closed up 23% on Thursday.
‘Crushing impact’
CEO Tobi Lütke announced the job cuts in a memo to employees posted on the company’s website. He didn’t specify which units will be affected as a result of the layoffs.
“I recognize the crushing impact this decision has on some of you, and did not make this decision lightly,” Lütke wrote.
Shopify had about 11,600 employees and contractors as of Dec. 31, according to a securities filing.
The cuts mark the second round of layoffs for the Canadian e-commerce company. Shopify last July laid off 10% of its workforce after Lütke said the company had misjudged how long the Covid pandemic-fueled e-commerce boom would last.
Lütke said Shopify is slimming down as a company as it focuses on its core business, which is making tools for companies to sell products online.
Wall Street beats
Shopify also beat Wall Street estimates for the first quarter. The company reported revenue of $1.51 billion, which was up 25% from a year earlier, and exceeded Wall Street’s projected $1.43 billion, according to Refinitiv.
It posted earnings of $68 million, or 5 cents per share. Excluding items, Shopify earned 1 cent per share, while analysts were expecting a loss of 4 cents per share.
In the year-ago period, Shopify reported a net loss of $1.5 billion, or $1.17 a share.
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The U.K. competition regulator launched an investigation into the artificial intelligence industry, seeking to examine potential competition and consumer concerns as U.S. tech giants Microsoft and Google square off over the technology.
The probe will focus on “foundation models” like large language models and generative AI, such as those being developed by Microsoft-backed firm OpenAI.
Benefits without the downsides
In a statement Thursday, the Competition and Markets Authority said it will examine how the competitive landscape for foundation models and their use could evolve, explore the opportunities and risks such scenarios could bring, and release guiding principles to support competition and protect consumers as foundation models develop.
“It’s crucial that the potential benefits of this transformative technology are readily accessible … while people remain protected from issues like false or misleading information,” Sarah Cardell, the CEO of the CMA, said in a statement Thursday.
Regulators scrutinizing A.I.
The CMA said it will seek views and evidence from stakeholders until a June 2 deadline. Following this, the regulator will publish a report outlining its findings in September.
The announcement by the CMA follows a request by the government to regulators to review how safety, transparency and accountability are being incorporated into AI systems. In March, the government published a white paper setting out its approach for regulating the technology.
It comes as other regulators are examining the risks posed by AI.
Earlier this week, White House VP Kamala Harris held meetings with Microsoft and Google and AI startups OpenAI and Anthropic to discuss the responsible development of AI.
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PDD Holdings, the parent firm of e-commerce sites Temu and Pinduoduo, moved its headquarters from China to Ireland, underscoring the Chinese tech giant’s international push.
The U.S.-listed firm noted the Irish capital of Dublin as its “principal executive offices” in a recent filing with the Securities and Exchange Commission. It had previously listed Shanghai as its main office. Reuters first spotted the change.
A representative for PDD was not immediately available for comment on the reason for the change when contacted by CNBC.
Boosting international presence
PDD Holdings started off as Pinduoduo, the fast-growing discount e-commerce firm in China. The company rebranded this year to PDD Holdings, creating a parent company for Pinduoduo and Temu, its international e-commerce effort.
The move to Ireland perhaps signals PDD’s attempt to boost its international presence.
Temu quietly launched last year. PDD has made a big marketing push with Temu in the U.S. and even bought an ad spot at this year’s Super Bowl, which often go for millions of dollars.
Pushing Temu
Temu’s app has been installed more than 50 million times since its launch in September 2022, according to Apptopia. It took Shein about three years to cross this mark.
Gross merchandise value, which is the total amount transacted across Temu’s platform, rose from $3 million in September to $387 million in March, according to market research firm YipitData.
Ireland is a popular location for foreign technology companies to set up shop because of its membership in the European Union and low headline corporation tax rate of 12.5%.
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Three decades after inventing the web, Tim Berners-Lee has some ideas on how to fix it
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The internet landscape is now disempowering for individuals, and its inventor Tim Berners-Lee and Inrupt CEO John Bruce share their visions for the future of the web.
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