UK journalist and author Alex Renton has revealed that his Scottish ancestors made much of their wealth from enslaving Africans some 250 years ago. Renton is a member of Heirs of Slavery, a newly created group of descendants of transatlantic slavery profiteers. The group intends to apologise for its ancestors' involvement and support reparative justice initiatives. Some members are also reportedly pressing newly crowned King Charles to issue a formal apology for the monarchy’s role in the slave trade. The British Empire successfully abolished slavery in 1834 but the government spent £20m compensating owners for their "loss of property", and this was only finally settled by taxpayers in 2015.
Chinese Nobel Prize-winning author Mo Yan has revealed that he used OpenAI's GPT-3 language model to help write a speech honouring author Yu Hua at a recent award ceremony. While introducing Hua during the event, Yan admitted to having struggled to write the commendation before seeking the assistance of a doctoral student. South China Morning Post reported an “audible gasp” from the audience when they found out that the Nobel laureate had used artificial intelligence to craft his speech. In China, use of AI is subject to strict regulation, and Yan could face legal repercussions for revealing his use of the language model.
Zibo, a formerly debt-ridden industrial centre in China’s Shandong province, has turned around its fortunes with a heavily-advertised “barbecue festival” designed to draw holidaymakers on a budget. Campaigners from the city government used discount vouchers, an interactive WeChat map and monitored pricing in hotels and restaurants to create a buzz around the event, which drew more than 120,000 visitors over the Labour Day holiday. While the measure may have contributed to an increase in the number of young people storming the city for the low cost option, doubts have been raised about whether barbecue can truly revive Zibo's local economy, which has recently experienced weakening export demand along with Covid-related disruptions in its chemical business. To maintain growth, the city must diversify its service industry, according to Chen Ji from the Capital University of Economics and Business.
Beijing's government has called upon major Chinese tech firms to quicken the development of artificial general intelligence (AGI) as it increases its focus on the sector to compete with the US. This week the city's technology promotion agency began inviting AI, augmented reality and virtual reality research projects, with up to CNY60m ($8.6m) to be awarded for up to 12 projects over two years. Authorities are urging partners to work on the development and applications of large language models, the technology that underpins generative AI such as Alibaba Cloud, Alibaba Group, Baidu and 360 Security Technology.
The phrase "de-risking" has become popular among officials trying to loosen China's grip on global supply chains, according to a New York Times report. “I think we derive a huge amount of economic, social and safety value when systems are interoperable,” said David Koh, Singapore’s cybersecurity commissioner. “I want my plane to take off from Singapore and land safely in Beijing,” he added. Germany and France later pressed for the term in international settings, while Singapore and India's foreign ministers have also used the phrase. The state-run Global Times, however, has said de-risking “might be ‘decoupling’ in disguise”.
John Lee, the Chief Executive of Hong Kong, is reportedly planning a week-long trip to Singapore, Malaysia, and Indonesia to deepen ties with ASEAN nations. The delegation is set to include representatives from the financial, technology, and professional service sectors. During the trip, Lee is expected to meet with influential leaders in these countries and promote Hong Kong's bid to enter the Regional Comprehensive Economic Partnership Agreement, a free trade agreement backed by China. Hong Kong recently emerged from its pandemic-induced recession in Q1 2021.
Chinese air-conditioning company Gree Electric is reportedly closing down its smartphone unit due to low consumer spending on electronics. Gree's smartphone team in the southern tech hub of Shenzhen had reached 100 members at its peak, but the company has now disbanded its core team. The home appliance maker unveiled smartphone ambitions in 2015, aiming to compete with China's popular brands including Oppo, Vivo, Huawei and Xiaomi, but the Chinese smartphone market has experienced continuous headwinds.
Pimco has said it sees long-term opportunities in Asia's bond markets following the recent banking sector problems and economic downturn in the US, although geopolitical issues and concerns about moderating growth in China could prove risky. Pimco's Chief Investment Officer, Daniel Ivascyn, said the US economic downturn is not expected to be as severe as the one which followed the global financial crisis, however, setting portfolios up for something worse is still sensible. With China remaining one of the few markets globally without an inflation problem, there is potential for monetary easing as it looks to avoid a slowdown. Ivascyn added that Asia’s bond market would benefit if the Federal Reserve eased monetary policy, as this would spark a rally in the region’s currencies, reducing the cost to fund investments.
