Category: Business

Elon Musk and Twitter lobbed salvos at each other Tuesday in the latest round of legal filings over the billionaire Tesla CEO's efforts to rescind his offer to buy the social media platform.  Musk filed more paperwork to terminate his agreement to buy Twitter, this time based on information in a whistleblower complaint filed by Twitter's former head of security. Twitter fired back by saying his attempt to back out of the deal is "invalid and wrongful."  In an SEC filing, Musk said his legal team notified Twitter of "additional bases" for ending the deal on top of the ones given in the original termination notice issued in July.  In a letter to Twitter Inc., which was included in the filing, Musk's advisers cited the whistleblower report by former executive…

The price of Bitcoin and other cryptocurrencies has fallen dramatically in recent months. Still, many investors are excited about the future of digital currencies despite the risks. VOA’s Michelle Quinn reports from San Francisco. ...

Elon Musk's legal team is demanding to hear from Twitter's whistleblowing former security chief, who could help bolster Musk's case for backing out of a $44 billion deal to buy the social media company.  Former Twitter executive Peiter Zatko — also known by his hacker handle "Mudge" — received a subpoena Saturday from Musk's team, according to Zatko's lawyer and court records.  The billionaire Tesla CEO has spent months alleging that the company he agreed to acquire undercounted its fake and spam accounts — and that he shouldn't have to consummate the deal as a result.  Zatko's whistleblower complaint to U.S. officials alleging Twitter misled regulators about its privacy and security protections — and its ability to detect and root out fake accounts — might play into Musk's hands in…

As the U.S. military continues to consider China’s military strength in the Indo-Pacific region, the U.S. Navy is turning to driverless ships to multiply its forces. VOA’s Jessica Stone takes us along for a closer look at this military innovation. Camera: Keith Lane ...

NASA's new moon rocket remained on track to blast off on a crucial test flight Monday, despite a series of lightning strikes at the launch pad. The 322-foot (98-meter) Space Launch System rocket is the most powerful ever built by NASA. It's poised to send an empty crew capsule into lunar orbit, a half-century after NASA's Apollo program, which landed 12 astronauts on the moon. Astronauts could return to the moon in a few years, if this six-week test flight goes well. NASA officials caution, however, that the risks are high and the flight could be cut short. In lieu of astronauts, three test dummies are strapped into the Orion capsule to measure vibration, acceleration and radiation, one of the biggest hazards to humans in deep space. The capsule alone…

California set itself on a path Thursday to end the era of gas-powered cars, with air regulators adopting the world's most stringent rules for transitioning to zero-emission vehicles. The move by the California Air Resources Board to have all new cars, pickup trucks and SUVs be electric or hydrogen by 2035 is likely to reshape the U.S. auto market, which gets 10% of its sales from the nation's most populous state. But such a radical transformation in what people drive will also require at least 15 times more vehicle chargers statewide, a more robust energy grid and vehicles that people of all income levels can afford. "It's going to be very hard getting to 100%," said Daniel Sperling, a board member and founding director of the Institute of Transportation Studies…

This summer, for the first time, Facebook and Twitter removed a network of fake user accounts promoting pro-Western policy positions to foreign audiences and critical of Russia, China and Iran, according to a new report. The accounts, which violated the companies' terms of service, "used deceptive tactics to promote pro-Western narratives in the Middle East and Central Asia" and were likely a series of covert campaigns spanning five years, according to the report from Stanford University and Graphika, a social media analytics firm. Twitter and Facebook, which shared their data about the accounts with the researchers, haven't publicly identified what entities or organizations were behind the campaigns, the researchers said. Twitter identified the U.S. and Britain as the campaigns' "presumptive countries of origin," and Meta, the parent company of Facebook…

Unmanned aerial vehicles, or drones, are playing a huge part in the war in Ukraine. But keeping them in the air can be challenging. One Ukrainian company is doing just that and more. Kateryna Markova has the story. Camera - Viktor Petrovych. ...

Microelectronics produced in the United States and allied countries are crucial components of Russian weapons systems used in the Ukraine invasion, according to a report by Britain’s Royal United Services Institute. The RUSI report, Silicon Lifeline: Western Electronics as the Heart of Russia’s War Machine, says more than 450 foreign-made components have been found in Russian weapons recovered in Ukraine. The report’s authors say Moscow acquired critical technology from companies in the United States, Europe and Asia in the years before the invasion. Ukraine says Russia fired more than 3,650 missiles and guided rockets into its territory in first five months of the war. Most of the weapons rely highly on Western-made microelectronic technologies, according to report co-author Gary Somerville, a research fellow at RUSI’s Open-Source Intelligence and Analysis Research…

In the past year, there has seen a dramatic transformation in the way customers pay for their purchases in Banuri, a village in the Himachal Pradesh state of North India. Whether at a small grocery store or a street cart, instead of handing over cash, they use a simple system that involves scanning a code on a smartphone to make an online payment. “Even if someone buys only half a kilogram of vegetables, he can pay digitally. We do the smallest of transactions,” said Nishant Sharma, a vegetable vendor in Banuri as he hands over a cauliflower to a customer that costs 75 cents. “It is much easier than handling cash.” In recent years, a government initiative called “Digital India” has helped millions plug into new digital technologies as internet…

In India, an initiative to bring internet access across the country has helped millions plug into new digital technologies. One of them is a payments system that is transforming the way business is being done in the vast rural areas of the country. Anjana Pasricha has a report. ...

Ukraine's top cyber official addressed a room full of security experts at a hackers convention following a two-day trip from Kyiv to a casino in Las Vegas. During his unannounced visit, Victor Zhora, deputy head of Ukraine's State Special Communications Service, told the so-called Black Hat convention Wednesday that the number of cyber incidents that have hit Ukraine tripled in the months following Russia’s invasion of his country in late February. "This is perhaps the biggest challenge since World War II for the world, and it continues to be completely new in cyberspace," Zhora told an audience at the annual conference. Ukraine faced a number of "huge incidents" in cyberspace from the end of March to the beginning of April, Zhora said, including the discovery of the "Industroyer2" malware that…

U.S. teens have left Facebook in droves over the past seven years, preferring to spend time at video-sharing venues YouTube and TikTok, according to a Pew Research Center survey data out Wednesday. TikTok has "emerged as a top social media platform for U.S. teens" while Google-run YouTube "stands out as the most common platform used by teens," the report's authors wrote. Pew's data comes as Facebook-owner Meta is in a battle with TikTok for social media primacy, trying to keep the maximum number of users as part of its multibillion-dollar, ad-driven business. The report said some 95% of the teens surveyed said they use YouTube, compared with 67% saying they are TikTok users. Just 32% of teens surveyed said they log on to Facebook — a big drop from the…

China has blocked many of Taiwan’s exports in retaliation for U.S. House Speaker Nancy Pelosi’s visit to Taiwan on August 2, but certain goods including semiconductors and high-tech products have been spared because of China’s reliance on those products from Taiwan, experts say. “It is unlikely that Beijing will take serious trade actions against electronic exports from Taiwan. Doing so would be China shooting itself in its own foot,” Dexter Roberts, a senior fellow at the Atlantic Council, told VOA. Taiwan makes 65% of the world’s semiconductors and almost 90% of the advanced chips. By comparison, China produces a little over 5% while the U.S. produces approximately 10%, according to market analysts. South Korea, Japan, and the Netherlands are the other sources of the product, which is at the heart…

U.S. President Joe Biden has signed the CHIPS and Science Act, which aims to boost U.S. competitiveness against China by allocating billions of dollars toward domestic semiconductor manufacturing and scientific research. “The United States must lead the world in the production of these advanced chips. This law will do exactly that,” Biden said in remarks during the signing ceremony Tuesday. The president is recovering from COVID-19 and coughed repeatedly during his remarks. He called the bipartisan legislation a “once in a generation investment” in the country and said it will create good jobs, grow the economy and protect U.S. national security. Biden noted stiff competition with China in the chips industry. “It’s no wonder the Chinese Communist Party actively lobbied U.S. business against this bill,” he remarked. Biden was joined…

Offshore wind farms are to be permitted for the first time in Australia. The Climate Change Minister Chris Bowen has declared part of the Victoria coast an offshore wind zone and a 60-day community consultation process will soon begin. The Australian government has designated the country’s first offshore wind zone, which gives developers permission to increase their planning and consultation for wind farm projects. Australia currently has no offshore wind generation, which was seen as too expensive and hard to build compared to onshore wind or solar projects. The Climate Change Minister Chris Bowen says there is no time to lose. “We are way behind the game, way behind the rest of the world in producing wind off our coastline. Again, we have a lot of catching up to do.…

President Joe Biden virtually joined Michigan Governor Gretchen Whitmer Tuesday to celebrate the CHIPS and Science Act, which aims to boost U.S. competitiveness against China by allocating billions of dollars toward domestic semiconductor manufacturing and scientific research. "This bill makes it clear the world's leading innovation will happen in America. We will both invent in America and make it in America," Biden said. He was scheduled to join the event in person but had to remain in isolation after testing positive for COVID-19 again on Saturday in what his physician described as a "rebound" case. In the coming days, Biden is expected to sign the legislation, which passed in a 243-187 vote in the House of Representatives and 64-33 vote in the Senate last week. The $280 billion act includes…

US President Joe Biden virtually joined Michigan Governor Gretchen Whitmer on Tuesday to celebrate the CHIPS and Science Act, which aims to boost US competitiveness against China by allocating billions of dollars toward domestic semiconductor manufacturing and research. White House Bureau Chief Patsy Widakuswara has this report. ...

Kenyan ministers said the government has no intention of banning Facebook despite a watchdog last week accusing the social media platform of failing to stop hate speech ahead of Aug. 9 elections. Kenya’s National Cohesion and Integration Commission (NCIC) last week gave Facebook one week to comply with regulations against ethnic hate speech or risk suspension. The threat came after a report by rights group Global Witness said Facebook approved hate speech advertisements that promoted ethnic violence ahead of the election. But Kenya's Interior Cabinet Secretary Fred Matiangi accused the NCIC of making what he termed a careless decision on the matter. He assured the public that the platform would not be shut down. Kenya's Minister of Information and Technology Joe Mucheru echoed that vow to VOA in a telephone…

The United States and Japan launched a new high-level economic dialogue Friday aimed at pushing back against China and countering the disruption caused by Russia's invasion of Ukraine. The two longtime allies agreed to establish a new joint research center for next-generation semiconductors during the so-called economic "two-plus-two" ministerial meeting in Washington, Japanese Trade Minister Koichi Hagiuda said. U.S. Secretary of State Antony Blinken, U.S. Commerce Secretary Gina Raimondo, Japanese Foreign Minister Yoshimasa Hayashi and Hagiuda also discussed energy and food security, the officials said in a news briefing. "As the world's first- and third-largest economies, it is critical that we work together to defend the rules-based economic order, one in which all countries can participate, compete and prosper," Blinken told the opening session. Hagiuda said "Japan will quickly move…

The House on Thursday passed a $280 billion package to boost the semiconductor industry and scientific research in a bid to create more high-tech jobs in the United States and help it better compete with international rivals, namely China.  The House approved the bill by a solid margin of 243-187, sending the measure to President Joe Biden to be signed into law and providing the White House with a major domestic policy victory. Twenty-four Republicans voted for the legislation. The Senate passed the bill Wednesday, 64-33. "Today, the House passed a bill that will make cars cheaper, appliances cheaper and computers cheaper," Biden said. "It will lower the costs of everyday goods. And it will create high-paying manufacturing jobs across the country and strengthen U.S. leadership in the industries of the…

The U.S. Justice Department is investigating a cyber breach involving the federal court records management system, the department's top national security attorney told lawmakers Thursday. Matt Olsen, head of the Justice Department's National Security Division, alluded to the threat of cyberattacks by foreign nations as he told the U.S. House of Representative Judiciary Committee that the incident was a "significant concern." Olsen made the remarks in response to questions from Representative Jerrold Nadler, the panel's Democratic chairman, who said that "three hostile foreign actors" had attacked the courts' document filing system. Nadler said the committee learned only in March of the "startling breadth and scope" of the breach. Olsen said the Justice Department was working closely with the federal judiciary around the country to address the issue. “While I can’t…

 Twitter Inc. does not object to Elon Musk's proposal to start a trial on October 17 over Musk's bid to walk away from his $44 billion acquisition deal but the social media company wants a commitment to complete the trial in five days, Twitter said in a court filing on Wednesday.  Musk has said he needs time to complete a thorough investigation of what he says is Twitter's misrepresentation of fake accounts, which he said breached their deal terms.  He originally sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled the proceeding was to start in three months.  Twitter has called the fake accounts a distraction and pushed for the trial to hold Musk to the deal to start as soon as possible,…

Meta Platforms Inc. issued a gloomy forecast after recording its first ever quarterly drop in revenue Wednesday, with recession fears and competitive pressures weighing on its digital ads sales.  Shares of the Menlo Park, California-based company were down about 4.6% in extended trading.  The company said it expected third-quarter revenue to be in the range of $26 billion to $28.5 billion, which would be a second consecutive year-over-year drop. Analysts were expecting $30.52 billion, according to IBES data from Refinitiv.  Total revenue, which consists almost entirely of ad sales, fell 1% to $28.8 billion in the second quarter ended June 30, from $29.1 billion last year. The figure slightly missed Wall Street's projections of $28.9 billion, according to Refinitiv.  The company, which operates the world's largest social media platform, reported…

The U.S. Senate has passed a $280 billion initiative that would boost domestic production of microchips and provide support for a key industry that competes with overseas countries including China. VOA’s Congressional Correspondent Katherine Gypson reports. ...

The U.S. Senate voted 64-32 on Tuesday to advance legislation to dramatically boost U.S. semiconductor manufacturing in a bid to make the domestic industry more competitive with China. The legislation provides about $52 billion in government subsidies for U.S. semiconductor production as well as an investment tax credit for chip plants estimated to be worth $24 billion. The Senate is expected to vote on final passage in coming days and the U.S. House could follow suit as soon as later this week. President Joe Biden and others have cast the issue in national security terms, saying it is essential to ensure U.S. production of chips that are crucial to a wide range of consumer goods and military equipment. Commerce Secretary Gina Raimondo called the vote "a symbol of the strong…

A bill to boost semiconductor production in the United States has managed to do nearly the unthinkable — unite the democratic socialist Sen. Bernie Sanders and the fiscally conservative right. The bill making its way through the Senate is a top priority of the Biden administration. It would add about $79 billion to the deficit over 10 years, mostly as a result of new grants and tax breaks that would subsidize the cost that computer chip manufacturers incur when building or expanding chip plants in the United States. Supporters say that countries around the world are spending billions of dollars to lure chipmakers. The U.S. must do the same or risk losing a secure supply of the semiconductors that power the nation's automobiles, computers, appliances and some of the military's…

From his small office in Singapore, Kelvin Pang is ready to wager a $23 million payday that the worst of the chip shortage is not over for automakers – at least in China. Pang has bought 62,000 microcontrollers, chips that help control a range of functions from car engines and transmissions to electric vehicle power systems and charging, which cost the original buyer $23.80 each in Germany. He's now looking to sell them to auto suppliers in the Chinese tech hub of Shenzhen for $375 apiece. He says he has turned down offers for $100 each, or $6.2 million for the whole bundle, which is small enough to fit in the back seat of a car and is packed for now in a warehouse in Hong Kong. "The automakers have…