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Tech News Digest: May Update

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Welcome to the Altamira Tech News Update, your monthly dose of electrifying tech news and breakthrough innovations from around the globe. In this ever-evolving digital landscape, staying informed is the key to unlocking the potential of the future. And that’s where we come in! 

In this fast-paced world, knowledge is the ultimate superpower. Get armed with the latest tech insights, trends, and news that will empower you to shape the future. 

Global arena updates

global news

AI Research Tool Backfires for New York Lawyer, Raises Unprecedented Legal Questions 

A New York lawyer finds himself in a court hearing after his law firm utilized an AI tool called ChatGPT for legal research. The court faced an unprecedented situation when it discovered that a filing referenced non-existent legal cases as examples. The lawyer, claiming unawareness of the tool’s potential for false information, defended his usage before the court. Source 

AI: Extinction Risk Equals Pandemics & Nuclear War, Warns Tech Execs 

Prominent experts, including leaders from OpenAI and Google DeepMind, have issued a warning about the potential for artificial intelligence to cause human extinction, calling for global attention and prioritization on par with pandemics and nuclear war. The statement has garnered support from numerous individuals in the field of AI safety. However, skeptics argue that the concerns may be exaggerated. Source 

Nvidia Joins the Trillion-Dollar Club, but Briefly: AI Optimism Boosts Stock before Retreat 

Chip manufacturer Nvidia made a fleeting entrance into the exclusive group of US companies valued over $1 trillion, with its shares surging over 5% before retracting. The company’s stock had already experienced a significant rise of over 25% the previous week, following optimistic projections of increased demand driven by advancements in artificial intelligence (AI). Source 

Healthcare

healthcare news

Breakthrough Brain Implants Enable Paralyzed Man to Walk Again 

In a groundbreaking medical achievement, a 40-year-old Dutch man named Gert-Jan Oskam, who had been paralyzed for twelve years following a cycling accident, has regained the ability to walk solely through the power of his thoughts, thanks to electronic brain implants. Oskam describes this medical first as a life-changing experience. Source 

AI Delivery Robots Prioritize Accessibility: Ensuring Safety for Disabled Individuals and Cautious Pedestrians 

Starship Technologies, the company behind knee-high AI robots that deliver shopping, emphasizes ongoing communication with disabled individuals to guarantee safety measures. These robots, capable of transporting three bags across town, share pedestrian pathways and now incorporate a new panel to enhance collision avoidance based on expert advice. Source 

NHS App Empowers Patients to Reduce Waiting Times through Provider Choice 
In England, patients are encouraged to explore options on the NHS app and website in order to reduce their waiting time for treatment. Updated IT systems now enable patients to exercise their right to choose providers for planned care, like knee operations, with the ability to review up to five providers based on distance, waiting times, and care quality. However, hospitals emphasize the need to address staffing shortages for a substantial impact on reducing wait times. Source 

Data management

Capita Data Breach: Privacy Watchdog Reveals 90 Organizations Affected 

A privacy watchdog has disclosed that approximately 90 organizations reported breaches of personal data held by Capita, the outsourcing giant. Following a cyberattack in March, it was discovered that Capita had left a significant amount of data unsecured online, leading to the potential impact on hundreds of thousands of individuals who are now being alerted about the breach. Source 

Meta Fined €1.2bn for Data Mishandling, Plans to Appeal 

Facebook’s owner, Meta, faces a €1.2bn fine from Ireland’s Data Protection Commission for mishandling data transfers between Europe and the United States. The penalty, the largest under the GDPR privacy law, is due to Meta’s use of standard contractual clauses. Meta intends to appeal the ruling, calling it unjustified. Source 

Fintech

fintech header

JPMorgan Chase Unleashes IndexGPT: Redefining Investment Advisory with AI Power 

JPMorgan Chase disrupts the investment scene with IndexGPT, an AI-driven software that revolutionizes financial security selection. Source 

Revolut’s UK Banking Licence Bid 

Revolut’s ambitious pursuit of a UK banking licence faces a setback as reports indicate the Bank of England is leaning towards dismissing their application. This licence is crucial for Revolut to offer protected deposits and lending services like mortgages, enabling it to compete more effectively against traditional banks. Currently, Revolut operates under the regulation of an electric money institution. Source  

Mastercard Bolsters eCommerce Fraud Protection with Vesta Solutions Integration 

Mastercard, the globally recognized financial services corporation, is reinforcing its fraud protection capabilities for eCommerce merchants by partnering with Vesta Solutions, a leading player in payment fraud protection. This collaboration, integrated into Mastercard’s Payment Gateway Services (MPGS), seeks to combat the staggering $48 billion global eCommerce fraud, with Asia projected to account for 22% of such incidents in 2023. Source 

Retail

retail news

Alibaba Unleashes its Cloud Power: Spinning Off as a Standalone Force 

Chinese e-commerce titan, Alibaba, shakes up the industry by revealing its ambitious strategy to create a distinct publicly traded entity for its cloud division. Following a recent company-wide restructure into six divisions, Alibaba plans to finalize the spin-off within a year, pending necessary regulatory approvals and meticulous asset and liability rearrangements. Source  

Amazon Teams Up with UK Insurers to Simplify Home Insurance 

In a bid to simplify the often complex and time-consuming task of purchasing home insurance, Amazon has joined forces with leading UK insurance providers Ageas, Co-op, LV, and Policy Expert. Together, they have unveiled the Amazon Insurance Store, aiming to streamline the selection process and offer customers a more accessible and hassle-free insurance purchasing experience. Source  

Glovo Sparks Innovation in Ukraine: Startup Lab Winners Revealed 

Glovo, the Barcelona-founded global tech platform, partnered with the Ukrainian Startup Fund to host the Glovo Ukraine Startup Lab competition. From a pool of 20 teams and over 70 applications, three groundbreaking startups emerged as winners, securing a total investment of €35,000. These innovative solutions spanned mobility, logistics, food tech, FinTech, and lifestyle sectors. Source 

To sum up

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