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TikTok owner shuts down major part of company

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Beijing-based online giant, ByteDance has laid off hundreds of employees as it struggles to cope with China’s latest round of big-tech regulations

TikTok logo is seen displayed on a phone screen in this illustration photo taken in Krakow, Poland on November 13, 2019. (Photo by Jakub Porzycki/NurPhoto via Getty Images)

The owner of TikTok ByteDance had to shut down a significant portion of its online education sector in order to comply with the nation’s new laws.

Another company called GoGo Kid will be forced to shut down completely, as China’s government moves in on the $100 billion industry.

The new regulations include a ban on private companies from teaching children how to earn profits and even raise capital…

In addition to this, the industry is not allowed to hire foreigners or teach school content to children.

The newly imposed regulations sparked widespread market concerns and triggered a $1 trillion wipeout from Chinese equities.

TikTok rival plummets 15 per cent

Kuaishou Technology fell the most on record after a post-listing lockup on sales of its shares expired.

The company has fallen more than 15% in Hong Kong, the most since a February listing.

The stock is now down more than 20% from its listing price.

 A six-month lockup period on the TikTok rival expired yesterday allowing some of the video giant’s backers to finally dump their stock.

This all comes after the company shut down Zynn, a video sharing-app, marking an end to the failed attempt to challenge TikTok.

William is an Executive News Producer at TICKER NEWS, responsible for the production and direction of news bulletins. William is also the presenter of the hourly Weather + Climate segment. With qualifications in Journalism and Law (LLB), William previously worked at the Australian Broadcasting Corporation (ABC) before moving to TICKER NEWS. He was also an intern at the Seven Network's 'Sunrise'. A creative-minded individual, William has a passion for broadcast journalism and reporting on global politics and international affairs.

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NASA astronauts phone home, confident Boeing’s Starliner will return to Earth safely

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Stranded NASA astronauts express confidence in Boeing’s Starliner spacecraft, assuring its capability to safely transport them back to Earth from the International Space Station.

The astronauts, over a video call to NASA, highlighted Starliner’s enhanced safety features and testing protocols as reassuring factors for their safe return.

“I have a real good feeling in my heart that this spacecraft will bring us home, no problem…”, said Sunita “Suni” Williams, one of the stranded NASA astronauts.

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Paris Olympics insurers are worried over possible AI-driven cyber attacks

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Insurers are increasingly concerned about potential losses due to militant attacks and AI-driven cyber hacks during the upcoming Paris Olympics.

The upcoming global sports event poses significant financial risks for insurers, who fear substantial payouts in case of terrorist incidents or sophisticated cyber breaches.

Dr. Karen Sutherland from the UniSC join to share all the latest. #featured

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Renowned actor Nicolas Cage faces off against AI, expresses fear of digital duplicates

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Cage, now aged 60, highlighted worries about losing control over how his image might be used in future technologies.

During a interview with The New Yorker, The renowned actor, known for his diverse roles, including in “Face/Off” and “National Treasure,” revealed his concerns about the ethical implications of AI recreating his persona.

“They’re just going to steal my body and do whatever they want with it via digital AI. God, I hope not AI. I’m terrified of that. I’ve been very vocal about it.”

Tom Finnigan from Talkingbrands.ai joins to discuss. #featured

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