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Hyundai Motor Group to invest more than $10 billion in U.S. up to 2025

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(Last Updated On: May 22, 2022)

Hyundai Motor Group said on Sunday it would invest an additional $5 billion in the United States by 2025 to strengthen collaboration with U.S. firms in advanced technology.

The investments, announced during a visit to Seoul by President Joe Biden, are for robotics, urban air mobility, autonomous driving and artificial intelligence, the group said.

Hyundai Motor Group, which houses Hyundai Motor Co (005380.KS) and Kia Corp (000270.KS), on Friday announced plans to invest $5.5 billion in Georgia to build electric vehicle (EV) and battery facilities.

The new investment brings its planned U.S. total through 2025 to about $10 billion, above the $7.4 billion it announced last year.

The world’s third-biggest automaker by vehicles sales did not say where in the United States the additional $5 billion would be invested.

“Thanks to Hyundai, we are being part of this transformative automobile sector and accelerating us on a road where we’re going to be handing to United States of all electric future,” Biden told a news conference.

Standing next to him after a meeting, Hyundai Motor Group executive chair Euisun Chung said, “I am confident that this new plant in Georgia will help us become a leader in the America automobile industry with regards to building high quality electric vehicles for our U.S. customers.”

The auto group said on Wednesday it would invest 21 trillion won ($16 billion) through 2030 to expand its EV business in South Korea.

Hyundai’s new EV and battery manufacturing facilities will be based in the southern “right to work” state, where labour unions are less prevalent and cannot require workers to join.

Biden, a Democrat, has described himself as the most pro-union president in history. But the deal, announced by Georgia’s Republican governor, showed the compromises the president may have to make as he woos investment overseas.

Science & Technology

Instagram co-founders launch news app called Artifact

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(Last Updated On: February 2, 2023)

Instagram co-founders Kevin Systrom and Mike Krieger this week launched their new venture, Artifact – an app touted as a tailored news feed powered by artificial intelligence.

The co-founders, who left Facebook in 2018 amid tensions with their parent company, shared the roll out on Instagram. Krieger wrote, “Excited to announce what @kevin and I have been working on with a talented team the past year+ — Artifact, a personalized news feed driven by the latest in artificial intelligence.”

He added that while they are gradually letting people onto the app as the company scales up, people can also join a waitlist.

Working in a similar way to TikTok, according to Platformer, Artifact provides users with an initial feed of popular articles chosen from a range of publications big and small. Tapping on articles of interest will prompt Artifact to deliver similar stories in the future, in the same way that watching TikTok videos fine tunes the algorithm with each user session.

Artifact beta users are currently testing two features: One is a feed with articles posted by people you follow, along with their comments on each post; the second is a direct-message inbox where you can privately discuss articles.

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Elon Musk starts another ‘test’ on Twitter

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(Last Updated On: February 1, 2023)

Twitter’s new owner, Elon Musk on Wednesday said he would make his account private for a day just to test whether his private tweets are equally visible

Since the Twitter takeover in October, the Musk has been making multiple experiments on the tech side of the social media platform. In the newest one, the tech billionaire said he would make his account for a day to test whether his private tweets are equally visible as the public one.

He said in a tweet, made my account private until tomorrow morning to test whether you see my private tweets more than my public ones.

On seeing the tweet on his feed, one Twitter user pointed out, wow I’m in Elon’s private circle. On a similar note, another said, If you’re seeing this tweet, you’re in the circle of trust.

Since the $44-billion takeover, Musk has been under fire for several of his policies. He has focused on reducing costs by laying off half the workforce and introducing new plans for Twitter Blue subscription service, which offers the sought-after “verified” badge, Mintlive reported.

He said that the steps were necessary to justify the expensive takeover.

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Crypto hacks stole record $3.8 billion in 2022 – report

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(Last Updated On: February 1, 2023)

Last year was the worst on record for cryptocurrency heists, with hackers stealing as much as $3.8 billion, led by attackers linked to North Korea who netted more than ever before, a U.S.-based blockchain analytics firm said in a report on Wednesday.

The report by Chainalysis found hacking activity that “ebbed and flowed” throughout the year, with “huge spikes” in March and October. October was the biggest single month ever for cryptocurrency hacking, with $775.7 million stolen in 32 separate attacks.

The cryptocurrency market floundered in 2022, as risk appetite diminished and various crypto firms collapsed. Investors were left with large losses and regulators stepped up calls for more consumer protection, Reuters reported.

At the time, Chainalysis and other firms confirmed to Reuters that North Korean-related accounts had lost millions of dollars in value.

But that did not deter hackers.

North Korea-linked hackers such as those in the cybercriminal syndicate Lazarus Group have been by far the most prolific cryptocurrency hackers, stealing an estimated $1.7 billion worth of in multiple attacks last year, the report said.

“In 2022, they shattered their own records for theft,” it said.

North Korea has denied allegations of hacking or other cyberattacks.

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