Author name: admin

Elon Musk filed an injunction asking a federal court to stop OpenAI from converting into a for-profit business, while also raising antitrust concerns over the start-up, filings showed over the weekend. Attorneys representing Musk and his AI startup xAI filed a preliminary injunction aimed at blocking OpenAI’s conversion, and also preventing the start-up from allegedly blocking its investors from investing in its competitors. The injunction marks a potential escalation in Musk’s legal feud with OpenAI, after he filed multiple suits against the company over its alleged dropping of its non-profit mission. The Tesla (NASDAQ:TSLA) CEO has also argued he was defrauded out of the $44 million he donated to OpenAI. Musk is one of the company’s co-founders, but left in 2018 on disagreements over its intentions. Recent reports suggested that OpenAI is seeking to convert part of its business into a for-profit model, enabling it to further reap the benefits of its wildly popular ChatGPT AI model. OpenAI recently clinched a $1.5 billion investment from Japan’s Softbank (OTC:SFTBY) through a tender offer for shares held by OpenAI employees. But media reports suggested that OpenAI was also discouraging its investors from investing in its competitors. Microsoft Corporation (NASDAQ:MSFT) is one of the biggest investors in OpenAI, while other tech majors, including AI darling NVIDIA Corporation (NASDAQ:NVDA), had also participated in recent funding rounds.–Investing.com

NEW YORK: President-elect Donald Trump vowed additional tariffs on China as well as US neighbours Canada and Mexico, providing a sharp counter to expectations that he might temper his trade policies during a second term. Trump said he would impose additional 10% tariffs on goods from China and 25% tariffs on all products from Mexico and Canada in posts to his Truth Social network on Monday that sent the US dollar higher and equities lower. He cast the new levies as necessary to clamp down on migrants and illegal drugs flowing across borders. Trump accused China of failing to follow through on promises to institute the death penalty for traffickers of fentanyl, writing that “drugs are pouring into our country, mostly through Mexico, at levels never seen before”. “Until such time as they stop, we will be charging China an additional 10% tariff, above any additional tariffs, on all of their many products coming into the United States of America,” Trump said. In another post, the incoming president also vowed to hit Mexico and Canada with a 25% tariff on “all products,” saying he would sign an executive order to that effect on his first day in office. “As everyone is aware, thousands of people are pouring through Mexico and Canada, bringing crime and drugs at levels never seen before,” he said.

Malaysia’s digital economy is poised to reach $31 billion in Gross Merchandise Value (GMV) in 2024, an increase of 16% from 2023 according to the latest e-Conomy SEA 2024 report by Google, Temasek, and Bain & Company. Positive growth trends across the digital sectors Malaysia’s digital economy has progressed towards profitability while maintaining double-digit growth for GMV. Deeper digital participation among users, effective monetisation strategies, and the recovery of pandemic-impacted sectors are expected to drive continued growth. Ecommerce: E-commerce remains the largest contributor to the digital economy.  The sector grew by 17% to $16 billion GMV in 2024, as major ecommerce platforms reinvest in GMV growth, paired with the rise of video commerce. Online travel posted the fastest GMV growth compared to other sectors at 19% year-on-year (yoy) to reach $8 billion GMV in 2024 as Malaysia’s international tourism is experiencing a robust recovery and expected to exceed pre-pandemic levels in 2024. Spending on overseas travel has jumped 330% since 2020 as Malaysians take advantage of opportunities to travel abroad, though primarily in the Asia Pacific region, which accounted for 38% of outbound expenditures. SEA visitors account for almost half (49%) of Malaysia’s inbound traveller spend, driven by several factors including improved air connectivity, strategic airline partnerships and a favourable exchange rate. Food delivery and transport has grown 10% from $3 billion GMV in 2023 and to reach $4 billion in 2024. This steady growth momentum is driven by the recovery of commuter demand and international travel. Food delivery platforms are increasingly focused on boosting profitability through new revenue streams like tiered delivery options and subscription plans, while competitive intensity remains high in ride hailing due to new player entry and expansion of existing players. Online media in Malaysia has shown consistent growth with its GMV expected to grow 10% from $3 billion in 2023 to $4 billion in 2024, driven by the increasing popularity of digital content, games and streaming services. Digital financial services continues on an upward trajectory as various Malaysia’s digital banks offer compelling features and ease of access, contributing to the rapid growth of the DFS landscape. Digital payment is expected to reach $172 billion in 2024, a 5% increase from 2023, while digital wealth is expected to significantly expand and  reach an assets under management (AUM) of approximately $80 billion by 2030. Malaysia to seize the AI opportunity  Artificial Intelligence (AI) is transforming Malaysia’s digital landscape as the government continues to place emphasis on responsible AI development and deployment through its Malaysia AI Roadmap 2021-2025 and upcoming National AI Office (NAIO) launch. Malaysia is also among the Top 10 countries globally driving AI search interest, especially in the education, marketing and gaming sectors, with Kuala Lumpur, Putrajaya, and Selangor leading the nation in AI interest. As more companies deploy AI to innovate, improve efficiencies and customer experiences as well as bring new ideas to life, the demand for AI infrastructure will continue to grow. To meet this demand, Malaysia has recorded a large AI infrastructure investment among SEA countries at $15 billion in H1’24. The report estimates Malaysia’s current data center capacity at 120MW and expects that to expand 5X over the coming years. Malaysia has seized the AI opportunity through strategic initiatives like KL20, which will bolster the startup ecosystem through incentives for high-tech industries, tax exemptions on foreign investments and a billion dollars in government funding for startups in Malaysia and the region. “As Malaysia assumes the ASEAN Chairmanship next year, we aim to be a regional champion for digital policies that are forward-looking and transformative, to promote a regulatory environment that encourages technological advancement and to nurture cross-border collaboration. The e-Conomy report serves as a powerful validation of our efforts and is not merely a report; it is a testament to the immense potential that lies ahead for Malaysia’s digital future. It is a call to action for all of us – the government, the private sector, and the people of Malaysia – to collaborate and realize our nation’s full digital potential. Let us seize this opportunity and together, build a digitally empowered Malaysia that is prosperous, inclusive, and sustainable,” said YB Tuan Gobind Singh Deo, Minister of Digital as represented by Mr. Fabian Bigar, the Secretary General of the Ministry of Digital at the event. “We have been seeing a consistent strong growth of Malaysia’s digital economy and this year is another strong testament of the potential of Malaysia’s digital economy. With the region’s focus on AI, it’s encouraging to see the country’s leaders are putting AI and semiconductors in the country’s priority list,”  said Farhan Qureshi, Country Director for Google Malaysia. “At Google, we are committed to further support the growth of Malaysia’s digital economy by accelerating the local workforce with AI-ready skills and tools. From equipping youths with future-ready skills in AI through Google Career Certificate scholarships to deploying Google Workspace for public officers, we are dedicated to ensuring Malaysia remains at the forefront of the digital age,” he added. “Southeast Asia’s digital economy continues to do well, with continued double-digit GMV and revenue growth and a surge in profitability across sectors led by key players. Likewise in Malaysia, we see a healthy digital economy driven by e-commerce, online travel and digital financial services. As Malaysia’s DFS sector embraces digital disruption, new technologies such as AI are poised to accelerate growth. To fully harness the transformative potential of Generative AI, businesses must advance beyond experimentation and invest in foundational elements—aligning AI initiatives with core business objectives to address real-world problems and create tangible value, strengthen AI talent, and build scalable, adaptable infrastructure for sustained growth,” said Amanda Chin, Partner, Bain & Company. “Investments in AI infrastructure and growing interest of Malaysians in AI technology signal a promising future for the country’s digital economy. As the digital landscape evolves, driven by strategic government initiatives, it is essential to prioritize digital security to safeguard data, maintain trust, and ensure the sustained progress of the digital sector,” shared Geia Lopez, Head

With over 18 years of experience in the Middle East, Reiner is renowned for his expertise in sonic branding and composition. As a specialist in creating memorable sonic identities, his contributions to brand identity are recognized across sectors, from national airlines to government, to banks and entertainment. His deep understanding of regional music trends and sonic strategy offers a unique perspective that resonates with local audiences while aligning with global standards. Reiner’s leadership and expertise will enable amp to harness the rapid digital transformation in Asia-Pacific market, where demand for impactful brand experiences continues to rise. Building on amp’s established success in the region, with a portfolio of sonic branding work for global and regional brands like Mastercard, Mercedes, SMBC Indonesia, Telenor, Uber, and, Reiner is uniquely positioned to further elevate the company’s offerings and help businesses in APAC create truly differentiated brand experiences. “We are thrilled to have Reiner onboard as we continue our sonic efforts together in the APAC and the Middle East. Reiner’s deep experience and visionary approach to sonic branding are unparalleled, especially in markets where culture and tradition are integral to brand identity,” said Michele Arnese, Founder and Global CEO of amp. “His understanding of regional nuances, combined with our global sonic expertise, will deliver transformative brand experiences for our clients in the Middle East and APAC.” Lulu Raghavan, Landor’s President APAC said: “As it gets more and more difficult to stand out in any category, brands will increasingly turn to multisensorial branding as a key differentiator to build strong brand identities. I’m very excited that our clients in APAC can now access world class sonic branding solutions through the expertise of Reiner and his talented team at amp.”

MCC has appointed Lars Schuetzenmeister as senior vice president for MCC’s new consolidated Asia Pacific (APAC) business unit. Schuetzenmeister is a respected MCC veteran who previously served as vice president over the company’s Asia operations in Indonesia, Malaysia, Philippines, Thailand and Vietnam. In his new role, he will add MCC’s Australia and New Zealand operations to his portfolio. The new combined business unit will enable greater synergies and best-practice sharing across MCC’s APAC geography. ‘Lars is an outstanding leader who will bring energy and incredible customer-centricity to this important role,’ says president and CEO Hassan Rmaile. ‘We’re extremely excited to take this step forward on behalf of our APAC customers while creating additional growth opportunities and partnerships across the region.’

Colliers has strengthened its Capital Markets presence in Asia Pacific with the strategic appointment of Alex Worthington as Director, based in Singapore, and reporting to Chris Pilgrim, Managing Director of Global Capital Markets, Asia Pacific. Leading diversified professional services and investment management company Colliers has bolstered its Capital Markets capabilities in the Asia Pacific region with a strategic new appointment in Singapore. Alex Worthington has been appointed Director, APAC Capital Markets, Key Client Account Management and Investor Intelligence, a role which will be central to driving Colliers’ growth and market-leading client service offering across the region. Reporting to Chris Pilgrim, Managing Director of Global Capital Markets, Asia Pacific, Mr Worthington comes to Colliers with a strong background in real estate and the capital markets sector specifically, bringing with him a proven history in key account management within a multinational professional services environment. “In this new role, Alex will strategically lead and enhance key account management for the region’s largest institutional investors,” Mr Pilgrim said. “He will drive multi-service revenue growth and enable our Capital Markets team to continue to grow and deepen its long-term relationships across Asia Pacific, particularly with institutional grade capital, clients and investors.”

Edelman has announced that Rakesh Thukral will succeed Warren Fernandez as CEO for the firm’s operations in Asia Pacific (APAC). Warren will be stepping down from the role to pursue a new opportunity and will remain with the firm until the end of the year to ensure a smooth transition.   Rakesh has a long-standing career with Edelman. As the current APAC chief operating officer and managing director of India, he has championed growth through a relentless focus on the firm’s clients, people and diversification of specialties and offerings across its portfolio. Speaking on the development, Ed Williams, Edelman’s president for international, says, “I am grateful for everything that Warren has done for the firm, and for his leadership both regionally and globally. He has broadened and sharpened the firm’s capabilities in APAC, and his decades of experience in the news and media sector has been hugely important to many of our clients. We sincerely wish him all the best with his next move. “The APAC region continues to present significant opportunity for Edelman and our clients, and therefore remains a key focus for us. Rakesh’s experience of partnering with global companies to enter the Indian market, and for Indian businesses to expand globally, will be invaluable to our clients across the whole region. He has a deep understanding of the business, political, and societal dynamics of the region, and I have confidence that under his leadership, our business will be well positioned”, continues Ed. Warren says, “I am grateful for having been part of the Edelman team and to have worked with some of the industry’s most talented and committed colleagues. A new opportunity has arisen which is hard to say no to; it is a role that plays to my longstanding interests in public policy, and where I will have the opportunity to engage on some of the significant political and geopolitical issues of the day.” Rakesh adds, “Over the past couple of years, under Warren’s and Ed’s leadership, Edelman has become known for its strong integrated offering and work in Asia. Our growing capabilities in this space have been recognised with Creative Effectiveness Lions at Cannes, and at PRovoke’s Global SABRE Awards earning the title of “#1 campaign in the World” for two consecutive years. “We have a strong team across the region and great client relationships across sectors and markets. I look forward to working with our teams and clients to continue elevating our work, and ensuring our clients receive solutions that help them evolve and grow their businesses in these complex times.” Rakesh will report into Ed in his new role, and the appointment is effective immediately.

Human risk management platform Mimecast has appointed David Sajoto as Vice President and General Manager for Asia-Pacific and Japan. As a cybersecurity expert in identifying emerging trends and optimising market strategies, Sajoto has helped shape some of the most influential initiatives in the tech industry. Known for his customer-centric approach and fostering a collaborative culture, he is committed to driving both innovation and business growth. Sajoto has played a pivotal role in guiding organisations through digital transformations and helping them navigate complex challenges in the rapidly evolving tech landscape. Before joining Mimecast, Sajoto served as the senior vice president of Vectra AI in Asia Pacific and Japan. In his impressive career, he has held various leadership roles in sales and management at companies, including ExtraHop, Ixia, BMC Software, Gigamon, Oracle, and Dynatrace. He has a double degree in Computer Science and Engineering and Master’s in Business Systems from Monash University. “Joining Mimecast as VP and GM of APAC and Japan is an honour, and I look forward to working alongside our growth-driven team in the region,” Sajoto said. “Together, we are focused on strengthening partnerships and seizing new opportunities to expand our solutions.” Sajoto was recognised as Business Leader of the Year at the Asia Pacific Business Awards 2023-2024 for exceptional leadership and significant contributions to the growth and development of businesses in the Asia Pacific region. “We’re thrilled to have David as the new VP and GM for Asia-Pacific and Japan,” said Mimecast CCO David Helfer. “We welcome his exceptional leadership and expertise. He is the ideal addition to our team and will play a key role in the strategy of our business innovation and strengthening our partnership across the region.”