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[ad_1] US tech giants came close to paying billions to Canada under a new tax law.Had Canada not halted a digital services tax enacted in 2024 that applies retroactively to 2022, US tech giants would have needed to pay Canada approximately $3 billion upfront on Monday, on top of a 3% levy on all revenue earned from digital services linked to Canadian users going forward.The Computer & Communications Industry Association estimated that Canada’s tax measure would lead to annual losses of between $900 million and $2.3 billion for US firms and could result in up to 3,000 job losses in…

[ad_1] ChatGPT, OpenAI’s text-generating AI chatbot, has taken the world by storm since its launch in November 2022. What started as a tool to supercharge productivity through writing essays and code with short text prompts has evolved into a behemoth with 300 million weekly active users. 2024 was a big year for OpenAI, from its partnership with Apple for its generative AI offering, Apple Intelligence, the release of GPT-4o with voice capabilities, and the highly-anticipated launch of its text-to-video model Sora. OpenAI also faced its share of internal drama, including the notable exits of high-level execs like co-founder and longtime…

[ad_1] A Federal Reserve leader thinks that fears of stagflation are overblown.Speaking at the Aspen Ideas Festival in Colorado, the president of the Federal Reserve Bank of Chicago, Austan Goolsbee, pushed back on concerns that recent supply-side shocks, like tariffs and global military conflicts, could trigger a return to an era of double-digit inflation and sky-high joblessness.Goolsbee said that with unemployment near 4% and inflation around 2.5% and falling, he sees no possibility that tariffs or another supply-side shock could cause actual 1970s-style stagflation in the near term, referring to a time when inflation topped 13% and unemployment exceeded 8%.”There’s…

[ad_1] On Monday, Clio, a 17-year-old Canadian law firm management software company, announced that it has agreed to acquire vLex, a 26-year-old legal data intelligence platform, in a $1 billion cash-and-stock deal. The announcement comes about a year after Clio’s massive $900 million funding round, which nearly doubled the Vancouver, British Columbia-based company’s valuation from $1.6 billion in 2021 to $3 billion. vLex, which was largely bootstrapped until it was purchased by private equity firm Oakley Capital in 2022, has been a highly sought-after asset, according to Jack Newton, CEO and founder of Clio. Harvey, the AI-native legal tech startup,…

[ad_1] In the 1970s, Paul and Ellen Eggers taught in Malaysia as volunteers with the US Peace Corps.The experience left a lasting impression, and decades later, as they prepared to retire from their jobs as college professors in California, they decided to return.”I had read an article in Forbes Magazine about people retiring overseas,” Ellen, now 70, told Business Insider. “We hadn’t really thought a lot about it before, but then one of the places that was listed as very popular and very affordable was Penang in Malaysia.”They were familiar with the Southeast Asian country, having returned for vacations over…

[ad_1] A full-blown courtroom drama — complete with a gavel-wielding judge and an attentive jury, played out in London’s King’s Cross on Monday, mere steps away from Google DeepMind’s headquarters.Google was on trial for allegations of breaking its promises on AI safety.The participants of this faux-production were protesters from PauseAI, an activist group concerned that tech companies are racing into AI with little regard for safety. On Monday, the group congregated near King’s Cross station to demand that Google be more transparent about the safety checks it’s running on its most cutting-edge AI models. Protesters pose outside Google DeepMind’s office.…

[ad_1] Elon Musk ramped up his fight against President Donald Trump’s Big Beautiful Bill on Monday, vowing to form a new political party if it passes Congress.”If this insane spending bill passes, the America Party will be formed the next day,” Musk said in a post on X. “Our country needs an alternative to the Democrat-Republican uniparty so that the people actually have a VOICE.”Earlier Monday, Musk vowed to defeat politicians who support Trump’s bill, saying, “They will lose their primary next year if it is the last thing I do on this Earth.”When reached for comment, the White House…

[ad_1] Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Hong Kong’s bull market is leaving China behind, in a sign that a lacklustre economic recovery and trade tensions with the US have weighed on investor sentiment in the mainland.Equities in mainland China are flat so far this year, compared with a 20 per cent gain for Hong Kong’s Hang Seng index, the city’s biggest year-to-date outperformance against the mainland since 2008. Hong Kong’s bull run has been driven by record investment flows from mainland China amid post-DeepSeek enthusiasm for technology…

[ad_1] 2025-06-30T21:12:21Z Share Facebook Email X LinkedIn Copy link lighning bolt icon An icon in the shape of a lightning bolt. Impact Link Save Saved Read in app This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in. TPG is the latest private equity firm to bow out of early recruiting for junior talent. The firm sent a letter to potential candidates on Monday saying it won’t hire until 2026. It joins Apollo and General Atlantic in toppling an annual recruiting tradition amid criticisms. Another private equity firm pulled…

[ad_1] Levelpath, a procurement software startup founded by the duo behind Scout RFP, has raised $55 million in Series B funding led by Battery Ventures as the company looks to quadruple its revenue this year. The funding round also saw participation from existing investors, including Benchmark, which led Levelpath’s $14.5 million seed round, and Redpoint, the lead investor in the $30 million Series A round announced in 2023. The startup was founded by Stan Garber and Alex Yakubovich (pictured right), whose previous startup, Scout RFP, was acquired by Workday for $540 million in 2019. During the three years Yakubovich and…