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Former SVB head draws outrage at hearing on US bank failures
Former SVB head draws outrage at hearing on US bank failures
by  AFP

Executives from two failed US banks faced tough questioning Tuesday as senators railed against the lenders' risk management practices and lofty executive pay. But the failure of both SVB and Signature Bank -- which also had former executives on the witness stand -- has been blamed in government reports on poor management, given the speedy growth of both lenders.

ChatGPT's Altman pleads to US Senate for AI rules
ChatGPT's Altman pleads to US Senate for AI rules
by  AFP

Sam Altman, the chief executive of ChatGPT's OpenAI, told US lawmakers on Tuesday that regulating artificial intelligence was essential, after his chatbot stunned the world. "OpenAI was founded on the belief that artificial intelligence has the potential to improve nearly every aspect of our lives, but also that it creates serious risks," Altman told a Senate judiciary subcommittee hearing.

Brazil's Petrobras scraps international price peg
Brazil's Petrobras scraps international price peg
by  AFP

Brazilian state-run oil company Petrobras said Tuesday it has ended its policy of pegging fuel prices to the international market, an overhaul promised by President Luiz Inacio Lula da Silva that had initially triggered investor jitters.

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