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What's New Today: Paytm to Reduce Employee Costs by Changing Its Hiring Strategy
Fast-Track Insights: Bitcoin Breaks $45K, but Crypto Stocks and Coinbase Fall 10%
Kochi will host a Global AI Summit in the middle of this year to take advantage of the prospects that Artificial Intelligence (AI) presents in the IT sector. Kerala Industry Minister P. Rajeev said on Tuesday that the Industry and IT ministries will collaborate to host the summit, which intends to discuss the opportunities for transforming Kochi into India's IT powerhouse. "Generative AI is suggested by the Kochi hub in place of generic AI. Currently, big businesses like Boeing are using IBM's AI services. The administration is hoping Boeing will attend the conference," he said.
Fintech giant Paytm rationalized its employee cost structure by focusing on contract employees, changing its hiring strategy, and enforcing stricter performance reviews. These changes were brought about by changes in the company's operations brought about by changes in regulatory stance and the adoption of artificial intelligence. According to those familiar with the situation, Business Standard was informed that the firm was looking at various methods of reducing its personnel expenses and has let go of several staff members due to their "performance."
Microsoft's AI Initiatives: As we step into 2024, Microsoft, a global technology giant, is gearing up to push the boundaries of innovation with its ambitious AI initiatives. The company's strategic roadmap outlines a multifaceted approach, focusing on the evolution of Azure AI, prioritizing safety and ethics, expanding AI integration across products and services, and investing significantly in AI research and education. Read More
Despite bitcoin's (BTC) surge to a 21-month high, cryptocurrency exchange behemoth Coinbase (COIN) saw its largest daily loss since mid-2023 on Tuesday. Based on TradingView data, Coinbase's shares dropped 9.8% during the first trading session of the year, ending the day at a little under $157. Following an almost quintupling of the stock price in 2023, the move prolonged Friday's losses amid year-end profit-taking.
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