ChatGPT Lookalike AI Service Launches in China
Chinese search engine giant Baidu is launching a paid version of its Chat GPT rival—called Ernie bot. Available starting Wednesday, access to the tool costs $8 a month.
Ernie bot is powered by artificial intelligence. It can summarize documents, help write analyses, and even produce human-like live streamers to advertise products.
At least six other Chinese companies have launched their own Chatbots.
The technology has given way to concerns that the Chinese Communist Party could direct the companies that create it to help promote its influence.
Estee Lauder, Canada Goose Slash China Growth Targets
Two North American luxury goods companies have cut their annual forecasts amid weak demand in China.
Estee Lauder’s shares tumbled as much as 21 percent on Wednesday. Hitting an over six-year low and Canada Goose’s stock shed 10 percent.
Estee Lauder is one of the globe’s biggest cosmetics companies.
L’Oreal owns the brand and has indicated that inflation and economic turmoil are still curbing spending post-pandemic, especially in China.
China Importing More Wheat Amid Crop Damage
China imports huge amounts of grain every year and this year orders are getting even higher.
Rain damage to its domestic crop plus worries over drought in other countries are fueling Beijing’s appetite for wheat.
This year -China is set to import record volumes of the grain, up to 12 million tons.
It marks a 20-percent surge from last year with Australia and France remaining China’s top sources.