Epic Beats Google 🎮 Tesla Unveils Optimus 2 🤖 Fed Signals Rate Cuts in 2024 ✂️
Epic Beats Google 🎮 Tesla Unveils Optimus 2 🤖 Fed Signals Rate Cuts in 2024 ✂️
Epic Games, the developer behind Fortnite, emerged victorious last week in a significant legal battle against Google.
Epic Beats Google
UK Economy Unexpectedly Shrinks
Tesla Unveils Optimus 2
Fed Signals Rate Cuts in 2024
Threads Launches in the EU
Epic Beats Google 🎮
Epic Games, the developer behind Fortnite, emerged victorious last week in a significant legal battle against Google.
This court case revolved around key issues related to app store policies and the broader implications for digital marketplaces.
Epic Games had accused Google of monopolistic practices in the way it manages its Play Store, particularly when it comes to the restrictions and financial obligations imposed on app developers.
The court's decision in favor of Epic Games marks a pivotal moment in the tech industry, potentially reshaping how digital marketplaces operate.
This verdict could lead to more freedom and flexibility for app developers, possibly reducing the fees that platforms like Google’s Play Store charge for in-app purchases.
It's a significant win for smaller developers who have long argued that the high fees and strict policies of major app stores stifle innovation and competition.
The ruling may prompt other tech companies to re-evaluate their app store policies and could encourage more legal challenges from developers seeking similar concessions.
The decision is expected to have far-reaching effects, not just for Google and Epic Games, but for the entire digital ecosystem.
UK Economy Unexpectedly Shrinks 📉
The UK economy unexpectedly contracted in October, raising concerns about a potential recession. Recent data showed a shrinkage of 0.3% in October, a figure that has taken analysts and economists by surprise.
The decline has raised the chances of a recession in the UK and can be largely attributed to the increasing pressure on households and businesses amid the cost of living crisis.
Storm Babet also affected growth in the retail and tourism sectors during October. However, the economy grew by 0.2% in September and was expected to grow again.
The fall means the government and the Bank of England might need to implement measures to stimulate the economy again and support those most affected by the downturn.
Prime Minister Rishi Sunak has promised to speed up economic growth but most economists expect no significant growth until January 2025.
Tesla Unveils Optimus 2 🤖
Tesla unveiled Optimus 2 last Tuesday, marking another significant milestone in its ever growing portfolio of products.
The new prototype is 30% faster, 10 kg lighter, and has sensors on all fingers to give it as much dexterity as possible.
Tesla believes that its experience developing self-driving and battery technology puts it in a good position to be able to one day mass produce a human like robot that can serve as an assistant in homes and workplaces.
At the moment however, Optimus isn’t designed for mass production but is a prototype and another stepping stone on the way to a robot that Elon Musk claims will bring about a global “age of abundance”.
Given the engineering challenges, it’s not clear when or even if the replacement of human labor will occur. But judging by the video, Tesla appears to be making quick and steady progress toward its ultimate objective.
Fed Signals Rate Cuts in 2024
The US Federal Reserve left rates unchanged on Wednesday and its head, Jerome Powell, said monetary tightening in the US is likely over as inflation is coming down.
The latest forecasts also reveal that a majority of Federal Reserve policymakers are leaning towards a reduction in interest rates next year.
The Federal Reserve has been aggressively raising rates since March 2022 to temper the economy and curb the rapid inflation that occurred last year, the fastest in decades.
Powell emphasized the need for caution, acknowledging the unpredictable nature of the economy and the necessity for further progress in bringing down inflation before declaring success.
He also reiterated the Federal Reserve's commitment to keeping inflation at or below the 2% target, although they do not foresee this happening until 2026.
The Fed projects a 1.4% growth in the US economy next year, slower than this year's, and anticipate a slight increase in the unemployment rate, currently at 3.7%.
Threads Launches in the EU
Meta's Threads was released in the EU last Thursday, five months later than its initial global launch.
Threads, widely seen as a competitor to X, made its debut amidst a lot of excitement. However, its release in the EU was delayed due to the region's stringent data and privacy regulations.
Meta hopes that Threads will attract significant interest in the EU with Mark Zuckerberg sharing the launch news on Threads, extending a warm welcome to new European users.
A representative from Meta mentioned that since its July debut in other countries, Threads has undergone substantial enhancements.
The initial lack of essential features, including a web version and search functionality, contributed to the waning of early interest.
Zuckerberg revealed that Threads experienced a 50% drop in its user base just three weeks post-launch. However, the introduction of new features has helped it regain some of these users.
Zuckerberg however remains convinced that, much like Meta’s other apps, Threads will eventually reach its goal of having a billion users, saying “I’m highly confident we’re going to be able to pour enough gasoline on this to help it grow.”
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