OCTOBERASIA BUSINESS OUTLOOK8NEWSROOMEU MEMBER NATIONS TO VOTE ON INCREASING TARIFFS ON CHINESE EVSSoftBank's Vision Fund is set to invest $500 million in OpenAI's recent funding cycle, as per The Information's source. The company leading the artificial intelligence revolution is securing $6.5 billion through convertible notes.It is reported that Apple has pulled out of the big funding round for the artificial intelligence startup, which is now worth $150 billion even before the SoftBank investment. Nevertheless, the assessment will depend on if the ChatGPT developer can disrupt its corporate setup and eliminate a cap on profits for shareholders. According to the Information report, this marks SoftBank's initial investment in the company led by Sam Altman.Sources indicate that OpenAI is in the process of transforming its primary operations into a profit-making entity that will no longer be under the governance of its non-profit board.SoftBank Group Corp, based in Minato, Tokyo, is a Japanese investment holding company that primarily invests in technology companies providing goods and services across various markets and industries from internet to automation. SoftBank's Vision Fund, starting with more than $100 billion in funding, is the biggest venture capital fund worldwide that concentrates on technology. Investors in the fund included sovereign wealth funds from Middle Eastern countries. The European Union (EU) and China have agreed to continue discussions regarding the EU's proposal to impose additional tariffs of up to 36.3 percent on imported Chinese electric vehicles (EVs). This decision comes amid deteriorating relations between the two entities. EU member states are expected to cast their votes on the proposed measures soon, with reports indicating that the vote is scheduled for October 4, although this date may change.The slight delay in the voting process is attributed to last-minute negotiations with Beijing aimed at finding a resolution that would avoid the new tariffs. Currently, the EU imposes a standard 10 percent duty on car imports. In June, the European Commission, which acts as the EU's primary executive arm, announced further provisional tariffs on Chinese EVs. This move followed an EU investigation into alleged unfair state subsidies provided to China's car manufacturing sector, which were seen as a threat to European competitors. The proposed tariffs are also intended to address issues related to Chinese industrial overcapacity within the EU market.The proposed tariffs are expected to be implemented by the end of October unless a qualified majority of 15 EU member states, representing 65 percent of the EU population, votes against the imposition of these levies. JAPAN BASED SOFTBANK TO FUNNEL USD 500 MILLION IN OPENAI
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