Be the first to know about top news! Catch up on everything in this week's events, including breaking stories. Stay up-to-date with the latest news developments with Fevup Brands, the online source for worldwide stories.
Contents
1. Water Beads Is No Longer Sold By Amazon, Walmart and Target
2. Turkish E-Commerce Giant Trendyol’s Eastern Europe Expansion Strategy 2024
3. Pantone's Color of the Year 2024: ''Peach Fuzz''
4. Why Everyone’s Talking About OpenAI’s Milestone ‘‘Q* Project’’ ?
5. EU AI ACT: European Union Agrees to Landmark Rules on Artificial Intelligence
GLOBAL MARKETPLACES
1. Water Beads Is No Longer Sold By Amazon, Walmart and Target
Three major retailers—Amazon, Walmart, and Target agreed to remove children's water beads from sale by year's end, following increasing concerns from lawmakers and health experts.
According to the Consumer Product Safety Commission, water beads have the ability to increase their size and weight by 100 times when they come into contact with liquid. This might lead to severe health hazards if they are ingested.
An Amazon spokesperson verified the company updated its water bead policy, stating, "In the interest of safety, Amazon will no longer permit the sale of water beads marketed to children, including as toys, art supplies, or for sensory play."
MARKETS
2. Turkish E-Commerce Giant Trendyol’s Eastern Europe Expansion Strategy 2024
Trendyol plans to enter the Eastern European market in 2024 with a focus on the Czech Republic, Romania, Greece, and Hungary.
Erdem İnan, the CEO of Trendyol Group, highlighted their strategy towards the Eastern European market: Our goal is to enter the Eastern European market by the first quarter of 2024. "Our market expansion begins with the Czech Republic, Romania, Greece, and Hungary, and eventually be extended to other regions."
The goal of the company is to reach 2 million active consumers and handle more than 4 million orders throughout Eastern Europe, with emphasis on achieving a trade volume of 350 million. Inan also emphasized the company's dedication to supporting Turkey's goal of raising e-exports to 10% of overall exports.
BRAND MARKETING
3. Pantone's Color of the Year 2024: ''Peach Fuzz''
Pantone selected Peach Fuzz the color of the year for 2024 last week.
Pantone, well-known for its color standards and digital solutions within the design community, unveiled a new hue with the goal of fostering more understanding and empathy. As Pantone indicates,“Peach Fuzz captures our desire to nurture ourselves and others. It's a velvety gentle peach tone whose all-embracing spirit enriches mind, body, and soul.” This warm and welcoming color, which is a mix of pink and orange, brings people together.
Established in the 1960s, Pantone's color-matching system uses a unique chip format to numerically and systematically classify colors. Pantone additionally manages the Pantone Color Institute, an organization which analyzes color trends and chooses the color of the year.
Artificial Intelligence
4. Why Everyone’s Talking About OpenAI’s Milestone ‘‘Q* Project’’ ?
After CEO Sam Altman's sudden firing and subsequent speedy return, OpenAI has been the subject of intense interest in the artificial intelligence world. Speculation has circulated that his dismissal was precipitated by a significant advancement in artificial intelligence, although the precise reason remains unknown.
Last week, Reuters reported that researchers employed by OpenAI issued a letter to the board warning about the potential of an internal project called Q*, or Q-Star, to achieve a significant advancement in developing artificial intelligence that might outperform human intellect in several domains. The letter was sent before Altman's firing. Altman was unavailable for quick response.
The notion that OpenAI is on the edge of developing really intelligent computers, along with all the associated concerns, may be premature.
CORPORATE & COMPLIANCE
5. EU AI ACT: European Union Agrees to a Landmark Rules on Artificial Intelligence
The Commission appreciates the political agreement achieved between the European Parliament and the Council on the AI Act (Artificial Intelligence Act), which the Commission proposed in April 2021.
The primary concept is to govern artificial intelligence (AI) by considering its potential to inflict harm upon society, following a risk-based approach: the higher the risk, the stricter the rules.
Being the first legislative proposal of its nature globally, it possesses the potential to establish a universal standard for the regulation of artificial intelligence in other legal systems, much like the General Data Protection Regulation (GDPR) has accomplished. Consequently, this would advance the European Approach of technology regulation on the international platform.
Comments