Bloomberg - Evening Briefing - AI under investigation

The US Federal Trade Commission is said to have opened an investigation into OpenAI, questioning whether its popular ChatGPT conversational AI bot puts consumers’ reputations and data at risk. The probe into the  Microsoft-backed startup marks the first official inquiry into a technology that has the potential to, among other things, change almost every aspect of daily life, trigger the loss of millions of jobs and, according to a not-insignificant number of industry observers, pave the way to oblivion. FTC Chair Lina Khan, who testified before Congress Thursday, has raised concerns about AI before, saying enforcers “need to be vigilant early” with transformative tools like artificial intelligence. —David E. Rovella

The FTC had business elsewhere on Thursday—also related to Microsoft. The regulator asked a California judge to temporarily block the tech giant from closing its $69 billion takeover of Activision Blizzard while it appeals a ruling greenlighting the union. The challenge creates another legal hurdle for Microsoft as it pushes to close a deal that would vault it to the No. 3 position in the global gaming market.

While more people are coming around to the distinct possibility that America will avoid a much-predicted recession, it turns out the whole world could be in for similar good news. The wave of mass firings that’s swept the globe looks to be dissipating. About 51,000 jobs were slashed worldwide in June, the lowest number since December, according to a Bloomberg analysis. Last month’s tally, which dropped 25% from May, marked the fourth decline in five months.

Former Celsius Network Chief Executive Officer Alex Mashinsky was accused by US prosecutors of pumping up the price of his firm’s cryptocurrency to entice customers to the platform—all so he could line his pockets to the tune of $42 million. Celsius was one of several high-profile crypto firms that imploded last year after having gained popularity by paying high interest rates on digital-asset deposits. But following the collapse of the TerraUSD stablecoin and a downturn in the market, the company was unable to meet an influx of customer withdrawals.

A federal judge ruled that the Ripple Labs token is a security when sold to institutional investors but not the general public, a long-awaited decision hailed as a victory for the crypto industry over the Securities and Exchange Commission. Crypto prices spiked on the news. Meanwhile, some heavy hitters are betting a Bitcoin exchange-traded fund is around the corner.

India, the world’s biggest rice shipper, is considering banning exports of most varieties of the grain, a move that may send already lofty global prices higher as the disruptive El Niño weather pattern returns. The government is said to be discussing a plan to ban exports of all non-Basmati rice. That’s due to rising domestic prices and because authorities want to avoid the risk of more inflation.

Thai senators appointed by the army blocked pro-democracy candidate Pita Limjaroenrat from becoming prime minister after his party won the most seats in a May election, raising political tensions as the nation struggles to end nearly a decade of military-backed rule. Thursday’s vote undermines the popular choice of the people, who handed an overwhelming victory to pro-democracy parties.

Drought in Spain, which is going through yet another heat wave this year, is so extreme that virtually no aspect of daily life has been left untouched. Dishes are left unwashed overnight when water allowances run out. Cows raised for gourmet meat risk going thirsty. Tourists heading to a water sports destination are met with hard mud. These stark scenes present themselves as Europe endures its driest period in at least 500 years.

The Ter river in Catalonia Photographer: Àngel García/Bloomberg

• Stock bulls cheer Wall Street’s disinflation trade: Your markets wrap.
• Thousands of Ukrainian civilians are being held in Russian prisons.
• The Kremlin picks an opportune moment to cut crude exports.
• Royal’s firm drags down Abu Dhabi index after 42,000% rally.
• Bank of America uses AI, virtual reality to train new hires.
• The latest threat to a fast-fashion giant? An influencer backlash.
• Saudi wealth fund weighs buying another top football club in Europe.

Anurag Jain has loved cricket his entire life, but after learning how much players made, he ditched his dream of making a career of it. These days, he’s the managing partner of Perot Jain, a venture capital firm he co-founded with Texas billionaire Ross Perot Jr. If things go to plan, Jain could have a far greater impact on the game than he ever could with a bat and ball. Jain is part of a group that includes influential, Indian-born business titans who are bringing the world’s second-most popular game to US audiences. Major League Cricket has also attracted Adobe CEO Shantanu Narayen, Microsoft’s Satya Nadella and Bollywood’s most famous actor, Shah Rukh Khan.

Royal Challengers Bangalore’s Faf du Plessis has been named captain of the Texas Super Kings cricket team. Photographer: Manjunath Kiran/AFP/Getty Images

Get the Bloomberg Evening Briefing: If you were forwarded this newsletter, sign up here to receive it in your mailbox daily along with our Weekend Reading edition on Saturdays.

The Bloomberg Sustainable Business Summit returns to Singapore on July 26. Join us in person or virtually for programs convening business leaders and investors to drive innovation and scale best practices in sustainable business and finance. Register now to secure your spot.