Ticker: Credit Suisse takeover hits heart of Swiss banking, identity

Analysts say the UBS takeover of embattled rival Credit Suisse has shaken Switzerland’s self-image and dented its reputation as a global financial center.

The uncertain future of a union of Switzerland’s two global banks comes at a thorny time for Swiss identity, built nearly as much on a self-image of finesse in finance as with chocolate, watchmaking and cheese. Incoming UBS chief Sergio Ermotti says Switzerland needs a strong globally significant bank if it wants to be a financial hub.

Key inflation gauge slowed in February

The Federal Reserve’s favored inflation gauge slowed sharply last month, an encouraging sign in the Fed’s yearlong effort to cool price pressures through steadily higher interest rates.

Friday’s report from the Commerce Department showed that consumer prices rose 0.3% from January to February, down from a 0.6% increase from December to January. Measured year-over-year, prices rose 5%, slower than the 5.3% annual increase in January.

Italy temporarily blocks ChatGPT

Italy is temporarily blocking the artificial intelligence software ChatGPT in the wake of a data breach as it investigates a possible violation of stringent European Union data protection rules.

The government’s privacy watchdog said Friday that it’s taking provisional action “until ChatGPT respects privacy.” The Italian Data Protection Authority’s measure involves temporarily limiting the company from processing Italian users’ data. U.S.-based OpenAI, which developed ChatGPT, said it disabled the service at the government’s request but believes it is following the law.

from Boston Herald https://ift.tt/lkKPxL5