Day: 16 February 2024

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UK retail sales outperforms in January 2024

UK shoppers

Retail sales rebounded in January as shoppers went on a determined spending spree, latest figures show.

ONS figures revealed a 3.4% jump in sales following a drop in December 2023.

Food sales at supermarkets rose strongly while department stores reported a good impact from January sales.

The Office for National Statistics (ONS) said that the value of goods people bought in January went up 3.9%, compared to the 3.4% increase in the volume of products purchased.

Inflation, which measures the pace of price rises, has slowed significantly but at 4% it remains higher than the Bank of England’s (BoE) 2% target.

Sales increased across nearly all retail sectors, and it was a particularly strong month for supermarkets according to the ONS.

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Here are some of the most well-known quotes of all-time

Book of famous quotations

“I have a dream.” – Martin Luther King Jr.

“Fortune favours the bold.” – Virgil

“I think, therefore I am.” – René Descartes

“Time is money.” – Benjamin Franklin

“I came, I saw, I conquered.” – Julius Caesar

“When life gives you lemons, make lemonade.” – Elbert Hubbard

“Practice makes perfect.” – Vince Lombardi

“Knowledge is power.” – Francis Bacon

“The greatest glory in living lies not in never falling, but in rising every time we fall.” – Nelson Mandela

“The way to get started is to quit talking and begin doing.” – Walt Disney

Art illustration of a world book of famous quotes
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Coinbase makes some profit – the first in two years

Crypto platform

Shares of cryptocurrency exchange Coinbase soared 12% Friday 16th February 2024 after the company reported its first profit in two years.

Coinbase, the largest U.S. venue for buying and selling cryptocurrencies, said that net income totalled $273 million in Q4.

This is the first time that the company has reported positive net income since the fourth quarter of 2021.

Net revenue

Coinbase reported its net revenue was $905 million in the Q4 of 2023, up almost 50% from $605 million in the same period of the previous year.

Bitcoin ETFs

Cryptocurrencies saw a huge amount of interest from investors in the fourth quarter of 2023, following news of the U.S. Securities and Exchange Commission approving the first Bitcoin exchange-traded funds (ETFs).

Bitcoin ETFs enable retail investors to access the cryptocurrency as a share that’s traded on a regulated exchange without directly exposing them to the underlying asset.

The news has driven demand for cryptocurrencies due to anticipation that it could drive interest from retail investors.

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OpenAI unveils new AI software that lets you create realistic video by typing a descriptive sentence

Video

The new AI tool from OpenAI named Sora, can generate realistic videos from text prompts.

OpenAI has developed a new AI tool named Sora that can generate highly detailed videos of up to 60 seconds from descriptive text prompts.

The tool has raised concerns about its potential misuse, particularly in the creation of deepfakes and disinformation.

On the other hand, it is a remarkable achievement in the current AI arena and created in such a short space of time.

OpenAI has stated that it is working with experts in areas like misinformation, hateful content, and bias, who are testing Sora.