Soon after winning its banking license in 2023, Ueno seemed to be everywhere in Paraguay. The digital lender, a rebranded version of a decades-old finance company, lured customers with generous cash-back offers on groceries, grew to more than 70 locations, sponsored Paraguay’s national soccer team and plastered its name on the country’s main stadium. Government money poured into Ueno’s coffers under Pena. He also appointed Carlos Carvallo, president of Financiera Ueno, the predecessor to Ueno Bank, to run the central bank, the agency charged with supervising the digital lender. As of last month, Ueno reported holding roughly $800 million in public deposits, about a quarter of its total, including money from the state pension and health fund and the operators of Paraguay’s giant hydroelectric dams.

Even as retirees’ savings and other public money piled up at Ueno, worries were escalating inside the central bank. In June, its inspectors found a pattern of risky lending to insiders, reported ABC Color, a leading Paraguayan newspaper. Ueno had extended large sums to companies tied to its owners, beyond what the law allows and without enough collateral to cover the debts if they went bad. On a single day in September 2025, nearly $39 million had gone to three such companies. Pena repeatedly brushed off the warnings. As recently as last month, he defended Ueno and the central bank’s oversight, dismissing the concerns as a smear campaign that was spooking the public.

But on Monday, it all came crashing down. Regulators investigating Ueno’s loans to companies linked to its owners found poorly documented lending, the central bank said, as well as expenses the bank had wrongly counted as assets. Once the books were corrected, Ueno’s capital, the cushion banks must keep to absorb losses, fell to less than half the legal minimum. The central bank seized the lender Tuesday and announced plans to move customers’ accounts, along with whatever assets still hold value, to other banks before liquidating what’s left. Ueno’s app, cards and transfers went dark and its branches locked their doors, leaving desperate depositors lined up outside with no way to cash out their savings. On Wednesday, a rush to open new accounts elsewhere crashed other banks’ mobile apps, fueling public panic.

That Was Then: The Imagine Cup competition, Microsoft explained in a 2003 press release, “seeks to provide students [aged 16-and-up] around the world with resources to use technology and Web services to solve everyday problems […] Imagine Cup is about empowering students to apply their creativity and knowledge toward making the world a more-connected place.”

This Is Now: “Building is Hard. Selling is Harder.” begins the “Why Imagine Cup?” promo video for the 2027 Imagine Cup competition, which is pivoting to an AI startup-first focus in recognition that “A new era for founders is here.” “Since 2003, Imagine Cup has empowered emerging innovators to turn ambitious ideas into real-world solutions with Microsoft technology,” Microsoft writes of the Imagine Cup Evolution. “Now part of Microsoft for Startups, Imagine Cup enters its next chapter in 2027, opening the competition to eligible early-stage startups and founders everywhere.”

An Eligibility FAQ drives home the point that Imagine Cup is no longer a student-only competition: “Imagine Cup 2027 welcomes eligible early-stage startups across seven categories; founders do not need to be students.” And if you think making high school students compete against seasoned full-time employees of startup companies seems a tad unfair, Microsoft advises: “Eligible student-led startups are encouraged to enter the Student Startup category but may choose an industry category instead.” The #1 overall startup will win a $250,000 cash award and $1,000,000 in startup credits. However, Student Startup category entrants are ineligible for the open category prizes (where the 2nd-place winner gets $50,000 cash and $350,000 in credits, while 3rd place is good for $25,000 and $350,000 in credits); they will instead compete for a single prize of $25,000 cash and $250,000 in credits. The Official Rules (PDF) note that all startups must have a valid Azure Subscription ID and a Microsoft for Startups account.

The crewed X-70 features advanced, rapidly reconfigurable flight-control technology that will allow NASA to explore aircraft maneuverability in ways never before demonstrated in crewed flight. The aircraft can also accommodate up to 2,000 pounds of experimental payloads in internal and external locations, enabling a wide range of research and flight-testing opportunities.

The X-70 Fractal has a takeoff weight of 10,000 pounds and is designed to cruise at Mach .75, reach altitudes of up to 45,000 feet, and provide an operational range exceeding about 1,726 miles (1,500 nautical miles). These capabilities will enable NASA to conduct demanding flight research across a broad range of operating conditions.

The X-70 joins a storied legacy of experimental aircraft that have helped establish America’s leadership in aviation. From the Bell X-1, which first broke the sound barrier in 1947, to the X-15 hypersonic research aircraft and today’s X-59 quiet supersonic demonstrator, NASA has spent decades pushing the boundaries of flight. With the X-70, NASA will expand its capacity to conduct experimental flight research, accelerate the testing of emerging technologies, and advance the next generation of American aviation.

3M chairman William Brown called the settlement a “significant milestone” that substantially reduces uncertainty from the litigation. […] Fred Thompson, an attorney with the Motley Rice law firm that helped negotiate the 3M settlement for the plaintiffs, called it welcome news for “the thousands of victims who have sought answers and accountability for nearly a decade.” He said in a news release that the plaintiffs urgently need help covering mounting medical bills and other costs.

Under the terms of the settlement, the payouts will begin with $50 million this year, followed by yearly payments of more than $1 billion each year from 2028 to 2033. 3M could make additional payments if enough plaintiffs participate. If too few sign on, 3M has the option to cancel the settlement and continue fighting the lawsuit.

A Vietnamese court has sentenced 14 people who worked on the pirate football streaming site Bun Cha TV, handing out the first prison terms we’ve seen since the country’s piracy crackdown began earlier this year. […] Four defendants, including the heads of the content, programming and operations teams, were sentenced to 12 months in prison. Five others received ten months, and two were sentenced to eight months. Notably, three of the site’s commentators were not sent to prison. Their ten-month sentences were suspended. All 14 defendants reportedly admitted the charges and cooperated with the authorities. According to investigators, Bun Cha TV streamed more than 150,000 sports matches and it allegedly made more than 20 billion dong, roughly $760,000, in illegal profits from betting and gambling ads.

The verdict reports don’t mention a total. Instead, they list illegal gains per person or team. The leader of the content team allegedly gained more than 430 million dong, while commentators made from more than 31 million to more than 480 million dong each. The verdict was picked up by Rouse, the law firm that represents the Motion Picture Association in Vietnam. In an article headlined “Strong Vietnam criminal penalties,” published on Lexology on November 3, the firm calls the ruling another victory for Vietnam’s IP landscape.

“The defendants were all sentenced to terms of 8-12 months in prison,” Rouse writes. While Rouse is correct on the length of the terms, it doesn’t mention that three of the sentences were suspended. Instead, Rouse stresses that the ruling is part of a tougher enforcement trend. “This ruling reflects a shift in enforcement strategy by Vietnamese authorities, who are increasingly moving past preliminary domain blocking to deliver criminal convictions against the operators of commercial-scale piracy rings,” the firm notes. “This perhaps reflects the strength of the national crackdown following the USTR pressure in May,” the firm adds.

- The lawsuit (PDF), filed on Tuesday in federal court in San Francisco by law firms Hausfeld and Gibbs Mura, alleges Axon has failed to comply with a California privacy provision by not disclosing how it collects, uses and shares plate data gathered through its camera systems
- “Axon has created a mass-surveillance infrastructure that is practically impossible to avoid,” the lawsuit said
- Scottsdale, Arizona-based Axon did not immediately respond to a request for comment. The lawsuit said the company has more than 1,000 cameras in California and alleges millions of drivers may have been affected
- Some Axon cameras are installed in high-traffic areas and collect plate information as vehicles pass by. Other cameras are placed inside police vehicles, the lawsuit said
- The proposed class covers drivers whose vehicle plate information was captured by an automated license plate reader in California and processed or stored by Axon’s system since 2023
- The lawsuit seeks more than $5 million in damages, in addition to a court order stopping Axon from its allegedly unlawful practices

Having one-fifth as many searches as Google is still a long way from overtaking it, but for comparison, Microsoft CEO Satya Nadella said during Google’s 2023 antitrust trial that Bing had about 3 percent of the search engine market share after trying for more than a decade. During the trial, Google described AI as a potential disruptor, arguing ChatGPT was poised to seriously compete with it — now, OpenAI seems to agree. (OpenAI likely uses Microsoft Bing for a significant part of its searches, along with its in-house search index, although there is still some speculation that it routes some queries through Google.)

The streamer will begin rolling out AI Discover in the U.S. to customers who use Netflix in English on supported smart TVs. If you have access to it, you will see a “Discover” tab with a red gem-shaped icon and a “New” label in the top navigation bar on your TV. The company plans to expand the feature to more regions and customers in the coming weeks.

Netflix has long used machine-learning and AI technologies to personalize content recommendations, but AI Discover is the first user-facing application that the company is branding as powered by artificial intelligence. The hope is that the AI-recommended titles will be another tool to drive up Netflix’s total watch time among viewers, especially in the U.S.

“In the early days, we would partner because we didn’t have the scale, and in that partnering, it was a little bit of a crapshoot. Will I get a Waymo? Will I not get a Waymo?,” Mawakana said in a wide-ranging interview on The Circuit with Emily Chang. She cited customers’ growing demand for a consistent offering from a single app, especially from riders from San Francisco or other markets, where Waymo offers the self-driving service via its own consumer app that competes with Uber.

“It’s important for us to have that relationship with the rider. We’ve gotten that feedback from the riders in those markets,” Mawakana said. “And at the same time, learning and partnering with Uber has been a really important part of our journey,” she added.

[…] The comments reflect Waymo’s evolving relationship with the ride-hailing giant as the Alphabet unit trials different pathways to commercialize its capital-intensive autonomous technology. Waymo has leaned on partners like Uber and Lyft, as well as fleet management companies, to help operate its roughly 4,000 vehicles across the US. The company currently does more than 500,000 trips per week in 14 cities.

Pierre Computer Company had been building specialized tools for code analysis and review, capabilities that complement Codex’s existing strength in code generation. For developers, this could mean a more seamless experience — using AI not just to write initial code snippets, but to understand legacy codebases, spot potential bugs, and conduct thorough reviews before deployment. That’s a workflow improvement that enterprise engineering teams have been demanding.

[…] For Pierre Computer Company, the acquisition likely provides the resources and distribution that startups in this space desperately need. Building AI developer tools requires massive compute infrastructure and access to cutting-edge models — both of which OpenAI has in abundance. Pierre’s team will now have access to OpenAI’s latest models, including the technology behind ChatGPT and the recently announced Shepherd model for AI research validation.

The integration timeline remains unclear, but developers using Codex should expect to see Pierre’s capabilities rolling out in the coming months. OpenAI has been moving quickly to ship new features — it just launched Dots, transforming its coding tools into an always-on AI assistant. Adding Pierre’s code review and analysis features could make Codex a genuine end-to-end solution for software development teams.

The refrigerators at three regional blood banks in France were hit by a cyberattack overnight between Sunday and Monday, at the same time hackers struck supermarkets from Sweden to Belgium. “Several regional facilities of the French Blood Establishment (EFS) were affected by a cybersecurity incident that impacted certain cold storage room monitoring and control systems,” the health ministry said in a statement.

The incident had no impact on blood supplies, EFS spokesperson Charley Dubois said. “We have staff round the clock since blood can be needed at any time. They were warned about the problems by alerts and moved the blood to other refrigerators that were not connected,” she said. […] Investigations are under way into how the attack was carried out, what equipment may have been affected and when systems can safely return to service. The attack followed a similar incident in France last month when police said hackers seized control of cooling units at hundreds of supermarkets, causing fires and food losses.

For those of our readers who have been following the CPU market in general as well as AMD and Intel in particular for decades, arguably the most earth-shattering part of AMD’s earnings report is its outlook for the fourth quarter. The company expects revenue of approximately $17 billion, plus or minus 3%, which implies a 66% year-over-year increase and 27% sequential growth at the midpoint. In contrast, Intel expects fourth-quarter revenue of $15 billion to $16 billion amid weakening PC demand and manufacturing capacity constraints.

If AMD meets its guidance, its quarterly sales will surpass those of its considerably bigger rival Intel for the first time in history. In fact, AMD will not only leave Intel formally behind, but its projected advantage will be approximately $1.5 billion at the midpoint of both companies’ forecasts, which is a tangible lead. The development reflects the companies’ increasingly different positions on the market: AMD is rapidly expanding its data center CPU and AI accelerator businesses, while Intel continues to depend heavily on PC and enterprise server processors, which sales face headwinds due to high memory prices and components shortages.

Security has become a greater concern recently. As artificial intelligence advances, Japan has seen a surge in cyberattacks targeting companies, as well as a rise in phishing attacks aimed at stealing personal information, often targeting bank accounts. The technology being used by Emut was developed by Seven Bank, the consumer finance unit of Seven & i Holdings, operator of 7-Eleven convenience stores. Emut customers will be able to withdraw money from Seven Bank’s roughly 28,000 ATMs. The network is expected to gradually expand to cover the 16,000 or so ATMs at FamilyMart convenience stores. Although MUFG Bank ATMs will not be accessible, MUFG will consider changing this in the future.

Scrapping cash cards represents a shift in what has for decades been consumers’ main method of withdrawing money. The former Sumitomo Bank — a predecessor of Sumitomo Mitsui Banking Corp. — is believed to have been Japan’s first bank to implement cash cards, in 1969. The step away from cash cards by MUFG, Japan’s largest financial institution, is likely to spur other banks to follow suit. […] Eschewing cash cards will reduce Emut’s costs, which will let it offer interest rates on deposits that are expected to be higher than MUFG Bank’s usual 0.5%, depending on the terms. Interest can be paid out daily, rather than twice a year — a first for a Japanese bank.

Canva is cutting or relocating more than 1,200 jobs, representing 22% of its global workforce, as part of a major restructure that includes laying off staff who helped build the Australian-founded design platform. The changes mirror a trend across the technology sector, where software companies are fighting to stay competitive against cheaper artificial intelligence disrupters while aggressively embedding AI tools themselves.

[…] The restructure will affect 1,271 people, according to the company, as it focuses on “collapsing layers” and bringing “more teams together in person.” […] Those leaving Canva will receive at least six months of salary and retain healthcare coverage for a further 12 months in countries where workers receive that benefit. They can also keep their laptops. Those leaving can also apply for US$10,000 (A$14,000) grants to start their own ventures.

After 22 years in orbit and a failed rescue mission this summer, it is highly likely that the Neil Gehrels Swift Observatory will crash into Earth sometime next week. It is not known where on the planet the spacecraft — which is roughly as big as a large elevator — will fall. Despite its size, experts say the risk to the public is relatively low. The observatory was designed to operate for a few years in low Earth orbit, but it far exceeded its expected lifespan, helping to make many important discoveries about the evolution of the cosmos, including the study of supernovas and the destruction of stars by black holes. However, in 2024, increased solar activity heated and expanded the upper layers of Earth’s atmosphere, increasing the drag on the satellite and accelerating its descent. Without a propulsion system capable of correcting its orbit, its days were numbered.