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Rare light aircraft crash in Beijing kills pilot, injures 13 people

A light aircraft crash into Beijing's tallest building on Friday killed ​the pilot and injured 13 people who were not on ‌board, the local government said following the unusual accident for the Chinese capital, where airspace is heavily restricted. Those injured are receiving medical treatment and authorities are ​investigating the incident, Chaoyang district government said in a statement ​on Saturday. "A single-engine, two-seat light sport aircraft collided with ⁠a high-rise building while flying near the East third ring road ​in Chaoyang, at 5:55pm (0955 GMT) on June 26," said the ​statement, which was posted on social media. "There was only one person on board, the pilot, who died," the statement added, without giving any further details of ​the possible cause of the crash. Damage to the facade of the ​skyscraper appeared to be limited to a hole caused by the loss of ‌two ⁠large glass panels. The gap had been temporarily boarded up as ...
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Tech market values fall on AI costs and recession fears

Market values of major technology companies declined significantly in August, driven by mounting concerns over the rising costs associated with artificial intelligence infrastructure and fears of an impending recession. The combined effect of these factors has heightened vulnerabilities for tech stocks, particularly as investors brace for potential market corrections. Alphabet Inc. saw a 4.7% decrease in its market value last month. This decline was largely attributed to a slowdown in YouTube's advertising revenue, which raised doubts about the company's future earnings. Additionally, a recent US judge's ruling found Google in violation of antitrust laws, further compounded by increasing competition from OpenAI, which is advancing an AI-based search engine prototype. In the automotive sector, Tesla faced challenges as it began exporting Shanghai-made electric vehicles to Canada. Concerns have arisen regarding the impact of this shift on profits, especially given the higher costs associated with the company's US production facilities. Nvidia, a leading player in the AI chip market, experienced a notable 7.7% drop in market value in the final week of August, bringing its valuation to $2.92 trillion. The company reported third-quarter gross margins below market estimates and revenues that only met expectations, which fell short of investor hopes for a stronger performance. Despite commanding over 80% of the AI chip market, Nvidia's struggles highlight the delicate balance it faces between being a key enabler and beneficiary of AI advancements. On a more positive note, US drugmaker Eli Lilly saw its market value surge nearly 20% in August. The increase was driven by strong sales and the successful launch of a new weight-loss drug, which significantly reduces the risk of type 2 diabetes in overweight adults. Berkshire Hathaway also marked a milestone by closing above $1 trillion in market value at the end of August. This achievement reflects investor confidence in the conglomerate, which has been built by Warren Buffett over nearly six decades and is seen as a barometer for the US economy.

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