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But the extra money isn’t translating into spending, dragging second-quarter growth to 4.7% from a year ago — below analysts’ expectations.

Earlier this week, luxury houses Hugo Boss, Burberry, Richemont, and Swatch all reported a slump in sales in China that hit earnings.

Data suggests Chinese consumers would rather pay down their loans and move their deposits to wealth management products, said Tommy Xie, head of Greater China research at OCBC Bank, in a Monday note.

Beijing has been trying to boost economic growth by driving domestic consumption through subsidies and trade-in deals, even for property purchases.

Due to the lack of a strong social safety net in China, people in the country have an entrenched belief that they must save as a precaution, according to a Tuesday report from US investment bank TD Cowen.

Despite a lack of appetite for luxury fashion, China’s consumers have been snapping up gold — a haven asset — this year, sending prices of the precious metal to record highs.

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Hours after a battle in eastern Ukraine in August, a wounded and unarmed Russian soldier crawled through a nearly destroyed trench, seeking help from his captors, a unit of international volunteers led by an American.

The shooting of the unarmed, wounded Russian soldier is one of several killings that have unsettled the Chosen Company, one of the best-known units of international troops fighting on behalf of Ukraine.

In a second episode, a Chosen member lobbed a grenade at and killed a surrendering Russian soldier who had his hands raised, video footage reviewed by The Times shows.

In a third episode, Chosen members boasted in a group chat about killing Russian prisoners of war during a mission in October, text messages show.

A Greek soldier known as Zeus was at the center of all three episodes — tossing the grenade and, Mr. Grosse says, firing at the wounded Russian in the trench and bragging about another kill.

But in the United States military, a video showing the killing of a surrendering soldier, regardless of the circumstances, would prompt an immediate investigation, said Rachel E. VanLandingham, a professor at Southwestern Law School and a former U.S. Air Force lawyer.

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Initially cast as a clash over the safe development of artificial intelligence, Altman’s firing was at least partially motivated by the sense that his behavior would make it impossible for the board to oversee the CEO.

Altman was reinstated as CEO five days later, after employees released a letter signed by a large percentage of OpenAI’s 800-person staff, including most senior managers, and threatening mass resignations.

Within hours, messages dismissed the board as illegitimate and decried Altman’s firing as a coup by OpenAI co-founder and chief scientist Ilya Sutskever, according to the people.

For longtime employees, there was added incentive to sign: Altman’s departure jeopardized an investment deal that would allow them to sell their stock back to OpenAI, cashing out equity without waiting for the company to go public.

As the company seeks to rebuild the board and smooth things over with Microsoft, its majority shareholder, it has committed to launching an internal investigation into the debacle, which broke into public view on the Friday before Thanksgiving.

“There have been a lot of wild and inaccurate reports about what happened with the Board but the bottom line is that Ilya has very publicly stated that Sam is the right person to lead OpenAI and he is thrilled that he is back at the helm," Sutskever’s lawyer, Alex Weingarten, chair of the litigation practice at Willkie Farr & Gallagher, wrote in a statement.

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Sam Altman has been fired as CEO of OpenAI, the company announced on Friday.

Chief technology officer Mira Murati will be the interim CEO, effective immediately.

When contacted by The Verge, OpenAI’s communications department declined to comment beyond the blog post.

This is an extremely sudden turn of events as Altman has largely been the face of OpenAI, which arguably kickstarted the current AI arms race with last year’s hugely popular ChatGPT.

Altman is a co-founder of OpenAI and initially served as a co-chair of the company alongside Elon Musk.

Musk left in 2018 to avoid a conflict of interest with Tesla — he has since founded his own AI company, xAI.

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