Visual Effects Veteran Ed Ulbrich Joins AI Firm Moonvalley to Expand Hollywood Partnerships

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Ed Ulbrich, a seasoned visual effects expert known for his work on blockbuster films like Titanic, The Curious Case of Benjamin Button, and Top Gun: Maverick, has joined AI research company Moonvalley as head of strategic growth and partnerships.

Ulbrich’s role involves strengthening Moonvalley’s ties within Hollywood and collaborating with its studio division, Asteria Film, to promote the adoption of Moonvalley’s generative AI technology, Marey. He draws parallels between the current AI surge and the earlier CGI revolution, which despite initial fears, ultimately created hundreds of thousands of new jobs in the industry.

Moonvalley emphasizes the ethical use of AI by training its models only on licensed content, addressing recent controversies around unauthorized use of film and TV libraries that have led to lawsuits against other AI firms like Midjourney. Ulbrich expressed that the company’s respect for creators and clean data use was a key factor in his decision to join.

With over 30 years in visual effects and credits in more than 50 films and 500 commercials, Ulbrich has also pioneered digital human performances, such as the holographic Tupac Shakur at Coachella in 2012. Before Moonvalley, he was chief content officer and production president at Metaphysic, an AI company specializing in digital actor aging effects, acquired by DNEG Group in February. He has also held leadership positions at Deluxe and Digital Domain, serving as CEO at the latter.

Careem to Suspend Pakistan Service After Nearly a Decade Amid Economic Challenges

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Careem, the ride-hailing service owned by Uber in the Middle East, announced it will suspend its Pakistan operations on July 18, ending a near 10-year presence in the country due to economic difficulties, rising competition, and capital constraints.

Launched in 2015, Careem was a pioneer in app-based transport in Pakistan, helping to popularize digital payments, app bookings, and increasing female ridership. However, the company said the tough macroeconomic environment, intensified competition, and challenges in global capital allocation made continued investment unsustainable.

Newer competitors such as Russia-backed Yango and Latin America’s inDrive have expanded aggressively in Pakistan’s major cities with low-cost ride models. This follows Uber’s exit from Pakistan in 2022, signaling mounting pressure on the country’s digital economy.

Pakistan’s startup ecosystem has struggled since 2022 amid drying venture capital, soaring inflation which peaked at 38% before easing to 3.5%, and weakening consumer demand. Several startups like Airlift, Swvl, VavaCars, and Truck It In have shut down or downsized.

Globally, ride-hailing companies including Uber, Lyft, and Grab have been exiting unprofitable markets or shifting toward adjacent services such as deliveries and payments, due to rising costs, regulatory hurdles, and thin margins in emerging markets. Uber continues to operate in parts of the Middle East and North Africa but has withdrawn from Pakistan as of 2024.

TP Plans to Return 1.5 Billion Euros to Shareholders by 2028 Amid AI-Driven Transformation

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French call centre and office services company TP (formerly Teleperformance) announced on Wednesday new medium-term financial targets, including plans to return 1.5 billion euros to shareholders by 2028 through dividends and share buybacks.

TP, which offers decentralized customer service and moderation solutions, is leveraging AI-powered tools to enhance its offerings and address the potential automation impact on traditional outsourcing services. The company forecasted that up to one-third of its activities could be automated within the next three years.

Finance Chief Olivier Rigaudy said the firm aims for like-for-like sales growth between 4% and 6% (at constant exchange rates) by 2028 and targets a recurring EBITDA margin of 15.5% the same year. Over the 2026-2028 period, TP plans to generate 3 billion euros in free cash flow, allocating about 20% (600 million euros) for acquisitions.

On the innovation front, TP unveiled TP.ai FAB, a proprietary AI orchestration platform designed to integrate artificial intelligence with human expertise and automation. This initiative is supported by its acquisition of Agents Only, an AI-enabled crowdsourcing platform.

The company employs over 410,000 people globally and recently announced a cost-cutting plan involving 600 job cuts to manage debt that nearly doubled in 2023 after consolidating Majorel. Earlier projections for 2025 include 3%-5% like-for-like sales growth and a slight EBITDA margin increase.