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☆ India's high unemployment is a 'ticking bomb,' opposition says as election battle with Modi's BJP heats up
▼ + stars: | 2024-04-23 | by ( Vinay Dwivedi | ) www.cnbc.com time to read: +4 min

India's unorganized sector, which is made up of millions of small businesses that are privately owned, make up about 93% of the country's total workforce. As many as 32% of the respondents said increasing unemployment was the key reason why they would not elect the BJP again. India's Labour Ministry did not immediately respond to CNBC's queries pertaining to the country's unemployment situation. Rajan, who was speaking about how to make India an advanced economy at the George Washington University, said: "Unemployment numbers are high, disguised unemployment is even higher. A slowdown in hiring in India's huge information technology sector is also to blame for the lack of well-paying, white-collar jobs.

Persons: Rahul Gandhi, Narendra Modi, Modi, Gandhi, —, Manmohan Singh, Arun Kumar, Lokniti, joblessness, Kumar, Raghuram Rajan, Rajan Organizations: DELHI, International Labour Organisation, Institute of Human, Goods, Services Tax, Jawahar Lal Nehru, CNBC, ILO, Bharatiya Janata Party, Indian National Congress, BJP, Modi, India's Labour Ministry, Former Reserve Bank of India, George Washington University, Labor Locations: India, Bihar, New Delhi

☆ India’s economy and elections: Is the hype around Narendra Modi’s vision justified?
▼ + stars: | 2024-04-16 | by ( Diksha Madhok | Rachel Wilson | ) edition.cnn.com time to read: +9 min

New Delhi/London CNN —In just a few days, India will commence the world’s largest democratic election. So, is the hype around Modi’s India, which remains a largely impoverished country, justified? The world’s largest biometric database has also helped the government save millions by reducing corruption in welfare initiatives. Domestic investors, both retail and institutional, have been driving India’s stock market to unprecedented peaks. Still, India’s economy, much like its democracy, is far from perfect.

Persons: Narendra Modi, Indranil Mukherjee, Modi, Himanshu Sharma, Guido Cozzi, Arun Sankar, Billionaire Elon Musk Organizations: London CNN —, Getty, CNN, World, University of St, Unified, Bank, ”, National Stock Exchange of India, bourse, Bombay Stock Exchange, NSE, Shenzhen Stock Exchange, Hong Kong Exchange, World Federation of Exchanges, Macquarie Capital, Apple, Foxconn, Billionaire, International Labour Organization Locations: New Delhi, London, India, China, Beijing, Ajmer, Rajasthan, University of St Gallen, Switzerland, Asia’s, Washington, Sriperumbudur, Chennai, Mumbai's Churchgate, AFP

☆ Hot inflation and high estimates could ruin the Q1 earnings season. Why investment chiefs are increasingly worried — and the bull case that profits are still underestimated.
▼ + stars: | 2024-04-12 | by ( James Faris | ) www.businessinsider.com time to read: +6 min

Without strong profit progress in the Q1 earnings season starting in mid-April, US stocks may surrender their 8.2% year-to-date gain. Loftier estimates, top-heavy earnings are reasons for worryFirms have a rather low bar to clear in the upcoming earnings season, as is often the case. The market's largest companies are disproportionately driving earnings growth in addition to stock returns, Goldman Sachs found. The Q1 earnings season begins in earnest on Friday as big banks share results. Early reporters have beaten earnings estimates by 13.5%, Golub wrote, which he added is more than double the typical rate.

Persons: Richard Saperstein, James Ragan, David Kostin, Goldman Sachs, Kostin, Anthony Saglimbene, Ameriprise, we're, Saglimbene, Arun Bharath, Bharath, Jonathan Golub, Golub, they're Organizations: Federal Reserve, Business, Treasury Partners, DA Davidson, Nvidia, Big Tech, Bel Air Investment Advisors, UBS, Institute for Supply Management Locations: America

☆ Multi-strategy hedge funds in Hong Kong and Singapore are booming. Here's why they're tapping the Middle East to get to the next level.
▼ + stars: | 2024-04-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +7 min

To Danny Yong, the Middle East is still Asia. In particular, multi-strategy hedge funds, the industry subset that large allocators are desperate for thanks to their uncorrelated and consistent returns, are growing in markets like Hong Kong and Singapore. Houston-based Pan Capital is planning to hire macro PMs in Hong Kong this year. These people-heavy firms need plenty of talent to make it all work, and the relatively small size of the Singapore market, coupled with political uncertainty in Hong Kong, puts a strain on the entire system. "Managers follow allocator trends, and the Middle East has been actively allocating while other regions have slowed their deployment.

Persons: Danny Yong, firm's, Yong, there's, Kurt Baker, Jonathan Xiong, Bobby Jain, Amir Ravan, Arun Singhal, Alan Howard, Simon Sadler, Dymon, Samantha Rosenstock, Craig Thorburn, It's, Joe Cheung, —, Cheung Organizations: Business, Dymon, UAE, Millennium, Bloomberg, Pan, Segantii Capital Management, Blackpool Football Club, Man, Hong Kong Monetary Authority, Citadel Locations: Asia, Japan, Hong Kong, Singapore, Dubai, Dymon Asia, Houston, Point72, Tokyo, Sidney, Abu Dhabi, United Kingdom, London, Miami, New York, China

☆ The NFL's annual meeting is happening now. Here are 6 firms that stand to win if the league opens its doors to new investors.
▼ + stars: | 2024-03-25 | by ( Tiara White | Alex Nicoll | ) www.businessinsider.com time to read: +4 min

This year's meeting is being closely watched by Wall Street because of a planned discussion about whether to start letting team owners sell stakes to private-equity firms and other institutional investors. So who stands to benefit if the NFL owners agree to a rule change? AdvertisementThe sports investing experts who spoke to BI pointed to private-equity firms with established histories in sports investing, like Dyal HomeCourt, Arctos Partners, and RedBird Capital. Lutsky also thinks a rule change could prompt more financial industry newcomers to try to break into the world of sports investing. See BI's list of private-equity firms that could benefit from an NFL rule change, according to 6 finance experts and industry insiders, from bankers to investment advisors:

Persons: —, Arun Muralidhar, Muralidhar, Tim Schlittner, Jonathan Lutsky, Lutsky Organizations: Service, NFL, Tennessee Titans, Forbes, Business, NBA, NHL, MLB, Mcube Investment Technologies, Drake Star Partners, BI, Arctos Partners, RedBird, Partners, Sports Locations: Orlando , Florida

☆ Investing in sports teams is trendy now — but is it headed toward bubble territory? New research provides a playbook.
▼ + stars: | 2024-03-19 | by ( Tiara White | ) www.businessinsider.com time to read: +6 min

The simmering topic has been up for debate, in part because prices for NFL teams have risen so high that they threaten to restrict who can be a lead owner. This raises the question: Are investments in sports teams actually a good investment, especially for risk-averse investors like pensions and endowments? According to new research published in Investments & Wealth Publications in November, the answer is a resounding yes. For the article, he teamed up with his father, Arun Muralidhar, the chairman and founder of Mcube Investment Technologies, which develops decision-support products for institutional investment managers. "They themselves are investing globally to make sure that their brand is increasing, and they found great success with that."

Persons: —, Sid Muralidhar, Muralidhar, Risktyle, Arun Muralidhar, Sachin Muralidhar, Sachin, Arun, Sid Muralidhar Sid Muralidhar, homed, it's Organizations: Service, NFL, Dallas Cowboys, Forbes, Business, Investments, Wealth, NHL, Citigroup, Mcube Investment Technologies, The University of Virginia, National Hockey League, NBA, MLB, BI

☆ Biden’s 'billionaire tax' takes aim at the super-rich — but can a wealth tax work in reality?
▼ + stars: | 2024-03-15 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +6 min

This is about the wealthy contributing more ... the extremely wealthy contributing more and being proud to do that. "This is about the wealthy contributing more to the society, the extremely wealthy contributing more and being proud to do that," Phil White, retired business owner and Patriotic Millionaires co-signatory, told CNBC. But experts are divided over the effectiveness of a wealth tax, and its how achievable it is in reality. Data suggests that wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied. Data suggests that a wealth tax accounts for only a very small proportion of total tax revenues in the countries where it has been applied.

Persons: Joe Biden, Biden, Phil White, Abigail Disney, Brian Cox, Arun Advani, Advani, Christine Cairns, PwC, Tord Kolstad, Kolstad, Kolstad Eiendom Organizations: Patriotic, Patriotic Millionaires, CNBC, Scottish, University of Warwick Locations: Brazil, Europe, Switzerland, Norway, Spain, Colombia

☆ Goldman is making a big call to clients to hedge for a market decline. Here's what it recommends
▼ + stars: | 2024-03-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

Arun Prakash from Goldman's derivatives research team proposed an options trade focused on the Cboe Volatility Index , or "Vix," to hedge against a market selloff. .VIX 5Y mountain The Cboe Volatility Index has been trading at an unusually low level in 2024 so far. Generally speaking, a call option gives the holder the right to buy the underlying asset at the strike price, and serves as a bet that the asset will rise above the strike price. "Over the past 30+ years, VIX has averaged 19 in April, and we see upside risks to the current low VIX levels given current macro environment and upcoming macro/micro catalysts. If the Vix does not rise above the strike price before the options contract expires, the trader loses the premium paid for the contract.

Persons: Goldman Sachs, Arun Prakash, Prakash, hasn't, That's, Goldman, VIX, — CNBC's Michael Bloom Organizations: Reserve

☆ French appetite for frogs’ legs threatens frog species, experts warn Macron
▼ + stars: | 2024-03-11 | by ( Catherine Nicholls | ) edition.cnn.com time to read: +3 min

CNN —The popularity of the famous French delicacy of cuisses de grenouille, or frogs’ legs, is threatening the existence of certain frog species, a group of more than 500 environmental campaigners has warned French President Emmanuel Macron. A joint study by Robin des Bois and Pro Wildlife found that France alone consumes more than 3,000 tons of frozen frogs’ legs a year. Vietnam is also a large exporter of frogs’ legs, but these frogs are typically farmed rather than wild, according to a media statement accompanying the letter. “But the EU still tolerates the collection of millions of animals in other countries – even if this threatens the frog populations there. The signatories called on France to develop proposals to protect declining frog species, and to ensure that the monitoring, regulation and sustainability of the trade in frogs’ legs is governed by international trade rules.

Persons: Emmanuel Macron, Robin des Bois, Jeff Pachoud, ” Fejervarya, Arun Roisri, ” Sandra Altherr, Alain Moussu, Moussu Organizations: CNN, Biodiversity, Pro Wildlife, European Union, Wildlife, Getty Locations: France, Pierrelatte, Lyon, AFP, Indonesia, Turkey, Albania, Vietnam, Europe

☆ UK ‘non-dom’ tax status, explained
▼ + stars: | 2024-03-06 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

“Those with the broadest shoulders should pay their fair share,” UK finance minister Jeremy Hunt told parliament Wednesday. ‘Colonial concept’The non-dom regime is an “archaic colonial concept,” which determines a person’s tax status based on their “intended” place of residence, said Arun Advani, an economics professor at the University of Warwick. The opposition Labour Party had previously said it would abolish the non-dom regime if it came to power, and spend the money raised on the National Health Service. Yui Mok/Pool/AFP/Getty ImagesMurty has since renounced those advantages, citing the “British sense of fairness” and the “distraction” her tax status posed to her husband, who was serving as the UK’s finance minister at the time. But in November 2022 Hunt defended the “non-dom” status.

Persons: Jeremy Hunt, ” Hunt, Arun Advani, Advani, Rishi Sunak, Akshata Murty, Yui Mok, Murty, Hunt, “ I’m, ” Organizations: London CNN, Britain’s Conservative, Revenue, Customs, London School of Economics, Political Science, University of Warwick, Labour Party, National Health Service, Britain's, Getty, BBC Locations: United Kingdom, Britain, India, Buckingham, London

☆ Walmart is a 'much more diversified' company than Target, says CFRA's Arun Sundaram
▼ + stars: | 2024-03-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWalmart is a 'much more diversified' company than Target, says CFRA's Arun SundaramArun Sundaram, CFRA analyst, joins 'Squawk on the Street' to discuss Target as the company's stock is trading higher following the fourth-quarter earnings report, the divergence in equity performance between Target and Walmart, and more.

Persons: CFRA's Arun Sundaram Arun Sundaram Organizations: Walmart, Target

☆ A global tax on billionaires is on the G20 agenda. Will it ever happen?
▼ + stars: | 2024-03-01 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —Finance officials from the world’s biggest economies began talks this week on introducing a global minimum tax on billionaires. According to the EU Tax Observatory, the super-rich in big countries pay a far smaller share of their income in taxes than ordinary people. The world’s current patchwork of tax regimes fails “to properly tax the individuals with the highest ability to pay taxes,” he added. The negotiations on a minimum tax on corporations took years,” Quentin Parrinello, senior policy advisor at the EU Tax Observatory, told CNN. Practical headachesA global minimum tax on billionaires would be more complicated to implement than the one introduced for corporations, says Arun Advani, an economics professor at the University of Warwick.

Persons: ” Gabriel Zucman, ” Quentin Parrinello, ” Parrinello, Arun Advani, “ It’s, ” Advani, “, ’, Advani, ” Organizations: London CNN — Finance, EU, Observatory, Oxfam, EU Tax Observatory, Independent, Climate Finance, European Union, CNN, University of Warwick Locations: São Paulo, Brazil, France, Italy, United States, China, India, Saudi Arabia, Argentina, London, New York

Elena Perova | Istock | Getty ImagesJust ahead of the holiday season, Walmart had encouraging news for inflation-weary shoppers: Prices on food and other staples were falling instead of rising. But the retail giant backpedaled this week, saying higher prices on many grocery items and household staples like paper goods have stuck. Food prices climbed 2.6%, fueled by a 5.1% jump in prices for food away from home, a category that includes restaurant meals and vending machine purchases. That gives their makers the ability to keep raising prices to mitigate higher costs, even as their volume drops. Even some of the biggest U.S. brands have signaled that consumers' tolerance of higher prices has worn thin.

Persons: Elena Perova, John David Rainey, Coke, James Quincey, Gregory Daco, airfares, Tyson, Fernando Fernandez, Arun Sundaram, Kraft Heinz, Chocolate, Hershey, Edward Jones, Brittany Quatrochi, Sundaram, Pringles, Kellanova, Heinz, Stefani Reynolds, Brad Thomas, CFRA's Sundaram, Thomas, Frederic J, Brown, Oscar Mayer, Greg Melich Organizations: Istock, Walmart, CNBC, Federal, Depot, Pew Research Center, Maine Foods, Unilever, Nestle, Bloomberg, Getty, Planters, Target, Kroger, AFP, U.S, PepsiCo, Frito, Evercore ISI Locations: Hershey , Pennsylvania, North America, Washington ,, Rosemead , California

Its price target of $4,380 suggests nearly 18% upside from Friday's close. "We expect numbers to reset lower (again) with the downward revision a negative catalyst for the multiple, and the margin story likely being pushed out to 2025," wrote analyst Christian Carlino. Analyst Anthony Powell accompanied the move by raising his price target to $204 from $194, implying a potential 15% rally for the stock. The investment firm upgraded the airline stock to market-perform from underperform, boosting its price target to $32 from $26. His price target of $338 per share implies upside of just 5% from Friday's close.

Persons: Bernstein, Evercore, Piper Sandler, Brian Mullan, Mullan, — Jesse Pound, Aaron Kessler, — Michelle Fox, JPMorgan downgrades Holley, Holley, Christian Carlino, Carlino, HLLY, hasn't, — Lisa Kailai Han, AvalonBay, Anthony Powell, Powell, AVB, Lisa Kailai Han, Joshua Shanker, Morgan Stanley, bullish Tesla, Tesla, Adam Jonas, Jonas, Russell Quelch, Quelch, MSCI, Arun Viswanathan, Viswanathan, Rosenblatt, Hans Mosesmann, Mosesmann, Michael Linenberg, Linenberg, David Vernon, David Raso, Raso, Assuredness, Fred Imbert, ~$ ~$ Organizations: CNBC, Airlines, Southwest Airlines, Deutsche Bank, JetBlue, Caterpillar, Foods, . Restaurant, Seaport Research, Booking Holdings Seaport Research Partners, Booking Holdings, JPMorgan, Barclays, Bank of America, AIG, of America, Tesla Network, RBC, Ball Corporation, Markets, Ball Corp, Aerospace, BAE Systems, Ball, Micro Computer, Super Micro Computer, Micro, ASM, Spirit Airlines, Bernstein, Spirit, Boeing Max, ISI, CAT Locations: Southwest, Friday's

☆ The Fed is set to cut rates this year. Here are the Asian currencies that stand to benefit
▼ + stars: | 2024-02-19 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +5 min

Brent Lewin | Bloomberg | Getty ImagesThe U.S. Federal Reserve is expected to cut interest rates later this year and, while that may not be good news for the dollar , some Asian currencies stand to benefit. Higher interest rates boost a country's currency, attracting foreign investment and increasing demand for the country's currency. A weak U.S. dollar is generally positive for emerging markets, which is often the case when the Fed cuts interest rates outside of an economic crisis. Experts told CNBC currencies such as the Chinese yuan , the Korean won and the Indian rupee stand to benefit from the Fed loosening monetary policy. So those are also positive for the Indian currency," said Anindya Banerjee, vice president of currency and derivatives research at Kotak Securities.

Persons: Mahatma Gandhi, Brent Lewin, Yuan, Arun Bharath, Bharath, Simon Harvey , , Anindya Banerjee, Banerjee, South Korea's, Monex's Harvey Organizations: Bloomberg, Getty, . Federal, CNBC, Korean, Bel Air Investment Advisors, People's Bank of, FX, U.S, Kotak Securities, Bank of, Korea's, South Locations: Bangkok, Thailand, China, People's Bank of China, U.S, Bank of India, India, Europe, America

☆ I was skeptical about moving into a retirement community. But it's so much fun, and much easier on my adult children.
▼ + stars: | 2024-02-09 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +7 min

Deepa Andleigh didn't want to burden her adult sons as they raised families and pursued careers. In 2020, Andleigh moved into Priya Living, a Bay Area retirement home rooted in Indian heritage. AdvertisementMy sons and I had heard about Priya Living, a retirement facility Arun Paul started because he wanted something independent for his Indian parents. Deepa Andleigh Deepa AndleighOn Wednesdays, my friends and I at the facility have chai tea and bring snacks — It's like social law. People should be open-minded about retirement homesPeople who don't believe in retirement homes have to realize that their children have their own lives.

Persons: Deepa Andleigh didn't, Andleigh, —, Deepa Andleigh, Priya, Arun Paul, Rachna Patel, He's, don'ts, I'm, Barbra, Deepa Andleigh Deepa Andleigh, Jawaharlal Nehru, COVID, it's, It's, they're Organizations: Priya, Area, Service, Bay Area, Berkeley University, Cornell University, Massachusetts Institute of Technology, India Locations: East Coast, Bay, Saratoga , California, Saratoga, Andleigh, India, Priya, Santa Clara

☆ US Airlines Cancel Over 2,000 Flights Due to Massive Winter Storm
▼ + stars: | 2024-01-12 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

(Reuters) -Airlines in the United States canceled more than 2,000 flights on Friday after a massive winter storm knocked out power and affected businesses in 12 states ahead of a likely brutal freeze over the weekend. A total of 2,058 flights were canceled and 5,846 flights were delayed as of 5.30 p.m. Southwest Airlines led the list of cancellations with 401 flights, followed by SkyWest at 358. "We expect some operational challenges due to the weather in the Midwest today and potentially tomorrow due to the winter weather in the region," Delta Air Lines said. Southwest Airlines said in a travel advisory that some of its flights in Chicago, Detroit and Omaha could be impacted.

Persons: SkyWest, Nathan Gomes, Abhinav Parmar, Sriraj Kalluvila, Arun Koyyur, Shounak Dasgupta Organizations: Reuters, Airlines, United States, Southwest Airlines, Air Lines, Federal Aviation Administration, FAA, Alaska Airlines Locations: United, Midwest, Chicago, Detroit, Omaha, Bengaluru

Dec 5 (Reuters) - Eli Lilly (LLY.N) on Tuesday said its recently approved obesity treatment Zepbound is now available in U.S. pharmacies and could cost $550 a month for customers whose health insurance does not cover the drug, or half the list price. Wall Street analysts expect sales of Zepbound to reach about $2 billion in 2024, and for sales of Novo Nordisk's (NOVOb.CO) rival obesity drug Wegovy to hit around $7.5 billion. An Eli Lilly and Company pharmaceutical manufacturing plant is pictured at 50 ImClone Drive in Branchburg, New Jersey, March 5, 2021. When the U.S. Food and Drug Administration approved Zepbound in November, Lilly said it would launch after the U.S. Thanksgiving holiday. Lilly's obesity drug has the same active ingredient, tirzepatide, as its previously approved diabetes drug Mounjaro, which has been used off-label for weight loss since its 2022 launch.

Persons: Eli Lilly, Wegovy, danuglipron, Zepbound, Lilly, Mike Segar, Eli Lilly's, Patrick Wingrove, Manas Mishra, Khushi, Arun Koyyur, Alexander Smith, Bill Berkrot Organizations: Wall Street, Novo, Pfizer, Company, REUTERS, CVS, U.S . Food, Drug Administration, U.S, Thomson Locations: U.S, Branchburg , New Jersey, Indianapolis, New York, Bengaluru

HONG KONG, Dec 5 (Reuters Breakingviews) - Why would the world’s largest battery maker want to sell shares when it’s already flush with liquidity? It ended June with 102 billion yuan ($14 billion) in net cash, Moody’s calculates. CATL has just started production at a new facility in Germany and is building a plant in Hungary, its first forays West. The company’s long-term loans have increased more than tenfold to more than 70 billion yuan and its long-term bonds by around a third to nearly 20 billion yuan since 2020, per Visible Alpha. But as Zeng’s electric dreams accelerate, he’ll want to be sure CATL’s own batteries are fully charged.

Persons: it’s, CATL, Robin Zeng, Breakingviews, Tesla, Antony Currie, Thomas Shum Organizations: Reuters, Hong, Thailand’s, Ford Motor, Technology, Thomson Locations: HONG KONG, Switzerland, CATL, Hong Kong, Shenzhen, China, Europe, Germany, Hungary, Fitch, Indonesia, Swiss

☆ Vaishali Rameshbabu: Indian chess siblings become first brother and sister duo to earn grandmaster title
▼ + stars: | 2023-12-04 | by ( Ben Church | ) edition.cnn.com time to read: +2 min

CNN —Chess player Vaishali Rameshbabu followed in the family tradition by becoming a grandmaster on Friday. Her brother, Praggnanandhaa Rameshbabu, became one of the youngest grandmasters in history in 2018 at the age of 12. Together, the siblings have now become the first brother and sister duo to become grandmasters, according to Chess.com. Vaishali Rameshbabu, pictured here at a tournament in the Netherlands in January, became a chess grandmaster on Friday. Dean Mouhtaropoulos/Getty Images“Becoming a [grandmaster] has been my goal since I started playing chess,” Vaishali told Chess.com after earning the title at the IV El Llobregat Open in Spain.

Persons: Vaishali Rameshbabu, Praggnanandhaa Rameshbabu, Dean Mouhtaropoulos, Vaishali, Chess.com, “, ”, Arun Sankar, Vaishali’s, she’s Organizations: CNN —, Chess Federation, Getty, FIDE Locations: Vaishali, India, Chess.com, Netherlands, El Llobregat, Spain, Chennai

☆ OpenAI delays launch of custom GPT store to early 2024
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsDec 1 (Reuters) - ChatGPT maker OpenAI has delayed the launch of its custom GPT store until early 2024, according to an internal memo seen by Reuters on Friday. During its first developer conference in November, OpenAI introduced the custom GPTs and store, which were set to be launched later that month. The company is continuing to "make improvements" to GPTs based on customer feedback, the memo said. The GPTs are early versions of AI assistants that perform real-world tasks such as booking flights on behalf of a user. It is also expected to allow users to share their GPTs and earn money based on the number of users.

Persons: Dado Ruvic, OpenAI, Sam Altman, Arsheeya, Shailesh Kuber, Arun Koyyur Organizations: REUTERS, Reuters, Thomson Locations: Bengaluru

☆ US FDA gives second approval to Eli Lilly's drug for type of blood cancer
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

Dec 1 (Reuters) - Eli Lilly (LLY.N) said on Friday the U.S. Food and Drug Administration (FDA) gave a second approval for its drug Jaypirca, which is used to treat a form of blood cancer. The company said the health regulator gave the new approval to the drug for the treatment of chronic lymphocytic leukemia (CLL), a type of cancer in which the bone marrow makes too many of certain white blood cells. Jaypirca was first given accelerated approval by the FDA on Jan. 27 for the treatment of mantle cell lymphoma (MCL), a rare type of blood cancer that starts in white blood cells and spreads to other parts of the body. MCL is a more aggressive form of cancer compared to CLL, according to the National Institutes of Health. The drug aims to treat adults with CLL after at least two lines of therapy.

Persons: Eli Lilly, LLY.N, Jaypirca, Christy Santhosh, Arun Koyyur Organizations: U.S . Food, Drug Administration, FDA, National Institutes of Health, CLL, Thomson Locations: Bengaluru

☆ Southwest, pilots' union nearing preliminary labor deal - source
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

Southwest airline pilots approach to land at San Diego International airport in San Diego, California, U.S., May 18, 2023. REUTERS/Mike Blake/File Photo Acquire Licensing RightsDec 1 (Reuters) - Southwest Airlines (LUV.N) and its pilots' union were nearing a new labor deal ahead of the holiday season, a person familiar with the negotiations said on Friday. The company remains committed to reaching a deal that rewards its pilots and places them competitively in the industry, it added. Earlier this year, major carriers American Airlines, Delta, and United Airlines successfully reached agreements with their respective pilot unions. CNBC first reported that Southwest was nearing a new contract with the union.

Persons: Mike Blake, Pratyush Thakur, Rajesh Kumar Singh, Krishna Chandra Eluri, Arun Koyyur Organizations: San Diego International, REUTERS, Southwest Airlines, Southwest, Transport Workers Union Local, American Airlines, United Airlines, CNBC, Thomson Locations: San Diego , California, U.S, Delta, Bengaluru, Chicago

☆ Amazon to use Falcon 9 rockets of SpaceX for Project Kuiper
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Joe Skipper/File Photo Acquire Licensing RightsDec 2 (Reuters) - Amazon (AMZN.O) has signed an agreement with SpaceX to launch three of Elon Musk's Falcon 9 rockets to support deployment plans for its Project Kuiper, the ecommerce giant said on Friday. Kuiper is Amazon's low Earth orbit satellite broadband network designed to accommodate multiple launch providers and vehicles. The company announced the project in 2019, the year SpaceX began deploying its first operational Starlink spacecraft. It aims to build Kuiper as a constellation of 3,236 satellites in low Earth orbit. The Falcon 9 launches are targeted to lift off beginning mid-2025, Amazon said.

Persons: Joe Skipper, Elon, Amazon, Harshita Mary Varghese, Arsheeya, Arun Koyyur Organizations: SpaceX, International Space, Kennedy Space Center, REUTERS, Elon Musk's Falcon, Thomson Locations: Cape Canaveral , Florida, U.S

☆ US compels Saudi fund to exit Altman-backed AI chip startup - Bloomberg News
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

Nov 30 (Reuters) - The Biden administration has forced a Saudi Aramco venture capital firm to sell its shares in a Silicon Valley AI chip startup backed by OpenAI co-founder Sam Altman, Bloomberg News reported on Thursday. Altman-backed Rain Neuromorphics, a startup designing chips that mimic the way the brain works and aims to serve companies using artificial intelligence (AI) algorithms, raised $25 million in 2022. The agency, the primary U.S. watchdog for deals with national security implications, instructed the Saudi fund to unwind that deal sometime over the past year, the report said. Altman and the U.S. Treasury, which oversees the Committee on Foreign Investment in the United States (CFIUS) process, did not immediately respond to a Reuters request for comment. The US has taken action that could block AI development in the Middle East.

Persons: Biden, OpenAI, Sam Altman, Altman, Aramco's, Harshita Mary Varghese, Chris Sanders, Arun Koyyur, Sherry Jacob, Phillips, Deepa Babington Organizations: Bloomberg, Foreign Investment, Saudi, U.S . Treasury, Department of Treasury, US, Nvidia, Devices, Thomson Locations: Saudi Aramco, United States, U.S

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