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☆ Stripe co-founder says high interest rates flushed out Silicon Valley's 'wackiest' ideas
▼ + stars: | 2024-04-25 | by ( Kate Rooney | ) www.cnbc.com time to read: +2 min

Rising interest rates crushed technology valuations and had a chilling effect on Silicon Valley. Stripe had to take a major haircut along with the rest of the industry as soaring inflation and rising interest rates, starting in 2022, pushed investors out of the riskiest assets, lifted borrowing costs and and forced startups to tighten their belts. "Valuations are a product of interest rates," Collison said. While many tech companies took a hit in 2022 and 2023, Collison said the rising interest rate environment succeeded in flushing out the "wackiest" startup ideas, leaving the best ones to get funded. He pointed to an "overfunding" of marginally good ideas, and "zombie companies" taking too long to go bust.

Persons: John Collison, Collison, Patrick, Elon, We're, Jerome Powell Organizations: CNBC, SpaceX, Wall Street Journal, Federal Locations: Silicon Valley

☆ Jamie Dimon says AI may be as impactful on humanity as printing press, electricity and computers
▼ + stars: | 2024-04-08 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Jamie Dimon, the veteran CEO and chairman of JPMorgan Chase , said he was convinced that artificial intelligence will have a profound impact on society. In his annual letter to shareholders released Monday, Dimon chose AI as the first topic in his update of issues facing the biggest U.S. bank by assets — ahead of geopolitical risks, recent acquisitions and regulatory matters. But his focus on AI, first mentioned in Dimon's annual letter in 2017, stood out. Enthusiasm for AI has fueled the meteoric rise of chipmaker Nvidia and helped propel tech names to new heights.

Persons: Jamie Dimon, JPMorgan Chase, Dimon, OpenAI's ChatGPT Organizations: JPMorgan, Banking, Housing, Urban Affairs Committee, Wall Street Firms, Nvidia

☆ The home insurance market is crumbling. These owners are paying the price
▼ + stars: | 2024-03-29 | by ( Nathaniel Meyersohn | Anna Bahney | ) edition.cnn.com time to read: +9 min

Courtesy Victoria ZangaraIn the past, acquiring or keeping homeowners’ insurance didn’t present much of a problem. There was roughly a 10% to 12% increase in homeowners’ insurance costs last year in the United States, said Mark Friedlander, spokesperson for the Insurance Information Institute, a nonprofit industry association. Jim Watson/AFP/Getty ImagesHomeowners who have a mortgage are not able to go without homeowners insurance as their mortgage servicer will require an escrow account for insurance. Some 6 million homeowners chose to forgo homeowners insurance, according to a report from the Consumer Federation of America. They have lived in their home for 19 years and had a policy with Foremost Insurance, paying about $1,910 a year.

Persons: Alfredo Herrera, Herrera, Zangara, “, ”, ” Herrera, policyholders, Mark Friedlander, Neil Fernandes, Fernandes, David Swanson, Matthew Carletti, Jim Watson, Diana Troxell, Diana Wright Troxell, Bruce, ” CNN’s Ella Nilsen Organizations: New, New York CNN, Louisiana Citizens, ”, National Oceanic, Atmospheric Administration, Louisiana State University, Insurance Information Institute, Farmers Insurance, Farmers, AAA, CNN, Firefighters, Reuters, State, Citizens Property Insurance, JMP Securities, Getty, Homeowners, Consumer Federation of America, CFA, Social Security, Foremost Insurance, California FAIR, FAIR Locations: New York, New Orleans, City, Louisiana, New Orleans , Louisiana, America, United States, Santa Clarita , California, California, Florida, Sycamore, Whittier , California, AFP, Cottonwood , California, ‘

☆ Opinion | How America’s Two Abortion Realities Are Clashing
▼ + stars: | 2024-03-08 | by ( The Ezra Klein Show | ) www.nytimes.com time to read: +65 min

mary zieglerWell, I think it’s much easier to ban abortion than it is to enforce a criminal law against abortion. mary zieglerNo, I think that’s right. If our abortion politics don’t reflect our abortion views, what does that tell us about the health of the democracy? We’ve seen upwards of 10 states — I think it’s 14 or 15 that have changed their definition of abortion in abortion restrictive states since Dobbs. So, the idea is that abortions that are presented as life saving either are not abortions or are simply pretexts for abortion that’s elective.

Persons: ezra klein, Ezra Klein, ”, overturns Roe, Wade, we’ve, Dobbs, Mary Ziegler, mary ziegler, Roe, they’ve, they’re, didn’t, isn’t, —, We’ve, ezra klein Let’s, mifepristone, Z, They’re, mary ziegler That’s, Comstock, hasn’t, it’s, ezra klein There’s, Kate Cox, kate cox, mary ziegler —, she’d, there’s, you’ll, don’t, you’re, You’re, That’s, I’ve, I’m, they’ll, Ezra, you’ve, that’s, There’s, what’s, Joe Biden, Bill Clinton, You’ve, It’s, Lindsey Graham, Chuck Schumer, Hakeem Jeffries, Trump, mary ziegler There’s, Glenn Youngkin, Glenn Youngkin’s, mary ziegler It’s, we’re, Donald Trump, Roger Severino, Gene Hamilton, Hamilton isn’t, He’s, Stephen Miller’s, Jonathan Mitchell, Biden, — there’s, Josh Prager’s, Jennifer Holland, Daniel K, Williams, Wade ”, Linda Greenhouse, Reva Siegel, ezra klein Mary Ziegler Organizations: New York, Alabama, Republican, U.S, Supreme, for Life, Environmental Protection Agency, mifepristone, and Drug Administration, Republicans, State, Washington State Patrol, Democratic, Catholic Democrat, Wall Street, Act, Virginia Republicans, Republican Party, Leadership, Heritage Foundation, Health, Human Services Department, Trump, Washington Post, New York Times, HHS, Human Services, Department of Justice, Court Locations: Alabama, America, St, Louis , Missouri, East St, Louis , Illinois, Dobbs, Ohio, United States, Texas, mary ziegler — Texas, Kansas, Austin, Houston, Dallas, Florida, Miami, Jacksonville, Tampa, New York, California, Vermont, New Jersey, Missouri, Idaho, Virginia, Colorado, Roe

☆ Animal spirits are back in the market, fueling 2021-like speculative activity
▼ + stars: | 2024-03-01 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Federal Reserve's rate-cut signal in December triggered a furious rally to record highs, unleashing animal spirits that are fueling similar speculative activities from the depths of the pandemic. "The animal spirits are reviving," Michael Hartnett, chief investment strategist at BofA Global Research, said in a phone interview. "Animal spirits, they don't necessarily start with the biggest animals in the jungle," Quincy Krosby, chief global strategist at LPL Financial, said by phone. To be sure, others believe the market rally has been justified by the enthusiasm for artificial intelligence, and the contribution it's likely to make to future corporate profits. Billionaire investor Ray Dalio said the U.S. stock market is not in a speculative bubble based on his criteria.

Persons: Bitcoin, Michael Hartnett, Hartnett, Cryptocurrency, Scott Rubner, Goldman Sachs, Quincy Krosby, Ray Dalio Organizations: BofA Global Research, Nasdaq, GameStop, Palo Alto Networks, Research, LPL Locations: Nigeria, Argentina, Snowflake, YOLO, . U.S, U.S

☆ Homebuyers are flocking to areas most exposed to extreme weather risk and pushing prices higher, JPMorgan says
▼ + stars: | 2024-02-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

But the firm says rising insurance costs could eventually dampen demand. The researchers then gave each county a composite climate risk score, measured against each area's house price index. AdvertisementA positive relationship also emerged between higher climate risk and population growth, indicating that more people were migrating in than leaving these areas. Others may simply have no intent on selling, and consider themselves too old to experience these rising costs. But changes to property insurance may force prospective buyers to give more attention to climate risks, JPMorgan noted.

Persons: Alexander Wise, Jan Loeys, Risks, Redfin Organizations: JPMorgan, Service, Foundation Locations: Florida

☆ Listeria outbreak: What to know and how to protect yourself
▼ + stars: | 2024-02-08 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +7 min

Pregnant people are about 10 times more likely to become sick from listeria, and the illness can be fatal to the fetus. Foods made with raw milk are 50 to 160 times more likely to contain listeria, the agency said. Always carefully wash your hands after touching any type of hot dog, lunch or deli meat, the agency said. Toss opened packages of deli meats or any sliced by a deli after three to five days, and hot dogs after one week. Shelf-stable foods, such as canned tuna, sardines and salmon, will not increase the risk of listeria.

Persons: queso blanco, “, ‘, CNN’s Mira Cheng Organizations: CNN, US Centers for Disease Control, Prevention, CDC, US Food and Drug Administration, FDA, Foods, •, . Locations: United States, listeria, California, Texas, brie, bologna

WASHINGTON (AP) — President Joe Biden has made it clear the U.S. will strike back after a deadly drone attack killed three service members and wounded more than 40 at a small base in Jordan over the weekend. On Tuesday, Biden bluntly said “yes” when asked if he'd decided how to respond to the attack. Target options range from inside Iran, including on the Islamic Revolutionary Guard Corps' Quds Force, to Iranian ships at sea and Tehran-backed militia groups and key militant leaders in Iraq and Syria. HIT MILITIA GROUPS AGAINThe most likely move would be to hit Iran-backed militias in Iraq and Syria again. Hawkish Congress members said Biden should directly target Tehran for the deadly attack on the base in Jordan.

Persons: Joe Biden, Biden, he'd, “ That’s, ”, John Kirby, ” Biden, Quds, Gen, Qassem, Asad, Avi Melamed, ” Melamed, Jordan, Pat Ryder, Mohammed Shia, Sudani, Sen, Lindsay Graham, Sara Jacobs, Bradley Bowman, Jim Risch, —, Farnoush Amiri, Mike Pesoli, Joshua Boak, Sagar Meghani, Kevin Freking, Abby Sewell Organizations: WASHINGTON, Islamic Revolutionary Guard Corps, Quds Force, National Security, Force, U.S, Embassy, Middle, HIT, Pentagon, CONGRESSIONAL, HOW, Foundation for Defense of Democracies, Republican, Senate Foreign Relations, Associated Press Locations: U.S, Jordan, Iran, Gaza, Tehran, Iraq, Syria, IRAN, Baghdad, Iranian, Hill, Davos, Washington, Beirut

☆ 5 huge challenges facing Apple this year
▼ + stars: | 2024-01-25 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +9 min

Behind in generative AI. A recent Reuters report noted iPhone sales in China dropped 30% in the first week of the year amid pressure from rival Huawei. Still, Barclays downgraded Apple stock earlier this month citing disappointing iPhone 15 sales in China and softening demand for the latest iPhone. Apple also faces challenges around the upcoming rollout of the Vision Pro headset, which will be its riskiest product launch in years. Tim Cook, chief executive officer of Apple Inc., speaks during a launch event for the new Apple iPhone 15 at Apple Park in Cupertino, California, on September 12, 2023.

Persons: ”, David McQueen, ALY, Dan Ives, Apple, Justin Sullivan, Jitesh, IDC –, that’s, It’s, Siri, McQueen, “, Ming Yeung, Tim Cook, Nic Coury, hasn’t, Brian Fung, Clare Duffy Organizations: CNN, Microsoft, Apple, ABI Research, Huawei, Reuters, Apple Watch, International Trade Commission, IDC, Meta, Google, Samsung, Mac, Barclays, Apple Inc, Getty, EU, Markets, Epic Locations: China, Shanghai, Cupertino , California, Milan, Italy, AFP

☆ Evercore ISI's Mark Mahaney on why Google is the riskiest large-cap internet stock
▼ + stars: | 2024-01-19 | 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 EmailEvercore ISI's Mark Mahaney on why Google is the riskiest large-cap internet stockMark Mahaney, Evercore ISI head of internet research, joins 'Squawk Box' to discuss a Q4 preview of internet stocks, which companies he sees the most upside to estimates, and more.

Persons: Mark Mahaney, Mahaney Organizations: Google

☆ Senate committee investigating Florida’s state-backed home insurance company as private insurers flee
▼ + stars: | 2023-11-30 | by ( Ella Nilsen | ) edition.cnn.com time to read: +6 min

CNN —The US Senate Budget Committee is launching an investigation into whether Florida’s state-backed home and property insurance company has enough money in the bank to withstand future disasters, as scientists warn warming oceans and sea level rise are making storms more destructive. Citizens Property Insurance Corporation exists as a so-called insurer of last resort - if owners cannot convince a private insurance company to cover their property, Citizens will step in. If that were to happen, the Senate Budget Committee is worried Florida might turn to the federal government looking for a bailout, Whitehouse said. State insurers of last resort were originally intended as a stopgap for consumers, ensuring their coverage wouldn’t be interrupted. Florida isn’t alone; some major private insurers have either pulled out or stopped writing new policies in wildfire-prone California.

Persons: Ron DeSantis, “, Sen, Sheldon Whitehouse, ” Whitehouse, Michael Peltier, Whitehouse, ”, Benjamin Keys, ” Keys, ’, Keys, “ It’s Organizations: CNN, Citizens Property Insurance Corporation, Republican Gov, Citizens, Democrat, ”, Munich Re, Swiss, Wharton School, University of Pennsylvania, Senate, FAIR, Florida’s Citizens, Budget Locations: After Florida, Rhode Island, Florida, Miami, Tampa, “ Florida, Munich, riskiest, California

These deals help banks meet capital requirements more efficiently, allowing them to keep lucrative businesses that would otherwise become unprofitable. Investors in these deals include lightly-regulated entities like hedge funds, shifting risk to the shadow banking sector. Credit risk transfer is another tool for them to pursue after the Fed’s clarification on what is allowed, said Cory Wishengrad, head of fixed income at Guggenheim Securities. That means Merchants sold the riskiest tranche of the loan portfolio, maximizing the capital relief it could get on it. Whether U.S. regulators will allow such insurance deals to qualify for capital relief is still untested, Staudinger said.

Persons: Morgan Stanley, Blackstone, Jill Cetina, Jon, Claude Zucconi, Zucconi, Michael Barr, Barr, Banks, Missy Dolski, Sam Graziano, Graziano, Cory Wishengrad, Jed Miller, Taft, Morgan Stanley's, Morgan, Deborah Staudinger, Hogan Lovells, Staudinger, Shankar Ramakrishnan, Paritosh Bansal, Nick Zieminski Organizations: Blackstone Group, JPMorgan Chase, Merchants Bank of Indiana, US Bancorp, Investors, JPMorgan, Merchants Bank, Federal Reserve, Varde Partners, Financial, Guggenheim Securities, U.S . Bank, Fed, Reuters, Merchants, Thomson Locations: U.S, Wickersham, Europe, Indiana

☆ Julius Baer’s damage control only goes so far
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

The logo of Swiss private bank Julius Baer is seen at their headquarters in Zurich, Switzerland February 2, 2022. REUTERS/Arnd Wiegmann/File Photo Acquire Licensing RightsMILAN, Nov 27 (Reuters Breakingviews) - Julius Baer (BAER.S) has soothed agitated investors’ fears – but only up to a point. The $11 billion Swiss wealth manager said on Monday that 70 million Swiss francs of recently revealed losses stemmed from 606 million Swiss francs of loans to a single corporate client – which Reuters identified as troubled property group Signa. That’s 40% of the bank’s 1.5 billion Swiss francs riskiest credits, an uncomfortably high concentration. That implies a buffer of 450 million Swiss francs over the 14% threshold at which boss Philipp Rickenbacher gets comfortable doing share buybacks.

Persons: Julius Baer, Arnd, ’, –, Philipp Rickenbacher, Julius Baer’s, Lisa Jucca, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Reuters, X, Thomson Locations: Zurich, Switzerland, China

Facing fouth-and-1 at their own 29 with 1:11 left, Odunze took a pitch from quarterback Michael Penix Jr. and ran into Washington State territory. For much of the game, Washington State (5-7, 2-7) was the better team. Had a vision, had a plan,” Washington State coach Jake Dickert said. Washington State quarterback Cam Ward threw for 317 yards and three touchdowns, but also had three interceptions. UP NEXTWashington State: Season likely complete.

Persons: –, Kalen DeBoer, Rome, Grady Gross, there’s, it’s, ” DeBoer, Odunze, DeBoer, Ryan Grubb that'll, Michael Penix Jr, ” Odunze, Ron Stone Jr, Gross, “, ”, ” Penix, Penix, Jack Westover, Jake Dickert, Cam Ward, Ward, Josh Kelly, Kyle Williams, Lincoln Victor, Victor, Kelly, ” Victor, it’ll, ” Dickert, Ryan Grubb wasn’t, Will Organizations: SEATTLE, Huskies, Washington State, Apple, Husky, Washington, College Football, Cougars, Heisman, Colorado, Oregon State, Oregon, AP Locations: Washington, Washington State, Oregon, Southern California, Las Vegas, “, UP

☆ Elon Musk’s SpaceX Starship rocket and spacecraft lost in second test flight
▼ + stars: | 2023-11-18 | by ( Leighton Rowell | Jackie Wattles | ) edition.cnn.com time to read: +10 min

The Super Heavy booster and Starship spacecraft successfully separated after liftoff, as the Starship lit up its engines and pushed away. SpaceX's Starship launches on its second test flight from the Starbase facility in Boca Chica, Texas, on Saturday morning. The method was used to separate the Starship spacecraft and Super Heavy rocket after liftoff. Then, the spacecraft’s flight termination system was triggered to prevent it from veering off course, bringing an early end to the test flight. After April’s explosive first test flight, SpaceX noted “success comes from what we learn, and we learned a tremendous amount.”

Persons: Eric Gay, ”, John Insprucker, Artemis, “ Congrats, Bill Nelson, —, @SpaceX, Jim Free, Elon Musk, Kate Tice Organizations: CNN, Super, Starship, SpaceX, SpaceX's, Federal Aviation Administration, Boca, FAA, NASA, SpaceX Quality Systems Engineering Locations: of Mexico, Boca Chica , Texas, Hawaii

☆ Watch video of SpaceX's Starship nailing a high-risk 'hot staging' maneuver just minutes before it exploded
▼ + stars: | 2023-11-18 | by ( Jessica Orwig | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +5 min

SpaceX's mega-rocket is a two-stage system, consisting of a first-stage Super Heavy booster and a second stage, Starship. (AP Photo/Eric Gay)So SpaceX turned to hot staging — where the upper stage (Starship) fires its engines while still connected to the booster. It's one of the most efficient ways to do stage separation," Musk said during a program update in October, per Aviation Week. At the crucial moment, the stages separately beautifully, with Super Heavy tumbling downward and Starship climbing away from it. The Super Heavy booster explodes as it tumbles downward after separation, in a screengrab from SpaceX's livestream on X. SpaceXStarship, however, kept trucking toward space — until something happened.

Persons: —, Elon Musk's, Eric Gay, Musk, John Insprucker Organizations: Service, SpaceX, Starship, Aviation, Super Locations: SpaceX's

☆ How to watch SpaceX's Starship launch live
▼ + stars: | 2023-11-16 | by ( Marianne Guenot | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +6 min

Watch SpaceX try to skim Earth's orbit with its Starship rocket on Saturday. The launch was initially planned for Friday, but a grid fin actuator needed to be replaced postponing the launch, SpaceX announced Thursday on X. If the rocket launch succeeds this weekend, the giant spaceship will reach space for the first time. When stacked, Starship stands at almost 400 feet tall and 30 feet wide. AdvertisementSpeaking in an earlier interview in June, Musk had estimated this Starship launch had about a 60% chance of reaching its goal.

Persons: Elon Musk's, —, Elon Musk, Musk, we've, Abhi Tripathi, Tripathi, Space.com Organizations: SpaceX, Service, NASA, International Astronautical Federation, Super Locations: Mars, Boca Chica , Texas, Gulf of Mexico, of Mexico, Hawaii

Just holding the deal together through a full four-year parliamentary term will be a tough challenge, many predict. "The next legislative term will be very tough for the PSOE, it is likely it won't finish the whole term," said Catalan political analyst Joan Esculies. Spaniards have also been called to show their ire in town square demonstrations across the country on Sunday. For Andoni Ortuzar, the Basque Nationalist Party leader who also struck a deal with the Socialists on Friday, whether the government could hold would be a test of Spain's plurality. "We are different - we consider ourselves a different nation - and the question is whether we can live together comfortably," he said.

Persons: Sanchez, Pedro Sanchez, Francisco Franco, Junts, Carles Puigdemont, Joan Esculies, Alberto Nunez Feijoo, Andoni Ortuzar, Susana Vera, Emiliano Garcia, Puigdemont, Lluis Orriols, Ortuzar, Belen Carreno, Joan Faus, Emma Pinedo, Aislinn Laing, Alex Richardson Organizations: Deal, Spain's Socialists, Socialist, PSOE, People's Party, Socialists, Basque Nationalist Party, REUTERS, Catalan Socialist, Carlos III University, Thomson Locations: MADRID, BARCELONA, Catalan, Belgium, Catalonia, Spain, Madrid, Castilla, La Mancha, Spanish, Catalunya

But they are going only as far as the safest bets in the junk category, bonds rated BB and B. Junk bond spreads, the additional interest rate investors demand over safe Treasury bonds, tightened sharply. The spreads of those rated BB and B, or the higher rungs of junk, had tightened 47-52 basis points last week, according to Informa Global Markets data. Four junk bond issuers – Bombardier (BBDb.TO), Venture Global LNG, Smyrna Ready Mix Concrete and InfraBuild Australia - announced bond offerings on Monday. The spotty access to bond markets does not bode well for poorly rated companies.

Persons: Rick Wilking, ”, Edward Marrinan, Peter Knapp, Winnie Cisar, bode, Morgan Stanley, Moody's, Manuel Hayes, Shankar Ramakrishnan, Paritosh Bansal, Andrea Ricci Organizations: REUTERS, Federal, Nikko Securities Americas, Investors, JPMorgan, Informa, CCC, Bombardier, Venture Global LNG, “, London, Insight Investment, Barclays, Thomson Locations: Westminster , Colorado, Smyrna, Australia

☆ Why Now Is Suddenly a Bad Time to Visit Las Vegas
▼ + stars: | 2023-11-06 | by ( Jacob Passy | ) www.wsj.com time to read: 1 min

Extensive road work to prepare for the Las Vegas Grand Prix has snarled traffic on the famed Strip for months. Photo: Matthew Ashton — AMA/Getty ImagesLAS VEGAS—Braving traffic on the Strip might be the riskiest bet a person can make in Sin City these days. Las Vegas is gearing up to host the Formula One Grand Prix in mid-November, which will feature cars hurtling down Las Vegas Boulevard past some of the city’s most famous casinos. Construction work to repave roads and build grandstands and stanchions has taken place over several months.

Persons: Matthew Ashton — Organizations: Las Vegas, Getty, LAS Locations: Sin City, Vegas, Las

Eventually he found a ride, but he and the driver were terrified while driving from central Gaza on the enclave’s empty streets. Family members of those who could evacuate were sometimes barred from leaving, because they did not have foreign citizenship or the necessary documents, forcing people into difficult decisions. “We just want one thing: Help us to leave Gaza,” Ms. Abu Middain said. Mkhaimar Abu Sada, 58, an associate professor of political science at Al-Azhar University in Gaza, was accompanying his two sons, both in their 20s, at the Rafah crossing on Thursday. He said they had American citizenship, but that he was not allowed to leave because he has only an American green card.

Persons: ” Ala, ” Ala Al Husseini, Al Husseini, Israel, “, ”, Hisham Adwan, Al Qahera, Adala Abu Middain, Maha, Ms, Abu Middain, Matthew Miller, Mkhaimar Abu Sada, Lena Beseiso, Iyad Abuheweila, Vivian Yee, Anna Betts Organizations: American Embassy, State Department, Al, Azhar University Locations: Rafah, Gaza, Egypt, “, ”, ” Ala Al, Austrian, Cairo, Azerbaijan, Bahrain, Belgium, Greece, Hungary, Italy, Mexico, Netherlands, South Korea, Sri Lanka, Switzerland, American

AI has been a source of deep personal interest for Biden, with its potential to affect the economy and national security. Using the Defense Production Act, the order will require leading AI developers to share safety test results and other information with the government. The National Institute of Standards and Technology is to create standards to ensure AI tools are safe and secure before public release. The official briefed reporters on condition of anonymity, as required by the White House. “He was as impressed and alarmed as anyone,” deputy White House chief of staff Bruce Reed said in an interview.

Persons: Joe Biden, Biden, Jeff Zients, ” Zients, “, ”, Bruce Reed, David, Tom Cruise, Reed, Rishi Sunak, Kamala Harris, ReNika Moore, Suresh Venkatasubramanian, ” Venkatasubramanian Organizations: WASHINGTON, Democratic, National Institute of Standards, Technology, Commerce Department, White, AI, European, Google, Meta, Microsoft, American Civil Liberties Union, Biden Locations: Maine, Israel, San, U.S, European Union, China, Britain, West

☆ Sam Bankman-Fried built a career around big risks. Now he’s making his biggest wager yet
▼ + stars: | 2023-10-26 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

New York CNN —FTX founder and former CEO Sam Bankman-Fried has made a career out of risky bets that, for a while, paid off. Typically, defense attorneys advise their clients not to testify because it leaves them vulnerable to grilling by the prosecution. But at this point, Bankman-Fried doesn’t have much of a choice, legal experts say. Before his world came undone last year, Bankman-Fried was a rising star, even outside the insular world of crypto. It nonetheless helped to propel his star power and secure a $32 billion valuation for FTX.

Persons: New York CNN —, Sam Bankman, Fried, ”, Howard Fischer, Moses Singer, “, ” Fischer, Cory Booker, Caroline Ellison, Mary, — Organizations: New, New York CNN, Prosecutors, SEC Locations: New York

WASHINGTON (AP) — Vice President Kamala Harris will attend a summit on artificial intelligence in the United Kingdom next week, shortly after President Joe Biden issues a highly anticipated executive order on an emerging technology that has generated excitement and fear. Harris will deliver a speech outlining the Democratic administration’s approach to artificial intelligence on Nov. 1 before attending a summit on the topic the next day. U.S. and European officials have spoken of working with “like-minded countries” to draw up guardrails for artificial intelligence. “There can be no serious strategy for AI without at least trying to engage all of the world’s leading AI powers,” he said. “That might not have been the easy thing to do, but it was the right thing to do.” ___Chan reported from London.

Persons: Kamala Harris, Joe Biden, she’ll, Douglas Emhoff, Harris, Emhoff, Kirsten Allen, Rishi Sunak, Sunak, ”, ___ Chan Organizations: WASHINGTON, —, Democratic, European, Britain, what's Locations: United Kingdom, European Union, Bletchley, London, China, U.S, Beijing

☆ Russia's worker shortage is so bad the economy is leaning on the Soviet-era practice of using prison labor, think tank says
▼ + stars: | 2023-10-25 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Russia is leaning more on prison labor amid a dearth of available workers. AdvertisementAdvertisementRussia's worker shortage is so bad, the nation is increasingly leaning on prison labor to prop up its ailing industries and make up for a lack of manpower. That exceeded estimates that Russia made the year prior, when budget makers anticipated bringing in just 15.8 billion roubles from forced prison labor. "The Kremlin has sought to integrate prison labor with certain sectors of the domestic economy to solve this issue." "The recent uptick in the use of forced prison labor in Russia is not merely the transient trend of a post-COVID, economically troubled, or war-hurt Russia.

Persons: —, Sergey Sukhankin, Sukhankin, Vladimir Putin Organizations: Service, Moscow Times, Russia's Federal, Jamestown Foundation, Jamestown, Soviet Locations: Russia, Soviet, Ukraine

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