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☆ Meet CenterBook Partners, the hedge fund powered by intel from dozens of other managers
▼ + stars: | 2024-01-22 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

That dozens of funds — the firm currently has 28 different partner funds that feed data into the strategy plus a waitlist of five other managers — would share their holdings is novel. The average hedge fund was up 7.5%, according to Hedge Fund Research. The managers who have partnered with CenterBook, Stemerman said, have a long time horizon — think months instead of days — on their trades, so the edge isn't lost if CenterBook also makes the same trade in its book. CenterBook, if assets grow as expected, aims to bring on another 10 partner funds this year, the source close to management tells Business Insider. While the manager has only 18 full-time employees, its partner funds have more than 100 investment analysts working at them.

Persons: David Stemerman, Steve Mandel's Lone, Conatus, CenterBook, Stemerman, —, tearsheet, hadn't Organizations: Business, Connecticut's, Alpha, CenterBook, Global Alpha, Fund, Citadel, Apple Locations: Charlotte, Lone

☆ A software consultant who day trades stocks gained 805% in 2023. He shares 3 chart indicators that led him from consistent losses to becoming profitable.
▼ + stars: | 2024-01-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +8 min

He joined his private access program, a paid educational platform for trading stocks, where he spent a year learning the content. The stock's price should pull back organically, meaning the volume parallel to the downward price move should be gradual. On a daily chart like the one above, it's based on the past nine days. If the stock's price doesn't fall below it or forms a support line, it signals that the price could likely retrace and increase. Instead of entering five to 10 trades daily, he now keeps it at two to three.

Persons: Goverdhan Gajjala, William O'Neil, Gajjala, Mark Minervini, It's, Minervini's, Norman Zadeh, Zadeh Organizations: Service, Investor's Business Daily, US, EMA, Health Intelligence Locations: Dallas

☆ UN chief calls for global risk management of AI, warns of 'serious unintended consequences'
▼ + stars: | 2024-01-17 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

"It's good to be back and see Davos highlighting the global crisis in trust," Guterres said in his opening remarks. In a special address at the World Economic Forum in Davos, Switzerland, Guterres warned that the rapid development of AI could result in "serious unintended consequences." "Every new interaction of generative AI increases the risk of serious unintended consequences. "These two issues, climate and AI, are exhaustively discussed by governments, by the media and by leaders here in Davos. "The reason is simple, geopolitical divides are preventing us from coming together around global solutions for global challenges.

Persons: Antonio Guterres, Fabrice COFFRINI, FABRICE COFFRINI, WEF, Guterres, António Guterres, Satya Nadella, — CNBC's Ryan Browne Organizations: Economic, Getty, United Nations, Microsoft, International Monetary Fund, IMF Locations: Davos, AFP, Switzerland, U.S

☆ ExodusPoint hired more than 35 portfolio managers in 2023. Here's how the $12 billion firm wants to streamline its recruiting process this year.
▼ + stars: | 2024-01-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +2 min

Recruiters working with Michael Gelband's ExodusPoint no longer need to track down the hiring manager every time they find a compelling candidate. The multi-strategy manager told its recruiting partners in an email blast that the new process for submitting candidates will be through Greenhouse, the TPG Growth-backed jobs board. Gelband's former boss, Millennium founder Izzy Englander, deemed it a "talent bubble," as firms poach portfolio managers, analysts, and software engineers from each other — driving up compensation industrywide. ExodusPoint's decision to push its external recruiting network to an online portal comes as the firm integrates more than 35 new portfolio managers into its strategy over the last 12 months. Those teams will need analysts, researchers, and developers to support its growing army of portfolio managers, and the firm, like its peers, is always hunting for top-performing PMs.

Persons: Michael Gelband's ExodusPoint, Izzy Englander, Peter McConnon, Michael Lapsa, Kunal Kumar, Balyasny, Stephen Luterman, Peter Cotton, Shen Xu, ExodusPoint Organizations: Business, TPG, Engineers, CTC Capital, Citadel, JPMorgan Locations: Balyasny

CNN —At least 34 people have been confirmed dead following landslides in Colombia’s northwestern department of Chocó, the governor’s office said in a statement Saturday. So far, 17 bodies have been transferred to Medellin for forensic examination, and another 17 are expected to be transported as well, the statement read. A member of the rescue team stands at the area of a landslide in the road between Quibdo and Medellin, Choco department, Colombia on January 13, 2024. Fredy Builes/AFP/Getty ImagesPeople observe the area where of a landslide in the road between Quibdo and Medellin, Choco department, Colombia on January 13, 2024. Colombia has been plagued by deadly mudslides before.

Persons: Nubia, Nubia Carolina Córdoba Curi, “, Francia Marquez, Fredy Builes, Marquez Organizations: CNN, Reuters, Getty, Unit for, Risk Management, Colombian Civil Defense, National Army, Ministry of Health, Social Protection Locations: Chocó, Medellin, ”, Nubia Carolina, Quibdó, Quibdo, Choco, Colombia, AFP, Mocoa

☆ Death Toll Rises to 23 After Mudslide in Northwest Colombia
▼ + stars: | 2024-01-13 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +1 min

BOGOTA (Reuters) - A mudslide brought on by heavy rains in northwest Colombia killed at least 23 people and injured dozens on a busy highway, authorities said on Saturday. The mudslide, which happened Friday afternoon, covered a roadway that connects the cities of Quibdo and Medellin in the Pacific province of Choco. At least 35 people were also injured and an unknown number of people are still missing as mud completely engulfed several cars on the road, authorities said. "The extraction of bodies continues," the governor of Choco said in a statement shared on social media. (Reporting by Luis Jaime Acosta, writing by Cassandra Garrison; Editing by Kirsten Donovan and Diane Craft)

Persons: Luis Jaime Acosta, Cassandra Garrison, Kirsten Donovan, Diane Craft Organizations: Colombia's National Unit for, Risk Locations: BOGOTA, Colombia, Quibdo, Medellin, Pacific, Choco

☆ This consumer stock appears to break down whenever it hits $415. How to trade it
▼ + stars: | 2024-01-09 | by ( Nishant Pant | ) www.cnbc.com time to read: +3 min

The consumer discretionary and growth/tech sectors are the typically the first ones to take a beating when markets start pulling back. With this view in mind, I am looking to put on a bearish options trade on Domino's Pizza (DPZ) , which belongs to the sector. The Trade Setup: DPZ $410-$415 bear call spread With a bearish directional bias in place, the trade structure I have chosen is called a bear call spread also known as a call credit spread. To construct my trade, I will want to sell a $410 call option and buy a $415 call option as a single unit. So it is best not to trade when an earnings event overlaps your trade window.

Persons: seasonality, DPZ, Nishant Pant

☆ An options trade that makes money when consumer spending starts to slow down
▼ + stars: | 2023-12-26 | by ( Nishant Pant | ) www.cnbc.com time to read: +4 min

Like many sectors, the consumer discretionary sector has enjoyed a strong year, rallying more than 16% in 2023. Against this backdrop, one sector to watch is consumer discretionary. With this view in mind, I am looking to put on a bearish options trade on the Consumer Discretionary Select Sector SPDR fund (XLY) , which tracks the performance of the S & P 500 consumer discretionary sector. When selling credit spreads, you bring in a premium when you open the trade. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR.

Persons: Wall Street's, XLY, Nishant Organizations: XLY Locations: Red

☆ Life insurers binge on US financing aimed at helping housing
▼ + stars: | 2023-12-05 | by ( Koh Gui Qing | ) www.reuters.com time to read: +8 min

It has been predominantly used by life insurers, because they need to boost their investment returns with cheap funding to meet long-term liabilities. They provide the cheap funding to banks and insurers in exchange for collateral to ensure they get their money back. Insurers are entitled to tap FHLB funding. Insurers’ borrowing from FHLBs picked up in 2008 financial crisis, as those that spread themselves thin with aggressive investments scrambled for cash. They did not explain why insurers need FHLB funding to invest in mortgages.

Persons: Sarah Silbiger, Ryan Donovan, CMBS, Lawrence White, White, Graphics JUICING, Cynthia Beaulieu, Cornelius Hurley, Hurley, FHLBs, ’, Michael Ericson, Jack Dolan, Koh Qui, Greg Roumeliotis, Anna Driver Organizations: REUTERS, Loan, Federal Housing Finance Agency, of Federal Home Loan, FHLBs, FHLB, National Association of Insurance, New York University, MetLife Inc, Equitable Holdings Inc, Corebridge, Brighthouse Financial, MetLife, TIAA, Equitable, Graphics, Wellington Management, Boston University School of Law, Coalition, Silicon Valley Bank, First, American, of, Insurance Coalition, Reuters, Thomson Locations: Washington , U.S, U.S, Boston, Silicon, First Republic, Chicago, New York

Summary Ten leading development banks sign joint statementTo deepen collaboration across multiple themesNo mention of phasing out fossil fuel financingDUBAI, Dec 3 (Reuters) - Ten of the world's top development banks pledged to step up their climate efforts at the COP28 summit, yet failed to say anything about halting financing for fossil fuel projects, a document seen by Reuters showed. In a statement to be announced at the event in Dubai, the group, including the World Bank and regional peers, said the window of opportunity to secure a liveable planet was "rapidly closing". A new, joint Long-term Strategies Program, hosted by the World Bank, would coordinate support to help countries and sub-national entities develop plans around issues including decarbonisation and climate resilience. The group also pledged to help countries set up platforms to encourage a "collectively reinforcing combination" of support including around policy reform, finance and technical assistance. The banks planned to scale up finance to help countries adapt to the impacts of climate change, including through boosting support for disaster risk management, disaster preparedness and capacity building.

Persons: Antonio Guterres, Bernadette Baum Organizations: Reuters, World Bank, United Nations, European Investment Bank, Thomson Locations: DUBAI, Dubai, Glasgow

☆ Dollar eases as traders weigh rate cut prospects
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +3 min

Data on Thursday showed U.S. consumer spending rose moderately in October, while the annual increase in inflation was the smallest in more than 2-1/2 years. "It remains to be seen if getting from 3% to 2% will be easy, or if inflation will remain sticky in 2024." Federal Reserve policymakers signaled on Thursday that the U.S. central bank's interest rate hikes are likely over, but left the door open to further monetary policy tightening should progress on inflation stall. Investor focus will now move to comments from Fed Chair Jerome Powell later on Friday, with traders likely to scrutinize every word to sketch out rate outlook. The Australian dollar rose 0.20% to $0.662, while the New Zealand dollar rose 0.37% to $0.618.

Persons: Ryan Brandham, Jerome Powell, Powell, Carol Kong, Sterling, Toshiro Muto Organizations: Risk, Commonwealth Bank of Australia, Bank of Japan, New Zealand Locations: North America, U.S, Europe

☆ Options traders appear to be betting the worst is over for this beaten-up retailer
▼ + stars: | 2023-11-30 | by ( Michael Khouw | ) www.cnbc.com time to read: +5 min

What do options traders mean when they referred to an "implied move"? A core component of the implied move is the implied volatility of the options. Implied volatility is an estimate of a stock's future volatility and is embedded in an option's price. What causes large moves, such as the one seen in Foot Locker, and what are traders betting on now? FL YTD mountain Foot Locker in 2023 As the chart reveals, FL has had a tough go of it this year.

Persons: Locker, Foot Locker Organizations: FL, NBA

☆ What one Swiss bank's troubles can tell us about market vulnerabilities — and social media
▼ + stars: | 2023-11-30 | by ( Elliot Smith | ) www.cnbc.com time to read: +2 min

A pedestrian sheltering under an umbrella passes a Julius Baer Group Ltd. branch in Zurich, Switzerland, on Tuesday, July 13, 2021. The share price of Julius Baer plummeted after the Swiss private bank disclosed 606 million Swiss francs ($692.7 million) of loan exposure to a single conglomerate client. The 606 million Swiss franc exposure to one client — via three loans to different entities within a European conglomerate — is collateralized by commercial real estate and luxury retail, the company revealed. The bank last week booked provisions of 70 million Swiss francs to cover the risk of a single borrower in its private loan book. The European Central Bank recently examined the commercial real estate sector and the provisioning methods and capital buffers of European banks.

Persons: Julius Baer, Signa, Julius Baer's CET1, DBRS Morningstar, Vitaline Yeterian, Elisabeth Rudman, Julius Baer's Organizations: Julius Baer Group, Austrian, DBRS, CNBC, European Central Bank, Swiss Locations: Zurich, Switzerland, Swiss

"It is hard to understand how the ECB ended up buying the bonds of property companies, while at the same time warning of the risks of property price inflation," former ECB chief economist Otmar Issing told Reuters. But data this week shows the central bank still owned the two bonds issued by SBB as of Nov. 24. While Sweden is not in the euro zone, SBB issued the debt bought by the ECB in neighbouring Finland, which is. Alongside the SBB bonds, the ECB also hoovered up the debt of other property companies which have since hit problems, including Sweden's Heimstaden. The ECB also gobbled up many German real estate bonds, including 39 issued by Vonovia, which has been selling property to cut debt.

Persons: Otmar Issing, Daniel Gros, Gros, Sweden's, Heimstaden, it's, Alexander Smith Organizations: SBB, European Central Bank, ECB, Reuters, Research, Institute, European, Bocconi University, Fitch, Vonovia, Thomson Locations: FRANKFURT, Europe, Germany, Sweden, Milan, Swedish, Finland

☆ Apollo Global’s CSO Talks About Knitting Sustainability Into the Culture
▼ + stars: | 2023-11-29 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +9 min

A sustainability veteran with more than 24 years’ experience, Stangis has built sustainability teams at both Intel and Campbell Soup . WSJ Pro: Do you have a favorite sustainable product or service, that isn’t an Apollo company? In terms of our regulatory reporting, we made some great progress, but it’s also helping and building the tools for our portfolio companies. Stangis: We’ve got data from all of our portfolio companies from surveys of 100-plus questions every year. So our portfolio companies, they’re literally doing sustainability reporting to us, we’re compiling it and then making that public.

Persons: Dave Stangis, Stangis, Campbell, it’s, we’ve, I’ve, —, We’ve, they’re, we’re, Rochelle Toplensky Organizations: Apollo Global Management, Intel, Pro, Business, Campbell Soup Company, WSJ, Private Equity, Flagship Fund, Apollo, Rochelle, rochelle.toplensky@wsj.com Locations: Europe, Asia, Paris, Detroit, U.S, Russia, Ukraine, decarbonize, we’ve

☆ 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

☆ British investment managers get green light for tokenised funds
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Kevin Coombs/File Photo Acquire Licensing RightsLONDON, Nov 24 (Reuters) - British investment managers have got the go-ahead to develop tokenised funds, in which assets are split into smaller tokens backed by blockchain technology, the industry's trade body said on Friday. Tokenisation, or fractionalisation, of funds will enable a fund's assets to trade more cheaply and transparently and investors to buy into a wider range of assets, industry proponents say. Funds authorised by Britain's Financial Conduct Authority can take the first steps towards offering tokenised funds, provided the investments are in mainstream assets and valuation and settlement arrangements don't change, the Investment Association said in a statement. Scrimgeour is chair of a working group which is working with the FCA and Britain's finance ministry to open up opportunities for tokenised funds. Investment managers and exchanges in the United States, Europe and Asia have already taken tentative steps in offering tokenised funds.

Persons: Kevin Coombs, tokenisation, Michelle Scrimgeour, Scrimgeour, Carolyn Cohn, Elizabeth Howcroft, Sharon Singleton Organizations: REUTERS, Britain's Financial, Investment Association, Legal, General Investment Management, FCA, BlackRock, Investment, Thomson Locations: Canary Wharf, London, Britain, United States, Europe, Asia

Barclays Bank logo is seen in this illustration taken March 12, 2023. As part of these 1,500 to 2,000 jobs could be cut if implemented in full, the person said. Barclays' 1 billion pound cost saving target would represent about 7% of the bank's underlying annual operating expenses of 15 billion pounds in 2022. Meanwhile, annual staff costs at BX have risen to 2 billion pounds, from 1.8 billion pounds. Barclays is "evaluating material structural cost actions", Venkat said when it reported disappointing third quarter results in October.

Persons: Dado Ruvic, C.S, Venkatakrishnan, Venkat, Sinead Cruise, Lawrence White, Alexander Smith Organizations: Barclays Bank, REUTERS, Barclays, Services, Chief, Barclays Execution Services, BX, Deutsche Bank, BNP, UBS, Reuters, Boston Consulting Group, Thomson Locations: British

Agriculture has suffered losses of over $25 billion since the war began, Ukrainian grain trader association UGA estimates. Ukraine's grain exports so far in the 2023/24 season that started in July are running 28% below the year-earlier volume, according to agriculture ministry data. A new Black Sea shipping channel may offer a lifeline, like for Ukraine's depleted steel industry. An additional 943,000 tons should leave from Black Sea ports and 464,000 tons from the Danube by the month-end. A Russian missile strike on port infrastructure in Odesa on Nov. 21 added to a series of attacks on Ukraine's Black Sea and Danube grain ports.

Persons: Stringer, Jean, Francois Lepy, Dmitry Skornyakov, Denys Marchuk, Skornyakov, Yuriy Stelmakh, Roman Gorobets, Soliman, Scott Wellcome, Pavel Polityuk, Gus Trompiz, Nigel Hunt, David Evans Organizations: REUTERS, Agriculture, UGA, Spike, Agrarian Council, FE ASTRA, Kremlin, Mediterranean, Thomson Locations: Ukraine, Zaporizhzhia region, PARIS, Russia, UN, Geneva, Black, Russian, Odesa, Romania's Constanta, Brazil, Egypt, GoodMills, Kyiv, Paris, London

☆ Israel and Hamas agree to hostage deal in a major diplomatic breakthrough
▼ + stars: | 2023-11-22 | by ( Jake Epstein | Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +6 min

Israel's government has approved a hostage deal — a major diplomatic breakthrough amid the war. The outline includes the release of 50 hostages who are in Gaza and the release of 150 Palestinians held in Israel. The deal comes as Israeli forces continue their extensive ground operations in the Gaza Strip. AdvertisementIsrael's cabinet approved a hostage release deal on Wednesday morning local time, a major diplomatic breakthrough that comes more than six weeks into the devastating war between the two sides. Hamas said in a Telegram post that it agreed to the deal and that 150 Palestinian prisoners held by Israel would be released.

Persons: —, Benjamin Netanyahu, Haim Zach, Handout, John Kirby, Biden, Benjamin Netanyahu's, Emi Palmor, Herzi Halevi Organizations: Service, IDF, NBC News, Israel's, Biden, Government Press Office, US, National Security, Israel's Ministry of Justice, Hamas, Israel Defense Forces, REUTERS Locations: Gaza, Israel, US, Qatar, Egypt, Tze'elim, Israeli, Iran, Lebanon, Yemen, Iraq, Syria, Tehran

☆ Dollar extends fall ahead of Fed minutes, yen strengthens
▼ + stars: | 2023-11-21 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +2 min

NEW YORK, Nov 21 (Reuters) - The dollar index fell for a third straight session on Tuesday ahead of minutes from the U.S. Federal Reserve's most recent policy meeting as expectations grow the central bank will start to cut rates in the early portion of next year. Bregar noted, however, the downward move in the greenback may be starting to run out of steam and big option expirations in the eurodollar and yen could stabilize the dollar. The dollar index fell 0.13% to 103.31 after falling to a fresh 2-1/2 month low of 103.17, its lowest since Aug. 31. The weakness in the dollar has buoyed the yen, along with expectations the Bank of Japan may eventually start to move off its ultra-loose monetary policy next year. The yen strengthened 0.42% versus the greenback to 147.76 per dollar after the greenback hit its lowest level since mid-September at 147.14 yen, while sterling was last trading at $1.254, up 0.29% on the day.

Persons: CME's, Erik Bregar, It's, it's, Bregar, Chuck Mikolajczak, Nick Macfie Organizations: U.S, U.S . Federal, Bull, Bank of Japan, greenback, Thomson Locations: U.S ., Toronto

REUTERS/Andrew Kelly Acquire Licensing RightsNEW YORK, Nov 20 (Reuters) - Citigroup (C.N) employees expect the bank to announce layoffs and senior management changes on Monday as part of its biggest reorganization in decades, according to five sources with knowledge of the matter. The job cuts could affect thousands of staff, according to a source familiar with the situation who was not authorized to speak publicly. Executives are also likely to announce senior management changes by email, the source said. Last month, Citi announced plans to cut management layers from 13 to eight as part of its biggest overhaul in decades. Support staff in compliance and risk management, and technology staff working on overlapping functions are at risk of being laid off, Reuters reported in September.

Persons: Andrew Kelly, Saeed Azhar, Isla Binnie, Tatiana Bautzer, Svea Herbst, Bayliss, Echo Wang, Lananh Nguyen, Lisa Shumaker Organizations: Citibank, New York Stock Exchange, REUTERS, Citigroup, Citi, Reuters, Svea, Thomson Locations: Manhattan , New York City, U.S, New York

The Camden County Sheriff's Office hired him nine months later. His file shows Aldridge was disciplined for using unnecessary force in February 2014 and May 2017. The department fired Aldridge for his third infraction just three months later. “It's just not worth the risk.”Bessent and other advocates say it’s an example of Camden County Sheriff Jim Proctor tolerating unnecessary violence. After one car crashes, body and dash camera video shows Aldridge shouting expletives as he approaches with his gun drawn.

Persons: Buck Aldridge, Leonard Cure, Aldridge, ”, Timothy Bessent Sr, Neill Franklin, they’re, Franklin, “ It's, ” Bessent, Camden County Sheriff Jim Proctor, Proctor, Larry Bruce, Jarrett Hobbs, Hobbs, jailers, “ You’ve, Harry Daniels, Christine Newman, Newman, Robert Persse, Louis Dekmar, Dekmar, Mike Spiers, “ Buck Aldridge, Adrienne Browning, “, Cure, That's, Thaddeus Johnson, ” Johnson, expletives, Johnson Organizations: Camden County sheriff's, The Associated Press, Sheriff's Office, Georgia Bureau of Investigation, Camden, Camden County’s NAACP, AP, U.S . Marine, Kingsland Police, Police, Maryland State Police, Baltimore Police Department, Camden County Sheriff, International Association of Chiefs, Georgia State University, Criminal Locations: Camden, Georgia, Florida, Camden County’s, Kingsland, Georgia's, Camden County, Hobbs, LaGrange , Georgia, Franklin, Memphis

NEW YORK, Nov 20 (Reuters Breakingviews) - Microsoft (MSFT.O) boss Satya Nadella’s stressful weekend is probably only the beginning. A lack of corporate governance protections left Nadella with few options to salvage his company’s $13 billion investment in OpenAI. As a 49% owner of OpenAI, Microsoft could have hedged itself by getting more directly involved in oversight. Recruiting Altman is at least a better outcome for Microsoft than standing by and watching him go to Google, a rival startup or opening his own AI shop. Money and salesmanship are two essential elements of developing AI, but so are the proper controls, risk management and strategic clarity.

Persons: Satya Nadella’s, OpenAI, Sam Altman, Altman, Reid Hoffman, Elon Musk’s, Satya Nadella, Greg Brockman, OpenAI’s, Brockman, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Microsoft, Google, Altman, Thomson Locations: OpenAI

☆ The Cybersecurity Lawsuit That Boards Are Talking About
▼ + stars: | 2023-11-18 | by ( Sarah Kessler | More About Sarah Kessler | ) www.nytimes.com time to read: +2 min

Most experts agree that, regardless of the lawsuit’s outcome, it could affect how companies handle cybersecurity risks. In July, the agency adopted new cybersecurity disclosure requirements set to take effect in December. They require companies to report material attacks within four days and to make yearly disclosures about their cybersecurity risk management, strategy and governance. In a June speech, the S.E.C.’s enforcement director, Gurbir Grewal, said it had “zero tolerance for gamesmanship” around cybersecurity disclosures. No CISO can now risk basically painting an unrealistically positive picture of cybersecurity.”

Persons: Gurbir Grewal, ” Wolff, ‘, Ramakrishna, it’ll, ”, Jake Williams, CISOs Organizations: cybersecurity

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