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Cemeteries are bolstering their security measures because gravediggers are stealing human bones to make powerful synthetic drugs, local journalists told Business Insider. AdvertisementA vendor sells daily necessities at a market in Freetown, Sierra Leone, Feb. 21, 2024. Formaldehyde also has euphoric properties, says the National Library of Medicine, which explains why kush users could be raiding Freetown's cemeteries. JOHN WESSELS | Getty ImagesJalloh noted that the use of synthetic drugs was not unique to Sierra Leone. ReutersIn 2015, BI's Erin Brodwin covered the rise of these synthetic drugs, marketed as "spice," "K2," "black mamba," or "crazy clown."
Persons: , Sierra, Julius Maada, Michael Cole, Sally Hayden, JOHN WESSELS, Cole, Mabinty Magdalene Kamar, Abdul Jalloh, HUGH KINSELLA CUNNINGHAM, Thomas Dixon, Jalloh, Salifu Kamara, kush, BI's Erin Brodwin, Brodwin, tranq Organizations: Service, Business, Xinhua News Agency, Getty, Anglia Ruskin University, The Irish Times, National Library of Medicine, Politico, Sierra, Sierra Leone Psychiatric Teaching Hospital, Police, Getty Images Local, Salone Times, BBC, Freetown Police Force, National Drug Agency, NPR, Guardian, Disease Control, Prevention, Reuters, Financial Times Locations: Freetown, African, Sierra Leone, West Africa, Mabinty, Waterloo , Sierra Leone, kush, New York City, New York, Kensington, North Philadelphia
A former Societe Generale trader who was fired for unauthorized risky bets has lambasted the French bank for making him a "scapegoat" and failing to take its share of responsibility for missing the trades. A SocGen spokesperson declined to comment on the post, but provided a statement on the pair's dismissal. Kataria said the trades were auto-booked and a "daily email was sent to the entire group mentioning the trades have been reconciled." "It's very easy for other people to say that we were not aware of the trades done by me," he wrote. "Trading Industry is so big but there are no rules or regulations which fight for trader justice," he said.
Persons: Kavish Kataria, Kataria, SocGen, Kevin Ng, Jerome Kerviel Organizations: Societe Generale, Hong, Financial Times, LinkedIn Locations: Hong Kong, Paris
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. That's if Freddie Mac secures approval from its regulator to operate in the market for secondary mortgages, also commonly known as home equity loans. If greenlighted, the scheme would be equivalent to a huge stimulus injection, but without a cent added to the national deficit, the "Oracle of Wall Street" explained. As Freddie Mac is a massive provider of mortgage market liquidity, the move could encourage more banks to extend this financing to customers. The proposal noted that options are limited for homeowners who want to tap their equity, meaning that few are benefiting from the housing market's appreciation.
Persons: , Meredith Whitney, Whitney, Freddie Mac, Freddie Mac's, Freddie, Fannie Mae, Ginnie Mae Organizations: Service, Business
Russia needs to keep its war with Ukraine going or risk an economic hard landing, Elina Ribakova wrote for the Financial Times. The country's military industry has been a major driver of structural economic strength during the war. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . But while this may look good on paper, the country is actually at risk of a hard landing if war efforts cease, Elina Ribakova said. For decades," Ribakova wrote.
Persons: Elina Ribakova, Ribakova, , Vladimir Putin, That's Organizations: Financial Times, Service, Financial, International Monetary Fund, Peterson Institute for International Locations: Russia, Ukraine, Russian, Moscow
CNBC's Inside India newsletter: Will AI make or break India?
  + stars: | 2024-05-02 | by ( Ganesh Rao | ) www.cnbc.com   time to read: +9 min
But one that could foreshadow India's growth story. Can Teleperformance's stock plunge be the canary in the coal mine for what is likely to happen to India because of AI? But it's likely to be a blip for India's growth trajectory, given the macro forces at play. Besides creating jobs that are less likely to be immediately disrupted by AI, India could also be a net beneficiary of artificial intelligence. The Indian stock market indexes, Sensex and Nifty 50 , are heading for a positive week again — up by 1% and 1.2%, respectively.
Persons: Findlay Kember, Klarna, ChatGPT, K Krithivasan, Krithivasan, Narendra Modi, It's, Shilan Shah, Goldman Sachs, Vinay Dwivedi, Ashok Gulati, Nomura, League Pickleball, Karine Jean, Pierre, Jerome Powell, Raghuram Rajan, Ashish Jain, CNBC's Ayushi Jindal Organizations: AFP, Getty, India's Tata Consultancy Services, Financial Times, TCS, World Bank, International Monetary Fund, University of Oxford, Capital Economics, Investment, Nomura, Qualcomm, Powerchip Semiconductor Manufacturing, UPI, India, Commission, Agricultural, United Pickleball Association, Global Sports, PPA, League, Washington Post, White, U.S ., Federal, CNBC, Reserve Bank of India, University of Chicago Booth School of Business Locations: Swedish, Paris, India, Chennai, U.S, Europe, China, Singapore, South Korea, Canada, United States
The Nvidia CEO has an engaged leadership style with 60 direct reports, which he says empowers others. AdvertisementRunning a $2 trillion company comes with early morning starts — just ask Jensen Huang. Huang works holidays but finds it relaxingNvidia CEO Jensen Huang. When I'm not working, I'm thinking about working, and when I'm working, I'm working. Got insights into what it's like working for Jensen Huang?
Persons: Jensen, Huang, , Jensen Huang, Mohd Rasfan, Huang doesn't, workshy, Nicolai Tangen, Tangen, Nicolai, Huang's, Patrick Collison, I'm, Michael M, That's Organizations: Nvidia, Service, Financial Times, New York Times DealBook, Microsoft, Apple, Getty, Norges Bank Investment Management, Stripe Sessions, Big Tech, CNN, Forbes, Stanford School of Business, Stanford University Locations: AFP
First, that American teenagers are experiencing a mental health crisis; second, that it is the fault of phones. “Smartphones and social media are destroying children’s mental health,” the Financial Times declared last spring. What do we really know about the state of mental health among teenagers today? But the American suicide epidemic is not confined to teenagers. Is there a stronger distress signal in the data for young women?
Persons: Haidt’s, Jean Twenge, , Z, , It’s, Max Roser Organizations: Big Tech, Financial Times, New York Times, Guardian, Yorker Locations: France, Spain, Italy, Austria, Germany, Greece, Poland, Norway, Belgium, Sweden
Apple has lured away 36 Googlers with AI expertise since 2018, the Financial Times reported. It's part of a broader talent war among Big Tech firms seeking to bolster their AI capabilities. The battle could escalate when Microsoft opens an AI hub on Google DeepMind's home turf in London. AdvertisementApple has convinced at least 36 Googlers with AI expertise to jump ship since 2018, according to a Financial Times analysis of LinkedIn profiles. Nine of the 31 authors listed on the research paper had Google listed as their last employer on their LinkedIn profiles, Business Insider found, and two authors came from Microsoft.
Persons: Organizations: Apple, Financial Times, Big Tech, Microsoft, Google, Service Locations: London
And Musk notably skipped a recent visit to India, underscoring how important China is for Tesla. AdvertisementElon Musk's two-day trip to Beijing looks like a mutually-beneficial win for Tesla and for China — and a snub for India. AdvertisementMusk needs China — but China also needs Musk, as a sign that the country is open for business with high-profile US companies. Musk's visit was going to include an announcement about Tesla entering India, Reuters reported. AdvertisementMusk's India visit would have been a win for Modi, who is seeking to boost India's status as a manufacturing hub, especially as businesses leave China.
Persons: Elon Musk, , Elon Musk's, China —, Premier Li Qiang, That's, Tesla, Dan Ives, Ives, India Musk, Janet Yellen, Antony Blinken, Musk, crackdowns, Bain —, Narendra Modi, Musk's, Modi Organizations: Tesla, Service, India, Premier, Baidu, Reuters, EV, FSD, Financial Times, China, Communist Party, Gucci, Apple Locations: China, Beijing, India, Shanghai
Eight U.S. newspaper publishers filed suit against Microsoft and OpenAI in a New York federal court on Tuesday, claiming the technology companies reuse their articles without permission in generative artificial intelligence products and incorrectly attribute inaccurate information to them. The group of eight newspaper publishers takes issue with ChatGPT and Microsoft's Copilot assistant — available in the Windows operating system, the Bing search engine, and other products the software maker produces. The legal challenge comes four months after The New York Times sued OpenAI over copyright infringement in the ChatGPT chatbot that the startup released in late 2022. The New York Times case also touched on the matter of OpenAI models regurgitating information from its articles. Correction: This article has been updated to reflect the correct day the lawsuit against Microsoft and OpenAI was filed.
Persons: Sam Altman, Microsoft's, OpenAI, Axel Springer Organizations: Economic, U.S, Microsoft, Bing, Southern, of, New York Daily News, Chicago Tribune, Orlando Sentinel, Sun Sentinel, The Mercury, The Denver Post, Orange County Register, Pioneer Press of Minnesota, CNBC, New York Times, OpenAI's, Financial, Google Locations: Davos, Switzerland, New York, U.S, of New York, Florida, California, Orange
No questions were taken and the call ended with the Mission: Impossible theme being played on loop. The company announced the departure of its president and CEO Bob Bakish before the call. AdvertisementParamount executives didn't take any questions during the company's earnings call on Monday, and ended up blasting the Mission: Impossible theme music on loop to their investors instead. The entertainment studio's first quarterly earnings call of the year took place after Paramount announced the ouster of its president and CEO Bob Bakish. The earnings call ran for only 8 minutes and 50 seconds, and the executives in attendance weren't open to taking questions.
Persons: Bob Bakish, , didn't, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Jaime Morris, Anna Nicolaou, Matthew Belloni, Alex Stedman, Shari Redstone, David Ellison's Skydance, David Ellison, Larry Ellison, There's, Paramount didn't Organizations: Paramount, Service, — CBS, Showtime, MTV Entertainment, Paramount Pictures, Nickelodeon Nickelodeon, Financial Times, Netflix, David Ellison's Skydance Media, Oracle, BI
Read previewMeta's Oversight Board is preparing to make some job cuts, The Washington Post reported. Mark Zuckerberg announced the Oversight Board, which operates independently from Meta, in late 2018, and it began operating in October 2020. AdvertisementIn a statement sent to Business Insider, Stephen Neal, the Oversight Board Trust's chair, confirmed it was making "targeted cuts." AdvertisementA Meta representative told BI that the company "remains committed to the Oversight Board, which operates independently from the company, and continues to strongly support its work." Meta recently announced it would begin labeling a wider variety of content with its "Made with AI" label after an Oversight Board recommendation.
Persons: , Mark Zuckerberg, Stephen Neal, Neal, Meta Organizations: Service, Washington Post, Facebook, Business, Meta, Financial Times, Big Tech
While the US dithered over aid, Ukraine had a robust argument for prosecuting the war pretty much as it pleased. "Taking out a particular refinery is not going to immediately undermine Russia's war effort," said Dailey, the RAND strategist. "But consistently putting pressure on Russia's oil sector would have a significant impact on Russia's ability to fight this war." AdvertisementVakulenko, in his article, also noted that that strikes on Russian oil refineries have "little impact on Russian export earnings." Later, Ukraine said that its attacks had reduced Russian oil production and processing by 12%.
Persons: , Ann Marie Dailey, Rafael Loss, Joe Biden's, Marina Miron, Dailey, Volodymyr Zelenskyy, Olga Tokariuk, Tokariuk, Donald Trump, Miron, Whittling, Celeste Wallander, Lloyd Austin, Sergey Vakulenko, There's, Sir Tony Radakin, Biden, James Patton Rogers, Patton Rogers Organizations: Service, White, Telegraph, Business, RAND Corporation, European Council, Foreign Relations, Washington Post, Department of, King's College, London's, House, Carnegie, RAND, Financial, Cornell Brooks Tech Policy Institute, Ukraine Locations: Ukraine, Krasnodar, King's College London, Russia
AdvertisementAquilino, who led US forces in the Indo-Pacific for three years, cited two major conflict points involving China — Taiwan and the Second Thomas Shoal. I've watched it increase in scope and scale, it is not slowing down," Aquilino told the FT. During his tenure overseeing the region, Aquilino repeatedly warned of China as a primary growing danger to its neighbors. Paparo, on his part, has also named China as one of the most pressing threats to US military interests in the region. AdvertisementThe Chinese Embassy in Washington did not immediately respond to a request for comment sent outside regular business hours by Business Insider.
Persons: , Adm, John Aquilino, Thomas, Aquilino, That's, Samuel Paparo Organizations: Service, Financial Times, Business, Coast Guard, Philippine Coast Guard ship, Pacific Command, Pentagon, Embassy Locations: China, Beijing, Taiwan, Thomas Shoal, Philippines, Spratly Islands, South China, Washington
Trump’s success might make you believe that he has turned the conventional wisdom on its head – that somehow, his legal troubles are helping him politically. There isn’t much of a sign that Trump’s legal woes are helping him among the wider electorate, even if they aren’t hurting him necessarily. Consider Trump’s polling against President Joe Biden. You might think that Trump would be gaining against Biden, if the cases against Trump were helping him. It’s not clear whether the money Trump’s raising because of appeals to his base during his legal troubles is offsetting the amount his committees are spending.
Persons: Donald Trump, Joe Biden, Trump, Biden, pollster, pollsters, don’t, Trump’s, isn’t, he’s, I’m Organizations: CNN, Republican, Biden, Trump, Marist College, Reuters, New York Times, Siena College, NBC, Quinnipiac University, Marquette University Law School, Times, Financial Times Locations: York, Quinnipiac, New York
A mistake by Ukrainian troops appears to have let Russian forces advance and capture large parts of a village. AdvertisementA blunder by Ukrainian troops appears to have allowed Russian forces to advance and capture large parts of a village unopposed. The 47th Mechanized Brigade was due to be relieved by the 115th along the front line just east of Ocheretyne. AdvertisementMelnyk said the only reason Russia was unable to continue its advance was because the 47th Brigade rejoined the fight. An update on the Ukrainian Deep State website, which tracks changes on the battlefield, showed that Russian forces had captured large parts of the village.
Persons: , Mykola Melnyk, Hope, Vadym, Melnyk, Ocheretyne, Chasiv Yar, David Axe Organizations: 115th Mechanized Brigades, Service, 47th Mechanized Brigade, 115th Mechanized Brigade, 115th, Rifle Brigade, Facebook, 115th Brigade, Financial Times, 47th Brigade, Getty, for, Ukraine's 67th Mechanized Brigade, Forbes, Ukraine's Locations: Ukrainian, Avdiivka, Ukraine, Ocheretyne, Russia, Russian, AFP, Donetsk Oblast, Pokrovsk, Ukraine's, Bakhmut, Ukraine's Donetsk
Ceramics maker Maruwa is helping cool data centers amid the AI boom. Maruwa's 200-year history in ceramics contributes to its competitive edge. AdvertisementThe AI boom is driving a surge in data center construction that's sucking up tons of energy. By 2030, data centers are expected to consume 35 gigawatts of power annually, up from 17 gigawatts in 2022, according to McKinsey & Company. Related storiesThis is welcome news to perhaps no one more than a centuries-old Japanese ceramics maker that got its start making dinnerware.
Persons: , Goldman Sachs, Mitsuhiro Icho Organizations: Maruwa, Service, McKinsey & Company, CNET, McKinsey, Financial Times
The Argentine peso has jumped 25% in three months against the dollar in one key exchange market. AdvertisementArgentina's President Javier Milei still hasn't dollarized the economy as promised, but he has managed to do something that's possibly more shocking: strengthen the peso. This currency has been one of 2023's most devalued tenders, and yet it's now become the top currency against the dollar. In the past three months, the peso has surged 25% in the blue-chip swap market, one of Argentina's key foreign exchanges. It's also ironic that Milei has come to lead the peso out of tougher times, given his loud disdain for the currency last year.
Persons: Javier Milei's, , Javier Milei, he's, It's, Milei Organizations: Argentine, Service, Bloomberg, Financial Times Locations: It's, Argentine, greenbacks
Ukrainian strikes on Russian soil will increase, according to the head of the UK's armed forces. The US is reportedly unhappy with Ukraine's strikes on targets in Russia. AdvertisementUkraine will increase its long-range strikes inside Russian airspace, the UK's military chief said, as the war enters its next stage. Admiral Sir Tony Radakin, the head of the UK's armed forces, told the Financial Times that "as Ukraine gains more capabilities for the long-range fight . Ukraine's strikes on Russian soil have so far included attacks on oil facilities and military targets.
Persons: Tony Radakin, , Sir Tony Radakin, Radakin, Ukraine's Organizations: Service, Financial Times Locations: Russia, Ukraine, Europe
The CEO of Norges Bank told the FT that he thinks Americans work much harder than Europeans. AdvertisementEuropeans are less ambitious and don't work as hard as Americans, said Nicolai Tangen, the CEO of Norway's $1.6 trillion oil fund. In Europe, you're dead," Tangen told The Financial Times in an interview published on Wednesday. "I should be careful about talking about work-life balance, but the Americans just work harder." It's true that Americans, on average, work longer hours than their European counterparts, according to data collected from 2019 to 2022 by the Organisation for Economic Co-operation and Development.
Persons: Nicolai Tangen, , Tangen, That's, they've Organizations: Norges Bank, Service, Financial Times, Norges, Apple . Norges Bank, Organisation for Economic Co, Development, European Union, OECD Locations: America, Europe, European
Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.
Persons: , Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar
Jefferies CEO Rich Handler sold $65 million in company stock to buy a luxury yacht. AdvertisementJefferies CEO Rich Handler sold $65 million of his stock in the company to buy himself a gift — a luxury yacht. Handler sold 1.5 million shares, or 7% of his holdings, to purchase a "personal boat and to pay tax obligations," the investment bank said in a Wednesday statement. He has previously sold shares only for tax purposes and charity, the bank said. Investors often view executives' stock sales as a signal about lack of company confidence, so any sales are carefully messaged.
Persons: Rich Handler, Jefferies, Tilman Fertitta, Handler, Organizations: Jefferies, Service, Financial Times, Houston Rockets, NBA, Lancadia Holdings Locations: Westport
Chinese banks are helping to aid Russia's invasion of Ukraine, the US alleges. The US is considering sanctions to cut Chinese banks off from the dollar, according to The Wall Street Journal. AdvertisementThe US is drawing up sanctions that could cause some Chinese banks to lose access to the dollar, according to The Wall Street Journal. In response to previous sanctions, Russia and China intensified efforts to create exchange mechanisms that don't rely on the dollar. Alexandra Prokopenko, a fellow at the Carnegie Russia Eurasia Center think tank, told The Wall Street Journal that regional Chinese banks had emerged that had little involvement in dollar exchanges.
Persons: , Antony Blinken, Alexandra Prokopenko, Prokopenko, Maria Snegovaya Organizations: Wall Street, Service, Reuters, Financial, Carnegie Russia Eurasia Center, Center for Strategic, International Studies Locations: Ukraine, China, Russia, Italy, Russian
Saudi Aramco CEO Amin Nasser praised China for making solar panels and electric vehicles affordable. Saudi Arabia is fostering closer ties with China and wooing Chinese investments and business partnerships. Unlike the West, Saudi Arabia is cozying up to China. "There are lots of opportunities for China to invest in Saudi Arabia," Alibrahim told the media outlet. In March last year, China brokered a détente between Saudi Arabia and Iran, prompting concerns over waning US influence in the Middle East.
Persons: Amin Nasser, Nasser, China's overcapacity, Janet Yellen, Olaf Scholz, China Nasser's, Faisal Alibrahim, Alibrahim, Jon Alterman Organizations: Saudi, Service, Saudi Aramco, World Energy, Financial Times, West, Nikkei, Aramco, Center for Strategic, International Studies, China Economic, Security Locations: China, Saudi Arabia, Saudi Aramco, Saudi, Rotterdam, East Asia, Beijing, Saudi Arabian, Iran, United States
China is pulling ahead in the flying car industry. AdvertisementChina is leading the pack as the flying car industry tries to take off. Kellen Xie, the vice president of Chinese eVTOL company AutoFlight Group, told the Financial Times that the Civil Aviation Administration of China (CAAC) has been "quite supportive" of the growing industry. Related storiesXie told FT that CAAC regulators "work longer hours" and "are determined to actually speed up the process of bringing this new technology into reality." A month later, California-based startup Aska became the second eVTOL company to earn FAA certification, but Aska's prototype is more like an aircraft than a car.
Persons: AutoFlight, , Kellen Xie, Xie Organizations: Service, AutoFlight, Financial Times, Civil Aviation Administration of China, Federal Aviation Administration, Alef Aeronautics, FAA Locations: China, Europe, California
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