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☆ Joe Lonsdale on overregulation in tech: It's very easy to break the innovation economy
▼ + stars: | 2024-09-19 | 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 EmailJoe Lonsdale on overregulation in tech: It's very easy to break the innovation economyJoe Lonsdale, Palantir co-founder and 8VC founding partner, joins 'Squawk Box' to discuss election interference and Big Tech, state of AI regulation, the dangers of overregulation in tech, and more.

Persons: Joe Lonsdale, Palantir Organizations: Big Tech Locations: overregulation

Supply and DemandThe case for housing deregulation starts with Econ 101: Allowing builders to significantly increase housing supply leads to much lower prices. It isn’t rising demand, as the U.S. population rose even faster back when housing prices were roughly stable. Standard of LivingWhat would happen if homebuilders could once again freely build until housing prices were driven back down to cost? The admittedly small number of studies on the link between YIMBY and babies support common sense: Less regulation lowers housing prices, and lower housing prices generally raise birth rates and hasten child-bearing. In a rational world, the panacea policy of housing deregulation would be a done deal.

Persons: Ben Denzer, Taylor, Wharton, homebuilders, Thomas Piketty’s, ”, Matthew Rognlie, Peter Ganong, Daniel Shoag, Anne Case, Angus Deaton Organizations: Republicans, Research, Area, Wharton, Francisco, Francisco Los Angeles New, Francisco Los Angeles New York Phoenix Denver Houston Dallas, Japan Japan France France Britain Britain, Japan Japan France France Britain Britain Canada, → Utah Nevada Arizona New, San, San Francisco New, Atlanta Houston Boston, Democrats, Republican Locations: Minnesota , Oregon, California, New York City, Houston, Dallas, Francisco Los, Francisco Los Angeles New York, Wharton, United States, Japan, France, Britain, Canada, U.S, Japan Japan France France, Japan Japan France France Britain Britain Canada Canada, Bay, Dodge, → California Nevada Florida New York Arkansas, → Utah Nevada Arizona, → Utah Nevada Arizona New York West Virginia, Washington, San Francisco, San Francisco New York Los Angeles Rochester, N.Y, Atlanta

When the White House chief of staff, Jeffrey Zients, met with dozens of top executives in Washington this month, he encountered a familiar list of corporate complaints about President Biden. The executives at the Business Roundtable, a group representing some of the country’s biggest corporations, objected to Mr. Biden’s proposals to raise taxes. While the meeting was not antagonistic, it was indicative of three and a half years of executive grousing about Mr. Biden. Business leaders have criticized his remarks on “corporate greed” and his appearance on a union picket line. A number of prominent figures in Silicon Valley and on Wall Street — including the venture capitalists David Sacks and Marc Andreessen, and the hedge fund magnate Kenneth Griffin — have grown increasingly vocal in their criticism of Mr. Biden, their praise of former President Donald J. Trump, or both.

Persons: Jeffrey Zients, Biden, ”, —, Lina Khan, David Sacks, Marc Andreessen, Kenneth Griffin —, Mr, Donald J, Trump Organizations: White House, Business, Biden, Federal Trade Commission Locations: Washington, Silicon Valley

Macron's opponents are seizing on the farmers' demonstrations to bash his government's record ahead of European elections in June. Far-right leader Marine Le Pen, whose National Rally party is polling strongly, blamed free-trade agreements, imports and bureaucracy for farmers' economic woes. Roads hit Thursday morning by drive-slows included a highway west of the French capital and seat of power. “We are getting progressively closer to Paris,” farmer David Lavenant said to broadcaster BFM-TV. In recent weeks, farmers have staged protests in Germany, the Netherlands, Poland and Romania.

Persons: Gabriel Attal, Emmanuel Macron, Marine Le, ”, David Lavenant, Ursula von der Leyen, von der Locations: Paris, Agen, France, Brussels, Germany, Netherlands, Poland, Romania

Grimes alleged Elon Musk spent less than half his time in 2023 in Texas, in recent legal filings. Musk still spends two to three days a week in California, Grimes alleged. AdvertisementElon Musk — who moved Tesla's headquarters from California to Texas in 2021— has been spending less than half his time in the Lone Star State, Grimes alleged in recent legal documents. Musk quietly sued Grimes in Texas court in September to establish a "parent-child" relationship with the kids. While Grimes has said the child was with Musk in Texas over her objection, the details around the arrangement, and how she responded, are unclear.

Persons: Grimes, Elon Musk, Musk, —, Elon, Claire Boucher, X, Christopher Melcher, Walzer Melcher, Tesla, Peter Walzer Organizations: Service, Lone Star State, Tau, Business, Musk, Street Journal, Montessori, Twitter, SpaceX Locations: Texas, California, Austin , Texas, Austin, Hawthorne , California, Brownsville , Texas, Bay Area . Texas, Starbase, SpaceX's, Boca Chica , Texas, Snailbrook, Boring, Bastrop , Texas, State, San Francisco, Palo Alto

The proposal to classify AI systems by four levels of risk — from minimal to unacceptable — was essentially intended as product safety legislation. That changed with the boom in generative AI, which sparked wonder by composing music, creating images and writing essays resembling human work. Foundation models give generative AI systems such as ChatGPT the ability to create something new, unlike traditional AI, which processes data and completes tasks using predetermined rules. Resistance to government rules for these AI systems came from an unlikely place: France, Germany and Italy. “The race should be for the best AI regulations, not the first AI regulations."

Persons: —, Bard chatbot, “ Rather, won’t, ”, Nick Reiners, “ there’s, Reiners, Sam Altman, Thierry Breton, ” Reiners, Kent Walker, Iverna McGowan, McGowan, Altman, OpenAI, Alpha, it's, ” Dragos, “, “ We’re Organizations: European Union, Eurasia Group, European Commission, Microsoft, Mistral, Elon, Center for Democracy and Technology, EU Locations: European, U.S, China, Brussels, France, Germany, Italy, Europe, German, Romanian

☆ Elon Musk, Mark Zuckerberg, Bill Gates and other tech names head to Washington for a closed-door meeting on policing AI
▼ + stars: | 2023-09-13 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

Some of the world's biggest tech leaders gathered in Washington, DC for a closed-door forum on AI. Elon Musk, Mark Zuckerberg, Bill Gates, and other tech leaders all were scheduled to attend. The closed-door forum on Capitol Hill included almost two dozen tech executives, tech advocates, civil rights groups and labor leaders. Tech leaders outlined their views, with each participant getting three minutes to speak on a topic of their choosing. AdvertisementAdvertisementStill, some senators were critical of the private meeting, arguing that tech executives should testify in public.

Persons: Elon Musk, Mark Zuckerberg, Bill Gates, Musk, Chuck Schumer, Meta's Mark Zuckerberg, Tesla, OpenAI's Sam Altman, Schumer, Sen, Mike Rounds, Eric Schmidt, Zuckerberg, Arvind Krishna, Josh Hawley, Hawley, Richard Blumenthal, Conn Organizations: Service, Capitol, Microsoft, Tech, IBM Locations: Washington ,, Wall, Silicon

But he’s hoping that they will give senators some realistic direction as he tries to do what Congress hasn't done for many years — pass meaningful regulation of the tech industry. “It’s going to be a fascinating group because they have different points of view,” Schumer said in an interview with The Associated Press ahead of the forum. Many members of Congress agree that legislation will probably be needed in response to the quick escalation of artificial intelligence tools in government, business and daily life. In the United States, most major tech companies have expressed support for AI regulations, though they don’t necessarily agree on what that means. Blumenthal’s framework calls for a new “licensing regime” that would require tech companies to seek licenses for high-risk AI systems.

Persons: Chuck Schumer, Meta’s Mark Zuckerberg, Elon Musk, Bill Gates, Schumer, Republican Sen, Mike Rounds, “ It’s, ” Schumer, ” Rounds, “, ”, Mark Warner, Democratic Sen, Martin Heinrich of, Todd Young, Indiana —, Sam Altman, Forrester, Sen, Young, ” Young, “ We’ve, Dana Rao, We’ve, Richard Blumenthal, Conn, Josh Hawley, ” Blumenthal, ___ O'Brien, Ali Swenson, Kelvin Chan Organizations: WASHINGTON, Capitol, Microsoft, Republican, Associated Press, AP, Democratic, European Union, Adobe Locations: South Dakota, Martin Heinrich of New Mexico, Indiana, U.S, United States, Europe, Josh Hawley of Missouri, Providence , Rhode Island, New York, London

☆ Elizabeth Warren and Katie Porter are taking the first step in repealing the Trump-era banking law they blamed for Silicon Valley Bank's collapse
▼ + stars: | 2023-03-14 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

NBC first reported on Tuesday that Sen. Warren and Rep. Porter are introducing a bill to repeal a 2018 banking law. Warren and other Democrats blamed the rollback for Silicon Valley Bank's collapse. Warren and Porter blamed the Trump-era rollbacks for SVB's abrupt shutdown on Friday, saying that if stricter regulations had been in place, the bank's collapse could have been prevented. Sen. Bernie Sanders also said on Monday that SVB's failure was a "direct result" of the 2018 legislation. "Americans deserve to know their money is safe when they deposit it in the bank," Porter said in a statement.

☆ Joe Manchin says he looks at his 2018 vote on easing bank regulations 'differently now' after Silicon Valley Bank's collapse
▼ + stars: | 2023-03-14 | by ( Juliana Kaplan | Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

In 2018, Sen. Joe Manchin was one of 13 Democrats to vote for easing some banking regulations. The rollback of those regulations meant that Silicon Valley Bank was subject to less scrutiny. That vote has come under renewed scrutiny after the abrupt shuttering of Silicon Valley Bank (SVB) and subsequent bailout of its depositors. Manchin did tell Raju that it was not a mistake to vote through that 2018 legislation, or at least it wasn't at the time. Other Democratic lawmakers who also voted for the 2018 legislation are similarly standing by their decisions.

☆ Why Trump is being called out in the Silicon Valley Bank collapse
▼ + stars: | 2023-03-13 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Some Democrats have been blaming Trump-era regulations for Silicon Valley Bank's collapse. In 2018, Trump signed into law a bill that rolled back provisions in the Dodd-Frank Act and loosened oversight over banks. On Friday, regulators shut down Silicon Valley Bank following a tumultuous few days of failing to raise capital and a flood of customers withdrawing their funds from the bank. "Greg Becker, the chief executive of Silicon Valley Bank, was one of the ‌many high-powered executives who lobbied Congress to weaken the law," Massachusetts Sen. Elizabeth Warren wrote in a Monday opinion piece. Vermont Sen. Bernie Sanders said in a statement that the "failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by Donald Trump that I strongly opposed."

"If corporate profits were to decline from the extremely high levels that we saw recently, would it be possible to sustain" growth in workers' benefits "even as we get inflation down to the target of 2%?" Democratic Senator Chris Van Hollen asked Powell during the Fed chief's semi-annual testimony before the U.S. Senate Banking Committee. "Wages affect prices and prices affect wages," Powell said, associating current earnings growth to the current ultra-low unemployment rate of 3.4%, and suggesting the labor market may need to weaken at least somewhat for inflation to fall. SHORTAGESUltimately, Powell said he felt profits would likely moderate on their own as the U.S. economy moves beyond the pandemic. "What we're seeing in the economy is pretty much about shortages ... supply chain blockages," Powell said.

☆ BASF picks right time to share pain with investors
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

LONDON, Feb 24 (Reuters Breakingviews) - BASF (BASFn.DE) continues to provide the best metaphor for the German economy. The group will cut 2% of its workforce in a 550 million euros cost-cutting effort that includes plant closures. Investors who might have cheered the news sent the stock tanking by 6% as BASF boss Martin Brudermüller is also suspending a 3 billion euros share buyback. Politically that may have allowed the group to maintain its dividend at a planned 3.40 euros a share. The closure of one of two ammonia plants in the company’s stronghold of Ludwigshafen was expected - a Belgian plant in Antwerp can supply the global market.

☆ BASF to cut 2,600 jobs on high costs in Europe
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: +3 min

A view of a chemical plant of German company BASF, in Ludwigshafen, Rhineland-Palatinate, western Germany, on October 06, 2022 in Ludwigshafen, Germany. BASF said it would cut 2,600 jobs and halt its share buybacks as it warned of a further decline in earnings reflecting high costs in Europe, uncertainty due to the war in Ukraine and rising interest rates. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

☆ BASF flags earnings decline, job cuts on high costs in Europe
▼ + stars: | 2023-02-24 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

The German chemicals giant said in a statement on Friday that 2023 earnings before interest and tax (EBIT), adjusted for special items, would fall to between 4.8 billion euros ($5.09 billion) and 5.4 billion from 6.9 billion in 2022, which was down 11.5% from 2021. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. On Friday, it revised the net loss downwards to 627 million euros. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

Musk on Wednesday announced the news with the state's governor, Gavin Newsom, and the Tesla CEO later told CNBC that putting the engineering hub in California means it is "effectively a headquarters of Tesla." Democratic-controlled California, the most populous U.S. state, has more electric vehicles than any other and provided Tesla with tax incentives as it grew. "Given that the Bay Area in California is home to many leading tech companies, it makes sense for Tesla’s engineering headquarters to be located there as a way to attract top talent," said Seth Goldstein, an analyst at Morningstar. The new Tesla engineering headquarters will be in a former Hewlett Packard building in Palo Alto. "This is a poetic transition from the company that founded Silicon Valley to Tesla," Musk said.

☆ Tesla to base engineering headquarters in California
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Companies Tesla Inc FollowHP Inc FollowFeb 22 (Reuters) - Electric-vehicle maker Tesla Inc (TSLA.O) will make its global engineering headquarters in California, Chief Executive Elon Musk and California Governor Gavin Newsom announced on Wednesday. Tesla in December 2021 moved its corporate headquarters from Silicon Valley’s Palo Alto, California, to Austin, Texas, where it is operating a new car factory. Billionaire Musk himself moved from Los Angeles to the Lone Star State, which does not have state income tax. California remains a key source of talent for tech companies, and the Tesla engineering headquarters will be in a former Hewlett Packard building in Palo Alto. "This is a poetic transition from the company that founded Silicon Valley to Tesla," Musk said.

☆ Elon Musk meets with California Gov. Newsom at Tesla's new engineering headquarters to discuss expansion
▼ + stars: | 2023-02-22 | by ( Yasmin Khorram | ) www.cnbc.com time to read: +3 min

Tesla CEO Elon Musk and his staff are meeting Wednesday with California Governor Gavin Newsom and touring Tesla's new engineering headquarters. As the pandemic hit in March 2020, Musk and state officials clashed over reopening the Tesla plant in Fremont, California. In 2021, following repeated threats to leave the state, Musk moved Tesla's headquarters to Austin, Texas. Since then, Musk has made his political stance clear, characterizing California as a one-party state that is burdened with overregulation and high taxes. Tesla said it had 47,000 employees in California in 2022, according to a January 2023 blog post.

☆ McCarthy, Scalise go to war with U.S. Chamber after group backed some Democrats in 2020 and 2022 elections
▼ + stars: | 2023-02-06 | by ( Brian Schwartz | ) www.cnbc.com time to read: +6 min

McCarthy's refusal to meet with the Chamber is the latest strike in an ongoing feud between some House Republican members and the Chamber of Commerce. Tim Doyle, a spokesman for the Chamber of Commerce, told CNBC in a statement that the group's policies are more in line with House Republicans than Democrats. Representatives for House Majority Whip Tom Emmer, R-Minn., House Republican Conference Chair Rep. Elise Stefanik, R-N.Y., and Rep. Gary Palmer, R-Ala., did not return requests for comment. McCarthy's ire against the Chamber started after the group endorsed 23 House Democrats in the 2020 election cycle when Republicans failed to regain the majority. The Chamber reportedly endorsed 23 House Republican candidates and four Democrats during the 2022 election fight.

☆ A tiny-home startup has attracted 160,000 customers, including Elon Musk. But disgruntled customers, an empty factory, and a tie to an alleged Iranian agent cloud its future.
▼ + stars: | 2023-02-06 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +17 min

A Boxabl Casita being delivered to a SpaceX facility in Texas. Tackling the US housing crisisStamped out on an assembly line, Boxabl homes could finally begin to help quench America's perpetual housing shortage. Homeowners, meanwhile, could rent out Boxabl units as secondary dwellings in their backyards or as Airbnbs. Firooznia, Tiramani said, sometimes provided a tiebreaking vote when the father and son disagreed on business decisions. During a tour of Boxabl's factory in December, a freelance reporter for Insider saw Tiramani's wife, Shauna, arrive with their four young children.

☆ Iberdrola profit boosted by US, Brazil, offsetting Spanish woes
▼ + stars: | 2022-10-26 | by ( David Latona | ) www.reuters.com time to read: +3 min

Iberdrola reported a net profit of 3.1 billion euros ($3.09 billion) for the January-September period and said geographical diversification allowed it to maximise growth and benefit from positive currency swings. In Spain, however, profit fell by 14% as summer droughts hampered hydroelectric generation, which was almost 48% lower than last year, Iberdrola said. Galan said Iberdrola was not exposed to Russian gas, adding that world leaders have now realised gas market dynamics were "causing the problem and electricity is the solution". The company has invested 7.58 billion euros so far this year, a 14.2% increase compared to the same period in 2021. Iberdrola also reiterated its forecast for an annual net profit of between 4 billion and 4.2 billion euros and announced a 5.9% higher interim dividend of 0.18 euros per share, payable in January 2023.

☆ Legal cannabis isn't beating the illicit market. The economist who wrote the book on legalization says there are 3 key ways to change that.
▼ + stars: | 2022-10-21 | by ( Jeremy Berke | ) www.businessinsider.com time to read: +7 min

Cannabis legalization is failing to live up to key promises, the economist Robin Goldstein said. While federal cannabis legalization is one of the few US policy questions where there's widespread polling consensus, the industry is struggling. The Blunt Realities of Cannabis Economics," Goldstein and Sumner take a microscope to cannabis policy and the broader industry to answer key questions about the drug's future. "If you want smaller businesses to thrive, just break down barriers to entry because those barriers are best met by the biggest companies," Goldstein said. High prices for legal cannabis often push customers to illicit sellers.

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