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OpenAI chief operating officer Brad Lightcap addressed the firing of CEO Sam Altman in a brief message to employees on Saturday. Lightcap wrote in the memo, obtained by CNBC, that everyone was taken by surprise and that he's had many conversations with the board to try to understand their decision. "We can say definitively that the board's decision was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices," he wrote. He wrote the discussions and options regarding the path forward are ongoing and the company remains strong. Our position as a company remains extremely strong, and Microsoft remains fully committed to our partnership.
Persons: Brad Lightcap, Sam Altman, Lightcap, he's, Altman, Sam, Mira Organizations: CNBC, Microsoft
The board of ChatGPT-maker Open AI said Friday it has pushed out its co-founder and CEO Sam Altman after a review found he was “not consistently candid in his communications” with the board. “The board no longer has confidence in his ability to continue leading OpenAI,” the artificial intelligence company said in a statement. Mira Murati, OpenAI’s chief technology officer, will take over as interim CEO effective immediately, the company said, while it searches for a permanent replacement. While not trained as an AI engineer, Altman, now 38, has been seen as a Silicon Valley wunderkind since his early 20s. Forrester analyst Rowan Curran said Altman's departure, “while sudden,” does not likely reflect problems with OpenAI's business.
Persons: Sam Altman, , Mira Murati, Altman, what’s, He's, Greg Brockman, Ilya Sutskever, Adam D’Angelo, Tasha McCauley, Helen Toner, Mira, , Paul Graham, “ Sam, Graham, ” OpenAI, Elon Musk, Musk, Elon ”, Rowan Curran, ” Curran, Haleluya Hadero, Kelvin Chan, Michael Liedtke, David Hamilton Organizations: Associated Press, OpenAI, Economic Cooperation, Georgetown Center for Security, Emerging Technology, Microsoft Locations: openai, London, Asia, San Francisco, New York
AUSTIN, Texas (AP) — How science textbooks in Texas address climate change is at the center of a key vote expected Friday after some Republican education officials criticized books for being too negative toward fossil fuels in America's biggest oil and gas state. Science standards adopted by the board's conservative majority in 2021 do not mention creationism as an alternative to evolution. But some Republicans on the 15-member board this week waved off current textbook options as too negative toward fossil fuels and for failing to include alternatives to evolution. Scientists overwhelmingly agree that heat-trapping gases released from the combustion of fossil fuels are pushing up global temperatures, upending weather patterns and endangering animal species. She said their organization had identified only two textbooks that would not meet the standards set in 2021.
Persons: Republican Wayne Christian, , Glenn Branch, Branch, Aaron Kinsey, ” Kinsey, Aicha Davis, , Emily Witt Organizations: Texas State, of Education, Republican, National Center, Science Education, Hearst Newspapers, Science Teaching Association, Texas Freedom Network Locations: AUSTIN, Texas, ” Texas, West Texas, U.S
The stockpile continues to grow, the reports say, even though Iran has consistently denied wanting nuclear arms. "The political debate is really not going to be about negotiating with Iran, it's going to be about confronting Iran," he said. This week's IAEA reports showed Iran was making steady nuclear progress and indicated that Tehran continued to stonewall the agency in monitoring its work. Two diplomats said all that could be done in coming months was to support IAEA chief Rafael Grossi's efforts to strengthen oversight of Iran's nuclear programme. "It's way too early to say whether Iran will become a nuclear state or whether it will stay a threshold state like now," one diplomat said.
Persons: Leonhard Foeger, Biden, Trump, Donald Trump, Joe Biden, Israel, Robert Einhorn, Rafael Grossi's, John Irish, Francois Murphy, Arshad Mohammed, Edmund Blair Organizations: International Atomic Energy Agency, IAEA, REUTERS, Trump PARIS, Reuters, U.S, Hamas, Pentagon, U.S . State Department, IAEA Washington, Governors, Thomson Locations: Vienna, Austria, stoke, WASHINGTON, VIENNA, United States, Tehran, Gaza, Iran, European, Washington, Iraq, Syria, U.S, IRAN, IAEA, stonewall, Paris
The share of US consumers who plan to visit a foreign country in the next six months is at a record high. "The bottom line is that rates will stay higher for longer because the Fed is still trying to get non-housing service sector inflation under control." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThat suggests the Fed is likely to keep interest rates higher for longer even though markets are starting to warm up to the idea of interest rate cuts in 2024. Advertisement"The bottom line is that rates will stay higher for longer because the Fed is still trying to get non-housing service sector inflation under control," Sløk said.
Persons: Apollo, , Torsten Sløk, Sløk Organizations: Service, Conference, Federal
OpenAI just announced that Sam Altman is out as CEO. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementI want to level with you: We have no idea why Sam Altman is out as CEO at OpenAI. 🫡 — Sam Altman (@sama) November 17, 2023Of course, Business Insider is working on reporting on this to get you more facts as soon as possible. Just this month, OpenAI had a highly-anticipated event where new updates to ChatGPT were announced along with more features.
Persons: OpenAI, Sam Altman, , what’s, ould Organizations: Service, Business, ust Locations: openai
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. The board can issue recommendations to Meta, which are not binding, but the company has to respond to them within 60 days. In a statement, the board said the Instagram video it was reviewing showed the face of the woman, who was arrested following the confrontation. The board said the video had initially been flagged by AI for violating community guidelines, and sent for human review. The board said the case of the video falls within its strategic priorities that include crisis and conflict situations and gender.
Persons: Yves Herman, Mahsa Amini, Gnaneshwar Rajan, Shubham, Katie Paul, Miral Organizations: REUTERS, Instagram, Meta, Facebook, Thomson Locations: Brussels, Belgium, Iran, Bengaluru, San Francisco
BoE's Ramsden: UK interest rates to stay high for extended time
  + stars: | 2023-11-16 | by ( ) www.reuters.com   time to read: +2 min
LONDON, Nov 16 (Reuters) - The Bank of England is likely to need to keep interest rates high for an extended period, Deputy Governor Dave Ramsden said on Thursday, sticking close to the central bank's existing language on the topic. Ramsden voted with the majority on the Monetary Policy Committee (MPC) this month to keep interest rates on hold at a 15-year high of 5.25%. "Monetary policy is likely to need to be restrictive for an extended period of time," Ramsden said in prepared remarks for the European Systemic Risk Board's annual conference. "The MPC have communicated that monetary policy will need to be sufficiently restrictive for sufficiently long to return inflation to the 2% target sustainably in the medium term," he added. The BoE currently holds 748 billion pounds ($931 billion) of gilts, down from a peak of 875 billion pounds in December 2021, and committed to reduce its stockpile by 100 billion pounds between October 2023 and September 2024.
Persons: Dave Ramsden, Ramsden, BoE, David Milliken, Sachin Ravikumar, Kylie MacLellan Organizations: Bank of England, Monetary, Financial, Thomson
Charter said in a statement that it fully cooperated with the SEC's inquiry and that its share repurchase plans were well-documented and disclosed in financial statements. "We remain committed to a share buyback program and our previously stated leverage targets," the company said. U.S. regulators have ratcheted up scrutiny of rearranged stock trading programs, known as 10b5-1 plans, in the face of criticism from lawmakers and others. The SEC last year overhauled the rules for such plans to deter insiders from trading on material information that investors do not have. Reporting by Chris Prentice in New York and Jasper Ward in Washington; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.
Persons: Chris Prentice, Jasper Ward, Bill Berkrot Organizations: Communications, WASHINGTON, SEC, U.S, Securities, Exchange Commission, Thomson Locations: U.S, New York, Washington
ValueAct Capital has taken a significant stake in Disney (DIS) and has been in dialogue with Disney's management, the Activist Spotlight has learned. It operates through two segments, Disney Media and Entertainment Distribution; and Disney Parks, Experiences and Products. Activist Commentary: ValueAct has been a premier corporate governance investor for over 20 years. ValueAct began buying Disney this summer during the WGA and SAG strikes and it is one of the firm's largest positions. This certainly gives the Disney board an alternative they were not expecting.
Persons: ValueAct, Warner, Mason Morfit, Wordle, Bob Iger, Iger, Satya Nadella, Steve Ballmer, Nelson Peltz, Ken Squire Organizations: ValueAct, Disney, Business, Disney Media, Entertainment, Disney Parks, Warner Bros, Paramount, Netflix, WGA, SAG, Microsoft, Adobe, New York Times, Spotify, Century Fox, ESPN, Hulu, Athletic, Trian Partners, 13D Locations: Salesforce
Companies Tesla Inc FollowNov 15 (Reuters) - Tesla Inc (TSLA.O) did not violate U.S. labor law by prohibiting workers at its flagship Fremont, California, assembly plant from wearing pro-union t-shirts, a federal appeals court has ruled. The electric vehicle maker adopted its uniform policy in 2017 amid an organizing campaign by the United Auto Workers union (UAW). President Joe Biden said last week that he supported the union's efforts to organize workers at Tesla and Toyota. Tesla's "team wear" policy required employees to wear black shirts imprinted with the Tesla logo. A three-judge 5th Circuit panel in March had affirmed the labor board's decision.
Persons: Tesla, Joe Biden, Elon Musk, tweeting, Daniel Wiessner, Nick Zieminski Organizations: Tesla, Tesla Inc, Circuit, Appeals, National Labor Relations Board, NLRB, United Auto Workers union, UAW, U.S, Detroit Three, Toyota, Thomson Locations: Fremont , California, New Orleans, Albany , New York
sturti | Getty ImagesThe Great Resignation may be over for most workers — but for some top honchos, it's only just begun. CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. "CEOs are looking around and thinking: 'I prefer a position in another company,' or 'I prefer retirement. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles. While businesses rally to ensure the mental well-being of their workforce, CEOs might find themselves isolated in their struggles."
Persons: Gray, Alexander Kirss, Covid, switchers, Kirss, Carlina, , LaShawn Davis, Challenger, Andrew Challenger, Davis, there's Organizations: Challenger, Christmas, Gartner, CNBC, Employees, Hospitals Locations: Ukraine
The National Transportation Safety Board's recommendations to combat excessive speeding came after a hearing Tuesday on a January 2022 crash in North Las Vegas, Nevada. The board also discussed pushing states to install active systems that make it harder for a repeat offender to speed, or limit speeding altogether. The seven dead family members ranged in age from 5 to 35 years old and lived in North Las Vegas. Just days before the crash, Robinson pleaded guilty in Las Vegas to speeding, the Review-Journal reported. ___Associated Press Writer Ken Ritter in Las Vegas contributed to this report.
Persons: Michael Graham, Gary Dean Robinson, Robinson, Ken Ritter Organizations: DETROIT, , National Transportation Safety, Dodge Challenger, Traffic Safety Administration, Toyota Sienna, Las Vegas, Associated Locations: North Las Vegas , Nevada, Nevada, North Las Vegas, Las Vegas
Americans are saving lessThe personal savings rate slumped to 3.4% in September. That's well-below the pre-pandemic savings rate, when Americans were stashing away around 7% of their disposable personal income. Consumers aren't planning to splurge this holiday seasonAmericans are less likely to splurge this holiday season than last year. McKinsey & CompanyAmericans are looking less likely to splurge, even as they head into the holiday season. "Hiring for the holiday season is generally done in October, and adding up new jobs created in the BLS-defined holiday season retail sectors in the latest employment report shows that retailers expect a weaker holiday season," Apollo chief economist Torsten Slok said in a note on Tuesday.
Persons: Macquarie, Thierry Wizman, , Wizman, Morgan Stanley, Torsten Slok Organizations: Service, Macquarie Global, New York Fed, Federal Reserve, San Francisco Fed, Conference, Conference Board, McKinsey & Company, McKinsey, Apollo, of Labor Statistics Holiday, Bureau of Labor Statistics, BLS Locations: York
Earlier this week, it ended a four-month pause by raising its cash rate a quarter point to a 12-year high of 4.35%. Stubborn inflation in the service sector led the RBA to revise up its forecasts for both CPI and core inflation. "There is potential for further upside surprises to inflation," the RBA cautioned, pointing to domestic cost pressures and external factors such as global warming. Such surprises would risk de-anchoring inflation expectations and require even higher interest rates, the RBA said. Growth for end 2024 was lifted by a quarter point to 2.0%, while the forecast for late 2025 stayed at 2.25%.
Persons: David Gray, Wayne Cole Organizations: REUTERS, Rights, Reserve Bank of Australia, Thomson Locations: Sydney, Australia, AUSTRALIA
Staff members of Bank of Japan walk between the BOJ headquarters buildings in Tokyo, Japan September 20, 2023. The discussions highlight how the BOJ is looking to exit its decade-long accommodative regime, as prospects of sustained inflation and wage growth heighten. At the Oct. 30-31 meeting, the BOJ kept its ultra-low interest rate targets unchanged but tweaked the yield curve control (YCC) to loosen its grip on long-term interest rates. Another opinion showed how one board member saw prospects of sustainably achieving the BOJ's price target having heightened further since the previous meeting in July. The summary does not disclose the identity of the board member who made the comments.
Persons: Issei Kato, Kazuo Ueda, Leika, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, REUTERS, Bank, Japan, Thomson Locations: Tokyo, Japan, TOKYO
It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.
Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia
Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm. It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor.
Persons: Lewis Jackson, PwC, Robert Birsel, Stephen Coates Organizations: REUTERS, Rights, Wednesday, Scyne Advisory, Scyne, Google, Uber Technologies, Facebook, Meta, WESTPAC, Westpac Group, Westpac, PwC's, Thomson Locations: Barangaroo, Australia
Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The price tag can reach 22 billion euros when including some future payments were a long-awaited combination of TIM's grid with that of state-backed fibre optic rival Open Fiber materialise, the first two sources said. Italian infrastructure fund F2i is also preparing to take a stake in the grid to bring the holding in Italian hands to 30%-35%. With its 24% TIM stake, Vivendi has warned TIM's board it is ready to bring a legal challenge to the sale after criticising its approval process, documents seen by Reuters showed. ($1 = 0.9321 euros)Reporting by Elvira Pollina; Editing by Valentina ZaOur Standards: The Thomson Reuters Trust Principles.
Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Merlyn Advisors, Stefano Siragusa, Elvira Pollina, Valentina Za Organizations: Telecom Italia, REUTERS, Vivendi, Sunday, KKR, Reuters, TIM, Treasury, Thomson Locations: MILAN, London
Telecom Italia (TIM) logo is seen displayed in this illustration taken, May 3, 2022. The board started a review of KKR's offer on Friday, approving it on Sunday, TIM said. The sale's 18.8 billion euro price tag, including debt, could reach 22 billion euros if certain conditions are met, TIM said. TIM said it would not put the board's decision to a shareholder vote, in a setback for leading shareholder VivendI (VIV.PA). Vivendi, which owns 24% of TIM, has been seeking a higher price and questioned the sustainability of the business left behind.
Persons: Dado Ruvic, Giorgia, Pietro Labriola's, Labriola, Merlyn Advisors, Merlyn, Elvira Pollina, Valentina Za, Will Dunham Organizations: Telecom Italia, REUTERS, TIM, Vivendi, Sunday, KKR, European Union, Treasury, VivendI, Thomson Locations: Italy, MILAN, London
School board members refuse to cede any ground. One was a discordant school board meeting in September that stretched over nearly five hours. The other was a school board candidates forum that drew a full room in October. Since then, the school board has hired its own private security to stand guard at meetings. While she does not have proof, Drane thinks it was retaliation for her vocal resistance against the new school board majority.
Persons: , ___, Michelle Obama, Belén Rodas, that’s, Jordan Lynch, Dale Swanson, Swanson, Glenn Youngkin, distresses Frank Morgan, , Tamara Quick, didn't, ” Rabih Abuismail, ” Kirk Twigg, Twigg, Mark Taylor, Taylor, Toni Morrison, Tom Eichenberg, Abuismail, Lisa Phelps, Fabiana Parker, Parker, Heather Drane, we’re, Drane, It's, Lynch, ” Rodas, ___ Swenson, Serkan Gurbuz Organizations: Spotsylvania School, Democratic, Republican, GOP, Spotsylvania School Board, Rappahannock Conservative Women’s Coalition, Republicans, Liberty, Republican Gov, Virginians, , Youngkin, NAACP, Associated Press, AP Locations: FREDERICKSBURG, Va, Spotsylvania, United States, Virginia, , Spotsylvania County, America, Spotsylvania ., Rockingham County, Goochland County, South Carolina, Manassas, New York
Treasury rates are now elevated across the board as the yield curve begins to flatten out with longer-term rates continuing to rise. Here's the current equity-risk premium, which is how much the S&P 500 is expected to return annually over the next decade in excess of the 10-year Treasury note. As for downward pressure on the economy, Mulholland said the effects of higher interest rates would continue to show up in several ways. Businesses will be more hesitant to borrow money to expand as much amid higher rates, Mulholland said, and banks will be less likely to lend money. "Investors who make regular withdrawals or have large liquidity needs on the horizon would be smart to reduce stock market exposure now," Mulholland said.
Persons: Stephen Mulholland, it's, Mulholland, Rosenberg, Stocks, Louis Organizations: Mulholland, Federal Reserve, Rosenberg Research, US Treasury Bills, Federal Reserve Bank of St, of Labor Statistics, Conference Locations: Fed's, American
Cruise's board has hired law firm Quinn Emanuel to review Cruise management's responses to regulators investigating the Oct. 2 accident, and technology consultancy Exponent to review Cruise's technology. Our commitment to Cruise with the goal of commercialization remains steadfast.”Federal and state safety regulators are investigating a series of accidents involving driverless Cruise vehicles. California regulators suspended the company's license to operate driverless vehicles last month, saying the self-driving vehicles were a risk to the public. Federal regulators last month told Cruise they are investigating incidents in which Cruise driverless cars appeared to fail to yield to pedestrians in crosswalks. Cruise said last week it would pause all driverless operations "while we take time to examine our processes, systems, and tools."
Persons: Elijah Nouvelage, Cruise, Cruise's, Quinn Emanuel, Mary Barra, Barra, Joe White, Jonathan Oatis Organizations: GM Bolt, REUTERS, General Motors, DETROIT, New York Times, GM, driverless, Traffic, Administration, Honda, Cruise, Thomson Locations: San Francisco , California, U.S, Federal, California, crosswalks, Cruise, Japan
There are reasons for the central bank to be, as policymakers have said, "careful" in approving any further rate increases. "We think real rates are higher due to very strong US growth," analysts from Citi wrote ahead of this week's Fed meeting. As of the September meeting, Fed officials said they still felt one more rate hike would be necessary. But Powell has also said growth needs to slow - and if it doesn't, it means the Fed's policy rate will need to move higher. It's a good thing that the labor market's strong," Powell said at his press conference following the end of the Sept. 19-20 policy meeting.
Persons: Jerome Powell, Brendan McDermid, Powell, Nancy Vanden Houten, Dana Peterson, Consumers, Howard Schneider, Dan Burns, Paul Simao Organizations: Federal, Economic, of New, REUTERS, Federal Reserve, Treasury, Citi, Fed, Reuters Graphics Reuters, U.S, Investors, Gross, Oxford Economics, Conference Board, Conference Board's, Thomson Locations: of New York, New York City, U.S, WASHINGTON, joblessness
SAN FRANCISCO (AP) — European officials widened a ban on Meta’s “behavioral advertising” practices to most of Europe on Wednesday, setting up a broader conflict between the continent’s privacy-conscious institutions and an American technology giant. The decision by the European Data Protection Board represents a sharp escalation of a tussle that began in Norway, where privacy officials imposed a daily fine of 1 million kroner — roughly $90,000 — on Meta for obtaining that data without adequate consent. The latest decision “unjustifiably ignores that careful and robust regulatory process,” the company said in a statement following the European board's action. Tobias Judin, head of the international section at the Norwegian Data Protection Authority, said Meta's proposed steps likely won't meet European legal standards. “They continue with their unlawful activities to this very day, simply because breaking the law is so profitable.”
Persons: Meta, , Tobias Judin, Meta's, wouldn't, ” Judin Organizations: FRANCISCO, , Facebook, European Data Protection, Meta, Norwegian Data Protection Authority Locations: Europe, American, Norway
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