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NEW YORK (AP) — For a while, Sam Bankman-Fried tried to convince politicians and the public that he was the next J.P. Morgan. The trial of Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, will begin Tuesday with jury selection. Political Cartoons View All 1190 ImagesThe 31-year-old Bankman-Fried founded FTX in 2019, and it grew rapidly. Bankman-Fried is expected come face-to-face with his former lieutenants at FTX for the first time since its collapse. She has previously said in a statement through her lawyers that she knew funneling FTX customers' money into Alameda was wrong.

Persons: Sam Bankman, Fried, Bernie Madoff, ”, Michael Zweiback, Zweiback, Zalduendo, FTX, SBF ”, J.P, Morgan, Tiger Woods, Justin Timberlake, Bankman, John Ray III, Caroline Ellison, Gary Wang, Ryan Salame, Salame, Ellison, funneling, Christine Adams, Adams, Andrew Ross Sorkin, Judge Lewis A, Kaplan, Changpeng Zhao, Larry Neumeister Organizations: Southern, of, Republicans, “ Prosecutors, Zalduendo LLP, Stanford University, Alameda Research, Alameda, Enron, FTX, Bankman, Prosecutors, The New York Times, NFTs, Securities and Exchange Commission, Binance, SEC Locations: Morgan, of New York, Washington, cryptocurrencies, Silicon Valley, FTX, The Bahamas, Albany, Alameda, Bahamas, New York, Palo Alto , California

MANCHESTER, England (AP) — Britain’s Treasury chief is to announce a hike in the national minimum wage on Monday, as the governing Conservative Party tries to persuade voters it is on the side of those who are struggling financially. Chancellor of the Exchequer Jeremy Hunt has ruled out tax cuts, saying they would fuel inflation. The exact amount will be set after a recommendation by the Low Pay Commission, an advisory body. The right-of-center Tories, in power since 2010, are lagging far behind the center-left opposition Labour Party in opinion polls. Truss, whose plan for billions in unfunded tax cuts spooked the financial markets, is calling for the party to “revive Conservative values” such as “cutting red tape, lower(ing) taxes and trusting that markets will find the solutions we all want.”

Persons: Jeremy Hunt, Hunt, ” Hunt, “, Rishi Sunak, Sunak, Liz Truss, Boris Johnson, pocketbooks, Suella Braverman, Kemi Badenoch, James, Truss, ” Organizations: —, Treasury, Conservative Party, Conservatives, Low, Commission, U.K, Sky News, Labour Party, European Union Locations: MANCHESTER, England, Ukraine, Britain, Manchester

☆ Sam Bankman-Fried wanted to pay Donald Trump not to run for office. The price? $5 billion, says his biographer.
▼ + stars: | 2023-10-02 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried, the FTX founder, is in jail and faces several federal charges. He looked into whether he could pay Donald Trump not to run in 2024, Michael Lewis wrote. Michael Lewis reports that Sam Bankman-Fried considered paying Donald Trump not to run for president. Lewis said that Bankman-Fried never learned if the $5 billion number came directly from Trump. "Isn't Sam Bankman-Fried a liar who has been outed as a fraudster and someone that can't be trusted," Steven Cheung, Trump's spokesperson, wrote in a brief response to an inquiry from Insider.

Persons: Sam Bankman, Fried, Donald Trump, Michael Lewis, —, Lewis, Sam, Trump, WtGO1TPP4A, Jon Wertheim, Wertheim, Steven Cheung, FTX Organizations: Republicans, Service, Trump, Forbes, FTX's, Alameda Research Locations: Trump, Alameda, Brooklyn

☆ India's Adani Group to build 10 GW solar manufacturing capacity by 2027 - ET
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo of the Adani Group is seen on the facade of its Corporate House on the outskirts of Ahmedabad, India, January 27, 2023. REUTERS/Amit Dave/File Photo/File Photo Acquire Licensing RightsBENGALURU, Oct 2 (Reuters) - India's Adani Group plans to build 10 gigawatts (GW) of integrated solar manufacturing by 2027, more than double its current capacity, the Economic Times reported, citing news agency PTI. The conglomerate owned by Indian billionaire Gautam Adani produces solar photovoltaic cells or solar PVs through Adani Solar, with a manufacturing capacity of 4 GW. Adani Solar has confirmed orders worth over 3,000 megawatts (MW), the report said, citing sources. India's current annual solar panel manufacturing capacity of 32 GW per annum falls short of the required 52 GW.

Persons: Amit Dave, Gautam Adani, Nandan Mandayam, Shailesh Organizations: Adani, REUTERS, Rights, Economic Times, PTI, Barclays, Deutsche Bank AG, Thomson Locations: Ahmedabad, India, Bengaluru

☆ A government shutdown would be a 'gut punch' to Head Start programs that serve 10,000 low income children
▼ + stars: | 2023-09-30 | by ( Associated Press | ) www.businessinsider.com time to read: +7 min

Head Start programs, which serve over 10,000 children across the nation, would lose funding. If the shutdown isn't averted, Head Start programs serving more than 10,000 children would immediately lose federal funding, including Ferguson's program. This is a particular concern with nearly 20% of Head Start staff positions vacant nationwide, according to the National Head Start Association. The 16-day October 2013 shutdown was the last to hit Head Start hard, affecting 19,000 children and shuttering programs in several states. Laketia Washington, a mother of eight whose 3- and 5-year-olds attend Head Start programs in Tallahassee, Florida, lamented the turmoil as she rang up customers at a discount store.

Persons: —, Monette Ferguson, Ferguson, Tommy Sheridan, Sheridan, Bobby Kogan, Lori Milam, she's, Philip Shelly, Nikki Budzinski, Maureen Coffey, Lynn Karoly, John, Laura Arnold, what's Organizations: Service, Alliance for Community Empowerment, Start Association, Sunday, Center for American Progress, West Virginia, Democratic U.S ., Start, Center for American, Rand Corp, Tim Center, Capital Area Community Action Agency Locations: Connecticut, Florida , Alabama , Connecticut, Georgia , Massachusetts, South Carolina, Illinois, Minnesota , New York, Maine, Houston, Florida, Laketia Washington, Tallahassee , Florida

☆ Robinhood sees $100 million finance costs tied to regulatory issues in third quarter
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +1 min

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSept 29 (Reuters) - Robinhood Markets (HOOD.O) expects a $100-million charge in the third quarter to resolve some legal and regulatory matters that were previously disclosed, the trading app operator said on Friday. However, a stormy economic climate last year spooked retail traders, Robinhood's chief customer base. The company beat revenue expectations during the second quarter and reported a profit for the first time as a public company in August. Reporting by Niket Nishant in Bengaluru; Editing by Shilpi Majumdar and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Persons: Andrew Kelly, Robinhood's, Niket, Shilpi Majumdar, Shounak Organizations: Inc, REUTERS, GameStop, Thomson Locations: New York City, U.S, Bengaluru

If the shutdown isn’t averted, Head Start programs serving more than 10,000 children would immediately lose federal funding, including Ferguson's program. That's what worries Lori Milam, executive director of the West Virginia Head Start. This is a particular concern with nearly 20% of Head Start staff positions vacant nationwide, according to the National Head Start Association. Another pot of COVID-19 relief funds that helped Head Start ran out in the spring. Laketia Washington, a mother of eight whose 3- and 5-year-olds attend Head Start programs in Tallahassee, Florida, lamented the turmoil as she rang up customers at a discount store.

Persons: Monette Ferguson, “, ”, Ferguson, Tommy Sheridan, Sheridan, Bobby Kogan, Lori Milam, she's, Philip Shelly, Nikki Budzinski, Maureen Coffey, “ It’s, Lynn Karoly, John, Laura Arnold, what’s Organizations: KANSAS CITY, Alliance for Community Empowerment, Start Association, Sunday, Center for American Progress, West Virginia, Democratic U.S ., Start, Rand Corp, Tim Center, Capital Area Community Action Agency Locations: KANSAS, Mo, Connecticut, Florida , Alabama , Connecticut, Georgia , Massachusetts, South Carolina, Illinois, Minnesota , New York, Maine, Houston, Florida, Laketia Washington, Tallahassee , Florida

A customer leaves after speaking with FDIC representatives inside of the Silicon Valley Bank headquarters in Santa Clara, California, U.S., March 13, 2023. REUTERS/Brittany Hosea-Small Acquire Licensing RightsCompanies Silicon Valley Bank FollowWASHINGTON, Sept 28 (Reuters) - The leadership of Silicon Valley Bank and its government supervisors failed to quickly recognize risks looming in the firm before its March failure, according to a report from the U.S. Federal Reserve's inspector general. Specifically, the IG said Fed examiners struggled to transition from monitoring the bank as a smaller regional firm to stricter oversight as it rapidly grew in size, applying insufficient resources and expertise to monitoring its activities. Addressing supervisory shortcomings is a top priority for Fed Vice Chair for Supervision Michael Barr and other financial regulators in the coming months. In response to Thursday's IG report, the Fed said it generally agreed with the findings and was already working to implement several of its recommendations.

Persons: Brittany Hosea, ineffectively, Michael Barr, Barr, Pete Schroeder, Mark Porter, Marguerita Choy Organizations: Bank, REUTERS, WASHINGTON, Silicon Valley Bank, U.S, U.S . Federal, IG, Thomson Locations: Santa Clara , California, U.S, U.S .

☆ Saudi Arabia and the UAE are battling to become the Middle East's economic superpower
▼ + stars: | 2023-09-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +11 min

Saudi Arabia's crown prince is shaking up his economy in a move escalating its UAE rivalry. In March, Saudi Arabia unveiled Riyadh Air , a new airline serving as an alternative to the UAE's Emirates and Etihad Airways. If you want to do business with Saudi Arabia or Saudi state-owned entities, you've got to base your regional HQ in Saudi Arabia." "Saudi Arabia sees the separation project in Yemen as a way to let the Houthis control the north and therefore have a more-threatening border at the south of Saudi Arabia." Bandar Algaloud/Courtesy of Saudi Royal Court/Handout via REUTERSHow far the rivalry between the two nations goes largely depends on Saudi Arabia's actions.

Persons: Saudi Arabia's, Mohammed bin Salman, Sheikh Mohamed bin Zayed Al Nahyan, MBZ, Obama, You've, Kristian Ulrichsen, Rice, Sheikh Mohamed, Prince Mohammed, Sheikh Mohamed —, —, Leon Neal, Shaybah, Ulrichsen, Sheikh Zayed, Sultan Al Nahyan, Abu, Prince Mohammed bin Salman, Neom, Abishur Prakash, Jorg Greuel, Abdullah Alaoudh, Prakash, you've, Saudi Crown Prince Mohammed, Ludovic Marin, Mohammed's, Jamal Khashoggi, Biden, Baker Institute's Ulrichsen, Alaoudh, wouldn't Organizations: United Arab Emirates, UAE, Service, Baker Institute, Saudi, UAE —, Qatar, Dubai, United, Freedom Initiative, UAE's Emirates, Etihad Airways, Saudi Public Investment Fund, Newcastle United FC, English Premier League, Manchester City, Saudi Crown, Getty, Ritz Carlton, Saudi Royal Court, REUTERS, Saudi Aramco, United Nations Locations: Saudi, Wall, Silicon, Saudi Arabia, East, Washington, London, UAE, Persian, Al Ain, British, Qatar, Abu Dhabi, United Arab, Riyadh, Manchester City . Saudi Arabia, New Delhi, Istanbul, Yemen, Iran, Saudi Arabia's, Bandar, Ukraine

☆ Wall St Week Ahead Fed-wary investors eye mounting risks to US stock rally
▼ + stars: | 2023-09-22 | by ( David Randall | ) www.reuters.com time to read: +4 min

The S&P 500 (.SPX) tumbled 2.9% this week, its biggest weekly decline since March. High Treasury yields dull the allure of stocks by offering investors an attractive payout on an investment seen as virtually risk free. The S&P 500 entered what has historically been its weakest 10-day stretch of the year on Sept. 18, according to BofA Global Research. Meanwhile, a drawn out government shutdown could aggravate concerns over U.S. government gridlock and send Treasury yields even higher. He noted that the S&P 500 remains above its 200-day moving average and there have been few signs of investors fleeing to safety.

Persons: Charlie Ripley, Brian Jacobsen, “, ”, Fitch, Keith Lerner, Adam Turnquist, David Randall, Ira Iosebashvili, David Gregorio Our Organizations: Federal Reserve, Fed, Investors, BoFA, Allianz Investment Management, Treasury, Annex Wealth Management, BofA Global Research, Societe Generale, LPL Financial, Thomson

☆ Olive Garden and Cracker Barrel are still seeing a decline in older customers
▼ + stars: | 2023-09-21 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +4 min

New York CNN —Even the unlimited breadsticks at Olive Garden and wooden rocking chairs at Cracker Barrel can’t seem to lure back the baby boomers. Now, some older customers are still staying away, exacerbating a foot traffic problem faced by restaurant chains. Darden Restaurants (DRI), which owns Olive Garden, Longhorn Steakhouse, Cheddar’s Scratch Kitchen and others, noted during an analyst call Thursday that it, too, is seeing declining visits from older customers. The largest of Darden’s franchises by far, Olive Garden is about “more and more and more,” as Cardenas said Thursday. For Cracker Barrel, which has also been trying to attract younger consumers but has traditionally appealed to an older clientele, the pullback from older customers is a bigger deal.

Persons: It’s, …, ”, Sandra Cochran, ” Cochran, Burger, Scott Olson, Raj Vennam, Vennam, Ricardo Cardenas, Darden, ’ ” Cardenas, we’ve, Cardenas, “ Organizations: New, New York CNN, Darden, Olive Garden, Longhorn Locations: New York, Olive, Orlando , Florida, Lebanon , Tennessee

☆ The S&P 500 looks risky and expensive - and could plunge 25% if something shocks the system, Morgan Stanley's stock chief warns
▼ + stars: | 2023-09-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The S&P 500 is priced for perfection and could plunge 25% if problems crop up, Mike Wilson says. Morgan Stanley's stock chief says the outlook for company earnings and the economy is pretty grim. The benchmark S&P 500 and tech-heavy Nasdaq Composite have rallied 17% and 33% respectively this year. He suggested a shock to the system of that kind could send the S&P 500 plummeting from nearly 4,500 points today to the low 3,000s — a drop of more than 25%. AdvertisementAdvertisementIn short, Wilson sees very limited upside and material downside to investing in the S&P 500 today.

Persons: Mike Wilson, Morgan Stanley's, Wilson, Rosenberg, Morgan, China's, Sharp, aren't Organizations: Big Tech, Service, Nasdaq, Federal Reserve, Wall, Bank of, Nvidia, Microsoft Locations: Wall, Silicon, Bank of Japan

☆ Fears about China's government ban on iPhones are 'way overdone,' as the crackdown could impact only 1% of the smartphone's sales in China: analyst
▼ + stars: | 2023-09-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

But Wedbush's Dan Ives says the fears are ' way overdone' as the ban could only impact 1% of iPhone sales in China. overdone' as the ban could only impact 1% of iPhone sales in China. There's also another reason why Beijing is unlikely to widen an iPhone ban in the country. China's ban on foreign phone brands in government agencies echoes similar restrictions in the US — such as a New York City ban on TikTok on government-owned devices. They've lost 6% since Wednesday after the news of China's iPhone ban broke.

Persons: Wedbush's Dan Ives, Dan Ives, Amit Daryanani, There's, Daryanani, They've, Evercore Organizations: Apple, Service, Investors, Wall Street Journal, Evercore ISI Locations: Beijing, China, Wall, Silicon, Washington, New York City

☆ Analysis: Potential US government shutdown could dent investor confidence
▼ + stars: | 2023-09-08 | by ( David Randall | ) www.reuters.com time to read: +5 min

Investors might be more sensitive to a shutdown this time around, however. With only weeks to go before the deadline, the Republican-led House of Representatives has approved only one of those 12 bills. 'LESS FRIENDLY POLICY'If it occurs, the shutdown would be the fourth over the last decade and would furlough roughly three of out five federal civilian workers. The White House last month said it was working with Congress to hammer out a short-term funding measure to avoid a shutdown while longer-term spending talks continue. Analysts at Ned Davis Research said a shutdown could add to factors threatening to roil the economy into next year.

Persons: Dado Ruvic, Goldman Sachs, Fitch, ”, Jamie Cox, Kevin McCarthy, Joe Biden, Paul Christopher, Christopher, Ned Davis, David Randall, Ira Iosebashvili, Marguerita Choy Organizations: REUTERS, Goldman, Social, Federal, Harris Financial Group, Caucus, House Republican, Republican, Senate, Congressional, Office, Wells, Wells Fargo Investment Institute, Democrats, Ned, Ned Davis Research, CFRA Research, Thomson Locations: Wells Fargo

☆ India's policy contradictions are making it harder for investors to crack its market
▼ + stars: | 2023-09-08 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

At a time when shifting geopolitical alliances are elevating India's strategic importance, such curbs add to the contradictions global investors have to negotiate as they hunt for viable alternatives to a slowing China. They said the move will add to end-product costs for foreign vendors and shift consumer spending toward Indian firms or established foreign vendors with a manufacturing base in India. To attract foreign investors, Modi's government doubled to 170 billion rupees ($2.04 billion) its initial budget in May for a production-linked incentive scheme for IT hardware that was approved in 2021. watch now"India's large and growing domestic market, limited political instability and long-term policy continuity bolsters India's appeal to investors," Dasgupta said. Attracted by such lofty projections, global investors have also poured into Indian equity markets this year.

Persons: Javier Ghersi, Narendra Modi's, There's, Pravin Krishna Johns, it's, Pravin Krishna, Krishna, Rajeev Chandrasekhar, Taiwan's Foxconn, iPhones, Sumedha Dasgupta, Dasgupta, Modi, Goldman Sachs, — Organizations: Apple, Samsung, Dell, Pravin Krishna Johns Hopkins University's School, Johns Hopkins University's School, International, BMI Industry Research, South, BMI, Sumedha Dasgupta Economist Intelligence, Economist Intelligence Unit, CNBC, Bharatiya Janata Party, U.S, The, Monetary Fund, Capital Locations: India, China, Russia, Ukraine, Vietnam

REUTERS/Jason Reed/File Photo Acquire Licensing RightsWASHINGTON, Sept 7 (Reuters) - U.S. bank profits were largely flat in the second quarter of 2023 after accounting for the impact of three large failed bank acquisitions, the Federal Deposit Insurance Corporation reported Thursday. The bank regulator said industry profits dipped 11.3% to $70.8 billion in the second quarter, but that was primarily due to the impact of the bank failures and ensuing acquisitions. Accounting for those events, bank profits were up 5.7% compared to a year prior. The FDIC said banks saw unrealized deposits on securities increase 8.3% in the second quarter, rising to $558.4 billion. U.S. bank deposits declined for the fifth straight quarter, but only fell 0.5% in the second quarter compared to a record 2.5% decline in the first quarter.

Persons: Jason Reed, Martin Gruenberg, JPMorgan Chase, Pete Schroeder, Chizu Organizations: Federal Deposit Insurance Corp, REUTERS, Rights, Federal Deposit Insurance Corporation, Silicon Valley Bank, First Republic Bank, JPMorgan, Thomson Locations: Washington, Silicon, U.S

☆ US banks hoard $3.3 trillion in cash amid fears of an economic slump
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the collapse of SVB and Signature Bank in March, US banks have become cautious on lending. They're holding a cash pile of $3.3 trillion amid fears of an economic slowdown, Reuters reported. The sector remains subdued after Moody's slashed the credit ratings on 10 US banks in August. US banks are now holding back almost $3.3 trillion in cash amid fears of an economic slowdown, ongoing deposit withdrawals, and stricter liquidity rules, Reuters reported. The banking sector has remained subdued this year and was hit with a ratings downgrade in August.

Persons: Moody's, David Fanger Organizations: Signature Bank, Service, Silicon Valley Bank, Reuters, Moody's, BNY Mellon, US Bancorp Locations: Wall, Silicon

☆ Wild horses prosper on Serbia's Mt. Stolovi
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +2 min

[1/5] Slavljub Nikolic is seen with a wild horse on the mountain Stolovi in Serbia, August 31, 2023. REUTERS/Zorana Jevtic Acquire Licensing RightsSTOLOVI, Serbia, Sept 1 (Reuters) - A herd of about 40 mares, stallions and foals graze lazily on dry grass over the rugged Stolovi mountain in Serbia's southwest, one out of three such bands of wild horses in the Balkan country. The horses, mainly from the sturdy Bosnian Mountain Horse breed used as pack animals and in agriculture, were brought to Mt. Away from humans, the animals gradually became feral, reverting to behaviour more closely resembling that of wild horses, 73-year-old farmer Slavoljub Nikolic said on Thursday. The Stolovi herd is the second biggest in Serbia.

Persons: Slavljub Nikolic, Zorana, Slavoljub Nikolic, " Nikolic, Nikolic, Aleksandar Vasovic, Louise Heavens Organizations: REUTERS, Thomson Locations: Serbia, Serbia's, Balkan, Mt, Stolovi, Suva Planina

Spectrum is the second largest U.S. cable provider, serving 14.7 million homes across large markets such as New York and Los Angeles. Shares of Disney dropped 2.65% to a three-year low while Charter lost 3.4%. Warner Brothers Discovery Inc (WBD.O) fell 10%, Fox Corp (FOXA.O) shed 6%, Paramount Global (PARA.O) dropped 8%, while Comcast Corp (CMCSA.O), the largest U.S. cable provider, was down nearly 3%. Charter said Disney rejected its proposal for a new distribution deal that takes into account the rise of competing low-cost streaming services, which has fueled cord-cutting among its customers. The cable provider said it pays Disney $2.2 billion in annual programming costs, excluding advertising.

Persons: Brendan McDermid, Hogan, Disney, Dennis Dick, Chibuike Oguh, Amruta Khandeka, Khushi Singh, Michelle Price, Richard Chang Organizations: Walt Disney Company, New York Stock Exchange, REUTERS, Fox Corp, Warner Brothers Discovery Inc, Disney, Charter Communications, ESPN, ABC, Hollywood, Charter, Paramount Global, Comcast Corp, U.S, Riley, Triple D, Thomson Locations: New York, U.S, Los Angeles, Hollywood, Bengaluru

☆ US Fed ramps up demands for corrective actions by regional banks - Bloomberg News
▼ + stars: | 2023-08-30 | by ( ) www.reuters.com time to read: +1 min

An eagle tops the U.S. Federal Reserve building's facade in Washington, July 31, 2013. Among the banks given the warnings were Citizens Financial (CFG.N), Fifth Third Bancorp (FITB.O) and M&T Bank Corp (MTB.N), the report added. The banks and the Fed did not immediately respond to Reuters' requests for comment. Banks are dealing with the aftermath of the biggest crisis to hit the sector since 2008, which saw three mid-sized lenders collapse earlier this year. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

Persons: Jonathan Ernst, Banks, Manya Saini, Krishna Chandra Organizations: . Federal, REUTERS, Federal, Bloomberg, Fifth Third Bancorp, T Bank Corp, Fed, Thomson Locations: Washington, Bengaluru

U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. She is pressing China to take actions to improve business conditions. That sentiment was echoed by Jens Eskelund, president of the European Union Chamber of Commerce in China, who said "'uninvestible' is not a term we would use to describe China", instead describing it as "under-invested."

Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Jens Eskelund, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Nicoco Chan, Jason Xue, Joe Cash, Martin Quin Polland, Lun Tian, Laurie Chen, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, U.S . Commerce Department, Global, American Chamber of Commerce, European Union Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York

U.S. Commerce Secretary Gina Raimondo talks to Chinese Premier Li Qiang during a meeting at the Great Hall of the People in Beijing, China Tuesday, August 29, 2023. "China is actively advancing its high-level opening-up and making efforts to provide a world-class, market-oriented business environment governed by a sound legal framework," he said. Raimondo is in Shanghai on Wednesday for the last day of meetings before returning to the United States. Asked what her message was to U.S. business in China, Raimondo said: "The message is to continue to do what you're doing. Michael Hart, president of the American Chamber of Commerce in China, said businesses had been "very clear" in making their concerns known to the Chinese government.

Persons: Gina Raimondo, Li Qiang, Andy Wong, Biden, Raimondo, Liu Pengyu, Michael Hart, Hart, Chen Jining, Chen, Walt Disney, David Shepardson, Andrea Shalal, Chan, Jason Xue, Joe Cash, Martin Quin Polland, Tian, Sandra Maler, Robert Birsel Organizations: Commerce, of, People, REUTERS Acquire, Rights, . Commerce, Commerce Department, Global, American Chamber of Commerce, chipmaker Micron Technology, Micron, Shanghai, Shanghai Disneyland, Walt, Shendi Group, Boeing, Thomson Locations: Beijing, China, Rights SHANGHAI, WASHINGTON, United States, Washington, Shanghai, U.S, New York

☆ Cousins (and Co-Authors) Write a Love Letter to New York
▼ + stars: | 2023-08-30 | by ( Robert Ito | ) www.nytimes.com time to read: +1 min

In the new graphic novel “Roaming,” Dani and Zoe, best friends from a suburb of Toronto, meet up in Manhattan over spring break. Before long, they’re savoring their first slice of New York pizza (“huge, like a place mat!”) and getting hassled for cash by a creepy Times Square busker dressed as Elmo. Jillian and Mariko Tamaki, the cousins who wrote and illustrated the book, drew from their own memories of traveling for the first time to New York City. Mariko, 47, who grew up in Toronto, recalled being spooked by the subways, among other things. Jillian, who was raised in Calgary, remembered how electric the air felt in Times Square, and how the light was like nothing she’d ever seen.

Persons: ” Dani, Zoe, Elmo, Jillian, Mariko Tamaki, Mariko, “, ”, Dani Organizations: American Museum of, Metropolitan Museum Locations: Toronto, Manhattan, York, New York City, Hollywood, Calgary

☆ US companies are finding China increasingly 'uninvestible', commerce secretary Gina Raimondo says
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

US companies are finding China increasingly "uninvestible", according to commerce secretary Gina Raimondo. "Increasingly I hear from businesses, China is uninvestible because it's become too risky," she said, according to Bloomberg. And then there's a whole new set of concerns, the sum total of which is making China feel too risky for them to invest," Raimondo added. AdvertisementAdvertisementUS firms are contending with new anti-spying laws introduced by Xi Jinping's Politburo, as well as more competition from state-funded Chinese companies. "It doesn't mean when we talk, I'm going to compromise or concede," Raimondo added.

Persons: Gina Raimondo, They're, Raimondo, it's, they've, Xi Jinping's, State Anthony Blinken, Janet Yellen, Joe Biden's, John Kerry Organizations: Service, Bloomberg, Xi Jinping's Politburo, State Locations: China, Wall, Silicon, Beijing, Shanghai, outflows

☆ Disney, The New York Times and CNN are among a dozen major media companies blocking access to ChatGPT as they wage a cold war on A.I.
▼ + stars: | 2023-08-28 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

The Guardian’s Ariel Bogle reported last week that CNN, The New York Times, and Reuters had blocked GPTBot. Publishers such as Condé Nast, Hearst, and Vox Media, which all house several prominent publications, have also taken the defensive measure. The deep archives and intellectual property rights of these news organizations are immensely valuable — arguably crucial — to training A.I. “I see a heightened sense of urgency when it comes to addressing the use, and misuse, of our content,” Coffey said. News organizations might feel they’re on solid legal ground, as Coffey told me, but there has yet to be any serious action taken against the OpenAI.

Persons: Ariel Bogle, Condé Nast, GPTBot, Danielle Coffey, Coffey, newsrooms “, ” Coffey, Barry Diller, OpenAI, “, ”, they’re Organizations: CNN —, CNN, The New York Times, Reuters, Disney, Bloomberg, The Washington Post, ABC News, ESPN, Hearst, Vox Media, News Media Alliance, Associated Press Locations: The, …

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