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☆ A.I. will make people more effective not displace them, says Cohere CEO Aidan Gomez
▼ + stars: | 2023-05-09 | 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 EmailA.I. will make people more effective not displace them, says Cohere CEO Aidan GomezThe CEO of Cohere, one of CNBC's Disruptor 50 list companies, Aidan Gomez joins 'Fast Money' to talk the A.I. boom, Cohere's recent partnerships, and more.

☆ Meta has a kid problem
▼ + stars: | 2023-05-05 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

His company Meta Platforms (META.O) landed in hot water with the U.S. Federal Trade Commission for the third time on Wednesday over its handling of younger users’ data. Monetizing them is difficult, as other social media platforms have shown. The other is Meta hasn’t been able to reinvent itself such that it can capture new and younger users anyway. Meantime Meta’s user growth has been slowing, which has eroded its market share in social media ads. Those concerns aren’t totally unique to Zuckerberg’s company, as several state lawmakers across the United States are debating legislation that would restrict kids’ social media use.

☆ Fuddy-duddy Meta has a kid problem
▼ + stars: | 2023-05-05 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +3 min

☆ HSBC vote gives Ping An a fresh shove towards exit
▼ + stars: | 2023-05-05 | by ( ) www.reuters.com time to read: +2 min

LONDON, May 5 (Reuters Breakingviews) - Ping An Insurance (601318.SS) is having an underwhelming week. Instead, HSBC’s results were decent and the AGM resolution was crushed. True, 20% of votes cast went in favour of plans for a strategic review each quarter which could assess whether to spin off HSBC’s key Asian arm, and to reinstate the bank’s pre-Covid dividend. Ping An could continue to chunter away at HSBC boss Noel Quinn from the sidelines. Throw in the lack of investor support implied by the vote, and Ping An’s essential choice – to pipe down or to sell its stake – has become ever more stark.

May 4 (Reuters) - Two prominent former Google (GOOGL.O) researchers who authored the groundbreaking paper that paved the way for the generative AI boom, have raised $8 million for their new startup Essential AI, four sources told Reuters. Thrive Capital had led the round in Essential AI, founded by Ashish Vaswani and Niki Parmar. Thrive Capital, founded by Joshua Kushner, is also an investor in Microsoft-backed OpenAI. Essential AI aims to build software for enterprises to use large language models, the core software of a new artificial intelligence system that has powered generative AI applications such as ChatGPT, sources said. The raise came after Vaswani and Parmar left Adept AI, a company they also co-founded in 2021 with former Google director David Luan.

☆ Shopify offloads its logistics baggage
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +2 min

TORONTO, May 4 (Reuters Breakingviews) - Shopify (SHOP.TO) is finding that simpler is better after all. Investors welcomed the move: Shares of the company led by Tobias Lütke shot up over 20% in morning trade. Shopify wanted to build out its own logistics business, and now it's leaving that job to Flexport instead. That said, Shopify already uses partnerships with other companies to expand in hard-to-crack areas like fintech, including with payments giant Stripe and buy-now-pay-later company Affirm (AFRM.O). Although Shopify said on Thursday that first-quarter revenue rose 25% year-on-year, beating analyst expectations, Shopify's small-business customers are under pressure from rising interest rates.

☆ Apple’s balance sheet is golden and delicious
▼ + stars: | 2023-05-04 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

But for Apple (AAPL.O), the sharp change in monetary conditions is golden and delicious. The iPhone maker said on Thursday that it ended the first quarter with cash and saleable investments $57 billion greater than its debts. That’s nearly enough to cover its newly-raised dividend for a year, and $90 billion buyback program, without touching the balance sheet. While the first two initiatives sit on Goldman’s balance sheet, the buy-now-pay-later product sits on Apple’s. Apple had $57 billion more in cash and saleable securities on its balance sheet than its debts at the end of the quarter.

☆ Sen. Sherrod Brown received an extra property tax credit and racked up penalties for late payments
▼ + stars: | 2023-05-03 | by ( Henry J. Gomez | ) www.cnbc.com time to read: +6 min

Sen. Sherrod Brown, D-Ohio, for years claimed an owner-occupancy tax credit at two properties, public records show — a potential violation of the state's rules governing such incentives. Responding to questions from NBC News, Brown and Schultz this week paid a $390 penalty stemming from their most recent late payment. Brown will no longer accept the owner-occupancy credit on the Columbus property, according to his campaign. Franklin County tax records available online show no late payments or penalties for Brown's Columbus condo — purchased in 2014 — over the last four years. Ohio schools are heavily reliant on property tax revenue, and late payments affect their accounting.

☆ Hollywood writers’ fight previews messy new era
▼ + stars: | 2023-05-02 | by ( Jennifer Saba | ) www.reuters.com time to read: +4 min

NEW YORK, May 2 (Reuters Breakingviews) - Tinseltown scribes are gearing up for a fight. The Writers Guild of America went on strike Tuesday after contract negotiations with entertainment companies broke down. The union backing TV and film writers walked out after failing to reach a new contract with the Alliance of Motion Picture and Television Producers for better pay. This meant the distribution chain paid twice, and the double dip meant more money for both the network and writers, who got a share. As the last strike brought about the reality TV fad, which required less creativity, artificial intelligence is threatening to replace writers.

☆ Airbnb swerves tech rout with constant change: podcast
▼ + stars: | 2023-05-02 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: 1 min

NEW YORK, May 2 (Reuters Breakingviews) - The $77 bln travel company weathered the pandemic and is now navigating a tech valuation bloodbath. Its co-founder Nathan Blecharczyk told The Exchange podcast that lessons learned during Covid-19 about disruption and never sitting still are key to its future. Listen to the podcastFollow @thereallsl on TwitterSubscribe to Breakingviews’ podcasts, Viewsroom and The Exchange. Editing by Amanda Gomez and Oliver TaslicOur Standards: The Thomson Reuters Trust Principles. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Jamie Dimon bails out First Republic – and FDIC
▼ + stars: | 2023-05-01 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +3 min

In the wee hours of Monday morning, however, he agreed to take mid-sized First Republic Bank (FRC.N) out of receivership from the Federal Deposit Insurance Corp. The bank acquires nearly $229 billion of assets and absorbs some $173 billion in loans at a roughly 13% discount to book values. After taxes and paying the FDIC $10.6 billion, JPMorgan should get a $2.6 billion boost before integration costs. The agency will share losses of up to 80% on the large majority of First Republic’s loan book. There’s also a $50 billion loan from the FDIC at specific terms that have not been disclosed so far.

[1/5] Cipriano Gomez and Ambrosio Pedraza share a laugh as they chat the day after the general elections, where Santiago Pena, from the ruling Colorado Party, was elected as the new Paraguayan President, in Asuncion, Paraguay May 1, 2023. REUTERS/Agustin MarcarianASUNCION, May 1 (Reuters) - Paraguayans on Monday were mixed about the prospects of another five years of conservative Colorado party rule, but hoped President-elect Santiago Pena could reboot the country’s farm-driven economy. Pena, a 44-year-old economist, secured a 15-point lead over his opposition rival with 42.7% of the vote, cementing another five-year term for the ruling Colorado Party. "For me personally, Santiago Pena is a person who could contribute a lot to the economy of our country (by) putting things in place in macroeconomic terms,” Candia told Reuters. Resident Victor Barrios also felt Pena was the right choice: "I think Santiago Pena is the ideal president for now … five years on we’ll see what he does and how we judge him," he said.

☆ Exxon burns brighter on Permian and Guyana
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 28 (Reuters Breakingviews) - Exxon Mobil (XOM.N) burned brighter in the first quarter, thanks to the Permian Basin and Guyana. The $485 billion oil giant earned $11.4 billion, or twice as much as it did the same period a year ago. The first gusher came from Texas, where Exxon pumped 615,000 barrels a day from the shale basin. Last quarter, Exxon took 375,000 barrels a day from offshore, and it has a target capacity of 1.2 million barrels by 2027, 20% more than the Permian. Shale wells quickly deplete, so the company may need to eventually top up in the Permian.

☆ Microsoft made a big bet with ChatGPT. Months later, it’s already paying off.
▼ + stars: | 2023-04-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Microsoft bet billions on OpenAI — its gamble is already paying off. Some analysts said Microsoft's successful integration of AI signals that it has already pulled ahead of Google. They even projected that Microsoft's cloud service Azure could be on track to surpass long-dominant Amazon Web Services. My teammate Paayal Zaveri highlights how Microsoft's AI wager has made it a surprising leader in tech's hottest field. He hit $2 million by the end of 2020, and in 2022 alone, he sold $4 million worth of products.

☆ First Republic could make failure safe again
▼ + stars: | 2023-04-27 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, April 27 (Reuters Breakingviews) - When Silicon Valley Bank and Signature Bank failed in March, U.S. authorities bailed out their depositors regardless of size. The slower destruction at First Republic Bank (FRC.N) could provide an opportunity to reverse the regrettable precedent. And while it’s never good when a business fails, there’s a potential benefit to letting First Republic go. First Republic had $233 billion of assets at the end of March, and $104 billion of deposits compared with $176 billion at the end of December. Silicon Valley Bank, owned by SVB Financial, was taken into receivership on March 10, while Signature Bank was closed by the Federal Deposit Insurance Corp on March 12.

☆ I've made $10 million in sales for my Amazon coffee grinder brand. Here's how I got started and found success.
▼ + stars: | 2023-04-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

But my e-commerce success really started after I launched my coffee accessories brand, Kaffe, on Amazon in mid-2019. I spent day and night thinking about the best way to position the coffee grinder so it would get to the top of Amazon's rankings. My sales started to grow. Amazon has its own coffee grinder that it sells under its Amazon Basics private label, and it retails for a couple of dollars less than Kaffe's does. On Amazon, you're either growing, or you're really dying, and the fees will eat you alive if you're not doing any volume.

☆ Teck swats dealmaking ball back into its own court
▼ + stars: | 2023-04-26 | by ( ) www.reuters.com time to read: +2 min

Canadian miner Teck Resources (TECKb.TO) on Wednesday tore up Plan A, which was a scheduled shareholder vote on splitting the company. Boss Jonathan Price and controlling shareholder Norman Keevil also are rejecting Plan B, an even more intricate, all-share $24 billion takeover bid from Glencore (GLEN.L). If Teck doesn’t come up with a persuasive third option, and soon, it is likely to face increased pressure to sell. Teck vowed to come back with a “simpler and more direct” separation proposal. Keevil’s blocking stake is an obvious impediment, but if Plan C doesn’t fly, Plan B will look more compelling.

☆ News anchor carnage is a post-Trump reality
▼ + stars: | 2023-04-25 | by ( ) www.reuters.com time to read: +2 min

Rupert Murdoch’s Fox (FOXA.O) announced the abrupt departure of star host Tucker Carlson, while Don Lemon, an anchor at rival CNN, said he had been fired. After the easy news cycle served up by former President Donald Trump’s administration, the networks are going through an identity crisis. Network chief Chris Licht is trying to reposition the organization toward straight-down-the-middle journalism, but is struggling to get the lineup to click. Even MSNBC is trying to recapture the magic after leading host Rachel Maddow left her five-day-a-week spot last year. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Debt crisis is a scary white swan for US economy
▼ + stars: | 2023-04-25 | by ( Ben Winck | ) www.reuters.com time to read: +8 min

If Democrats and Republicans can’t agree to lift the government’s borrowing limit, the country could suffer an unprecedented and catastrophic default on its debt. The standoff over the debt ceiling is a white swan, or an entirely predictable, very frequent event that has the potential to be as catastrophic as its darker sibling. That is why, in all past scuffles over government borrowing, Congress ended up raising or suspending the debt ceiling. Uncertainty over the timing of the agreement led to the most volatile week for financial markets since the 2008 financial crisis. Failure to lift the debt ceiling soon can spark a vicious cycle of market anxiety, rising borrowing costs and bank stress.

☆ P&G earns household-staple status
▼ + stars: | 2023-04-21 | by ( ) www.reuters.com time to read: +2 min

The $356 billion company said on Friday that sales grew 4% year-over-year to $20 billion in the three months ended March 31. That growth was led by a 10% price hike for the second consecutive quarter, while also growing market share in the United States. P&G warned of higher commodities and packaging costs, as well as wage inflation. P&G is proving that the cushy Charmin double roll is irreplaceable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ AT&T’s magic number falls short
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +2 min

To do that, it needs free cash flow. AT&T, which makes most of its money from cellular customers, added 424,000 postpaid phone subscribers, above expectations, according to Reuters. Some of the issue is seasonal, with payments to phone vendors up after a busy holiday season of selling devices. But dividend payouts totaled 200% of cash flow, up from 133% a year ago. Those payments totaled $1.3 billion this quarter, meaning cash flow would be negative without them.

☆ Twitter users including Justin Bieber, Bill Gates, and Kim Kardashian are seeing their blue checkmarks disappear as Elon Musk charges $8 a month for verified accounts
▼ + stars: | 2023-04-20 | by ( Kate Duffy | Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Twitter appeared to start removing legacy blue checkmarks from many accounts on Thursday. Some Twitter users are watching their legacy blue checkmarks disappear from their accounts as Elon Musk implements an $8 monthly subscription program. Notable business figures including Bill Gates, LinkedIn founder Reid Hoffman, and "Shark Tank" star Barbara Corcoran no longer showed blue checkmarks on their Twitter accounts Thursday afternoon. The only way users can keep their blue checkmarks is to sign up to Twitter Blue, a subscription program that costs $8 a month. Twitter Blue has sparked controversy since it was rolled out.

☆ Wall Street aces its real-life stress test
▼ + stars: | 2023-04-20 | by ( John Foley | ) www.reuters.com time to read: +7 min

One flaw in this plan is that the Federal Reserve, which designs the stress test, has tended to assume that when bad times come, interest rates would fall, not rise. Because their clients also fear sudden shifts in interest rates, they call on fixed-income securities desks to help offlay the risk. One clear outcome of higher interest rates is that banks are lending less, and more carefully. Reuters Graphics Reuters GraphicsFollow @johnsfoley on TwitterCONTEXT NEWSLarge U.S. banks reported their first-quarter earnings between April 14 and April 19. Both said that trading revenue had declined from first quarter 2022, but it was substantially higher than the last three months of the year.

☆ Tesla can no longer succeed just on its own terms
▼ + stars: | 2023-04-20 | by ( Jonathan Guilford | ) www.reuters.com time to read: +3 min

NEW YORK, April 19 (Reuters Breakingviews) - Tesla (TSLA.O) has been running its own race, but the electric-car maker’s financial results unveiled on Wednesday suggest those days are over. The U.S. government is ramping up support for electric cars, introducing new emissions standards that benefit Tesla more than established peers that probably aren’t making money yet from electric models. Using the gap between Tesla’s credits-adjusted automotive revenue and gross profit per car delivered, costs have shrunk 10% from a recent peak. Tesla reckons it can reduce costs by 50% for new designs, bringing a hyped $25,000 car within reach. After effectively creating the modern electric-car market, Musk faces the challenge of keeping up with it.

☆ David’s needs bachelorettes, not just brides
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 18 (Reuters Breakingviews) - With marriage rates on the decline, David’s Bridal has once again tied itself in a knot. Last time this happened in 2018, David’s courted a group of lenders led by Oaktree to save it. loadingFunding for nuptial-related companies has been on the decline since, as has business at David’s. Modern brides are opting for cheaper casual and secondhand dresses over fancy getups, but they appear more reticent to compromise on pre-wedding soirees. It suggests perhaps that David's fresh start should embrace an old saying, with a twist: always the bachelorette, never the bride.

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