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☆ The Who’s Who Behind the Modern Artificial Intelligence Movement
▼ + stars: | 2023-12-03 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

While artificial intelligence has taken the limelight over the past year, technology that can appear to operate like human brains has been top of mind for researchers, investors and tech executives in Silicon Valley and beyond for more than a decade. Here are some of the people involved in the origins of the modern A.I. lab that made the chatbot ChatGPT that went viral over the past year and ushered in recognition of the power of generative artificial intelligence. Mr. Altman helped start OpenAI after meeting with Elon Musk about the technology in 2015. At the time, Mr. Altman ran Y Combinator, the Silicon Valley start-up incubator.

Persons: Jim Wilson, New York Times Sam Altman Mr, Altman, San Francisco A.I, Elon Musk Organizations: New York Times, OpenAI, San, Elon Locations: Silicon Valley, San Francisco

☆ Is the Holiday Shopping Season Going to Be a Success? The Answer Is Murky.
▼ + stars: | 2023-12-01 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

kept its forecast that holiday sales — from Nov. 1 to Dec. 31 — would grow 3 to 4 percent this year. Mastercard, for example, said sales both in stores and online rose 2.5 percent on Nov. 24, from a year earlier. Like Mastercard’s estimate, the retail consultancy forecast that — adjusted for inflation — sales slipped slightly, Mr. Johnson said. If stores have too much inventory on hand, they may have to cut prices more than expected, which would erode their profits. “Really for the first time in four quarters, we are seeing retailers get inventories better aligned with sales,” Mr. Yruma said.

Persons: ” Matthew Shay, ”, Craig Johnson, Johnson, Edward Yruma, Piper Sandler, Mr, Yruma, “ Organizations: National Retail Federation, Mastercard, Growth Partners, Target

Vice President Kamala Harris, President Isaac Herzog of Israel, Elon Musk and other leaders in business and politics spoke on everything from artificial intelligence, economic tensions between the United States and China, and Hamas’s Oct. 7 attacks on Israel at the annual DealBook Summit in New York on Wednesday. She has been tasked with wooing advertisers back to the platform after many were spooked by Mr. Musk’s erratic posts. [For select interviews from today’s DealBook Summit, follow and listen to our limited podcast series.] Vice President Kamala Harris defended the Biden administration’s economic record, as polls show that the president trails Donald J. Trump in battleground states ahead of the 2024 election. Ms. Harris said President Biden has done more to tackle inflation “than most advanced economies” but more work was needed to convince voters.

Persons: Kamala Harris, Isaac Herzog of Israel, Elon Musk, Andrew Ross Sorkin, ”, Linda Yaccarino, Donald J, Trump, Harris, Biden Organizations: The New York Times, today’s DealBook, Biden Locations: United States, China, Israel, New York

☆ Ford Resumes Work on E.V. Battery Plant in Michigan, at Reduced Scale
▼ + stars: | 2023-11-21 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Ford did not specify exactly how much money it would be pulling back from the project, but said it would be roughly equivalent to its reduction in output. Ford said in September that it was suspending construction because of concerns that it would not be able to manufacture products at a competitive price. Rising labor costs were also a factor in Ford’s decision to scale back its plans for the factory, Mr. Reid said. Ford’s contract agreement with the U.A.W., which has been ratified by union members, raises the top wage for production workers by 25 percent. members to be transferred to battery and electric-vehicle plants under construction, like the one in Marshall.

Persons: Ford, Reid Organizations: United Automobile Workers Locations: Marshall

Activity picked up again this month, he said, as shoppers turned out for special promotions. Two-thirds of toys in its stores will be priced at less than $25, the company said. Target expects sales to continue falling in the final months of the year, subject to a “wide range” that reflects the uncertainty about holiday spending. The U.S. Commerce Department reported that retail sales nationwide nudged down 0.1 percent in October from the previous month, the first drop since March. The decline, which is not adjusted for inflation, was driven by weakness in big-ticket categories like furniture and cars, which may be weighed down by the higher interest rates consumers face when buying on credit.

Persons: “, ” Mr, Rainey, Brian C Organizations: Target, Cornell, U.S . Commerce Department

☆ Las Vegas Unions and MGM Resorts Reach Tentative Labor Agreement
▼ + stars: | 2023-11-09 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

A tentative labor agreement with a second major Las Vegas hotel operator, MGM Resorts International, was announced Thursday, a day before a strike deadline set by two unions representing hospitality workers. The Culinary Workers Union Local 226 said a deal had been reached on a five-year contract covering 25,400 workers at MGM Resorts, whose eight Las Vegas properties include the Bellagio and Mandalay Bay. The Culinary Workers and Bartenders Union Local 165, which are affiliates of UNITE HERE, announced on Wednesday that they had struck a deal with Caesars Entertainment, another major resort operator in the city. The unions said last week that their members would go on strike if an agreement with the city’s three main resort operators wasn’t reached by Friday. The union is still negotiating with Wynn Resorts.

Organizations: MGM Resorts International, Culinary Workers Union, MGM Resorts, Twitter, Culinary Workers, Bartenders Union, Caesars Entertainment, Wynn Resorts Locations: Vegas, Bellagio, Mandalay Bay

In September, WeWork said it would begin to renegotiate all its leases and exit certain locations. The company was renting nearly 20 million square feet of office space in June, more than any other company in the United States. Monday’s actions will not affect WeWork franchises outside the United States and Canada, the company said. WeWork’s demise is a blow for landlords who have leased a large proportion of their space to the company. It focused on leasing, rather than buying, office space and parceling it out to customers that included freelancers, small businesses and larger corporations.

Persons: WeWork, ” WeWork, Adam Neumann, Miguel McKelvey Locations: United States, Canada, WeWork, Lower Manhattan

☆ Jury Begins Deliberations for a Verdict in Sam Bankman-Fried’s Trial
▼ + stars: | 2023-11-02 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Jurors have sat through his trial for nearly a month now, hearing from witnesses including some of Mr. Bankman-Fried’s closest associates, who placed blame squarely on him. On Wednesday, closing arguments were made by a federal prosecutor, Nicolas Roos, and Mr. Bankman-Fried’s lawyer, Mark Cohen. In his closing statements, Mr. Roos reminded the jury of the evidence and testimony from witnesses who said Mr. Bankman-Fried had directed them to commit crimes. Mr. Cohen sought to portray his client as someone who acted in good faith but made mistakes. He has held the trial on some Fridays, which the jury usually has off, and has been willing to hold jurors past 4:30 p.m., when they are usually relieved.

Persons: Bankman, Nicolas Roos, Mark Cohen, Danielle Sassoon, Cohen’s, Roos, Fried, Cohen, Judge Lewis A, Kaplan, Judge Kaplan

Sam Bankman-Fried, the tousle-haired mogul who founded the FTX cryptocurrency exchange, was convicted on Thursday of seven charges of fraud and conspiracy after a monthlong trial that laid bare the rampant hubris and risk-taking across the crypto industry. Mr. Bankman-Fried became a symbol of crypto’s excesses last year when FTX collapsed and he was charged with stealing as much as $10 billion from customers to finance political contributions, venture capital investments and other extravagant spending. A jury of nine women and three men took more than four hours of deliberation on Thursday to reach a verdict, convicting Mr. Bankman-Fried of wire fraud and conspiracy. Together the counts carry a maximum sentence of 110 years. Mr. Bankman-Fried, 31, is expected to appeal.

Persons: Sam Bankman, Fried, FTX, convicting Mr, He’s

Sam Bankman Fried, the onetime cryptocurrency mogul, built his FTX crypto exchange into a “pyramid of deceit” resting on a “foundation of lies and false promises,” a federal prosecutor said in closing arguments on Wednesday at the criminal fraud trial. Over more than two hours in a Manhattan courtroom in the morning, Nicolas Roos, the prosecutor, used scathing language to paint Mr. Bankman-Fried as a liar and fraudster. And Mr. Bankman-Fried, who had testified during the trial in his own defense, had repeatedly dissembled and dodged questions, Mr. Roos said. Mr. Bankman-Fried “lied about big things and small things,” the prosecutor said, pointing out that the defendant said he “couldn’t recall” more than 140 times in response to questions on cross-examination. “It was uncomfortable to hear,” Mr. Roos said.

Persons: Sam Bankman Fried, ”, Nicolas Roos, Roos, dissembled, Fried “, “, Mr, Bankman Organizations: Mr Locations: Manhattan

The 31-year-old onetime crypto mogul fumbled for an answer when the prosecutor, Danielle Sassoon, repeatedly asked whether he had told his employees not to spend FTX customer money on investments, pricey real estate and other expenditures. Mr. Bankman-Fried also couldn’t name any employees who might have authorized the use of FTX customer money for that spending. “I don’t recall giving any direction,” Mr. Bankman-Fried said three times about the spending of FTX customer money before he concluded his testimony. Both sides rested their case before lunchtime on Tuesday, with closing statements set to unfold on Wednesday. Mr. Bankman-Fried was on the stand for a third day testifying before a jury in his own defense for a trial that has come to symbolize the highs and lows of the volatile crypto industry.

Persons: Sam Bankman, Danielle Sassoon, Fried, ” Mr Organizations: Alameda Research Locations: Alameda

“I’m not sure,” he responded over and over, as Ms. Sassoon asked about statements he had made when he was chief executive of FTX. Ms. Sassoon displayed statements that appeared to show Mr. Bankman-Fried saying one thing in public, then acting differently in private. Criminal defendants usually avoid testifying so that prosecutors don’t have a chance to question them. In December, federal prosecutors charged Mr. Bankman-Fried with orchestrating a sweeping scheme to steal as much as $10 billion from FTX’s customers. Mr. Bankman-Fried was also accused of creating a secret backdoor in FTX’s code that allowed Alameda to seize billions of dollars in customer funds.

Persons: “ I’m, ”, Sassoon, Bankman, Elizabeth Holmes, don’t, FTX, Fried Locations: Washington, Bahamas, Alameda

☆ Rise in Sugar and Cocoa Costs Makes Halloween Candy Pricier
▼ + stars: | 2023-10-27 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Low rainfall in places like Mexico, India and Ivory Coast could lead to lighter sacks of candy for trick-or-treaters this Halloween, as disappointing sugar and cocoa harvests have pushed up candy prices. The price of candy is up 7.5 percent from last year and 20 percent from 2021, according to the latest data from the Bureau of Labor Statistics. That is a steeper climb than inflation overall, and has been driven by a spike in the prices of crucial ingredients like sugar and cocoa, which are the highest they’ve been in global wholesale markets in decades. That’s because of poor harvests stemming from hot, dry weather and the high cost of fertilizer, among other factors. Sugar cane, which is processed into sugar, and cocoa, a key ingredient in chocolate, are especially sensitive to periods of low rainfall in the tropical regions where those crops grow, like parts of Asia, Central America and West Africa.

Organizations: Bureau of Labor Statistics Locations: Mexico, India, Ivory Coast, Asia, Central America, West Africa

From the moment his cryptocurrency empire collapsed in November, Sam Bankman-Fried didn’t stop talking. Against the advice of his defense lawyers, Mr. Bankman-Fried embarked on a lengthy press tour to explain the failure of his FTX cryptocurrency exchange, giving interviews to TV anchors and obscure Twitter personalities. On Friday, Mr. Bankman-Fried, 31, made an even riskier call: He took the stand to testify at his criminal fraud trial in federal court in New York. But he also acknowledged that he had made missteps, citing “significant oversights” that hurt FTX customers. Wearing a gray suit and purple tie, his famously tousled hair cut short by a fellow inmate at the Brooklyn jail where he is detained, Mr. Bankman-Fried said he “made a number of small mistakes, and a number of larger mistakes.”

Persons: Sam Bankman, Fried, “ Organizations: Brooklyn Locations: New York

The wait for Sam Bankman-Fried’s testimony will be a little longer. Judge Lewis A. Kaplan, who is overseeing the disgraced crypto mogul’s federal criminal trial, sent jurors home on Thursday afternoon just before Mr. Bankman-Fried was expected to take the stand. Judge Kaplan opted instead for a hearing to discuss pending testimony from Mr. Bankman-Fried, who founded the FTX cryptocurrency exchange, with regard to his reliance on company lawyers in making decisions. The jury will return on Friday, when Mr. Bankman-Fried is expected to testify. Mr. Bankman-Fried, 31, has pleaded not guilty to seven counts of fraud, conspiracy and money laundering.

Persons: Sam Bankman, Judge Lewis A, Kaplan, Fried, Judge Kaplan, FTX

Over the past three weeks, former employees and friends of Sam Bankman-Fried have testified that he orchestrated a scheme to misappropriate billions of dollars in customer money from his FTX cryptocurrency exchange, which collapsed last year. The witnesses have painted a portrait of Mr. Bankman-Fried, 31, as a controlling boss who directed them to commit fraud. They said the FTX founder had known for months that the exchange had no way of paying back at least $8 billion in customer money that was used to buy lavish real estate, invest in other crypto companies, make campaign contributions and pay back lenders to a trading firm that Mr. Bankman-Fried also controlled. Here are highlights of the testimony from several prosecution witnesses — including Mr. Bankman-Fried’s employee and on-again, off-again girlfriend, Caroline Ellison — who have been central to the case:Adam YedidiaThe first prosecution witness was Adam Yedidia, a former FTX developer who was a close friend of Mr. Bankman-Fried’s and lived with him and other associates in the Bahamas. Mr. Yedidia, who has not been charged with any crimes and testified under immunity, said Mr. Bankman-Fried had known that FTX and Alameda Research, a sister crypto trading firm, were on thin ice.

Persons: Sam Bankman, Fried, Bankman, Caroline Ellison —, Adam Yedidia, Mr, Yedidia Organizations: Alameda Research Locations: Bahamas

On the second day of Sam Bankman-Fried’s fraud trial this month, one of the lawyers for the cryptocurrency mogul delivered an emphatic message to the jury. He lied repeatedly, they said, running roughshod over his top lieutenants and directing them to treat customer deposits as if FTX were a piggy bank. The testimony has dealt a blow to Mr. Bankman-Fried’s “good faith” defense, which will be put to the test this week. At a hearing on Wednesday, Mark Cohen, a defense lawyer, confirmed that Mr. Bankman-Fried, 31, would take the stand. But given the prosecution’s success in building its case, legal experts said, it was all but inevitable that Mr. Bankman-Fried would want to tell the jury his side of the story.

Persons: Sam Bankman, FTX, Bankman, Mark Cohen Locations: Manhattan

In the courtroom, the personal dynamics between Mr. Bankman-Fried and his friends have become a vital component of the case. Prosecutors have shown photographs of Mr. Bankman-Fried socializing with Mr. Yedidia and other onetime confidants, seeking to draw out testimony about the relationships at the heart of FTX. On the witness stand, Mr. Bankman-Fried’s old allies have mostly avoided looking at him. “You can anticipate that at closing, this is one of the things that the United States is going to harp on: These were people who were close personal friends of S.B.F.,” said Daniel Silva, a former federal prosecutor. He has pleaded not guilty to seven counts of fraud, conspiracy and money laundering, and faces what would amount to a life sentence if convicted.

Persons: Fried, Yedidia, Bankman, ”, Daniel Silva, ” Mr Organizations: Prosecutors Locations: FTX’s, Bahamas, FTX, United States

The companies and the union remain far apart in negotiations, and the U.A.W. could expand its strikes to more locations as soon as Friday. Depending on how long the strikes last, it could exact a heavy toll on autoworkers and the three companies — General Motors, Ford Motor and Stellantis, the parent of Chrysler and Jeep. But the work stoppages could also be painful to drivers, car dealers and auto-parts suppliers. has struck only a small number of plants and warehouses, but the pain could worsen if work stoppages grow to include many more locations and last weeks or months.

Organizations: United Automobile Workers, Motors, Ford Motor, Chrysler, Jeep

☆ How Rupert Murdoch Built His Media Empire
▼ + stars: | 2023-09-21 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: 1 min

Rupert Murdoch, the 92-year-old media tycoon who announced his retirement on Thursday, spent the past 70 years building a global media empire that gave him influence in journalism, politics and pop culture. Over dozens of acquisitions, Mr. Murdoch created a media conglomerate known for the rise of the modern tabloid and conservative commentary. His tenure has not been without scandal: One of his properties in Britain folded in 2011 after a phone-hacking inquiry, and he admitted this year that Fox News had spread falsehoods about the 2020 U.S. presidential election. Here’s how Mr. Murdoch built his empire:1950sThe Australian-born mogul ventured into media in 1952 when he inherited his family’s business after the death of his father, Keith Murdoch. A 21-year-old Oxford student, he inherited The News of Adelaide, a newspaper in southern Australia with a circulation of 75,000.

Persons: Rupert Murdoch, Murdoch, Keith Murdoch Organizations: Fox, Oxford Locations: Britain, Australian, Adelaide, Australia

☆ A rise in car prices would hit consumers already facing higher payments.
▼ + stars: | 2023-09-15 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Prices are rising, options are limited and interest rates are higher than they’ve been in over 20 years. The Federal Reserve started raising interest rates in March last year to combat inflation, eventually pushing its benchmark rate to the highest level since 2001. That has had an effect on rates for auto loans, which are now about 7.4 percent on average for new cars and 11.2 percent for used cars, according to Edmunds. Higher interest rates mean those who can put off buying a new car until next year or later, probably will. High rates were the top factor holding back business for car dealers this quarter, according to a recent survey from Cox Automotive.

Persons: It’s, they’ve, “ You’re, ”, Greg McBride Organizations: Federal Reserve, Bankrate, Cox Automotive Locations: Edmunds

☆ U.S. Automakers Face a Huge Strike. Here’s What to Know.
▼ + stars: | 2023-09-13 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

The United Auto Workers union, which represents about 150,000 workers at U.S. car plants, could strike against three of the country’s largest automakers on Friday if the union and the companies are unable to reach new contracts. The president of the U.A.W., Shawn Fain, said that Thursday was the “deadline, not a reference point.”The union is negotiating a separate four-year contract with each automaker. has never struck against all three companies at once, preferring to target one at a time. But Mr. Fain has said he and his members are willing to strike against all three this time. is demanding 40 percent wage increases over four years, which Mr. Fain says is in line with how much the salaries of the companies’ chief executives have increased in the past four years.

Persons: Ram —, Shawn Fain, Fain Organizations: United Auto Workers union, U.S, —, Motors, Ford Motor, Chrysler, Jeep

☆ Macy’s Names Next Bloomingdale’s C.E.O.
▼ + stars: | 2023-09-12 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +1 min

Macy’s named Olivier Bron the next chief executive of Bloomingdale’s, the company’s luxury chain, on Tuesday, the latest move in a leadership shuffle this year. Mr. Bron was previously chief executive of Central Group’s Central and Robinson Department Stores in Thailand. Macy’s announced this year that Mr. Spring would be elevated to chief executive of Macy’s in February after the planned retirement of Jeff Gennette, who has led the company since 2017. Macy’s has ambitions to become more competitive in e-commerce as younger shoppers pull away from department stores. Mr. Gennette previously said Bloomingdale’s, under Mr. Spring, had worked as a “scrappy incubator” for ideas that eventually made their way to Macy’s.

Persons: Macy’s, Olivier Bron, Bron, Tony Spring, Jeff Gennette, Gennette, Mr, Denis Guignebourg Organizations: Bloomingdale’s, Mr, Central Group’s, Robinson Department, Macy’s, Galleries Lafayette, Bain & Company . Credit, Sipa USA, Associated Press Locations: Thailand, United States

Federal auto safety regulators moved Tuesday toward a recall of about 52 million airbag inflaters used by a dozen major carmakers, calling the parts unsafe and susceptible to rupture. The National Highway Traffic Safety Administration scheduled a public meeting on Oct. 5 on its recommendation to recall the airbags, manufactured by ARC Automotive and Delphi Automotive Systems. ARC rejected the agency’s initial findings that its airbags were defective. Of the 52 million airbags, 41 million were manufactured by ARC and 11 million were produced by Delphi using a design licensed by ARC. The airbags were variously made in China, Mexico and Knoxville, Tenn., and were used by a dozen major carmakers: BMW, Ford, General Motors, Hyundai, Kia, Maserati, Mercedes-Benz, Porsche, Stellantis, Tesla, Toyota and Volkswagen.

Organizations: Traffic Safety Administration, ARC Automotive, Delphi Automotive Systems, ARC, Delphi, BMW, Ford, General Motors, Hyundai, Kia, Maserati, Mercedes, Benz, Porsche, Toyota, Volkswagen Locations: United States, China, Mexico, Knoxville, Tenn

☆ Job Openings Dropped in July as Labor Market Cooled
▼ + stars: | 2023-08-29 | by ( J. Edward Moreno | More About J. Edward Moreno | ) www.nytimes.com time to read: +2 min

Labor market data is closely watched by policymakers at the Federal Reserve as they combat stubborn inflation. Background: A surprisingly robust labor market. Many have taken a more optimistic view recently as inflation has begun to moderate alongside a strong labor market. The unemployment rate dropped to 3.5 percent in July, a sign that although the labor market is cooling, workers are generally still able to find opportunities. The unemployment data for August will be one of the last labor market pulses Fed policymakers will get before their next meeting on Sept. 19-20.

Persons: Jerome H, Powell, Mr Organizations: Labor, Federal Reserve, Federal Reserve Bank of, Jackson, Fed, Labor Department Locations: Federal Reserve Bank of Kansas, Wyoming, U.S

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