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☆ Fact-checking night 4 of the Republican National Convention
▼ + stars: | 2024-07-18 | by ( Cnn Staff | ) edition.cnn.com time to read: +8 min

CNN —The final night of the Republican National Convention has kicked off in Milwaukee. Pompeo’s claim about the southern border under TrumpFormer Secretary of State Mike Pompeo claimed at the Republican National Convention Thursday that the US-Mexico border was “closed” during Donald Trump’s presidency. Facts First: This characterization of Trump’s tariffs is misleading. It’s true that Trump’s tariffs on China raised billions of dollars for the US government, but the duties were paid by US companies – not China. For example, Trump’s tariffs were imposed, in part, to boost the US manufacturing sector – but that industry lost jobs.

Persons: Donald Trump, Mike Pompeo, Donald Trump’s, Trump, Joe Biden, Devan Cole Trump, “, Daniel Dale Pompeo’s, “ We’d, ” Pompeo, Glen VanHerck, CNN’s Haley Britsky Linda McMahon’s, Linda McMahon, Erica York, Katie Lobosco, Ronald Reagan’s, Jimmy Carter, Carter, Affairs didn’t, Joe Biden ”, Daniel Dale Organizations: CNN, Republican National Convention, Trump Former, Republican, Convention, Trump, Biden, Republicans, Democrats, Electoral, Infrastructure Security Agency, Department of Homeland Security, Northern Command, North American Aerospace Defense Command, Small, US International Trade Commission, Tax Foundation, Federal Reserve, Foreign Affairs, Affairs Locations: Milwaukee, Mexico, Afghanistan, United States of America, China, America, United States

☆ Restaurants and hotels were helping power the booming job market. Now, they're barely hiring.
▼ + stars: | 2024-07-10 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

Still, the industry largely saw strong monthly job gains following the losses it faced early on in the pandemic, averaging 205,000 jobs a month in 2021. Data out Friday from the Bureau of Labor Statistics showed this industry saw a month-over-month job gain of 7,000; the overall nonfarm payroll job gain in June was 206,000. The industry has historically had higher rates of quits and job openings than the overall labor market, per the Job Openings and Labor Turnover Survey. Additionally, the healthcare and social assistance sectors have seen robust job growth and likely will be looking for job seekers long-term. AdvertisementThe overall tougher labor market still has potential for job seekers.

Persons: —, switchers, Julia Pollak, " Pollak, Pollak, Nick Bunker Organizations: Service, Business, Bureau of Labor Statistics, Labor, BLS, Healthcare, North America Locations: Federal

☆ Samsung’s AI-powered foldable phones get slimmer, thinner, pricier
▼ + stars: | 2024-07-10 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

CNN —Samsung’s latest generation of foldable phones aim to draw in traditional phone users with the help of artificial intelligence. The new Galaxy Z Fold starts at $1,899.99, up $100 from last year, and is available in silver, pink and navy. Meanwhile, the Z Flip starts at $1,099.99 (also $100 more than last year) and comes in silver, yellow, blue and mint. Samsung’s foldable line occupies between 80% and 85% of the market share. But those same people might prefer to sleep with a smart ring on their finger rather than a smartwatch on their wrist.

Persons: CNN —, Price, David McQueen, ”, Roh —, —, “, ” Roh, Gemini, Samsung’s, Siri, McQueen, Roh, Oura, Francisco Jeronimo, ” Jeronimo Organizations: CNN, ABI Research, Galaxy, Google, Huawei, Motorola, Apple, Samsung, IDC Research, IDC Locations: Paris, wearables

Artificial intelligence has been a big boon for San Francisco real estate. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high

Persons: OpenAI, Robert Sammons, Anthropic, Sammons, That's, Cushman & Wakefield Organizations: San, Tech, Microsoft, Cushman &, San Francisco, Wells Locations: San Francisco, Wakefield, Mission, Cushman & Wakefield, Francisco, Wells Fargo, Cushman

☆ How Champagne celebrations became a Formula 1 tradition and a coveted sponsorship deal
▼ + stars: | 2024-07-05 | by ( Gregory Leporati | ) www.businessinsider.com time to read: +7 min

Since 2021, Formula 1 races have used Ferrari Trento sparkling wine for podium celebrations. Ferrari Trento said it had nearly tripled its US sales since the start of its F1 partnership. They've been spraying and imbibing sparkling wine produced by the Italian company Ferrari Trento (no relation to the Ferrari car manufacturer). Our goal is really to increase our export sales and make Ferrari Trento more and more international." Max Verstappen and Lewis Hamilton celebrate on the podium with Ferrari Trento sparkling wine in 2021.

Persons: Ferrari Trento, —, Georges Bizet's, Carmen, Matteo Lunelli, Juan Manuel Fangio, Jo Siffert, Dan Gurney, Mumm, Lunelli, Daniel Ricciardo, Aly, Theresa Sanchez, it's, Christian Miller, UC Davis, Miller, who's, — Ferrari, Ferrari, Max Verstappen, Lewis Hamilton, Yuri Kochetkov, Sanchez, It's Organizations: Service, Ferrari Trento, Ferrari, Champagne, Chandon, University of California, Netflix, UC, Wine Market, Las, — Ferrari Trento, Prix, Las Vegas, Formula, NFL, NBA, MLB Locations: Trento, Champagne, Italian, Italy, United States, Argentine, Swiss, Davis, Ferrari Trento, Miami, Las Vegas

☆ Keir Starmer must fix Britain’s economic mess after UK election win
▼ + stars: | 2024-07-05 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

London CNN —British voters have handed the Labour Party its first election victory in almost two decades, hoping that a new center-left government will revive Britain’s ailing economy and fix collapsing public services. The win is a triumph for Keir Starmer, a former chief prosecutor who only entered parliament in 2015 and will become prime minister later Friday. “It feels good, I have to be honest.”But Labour’s jubilation may soon give way to trepidation given the economic challenges ahead. Making these problems even harder to solve: stubbornly low economic growth. To some extent, the government is likely hoping economic growth will be stronger than forecast and help with both goals.

Persons: Conservative Party —, Keir Starmer, ”, ” Gregory Thwaites, ” ‘, “, Paul Johnson, —, Dominic Lipinski, Johnson, Louise Hellem, Rachel Reeves, Stefan Rousseau, ” Brexit Organizations: London CNN — British, Labour Party, Conservative Party, National Health Service, Universal Credit, CNN, Labour, for Fiscal Studies, Bloomberg, Getty, Wealth Fund, Great, Great British Energy, “, Confederation of Business Industry, Conservative, Shadow, AP, European Union, Trade Locations: England, Scotland, Wales, Selby, UK, Great British, Britain, Southampton, United States

☆ Renée DiResta: We Are Losing the Battle Against Election Disinformation - The New York Times
▼ + stars: | 2024-06-25 | by ( Renée Diresta | ) www.nytimes.com time to read: +1 min

In 2020, the Stanford Internet Observatory, where I was until recently the research director, helped lead a project that studied election rumors and disinformation. As part of that work, we frequently encountered conspiratorial thinking from Americans who had been told the 2020 presidential election was going to be stolen. First, an image or video, such as a photo of a suitcase near a polling place, was posted as evidence of wrongdoing. The poster would tweet the purported evidence, tagging partisan influencers or media accounts with large followings. Partisan media would follow.

Organizations: Stanford Internet Observatory

☆ Bad news for coders: The US is past peak software developer
▼ + stars: | 2024-06-22 | by ( Madison Hoff | ) www.businessinsider.com time to read: +5 min

A new ADP Research Institute report shows employment for software developers has declined from January 2018. Related storiesJob-search platform Indeed has its own running index of job postings for the software development sector. Swallowing a pay cut is a tough ask for software developers who were earning top dollar just a few years ago." AdvertisementData from Handshake, a platform where students can look for work, suggests a cooler demand for software developers or engineers. Have you made a career change from or to software development or another tech job?

Persons: —, Daniel Zhao, Glassdoor's, Zhao, Nela Richardson, Richardson, Nick Bunker, Bunker, Randy Tarnowski, Tarnowski, they're Organizations: Service, ADP Research, Business, North America, Bureau of Labor Statistics

☆ SIRO, One Za’abeel: Dubai’s ‘first fitness hotel’ is taking wellness tech to the next level
▼ + stars: | 2024-06-21 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +8 min

“The industry is evolving,” says Desmond Cawley, hotel manager at SIRO, One Za’abeel. This kind of light therapy treatment has its roots in NASA’s experimentation with red light therapy in the 1990s to boost plant growth in space and help heal wounds in astronauts. Rebecca Cairns/CNNEven at SIRO, with all its cutting-edge tech, Cawley has observed a surge of interest in mindfulness activities like meditation. Of course, at SIRO, there’s even a high-tech alternative to this: “vibroacoustic therapy,” the sci-fi equivalent of a gong bath. Tech to help you disconnect might seem excessive, but for SIRO, the integration of health data is the future of wellness, providing guests with a data-driven, personalized wellness program.

Persons: ”, Desmond Cawley, SIRO, Dubai’s, Adam Peaty, Ramla Ali, Cawley, it’s, Rebecca Cairns, Boka, “, Beth McGroarty, that’s, ” McGroarty, SIRO isn’t, McGroarty, —, there’s Organizations: CNN, AC Milan football, Kerzner, Global Wellness Institute, bros, Equinox Locations: Dubai, Montenegro, New York City, SIRO, Cryotherapy

☆ Apple’s new China problem: ChatGPT is banned there
▼ + stars: | 2024-06-21 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +4 min

CNN —Apple is banking on its upcoming AI features to boost iPhone sales especially in China, where demand has been lagging. But there’s a problem: ChatGPT — soon to be integrated into Siri — is banned in China. But China is one of the first countries in the world to regulate the generative AI technology that powers these popular services. Resurgent competitorsMeanwhile, Chinese smartphone brand Huawei’s smartphone sales growth was 70% in the first quarter, according to Counterpoint Research. In other parts of the world, Samsung uses its own propriety AI technology, along with Google’s (GOOGL) AI model Gemini, which is also banned in China.

Persons: ChatGPT —, Siri —, OpenAI, Siri, ChatGPT, hasn’t, —, ”, Nabila Popal, ” Popal, what’s, Reece Hayden, Apple wouldn’t, Jeff Fieldhack, they’d Organizations: CNN, Apple, Apple Intelligence, Microsoft, Google, Meta, Samsung, Cyberspace Administration, Wall, IDC, Research, IDC Research, ABI Research, China, Baidu Locations: China

☆ Google's Android apps are coming in 3D via Xreal as competition with Apple's Vision Pro heats up
▼ + stars: | 2024-06-18 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Xreal, an augmented reality glasses maker, has launched a connected Beam Pro mobile device that allows users to capture spatial video and 3D images. Xreal said the Beam Pro uses Nvidia CloudXR technology for image rendering and Qualcomm 's Snapdragon spatial computing platform. A pair of Xreal AR glasses costs around $200 to $400, depending on the model and sales promotion. That means a set of Xreal AR glasses and Beam Pro costs significantly less than $1,000. The Beam Pro launched in China in late May.

Persons: Apple, Chi Xu, Xu, Xreal, Rokid, Ramon, Xreal Xu Organizations: BEIJING — Games, Google, Apple, CNBC, Apple Vision, Beam, Nvidia, Qualcomm, Amazon Web Services, IDC Research, Vision, The Locations: BEIJING, U.S, China, Hong Kong, Japan, Singapore

☆ The Fed's next decision will likely mean Americans are going to wait a lot longer for any interest rate cuts
▼ + stars: | 2024-06-11 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Americans shouldn't expect interest rate cuts to head their way anytime soon. Related stories"It may be bad, partly, because it is driven in part by uncertainty and fear and high interest rates holding back activity," Pollak added. "And if I had to bet, I bet that we will get two rate cuts, one in September and one in December." Some Democratic lawmakers have been pushing the Fed to cut rates and give Americans some breathing room, especially after the European Central Bank cut rates earlier in June for the first time in five years. "The Fed's decision to keep interest rates highs continues to widen the rate gap between Europe and the U.S, as the lower interest rates could push the dollar higher, tightening financial conditions," they wrote, adding: "You have kept interest rates too high for too long: it is time to cut rates."

Persons: there's, Jerome Powell, Powell, Julia Pollak, ZipRecruiter, It's, Pollak, Nick Bunker, Joseph Briggs, Goldman Sachs, we're, David Kelly, Kelly, Elizabeth Warren, Jacky Rosen, John Hickenlooper Organizations: Service, Reserve, Business, North America, Morgan Asset Management, Democratic, European Central Bank Locations: United States, Amsterdam, Sens, Europe

☆ US economy added a whopping 272,000 jobs in May
▼ + stars: | 2024-06-07 | by ( Alicia Wallace | ) edition.cnn.com time to read: +7 min

At a time when Americans and the Federal Reserve are clamoring for clear-cut data about the state and trajectory of the economy, Friday’s jobs report was much more opaque than everyone had hoped. Employment fell in the household survey, while unemployment increased to just shy of 6.5 million and pushing the unemployment rate to the threshold of 4%. Service-providing industries accounted for the bulk of the month’s job gains, with health care and social assistance continuing to lead the way, with 83,500 jobs added. “Don’t get overly spooked by the rise in the unemployment rate,” Bunker wrote. “The labor market is still gliding toward a soft landing.”

Persons: ” Dean Baker, “, I’ve, Diane Swonk, ”, Wall, Chris Rupkey, FwdBonds, CEPR’s Baker, ” Baker, ” Thomas Simons, Jeffries, Nick Bunker, Bunker, “ Don’t, ” Bunker Organizations: CNN, Federal Reserve, Center for Economic, Policy Research, of Labor Statistics, KPMG, That’s, Index, Traders, BLS, Service, North America

☆ It finally looks like the US economy is sticking its soft landing
▼ + stars: | 2024-06-05 | by ( Madison Hoff | ) www.businessinsider.com time to read: +6 min

A soft landing is on the horizon, too — or already here depending on who you ask — and recent data reinforces that. AdvertisementThere has been a ton of moderation in this rate particularly when comparing recent changes to those seen in 2022, another sign pointing to a soft landing. AdvertisementThe soft landing might already be hereDavid Kelly, chief global strategist at J.P. Morgan Asset Management, believes the US has already achieved a soft landing. "To me, a soft landing is when the unemployment rate has basically hit its full-employment level, and the inflation rate is gradually coming down to a rate that's acceptable," Kelly said. Advertisement"In other words, a fairly comfortable soft landing with occasional turbulence," Draho added.

Persons: —, That's, it's, Joseph Briggs, Goldman Sachs, Briggs, Nick Bunker, Bunker, David Kelly, Kelly, Jason Draho, Draho, It's Organizations: Service, Business, Bureau of Labor Statistics, North America, UBS, Morgan Asset Management, UBS Global Wealth Management

☆ Value meal push could still benefit french fry supplier Lamb Weston
▼ + stars: | 2024-05-31 | 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 EmailValue meal push could still benefit french fry supplier Lamb WestonPeter Galbo, equity research director at Bank of America Securities, joins CNBC's 'The Exchange' to discuss consumer behavior in quick-service dining, how restaurants are trying to create value, and more.

Persons: Lamb Weston Peter Galbo Organizations: Bank of America Securities

☆ What a generative AI iPhone could look like
▼ + stars: | 2024-05-28 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +7 min

Although artificial intelligence has powered some of the iPhone’s experiences for years, such as Live Text and improved autocorrect, generative AI could unlock new levels of interaction and personalization. The debut of an AI iPhone could also entice consumers to upgrade at a time when they’ve been holding onto older models longer. Now all eyes shift to Apple for its take on generative AI. Expediting AIBehind the scenes, Apple reportedly has been working on its on-device generative AI capabilities and acquiring companies for awhile, such as Canadian startup DarwinAI. But now it needs to show it’s going all in on artificial intelligence to stay relevant in a rapidly evolving industry.

Persons: Apple’s Siri, Siri, ”, Tim Cook, they’ve, Paul Schell, ” Schell, Thomas Husson, Forrester, Apple, Nabila, doesn’t, ” Popal, “, “ It’s, it’s Organizations: CNN, Developers Conference, Google, Samsung, ” Apple, Apple, ABI Research, Microsoft, Meta, IDC, Bloomberg, Huawei Locations: China

☆ NBER director John Lipsky breaks down economic data, forecasts Fed outlook
▼ + stars: | 2024-05-24 | 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 EmailNBER director John Lipsky breaks down economic data, forecasts Fed outlookJohn Lipsky, National Bureau of Economic Research director, joins 'Money Movers' to discuss his forecast for the Fed's rate cuts, economic data, and more.

Persons: John Lipsky Organizations: National Bureau of Economic Research

☆ Op-ed: How activist investors are deactivating with proxy battle losses
▼ + stars: | 2024-05-23 | by ( Jeffrey Sonnenfeld | Steven Tian | ) www.cnbc.com time to read: +7 min

Whether today's activist investors contribute any genuine economic value is open for debate. As this year's proxy season draws to a close, defeat after defeat for activist investors in proxy fights this year – most prominently at Disney and Norfolk Southern – raises the question: Are activist investors increasingly getting de-activated, losing their credibility and power? These self-styled "activist investors" are distinct from the original activists who helped catalyze needed governance reforms two decades back. Many of today's activist investors are a far cry from the original, heroic crusaders for shareholder value who pioneered the activism space decades ago. However, given the failing financial performance of many of today's activist investors, their losing streak in proxy fights and increasing public rejection of their bullying tactics, the credibility and value of activist investors writ large is increasingly imperiled.

Persons: Nelson Peltz's, Ed Garden, Ralph Whitworth, John Biggs of TIAA, John Bogle of, Ira Millstein, Weil, Nell Minow, Bob Monks, Harvard's Stephen Davis, Carl Icahn's, Aubrey McClendon, –, Bill Cohan, Jamie Dimon, Glass Lewis, resoundingly, Mason Morfit's ValueAct, Jeffrey Sonnenfeld, Lester, Steven Tian Organizations: CNBC, Salesforce, Dow Jones, Disney, Norfolk Southern, Relational Investors, John Bogle of Vanguard, Services, Chesapeake, Norfolk, JetBlue, Elanco, of Institutional Investors, United Shareholders Association, Responsibility Research, ISS, Lester Crown, Management, Yale University, Yale's, Institute Locations: Norfolk Southern, greenmailers, America

☆ Microsoft’s latest AI tool is alarming privacy experts
▼ + stars: | 2024-05-22 | by ( Samantha Kelly | ) edition.cnn.com time to read: +5 min

CNN —Microsoft’s buzziest new AI feature is raising concerns that it could potentially be misused in the wrong hands. It’s different from a keyword search; the tool regularly saves screenshots of the user’s screen and stores them directly on the device. It then uses AI to process the data and make it searchable. Jen Golbeck – a professor of AI at the University of Maryland who focuses on privacy – said the recall feature could pose a potential “nightmare” if the device falls into the wrong hands. Still, Michela Menting, a senior research director at ABI Research, believes the feature is a “step backwards” for privacy.

Persons: Jen Golbeck –, –, ”, that’s, Satya Nadella, Geoff Blaber, ” Blaber, Golbeck, Blaber, Michela Organizations: CNN, University of Maryland, Data Protection, ICO, Microsoft, Wall Street, CCS Insight, ABI Research

☆ Britain expands AI safety institute to San Francisco amid scrutiny over regulatory shortcomings
▼ + stars: | 2024-05-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

The government on Monday announced it would open a U.S. counterpart to its AI safety summit, a state-backed body focused on testing advanced AI systems to ensure they're safe, in San Francisco this summer. The U.S. iteration of the AI Safety Institute will aim to recruit a team of technical staff headed up by a research director. In a statement, U.K. Technology Minister Michelle Donelan said the AI Safety Summit's U.S. rollout "represents British leadership in AI in action." The AI Safety Institute was established in November 2023 during the AI Safety Summit, a global event held in England's Bletchley Park, the home of World War II code breakers, that sought to boost cross-border cooperation on AI safety. The government said that, since the AI Safety Institute was established in November, it's made progress in evaluating frontier AI models from some of the industry's leading players.

Persons: Ian Hogarth, Michelle Donelan, it's, Anthropic Organizations: LONDON, Monday, AI, Technology, Safety, U.S, Microsoft, AI Safety, Institute, Seoul, European Union Locations: San Francisco, California, United States, U.S, London, British, Bay, OpenAI, England's Bletchley, South Korea, Bletchley Park, Seoul, Britain, European

☆ Trump-era tax cuts set to expire after 2025 — here's what you need to know
▼ + stars: | 2024-05-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

The TCJA reduced federal income tax rates across the board, with the top rate falling to 37% from 39.6%. That would return the federal income tax rates to 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. In the meantime, some higher earners have been leveraging lower income tax rates through 2025 by incurring income now, experts say. The standard deduction could fallWhen filing taxes, you claim the standard deduction or itemized deductions, whichever is greater. Before 2018, about 70% of taxpayers claimed the standard deduction, compared with 90% in tax year 2020, according to the Tax Policy Center.

Persons: Donald Trump, Michael M, Erica York, Roth, it's, Gleckman, Robert Dietz Organizations: Santiago, Getty, Tax, Center, Federal Tax, Senate, Bernstein Private Wealth Management, CNBC Locations: Wildwood Beach, Wildwood , New Jersey, California , New Jersey, New York, Minneapolis

☆ Women are worried about their financial security. That may affect the 2024 presidential election
▼ + stars: | 2024-05-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Hannah Beier | ReutersOlder women are the largest bloc of swing voters — and the biggest concern they have heading into the November election is their financial security, according to the AARP. Gender pay gap leads to retirement income gapNotably, younger women share many of those same retirement concerns, according to recent research from the National Institute on Retirement Security, or NIRS. Women tend to have greater financial concerns about retirement compared with men, according to Tyler Bond, research director at NIRS. "There's still a persistent gender pay gap, which translates into a retirement income gap," Bond said. "In fact, the pay gap and the retirement income gap are almost exactly the same, which is what you would expect, because retirement income is basically a reflection of what you earn while working," he said.

Persons: Hannah Beier, —, Margie Omero, GBAO, Omero, Tyler Bond, Bond, We've Organizations: Rockledge, Reuters, AARP, Democratic, National Institute on Retirement Security Locations: Pennsylvania, Rockledge , Pennsylvania

☆ OpenAI dissolves team focused on long-term AI risks, less than one year after announcing it
▼ + stars: | 2024-05-17 | by ( Hayden Field | ) www.cnbc.com time to read: +5 min

The news comes days after both team leaders, OpenAI co-founder Ilya Sutskever and Jan Leike, announced their departures from the Microsoft-backed startup. OpenAI's Superalignment team, announced last year, has focused on "scientific and technical breakthroughs to steer and control AI systems much smarter than us." "I joined because I thought OpenAI would be the best place in the world to do this research," Leike wrote on X. Leike wrote that he believes much more of the company's bandwidth should be focused on security, monitoring, preparedness, safety and societal impact. The update brings the GPT-4 model to everyone, including OpenAI's free users, technology chief Mira Murati said Monday in a livestreamed event.

Persons: Sam Altman, OpenAI, Ilya Sutskever, Jan Leike, OpenAI's, Leike, Altman, Sutskever, Helen Toner, Tasha McCauley, Adam D'Angelo, Ilya, Jakub Pachocki, Mira Murati, Murati Organizations: OpenAI, Hope, CNBC, Microsoft, Wired, Tuesday, Wall Street Locations: Atlanta, Leike, OpenAI

☆ Buckle up America: Powell says interest rates will likely stay higher for longer as inflation stubbornly refuses to come down
▼ + stars: | 2024-05-16 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +6 min

Read previewInflation and interest rates are still high, but Americans shouldn't count on any relief just yet. Advertisement"The status of the battle against inflation requires that interest rates remain elevated in the near-term," Hamrick said. "The first quarter in the United States was notable for its lack of further progress on inflation," Powell said during the panel. But while job seekers and workers may find this cooldown concerning, that moderation is also welcome and the labor market is still strong. "Paired with high borrowing costs — like high interest rates on your credit cards — and the current economy can feel quite uncomfortable," Renter added.

Persons: —, That's, Mark Hamrick, Hamrick, Jerome Powell, Powell, Joanne Hsu, Nick Bunker, Ted Rossman, Rossman, Elizabeth Renter, Renter, it's Organizations: Service, Federal Reserve, Bureau of Labor Statistics, CPI, Business, Federal, University of Michigan, North America Locations: Amsterdam, United States, —

OpenAI co-founder Ilya Sutskever said Tuesday that he's leaving the Microsoft -backed startup. The departure comes months after OpenAI went through a leadership crisis involving co-founder and CEO Sam Altman. In November, OpenAI's board said in a statement that Altman had not been "consistently candid in his communications with the board." OpenAI has announced new board members, including former Salesforce co-CEO Bret Taylor and former Treasury Secretary Larry Summers. In 2015, Altman and Tesla CEO Elon Musk, another OpenAI co-founder, wanted Sutskever, then a research scientist at Google , to become the budding startup's top scientist, according to the lawsuit Musk filed against OpenAI in March.

Persons: Sam Altman, Ilya Sutskever, OpenAI, he's, Sutskever, OpenAI's, Altman, Helen Toner, Tasha McCauley, Adam D'Angelo, Ilya, Jakub Pachocki, Bret Taylor, Larry Summers, WilmerHale, Sue Desmond, Hellmann, Melinda Gates, Nicole Seligman, Fidji Simo, Greg, Sam, Greg Brockman, Mira Murati, Murati, Elon Musk, Musk, Dr Organizations: Tel Aviv University, Microsoft, Street, OpenAI's, Sony, Sony Entertainment, Tesla, Google, OpenAI Locations: Tel Aviv, OpenAI

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