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☆ Pausing AI development would 'simply benefit China,' warns former Google CEO Eric Schmidt
▼ + stars: | 2023-04-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Eric Schmidt said a six-month pause on AI development would "simply benefit China." "The question is what is the right answer," Schmidt told the Financial Review. "I'm not in favour of a six-month pause because it will simply benefit China." Instead of a pause, leaders should instead collectively discuss appropriate guardrails "ASAP," Schmidt said. "I think today the government's response would be clumsy because there are very few people in government who understand this stuff," Schmidt told the Australian newspaper.

☆ FDA Approves Narcan for Non-Prescription Sale
▼ + stars: | 2023-03-29 | by ( Julie Wernau | ) www.wsj.com time to read: 1 min

Narcan is an over-the-counter version of a widely used opioid-reversal nasal spray. People will soon be able to walk into a pharmacy and purchase medication to reverse an opioid overdose alongside other non-prescription items like aspirin and vitamins. The Food and Drug Administration on Wednesday said the overdose reversal medication Narcan could be sold over-the-counter for the first time since the opioid crisis began. Narcan’s manufacturer, Emergent Biosolutions Inc., said the nasal-spray version of the medication naloxone would likely begin appearing on shelves by late summer. Emergent is the first company to gain approval to sell naloxone without a prescription.

☆ FDA Makes Overdose-Reversal Drug Narcan Available Over-the-Counter
▼ + stars: | 2023-03-29 | by ( Julie Wernau | ) www.wsj.com time to read: 1 min

The nasal-spray version of naloxone will likely be available on pharmacy shelves by late summer. People will soon be able to walk into a pharmacy and purchase medication to reverse an opioid overdose alongside other nonprescription items like aspirin and vitamins. The Food and Drug Administration on Wednesday said the overdose reversal medication Narcan could be sold over-the-counter for the first time since the opioid crisis began. Narcan’s manufacturer, Emergent BioSolutions Inc., said the nasal-spray version of the medication naloxone would likely begin appearing on shelves by late summer. Emergent is the first company to gain approval to sell naloxone without a prescription.

☆ Stocks making the biggest moves midday: Lululemon, Micron, Carnival, Foot Locker & more
▼ + stars: | 2023-03-29 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Micron Technology — The semiconductor manufacturer added 5.3% after management said it was planning a bigger headcount reduction than previously expected. Carnival — Shares gained 3.6% after being upgraded by Susquehanna to positive from neutral. The move comes a day after the stock gained 6.1% following an upgrade by Wells Fargo to equal weight from underweight. Urban Outfitters , Burlington Stores , Foot Locker , Ross Stores — Shares of major retailers declined Wednesday after UBS downgraded the group to sell from neutral. Petco — Shares of the pet health and wellness company gained 5% after CEO & Chairman Ron Coughlin disclosed a 61,000 share purchase.

☆ US FDA approves first OTC opioid overdose reversal drug
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

[1/2] A box of NARCAN nasal spray is photographed at an outpatient treatment center in Indiana, Pennsylvania, U.S. on August 9, 2017. The approval for OTC use of the naloxone-based nasal spray will help align the federal government's stance with states that have provisions to offer the drug without prescription at pharmacies. Drug-related overdose deaths in the United States rose about 15% year-over-year to more than 100,000 in 2021, as per official data. While the approval puts Emergent ahead in the OTC product race, analysts have said it is not likely to derive significant sales from the approval. Benchmark analyst Robert Wasserman said ahead of the approval that Narcan sales peaked in 2020 and have declined since.

☆ FDA approves over-the-counter sales of lifesaving opioid overdose treatment Narcan nasal spray
▼ + stars: | 2023-03-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The Food and Drug Administration on Wednesday approved sales without a prescription of the nasal spray Narcan to reverse opioid overdoses, a decision that promises to significantly expand access to the lifesaving treatment. The FDA's decision means people will be able to buy the 4 milligram nasal spray in supermarkets, convenience stores, gas stations, vending machines and online. FDA Commissioner Dr. Robert Califf, in a statement, said the agency is encouraging the company to make the nasal spray available as soon as possible at an affordable price. The nasal spray must be administered as soon as an overdose is suspected. Two nasal spray devices typically come in a single package.

☆ SAP introduces SAP Datasphere and partnerships with Collibra, Confluent, DataRobot, and Databricks to simplify customers' data landscape
▼ + stars: | 2023-03-09 | by ( Sponsor Post | Created Sap With Insider Studios | ) www.businessinsider.com time to read: +6 min

SAP announced SAP Datasphere, the next generation of its data management portfolio, which gives customers easy access to business-ready data across the data landscape. SAP DatasphereAvailable today, SAP Datasphere is the next generation of SAP Data Warehouse Cloud. With a unified experience for data integration, data cataloging, semantic modeling, data warehousing, data federation, and data virtualization, SAP Datasphere enables data professionals to easily distribute mission-critical business data — with business context and logic preserved — across their organization's data landscape. SAP Datasphere is built on SAP Business Technology Platform (BTP), which includes strong enterprise security capabilities such as database security, encryption, and governance. Databricks customers can integrate their Data Lakehouse with SAP so data can be shared with semantics preserved, helping customers simplify their data landscape.

Feb 27 (Reuters) - Robinhood Markets Inc (HOOD.O) said in a filing on Monday it had received an investigative subpoena in December from the U.S. Securities and Exchange Commission related to listings of cryptocurrencies. The collapse of Sam Bankman-Fried's FTX was the biggest in a string of major crypto-related failures in 2022, which sparked a cryptocurrency rout and left creditors facing losses of billions of dollars. The SEC has maintained that pre-existing securities laws also apply to digital assets and that many crypto tokens meet the definition of a security, which the crypto industry has previously criticized. Robinhood said the subpoena it received from the SEC was regarding the supported currencies at Robinhood Crypto LLC, which is a wholly-owned subsidiary of the brokerage, as well as its custody of cryptocurrencies and other platform operations. Reporting by Anirban Chakroborti in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ The new Bing is acting all weird and creepy — but the human response is way scarier
▼ + stars: | 2023-02-23 | by ( Adam Rogers | ) www.businessinsider.com time to read: +12 min

It's a profit-making move designed to leverage our very human tendency to see human traits in nonhuman things. Look, I don't think we don't need to treat chatbots with respect because they ask us to. Making chatbots seem as if they're human isn't just incidental. So the real issue involving the current incarnation of chatbots isn't whether we treat them as people — it's how we decide to treat them as property. The robots don't care."

☆ BlockFi Seeks to Strip Sam Bankman-Fried’s Investment Vehicle of Bankruptcy Protections
▼ + stars: | 2023-02-17 | by ( Andrew Scurria | ) www.wsj.com time to read: 1 min

Crypto lender BlockFi Inc. has asked for a court ruling stripping Sam Bankman-Fried‘s offshore investment vehicle of the protections of chapter 11, citing the recent seizure of its assets by federal prosecutors. BlockFi, itself bankrupt since November, sought Thursday to dismiss the bankruptcy case of Emergent Fidelity Technologies Ltd., the offshore investment vehicle that Mr. Bankman-Fried used to purchase a 7.6% stake in Robinhood Markets Inc. The chapter 11 case serves little purpose and was only filed to undermine BlockFi’s...

Feb 15 (Reuters) - Emergent BioSolutions Inc's (EBS.N) over-the-counter version of opioid overdose reversing drug received unanimous support from U.S. Food and Drug Administration's panel of advisers, sending shares of the contract drugmaker up nearly 16% after market. The vote puts the naloxone-based treatment Narcan on track to potentially become the first opioid overdose drug to be sold OTC nationwide. Naloxone rapidly reverses or blocks the effects of an overdose, restoring normal respiration. However, most panelists emphasized that OTC use of the nasal spray was safe and proposed ways to improve its labeling, to avoid using the drug wrong. Signage is seen outside of the Food and Drug Administration (FDA) headquarters in White Oak, Maryland, U.S., August 29, 2020.

☆ Bavarian Nordic to buy travel vaccine portfolio for up to $380 mln
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Danish pharmaceuticals company Bavarian Nordic (BAVA.CO) has agreed to buy a portfolio of travel vaccines from Emergent BioSolutions Inc (EBS.N) for up to $380 million, it said on Wednesday after delivering an upbeat outlook for 2023. The company said it would acquire a typhoid fever vaccine, one against cholera and a Chikungunya virus treatment that is in Phase III trials. Bavarian Nordics makes the only approved mpox vaccine and started receiving massive orders last year as the virus became a global issue. The company expects 2023 revenue of about 6 billion Danish crowns ($863 million) against the 3.15 billion crowns in preliminary 2022 results, with 4.4 billion crowns coming from mpox and smallpox vaccined contracts alone. Earnings before interest, tax, depreciation and amortisation (EBITDA) are expected to reach 2.2 billion crowns this year, up from 329 million crowns in the preliminary results for 2022.

☆ FDA advisors recommend over-the-counter use of life-saving opioid overdose treatment Narcan
▼ + stars: | 2023-02-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: +7 min

Narcan nasal spray quickly reverses an overdose from heroin and prescription painkillers. The Food and Drug Administration's independent advisors on Wednesday unanimously recommended over-the-counter use of the nasal spray Narcan to reverse opioid overdoses, which would significantly expand access to the life-saving treatment. Emergent BioSolutions ' Narcan is the most commonly sold treatment for opioid overdoses. Emergent BioSolutions said Narcan would be available for the over-the-counter market by late summer if the FDA approves it next month. Opioid overdose deaths spiked 17% during the pandemic from about 69,000 in 2020 to nearly 81,000 in 2021.

☆ Robinhood Needs More Arrows to Fire
▼ + stars: | 2023-02-09 | by ( Telis Demos | ) www.wsj.com time to read: 1 min

Robinhood Markets is emulating its users and buying some stock: Its own. Now it needs customers to get back in the game, too. Robinhood said it aims to buy back all or most of the stake in itself that was bought by Emergent Fidelity Technologies, a vehicle used by Sam Bankman-Fried to acquire the shares last year.

The board of directors of Robinhood has approved a plan to buy up to 55 million shares bought by Sam Bankman-Fried last year. The ex-CEO of the now bankrupt crypto exchange FTX originally purchased his stake in May 2022 through Emergent Fidelity Technologies. "Our board authorized us to buy the shares of Robinhood that were originally acquired by Emergent Fidelity Technologies, that FTX subsidiary," Robinhood CFO Jason Warnick told CNBC. According to a Jan. 20 DOJ filing, Bankman-Fried held 55,273,469 Robinhood shares, over 7% of the company's outstanding shares. The shares are also at the heart of a contentious court battle between FTX, Bankman-Fried, crypto lender BlockFi, and a set of international entities.

☆ Robinhood revenues rises on higher rates, plans share buyback from Emergent
▼ + stars: | 2023-02-08 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Robinhood also authorized the purchase of its shares from Sam Bankman-Fried's Emergent Fidelity Technologies, even as the ownership of the stock remains in flux amid multiple legal hurdles. Combined with worries of an economic slowdown, the brokerage's transaction-based revenue in the quarter declined 30%. Net loss in the quarter narrowed to 19 cents per share, compared with 49 cents per share last year. The Menlo Park, California-based company reported revenue of $380 million in the three months ended Dec. 31, compared with $363 million a year earlier. Reporting by Manya Saini in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Supernormal, a generative AI startup that automates meeting notes, just raised $10 million. Check out the 17-slide pitch deck it used to bag the seed round.
▼ + stars: | 2023-01-26 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +2 min

Supernormal, a startup in the red-hot generative AI sector, just raised $10 million. The startup uses AI to take notes from meetings in real time and sends them instantly afterward. We got an exclusive look at the 17-slide pitch deck Supernormal used to raise the cash. Supernormal, a startup in the red-hot generative AI sector, has raised $10 million in a seed round led by Revolut and Citymapper investor Balderton. The company, which uses AI to automate meeting notes, was founded in 2020 by former Meta and Klarna product manager Colin Treseler and ex-Github design lead Fabian Perez.

Power giant Orsted aims to build a huge offshore windfarm to help the country meet renewable goals. Last year the North Sea Transition Authority (NSTA), which regulates offshore energy activity, concluded that large crossovers between such ventures were unfeasible with current technology. This largely unreported clash risks undermining Britain's drive to meet its climate goals, according to the companies involved and a North Sea green transition expert. The BP-Orsted showdown could also presage similar disputes elsewhere in an increasingly crowded North Sea, the experts told Reuters. There is hope on the horizon for wind and CCS projects that share ground, say regulators and industry experts.

☆ Leaked documents show Amazon paused activities like social marketing and recruiting 'out of respect' for laid off employees
▼ + stars: | 2023-01-18 | by ( Eugene Kim | Ashley Stewart | ) www.businessinsider.com time to read: +3 min

Amazon has suspended a number of work activities or services on Wednesday amid layoffs. Amazon suspended several work activities and services on Wednesday to be more mindful of the employees let go as part of the company's largest layoff in history. Additionally, Amazon suspended some AWS content streams on Twitch, another person said. Amazon will also pause some recruiting activities on Wednesday and Thursday, according to a person familiar with the matter. Still, many Amazon employees were upset about the ambiguity and lack of communication in the overall layoff process.

☆ Sam Bankman-Fried's Robinhood shares have been seized by the Justice Department in FTX case
▼ + stars: | 2023-01-09 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

The Department of Justice has seized $450 million worth of Robinhood shares held by Sam Bankman-Fried and Gary Wang. The roughly 55 million shares are owned by the two via a holding company, and have been the focus of an ownership dispute. In a recent court filing, the Justice Department said the Robinhood shares "constitute property involved in violations" such as money laundering and wire fraud. BlockFi, which is also in the middle of its own bankruptcy case, is arguing that the Robinhood stock should be in their possession. BlockFi sued Bankman-Fried for the Robinhood shares in November, saying a $1 billion pledge by Alameda Research to secure loan obligations included the stake.

☆ Sam Bankman-Fried says he needs some of his $450 million in Robinhood shares to fund his legal defense as he fights for control of the stake
▼ + stars: | 2023-01-06 | by ( Brian Evans | ) www.businessinsider.com time to read: +2 min

Sam Bankman-Fried is fighting for ownership of $450 million in Robinhood stock. Meanwhile FTX and BlockFi are laying claim to the shares. The stock is owned in principle by Bankman-Fried and FTX co-founder Gary Wang, and was purchased through Emergent Fidelity Technologies. Bankman-Fried and Wang used borrowed funds from Alameda Research to make the purchase which has been previously documented. Meanwhile, BlockFi's stated ownership of the shares of Robinhood stem from claims that the terms of a loan from BlockFi to FTX used the shares as collateral to guarantee repayment.

The Justice Department said Wednesday that has moved to seize millions of shares of Robinhood, the popular stock-trading app, whose ownership is disputed by several parties, including Bankman-Fried himself, his bankrupt crypto exchange FTX and another bankrupt crypto company. Four separate entities have laid claim to the approximately 56 million shares, worth about $460 million. That company, Emergent Fidelity Technologies, borrowed more than $546 million from crypto hedge fund Alameda Research, according to an affidavit Bankman-Fried filed in December. Also claiming the Robinhood shares are bankrupt crypto lender BlockFi and an individual FTX creditor. As of December 31, roughly $150 million of Silvergate’s deposits were from customers that have filed for bankruptcy.

☆ Sam Bankman-Fried's $470 million Robinhood stake is set to be seized by US authorities, attorney says
▼ + stars: | 2023-01-05 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried's Robinhood shares are set to be seized by US authorities, an attorney said Wednesday. Bankman-Fried, FTX's new bosses, bankrupt crypto lender BlockFi and FTX creditor Yonatan Ben Shimon have all laid claim to the Robinhood stake, per a December 22 court filing. Bankman-Fried disclosed a 7.6% stake in Robinhood in May, acquiring 56.3 million shares in the trading platform for $648 million through an Antigua-based holding company called Emergent Fidelity Technologies. Robinhood shares traded at $8.36 as of Wednesday's closing bell – meaning that Emergent's position is now worth just over $470 million. Read more: Sam Bankman-Fried is facing off against FTX's new bosses in a 4-way battle for $450 million of Robinhood shares

[1/3] 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 KellyJan 4 (Reuters) - U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc (HOOD.O) tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. He said the Robinhood shares were subject to litigation and it was an "open question" about who owns them. The Robinhood stock, worth about $465 million at Wednesday's late afternoon price of $8.30 per share, is also being claimed by BlockFi Inc, another bankrupt crypto firm. BlockFi is suing Emergent in a bid to seize the Robinhood stock, which was pledged by Alameda as collateral to guarantee repayment of a loan made by BlockFi.

[1/3] 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. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465 million, were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy. Bankrupt crypto firm BlockFi, FTX and liquidators in Antigua have all laid claim to the Robinhood stock, along with Bankman-Fried. He said the Robinhood shares were subject to litigation and it was an "open question" about who owns them. BlockFi is suing Emergent in a bid to seize the Robinhood stock, which was pledged by Alameda as collateral to guarantee repayment of a loan made by BlockFi.

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