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☆ China’s world banks are geopolitical victims
▼ + stars: | 2023-06-15 | by ( Una Galani | ) www.reuters.com time to read: +4 min

MUMBAI, June 15 (Reuters Breakingviews) - China’s “World Bank” tried in vain to carefully thread the geopolitical needle. Fairly or not, critics have lambasted China’s lending practices along the BRI as “debt trap diplomacy”. Whereas the smaller AIIB did things more the way developed countries wanted, even taking positions at odds with Beijing’s. Pickard alleged on Twitter that AIIB was an instrument of China, dominated by Communist party members who “operate like a secret police”. The AIIB said the comments by Pickard, who had served in his role since March 2022, were “baseless and disappointing”.

Persons: Bank ”, Bob Pickard, Jin Liqun, Pickard, AIIB, Chrystia Freeland, Pete Sweeney, Thomas Shum Organizations: Reuters, Bank, Infrastructure Investment Bank, Twitter, Communist Party, World Bank, Initiative, Beijing, International Monetary Fund, New Development Bank, Canadian, Communist, Department of Finance, Finance, Thomson Locations: MUMBAI, Canada, Beijing, India, France, Asia, Africa, Latin America, Argentina, Pakistan, Russia, Ukraine, China, Ottawa, Shanghai, Saudi Arabia

☆ Judge allows E. Jean Carroll to amend her defamation lawsuit to seek more damages against Trump
▼ + stars: | 2023-06-13 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

CNN —A federal judge will allow E. Jean Carroll to amend her original defamation lawsuit against former President Donald Trump to include comments he made at a CNN town hall. Carroll, a former magazine columnist, asked the judge for permission to amend the initial November 2019 lawsuit so she could try to seek additional punitive damages after Trump repeated statements a federal jury found to be defamatory. Last month, a jury found in favor of Carroll in her second civil lawsuit, which went to trial. The Justice Department under Trump and Biden said that he was, which tied the original lawsuit up on appeal. Following the May jury finding in Carroll’s favor, the Justice Department has asked for more time, suggesting it was reconsidering its position.

Persons: Jean Carroll, Donald Trump, Carroll, Trump, Jean Carroll’s, ”, Roberta Kaplan, “, Goodman, Biden Organizations: CNN, Justice Department, CNN Republican, The, Department, Trump, Justice Locations: Miami

Brands fearful of right-wing backlash are discussing scaling back their Pride Month activities. Right-wing media personalities have declared a "war on woke," with The Daily Wire's Matt Walsh recently rallying his Twitter followers to "make 'pride' toxic for brands." This month, the LGBTQ+ dating app Taimi initiated an ad campaign that included billboards in states including Florida, Oklahoma, Texas, and others. Those billboards were largely on privately-owned farmland and most of the landowners rejected Taimi's ad campaign, many requesting "no nudity" in the images. The North Face, which debuted its "Summer of Pride" ad campaign starring drag queen Pattie Gonia late last month, is holding firm.

Persons: Bud Light, Matt Walsh, Ross Martin, Martin, Bud Light's, influencer Dylan Mulvaney, Hannah Lewman, Pattie Gonia, rightwing firebrands, Amy Luca, Media.Monks, Brian Stout, It's, We've, Dean Crutchfield, Crutchfield, Mark Borkowski, I've, Mekanism's, There's, Benjamin Cohen Organizations: Target, Daily, Brands, Partners, Gay and Lesbian Alliance, Defamation, Pink Locations: Florida , Oklahoma , Texas, Taimi's

☆ The AI software market will boom to $787 billion by 2026. Here are the top 20 stocks that will lead, according to Bank of America.
▼ + stars: | 2023-05-31 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

Bank of America reviewed 30 stocks to determine which ones will benefit from AI software demand. But Bank of America expects the global AI market to reach $900 billion by 2026, up from just under $600 billion this year. A large chunk of that growth will come from the AI software sector at $787 billion. A May 30 note from Bank of America listed the top-three factors that lend themselves to success within the sector. The results were compiled into a ranking system from Tier 1 to Tier 3, with the former being best-positioned for the AI opportunity.

Persons: Brad Sills, Sills Organizations: of America, Bank of America

☆ Virginia Gov. Glenn Youngkin's potential late entry into the 2024 field seems destined to fail from the start
▼ + stars: | 2023-05-31 | by ( John L. Dorman | Brent D. Griffiths | ) www.businessinsider.com time to read: +9 min

Glenn Youngkin of Virginia is reconsidering a 2024 presidential run, per a recent Axios report. But such a decision would be rife with peril, with Youngkin far down the pack of GOP contenders. Former President Donald Trump speaks to supporters at his rally in Waco, Texas, on March 25, 2023. As of May 31, the GOP polling average on FiveThirtyEight had Trump ahead of DeSantis 54.1%-20.7%, with former Gov. Virginia House Speaker Todd Gilbert, left, gavels to order the special session of the Virginia General Assembly in Richmond, Va., on September 7, 2022.

Persons: Glenn Youngkin, Youngkin, —, Donald Trump, Terry McAuliffe, Joe Biden, Trump, Ron DeSantis, DeSantis, Axios, Evan Vucci Trump, juggernaut Trump, Stormy Daniels, FiveThirtyEight, Nikki Haley, Sen, Tim Scott of, Mike Pence, Marta Lavandier, McAuliffe, Ralph Northam, Todd Gilbert, gavels, Steve Helber, Miles Coleman, Ball, Roe, Wade, Coleman, Aaron Rouse, Jennifer McClellan Organizations: Service, Democratic Gov, GOP, Republican, Walt Disney Company, AP, Manhattan District Attorney's, Gov, South Carolina —, Disney, American Studies, Democratic, Virginia, Virginia General Assembly, Commonwealth, Delegates, Virginia Senate, Republicans, University of Virginia Center for Politics Locations: Virginia, Florida, Waco , Texas, DeSantis, South Carolina, Tim Scott of South Carolina, Iowa , New Hampshire, Texas, Miami, Fla, Richmond , Va, Richmond, Virginia Beach

☆ Opinion | Trump Must Be Pleased With the Way the Republican Race Is Shaping Up
▼ + stars: | 2023-05-27 | by ( Jamelle Bouie | ) www.nytimes.com time to read: +1 min

This week, two candidates officially joined the Republican presidential field: Senator Tim Scott of South Carolina and Gov. All told, the Republican presidential field might end up almost as large and divided as the one in 2016. Which is to say that the 2024 Republican primary is, at this stage, shaping up to be a retread of the one that catapulted Trump to the commanding heights of the American political system. Once again, it is clear that many Republican elites would prefer to have someone other than Trump at the top of the ticket. As of Friday, he is far behind Trump in nearly every major poll of the national Republican primary electorate.

For now, tech companies seem to view both trust and safety and AI ethics as cost centers. That included all but one member of the company's 17-person AI ethics team, according to Rumman Chowdhury, who served as director of Twitter's machine learning ethics, transparency and accountability team. Chowdhury referenced an initiative in July 2021, when Twitter's AI ethics team led what was billed as the industry's first-ever algorithmic bias bounty competition. Still, sources familiar with the matter said that following the layoffs, the company has fewer people working on misinformation issues. watch nowFor those who've gained expertise in AI ethics, trust and safety and related content moderation, the employment picture looks grim.

☆ Vinícius Jr.: Spanish soccer's inaction over racist abuse of Real Madrid star could prove costly for LaLiga
▼ + stars: | 2023-05-25 | by ( Matias Grez | ) edition.cnn.com time to read: +9 min

Except, this week, nobody is talking about the ‘beautiful game’ after the shameful racist abuse of Real Madrid star Vinícius Jr. sent LaLiga into crisis management mode. Instead, it must pass investigations into incidents of racist abuse onto local prosecutors, who deal with them as legal cases. 10 when nine previous incidents of racist abuse seemingly were not enough to spark meaningful action? Vinícius Jr. points to a fan in the stand who allegedly racially abused him during Real Madrid's match at Valencia. Fort says CEOs called Sepp Blatter to ask him to step down as FIFA president.

☆ A new class of executives on Wall Street is gaining a ton of power
▼ + stars: | 2023-05-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

I still need questions for a future mailbag. As Wall Street grapples with how to deploy AI, the executives overseeing the tech are rising in prominence. Bianca mapped out the 12 executives leading AI strategy at Bank of America, Citigroup, Goldman Sachs, JPMorgan, Morgan Stanley, and Wells Fargo. Meet the 12 executives leading the AI strategy at the biggest US banks. The bank run on Silicon Valley Bank, which was helped along by social media, has bank executives reconsidering their online presence, Reuters reports.

☆ Bob Iger to Ron DeSantis: Does Florida want our jobs and taxes or not?
▼ + stars: | 2023-05-11 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

New York CNN —Disney CEO Bob Iger said Florida Governor Ron DeSantis’ attacks on the company threaten its plans for $17 billion of investment and 13,000 new jobs at Disney World over the next 10 years. In comments Wednesday during a call with investors, Iger defended Disney as Florida attempts to wrest control of powers granted to a special taxing district overseeing Disney World’s zoning decisions. Iger did not mention DeSantis by name or explicitly say Disney is reconsidering its planned investment. Disney has for decades controlled a special taxing district that had the right to make zoning decisions in and around Disney World. A general view of Cinderella's Castle at Walt Disney World.

☆ 10 Things in Tech: Amazon is offering money to pick up your order, ChatGPT writes a “Succession” scene, and tips from an OnlyFans creator
▼ + stars: | 2023-05-10 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

Amazon Astro Amazon1. Internal documents revealed that Amazon plans to make Astro "more intelligent, more useful, and conversational." The project is internally called "Burnham" and is the latest example of Amazon's push to bring AI to its services and products. Internal documents signal that Amazon is pretty confident that this is a major upgrade to the home robot. Amazon is offering $10 for you to pick up your own order.

☆ Shopify insiders and analysts are bracing for a strategy shift in the company's logistics business
▼ + stars: | 2023-05-03 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com time to read: +6 min

Insiders and analysts expect a major shakeup to Shopify's logistics strategy. "The fulfillment investment is sort of the biggest anchor that's keeping the business from being more profitable." That may be a welcome change for investors, who have been voicing increasing concern with the level of investment Shopify had planned. And Shopify Logistics CEO Aaron Brown told Insider in February that 6 River Systems' warehouse automation would be "the machine in the background making everything work." Weiss then asked if Shopify Logistics is intended to turn a profit.

☆ Is It Time to Give Up on My White Sneakers?
▼ + stars: | 2023-05-01 | by ( Vanessa Friedman | ) www.nytimes.com time to read: +1 min

As I enter the job market, I am reconsidering the staple of the white sneaker. If I wear sneakers, will people take me seriously? Or that the filmmaker Chloé Zhao wore Hermès white sneakers with her gown when she won an Oscar back in 2021. Once you start thinking about white sneakers, you start seeing them everywhere. British Esquire called the white sneaker “the blank canvas upon which any modern look can be built.” Harper’s Bazaar crowed, “The best white sneakers can do it all.”The fact is, more than 100 years after Keds introduced its white sneaker, almost 90 years since Chuck Taylor popularized the style with Converse and more than half a century since Stan Smith changed the game — and amid all the color-crazed mayhem of endlessly mutating sneaker culture — white sneakers remain the Platonic ideal of a shoe: eternal, versatile, comfortable.

Lilly has not previously discussed its Medicare coverage optimism publicly. The U.S. Centers for Medicare & Medicaid Services (CMS) did not immediately respond to a request for comment. Such "coverage with evidence development" requirements are rare and historically used by Medicare to evaluate medical devices. Amyvid, Lilly's Alzheimer's imaging agent that can detect amyloid plaques on PET scans, has been subject to CMS' evidence development program for a decade. "It shuts out many patients," said Dr. Maria Carrillo, chief science officer of the Alzheimer’s Association, "especially minorities and rural patients."

☆ Banking crisis forces ECB policymakers to rethink rate hikes, but focus still firmly on inflation
▼ + stars: | 2023-04-14 | by ( Elliot Smith | ) www.cnbc.com time to read: +6 min

A sign for the European Central Bank (ECB) outside the bank's headquarters in Frankfurt, Germany, on Thursday, Feb. 2, 2023. Alex Kraus | Bloomberg | Getty ImagesEuropean Central Bank policymakers are reconsidering the path of interest rate hikes in light of last month's banking turmoil, but remain committed to reining in core inflation. However core inflation — which excludes volatile energy, food, alcohol and tobacco prices — rose to an all-time high of 5.7%. But he said policymakers will be examining the data for signs that core inflation is coming down and the bank's medium-term inflation target of 2% is within sight. So yes we are worried about the core inflation not yet peaking," Scicluna said.

☆ ChatGPT can resume in Italy if meets data watchdog's demands
▼ + stars: | 2023-04-12 | by ( Elvira Pollina | ) www.reuters.com time to read: +3 min

Almost two weeks ago Microsoft Corp-backed (MSFT.O) OpenAI took ChatGPT offline in Italy after the authority, known as Garante, temporarily restricted its personal data processing and began a probe into a suspected breach of privacy rules. The authority said OpenAI is required to inform users in Italy of "the methods and logic" behind the processing of data necessary for ChatGPT to operate. OpenAI should also allow non-users to oppose "in a simple and accessible manner" the processing of their personal data to run its algorithms, Garante said. Spain's data protection agency has asked the European Union's privacy watchdog to evaluate privacy concerns surrounding ChatGPT. In February, the Italian regulator banned AI chatbot company Replika from using the personal data of users in Italy, citing risks to minors and emotionally fragile people.

TOKYO, April 7 (Reuters) - The Bank of Japan (BOJ) should be cautious about changing its unconventional monetary policy for now, given financial market uncertainty due to problems in Western banks, former top financial diplomat Takehiko Nakao told Reuters in an interview. Nakao made the comments amid speculation the BOJ may abandon its yield curve control policy when new Governor Kazuo Ueda takes over incumbent Haruhiko Kuroda, whose term ends on April 8. U.S. bank failures and the buyout of Credit Suisse by UBS last month have driven financial market risk aversion. Nakao said the BOJ must carefully monitor market developments, for now, although credit anxiety was unlikely to morph into anything like the 2008/09 global financial crisis. "Yet, the BOJ cannot continue unconventional monetary policy, including ETF and REIT purchases and YCC, indefinitely.

☆ 1 in 3 people would quit for a 4-day workweek job, according to a new report
▼ + stars: | 2023-04-07 | by ( Jennifer Liu | ) www.cnbc.com time to read: +3 min

The four-day workweek is gaining momentum, and people say they're willing to quit to have it. A majority, 61%, of workers say they'd rather have a four-day workweek than the traditional five, and 33% say they'd quit their job to for one with a shortened week, according to a Monster survey of 868 workers conducted in March. Half of those surveyed say they'd be more productive with a shortened workweek, and 10% would even take a pay cut for the benefit. More companies may experiment with a shortened workweek, especially if they can't award raises or promotions in a challenging economic environment. The share of companies offering a 4-day workweek benefit reached the 10% threshold for the first time last year, according to a recent Payscale report.

☆ Australia's biggest pension funds cut China exposure, buy fossil fuels
▼ + stars: | 2023-03-30 | by ( Lewis Jackson | ) www.reuters.com time to read: +3 min

SYDNEY, March 30 (Reuters) - Two of Australia's largest pension funds pulled money out of Chinese stocks and boosted positions in the country's fossil fuel sector in the final six months of 2022, according to filings published on Thursday. Both funds collectively increased their shareholdings in Woodside Energy Group (WDS.AX), Australia's largest independent natural gas producer, by roughly 14 million shares. The disclosures come just days after activist investors accused the big Australian pension funds of failing to push fossil fuel producers like Woodside hard enough to decarbonise. The figures reveal pension funds pulling back from China during the back half of 2022, a time when investors across the developed world were reconsidering exposure to a country still subject to strict COVID lockdowns. Aware Super said in a statement it had a "relatively small exposure" to China mostly via external managers.

☆ Democrats, Republicans, and companies all seem to agree: college degrees aren't the future
▼ + stars: | 2023-03-22 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +6 min

A bachelor's degree has become a common requirement for landing US jobs, even those that didn't previously require one. Josh Shapiro signed an executive order opening up 92%, or roughly 65,000, of state jobs to those without college degrees. They urged more states to follow to move the economy away from a preference for college degrees, restoring a sense of fairness many Americans feel is lost. Oregon also issued a temporary order in 2022 allowing those without bachelor's degrees to work as substitute teachers. A college degree may increase your earning potential, but it may not hold the keys to the middle class for much longer.

The Alzheimer's Association and the pharmaceutical industry say the drug companies are not directly involved in the campaign. But the Alzheimer's Association says patients simply don't have the time to spare. The agency did not address the Alzheimer's Association campaign. Association members have met 30 times with staffers for the state's 20 members of Congress, Ryan Schiff, the chapter's public policy manager, said. Spokespeople for all three companies said they do not work with the Association on its campaign to expand Medicare coverage of the drugs.

☆ Fed to consider tougher rules for midsize banks after SVB collapse-source
▼ + stars: | 2023-03-15 | by ( Pete Schroeder | ) www.reuters.com time to read: +2 min

March 14 (Reuters) - The Federal Reserve is considering tougher rules and oversight for midsize banks similar in size to Silicon Valley Bank (SIVB.O), which collapsed suddenly last week, according to a source familiar with the matter. Now, a review of the $209 billion bank's failure being conducted by Fed Vice Chair for Supervision Michael Barr could lead to strengthened rules on banks in the $100 billion to $250 billion range, the source told Reuters. That review of Fed supervision and regulation of the bank will be released by May 1, and augments a review of bank capital rules by Barr already underway. All those requirements could be reworked by the Fed in the aftermath of the collapse, which has also spurred fresh calls from proponents of tougher rules for regulators to rebuild those restrictions. On Tuesday, 50 Democratic lawmakers, including Senator Elizabeth Warren, introduced a bill to repeal the law that eased rules for banks in 2018.

☆ Fed to consider tougher rules for midsize banks after SVB, Signature failures -WSJ
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +1 min

March 14 (Reuters) - U.S. Federal Reserve is reconsidering its regulations regarding midsize banks which could potentially mean expansion of existing restrictions that currently only affect larger Wall Street firms, the Wall Street Journal reported on Tuesday. Regulators were forced to announce relief measures on Sunday, reassuring customers that all the deposits from both the banks would be covered. The Fed also announced a new facility to give banks access to emergency funds, in a bid to calm broader fears in the market. According to the newspaper, the revised rules could target firms with between $100 billion to $250 billion in assets. The Federal Reserve did not immediately respond to Reuters request for comment.

The polls also show the opposition bloc, called the Nation Alliance, leading the parliamentary race, at least six points ahead of Erdogan's AK Party (AKP) and its allies. The pro-Kurdish Peoples' Democratic Party (HDP) remains comfortably above 10%. A poll conducted on March 6-7 by Alf Research showed Kilicdaroglu at 55.1% and Erdogan on 44.9%. Piar Research showed Kilicdaroglu winning with 57.1%, with Erdogan lagging on 42.9%. ORC Research showed Kilicdaroglu ahead with 56.8% and Erdogan on 43.2%, according to a poll conducted on March 4-6, before Kilicdaroglu was officially announced as the opposition candidate.

Mithat Sancar, co-leader of the left-wing Peoples' Democratic Party (HDP), parliament's third biggest, made the appeal late on Monday after the six-party opposition bloc announced that Kemal Kilicdaroglu would be its candidate. "The open support of the HDP would draw (negative) reactions, notably from the IYI Party and its grassroots," he said of the nationalist party, second-biggest in the alliance. "HDP support is extremely critical," he said, but added it could undermine backing elsewhere. In campaigning, Erdogan will likely play up alleged links and the HDP's opposition role, analysts say. The second official, who was not authorised to speak on the record, said some Kurdish voters would not back the opposition alliance due to IYI's involvement.

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