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Elon Musk's multiple ventures and the relationships between them are facing increased scrutiny as the Tesla CEO continues to add more to his plate. Can you talk about how xAI might overlap, might perhaps compete with Tesla or in other ways perhaps it enhances the value of what Tesla does?" Musk previously enlisted Tesla, SpaceX and The Boring Co. employees to assist him with his Twitter takeover, as CNBC reported. At least one senior Tesla employee has jumped ship to Musk's X Corp., the parent company of Twitter. Among these, Tesla revealed that "Twitter is party to certain commercial and support agreements with Tesla.
Persons: Elon, William Stein, Musk, Google Bard, OpenAI's ChatGPT, Stein, Tesla, Charles Kuehmann, Sen, Elizabeth Warren, He's, funder, Batura Organizations: Google, Tesla, Apple, SpaceX, Securities and Exchange Commission, Twitter, Co, CNBC, X Corp Locations: Nevada
CNN —The Securities and Exchange Commission announced Thursday that it settled with the blank-check company seeking to merge with former President Donald Trump’s media company. Nearly two years ago, TMTG announced that it would merge with Digital World, which is a special purpose acquisition company, or SPAC. A SPAC, also known as a blank-check company, is a shell company that debuts on the public market with the stated intent to acquire an existing private company. The SEC said it also found that Digital World failed to disclose that its CEO had a potential conflict of interest with TMTG based on a previous agreement he signed with the company. Last month, federal prosecutors arrested three investors on insider trading charges related to Digital World’s deal with Trump’s media company.
Persons: Donald Trump’s, TMTG, DWAC, , , Gurbir, Grewal Organizations: CNN, Securities, Exchange Commission, SEC, Acquisition, Trump Media & Technology Locations: SEC’s
Estee Lauder hit by hack, some business operations affected
  + stars: | 2023-07-18 | by ( ) edition.cnn.com   time to read: +1 min
Cosmetics maker Estee Lauder on Tuesday said a hacker had obtained some data from its systems, with the cyber incident causing, and expected to further cause, disruption to parts of the company’s business operations. The firm said it was working to understand the nature and scope of the data that was stolen. The MAC Cosmetics owner said it was working to restore the affected systems and had implemented measures to secure its operations. Estee Lauder did not immediately respond to a Reuters request for further comment. The cosmetics maker in May forecast weaker sales and profit for the year than previously estimated, blaming slow recovery at duty-free and travel destinations, especially in Asia
Persons: Estee Lauder Organizations: MAC Locations: New York, Asia
Linda Yaccarino commented on a video of Ed Sheeran's concert that featured Eminem on Twitter. The Twitter CEO has previously posted pictures with celebrities like Miley Cyrus and Rami Malek. She's recently been busy as Twitter's competition with rival platform Threads has been heating up. The competition between Twitter and Threads is becoming more intense but Twitter CEO Linda Yaccarino still had a moment to rave about an Ed Sheeran concert that took place on Saturday. Meta CEO Mark Zuckerberg recently launched his text-based social media platform, Threads, which has been dubbed a Twitter copycat by Musk.
Persons: Linda Yaccarino, Ed Sheeran's, Eminem, Miley Cyrus, Rami Malek, She's, Ed Sheeran, Sheeran, Yaccarino, Elon Musk, Mark Zuckerberg Organizations: Twitter, Morning, Zuckerberg Locations: Detroit
"There is no country, none, that presents a broader, more comprehensive threat to our ideas our innovation our economic security than the Chinese government and the Chinese Communist Party," Wray testified. Wray said that Americans "would be shocked to hear" that virtually all companies doing business in China are required to allow those cells. Wray did not name specific companies who have been required to house CCP cells in China. It's not the first time Wray has raised concerns about Beijing's alleged efforts to enforce communist political views within foreign companies operating in China. "And it doesn't just apply to Chinese companies; it applies to foreign companies if they get to a certain size in China, as well," Wray told CNBC.
Persons: Christopher Wray, SAUL LOEB, Wray, China's, Antony Blinken, Janet Yellen, Lance Gooden, I've, Gooden, It's, Biden, — CNBC's Christina Wilkie Organizations: Federal Bureau of Investigation, AFP, Getty Images, Chinese, Party, Committee, Chinese Communist Party, CCP, FBI, U.S . Chamber of Commerce, Business, Apple, Nike, Street, Fidelity, Financial Times, HSBC, CNBC, Republican Locations: Washington ,, China, Beijing, Washington, Texas, British, BlackRock
Japan’s largest port hit with ransomware attack
  + stars: | 2023-07-06 | by ( Sean Lyngaas | ) edition.cnn.com   time to read: +2 min
New York CNN —Japan’s busiest shipping port said Thursday it would resume operations after a ransomware attack prevented the port from receiving shipping containers for two days. The expected restoration of the Port of Nagoya, a hub for car exports and an engine of the Japanese economy, will ease concerns about any wider economic fallout from the ransomware attack. The hack forced the port to stop handling shipping containers that came to the terminal by trailer, the association said. As of midday Thursday in Japan, there was no claim of responsibility for the Port of Nagoya ransomware attack from the LockBit group on their dark-web site. Though this may be a first for Japan, ransomware and related hacks have hit ports in other countries.
Persons: Ransomware, Mihoko Matsubara, TSMC, Port, Matsubara Organizations: New, New York CNN, Nagoya Harbor Transportation Association, NTT Corporation, CNN, Port, Japan Locations: New York, Port, Nagoya, Japan, Ukraine
Moderna on Wednesday said it struck a deal with Chinese officials to research, develop and manufacture messenger RNA medicines in the country, despite rising tensions between the U.S. and China. The Massachusetts-based biotech company signed a memorandum of understanding and a related land collaboration deal to develop drugs that will "be exclusively for the Chinese people" and won't "be exported," a Moderna spokesperson told CNBC. The Moderna spokesperson did not confirm the report or comment on the size of the deal. Moderna in May said it was keen to sell its mRNA Covid vaccine to China after registering a legal entity in the world's second-largest economy. The country has also struggled to develop mRNA technology at home during the pandemic.
Persons: Stéphane Bancel, It's, drugmakers, Biden Organizations: Moderna, U.S, CNBC, The Moderna, Pfizer, China's Ministry of Commerce, AstraZeneca, Novo Nordisk, Merck, Sanofi, GE HealthCare Technologies Locations: China, The Massachusetts, Shanghai, Japan, Canada, Australia, Kenya, Beijing, New York
Chipmaker TSMC says supplier targeted in cyberattack
  + stars: | 2023-06-30 | by ( ) www.reuters.com   time to read: +1 min
June 30 (Reuters) - Taiwan Semiconductor Manufacturing Co (2330.TW) said on Friday that a cybersecurity incident involving one of its IT hardware suppliers has led to the leak of the vendor's company data. "TSMC has recently been aware that one of our IT hardware suppliers experienced a cybersecurity incident which led to the leak of information pertinent to server initial setup and configuration," the company said. TMSC confirmed in a statement to Reuters that its business operations or customer information were not affected following the cybersecurity incident at its supplier Kinmax. The TSMC vendor breach is part of a larger trend of significant security incidents affecting various companies and government entities. TSMC said it has cut off data exchange with the affected supplier following the incident.
Persons: TSMC, TMSC, Akriti Sharma, James Pearson, Shailesh Organizations: Taiwan Semiconductor Manufacturing, Thomson Locations: U.S
Confirmation of the breach came after Russian-speaking cybercriminals claimed TSMC as a victim on Thursday and demanded an extraordinary $70 million ransom from the semiconductor firm. There were no signs that TSMC or the hardware supplier, Taiwanese firm Kinmax, had any plans to pay the hackers (representatives from both companies didn’t respond to CNN’s questions about any ransom). “After the incident, TSMC has immediately terminated its data exchange with this concerned supplier in accordance with the Company’s security protocols and standard operating procedures,” TSMC said in a statement to CNN. The hackers accessed Kinmax’s internal “testing environment” for the technology it prepares to deliver to customers, Kinmax said in a statement distributed by TSMC. LockBit is the name of the group claiming responsibility for the hack of the TSMC supplier and the type of ransomware they use.
Persons: cybercriminals, TSMC, , ” TSMC, Kinmax, LockBit, LockBit ransomware, Jon DiMaggio Organizations: CNN, Apple, TSMC Locations: Taiwan’s
When Elon Musk announced last month that he had hired Linda Yaccarino as Twitter’s chief executive, he said he was “excited” to bring on someone who could “focus primarily on business operations.”But just over three weeks into her new job, Ms. Yaccarino, the former head of advertising at NBCUniversal, has been prevented from working on a key component of what she was hired to do: drum up advertising for Twitter. Ms. Yaccarino, 60, has spoken with some of Twitter’s advertisers about unsavory content on the site, four people with knowledge of the conversations said. But she has not engaged in public hobnobbing and hands-on negotiating with advertisers to increase Twitter’s revenue. That’s because a contractual agreement with NBCUniversal prevented Ms. Yaccarino — at least initially — from working on advertising deals that would conflict with the interests of her former employer, three people familiar with the arrangement said.
Persons: Elon Musk, Linda Yaccarino, Yaccarino Organizations: Twitter, NBCUniversal
China's industrial profits tumble, deepening economic gloom
  + stars: | 2023-06-28 | by ( ) www.reuters.com   time to read: +3 min
BEIJING, June 28 (Reuters) - Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. "The still slow recovery in industrial profits pointed to sustained difficulties facing business operations," said Wu Chaoming, deputy director of the Chasing International Economic Institute. Wu said the corporate struggles strengthen the case for more policy measures to help companies. "As the external environment becomes increasingly complicated and severe, domestic demand still appears to be insufficient, weighing on further recovery in industrial profits," said NBS statistician Sun Xiao in an accompanying statement, noting that the foundation for a revival in industrial profits is still not solid. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations.
Persons: Wu Chaoming, Wu, Sun Xiao, Goldman Sachs, Li Qiang, Li, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: National Bureau of Statistics, Economic Institute, P Global, Summer, Thomson Locations: BEIJING, China, Tianjin
China's tumbling industrial profits deepens economic gloom
  + stars: | 2023-06-28 | by ( ) www.reuters.com   time to read: +3 min
BEIJING, June 28 (Reuters) - Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. "The still slow recovery in industrial profits pointed to sustained difficulties facing business operations," said Wu Chaoming, deputy director of the Chasing International Economic Institute. Wu said the corporate struggles strengthen the case for more policy measures to help companies. "As the external environment becomes increasingly complicated and severe, domestic demand still appears to be insufficient, weighing on further recovery in industrial profits," said NBS statistician Sun Xiao in an accompanying statement, noting that the foundation for a revival in industrial profits is still not solid. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations.
Persons: Wu Chaoming, Wu, Sun Xiao, Goldman Sachs, Li Qiang, Li, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: National Bureau of Statistics, Economic Institute, P Global, Summer, Thomson Locations: BEIJING, China, Tianjin
Ford conducts engineering layoffs in U.S. and Canada
  + stars: | 2023-06-26 | by ( Michael Wayland | ) www.cnbc.com   time to read: +3 min
DETROIT — Ford Motor confirmed Monday it will carry out layoffs this week, primarily affecting engineering jobs in the U.S. and Canada, as the automaker seeks billions in cost-cutting measures as it restructures its business operations. Ford has been restructuring its operations for several years under its Ford+ plan, led by CEO Jim Farley. The automaker cut 3,000 workers in North America in August and has more recently conducted 3,800 layoffs in Europe. The company has instructed units affected by the cuts to work remotely this week as the layoffs are conducted, the people confirmed. Ford is not the only automaker to reduce its headcount, as it realigns its business to focus more on electric vehicles.
Persons: Jim Farley, Ford, Farley, headcount, General Motors, Stellantis Organizations: DETROIT, Ford Motor, Ford Pro, General Locations: Detroit, U.S, Canada, North America, Europe
Who is Mr. Prigozhin? Europe and the United States have been trying to shut down Prigozhin’s sprawling business operations for years. On the F.B.I.’s most wanted list, Mr. Prigozhin rose quickly in Putin’s Russia — from being the president’s favored caterer to winning major contracts that bankrolled Wagner Group, his private mercenary operation. Mr. Prigozhin also relies on a global network of corporate lawyers to fend off Western authorities, according to a separate F.T. Bill Browder, a former investor in Russia who has become one of Mr. Putin’s biggest critics, told DealBook that the president would look to reassert his authority by whatever means necessary.
Persons: Prigozhin, caterer, bankrolled, Wagner, Putin’s, , China’s, Putin, Bill Browder, DealBook, Organizations: bankrolled Wagner Group, Treasury Department, Evro, Central African, Financial Times, Treasury, — Terra Tech, BARL Locations: Prigozhin, Europe, United States, Russia, Syria, Ukraine, Evro Polis, Sudan, Central African Republic
Interest rates have broken the global wealth pump
  + stars: | 2023-06-23 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
Rising inflation and higher interest rates would appear to make matters even worse. In the United States, immigration and the offshoring of manufacturing has undercut the power of labour. Ultra-low interest rates proved the greatest wealth pump ever devised, loading the dice in favour of the financial elite. Since the turn of the century, when the Federal Reserve under Alan Greenspan reduced interest rates to a new post-war low, wealth has consistently grown faster than GDP. That’s where higher interest rates come in.
Persons: Leonard Cohen, Peter Turchin, “ cliodynamics ”, Clio, Turchin, Hong Xiuquan, Andrew Carnegie, Henry Clay Frick, , Donald Trump, ” Turchin, Alan Greenspan, Peter Thal Larsen, Oliver Taslic Organizations: Reuters, Times, Elites, Steel, Reuters Graphics Reuters, Wall Street, Federal Reserve, McKinsey Global Institute, McKinsey, Thomson Locations: United States, France, China, Taiping, Japan
AT&T is deploying an OpenAI-based tool to help employees with their work. AT&T said Microsoft had helped it develop the generative AI tool safely. AT&T has created a ChatGPT-based tool called Ask AT&T for employees to use internally. The blogpost said AT&T had worked with Microsoft to ensure the tool was secure for corporate data, something that has been a concern for companies with ChatGPT. As AT&T said in the blogpost, generative AI tools are "not magic or infallible" and it was ultimately up to employees to check the tool's results were "accurate and appropriate."
Persons: Andy Markus, , Markus Organizations: Microsoft, Morning, ChatGPT, Companies
LOS ANGELES, June 16 (Reuters) - United Parcel Service (UPS) (UPS.N) union employees have voted overwhelmingly to authorize a strike should contract talks break down after the current agreement ends in two weeks, the International Brotherhood of Teamsters said on Friday. The vote is a standard practice in union contract campaigns designed to give leverage to the union representing some 340,000 UPS workers. Tancredi, a partner at consultancy West Monroe, said interdependence between the Teamsters and UPS reduces strike risk. "They get what they pay for," Schreiner said of UPS adding that company delivery drivers, who make about $150,000 annually including base pay and benefits before overtime, "earn it." UPS shares fell as much as 1.5% after the news but quickly pared losses to trade down 0.6% in midday trade.
Persons: Sean O'Brien, Jeremy Tancredi, Tancredi, Rikki Schreiner, Schreiner, Lisa Baertlein, Shivansh, Jamie Freed Organizations: United Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, West, Reuters, FedEx, Thomson Locations: ANGELES, West Monroe, Eagan , Minnesota, Los Angeles, Bangalore
UPS Workers Authorize Teamsters Union to Call Strike
  + stars: | 2023-06-16 | by ( Noam Scheiber | ) www.nytimes.com   time to read: +1 min
United Parcel Service workers have authorized their union, the International Brotherhood of Teamsters, to call a strike as soon as Aug. 1, after the current contract expires, the Teamsters announced Friday. The Teamsters represent more than 325,000 UPS employees in the United States, where the company has nearly 450,000 employees overall. The union said 97 percent voted in favor of strike authorization. “The results do not mean a strike is imminent and do not impact our current business operations in any way,” UPS said in a statement, adding that it was “confident that we will reach an agreement.”A UPS strike could have significant economic fallout. The company handles about one-quarter of the tens of millions of parcels shipped each day in the United States, according to the Pitney Bowes Parcel Shipping Index.
Organizations: Parcel Service, International Brotherhood of Teamsters, Teamsters, UPS, Pitney Bowes Parcel Shipping Locations: United States
UPS acknowledged the vote outcome and noted that Friday's strike authorization doesn't automatically trigger a work stoppage. While many union members at UPS cast their votes on the strike authorization before the heat safety deal was announced, some drivers said afterward that other big priorities remain. Heat safety experts praised the preliminary agreement on air conditioning but cautioned that addressing the threat of extreme temperatures would take time. Seth Harris, a law and policy professor at Northeastern University who served as President Joe Biden's top labor policy adviser, said progress on heat safety at UPS could have broader ripple effects. Already, though, the concessions have jolted UPS workers and their allies with a dose of optimism.
Persons: Sean O'Brien, Zakk Luttrell, We've, it's, Luttrell, Amit Mehrotra, Mehrotra, Juley Fulcher, Fulcher, , Seth Harris, Joe Biden's, Theresa Klenk, Klenk, — Annie Probert Organizations: Teamsters, UPS, NBC, Occupational Safety, Health Administration, Deutsche Bank, Logistics, FedEx, U.S . Postal, Public Citizen, Northeastern University, New, New Jersey UPS Locations: New Jersey
After much pain and a brutal bear market, the S&P 500 has erased all of the losses from the past year and then some. It's true: the S&P 500 has erased all of its losses since the Fed's first rate hike in March 2022. What's your stock market outlook for the rest of the year? In other news:: Traders work on the floor of the New York Stock Exchange (NYSE) on June 01, 2023 in New York City. US stock futures rise early Friday as the S&P 500 extended its winning run with a sixth straight day of gains.
Persons: Phil Rosen, It's, Jerome Powell, Alex Wong, Powell, Spencer Platt, Morgan Stanley, Brian Frank —, , Bitcoin, hawkishness, Max Adams, Nathan Rennolds Organizations: Federal Reserve, Fed, Nvidia, Meta, New York Stock Exchange, U.S . House, Dow, Getty, Kremlin, Financial Times, Coinbase Locations: Washington ,, New York City, U.S, Moscow, Russia, New York, London
PGA Tour Commissioner Jay Monahan is taking a leave of absence as he recuperates from a medical condition, the organization said in a statement late Tuesday, just days after the tour announced a deal to merge business interests with the Saudi-backed LIV Golf league. "Jay Monahan informed the PGA Tour Policy Board that he is recuperating from a medical situation," the tour said in a statement. The tour did not specify the nature of his medical condition nor a timetable to return. The PGA Tour and LIV Golf announced last week their decision to merge business operations to create a new golf entity with money from Saudi Arabia's Public Investment Fund. In a statement Wednesday, the PIF said it was informed of Monahan's medical situation and that it wishes him a speedy recovery.
Persons: Jay Monahan, LIV, Jay, LIV Golf, Ron Rice, Tyler Dennis Organizations: LIV Golf, PGA Tour, Board, Saudi Arabia's Public Investment Fund, PGA Locations: Saudi
KARACHI, June 14 (Reuters) - Shell Pakistan (SHEL.PSX) said on Wednesday that its parent company, Shell (SHEL.L) unit Shell Petroleum Company, would be exiting Pakistan with the sale of its 77% shareholding in the in the local business. The move came after Shell Pakistan (SPL) suffered losses in 2022 due to exchange rates, the devaluation of the Pakistani rupee, and overdue receivables, and as the country faces a financial crisis and economic slowdown. "To support its intention to high-grade and simplify its portfolio, Shell Petroleum Company Ltd... has initiated a sales process to sell its 77.42% shareholding in Shell Pakistan Ltd," a spokesperson for Shell Pakistan said in an email to Reuters. That includes "all of SPL’s Downstream businesses and SPL’s 26% ownership of Pak-Arab Pipeline Company Ltd (PAPCO)," the spokesperson added. REUTERS/Morteza Nikoubazl/File PhotoIt said in the notice that Shell Petroleum Company had notified its board of directors of its intention to sell the holding in a meeting on June 14.
Persons: Morteza, Shell, Wael Sawan, Ariba Shahid, Sakshi Dayal, Gibran Peshimam, David Evans, Jan Harvey, Kirsten Donovan Organizations: Shell Pakistan, Shell, Shell Petroleum Company, Shell Petroleum Company Ltd, Shell Pakistan Ltd, Reuters, Arab Pipeline Company, Pakistan Stock Exchange, REUTERS, Thomson Locations: KARACHI, Pakistan, Nowshera, Pakistan's, Khyber, Pakhtunkhwa Province, Bukom, Jurong, Singapore
WASHINGTON — Two top Senate Democrats with a track record of scrutinizing business and antitrust activity have called for a Justice Department investigation into the merger agreement between the PGA Tour and Saudi-funded LIV Golf. The letter follows Connecticut Democratic Sen. Richard Blumenthal's inquiries to PGA Tour Commissioner Jay Monahan and LIV Golf CEO Greg Norman for details on the merger. The PGA Tour also insists the deal isn't a merger and that Saudi Arabia's Public Investment Fund will be a minority investor. The deal between the PGA Tour and LIV Golf would put an end to pending antitrust litigation between the two golf organizations. Family members of 9/11 victims have protested the Saudi golf league due to the terrorists' ties to the country.
Persons: Elizabeth Warren, Ron Wyden, LIV, Elizabeth Warren of, General Merrick Garland, Jonathan Kanter, Connecticut Democratic Sen, Richard Blumenthal's, Jay Monahan, Greg Norman, Monahan, LIV Golf, DOJ didn't, Yasir Al, Rumayyan, LIV Golf's, Osama Bin Laden, Prince Mohammed bin Salman, Jamal Khashoggi, Warren, Wyden, , Jessica Golden Organizations: U.S, Capitol, WASHINGTON —, Democrats, Justice Department, PGA Tour, Saudi, LIV Golf, Oregon, Connecticut Democratic, Saudi Arabia's Public Investment Fund, DOJ, CNBC, PGA, Public Investment Fund, Washington Post, Senate Banking Committee, Finance Locations: Sens, Washington , DC, Elizabeth Warren of Massachusetts, U.S, Saudi, Saudi Arabia
Once he was sworn in as president, Mr. Trump reimbursed Mr. Cohen. Rather than publish her account, the tabloid suppressed it in cooperation with Mr. Trump and Mr. Cohen, prosecutors say. Legal experts say that Mr. Trump and others appear to be at “substantial risk” of prosecution for violating a number Georgia statutes, including the state’s racketeering law. But if she were to prevail at trial, a judge could impose steep financial penalties on Mr. Trump and restrict his business operations in New York. Ms. James’s investigators questioned Mr. Trump under oath in April, and a trial is scheduled for October.
Persons: Donald J, Trump, Trump’s, Jack Smith, Alvin L, Bragg, Stormy Daniels, Michael D, Cohen, Daniels, Karen McDougal, McDougal, Brad Raffensperger, Biden’s, , Emily Kohrs, “ You’re, , , Willis, Jan, Mr . Biden, Smith, Mike Pence, Mark Meadows, Letitia James, Mr, James, Donald Jr, Eric, Jonah E, Rebecca Davis O’Brien, Michael Gold, Michael Rothfeld, Ed Shanahan, Richard Fausset, Ashley Wong Organizations: Capitol, Manhattan, National Enquirer, Mr, ., The New York Times, Justice Department, Trump, Prosecutors, White House, Trump White House, New York, Civil, New Locations: Manhattan, Georgia, . Georgia, Fulton County, United States, Washington, Trump’s, New, New York, Bromwich
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York City needs to support small businesses more in smoky conditions, says RSE's Matt HigginsMatt Higgins, CEO of RSE Ventures, joins 'Power Lunch' to discuss smoke shutting down business operations in New York, dramatic declines in restaurant foot-traffic, and the lack of city communication in emergency planning.
Persons: RSE's Matt Higgins Matt Higgins Organizations: New, RSE Ventures Locations: New York City, New York
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