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☆ This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else
▼ + stars: | 2023-10-17 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +16 min

Morgan Stanley CEO James Gorman plans to retire by May 2024. "Cross-pollinating key leaders across our major businesses further knits the Morgan Stanley culture," Gorman wrote in a memo at the time. Morgan Stanley, which was the lead underwriter, had to step in to prop up the stock. In 2010, Morgan Stanley was picked as one of two lead underwriters — the other being JPMorgan — for the IPO of General Motors. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.

Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, He's, Simkowitz, Eaton Vance, Pick, Morgan, Getty, Dan, doesn't, Gorman, Morgan Stanley's, Saperstein, executive's protégé, Andy, Alex, Brown, Ted, she'd, Simkowitz's, Dean Witter Reynolds, Eaton, Calvert, Ruth Porat, Bob Scully, Fannie Mae, Freddie Mac, Will Dotson, Dan Akerson, TIMOTHY A, CLARY, Erik Gordon, Dodd, Frank, David Bieri, Gonzalo Marroquin, Patrick McMullan, Paul Taubman, Colm Kelleher, coheads, John Mack, Phil Purcell, Hayley Cuccinello Organizations: Disney, Harvard, McKinsey, Columbia Business School, Maccabiah Games, Team USA, Maccabi USA, Trenton Almgren, Davis, Lucent, Verizon, Mesa West Capital, JPMorgan, Calvert Research, Management, Facebook, Massachusetts Securities Division, Treasury, JPMorgan —, General Motors, Government Motors, General, New York Stock Exchange, Getty, University of Michigan's Ross School of Business, Citigroup, Virginia Tech, US Securities and Exchange Commission, United States Attorney's Office, Southern, of Locations: Bloomington , Indiana, Trenton, New York, Tokyo and Hong Kong, Boston, Washington, Switzerland, of New York, hcuccinello@insider.com

☆ Why so many drug stores are closing
▼ + stars: | 2023-10-16 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +3 min

Now, they are closing thousands of stores, leaving gaps in communities for medicines and essentials. It comes amid walkouts by Walgreens pharmacists and technicians around the country and at CVS stores in Kansas City over low pay and understaffed stores. Drug store strugglesRite Aid’s bankruptcy reflects long-term struggles in the retail pharmacy industry. Walgreens and other drug stores have closed thousands of stores in recent years. But this strategy requires fewer brick-and-mortar retail stores.

Persons: Angus Mordant, Justin Sullivan, drugstores, ”, David Silverman, ” Silverman, Drugstores Organizations: New, New York CNN, Rite Aid, Bloomberg, Getty Images Rite, Walgreens, CVS, Walmart, Fitch, Aetna, Pharmacy, McKinsey . Rite, American Medical Association Locations: New York, Kansas City, drugstores

☆ The pay penalty for becoming a teacher is worse than ever
▼ + stars: | 2023-10-13 | by ( Madison Hoff | ) www.businessinsider.com time to read: +4 min

A recent report highlighted the pay penalty between teachers and college graduates in other roles. The author found this pay penalty was at a record in 2022 when controlling for education and other factors. There's also a total compensation penalty for teachers when factoring in benefits like healthcare and retirement plans. Before the pandemic, the total compensation penalty was 10.2% in 2019 — with a benefits advantage of 9.0% and a wage penalty of 19.2%. At the same time teachers face a pay penalty, many use what they make to buy supplies and other items for their classrooms.

Persons: —, Sylvia Allegretto, Alana Ward, NPR's Michel Martin, COVID, we're, Allegretto, Kuehne Organizations: Service, Center for Economic, Policy Research, Economic Policy Institute, Survey, McKinsey

The AI boom has triggered a surge in spending on data centers. The AI boom has supercharged a wave of spending on data centers. AdvertisementAdvertisementThe data center boom is set to double or triple the amount of energy consumed by these data centers. A recent Cowen research report estimated that AI data centers could require more than five times the power of traditional facilities. Amazon does not disclose how many data centers it occupies, where they are located, or how much electricity they consume.

Persons: —, ChatGPT, it's, Jonathan Gray, Cowen, Marc Ganzi, Shaolei Ren, Tom Keane, Keane, Bernstein, Mark Moerdler, Jahi, Matt McCollister, Pena Popo, Blackstone, Karla Moran, Moran Organizations: Service, McKinsey, Nvidia, UC Riverside, Microsoft, Washington, Getty, Lincoln Property Company, Harrison Street, Google, Meta, Amazon, Blackstone, Income Trust, QTS Realty Trust, Amazon Web Services, AP, Phoenix Locations: America, Rural America, Loudoun Meadows, Aldie , VA, Ohio, New Albany, Columbus, Northern Virginia, Dallas, Phoenix, Silicon Valley, Chicago, Washington, DC, Virginia, New York City, Salt

CNN —Target is closing nine stores in four metropolitan areas: the San Francisco Bay Area, Portland, Seattle, and New York. Here are four charts showing what retailers are facing in those areas where Target is closing stores. The six counties where Target is closing stores saw exoduses in high earners larger than the average for similar counties. Census data also shows that the six counties where Target is closing stores had a higher percentage of remote workers compared to their states as a whole. In the markets where Target is closing stores, the shortages persist.

Persons: it’s, David Johnston, Connor O’Brien, ”, O’Brien, ” O’Brien, Johnston Organizations: CNN, Coresight Research, National Retail Federation, Economic, Group, McKinsey, Department of Commerce, of, Labor Locations: San Francisco Bay Area, Portland, Seattle, New York, it’s, O’Brien

☆ Some Americans are secretly working multiple remote jobs. Bosses shouldn't be worried about it.
▼ + stars: | 2023-10-11 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

Some Americans are secretly working multiple remote jobs. AdvertisementAdvertisementOne of your co-workers could be secretly working multiple remote jobs to boost their finances. But holding two remote jobs could breach some employment contracts and lead to job termination. But it could become more popular as the remote work revolution provides additional opportunities for Americans to take on more work. "Clearly, if people can work multiple jobs at the same time, then I need to redefine their role to be more rigorous," she said.

Persons: —, it's, David Barron, Cozen O'Connor, Barron, who've, Aaron De Smet, I'm, Jennifer Moss, De Smet, Xer, Moss, we've, they're, we'll, Nicole Coomber Organizations: Service, McKinsey, University of Maryland Locations: Texas

☆ Data centers are booming. Their need for power is causing utilities to retreat on green energy.
▼ + stars: | 2023-10-09 | by ( Daniel Geiger | Ellen Thomas | ) www.businessinsider.com time to read: +18 min

Katie Hobbs at Google's September announcement of a a new $600 million data center in Mesa, Arizona. The amount of electricity needed to power data centers in the U.S. is expected to more than double by 2030, according to McKinsey. "With data centers, you're going to do all of the above to have capacity to meet those loads." Utilities struggle to meet data center loads while cutting carbonThe utility-level impact of the data center industry's energy demand reaches beyond Phoenix. In preliminary documents, it has identified data centers as "the major source of load growth during 2023-2038."

Persons: Karla Moran, Moran, Katie Hobbs, you've, Terry Boston, James Glynn, Glynn, Caryn Potter, it's, OPPD, that's, David Corbin, Corbin, Valerie Plesch, Aaron Ruby, Devon Smiley, Smiley, Lee Kestler, Ruby, George Frey, Wendy Bridges, Bridges, Jill Hanks, Hanks, Potter, Meghin Delaney, Reno, Kestler, EdgeCore, Hunter Holman, Delaney, Holman Organizations: Microsoft, Google, Digital Realty, Arizona Gov, McKinsey, PJM, Columbia University's Center, Global Energy Policy, Southwest Energy Efficiency, Utilities, Omaha Public Power, Sierra Club's, The Washington, Getty, Dominion Energy, Dominion, Blackstone, KKR, APS, Phoenix, Goodyear, NV Energy, Reno, Bay Area, Silver State, Western Resource Locations: Phoenix, Salt, Mesa , Arizona, City, Mesa, U.S, Arizona, Phoenix . Omaha , Nebraska, New York, Sierra Club's Nebraska, Woodbridge , Virginia, Virginia, Nebraska, OPPD, Eagle Mountain , Utah, Brookfield, Seattle, Goodyear, Bay, Nevada, Reno, Las Vegas, North

Israel responded with a declaration of war and a strong military response in the Gaza Strip, home to 2 million Palestinians. President Joe Biden ordered a U.S. naval carrier strike group to the region after pledging full support to Israel. Biden on Sunday spoke with Benjamin Netanyahu, the Israeli prime minister, and pledged the full support of the U.S., including military assistance. “Geopolitical risks are back in focus amid the attack in Israel on Saturday,” said James Demmert, chief investment officer at Main Street Research. Key data on U.S. inflation is due to be released Wednesday with the producer price index and then Thursday with the consumer price index.

Persons: Joe Biden, Yoav Gallant, Biden, Benjamin Netanyahu, ”, James Demmert, Tony Welch, “ It’s, Dan Swan, Swan, ” Swan, “, Kevin McCarthy Organizations: Israeli, Main, Research, Federal Reserve, Labor Department, Fed, McKinsey, “ Airlines, Rep Locations: Israel, Gaza, U.S, New York, Iran, Saudi Arabia, Syria, Washington

☆ Meet the typical hybrid worker: millennial men making 6 figures who would never come into the office on a Friday
▼ + stars: | 2023-10-08 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +3 min

Hybrid workers are more likely to be highly educated and make at least six figures. Many of their employers have landed on a happy medium: hybrid work. AdvertisementAdvertisementIn the return-to-office push, the Goldilocks proposition of hybrid schedules has won out at many major companies, including Microsoft and Google. That support is much higher among members of Gen Z and millennials, while 54% of boomers said they'd rather work hybrid than in-person. Gallup's Hybrid Work Indicator found that 52% of US employees in remote-capable jobs are in hybrid roles.

Persons: —, Felicia, Gen, they'd Organizations: Service, Microsoft, Google, Gallup, Bankrate, McKinsey, Bureau of Labor Statistics Locations: America

☆ Auto workers worry it takes less labor to build electric cars. Maybe not, some researchers say
▼ + stars: | 2023-10-06 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +7 min

It’s not that simple, though, and some researchers argue that the labor savings of electric vehicles have been greatly overstated. These were among several research reports that found little total difference in the labor hour requirements of EV manufacturing compared to gas-powered cars. Boston Consulting estimates that making battery cells takes up about 8% of the total labor to produce an entire automobile. That’s slightly higher than the percentage of labor needed to produce a gasoline engine, he said. Ford also expects to train 5,000 people to work at a joint-venture battery manufacturing facility currently under construction in Kentucky.

Persons: That’s, Turner Cotterman, Cotterman, ”, Erica Fuchs, Nathan Niese, Gerald Johnson, “, Fuchs, “ You’ve, ” Ford, Ford, that’s, Niese, They’ve Organizations: CNN, United Auto Workers, Carnegie Mellon University, McKinsey, Company, Carnegie Mellon, Boston Consulting, EV, General Motors, Battery, Toyota, BMW, Hyundai, UAW Locations: United States, Marshall , Michigan, Kentucky, Ohio, Boston

☆ 4 myths holding women back at work: ‘Our data is super, super clear,’ says Sheryl Sandberg
▼ + stars: | 2023-10-05 | by ( Julia Boorstin | ) www.cnbc.com time to read: +4 min

But numerically the biggest problem ... is the broken rungs," Lean In founder Sheryl Sandberg tells CNBC. The key issue: for every 100 men promoted from entry-level to manager, 87 women, and only 73 women of color, are promoted. And while the promotion rate for Black women to manager rose in 2020 and 2021, last year that rate fell back to 2019 levels. The report debunks four key myths – including that the glass ceiling is the biggest factor holding women back, when it's really the broken rung. "Our data is super, super clear that women are more ambitious, or as ambitious as men, more ambitious than they were before Covid," says Sandberg.

Persons: Lean, Sheryl Sandberg, Sandberg, it's Organizations: Lean, McKinsey, CNBC Locations: America

☆ The wage gap between Latinas and white men has hardly budged in 30 years: ‘We need more than good intentions to solve it’
▼ + stars: | 2023-10-05 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Latinas stand to lose more than $1.2 million over their careers due to the pay gap — and for Latinas with college degrees, that gap is even wider. That pay gap translates to a staggering loss of $30,450 per year. In 1989, Latinas working full-time were paid just $0.52 for every dollar paid to white men — which means that the Latina pay gap has only narrowed by pennies every decade since. How salary negotiations can exacerbate the wage gapFor many Latinas, the wage gap starts as early as the job search. "It's important to have mentors but to ensure that Latinas get these stepping-stone jobs and break the pay gap, they need sponsors, too," says Guasso.

Persons: —, Priscilla Guasso, Guasso, she's, Anyelis Cordero, Cordero, It's, Latinas, Jasmine Vallejo, Vallejo Organizations: National Women's Law, Latina, Hyatt Hotels, Lean, McKinsey & Co, Meta Locations: San Diego, San Diego , CA, America, U.S, Austin , Texas

PwC’s annual report on the South African mining industry said global drops in some commodity prices following the COVID-19 pandemic contributed to the reduced profits. But so did South Africa’s local challenges of currency fluctuations, high inflation, power blackouts and logistical problems in exporting minerals because of deteriorating road, rail and port infrastructure. South Africa has an opportunity to benefit from that demand, which also would need millions of dollars in investment, the report said. “This presents several opportunities for South Africa which could reshape industries, diversify the economy and drive future prosperity." The output from South Africa’s 130-year-old gold mining industry has been slumping for more than 20 years.

Persons: Andries Rossouw, PwC, Rossouw Organizations: McKinsey & Company, ” Mining, South African Revenue Service, AP Locations: CAPE, South Africa, Ghana, South America, Africa, African, africa

☆ Trump gets kicked off Forbes 400 list of richest Americans
▼ + stars: | 2023-10-04 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

New York CNN Business —As Donald Trump scrambles to defend his business empire in court, the former president has suffered another blow: dropping off The Forbes 400 list of the richest Americans. Unlike the steady or growing fortunes of Forbes 400 leaders Elon Musk, Jeff Bezos and Larry Ellison, Trump’s net worth took a double-digit hit. Trump launched Truth Social in February 2022, envisioning it as a credible threat to Facebook and Twitter. Trump was previously booted from The Forbes 400 in 2021 and in 1990 when he faced severe financial stress. As Forbes notes, Trump “lied” to the magazine in a successful effort to make the Forbes 400.

Persons: Donald Trump scrambles, Trump, Elon Musk, Jeff Bezos, Larry Ellison, Forbes, Trump’s, Taj Mahal, Trump “, ”, “, Fred Trump, ” Forbes, John Barron, ” Jonathan Greenberg Organizations: New York CNN Business, Forbes, Facebook, McKinsey Global Institute . San, Whole Foods, Target, Nordstrom, Starbucks, Bank of America Center, Trump, Taj, Trump Castle Associates, Trump Organization, CNN Locations: New York, United States, McKinsey Global Institute . San Francisco, San Francisco, California, Manhattan, Americas, midtown Manhattan

☆ Inside the consulting industry's race to become AI rainmakers
▼ + stars: | 2023-10-04 | by ( Tim Paradis | ) www.businessinsider.com time to read: +9 min

Big consulting companies are racing to add to their offerings around artificial intelligence. That's the bet consulting companies have been making as they rush to build out their generative AI offerings. To help companies figure out how to use AI, the consulting giants are racing to scoop up companies that specialize in the technology. Consulting firms' push to bulk up on AI comes as many workers are worried that AI bots will snatch their jobs . That same month, Deloitte introduced a set of services called Quartz AI to help clients use technology like GenAI.

Persons: —, they're, OpenAI's ChatGPT, They're, Sawhney, ChatGPT, Steve Chase, he's, Chase, EY EY, EY, PwC PwC, PwC, Shannon Schuyler, Bain, BCG Organizations: Service, Accenture, McKinsey, PriceWaterhouseCoopers, Northwestern University's Kellogg School of Management, Deloitte, LinkedIn, Fortune, KPMG, Microsoft, KPMG US, Bain Bain & Company, Boston Consulting, OpenAI, Deloitte Deloitte, Nvidia, QuantumBlack, QuantumBlack Labs Locations: Mexico

☆ The CEO of IBM says he doesn't intend to 'get rid of' a single programmer because of AI
▼ + stars: | 2023-10-04 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

IBM CEO Arvind Krishna says he doesn't intend to "get rid of a single one" of his programmers because of AI. He also added that though AI could automate a "repetitive, white-collar job," it was a job creator. AdvertisementAdvertisementAmid growing fears of AI-induced job cuts, IBM's CEO Arvind Krishna says he doesn't intend to lose any programmers because of the technology. Studies have also pointed to AI boosting workers' productivity but with a greater impact on less skilled workers. AdvertisementAdvertisementAn April study that equipped customer service representatives with AI tools found that the lowest-skilled workers saw a productivity boost of 35% — while higher-skilled workers saw "closer to 0%."

Persons: Arvind Krishna, Krishna, —, Goldman Sachs, Satya Nadella — Organizations: Service, Fortune's, Bloomberg, McKinsey, IBM

☆ Mining Old Sites Can be a Shortcut to More Copper for the Energy Transition
▼ + stars: | 2023-10-03 | by ( Yusuf Khan | Mari Novik | ) www.wsj.com time to read: +8 min

In the U.S. and beyond, some are jumping ahead by targeting a new but also old source—closed mines, also known as brownfield sites. In the mountains of northern Norway, Bluelake is seeking to reopen the Joma mine that closed 25 years ago because of low copper prices. “Røyrvik has a valued tradition of mining in the old times,” said Hans Oskar Devik, the leader of the local government. Despite the challenges, brownfield mining is also being seen as a way to help ensure mineral security in the U.S., especially in areas such as defense and energy. Preview SubscribeWhen MP bought its brownfield site in 2017, it had a mining permit but was in a state of disrepair, with the pit itself flooded.

Persons: Arne Hanssen, Bluelake, Bluelake Mineral’s, Arne Hanssen Bluelake’s, Peter Hjorth, ” Hjorth, Joma, “ Røyrvik, ”, Hans Oskar Devik, Maahke Joma, Joma —, Snorre, NRK Joma, wasn’t, James Litinsky, Litinsky, ” Litinsky, Jeremy Richardson, Richardson, Yusuf Khan Organizations: P Global Market Intelligence, Perpetua Resources, Materials, California -, Municipal, Bluelake, NRK, Resources, Defense Department, McKinsey Lyon, Business, Rocky Mountain Institute Locations: Røyrvik, Trøndelag county, Norway, U.S, Sweden, Perpetua, Idaho, Arizona, California, California - Nevada, Germany, Italy, Boise, United States, China

☆ Gen Z workers don't think talking about wages and telling managers what they're doing wrong are taboo subjects
▼ + stars: | 2023-10-02 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +2 min

Three-quarters of Gen Z workers surveyed by Adobe say they're comfortable telling managers what they're doing wrong. AdvertisementAdvertisementTalking about wages and telling managers what they're doing wrong aren't taboo topics for Gen Z workers. For the report, Adobe surveyed 1,011 US Gen Z workers, which they defined as those born between 1997 and 2012. Plus, Gen Z workers are the most likely to switch jobs and land the biggest pay increases when they do, Insider previously reported. AdvertisementAdvertisementTo be sure, managers also told Insider that their Gen Z workers often struggle to focus on work and lack motivation.

Persons: Gen, —, Z, Tracy Francis Organizations: Adobe, Service, Barclays Bank, ResumeBuilder.com

☆ At Allianz, CEO stays but CFO goes
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

The logo of Allianz is seen on a building in Paris, France, April 30, 2020. Baete, whose contract was extended to 2028, said: "I thank the Supervisory Board for their confidence and support." Chief Financial Officer Giulio Terzariol is leaving to head the insurance division at Generali, the Italian company announced on Monday. Allianz has appointed Claire-Marie Coste-Lepoutre to succeed him as finance chief. Coste-Lepoutre is a French national who has been with Allianz since 2011, with previous stints at Swiss Re, SCOR and McKinsey.

Persons: Charles Platiau, Oliver Baete, Baete, Giulio Terzariol, Claire, Marie Coste, Lepoutre, Tom Sims, Alexander Huebner, Miranda Murray Organizations: Allianz, REUTERS, Rights, U.S . Department of Justice, U.S . Securities, Exchange Commission, Board, Monday, Swiss, SCOR, McKinsey, Thomson Locations: Paris, France, U.S, Generali, Italian, French

Mining operations account for some 4%-7% of global greenhouse gas emissions, according to global consulting firm McKinsey & Company. But some miners are moving to reduce use of fossil fuels in extracting and refining, partly due to pressure from downstream customers that want more sustainable supply chains. Located beside a crystal-blue lake in the lush jungle of Sorowako, South Sulawesi, Vale Indonesia — a subsidiary of Vale international — runs its smelters entirely from hydroelectricity. Other companies and countries around the world also are reducing use of fossil fuels in their mining operations. But now, having that infrastructure means big savings at a time when global energy prices are high.

Persons: Michael Goodsite, “, Joko Widodo, Widodo, “ Ford, ” Christopher Smith, Febriany Eddy, Eddy, it’s, ” Eddy, Aimee Boulanger, there’s, they’ve, ” Goodsite Organizations: McKinsey & Company, Vale, Companies, University of Adelaide, Volvo, Mercedes, Hyundai, Apple, Ford Motor Co, Vale Indonesia, Associated Press, Initiative for, Mining Assurance, —, AP Locations: SOROWAKO, Indonesia, Indonesian, Sulawesi, Sorowako, South Sulawesi, Indonesia —, Chile, Raglan, Canada, Australia, ” Indonesia, Vale Indonesia, China, United States

☆ Sam Altman says AI systems will automate some tasks but also lead to 'new and much better jobs'
▼ + stars: | 2023-09-30 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +4 min

Sam Altman said in a post on X that the strength of AI systems is automating tasks, not jobs. Altman also admitted, however, that AI might be able to do some of today's jobs in the future. AdvertisementAdvertisementAs rapid advances in AI reshape the way we work, many workers are fretting about whether their jobs might be replaced. "Important point here: These systems are much better at doing tasks than jobs," he wrote in a post on X on Friday. Altman added that he's not "trying to hide the ball" on the fact that AI systems will be able to perform "today's jobs" in the long run.

Persons: Sam Altman, Altman, —, Ryan Petersen, Petersen, Flexport, Goldman Sachs, OpenAI Organizations: Service, McKinsey

☆ These stocks are key to improving plastic recycling
▼ + stars: | 2023-09-29 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

"Advanced recycling has immense potential to transform the plastic waste crisis," she said in a recent note to clients. It is a "silver bullet" for recycling plastic waste that can't be processed using traditional methods, she said. Ogundiya said investors have been warded off the theme by what she views as unfounded arguments around the maturity of advanced recycling technology. The idea has also been raised that there's an insufficient need for advanced recycling if plastic is banned. Of the two analysts surveyed by LSEG, one has a buy rating and one has a strong buy rating on Loop.

Persons: Katherine Ogundiya, Ogundiya, recyclers, LSEG, Maire Tecnimont, Eastman, — CNBC's Michael Bloom Organizations: Barclays, American Chemical Society, McKinsey, Companies, Veolia, Waste Management, Republic Services, Cleanaway Waste, LSEG ., LSEG . Republic Services, Wall, Exxon Mobil, Clean Technologies, Industries, LSEG, Eastman, Kodak Locations: U.S, Alba, LSEG, LSEG . Republic, South Korea, France

☆ Tech bros keep obsessing about replacing the 'median human' with AI
▼ + stars: | 2023-09-27 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

He said: "For me, AGI…is the equivalent of a median human that you could hire as a co-worker." "It's interesting to use the term median human — that's importantly different from average human," Henry Shevlin, an AI ethicist and professor at the University of Cambridge, told Insider. How tech bros are defining this idea of median human intellect is open to question. Traditional measurements for comparing AI and human intelligence have tended to focus on capabilities rather than general intellect. But comparing AI with human intelligence at all can be ethically murky and potentially misleading, according to Mittelstadt.

Persons: Sam Altman, Altman, —, …, It's, you'd, Elizabeth Weil, it's, Brent Mittelstadt, Henry Shevlin, Shevlin, Mittelstadt Organizations: Service, Yorker, Twitter, McKinsey, Oxford Internet Institute, University of Cambridge

Bottles of prescription painkiller OxyContin made by Purdue Pharma LP sit on a shelf at a local pharmacy in Provo, Utah, U.S., April 25, 2017. The settlements, which require a judge's approval, were disclosed in papers filed on Tuesday in federal court in San Francisco. The money is on top of $641.5 million that McKinsey already paid to resolve claims by state attorneys-general. McKinsey will pay $207 million to resolve claims by counties and municipalities, and another $23 million to resolve claims by public school districts. Aelish Baig, a lawyer for the local governments, in a statement called the deal "a strong outcome for the communities harmed by this crisis".

Persons: painkiller OxyContin, George Frey, Aelish Baig, McKinsey, Joe Biden's, Purdue Pharma's, Nate Raymond, Miral Organizations: Purdue Pharma, REUTERS, Companies Mckinsey, Company, Consulting, McKinsey, Co, U.S . Centers for Disease Control, U.S, Supreme, Purdue, Thomson Locations: Provo , Utah, U.S, San Francisco, United States, Boston

☆ Fast fashion is leaning into resale, but it may do little to reduce emissions, new study says
▼ + stars: | 2023-09-26 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +3 min

Fast-fashion retailers like Zara, Shein and H&M are using resale platforms to reduce their carbon footprints, but the programs are projected to do little to reduce emissions, a new study released Tuesday found. The study analyzed five brand archetypes, spanning fast fashion to premium apparel, and how reselling previously owned items could affect their overall carbon emissions between 2023 and 2040. It found that fast-fashion retailers, which create about 11.5 kilograms (25.3 pounds) of carbon dioxide for every item they make, will only reduce their emissions by 0.7% with resale programs. Outdoor brands, like Patagonia and the North Face, create about 12.5 kilograms of CO2 per item and could reduce emissions by 15.8%, according to the study. Ruben said it takes a lot of work for fast-fashion retailers to implement resale programs, but "you're not getting a lot of juice for the squeeze."

Persons: Andy Ruben, Tory Burch, Ralph Lauren, they're, Ruben, you've Organizations: Trove, Deloitte, McKinsey, University of California, CNBC, Outdoor, U.S . Securities, Exchange Commission Locations: Guangzhou, China, Brazil, Zara, Shein, Berkeley, Patagonia, reselling

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