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Business News

Location American Business News for 20 October 2023
Students issued a statement blaming Israel for the Hamas attacks. Then a doxing campaign tested the courage of their conviction.
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Microsoft CEO unravels ChatGPT, ethical AI, and going bust

Business Insider - 20 Oct 2023 18:40
Microsoft CEO unravels ChatGPT, ethical AI, and going bust Microsoft CEO Satya Nadella sat down with Axel Springer's CEO Mathias Döpfner to discuss AI and the partnership of Microsoft and OpenAI.
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GM Raises Offer To Striking Auto Workers: 23% Wage Increase General Motors' new offer matches that of Ford.
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AI Watch: Weekly Updates for the Latest in Generative AI News In the midst of the rapid advancements in generative AI, Adweek's weekly AI summary provides an overview of the most recent updates, regulatory activities and business developments in the world of generative AI. This wee...
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The Great Digital Transformation Author Releases Second Book About The Future Of Work Workforce 4.0: How AI, The Home Office, and the Gig Economy are Disrupting the Status Quo, by Gerard "Gerry" Szatvanyi, is now available.
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Walgreens Agrees to $192.5 Million Settlement with Shareholders over Failed Rite Aid Merger Just three weeks before it was set to go to trial, Walgreens Boots Alliance (WBA) has agreed to pay $192.5 million to settle a class-action lawsuit brought by investors who claim they were misled by the company about the...
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Illinois Facebook users to get 'third and final' check from record $650 million biometric privacy settlement Illinois Facebook users began receiving a third and final payment this week for unclaimed proceeds from the record $650 million biometric privacy settlement.
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Sam Bankman-Fried's Lawyers, DOJ Propose Final Sets of Jury Instructions The U.S. Department of Justice and Sam Bankman-Fried's defense team filed their proposed jury instructions after the witness testimony wraps up in the coming weeks.
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SEC Drops Lawsuit Against Ripple Executives, All Charges Dismissed -- Ripple Calls It 'a Surrender by SEC' The U.S. Securities and Exchange Commission (SEC) has dropped all charges against Ripple’s executives, CEO Brad Garlinghouse and co-founder Chris Larsen. “The SEC made a serious mistake going after Brad & Chris perso...
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Chopra: Open banking helps small banks 'steal the lunch' of big banks Consumer Financial Protection Bureau director Rohit Chopra said Friday that a recently proposed data-access rule will provide a competitive edge to small banks, leveling the playing field between them and their larger co...
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Bitfinex's CTO Paolo Ardoino Endorses RGB Protocol for Bitcoin Stablecoins Paolo Ardoino, the chief technology officer (CTO) at crypto exchange Bitfinex, has expressed his support for the RGB protocol as the "best opportunity" for issuing stablecoins on the Bitcoin network. In an interview with...
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How Costco's next CEO, Ron Vachris, went from driving the retailer's forklifts to earning millions in the C-suite Outgoing CEO Craig Jelinek said he has "total confidence in Ron," whom insiders had been betting on to take over the job since early last year.
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Comerica foreshadows cost cuts

American Banker - 20 Oct 2023 19:35
Comerica foreshadows cost cuts "We'll be taking steps to offset expense pressures," CEO Curtis Farmer told analysts after the company reported an 11% year-over-year jump in costs and falling profits.
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'The Big Short' investor Steve Eisman says he's buying stocks rooted in the 'old economy,' and that there's no new housing crisis in sight Steve Eisman, depicted by Steve Carell in "The Big Short" film, told the WSJ his current investment thesis is "revenge of the old school."
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American Express CEO brushes off Delta's controversial rewards shift Steve Squeri says the outcry over the airline's changes to its loyalty program has not hurt spending on co-branded Amex cards.
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FBI Charges 6 for Allegedly Running $30M Money Transmitting Business Using Crypto The FBI has charged six people for allegedly operating an illegal $30 million money-transmitting business using cryptocurrencies.
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Elon Musk's X plots two new subscription tiers -- as traffic reportedly plunges "One is lower cost with all features, but no reduction in ads, and the other is more expensive, but has no ads," Musk wrote on X.
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Pfizer jacks up price of five-day course of COVID drug Paxlovid to $1,400 The new cost of the drug is nearly triple the amount the US government paid during the coronavirus pandemic, according to a report.
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Why oil prices are rising amid the Israel-Hamas war

The Guardian - 20 Oct 2023 17:33
Why oil prices are rising amid the Israel-Hamas war To date oil and gas flows from the Middle East remain fairly unaffected - but there are concerns about escalation Israel and Hamas at war - live updates Global oil market prices have climbed for two consecutive weeks sin...
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Obama Treasury chief Jacob Lew got $14M from private equity firm after refusing to crack down on Wall Street loophole After serving as Obama's treasury chief, Lew joined the private equity firm Lindsay Goldberg in 2017, where he was made managing partner.
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FinCEN Targets Crypto Mixers Over Laundering and National Security Concerns The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, this week proposed regulations aimed at increasing transparency around crypto mixing services. These services, the agency says, are used b...
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Fed's Balancing Act: Rising Rates and Shrinking Balance Sheets According to a recent Bloomberg article, losses on longer-dated Treasuries are beginning to rival some of the most notorious market meltdowns in US history.
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