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Apple Store employees in Maryland vote to authorize a first strike over working conditions 2024-05-12 20:41:02+00:00 - TOWSON, Md. (AP) — Workers at the first Apple Store to unionize have now also authorized a first strike against the tech giant’s retail operations. Apple Store workers in Towson, Maryland, voted late Saturday to authorize a strike, according to a statement from the International Association of Machinists and Aerospace Workers’ Coalition of Organized Retail Employees, which represents the workers. No date was set for the strike. The vote followed what the union called “over a year of negotiations with Apple management that yielded unsatisfactory outcomes.” According to the statement, the workers are seeking changes in what they call “unpredictable” scheduling practices and are wanting wages that align with the local cost of living. Workers at the store in the Baltimore suburbs voted by a nearly 2-to-1 margin to unionize in June 2022, joining a growing push across U.S. retail, service and tech industries to organize for greater workplace protections. Apple did not immediately return an emailed request for comment.
OpenAI's Sam Altman says an international agency should monitor the 'most powerful' AI to ensure 'reasonable safety' 2024-05-12 20:11:56+00:00 - OpenAI CEO Sam Altman wants an international agency to regulate artificial intelligence. Altman said an agency approach would be better than inflexible laws given AI's rapid evolution. He compared AI to airplanes, emphasizing the need for a safety testing framework. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement OpenAI CEO Sam Altman says he's keen on regulating AI with an international agency. "I think there will come a time in the not-so-distant future, like we're not talking decades and decades from now, where frontier AI systems are capable of causing significant global harm," Altman said on the All-In podcast on Friday. He believes those systems will have "negative impact way beyond the realm of one country" and wants to see them regulated by "an international agency looking at the most powerful systems and ensuring reasonable safety testing." Related stories In Altman's view, landing on the appropriate level of oversight will be a balancing act. Advertisement "I'd be super nervous about regulatory overreach here. I think we get this wrong by doing way too much or a little too much. I think we can get this wrong by doing not enough," he said. Legislation to regulate the fast-changing technology is already underway. In March, the EU approved the Artificial Intelligence Act , which will categorize AI risk and ban unacceptable use cases. President Joe Biden also signed an executive order last year calling for greater transparency from the world's biggest AI models. And this year the state of California has been leading the charge on regulating AI as lawmakers consider more than 30 bills, according to Bloomberg . But Altman argued that an international agency would offer more flexibility than national legislation — and that's important given how quickly AI evolves. Advertisement "The reason I've pushed for an agency-based approach for kind of like the big-picture stuff and not like a write-it-in-law is in 12 months it will all be written wrong," he said. He thinks that lawmakers, even if they're "true world experts," probably can't write policies that will appropriately regulate events 12 to 24 months from now. In simple terms, Altman thinks AI should be regulated like an airplane. "When like significant loss of human life is a serious possibility, like airplanes, or any number of other examples where I think we're happy to have some sort of testing framework," he said. "I don't think about an airplane when I get on it. I just assume it's going to be safe."
Furniture flippers are getting roasted online for painting vintage wood pieces 'millennial gray' 2024-05-12 19:20:36+00:00 - Furniture flipping is a booming business for content creators on TikTok and Instagram. But flips that involve painting over natural wood furniture often elicit backlash and hate comments. People get especially worked up when flippers paint over beloved mid-century modern furniture. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Growing up, Christina Clericuzio always thought the dresser at her grandma's house was so ugly — with walnut brown wood and a diamond-like design on the drawer faces. So when Clericuzio's grandma was getting rid of it, it seemed like the perfect candidate for her new hobby: furniture-flipping, the practice of taking a piece of old furniture and restoring or refinishing it. Clericuzio sanded down the walnut, removed the wood veneer, added drawer pulls, and painted most of the dresser white. When she posted the before and after shots online, she loved the new beachy look. "I was like, 'Oh my gosh, I'm a magician. I'm so amazing,'" the Connecticut-based content creator told Business Insider. Advertisement But then came the comments. "This is criminal." "This is evil." "You literally ruined it!" Advertisement "I got humbled so quick," Clericuzio said, adding there were people calling her dumb and all sorts of names. She still thought the piece was cute and was able to sell it for $400 — but now she knows a mid-century modern furniture piece like that, restored to its original look, can sell for much, much more. Up to $8,160, to be exact, according to a current Chairish listing for what appears to be the exact same dresser — a mid-century nine-drawer lowboy piece made by United Furniture. Clericuzio is among countless furniture flippers on Instagram and TikTok who regularly get berated or even threatened in their comments over some of their work — especially when they paint over wood furniture, and even moreso if the color they go with is white, beige, or the widely mocked "millennial gray." Advertisement Jennifer Beck, a Tennessee-based furniture flipper who runs Saved By Design with her mom, told BI she's considered making shirts for her brand that say, "Forget about politics. How do you feel about painted furniture?" Still, furniture flipping is booming. Some content creators, like Clericuzio, got into it during the pandemic and have been able to turn it from a side hustle into a full-time gig. Furniture flippers also give new life to a piece that might otherwise end up in a landfill — which happens more than you'd think with donated furniture — and buying secondhand is increasingly appealing to Gen Z, who view it as a more environmentally friendly way to shop. So why all the hate? Furniture flipping can divert old pieces from ending up in the landfill. Halfpoint Images/Getty Images Demand is up for vintage wood furniture — without paint Part of the backlash certainly stems from the current state of the furniture industry, in which it's increasingly difficult to get your hands on brand-new, high-quality furniture. Advertisement The decline in quality in mass-market furniture has led many people to seek out vintage or secondhand pieces, especially those made of real wood, which was common in American furniture production in the mid-1900s but makes up a much smaller share of the retail market today, which is saturated with products made from engineered wood and other cheap materials. As a result, the secondhand furniture market is booming, with vintage furniture sellers proliferating on places like Instagram and Facebook Marketplace. The flippers said most of the hate comments tend to come from flips of midcentury modern furniture, in particular, a beloved and lasting design aesthetic from around roughly the 1930s to 1970s. Many of the flips that draw the most backlash are of distinct midcentury pieces getting transformed into a more modern, and often more generic, painted piece that would fit in at Anthropologie — a brand Clericuzio loves and takes inspiration from for her flips. Advertisement But now that she's been doing this a few years and is more knowledgable about furniture in general, Clericuzio said she understands where some of the critics are coming from, if not the hateful way they express their distaste. Related stories "I really try to only work on midcentury modern pieces that, in my opinion, are just objectively ugly," she said, or pieces that are so damaged they might be beyond a classic restoration job. As for how she'd handle her grandma's old dresser today? "I probably wouldn't even touch it," she said, adding now that she knows more about furniture, she even sees more beauty in the original piece. Advertisement A restored rocking chair and credenza for sale in Atomic Age Modern in Mesa, Arizona. The Washington Post/Getty Images Furniture restoration vs. painting Ask any flipper and they'll tell you how divisive painting furniture is, but some acknowledge that the desire to just paint over any old piece of furniture can come from a lack of skill. "When I first started out, I did not know what I was doing," Beck, the Tennessee-based flipper, said. When she started furniture flipping, painting was the only thing she knew how to do. "All we were trying to do was change the look so that we could have a before and after photo and sell it," she said, adding that meant her products were not as high quality as they could've been and she was selling some pieces for much less than she could if she actually restored them. As she learned more about furniture and improved her skills, Beck said she was able to be more discerning about painting. Now she does high-end restoration and refinishing work, often selling her pieces for thousands of dollars. Advertisement She still uses paint, but in a much more limited capacity, like when the piece is too damaged for full restoration or some use of paint will add to the design and make it more appealing for her customers. Beck said she also considers what kinds of pieces will actually decline in value if they are painted, according to appraisers, like high-quality antique, historic, or mid-century modern pieces, typically with a maker's mark indicating the craftsmen who produced them. It's not just about making the most money. Beck believes there are some pieces that should be restored and preserved simply because they are rare, beloved, and culturally valuable. But ultimately, it comes down to what she can sell to her customers. Despite all the vocal online haters of painted furniture, there's a reason furniture flippers do it: the pieces sell. Advertisement Mike Coleman, a vintage furniture seller and the owner of Big Mike's Vintage in Chicago, said he used to be strongly against painting over pieces, but after meeting skilled dealers who do it well, he's opened up to it. "It's your house, your furniture," he said, adding, "Do want you want at all times." But he said he's seen plenty of TikTok flippers who just don't know how to do it well in a way that will actually last, and he thinks most people should leave it to the pros. "You can't just spray paint over lacquered walnut," Coleman said. Advertisement Before-and-after of one of Christina Clericuzio's flips. Christina Clericuzio Critics of furniture flippers don't always know what they're talking about One flip that drew hate comments and frustrated Clericuzio involved a brown shelving unit she picked up from Goodwill for $12. She sanded down the shelf — which revealed it had previously been painted over three times: red, blue, and then brown — then painted over most of it with a light blue paint and added some mirrors, unique drawer panels, new knobs, and legs. She left the top wood visible, meaning there was actually more of the original wood showing than when she bought it. Still, the hate comments rolled in. One that got over 4,100 likes read: "the way u take beautiful vintage pieces, n make em boring n modern should be put in the bible as a sin." Many commenters were especially exasperated that Clericuzio threw away the "original" knobs. But after the TikTok of the flip went viral, the woman who originally donated the shelf got in touch with Clericuzio. Advertisement The shelf had come from somewhere like Ikea, and the woman had painted it over herself several times in the years she owned it. As for the "beautiful antique knobs" that commenters couldn't believe Clericuzio tossed? They sell for $3.99 a piece from Hobby Lobby.
A Hong Kong-based crypto exchange used deepfakes of Elon Musk to claim the billionaire was its lead developer 2024-05-12 19:07:06+00:00 - Hong Kong authorities warned about a scam using deepfake Elon Musk videos to trick investors. The group claimed to provide an AI-driven cryptocurrency trading service. This is not the first time scammers have used deepfake versions of Elon Musk. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement No, Elon Musk didn't create the shady crypto trading website that a random person on Facebook is telling you to invest in. The Hong Kong Securities and Futures Commission issued a warning last week about deepfake scams. According to the statement, a group calling itself Quantum AI or AI Quantum, is using deepfake videos of Elon Musk to trick people into thinking he is behind the software. The group is not to be confused with NASA's Quantum AI Lab (QuAIL), which focuses on quantum computing research. Related stories As the technology behind artificial intelligence advances, scammers are increasingly using deepfakes to dupe their victims into handing over cash. Advertisement "Deepfakes" leverage artificial intelligence to mimic the face and voice of a person in a video or audio clip. Scammers will use deepfakes to set up video calls with victims. They then use a webcam paired with software that changes their facial features to look like the person with whom the victim thinks they are communicating. The notorious Nigerian scam group, The Yahoo Boys, for example, uses deepfakes to trick people into romance scams. The group in Hong Kong claimed to provide a cryptocurrency trading service using underlying artificial intelligence. But Hong Kong authorities said they suspect it is a front for "virtual asset related fraudulent activities." The group used three websites and two Facebook pages to run its crypto scams, the warning says. Authorities said the group used deepfake videos of Musk to deceive victims into thinking that he was the developer of the technology, lending the fake company an air of legitimacy. They even went as far as creating a fake "news" website to promote false information about the service, authorities said. Advertisement Hong Kong police shut down all of its websites and social media pages, according to Crypto News. The Hong Kong Police Force did not return a request for comment from BI. It's not the first time scammers have used deepfakes of Musk to steal money from their victims. In April, a South Korean woman said she lost $50,000 after scammers pretending to be Musk reached out to her on Instagram. She even held a video call with whom she thought was the ubiquitous billionaire. "'Musk even said 'I love you, you know that?' when we made a video call," the woman told 60 Minutes of the deepfaked conversation.
The 5 biggest bombshells of Trump's hush-money trial so far 2024-05-12 18:57:56+00:00 - The ongoing Trump hush-money case wrapped its third week on Friday. The unprecedented criminal trial of a former US president has supplied no shortage of wild moments. From a porn star's testimony to wacky tweets, here are the 5 top takeaways so far. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement For three weeks, jurors in a Manhattan criminal courtroom have heard testimony about lascivious affairs and complicated financial records as former President Donald Trump stands trial on 34 felony counts of falsifying business records. Trump has pleaded not guilty to all the charges, which center on a hush-money scheme to silence porn actor Stormy Daniels ahead of the 2016 election. The prosecution's case is nearing its end. On Friday, the DA's office announced it would present only two more witnesses — one of them is expected to be former Trump "fixer" Michael Cohen — and will likely conclude its case by the end of next week. The trial was expected to run six weeks in total. Advertisement The unprecedented criminal trial of a former US president has delivered several stunning moments so far. Here are the top five. Hope Hicks' tearful testimony Hope Hicks' bombshell testimony — which helped both the defense and prosecution at times — was most notable for her waterworks on the stand. The former White House aide and longtime Trump advisor took the stand on May 3 and told jurors about working with Trump and Cohen as campaign press secretary amid the 2016 Daniels scandal. Parts of Hicks' testimony didn't play well for Trump, Business Insider previously reported. She illustrated how much he and his campaign worried about Daniels going public with the story ahead of the election. When the story finally came to light in 2018, Hicks said Trump was almost relieved. Donald Trump poses for members of the media with then-White House Communications Director Hope Hicks on her last day in the role. AP Photo/Andrew Harnik "I think it was Mr. Trump's feeling that it was better to be dealing with it now," she said, "rather than just before the election." Advertisement But when she took the stand on cross-examination, Hicks also helped bolster the defense's case, saying Cohen wasn't looped in on the "day-to-day" of Trump's campaign in 2016, confirming that the fixer sometimes "went rogue." Hicks also testified that Trump cared about protecting his family from the infidelity stories. "I don't think he wanted anyone in his family to be hurt or embarrassed by anything that happened on the campaign," she said. Jurors get a peek at the 34 records at the heart of the case Two weeks into Trump's trial, jurors finally saw the paperwork at the heart of the matter. Two key witnesses — longtime Trump Organization employees Jeffrey McConney and Deborah Tarassoff — testified about their handling of the company's checks, invoices, and other records, which make up the 34 business records District Attorney Alvin Bragg alleges Trump falsified. Advertisement The prosecution showed the paperwork on big TV screens in the courtroom. Though less exciting than the rumors of salacious extramarital affairs and campaign PR techniques, the accounting details constitute the crux of the case, Business Insider previously reported. Prosecutors carefully walked through what they say was the falsified paperwork that led to Cohen's reimbursement checks. The business records were disguised Cohen's reimbursement checks as "legal fees" to cover up a conspiracy to sway the election, prosecutors say. Jurors also saw eleven checks, including nine Capital One personal checks written out to Cohen that Trump signed over the course of his first year in office. BI's reporters noted that while key evidence, the May 6 financial testimony bored many in the courtroom. Advertisement Stormy Daniels tells her story Daniels took the stand on May 7, delivering her long-awaited testimony during which she described being scared and ashamed after the sexual encounter she says she had with Trump in 2006. Related stories Wearing black-rimmed glasses and a sweater, the porn actor, whose name is Stephanie Clifford, came face-to-face with Trump for the first time in a decade. Trump spent much of Daniels' testimony staring down at the defense table, avoiding looking at her. A courtroom sketch of Stormy Daniels on the witness stand in Donald Trump's hush-money trial. Jane Rosenberg/Reuters On the stand, Daniels described how she met Trump at a celebrity golf tournament in Lake Tahoe in July 2006, saying she ended up in his penthouse hotel suite after accepting a dinner invitation from the businessman. Daniels says the two then had sex — a claim Trump has repeatedly and strongly denied. On the stand, Daniels said Trump told her she reminded him of his daughter, commenting on her blond hair and beauty. She testified that Trump told her not to "worry" about Melania, saying he and his wife slept in separate rooms. Advertisement As Daniels began to describe their alleged sexual encounter, Trump appeared furious, BI's reporters noted. Presiding Judge Juan Merchan later reprimanded Trump for "cursing audibly" during her testimony. Merchan barred some explicit details of Daniels' story, but she did tell jurors that Trump did not wear a condom during the act. She added that she didn't tell very many people about the encounter afterward because she was ashamed. Daniels testified that she and Trump remained in contact after that night, and she avoided having sex with him again even though he indicated he wanted to. She also described being approached by a man in a parking lot years later who she said warned her about discussing her "encounter with Mr. Trump." Advertisement When Trump launched his presidential campaign in 2015, Daniels said her agent told her she could sell the rights to her story to Cohen for $130,000. Trump's legal team requested a mistrial on the basis of Daniel's testimony. Merchan rejected the motion. Judge Merchan holds Trump in contempt of court Since Trump's trial began four weeks ago, the former president has been held in contempt of court not once but twice. The first slap on the wrist came on Thursday, April 25, when Judge Merchan ordered Trump to pay a $9,000 fine for violating his gag order nine times. His offenses include questioning the impartiality of his jury and launching tirades against trial witnesses, including Cohen and Daniels, on Truth Social. Advertisement Trump's legal team attempted to argue the judge's decision by noting that Trump was merely reposting attacks made by others in some cases, but Merchan rejected their argument. Former US President Donald Trump attends his trial for allegedly covering up hush money payments linked to extramarital affairs, at Manhattan Criminal Court in New York City. MARK PETERSON/POOL/AFP via Getty Images The April shaming didn't quite work, however, and Merchan slapped Trump with another fine on May 6 in response to an April 22 phone interview Trump did with a right-wing network. During the call, Trump talked about the hush-money jury, calling them "95% Democrats." In a written order, Merchan repeated much of what he had already chastised Trump for previously in the trial, emphasizing that Trump was in criminal contempt over three separate motions. "It is apparent that monetary fines have not, and will not, suffice to deter Defendant from violating this Court's lawful orders," Merchan wrote. Advertisement Any future violation of the gag order will result in Trump's incarceration, Merchan said, adding that he did not want to go through the hassle of imprisoning the former president. 'ShitzInPantz' is entered into the court record Perhaps the weirdest entry in the court record thus far was the inclusion of one of Cohen's favorite insulting nicknames for the former president: Donald "Von ShitzInPantz." Todd Blanche, defense attorney for Trump, complained in court on May 2 that President Joe Biden and Cohen are allowed to bad-mouth Trump, while Trump isn't able to respond. Blanche cited Biden's jokes about Trump during the White House Correspondent's Association Dinner, which he said "Trump can't respond to" because of the ongoing hush-money case. Advertisement Then Blanche moved on to his complaints about Cohen's ramblings, reading into the record the former Trump ally's offensive post. "This one says, oh my, ShitzInPantz," Blanche read to the courtroom as a screenshot of the social media post was added to the court record, with no objection from prosecutors.
Republicans are divided on whether Kari Lake's Arizona Senate candidacy should be a top investment for the GOP 2024-05-12 18:36:52+00:00 - Kari Lake remains the heavy favorite to win the Arizona GOP Senate primary this summer. But some Republicans are skeptical of Lake's candidacy in one of the nation's premier swing states. The NRSC is set to unveil a joint television ad buy in conjunction with Lake, per Politico. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement When Kari Lake jumped into the Arizona GOP Senate primary last October, many conservatives were thrilled with the decision, confident she'd energize base voters in the general election. But Lake, a former television journalist who narrowly lost the 2022 Arizona gubernatorial race to Democrat Katie Hobbs, remains a polarizing figure among the electorate. Lake excites former President Donald Trump's most fervent supporters, but Arizona, in recent years, has morphed into a purple state where independents are critical and statewide Republicans are not assured of easy victories. A recent survey released by Emerson College Polling/The Hill showed that Lake was only winning 80% of Republicans and losing roughly 15% of GOP voters to her likely Democratic opponent, Rep. Ruben Gallego. It's still early in the campaign, but the numbers are a sign that she has so far not consolidated GOP support around her candidacy. And there's a similar sentiment among GOP leaders. While many are backing her campaign, others are less than thrilled. Advertisement Sen. John Barrasso of Wyoming, the chair of the Senate Republican Conference, told Politico that while he anticipates most GOP candidates will be outspent this year, Arizona is too important of a state for the party on the national Senate map. (Barrasso speaks with Lake often, according to Politico.) "To me, Arizona is a top-tier state. Because it's an open Senate seat," he told the outlet. Lake is beginning to obtain some much-needed investment from Washington Republicans. Related stories The National Republican Senatorial Committee (NRSC) is set to unveil a joint television ad buy in conjunction with Lake's campaign, according to Politico. Advertisement But former Arizona Rep. Matt Salmon, who ran against Lake in the GOP gubernatorial primary two years ago before withdrawing from the race, wasn't optimistic about his onetime opponent's viability. "When you don't really have a core belief in anything, and you're willing to take whatever position you think is politically expedient at the moment, you end up getting caught between a rock and a hard place before too long," he recently said of Lake during a Politico interview. "Ultimately, the Republican Senate committee is probably going to realize before too long that there's far better opportunities for victories in other parts of the country," he added. Sen. Todd Young of Indiana, who chaired the NRSC from 2019 to 2021, told the publication that Arizona is "certainly not" on his current list of top pickup opportunities for the GOP this year. Advertisement Republicans are virtually assured of picking up the West Virginia seat being vacated by Democratic Sen. Joe Manchin. But in addition to Arizona, they're angling to flip seats in Montana, Ohio, Maryland, Michigan, Nevada, Pennsylvania, and Wisconsin. "It's really important that Republicans control at least some lever of power in Congress," Young told Politico. But he was seemingly unsure if he'd become involved in Lake's campaign down the line. "I don't know that I'm participating in that one. It's possible," he added.
Joe Manchin Expresses Disappointment In Congress' Inaction Over Nation's Rising $35 Trillion Debt: 'It's A Shame ... No One Cares About It' 2024-05-12 18:20:00+00:00 - Loading... Loading... The initiative for a bipartisan commission to address the United States' escalating $34.6 trillion debt appears to be stalling in Congress. What Happened The bipartisan commission, an idea advocated by Speaker of the House Mike Johnson since his inauguration, has encountered resistance from both political parties, effectively halting its progress, according to the Associated Press. Left-leaning Democrats and advocacy groups are concerned that the commission would suggest reductions to Social Security benefits. On the other hand, some Republicans and right-leaning organizations are opposed to the commission, fearing it would propose tax hikes. See Also: US Pays $2M Interest Per Minute On National Debt: 'Funny, Peculiar Chicken-And-The-Egg Type Situation' Sen. Joe Manchin, D-W.Va., the sponsor of the Senate's debt commission bill, expressed his disappointment, saying, "No one seems to care. It’s a shame, $34.6 trillion in debt. No one cares about it." The proposed commission would be a 16-member panel, with the responsibility of recommending measures to balance the federal budget and enhance the long-term fiscal health of Medicare and Social Security. Despite the grim outlook, supporters of the bill, including Rep. Scott Peters, D-Calif., maintain optimism, asserting that the commission's approval by the end of this Congress is still achievable. Why It Matters The impasse in Congress over the formation of a bipartisan commission to address the national debt underscores the deep political divisions over how to manage the country's fiscal health. With the national debt reaching record levels, the need for a comprehensive strategy to balance the budget and ensure the sustainability of critical social programs like Medicare and Social Security is more urgent than ever. However, the divergent views on tax increases and spending cuts present significant hurdles to reaching a consensus. The fate of the proposed commission, and its potential impact on the national debt, remains uncertain. Read Next: Elon Musk Issues Stark Warning Amid Rising National Debt: '...The Dollar Will Be Worth Nothing' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
Hotel union workers end strike against Virgin Hotels Las Vegas with contract talks set for Tuesday 2024-05-12 18:14:51+00:00 - LAS VEGAS (AP) — Nevada’s largest labor union concluded a 48-hour strike Sunday meant to pressure Virgin Hotels Las Vegas to agree to a five-year contract on wages and benefits. More than 700 workers with Culinary Union Local 226 walked off the job at the 1,500-room hotel-casino near the Las Vegas Strip Friday morning and ended the strike Sunday morning. Contract talks are set to resume on Tuesday. Guest room attendants, cocktail and food servers, porters, bellmen, cooks, bartenders, and laundry and kitchen workers were among those walking the picket line in front of Virgin Hotels, formerly the Hard Rock Las Vegas. Ted Pappageorge, secretary-treasurer for the union, said workers hoped the 48-hour strike would help expedite a new agreement. The union’s contract with Virgin Hotels expired 11 months ago. Earlier this year, union members at other Las Vegas-area properties reached deals giving them a roughly 32% salary increase over five years, including 10% in the first year. The last time Culinary Union members went on strike was in 2002 at the Golden Gate hotel-casino in downtown Las Vegas. Virgin Hotels filed a complaint with the National Labor Relations Board last week ahead of the anticipated strike, accusing the union of failing to negotiate in good faith. Pappageorge disputed the claim. Last year, the union authorized a citywide strike prior to Las Vegas hosting the Super Bowl. But it eventually reached an agreement with major hotel-casinos on the Strip for about 40,000 workers and with most downtown and off-Strip properties for 10,000 workers.
Donald Trump Dismisses Hush-Money Case As 'Sham,' Accuses Joe Biden Of Heading A 'Gestapo Administration' 2024-05-12 18:11:00+00:00 - Loading... Loading... In a recent public appearance, former President Donald Trump addressed a large audience in Wildwood, New Jersey, where he voiced criticism towards his ongoing trial and the administration of President Joe Biden. What Happened: As reported by Politico, Trump rallied his supporters on Saturday, dismissing his hush money case as a "sham" and attributing his legal troubles to Biden. This follows a week of witness testimonies in his New York criminal trial. Trump refrained from commenting on the witnesses or jurors involved in the case, likely due to a gag order enforced by Justice Juan Merchan. The former president has already been penalized for breaching the order 10 times, resulting in a $10,000 fine and a warning of potential imprisonment for future violations. See Also: Donald Trump Reacts To Barron Trump's Role In RNC, Misstates Son's Age In Process: 'He's Pretty Young' The rally in Wildwood marks Trump's third public appearance since the commencement of his trial nearly a month ago. His criticism of the justice system and Biden has intensified, with accusations of Biden leading a "Gestapo administration" and being "surrounded by fascists around the Oval Office." Trump also expressed disapproval of Biden's promise to withhold arms from Israel if it initiates attacks on the densely populated city of Rafah. He further pledged to expel any foreign student who propagates "jihadism or antisemitism" on U.S. college campuses. Despite ongoing legal proceedings, Trump remains active in political engagements, hosting events in Michigan and Wisconsin, as well as fundraising and campaign events at his private club in Florida. Why It Matters: Trump's public criticism of his ongoing trial and Biden's administration indicates his continued engagement with his supporter base despite his legal challenges. His comments on the trial and Biden's policies reflect his ongoing political ambitions and his efforts to maintain his influence within the Republican party. His continued campaign activities in key states also suggest his potential interest in running for office in the future. Read Next: The Disparate Treatment Of Trump's Fake Electors Is A Serious Concern, Says Legal Expert: 'It's So Unusual To Have This Situation' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
The Best States To Launch Your Cannabis Business In 2024 - According To Marijuana Legal Experts 2024-05-12 17:48:00+00:00 - Loading... Loading... This article was originally published on Cannabis.net and appears here with permission. Have you ever pondered the landscape of cannabis regulations across the United States? Amid a shifting legal terrain where nearly half of the states have embraced recreational cannabis and 38 have legalized medical marijuana, the complexities abound. Despite federal law maintaining cannabis as an illegal substance, each state charts its course with unique rules and regulations. Deciding on the optimal cannabis state involves considering various factors, such as whether the state permits medical, recreational, or both cannabis programs, the presence of non-profit entities, and regulations surrounding commercial licenses. Addressing this intricate question, according to Businees Insider, the Missouri-based law firm Thompson Coburn has undertaken the task of creating an updated state-by-state ranking of cannabis regulations. Their 2023 guide offers a glimpse into how 2024 rankigns will stack up and offers a comprehensive overview of cannabis laws, encompassing every state, DC, and U.S. territories. The rankings range from states with the most favorable regulations for cannabis businesses to those with the most restrictive. In a surprising turn of events, Michigan claimed the top spot in the 2023 rankings, attributed to its low taxes and minimal entry barriers at the state level. According to Michael Rosenblum, a partner at Thompson Coburn, Michigan's success serves as a potential case study for regulators nationwide grappling with market challenges. For those interested in exploring further, here's a glimpse into the first four marijuana states leading the pack with the most business-friendly cannabis laws: 1. Michigan Michigan legalized adult-use cannabis in 2018, becoming the 10th state and the first in the Midwest to do so. The Michigan Regulation and Taxation of Marijuana Act (MRTMA) governs the possession and cultivation of cannabis, allowing individuals aged 21 and older to possess up to 2.5 ounces and cultivate 12 plants for personal use. The state's regulatory framework is business-friendly with a 6% sales tax and a 10% excise tax. However, market saturation has led to challenges for businesses, resulting in closures and financial struggles. Medical-use cannabis is regulated under the Medical Marihuana Facilities Licensing Act (MMFLA), with licenses varying based on activities. Cannabis sales in Michigan surpassed $2.3 billion in 2022, driven by a record monthly sales of $276 million in July 2023. The state's per capita sales exceed California's, partly due to neighboring states prohibiting adult-use cannabis. 2. Illinois In 2019, Illinois became the first state to legislatively legalize adult-use cannabis with the Illinois Cannabis Regulation and Tax Act. The law permits residents aged 21 and older to possess specified amounts of cannabis for recreational use, but home cultivation is restricted for adult users. Social equity applicants, residing in disproportionately impacted areas with qualifying convictions, can access a $30 million loan program to support startup costs. Recreational sales commenced on January 1, 2020, but faced challenges, leading to forgivable loans and expungement of low-level marijuana charges. Illinois sold over $1 billion in marijuana in 2021, increasing to $1.5 billion in 2022. Governor Pritzker emphasized equity in the cannabis ecosystem, with 50 social equity licensees operating by September 2023. Changes in 2023 include altered application processes for social equity licensees, though regulatory developments, especially concerning delta-8 THC, have faced delays. Illinois hosts prominent multi-state operators (MSOs) on a national scale, featuring key players such as Green Thumb Industries (GTBIF), Verano Holdings (VRNOF), PharmaCann, Cresco Labs (CRLBF), and Ascend Wellness (AAWH). Loading... Loading... 3. Arizona Both medical and adult-use marijuana have been legal in Arizona since 2010, with physicians prescribing up to 2.5 ounces every two weeks for qualifying conditions. As of August 2023, 149,000 residents are registered for medical marijuana, down from 278,000 in 2020 due to increased recreational purchases. Medical patients enjoy employment protection. In 2020, voters approved Proposition 207, allowing recreational use. The Act permits possession of up to 1 ounce and home cultivation of six plants. Recreational sales, marked by a 16% excise tax, began on January 22, 2021. The Arizona Department of Health Services oversees licensing, with dual licensees operating retail locations for both medical and adult-use marijuana. Sales reached $1.4 billion in 2021 and 2022, with a shift from medical to recreational dominance in 2022. As of September 2023, 148 facilities operate, including major players like 4Front Ventures and Trulieve. Trulieve, a Florida-based operator, acquired Harvest Health & Recreation in 2021 and expanded its cultivation facilities in Arizona in 2022. 4. California California pioneered medical cannabis legalization in 1996 with the Compassionate Use Act, followed by the 2016 Medical and Adult-Use Cannabis Regulation and Safety Act (MAUCRSA). By 2022, its legal cannabis market accounted for 20% of the national industry, generating $5.3 billion in sales. The complex licensing framework, overseen by the Department of Cannabis Control (DCC), offers over 20 classifications, with no defined limits on licenses but stringent requirements. Challenges include a flourishing illicit market, high taxes, and regulatory complexities. Recent legislation addresses employment discrimination, cannabis delivery bans, and potential interstate trade. Despite a sales downturn in 2022 and ongoing credit concerns, California continues legislative efforts, such as allowing cannabis cafes, reflecting the state's dynamic cannabis landscape. The ranking further continues like this: 5. Nevada 6. Massachusetts 7. Missouri 8. New York 9. New Jersey 10. Oregon Some Of The Worse States But With Little Business Promise Within the list of the 10 least favorable states for cannabis, South Carolina, North Carolina, Wyoming, Kansas, Tennessee, Indiana, South Dakota, the U.S. Virgin Islands, Iowa, and Wisconsin stand out. Despite its current 43rd ranking, the U.S. Virgin Islands displays considerable potential. Rosenblum notes it's a budding marijuana state, especially since it embraced adult use just this year. "The U.S. Virgin Islands emerges as a recently legalized state with significant potential, not only due to its substantial tourist influx (1.6 million day tourists annually) but also because of the enticing tax incentive program offered by the territory's Economic Development Authority. This program could lead to a 90% reduction in corporate income tax for MSOs establishing a back office in the territory," Rosenblum concluded. Bottom Line The 2023 state-by-state ranking of cannabis regulations by Thompson Coburn sheds light on the diverse and evolving landscape of cannabis legislation in the United States. Michigan's unexpected claim to the top spot underscores the intricate considerations businesses face, including taxes, entry barriers, and market saturation. The rankings not only highlight leading states like Illinois, Arizona, and California but also draw attention to the challenges within the industry, such as regulatory complexities, evolving market dynamics, and the perpetual tug-of-war between state and federal laws. As the cannabis sector continues to mature, these insights provide valuable perspectives for businesses navigating the complex web of regulations and seeking optimal environments for sustainable growth. This article is from an external unpaid contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
Commuter rail service in northeast Spain has been disrupted by theft of copper cables near Barcelona 2024-05-12 17:37:09+00:00 - 1 of 3 | Employees try to give directions to passengers crowded at the entrance to the platforms, at Sants train station in Barcelona, Sunday, May 12, 2024. Catalonia’s commuter rail service said it was forced to shut down several train lines due to the robbery of copper cables from an installation near Barcelona. Potentially thousands of voters had trouble reaching their polling stations after Catalonia’s commuter rail service had to shut down several train lines due to what officials said was the robbery of copper cables from an installation near Barcelona. (AP Photo/Joan Mateu Parra)
Nadhim Zahawi admits he paid nearly £5m to HMRC after ‘careless mistake’ 2024-05-12 17:18:00+00:00 - Nadhim Zahawi has admitted for the first time he paid nearly £5m to the tax authority to settle his tax affairs, having previously denied the figure involved and claimed he was being “smeared” by journalists who revealed the issue. The former chancellor told the BBC he had paid HMRC just under £5m after making what he called a “careless mistake” with the tax he paid on the sales of shares in YouGov, the polling company he helped found. It is the first time Zahawi has spoken openly about the issue, which ended up costing him his job as Conservative chair last year after an inquiry by the prime minister’s ethics adviser. He announced this week he was standing down as an MP at the next election. Speaking to the BBC’s Sunday with Laura Kuenssberg, Zahawi said: “I’m sorry that when I had my settlement with HMRC two years ago, I should have probably been more explicit in the details, in the ministerial declaration, as to how the settlement was arrived at, and that’s my own mistake.” He added: “HMRC found that it was not deliberate, that there was a careless mistake … They thought the apportionment of shares in YouGov when it was first launched – I should have had more of the shares on in my name. As it’s been reported, the total payments [were] just shy of £5m.” Allegations about Zahawi’s tax affairs began to emerge in 2022 as he ran unsuccessfully for the Tory leadership. Reports at the time revealed that he was under investigation for non-payment of capital gains tax after the sale of £26m of shares in YouGov in 2018. The shares were sold by Balshore Investments, an offshore fund which YouGov described as “a family trust of Nadhim Zahawi”, with the revenue transferred to an unknown recipient. That year, Zahawi and Zahawi, the UK property company controlled by Zahawi and his wife, received unsecured loans of £26m from an undisclosed source. In a statement released in 2022, Zahawi called reports that he was under investigation for non-payment of taxes “smears”. In 2023 the Guardian revealed he had accepted a £5m settlement with HMRC to bring an end to the issue, including a fine likely to be more than £1m. His spokesperson at the time said: “Nadhim Zahawi does not recognise this amount.” Zahawi defended his previous statements on Sunday, insisting that he was intending to rebut only claims that he was under investigation by the National Crime Agency and Serious Fraud Office, rather than every detail in the stories. skip past newsletter promotion Sign up to First Edition Free daily newsletter Our morning email breaks down the key stories of the day, telling you what’s happening and why it matters Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion “I said [that] because it was linked to National Crime Agency and SFO, which I’ve never had an investigation from … Maybe I should have been much clearer in my declarations as a minister, but I was under investigation by HMRC and I reached a settlement with HMRC.” Zahawi announced last week he would not seek re-election as MP for Stratford-on-Avon, saying: “I have come to feel that the time is right for a new, energetic Conservative to fight for the honour of representing Stratford-on-Avon.” Zahawi won the seat with a 20,000 majority in 2019, but it has been targeted heavily by the Liberal Democrats in the runup to this year’s election.
Founder of Hipgnosis Songs Fund accuses ex-partner over failed business 2024-05-12 17:13:00+00:00 - The founder of a music company that holds the rights to songs by Blondie and Justin Bieber has accused his former business partner of using the proceeds of fraud to fund their collapsed venture, court documents show. Merck Mercuriadis is the founder of Hipgnosis Songs Fund (HSF), a FTSE 250 company that buys music rights in the hope of profiting from streaming revenues, and which is now set to be taken over by private equity investor Blackstone in a £1.3bn deal. However, that company is not Mercuriadis’s first attempt to buy up music streaming rights – or the first time he has used the Hipgnosis name. His co-founders of the now dissolved business, Hipgnosis Music Limited (HML), have brought a £200m legal action in the high court in London, claiming that Mercuriadis stole the idea from them and made millions listing it on the London stock exchange in 2018. Mercuriadis said the claim was “as opportunistic as it is unmeritorious”, in a filing detailing his defence against the claim. He has alleged that finance for the first Hipgnosis came from a complex fraud against Swedish pension funds, of which he was unaware. The claim also names HSF and its investment adviser as defendants. Both are also defending the claim. The idea behind Hipgnosis was to buy up rights to music from famous artists and writers that would continue to be streamed for years. The company could pay out dividends to investors, while musicians would be happy to sell the rights in exchange for a big upfront payment rather than waiting for listeners over the course of years. Mercuriadis is a former manager of acts including Elton John, Iron Maiden, Guns N’ Roses and Beyoncé. He appears to have held a long affinity for the word Hipgnosis, which was first the name of a graphic design group that produced album covers for the likes of Led Zeppelin, Pink Floyd and Paul McCartney. Mercuriadis set up a personal services company in 2009, with the blessing of the design group’s founder – who also sold him an upside down elephant logo that is still in use. The listed Hipgnosis venture has been in turmoil for months after rising interest rates and concerns that it had overpaid for rights prompted investors last year to vote against it continuing. That led to a bidding war between Blackstone and a rival, Concord Music. However, the listed company’s tumultuous time in the spotlight of the London stock market does not match that of Mercuriadis’s first effort. At a 2014 meeting in Los Angeles, the heart of the US showbiz industry, Mercuriadis shared the rights buyout idea with his then friends, producer Aeon Manahan and Swedish musician manager Afram Gergeo. Mercuriadis would bring his music industry contacts and nous – which he clearly valued. In his defence, Mercuriadis’s lawyers wrote: “At the time of meeting, Mr Mercuriadis had significantly greater experience – and had achieved significantly greater success – in the music industry than both Mr Manahan and Mr Gergeo.” In return, Gergeo and another businessman, Emil Ingmanson, would bring financing through an investment fund they had set up. However, Mercuriadis “did not know – but he now understands – that the finance proposed for the new business was likely to be the proceeds of crime”, the filing alleged. He said he first learned of concerns about Ingmanson in October 2016, when a friend informed him of media reports about the growing Swedish pension fund scandal. It was only in March 2017 that he himself searched online and found that Ingmanson and Gergeo were under investigation by Swedish authorities, the filing said. Gergeo and Ingmanson were arrested in England in December 2017. Ingmanson went on the run before being arrested in Hungary and extradited to Sweden. He was sentenced to six years and nine months in prison in 2020. Gergeo was sentenced to nine months for “money laundering and fraud offences” in March 2021, according to the filing. The claim against Mercuriadis said he took a “maturing business opportunity” and transferred it to a new company. However, Mercuriadis alleged that the arrests and convictions “irretrievably doomed” the original Hipgnosis’s business prospects, making it impossible to raise funds to buy song rights. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion By the time it was dissolved, HML had started negotiations with only two artists. It reached a £11.6m deal with Wayne Hector, a songwriter for Nicki Minaj, One Direction and Westlife, among others, but failed to find the money and lost out to a rival. It also started negotiations with the Isley Brothers, an American group who first rose to prominence in the 1950s with their single Shout. HML alleged that it had also agreed a deal for consultancy services with Nile Rodgers, the Chic guitarist and a close friend of Mercuriadis, and Terius Nash, the songwriter known as The-Dream, whose hits include Rihanna’s Umbrella and Beyoncé’s Partition. However, Mercuriadis claimed that those agreements were either not completed or not binding. A lawyer for HML said the company was “very confident” in its case, and its position was that there was “compelling evidence that Mr Mercuriadis dishonestly diverted the music catalogues business opportunity”. The lawyer added: “The key components of Mr Mercuriadis’ defence are materially inaccurate and/or irrelevant and designed to divert attention away from his own unlawful conduct.” HML’s representatives also claimed that “there is compelling evidence that Mr Mercuriadis was aware that Mr Gergeo was under investigation and saw this as no bar to the business succeeding”. A response to the defence is due at the end of this month, but the case may not come to trial for a year or more. Mercuriadis, HSF and its investment adviser declined to comment.
Joe Biden Calls Donald Trump 'Clearly Unhinged' At Private Fundraiser: 'When He Lost In 2020, Something Snapped In Him' 2024-05-12 16:33:00+00:00 - Loading... Loading... In a recent private fundraiser, President Joe Biden has characterized his predecessor, Donald Trump, as "clearly unhinged", attributing this change to Trump's loss in the 2020 election. What Happened: According to a CNN report, Biden made these comments at a private fundraiser in Seattle. "It's clear that … when he lost in 2020, something snapped in him," Biden expressed to his supporters. "He's not only obsessed with losing in 2020, he's clearly unhinged." Despite Biden's evaluation, he predicts a tight competition in the forthcoming November election. "We feel good about the state of the race, but we know the race is close," Biden stated, citing recent polls. See Also: Trump's Niece Says This Could Be A Big Blow To Ex-President's 'Narcissistic Need For Attention': 'Right Now The Only Thing We Can Really Do...' A poll conducted by SSRS for CNN last month indicates Trump maintaining a steady lead over Biden, with 49% support among registered voters in a direct contest. Amid Trump's hush money trial, Biden has maintained a busy schedule with policy speeches and campaign events, frequently targeting the former president. The fundraiser took place at the residence of former Microsoft executive Jon Shirley in Medina, Washington, just outside Seattle. Biden wrapped up his remarks by promising donors, "I'll try my best not to disappoint you." Why It Matters: This incident underscores the ongoing tension between the two political figures. Biden's remarks highlight his perception of Trump's mental state following the 2020 election loss. The upcoming election is expected to be a close race, and these comments could potentially impact voter sentiment. Furthermore, Trump's ongoing legal issues and Biden's active campaign schedule could also influence the election outcome. Read Next: Donald Trump Says Nikki Haley 'Not Under Consideration' For VP Role Amid Rumors: 'I Wish Her Well' This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo: Shutterstock
British asparagus back in supermarkets after criticism over imports 2024-05-12 16:20:00+00:00 - Shoppers angered by discovering imported asparagus on supermarket shelves during the short British season for the vegetable are expected to receive a fillip after a sudden burst of sunshine helped the domestic crop. Supermarket shoppers had complained after finding asparagus grown in mainland Europe and the Americas on sale during the “peak” British season. The traditional asparagus season officially starts on 23 April, St George’s Day, but leading up to that date, the weather was “frustratingly cold” and “slowed it up”, leaving far-flung imports taking their place in supermarkets, said Chris Chinn, the chair of the Asparagus Growers Association. But that is about to change after last week’s run of sunny days helped the domestic asparagus crop “grow like stink” to produce a bumper crop “flush”. Chinn predicted that homegrown asparagus would be “everywhere” now. “It took until the bank holiday weekend for the warmth [in the ground] to come back,” he said. “The spears are like little thermometers.” Asparagus requires a soil temperature of at least 10C to grow, and if the conditions are right, it can grow up to 10cm in one day. “All the buds are ready and waiting, and you get a bit of warmth on it and it really erupts,” said Chinn, a partner at Britain’s largest asparagus growers, Cobrey Farms, based in the Wye Valley. “You can grow a spear a day in these conditions.” It is now possible to buy British asparagus, usually grown in polytunnels on the south coast, as early as February. However, the main outdoor crop is traditionally ready towards the end of April and hits its stride in May. The season typically concludes on 21 June. Shoppers noticed that the British supply seemed patchy this year. While Marks & Spencer’s asparagus has been 100% British since April, rival stores are selling a mix, including imports from big producers such as Peru and Mexico as well as Italy and Spain. Jake Fiennes posted a picture of Co-op asparagus that hailed from Peru, stating: “This is so wrong as it’s peak UK asparagus season.” The Co-op explained that the cold snap had delayed the arrival of its asparagus supply, grown in Sussex, and that from Monday it would be “100% British”. It said: “As a longstanding supporter of British farmers and growers, championing homegrown produce on our shelves when in season is important to our member owners and us. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion “We currently have British asparagus in stores, which will move to 100% British from Monday. This is slightly later than usual due to the colder weather conditions in the UK over the past months, which delayed crop growth.” Waitrose said it had enjoyed a strong early season of British asparagus from February to early May but the core season had been delayed. “We are now in full UK season supply, which, for this week and next is looking strong. That said, it’s been incredibly challenging for our asparagus growers and they have been doing all they can to combat the colder temperatures and unseasonably heavy rainfall.” It is shaping up to be a year to forget for farmers who battled record-breaking rain during the winter only to be hindered by wet and cold spring weather. Many farms have been left flooded, leaving swaths of crops damaged and fields unable to be planted. As a result, asparagus is not the only crop arriving later than usual, with the British strawberry season delayed by a fortnight to the end of this month. However, strawberry growers say the hold-up meant the berries had ripened and flowered more gradually, resulting in unusually large, juicy fruits.
Wytham Abbey put up for sale for £15m by effective altruism group EVF 2024-05-12 16:01:00+00:00 - It was pitched as the place where the world’s leading technologists, scientists and philosophers would gather to figure out how effective altruism and artificial intelligence could be combined to create a global force to eradicate poverty and improve everyone’s lives. The Effective Ventures Foundation (EVF), which defines effective altruism as “using evidence and reason to figure out how to benefit others as much as possible”, decided £14.9m of its cash would be best spent buying Wytham Abbey, a 15th-century Grade-I listed manor house near Oxford. The 27-bedroom house, which has over the years been visited by Queen Elizabeth I, Oliver Cromwell and Queen Victoria, was transformed into a retreat for believers in the movement, including the now-jailed FTX founder Sam Bankman-Fried, the billionaire Facebook co-founder Dustin Moskovitz and the Estonian billionaire Jaan Tallinn, who made a fortune investing early in Skype. However, just two years after buying the mansion, which acquired the nickname “Effective Altruism Castle”, the EVF has put it up for sale for £15m. The foundationbought the abbey with grants from Open Philanthropy, the funding organisation co-founded by Moskovitz. The proceeds will be used to “support high-impact charities”, it said. It comes soon after the EVF’s parent group, Effective Ventures, announced it had paidnearly $27m to the creditors of FTX, the bankrupt cryptocurrency exchange founded and run by Bankman-Fried. The FTX founder was jailed in March for 25 years over his role in the fraudulent collapse of the company. Zachary Robinson, the chief executive of Effective Ventures US, said the US and UK branches had reached collective settlements with the FTX estate. “As part of these settlements, EV US and EV UK have between them paid the estate $26.8m, an amount equal to 100% of the funds the entities received from FTX and the FTX Foundation in 2022. We strongly condemn fraud and the actions underlying Sam Bankman-Fried’s conviction.” In its short tenure as the claimed global centre for promoting effective altruism and AI, Wytham Abbey has hosted only a handful of workshops, including “Pluralisms in Existential Risk”, “AI Fables” and “What is the nature of goal-directed agency and its implications for AI alignment?”. The mansion, which is being marketed by Savills, sits in 9.3 hectares (23 acres) of gardens, woodland and parkland in the Wytham conservation area near Oxford. “Although grand and surrounded by extensive grounds, the setting belies the abbey’s location, just three miles from Oxford,” the agent said. “Whether continuing as a residential events venue or as a family residence, it offers great flexibility.” skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion A spokesperson for Effective Ventures said: “EV agreed with the abbey’s major donors at the time of the original purchase that they could recommend that EV sell the property if they believed there were higher-impact uses of the asset. “They made that recommendation this year, and the EV boards made the decision to sell the property and use the proceeds from the sale to support high-impact charities.”
Rebels kill at least 4 people during an attack on a Central African Republic mining town 2024-05-12 15:31:26+00:00 - BANGUI, Central African Republic (AP) — Armed rebels on Sunday attacked a Chinese-run gold mining town and killed at least four people in Central African Republic, authorities said. Maxime Balalu, a local government spokesperson, told The Associated Press that the Coalition of Patriots for Change, an alliance of rebel groups aligned with former President Francois Bozize, had carried out the attack in Gaga, a village roughly 125 miles (200 kilometers) from the capital, Bangui. He said the death toll might rise and included several individuals who worked at the nearby mine. Several others were injured in the attack, Balalu said. Central African Republic has been in conflict since 2013, when predominantly Muslim rebels seized power and forced the President Francois Bozize from office. Mostly Christian militias fought back. A 2019 peace deal only lessened the fighting, and six of the 14 armed groups that signed later left the agreement. The Coalition of Patriots for Change was founded in 2020 in the aftermath of the agreement. The country remains one of the poorest in the world despite its vast mineral wealth of gold and diamonds among others. Rebel groups have operated with impunity across the embattled country over the past decade, thwarting mining exploration by foreign companies. Many of those now operating in the country are Chinese-run and have faced security challenges. Last year, nine Chinese nationals were killed at another gold mine in Central African Republic during an attack that the government blamed on the same rebel alliance. In 2020, two Chinese nationals died when local residents led an uprising against a Chinese-operated mine in Sosso Nakombo.
From Mike Tyson-Jake Paul fight to NFL games, Netflix interest in live sports is rising 2024-05-12 15:27:00+00:00 - But Netflix could soon make its boldest move into sports yet: acquiring the rights to exclusively stream two NFL games on Christmas next season, according to Puck . Netflix has hosted several other one-off live sports events recently paired with documentary-type series. It live streamed the " Netflix Cup " last November, where Formula 1 racers and pro golfers faced off, as well as " The Netflix Slam " in March, which featured tennis stars like Rafael Nadal. The company has also leaned into live comedy shows, broadcasting a slew of events including the recent roast of Tom Brady. "Our North Star is to grow engagement, revenue and profit, and if we find opportunities we could drive all three of those, we will do that across an increasingly wide variety of quality entertainment," Sarandos said. "So when and if those opportunities arrive, that we can come in and do that — which we feel like we did in our deal with WWE — if we can repeat those dynamics and other things including sports, we'll look at them for sure." Netflix has previously hedged its investment in live sports, differentiating its ventures into the realm — like its more than $5 billion licensing deal with WWE — as "sports entertainment." But on its most recent earnings call in April, co-CEO Ted Sarandos said Netflix isn't "anti-sports, but pro-profitable growth." He suggested that under the right circumstances, the company could expand its live sports programming. Advertising is one of Netflix's newest revenue streams, and the company said in an April shareholder letter that it's trying to scale ads and make them a "more meaningful contributor" to business. In July, the media giant will broadcast a boxing match between legendary fighter Mike Tyson and social media personality-turned-boxer Jake Paul, who is 30 years Tyson's junior. This will be Tyson's first professional fight in 19 years — and Netflix management is billing the event, as well as its other live programming, as "cultural moments" relevant not only to viewers, but to advertisers. Netflix is taking a "deliberate path" to try and understand the outcome and potential benefits of live sports programming, according to Marty Conway, an adjunct at Georgetown University. Conway teaches courses about sports leadership and management, and he spent much of his career as a marketing executive for two Major League Baseball teams. "That's what they're probably testing here is, as they go through these various sports, tennis, boxing, golf ... What type of audience do they get and what's the response in the advertising marketplace when they go to the market with these type of opportunities?" Conway said. Needham analyst Laura Martin said she thinks Netflix's sports streaming ventures will boost profits. "There is a class of advertiser that wants to be involved in sports, and so this widens their reach into certain advertising dollars," Martin said. And there are advertisers that Netflix can attract with this kind of content "that it can't get otherwise," she added. Netflix may even have a leg up on its sports streaming peers, according Brandon Katz, an entertainment industry strategist at Parrot Analytics. The company's huge content repository can help retain viewers who might have subscribed just for live sports, he said, and Netflix's knowledge of its niche audiences can really strengthen targeted advertisements. Although its ad-tier growth has been slow going, Katz said advertisers generally remain excited about Netflix's long-term potential. As of January 2024, Netflix's ad-supported tier had more than 23 million monthly active users. "I think there is still a strong, strong affinity for the platform in the long term — I believe advertisers see the upside," he said. "I believe they see Netflix has, for better and for worse for the industry, managed to overcome every challenge and every setback that's been thrown at it as an original content producer." Conway said he thinks Netflix will inevitably dive further into live sports, as has been the case for so many streaming services, including those owned by Apple , Amazon , Disney and Warner Bros. Discovery . Disney, Fox and Warner Bros. announced earlier this year they would launch a joint sports streaming service that will include all the broadcast and cable networks owned by the three companies that show sports. Over the past few years, Apple has bought the rights to air Major League Baseball and Major League Soccer games. Along with several other media giants, Amazon inked a huge deal with the National Football League in February. And as its exclusive deal with Disney and Warner Bros. comes to an end, the National Basketball Association could be signing with new partners. CNBC reported last year that Netflix, as well as Amazon, Apple, Comcast's NBCUniversal/Peacock, had expressed potential interest in a contract. But it will likely be a long road for Netflix when it comes to deal-making with the major leagues. According to Conway, many major sports providers may not be ready to take a gamble on the company, especially if they know they already have high viewer penetration through other avenues. He added that it might not be a good idea for Netflix's bottom line in the short term to get into a bidding war to lease content they don't own and can't reuse. "I know everyone for a fact, in the pro-sports area, from a media standpoint, has had conversations with Netflix officials," Conway said. "The question is, what does each side want? And right now, I think there's some gap, frankly, between what the current content providers, the NFL, the NBA, tend to offer, and what Netflix is looking for." William Mao, a media rights executive at sports and entertainment agency Octagon, noted that Netflix may not actually need more traditional live sports offerings in the future. He said Netflix's sports strategy so far has been smart, honing in on "the power of the individual." He suggested the upcoming match is more about Tyson and Paul themselves than showing the "pinnacle of boxing." "You have to ask the question, why do they need to necessarily get into sports if they continue to be market leading without having to invest in the traditional sense?" Mao said. Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
Apple’s Maryland store workers vote to authorize strike 2024-05-12 15:21:00+00:00 - Workers at Apple’s store in Towson, Maryland, have voted in favor of authorizing a strike, the International Association of Machinists and Aerospace Workers (AIM) said in a statement late on Saturday. The date for work stoppage has yet to be decided, according to the union, which represents Apple’s retail store workers in Maryland. "The issues at the forefront of this action include concerns over work-life balance, unpredictable scheduling practices disrupting personal lives, and wages failing to align with the area’s cost of living," IAM said in the statement. "We will engage with the union representing our team in Towson respectfully and in good faith," an Apple spokeswoman said. In June 2022, Apple workers at Maryland voted to join the International Association of Machinists and Aerospace Workers union, becoming the first retail employees of the tech giant to unionize in the United States. Meanwhile, workers at Apple’s store in Short Hills, New Jersey, voted against unionizing, Bloomberg News reported on Saturday. Communications Workers of America (CWA), which filed complaints with the National Labor Relations Board (NLRB) alleging illegal union-busting by Apple at the New Jersey store and others, blamed the defeat on the company’s behavior, the report said. Apple retail staff at its New Jersey store had filed for union representation with Communications Workers of America on April 8, according to John Nagy, who is the operations lead at the Short Hills store and a member of the organizing committee. Apple did not respond to requests for comment on the vote against unionization. CWA and the NLRB did not immediately respond to a Reuters request for comment on the Bloomberg report on the New Jersey workers’ vote.
In the EV future, Thailand, the 'Detroit of Asia,' could be a key China hedge for automakers 2024-05-12 15:04:00+00:00 - In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNT Visitors inspect a Tesla Model Y car during the 40th Thailand International Motor Expo at the Impact Challenger hall in Nonthaburi. Sopa Images | Lightrocket | Getty Images watch now While vehicles made in Thailand may not qualify for the Inflation Reduction Act subsidies, they are less likely to face steep tariffs that have been imposed on Chinese vehicles in the U.S., Goldstein said, and many market expects worry about tariffs which could increase even more if Donald Trump is reelected. A Trump reelection is not even necessary: the Biden administration may introduce 100% tariffs on Chinese EVs next week, according to reporting on Friday. There's also a very large market to sell into where U.S. tariffs won't matter at all: the 650 million people in Southeast Asia that can directly access one of ASEAN's largest automotive markets, according to Tu Le, founder of the Beijing-based consultancy Sino Auto Insights, who has worked from Detroit to China. A more affordable Tesla What's called the "China Plus One" supply chain strategy is gaining momentum across industries amid geopolitical uncertainty and the ongoing U.S.-China trade spat — even before the latest reports, President Biden has been in many respects as hawkish as Trump on China. However, the affordable mass-market vehicle that has so far eluded Tesla will be a key to achieving large sales volumes in the region. "A Model 3 or Y will still be too expensive for those markets to be high volume products for Tesla," Le said. Tesla said in its recent earnings that is it accelerating the launch of "new vehicles, including more affordable models" — with plans for a highly anticipated $25,000 model by 2025. But the company also made clear that much of that will take place on current manufacturing lines before investing in any new facilities. Notably, Tesla launched Model 3 and Model Y in Thailand in 2022, but has struggled against the onslaught of Chinese rivals like China's BYD and Xiaomi that offer a wide range of products, from high-end to affordable. In fact, BYD manufactured over three million EVs in 2023, exceeding Tesla's production for the second year in a row. Models presenting the Chinese automaker's electric car, the BYD Song MAX, at the 45th Bangkok International Motor Show 2024 in Nonthaburi Province, on the outskirts of Bangkok, Thailand, on March 30, 2024. Nurphoto | Nurphoto | Getty Images Recent reporting from Nikkei Asia indicated that Tesla's Model 3 sedan pricing has been cut 9% to 18% lower in Thailand, as its auto market joined the global slump and as BYD, Great Wall Motor, and other Chinese EV makers prepare to start their own production in the country. Chinese EV makers, including BYD, have earmarked $1.44 billion in new production facilities in Southeast Asia's second-largest economy. "The price war is not going to end very soon," Naruedom Mujjalinkool at Krungsri Securities, told Nikkei Asia. Tesla Thailand recently rolled out a special financing program to spur more sales. Thailand is a leading global automaker Steven Dyer, a former Ford executive and managing director at the Shanghai-based arm of consulting firm AlixPartners, said Thailand's existing auto infrastructure, labor force and policy all provide the potential for it to become a big player in EV manufacturing. But as important is automakers seeing enough of consumer market for locally made supply. In the auto industry, he said, a rule of thumb is "make where you sell," which reduces freight and customs duty costs, and mitigates the risks of currency exchange. Southeast Asia is a growing auto market, and Thailand is already the region's biggest car producer and exporter, with Toyota, Honda, Nissan, Ford, GM and Mercedes-Benz having already embraced Thailand as a regional headquarters. German President Frank-Walter Steinmeier (l) has an employee explain the production processes to him during a visit to the Mercedes-Benz plant near Bangkok. Mercedes-Benz produces 13 different car models in Thailand with over 1,000 employees. Picture Alliance | Picture Alliance | Getty Images