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KPMG, Deloitte affiliates hit with US penalties for exam cheating 2024-04-10 23:21:00+00:00 - The logo of KPMG, a professional service company is pictured during the Viva Tech start-up and technology summit in Paris The logo of KPMG, a professional service company is pictured during the Viva Tech start-up and technology summit in Paris By Chris Prentice NEW YORK (Reuters) -The U.S. accounting watchdog on Wednesday hit affiliates of KPMG and Deloitte, two of the Big Four auditors, with civil penalties and barred senior leaders at the firms over exam cheating, a problem that has dogged the audit industry for years. The Public Company Accounting Oversight Board (PCAOB), which oversees auditors of public companies, said it had levied a $25 million civil penalty, a record for the regulator, against KPMG Netherlands in response to "egregious" and widespread exam cheating at the firm from 2017-2022. The PCAOB permanently barred the KPMG Netherlands' former head of assurance Marc Hogeboom from the industry, chair Erica Williams said. In separate actions, PCAOB imposed $2 million in fines on Deloitte affiliates in Indonesia and Philippines for violating the regulator's rules and quality control standards over widespread answer sharing on internal training tests. It also sanctioned Wilfredo Baltazar, a top official at Deloitte Philippines, over the issues. Stephanie Hottenhuis, CEO of KPMG in The Netherlands, said in a statement that the PCAOB's conclusions were "damning". "It is a hard lesson, but we are determined to learn from this," she said. A Deloitte spokesperson said the answer sharing was "unacceptable" and that the firm would continue to serve clients with high quality and according to professional standards. Hogeboom and Baltazar could not be reached immediately for comment. Exam cheating has plagued the auditor industry for years. KPMG in 2019 agreed to pay $50 million to the U.S. Securities and Exchange Commission (SEC) for a series of violations, including cheating on internal training exams by improperly sharing answers and manipulating test results. In 2022, Ernst & Young agreed to a $100 million fine, the SEC's largest ever against an audit firm, over exam cheating. When asked about the persistence of such violations, Williams said the PCAOB this year had launched a culture review initiative as part of its regular inspections process. She declined to provide further details. "Few things erode trust like impaired ethics," she said on a call with reporters. (Reporting by Chris Prentice,Additional reporting by Pete Schroeder and Douglas Gillison, Editing by Franklin Paul and Mark Potter)
SeaChange Announces an Amended Purchase Agreement with Partner One Along with an Increased Purchase Price as Go-Shop Period Ends - SeaChange International (OTC:SEAC) 2024-04-10 22:26:00+00:00 - Loading... Loading... BOSTON, April 10, 2024 (GLOBE NEWSWIRE) -- SeaChange International, Inc . SEAC ("SeaChange" or the "Company"), a leading provider of video delivery, advertising, streaming platforms, and emerging Free Ad-Supported Streaming TV services (FAST) development, has entered into an omnibus amendment (such amendment, the "Amendment to the Purchase Agreements") to the previously announced asset purchase agreement and software purchase agreement (the "Original Purchase Agreements") with affiliates of Partner One, one of the fastest-growing software conglomerates in the world, in response to an acquisition proposal from a third party that the Company received during its go-shop period, which expired on April 8, 2024. Under the Amendment to the Purchase Agreements, Partner One, through its affiliates, will acquire substantially all of SeaChange's assets related to its product and services business (the "Amended Asset Sale"), and will assume certain liabilities, for an aggregate purchase price of $32,001,000 (the "New Purchase Price"), less SeaChange's cash and cash equivalents at closing (the "Closing"). The New Purchase Price represents an increase of over $2 million compared to the previously announced asset sale (the "Previously Announced Asset Sale") and is the only material detail of the Amended Asset Sale that differs from the Previously Announced Asset Sale. The Company now expects the Amended Asset Sale will result in net proceeds to SeaChange of between $15-17 million upon Closing. Similar to the previous disclosure, the Amended Asset Sale, which has been approved by SeaChange's Board of Directors, is subject to various terms and closing conditions, including approval by a majority of the shares of SeaChange's outstanding common stock. Subject to such closing conditions, the Closing is expected to occur in the first quarter of SeaChange's fiscal year 2025 (i.e. by the end of April 2024). SeaChange Special Meeting of Stockholders and Proxy Supplement As previously disclosed, SeaChange is still holding a special meeting of SeaChange stockholders on April 17, 2024, at 10:00 a.m., Eastern Time (the "Special Meeting"), to consider, among other things, a proposal to approve the Amended Asset Sale pursuant to the Amendment to the Purchase Agreements in conjunction with the Original Purchase Agreements. In addition, the record date has not changed and remains March 18, 2024. On or about March 22, 2024, SeaChange mailed a proxy statement (the "Proxy Statement") to consider and vote on proposals relating to the Previously Announced Asset Sale. Due to the Amendment to the Purchase Agreements related to the Amended Asset Sale, SeaChange intends to post a proxy supplement (the "Proxy Supplement") on SeaChange's corporate website (www.seachange.com) and www.proxyvote.com on or about April 11, 2024 supplementing the Proxy Statement regarding certain material details of the Amended Asset Sale that differ from the Previously Announced Asset Sale. Please carefully read the Proxy Statement and Proxy Supplement along with exhibits attached thereto, but please note that applicable SeaChange stockholders should use the proxy card that was previously sent to them with the Proxy Statement. Also, SeaChange stockholders should please note that Proposal No.1 on the proxy card now refers to the Amended Asset Sale. If SeaChange stockholders have already delivered a properly executed proxy and do not wish to change their vote, they do not need to do anything. Needham & Company, LLC is acting as exclusive financial advisor to SeaChange in this transaction, and K&L Gates LLP is acting as legal counsel to SeaChange in this transaction. About SeaChange International, Inc. SeaChange International , Inc. SEAC provides first-class video streaming, linear TV, and video advertising technology for operators, content owners, and broadcasters globally. SeaChange technology enables operators, broadcasters, and content owners to cost- effectively launch and grow premium linear TV and direct-to-consumer streaming services to manage, curate, and monetize their content. SeaChange helps protect existing and develop new and incremental advertising revenues for traditional linear TV and streaming services with its unique advertising technology. SeaChange enjoys a rich heritage of nearly three decades of delivering premium video software solutions to its global customer base. About Partner One Partner One is one of the fastest-growing enterprise software groups in the world, with a proven track record of acquiring and growing enterprise software companies. Over 1,200 enterprises and government organizations rely on Partner One software, including 80% of the largest companies in the world. For more information, please visit: PartnerOne.com. Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. In general, forward-looking statements usually may be identified through use of words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue", and "potential," or the negative of these terms, or other comparable terminology, and include statements related the amount of net proceeds SeaChange receives from the transaction, the ability and timing to close the Amended Asset Sale and the timing of the posting of the Proxy Supplement on the Company's corporate website and www.proxyvote.com. Forward-looking statements are not historical facts and represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties that change over time that could cause actual results to differ materially from those expressed in or implied by such statements. Many of the factors that could cause actual results to differ materially from those expressed in or implied by forward-looking statements are beyond the ability of the Company or Partner One to control or predict. Stockholders and investors should not place undue reliance on any forward-looking statements. Any forward-looking statements speak only as of the date of this press release, and neither SeaChange nor Partner One undertakes any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Contact: SeaChange International 1.978.897.0100 info@schange.com Source: SeaChange International, Inc.
Delta is changing how it boards passengers starting May 1 2024-04-10 22:12:00+00:00 - Delta Air Lines is changing its boarding process beginning May 1 in an effort to speed up loading passengers onto planes. If you're flying on the airline, you'll have to know what zone number you're in to board in the correct sequence. That's because Delta is introducing numbered boarding zones for all flights, meaning that customers will have a zone number assigned to them instead of boarding groups labelled by airline status or fare class, such as "Sky Priority." The airline stressed that boarding orders will not change, but the group names will. Customers who need more assistance will still pre-board as usual before passengers in Zone 1, which will comprise Delta One and First Class customers. Zone 2 will include Diamond Medallion Members and Delta Premium Select ticket holders. Delta Comfort+ customers will board in Zone 3, followed by Sky Priority in Zone 4, according to a chart on the airline's website. Zone numbers will go up to 8, when basic economy passengers will board. Delta said the change is small, but could make the process easier for infrequent fliers and non-English speakers who only have to listen for a number to know when it's their turn to board. The change will also make the process less stressful for gate agents, Delta added. Still, some travel experts questioned whether the change would meaningfully speed up the boarding process. "They're not changing who boards when or the sequence," Clarkson University professor John Milne, an expert on airline boarding, told CBS MoneyWatch. "All they are changing is the names of what passenger group boards next." In a statement to CBS MoneyWatch, Delta said the "simple change" will "provide customers more clarity into the boarding sequence and make the boarding process more intuitive—especially for infrequent travelers and/or customers who might face a language barrier at the gate." Delta added, "Numbered zones will also align more closely with our joint venture and international partners, providing international customers a more simplified, consistent experience when traveling on mixed-metal itineraries. " CEO Ed Bastian addressed the change on the company's first quarter earnings call Wednesday. "When you have a number and you're standing in line, we are all trained to know when it's our turn," Bastian said. Delta introduced its branded fare boarding process in 2018, calling zone boarding "a thing of the past" for the airline. Superficial changes? The change is fairly superficial, Milne said, noting there are other changes Delta and its competitors could make to boarding processes that would make them more efficient. The airline still prioritizes passengers with airline status or who paid for a higher class fare on a particular flight. Instead, it would be more efficient to board passengers based on where on the aircraft they are seated, Milne said. For example, boarding window seat customers in the back half of the plane first would speed up the process. "That way you would minimize some of the congestion," he said. Delta instead assigns passengers to boarding groups based on their loyalty to the airline and ticket prices. Travel expert Scott Keyes also emphasized that the change does little to meaningfully improve or expedite the boarding process. All Delta is doing is reverting to the traditional way of boarding passengers and scrapping its branded boarding process that began in 2018, he noted. "The fact that they've reverted to numbered zones, like those employed by virtually all other airlines, speaks volumes," Keyes said. "Traditionally, Delta has been seen as the innovative airline and others have followed suit. In this case, Delta's innovation didn't pan out, and they've been forced to once again mimic American and United's boarding processes." To be sure, any move that would actually speed up passenger boarding could give an airline a leg up on competitors. "Speeding up the boarding process by even 10 minutes can prevent delays, and if sustained, allow airlines to add an additional daily flight to the schedule," Keyes said. The airline posted a $37 million first-quarter profit on Wednesday and said demand for air travel is strong heading into the busy summer travel season. Travelers are flocking to book trips despite a string of recent air safety incidents, including a panel blowing off a Boeing 737 Max aircraft during an Alaska Airlines flight.
House Bill Aims To Enhance Transparency In AI Training Practices 2024-04-10 22:03:00+00:00 - Loading... Loading... The music industry’s push for transparency in the use of generative artificial intelligence (AI) models has received legislative support from at least one member of Congress. What Happened: California representative Adam Schiff introduced the Generative AI Copyright Disclosure Act on Tuesday, April 9, to the U.S. House of Representatives. According to Music Ally, Schiff, a Democrat, emphasized its dual objectives of promoting innovation while safeguarding the rights of creators. "It champions innovation while safeguarding the rights and contributions of creators, ensuring they are aware when their work contributes to AI training datasets," he said. See Also: ‘The ELVIS Act Is Pivotal,’ Says Copyleaks CEO: Tennessee’s Pioneering Move In AI, Artist Rights Schiff’s bill proposes that developers must disclose the copyrighted works used in training their generative AI systems to the Register of Copyrights before releasing them, extending this requirement retroactively to existing models. The legislation, endorsed by prominent music industry organizations and other creative bodies, aims to balance technological advancement with fairness and transparency. “This is about respecting creativity in the age of AI and marrying technological progress with fairness,” he added. However, the issue of training AI models with copyrighted material remains contentious. While some tech companies argue that such use falls under ‘fair use,’ the creative industries strongly oppose this notion. While Schiff’s bill does not mandate licensing for copyrighted works used in AI training, it insists on openness regarding their usage — a demand echoed by rights holders. The bill reflects broader debates surrounding AI and copyright law, highlighted by a recent consultation by the U.S. Copyright Office. Companies like Meta, Google, Stability AI, and Anthropic have argued in favor of considering training with copyrighted content as ‘fair use,’ while the creative industries vehemently oppose this stance. Read Next: Spotify Unveils AI Update That Lets Users Tailor Playlists: How To Use It Image created with photos from Shutterstock.
Alphabet offers reasons to believe it is closing the gap in the AI race 2024-04-10 22:03:00+00:00 - Alphabet 's cloud-computing summit left us feeling much better about the technology giant's artificial intelligence efforts. There was a lot riding on the event , considering shares hovered near all-time highs heading into it and our general frustration around its AI execution, but the Club holding cleared our bar. Alphabet's announcements Tuesday at Google Cloud Next including a new server chip and several generative AI service offerings — alongside favorable commentary from key Google Cloud partners — made it clear that counting the company out of the competitive AI race is foolish. We'd never gone that far, but the search engine heavyweight certainly had tested our patience since the launch of Microsoft-based ChatGPT in late 2022 took the investment world by storm and established generative AI as a household term. Long thought to be an AI leader, Alphabet was suddenly playing catchup to Microsoft. Its shortcomings with the technology had continued into this year with its image-generation controversy. We trimmed our position twice in 2024, most recently on April 1 . Our focus is now on where the company and its stock go from here. In his presentation at the event, Google Cloud CEO Thomas Kurian showed us that Alphabet is not content with being anything other than a leader and innovator in the rapidly growing area of AI. Our hope is he's right. Shares of Alphabet fell 0.3% on Wednesday, breaking a three-day win streak, though they still held up better much better than the broader market. The stock is up nearly 12% year to date. AI Agents The launch of "AI Agents" demonstrated the real-world applications of Alphabet's generative AI advancements — a key box that investors want to see checked in the search for money-making opportunities . It's fun to play around with generative AI applications like OpenAI's ChatGPT and Alphabet's Gemini, but, at this point in the cycle, investors want clarity on how companies plan to drive mass adoption and monetize the titanic amounts of money being invested in AI infrastructure and research budgets to develop ever-more-capable large language models , or LLMs. Alphabet's agents appear to be similar to Microsoft's Copilot virtual assistants, which rolled out to customers last year , and Nvidia 's "NIMs," which the leading AI chipmaker unveiled at its developer conference in March . These AI tools are designed for specific use cases and can help customers or employees in either administrative or creative tasks, as well as provide a hand on the back end with processing data, writing software code and improving security. These applications are clearly the next phase of the generative AI revolution beyond the development of LLMs and deployment of general-purpose chatbots. Companies that can best leverage their LLMs to provide best-in-class agents — or Copilots or NIMs — will thrive. So, too, will their customers that harness the power of the AI agents to better serve their own clients, increase employee productivity, and drive corporate efficiencies. GOOGL 1Y mountain Alphabet's stock performance over the past 12 months. Updates to Vertex AI Alphabet updated Vertex AI — its platform for building and deploying AI models — to include an agent-building feature. That essentially allows businesses to create customized AI agents on top of Gemini models. Another applause-worthy improvement to VertexAI is the ability to "ground" AI models with Google Search. Essentially, this connects AI models to verifiable sources of information through Google Search and, as a result, "significantly" improves the accuracy of responses, according to Alphabet. One issue with generative AI models is hallucinations , in which the model provides responses to user inquiries that contain false information, even though they are presented as if they are fact. The effect of both announcements is fortifying Google Cloud's standing among the cloud providers, which are competing to attract companies and developers who want tools to advance their AI strategies. Google Cloud is the third-largest cloud provider behind Amazon Web Services and Microsoft's Azure. Alphabet also said Gemini 1.5 Pro is now in public preview, making the model available to developers via Vertex AI. A key feature of the model is its massive context window compared with prior generations and offerings from rivals. This gives Gemini the ability to summarize larger text documents and scrutinize bigger blocks of code, among other advancements. The model also has improved audio capabilities. In addition to being able to summarize an audio file, a user could ask the model to find where the soundbite "play ball" is said and in response receive a time stamp for that occurrence, Kurian explained. The updates to Gemini highlight the company's ability to innovate within AI, despite the perception issues it's faced over the past year and a half. Advancements in hardware Alphabet's custom hardware lineup is growing with the introduction of Google Axion, its first Arm-based central processing unit designed for the data center. Google Cloud instances using the chip will be available to customers later this year. For many years, the company has developed in-house AI chips, known as Tensor Processing Units, and the most powerful version of the TPU is now generally available. But the Axion chip takes its custom silicon journey into data-center terrain long dominated by Intel and Advanced Micro Devices. Amazon and Microsoft also have developed custom CPUs based on Arm architecture. Alphabet said the Axion chip delivers performance improvements over the "fastest general-purpose Arm-based instances available in the cloud today," as well as performance and energy-efficiency gains over CPUs that use the x86 architecture favored by Intel and AMD. Elsewhere, the company also confirmed that Nvidia's latest generation of chips, known as Blackwell, will be available to Google Cloud customers starting in 2025. Bottom Line The announcements at Google Cloud Next suggest that Alphabet's rocky start in the generative AI race has not impaired its ability to innovate and make progress on the technology. The AI revolution remains in its early stages, but Kurian and Co. at Google Cloud leave us feeling very good about both its ability to compete on AI offerings and remain a top-three cloud provider in the next generation of computing. (Jim Cramer's Charitable Trust is long MSFT See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. 'Welcome to the Gemini era' slogan on Google DeepMind website is screened on a mobile phone for illustration photo. Gliwice,Poland on December 27, 2023. Beata Zawrzel | Nurphoto | Getty Images
Trump Media director accused of 'hacking' files in attempted corporate 'coup': lawsuit 2024-04-10 21:38:00+00:00 - This photo illustration shows an image of former President Donald Trump next to a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Stefani Reynolds | AFP | Getty Images Investment firms led by the former CEO of the SPAC that merged with Donald Trump's media company allege that their files were hacked and stolen by a current member of the media company's board of directors. In a federal civil lawsuit filed in South Florida last month, the firms accuse board member Eric Swider of plotting a coup in early 2023 to replace Patrick Orlando as CEO of the special purpose acquisition company, Digital World Acquisition Corp. As part of that attempted ouster, Swider and others allegedly "stole access" to the firms' computer systems and then "used the stolen information to attack" Orlando, according to the lawsuit. It was "an audacious scheme to seize control of and enlarge their holdings," claims the suit, which was filed by Benessere Investment Group and ARC Global Investments II. The suit seeks damages and an injunction "prohibiting the use of the stolen information and to stop the Defendants hacking" the firms' files. Orlando was fired from Digital World in March 2023 and replaced by Swider. That blank check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq Stock Market. The company, which owns the Trump-centric social media app Truth Social and trades under the ticker DJT, soared in its stock market debut but those gains have since erased. On Wednesday alone, the share price fell nearly 9%. Since April 1, the stock has lost almost 45% of its value. The Florida lawsuit is just one in a series of messy and dramatic legal disputes that have come to define Trump Media's rocky road to an IPO, and its equally turbulent first weeks as a public company. DWAC in July settled fraud charges with the Securities and Exchange Commission, though the agency found the SPAC had submitted "materially false and misleading" filings. Trump Media in late March sued its co-founders over alleged mismanagement of the merger, and is seeking to bar them from owning the company's stock. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Critics, meanwhile, have labeled the company a meme stock and a "scam." They point to the company's reported net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media did not immediately respond to CNBC's requests for comment on the lawsuit. Emails sent to addresses that belonged to Swider and co-defendant Alexander Cano, DWAC's former president, did not immediately receive responses. In an interview with Wired, which first reported the lawsuit earlier Wednesday, Swider denied all of the allegations against him. "I just think he's never let go [of] the fact that I replaced him," Swider told the outlet. "I don't know why it offends him so bad." The alleged hack The Florida lawsuit, which was filed shortly before the late March merger, presents Orlando as successful in his efforts to bring DWAC into a merger agreement with Trump Media. It alleges that Swider misled DWAC's directors and business partners by publishing "false and misleading representations of what was occurring" at the company. He also allegedly "offered outsized compensation to the other directors he enlisted to collude with him in exchange for supporting his coup d'état." Swider stood to massively increase his compensation through his accession to CEO of DWAC — but he also wanted to take control of ARC II, which owned about 19% of DWAC prior to the merger, according to the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. Information about ARC II was held in an account on an electronic file storage website owned by Benessere, the suit says. To access the account, which "stores the lifeblood" of both investment firms, Swider allegedly enlisted Cano, Orlando's former assistant. The firms accuse Swider of promising to make Cano the president of DWAC in exchange for access to the account. A woman uses her phone in front of screens displaying trading information about shares of Truth Social and Trump Media & Technology Group, outside the Nasdaq Market site in New York City, U.S., March 26, 2024. Brendan Mcdermid | Reuters
TikTok's owner is raking in cash 2024-04-10 21:37:32+00:00 - TikTok's parent company, ByteDance, saw a 60% revenue increase in 2023, Bloomberg reported. TikTok has driven ByteDance's recent success, allowing it to break into global e-commerce markets. This growth came as Congress debated, and then passed, a bill that could ban TikTok in the US. NEW LOOK 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 Revenue to ByteDance, TikTok's parent company, grew by about 60% last year, blowing its competition out of the water. The company's earnings jumped from $25 billion in 2022 to $40 billion in 2023, Bloomberg reported. That success was powered by "TikTok Shop," which helped ByteDance, a Chinese company, break into international e-commerce markets in the United States and Southeast Asia. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
Trump Media director accused of ‘hacking’ files in attempted corporate ‘coup’: lawsuit 2024-04-10 21:29:00+00:00 - Investment firms led by the former CEO of the SPAC that merged with Donald Trump’s media company allege that their files were hacked and stolen by a current member of the media company’s board of directors. In a federal civil lawsuit filed in South Florida last month, the firms accuse board member Eric Swider of plotting a coup in early 2023 to replace Patrick Orlando as CEO of the special purpose acquisition cop, Digital World Acquisition Corp. As part of that attempted ouster, Swider and others allegedly “stole access” to the firms’ computer systems and then “used the stolen information to attack” Orlando. It was “an audacious scheme to seize control of and enlarge their holdings,” claims the suit, which was filed by Benessere Investment Group and ARC Global Investments II. The suit seeks damages and an injunction “prohibiting the use of the stolen information and to stop the Defendants hacking” the firms’ files. Orlando was fired from Digital World in March 2023 and replaced by Swider. That blank-check company last month completed a merger to take Trump Media & Technology Group Corp. public, allowing it to trade on the Nasdaq. The company, which owns the Trump-centric social media app Truth Social and trades under the ticker DJT, soared in its stock-market debut but has since erased all of those gains and more. On Wednesday alone, the share price fell nearly 9%. Since April 1, the stock has lost almost 45% of its value. The Florida lawsuit is just one in a series of messy and dramatic legal disputes that have come to define Trump Media’s rocky road to an IPO, and its equally turbulent first weeks as a public company. DWAC in July settled fraud charges with the Securities and Exchange Commission, though the agency found the SPAC had submitted “materially false and misleading” filings. Trump Media in late March sued its co-founders over alleged mismanagement of the merger, and is seeking to bar them from owning the company’s stock. Those co-founders have sued Trump Media in Delaware Chancery Court over their stake in the company. Critics, meanwhile, have labeled the company a meme stock and a “scam.” They point to the company’s reported net loss of $58.2 million on revenue of just $4.1 million in 2023. Trump Media did not immediately respond to CNBC’s requests for comment on the lawsuit. Emails sent to addresses that belonged to Swider and co-defendant Alexander Cano, DWAC’s former president, did not immediately receive responses. In an interview with Wired, which first reported the lawsuit earlier Wednesday, Swider denied all of the allegations against him. “I just think he’s never let go [of] the fact that I replaced him,” Swider told the outlet. “I don’t know why it offends him so bad.” The alleged hack The Florida lawsuit, which was filed shortly before the late-March merger, presents Orlando as successful in his efforts to DWAC into a merger agreement with Trump Media. It alleges that Swider misled DWAC’s directors and business partners by publishing, “false and misleading representations of what was occurring” at the company. He also allegedly “offered outsized compensation to the other directors he enlisted to collude with him in exchange for supporting his coup d’état.” Swider stood to massively increase his compensation through his accession to CEO of DWAC — but he also wanted to take control of ARC II, which owned about 19% of DWAC prior to the merger, according to the lawsuit. Trump Media in an April 1 regulatory filing reported that ARC II owns 6.9%, or about 9.5 million shares, of the post-merger company. Information about ARC II was held in an account on an electronic file storage website owned by Benessere, the suit says. To access the account, which “stores the lifeblood” of both investment firms, Swider allegedly enlisted Cano, Orlando’s former assistant. The firms accuse Swider of promising to make Cano the president of DWAC in exchange for access to the account. Cano agreed, and Swider “made good on his promise,” while also providing Cano with a convertible note worth 165,000 shares of DWAC’s stock — an award valued at more than $6 million at the time, the suit alleges. Swider said in the interview with Wired that Orlando voted for Cano’s award, adding that he never hired Cano as his assistant, as the suit alleges. The lawsuit says that Cano since February 2023 repeatedly accessed the storage account and “immediately” provided the information within it to Swider. Swider then used it to email “false and defamatory claims” about Orlando to ARC II’s members. In a March 5 email, included in the lawsuit as “Exhibit A,” Swider accused Orlando of “failure to maintain a fiduciary responsibility” to ARC II, among a litany of other claims. “Patrick has threatened me with pending litigation for speaking out to fellow membership holders so I want to be clear about this. I am not disparaging Patrick,” Swider wrote in the email. “I am sure he is an amazing Human being, Honest. hard working. Looking out for your best interest. He is good looking. He is cool. I like him. Nothing in this email is meant to be defamatory. He has been great as a leader. Patrick- you are Awesome!!” Orlando later discovered the email because Swider “failed to remove Orlando’s wife from the mailing list,” according to the lawsuit.
Arizona Republicans Flip on Abortion Ban After Court Revives 1864 Law 2024-04-10 21:26:57+00:00 - This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.
Florida conspiracy theorists are making a bid to commandeer a prestigious hospital 2024-04-10 21:22:31+00:00 - The right-wing assault on public health didn’t end with Covid conspiracies. The attack is ongoing, and as it unfolds, we’re seeing examples of how a country under Republican control could pervert the concepts of health and wellness to align with pseudoscientists and far-right hucksters. This fear came to mind as I read a new Daily Beast report on attempts by conservative anti-vaxxers to win control of the medical board that oversees the prestigious Sarasota Memorial Hospital in Florida. As the Beast reports, the group of contenders looking to win seats on the board includes Mary Flynn O’Neill, sister of former Trump adviser and conspiracy theorist Michael Flynn. According to the outlet: The rogues’ gallery includes Mary Flynn O’Neill, who directs her brother’s nonprofit and routinely appears on right-wing shows with QAnon conspiracy theorists; Tanya Parus, the president of Moms For America’s Sarasota chapter and co-owner of a “freedom-based” health clinic, and Tamzin Rosenwasser, a dermatologist who once railed against the Federation of State Medical Boards’s warning to doctors who spread COVID vaccine misinformation, comparing the organization to Stalin’s secret police. A victory for the conspiracy theorists would allow them to set standards for what qualifies as effective and ethical health care — a horrifying prospect. Florida is already offering a crash course in the dangers of allowing pseudoscience to drive health policy, in the policies of its surgeon general, Dr. Joseph Ladapo. And yet Florida alone doesn’t paint the full picture of the conservative movement’s assault on public health. There’s more where that came from should conservatives win the White House and control of Congress this fall. As my colleague Steve Benen explained over on the MaddowBlog, Donald Trump has said that, if elected, he’d cut federal funding for schools that have any kind of vaccination mandate. It’s as if to compensate for taking credit for the Covid-19 vaccines, Trump is trying to prove his antiscientific bona fides by condemning vaccines altogether. And Republicans in the House of Representatives have proposed a bill that would effectively cut off public health research at the knees. As I wrote last month, their proposal to ban funding for medical schools that study disparate health outcomes for racial and ethnic minorities would essentially prohibit crucial public health studies and negatively affect public health for all communities. The conservative movement’s broad rejection of health institutions and the experts who lead them has terrifying implications for Americans’ well-being and vitality. The right-wing crusade at Sarasota Memorial Hospital, Trump’s vow to punish schools with vaccination mandates and the GOP assault on health disparities represent the breadth of the disaster that awaits public health if Republicans claim victory this fall.
Trump loses 11th attempt at delaying Monday's hush money trial — and he only has 5 days left to try again 2024-04-10 21:20:03+00:00 - Trump made 3 attempts in 3 days to convince Manhattan appeal judges to delay Monday's trial. On Wednesday, the third appellate judge declined the motion without giving reason. The DA fought this last bid by arguing that a delay would be 'extraordinarily distruptive.' NEW LOOK 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 Donald Trump on Wednesday lost his 11th bid to delay his New York hush money trial, which now remains on track for jury selection Monday. A Manhattan appellate judge, Associate Justice Ellen Gesmer, did not give a reason for declining Trump's delay bid, which argued that too many defense issues — including a request that the judge recuse himself — remain unresolved. Barring any other wrench-throwing by Trump's legal team, the presumptive GOP presidential candidate will now face his first of four pending felony trials in state court in Manhattan. Prosecutors allege he falsified 34 business documents to hide a $130,000 hush-money payment that influenced the 2016 election by silencing porn star Stormy Daniels just 11 days before the nation voted. Advertisement Wednesday's trip to an appellate court in Manhattan, for brief but earnest arguments by both sides, was Trump's third bid to pause the trial in as many days. It's his 11th attempt overall, by prosecutors' count. Only one of his attempts succeeded, though it only forestalled the start date by three weeks. Related stories In this latest try, Trump attorney Emil Bove argued that jury selection should not go forward while the trial judge, state Supreme Court Justice Juan Merchan, had yet to decide two pending defense motions. One yet-decided defense motion asks Merchan to recuse himself from the case. Advertisement The other defense motion challenges Merchan's recent rule that neither side can file a new pretrial motion without first seeking his permission in the form of a one-page letter. Bove additionally said a delay is necessary so that the defense can appeal Merchan's decision on presidential immunity. Arguing for prosecutors, appellate lawyer Steven Wu countered that the defense efforts are coming too late. "They could have filed this at any time," he argued, complaining Trump's lawyers have "inundated the court with belated filings." Advertisement Trump lost his 10th attempt to delay the trial on Tuesday, also in the appellate court in Manhattan. His 9th bid was lost Monday, also in that courthouse.
'Drone hunting drones' are already impacting Middle East conflicts 2024-04-10 21:19:06+00:00 - Iran-backed militias have new weapons to knock out advanced drones flown by their adversaries. Iran's 538 loitering missile is designed to intercept low-flying drones. "They must be seen as a hindrance to Israeli combat operations rather than a substantial block," an analyst said. NEW LOOK 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 Several Iran-backed militias have acquired loitering surface-to-air missiles — essentially explosive drones that loop in search of aerial targets — in recent years, giving them the means to knock out the more advanced drones flown by their adversaries. The Iranian-made 358 is undoubtedly the most ubiquitous. Since the US Navy seized a shipment of these air-breathing loitering missiles en route to the Houthis in Yemen in 2019, they have appeared in the arsenals of Iran-backed Iraqi militias and Hezbollah in Lebanon. The 358 resembles an air-to-air missile. According to a report in Iran's state-run media, the 358 is a nearly 9-foot-long cylinder, with body and tail fins and a 22-pound warhead. The report claimed it can reach an altitude of 28,000 feet but noted it's primarily designed to intercept low-flying drones. "The Iranian 358, surface-to-air system, has become a staple of groups allied to Iran," James Patton Rogers, the executive director of the Cornell Brooks Tech Policy Institute at Cornell University and author of Precision: A History of American Warfare, told Business Insider. Advertisement "Utilized by the Houthis, as the Saqr/Hawk, the loitering munition proved effective against Saudi drone systems and was even deemed a threat against US aircraft operating in the region by the Pentagon," Rogers said. "Reports of the 358 being used against Israeli drones by Hezbollah have also surfaced, making the system one of the most widely used, and most effective, across the Middle East." The 358 is an unusual weapon. It can be fired from a crude launcher like those militants often use, and after its initial ascent on a rocket motor, it is most likely propelled by some kind of jet engine like those found in cruise missiles. The 358 missiles confiscated by the US Navy were powered by small gas turbine engines made by a Dutch company. The missile then "flies in a figure-eight pattern" in a designated area awaiting enemies to lock onto using the optic sensor in its seeker head. It also has infrared proximity fuses that can detonate the warhead once the missile is near its target. It's apparently designed to loiter in a specific area until it either finds something to attack or runs out of fuel. The missiles are much slower than traditional surface-to-air missiles and are, therefore, not likely to endanger airborne fighter jets. However, the steady proliferation of these systems among militants may provide an entirely new capability for groups long hunted by advanced drones like Turkey's Bayraktar TB2. Advertisement "Medium-altitude long-endurance drones, like those adopted by Turkey, are especially vulnerable as they have been designed for use in regions where command of the air is maintained," Rogers said. "In addition, any low-flying aviation, such as helicopters or aircraft coming in to land at remote bases, might be under increased threat." "Yet this is just the start of an offensive-defensive cycle, with states adapting their drones with defense systems and groups seeking ever longer range and more powerful air defense measures," Rogers added. Ryan Bohl, a senior Middle East and North Africa analyst at the risk intelligence company RANE, noted that the 358-type missile has had "some notable successes." Related stories "They offer a certain degree of flexibility for Hezbollah, untying their anti-air defense network from being completely anchored on geography by allowing them to loiter in the skies," Bohl told BI. "Still, they have not yet demonstrated the capability to close the skies to Western combat aircraft, and so they must be seen as a hindrance to Israeli combat operations rather than a substantial block." Advertisement Rogers anticipated that the 358 and similar loitering missiles will "likely continue to be deployed widely, leading to the worrying potential of escalation as the US and its allies respond to attacks on their military systems." "As air defense systems increase in power and effectiveness, it will mark a new challenge to drone systems that have long had command of the air," Rogers said. "We are seeing a renewed age of offensive/defensive challenges and a new age of contested airspace." A US Central Command handout shows one of the Iranian-made 538 loitering missile seized by the USS Forrest Sherman in November 2019. CENTCOM 'Drone hunting drones' A report in March speculates that Turkey's arch-foe, the Kurdistan Workers' Party or PKK group, may have acquired Iranian Meraj loitering missiles. These claims coincide with the PKK's recent claim to have shot down 13 Turkish drones over Iraqi Kurdistan. "With variants of the Meraj family of 'drone hunting drones' documented in Iraq, it is technically possible that the PKK has obtained such systems, either directly from Iran or otherwise," Rogers said. Advertisement He noted that the most advanced Meraj system, the 532, has a maximum altitude of 12,000 feet. Turkish drones like the Bayraktar TB2 and Akinci can fly at 40,000 feet. "While it remains possible the PKK has found ways to smuggle or illegally obtain Iranian systems, it would be in limited quantity given that Tehran has its own issues with the PKK and little interest in supplying an anti-Turkish faction with such systems for fear of upsetting Turkish-Iranian relations," Bohl said. "This seems, at least on the strategic level, to be far-fetched." The PKK would require large quantities of Meraj loitering systems if it aims to "overcome" Turkey's overwhelming "drone and logistical advantages," Bohl said. But if the group has managed to capture or smuggle a few, the RANE analyst anticipates they "could be of localized, tactical consideration for individual PKK-Turkey encounters." Advertisement "The real constraint for non-state actor use is their supply; they need some kind of firm supply line to a state that manufactures them since few of them can be cobbled together in makeshift factories," Bohl said. While the 358 has proven capable of intercepting occasional drones and complicating air operations, they have not shut any airspace to American or allied military operations and are unlikely to do so. "I think the loitering drones factor in as less of the end of Western air dominance in the region and more of a way for less advanced powers to have at least some layers of air defense against these rivals," Bohl said. "That could contrast with groups like ISIS, which have virtually no air defenses whatsoever and must endure Western air power in any confrontation." "For Iran and its allies, they'll have networks of air defenses that add deterrence to escalation, but don't necessarily block air operations, especially covert ones by stealth units."
Costco now sells up to $200 million a month in gold and silver 2024-04-10 21:15:00+00:00 - Shoppers are heading to Costco for more than just budget-friendly hot dogs. The warehouse club has seen a spike in sales ever since it began selling 1-ounce bars of 24-karat gold last September. With the gold bullion selling out faster than the store could replenish its stock, the discount giant in January added silver coins to its offerings of precious metals. According to a recent estimate from Wells Fargo, the members-only retailer now sells $100 million to $200 million worth of gold and silver a month. The burgeoning business comes as the price of gold is reaching new heights. Sales have climbed partly because of "Costco's aggressive pricing and high level of customer trust," Edward Kelly, a Wells Fargo equity analyst, said in a research note. "The accelerating frequency of Reddit posts, quick online sell-outs of product, and Costco's robust monthly eCommerce sales suggests a sharp uptick in momentum since the launch." Costco didn't immediately reply to a request for comment on Wednesday. Online buzz explains part of why Costco's gold is flying out the door. But the shiny metal is also a traditional hedge against inflation, which remains stubbornly persistent, as well as stock market volatility. Adding to its current allure, gold prices have risen over the past year, hitting several milestones in the last few weeks alone — climbing from a then record high of $2,160 per ounce in early March to today's price of $2,353.15. The value of gold has grown 14.5% since January — higher than any of the major indices on the New York Stock Exchange. Gold prices are likely to stay flat over the next couple of months, experts predict. Costco sells two types of gold bars: a 1-ounce PAMP Suisse Lady Fortuna Veriscan bar, which bears the imprint of a silhouette of the goddess of fortune with a cornucopia, and a 1-ounce bar from South Africa's Rand Refinery, stamped with an elephant design. It also sells 1-ounce Maple Leaf silver coins at $650 for a 25-coin pack. Gold bars at Costco are selling for about 2% above spot price, according to Wells Fargo. That means while Costco is happy to offer the metals to consumers, it's not generating by way of earnings. "Pricing at that level and shipping costs suggests it's a very low-profit business at best," Kelly wrote.
Microsoft will unveil new Windows and cloud AI features in May 2024-04-10 21:13:00+00:00 - Mustafa Suleyman, co-founder and chief executive officer of Inflection AI UK Ltd., speaks at the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. Microsoft will reveal brand-new artificial intelligence tools for use on PCs and in the cloud at its annual Build conference, according to a session list posted Wednesday. In January, Nadella told analysts that 2024 is the year when "AI will become [a] first-class part of every PC," and the itinerary for Microsoft's May conference reflects those goals. Microsoft has reported significant revenue growth from clients running AI models in its Azure public cloud, and the company wants to keep the trend going by rolling out new AI features for developers. The new head of Microsoft AI, Mustafa Suleyman, will take the stage alongside CEO Satya Nadella and other longtime executives during the show's opening keynote in Seattle. Suleyman — a cofounder of DeepMind, the AI startup that Google acquired in 2014 — joined Microsoft last month from startup Inflection AI. People looking to get the most out of Windows operating systems have for years been able install PowerToys, an open-source bundle of utilities such as an image-resizing widget and a keyboard shortcut customization program. At Build, Microsoft will talk about a new Advanced Paste feature, which draws on AI models that run directly on people's PCs, rather than having to send data to the cloud and receive responses. The software maker will also talk about new AI features "that allow users deeper interaction with their digital lives on Windows," according to one session description. Developers will be able to integrate these features into Windows applications. As part of its AI PC strategy, Microsoft in March introduced Surface PCs, which feature a Copilot button for quick access to the company's chatbot. Those machines contain Intel processors. For years, Microsoft has been working to improve user experience on Windows PCs by running energy-efficient chips on the Arm architecture, rather than the standard x86 modle that Intel uses. At Build, Microsoft plans to discuss how Windows apps will be able to tap Arm-based neural processing engines, or NPUs, for AI. Organizations building their own chatbots in the Azure AI Studio will hear about new features related to AI safety, which will aim to lower the likelihood of models generating statements about sex and violence or posing security risks. Microsoft is also trying to make it easier to use Azure overall. The company will talk about enhancements coming to the Copilot chatbot that's accessible in Azure, which is currently available to select clients in preview mode. You can find the full session catalog for the 2024 Build conference here. WATCH: Microsoft is having its iPhone moment around AI, says Dan Ives
Consumers would be notified of AI-generated content under Pennsylvania bill 2024-04-10 21:09:33+00:00 - HARRISBURG, Pa. (AP) — Pennsylvania consumers would be notified when content has been generated by artificial intelligence, and defendants couldn’t argue that child sexual abuse material created by artificial intelligence isn’t illegal, under a bill the House passed Wednesday. The bill’s prime sponsor, Rep. Chris Pielli, said it was designed to place guardrails around the use of artificial intelligence to protect consumers. “This bill is simple,” Pielli, a Democrat from Chester County, said in floor remarks. “If it’s AI, it has to say it’s AI. Buyer beware.” Lawmakers voted 146-54 to send the measure to the state Senate for its consideration. All Democrats were in favor, while Republicans were roughly split. The bill would change the state’s Unfair Trade Practices and Consumer Protection Law to require “clear and conspicuous disclosure” when artificial intelligence has been used to create written text, images, audio or video. The notice would have to be displayed when the content is first shown to consumers. Violators would have to knowingly or recklessly post AI content, which Pielli said would help protect news organizations that unwittingly publish AI content. It is opposed by the Pennsylvania Chamber of Business and Industry on the grounds that it could expose businesses to civil litigation and would not be limited to deceptive material. The group is specifically opposed to the consumer notification portion of the bill, a chamber spokesman said. Another provision of the bill prohibits defendants from arguing that child sexual abuse material created by artificial intelligence isn’t illegal under criminal laws. Public disclosure of AI’s use is an emerging theme across hundreds of state bills in U.S. legislatures that seek to regulate the new technology. AI filters job and rental applications, determines medical care in some cases and helps create images that find huge audiences on social media, but there are scant laws requiring companies or creators to disclose that AI was used at all. That has left Americans largely in the dark about the technology, even as it spreads to every corner of life. Margaret Durkin, TechNet executive director for Pennsylvania and the mid-Atlantic, said in a statement Wednesday that her organization expects to work with lawmakers on the definition of AI, “to decrease the uncertainty of who and what is affected.” TechNet is a trade group of senior executives that lobbies for tech companies such as Meta and Google. Spokesman Steve Kidera said the group hopes to work with lawmakers to get from an opposed to a neutral position. “For example, how does a football broadcast that uses AI to show predictive visual cues know when it’s the first time a consumer is interacting with their AI? If a copywriter uses a generative AI product to help them write something, are they obligated to present a disclosure? And how do they do that?” Durkin asked. The Washington, D.C.-based BSA The Software Alliance, which advocates for the global software industry, said that as of early February there were several hundred AI-related bills pending before about 40 state legislatures. Topics covered by the bills include the risk of bias and discrimination, and deepfakes. ___ This story has been edited to correct the TechNet official’s name to Durkin, not Durking. ___ Associated Press writer Jesse Bedayn in Denver contributed to this report.
Match Group to Webcast Q1 2024 Earnings Conference Call - Match Group (NASDAQ:MTCH) 2024-04-10 21:07:00+00:00 - Loading... Loading... DALLAS, April 10, 2024 /PRNewswire/ -- Match Group MTCH will webcast a conference call to review its first quarter 2024 financial results on Wednesday, May 8, 2024, at 8:30 a.m. Eastern Time (ET). After the close of market trading on Tuesday, May 7, Match Group will publish its first quarter results along with supplemental investor materials, which may include certain forward-looking information, at https://ir.mtch.com. The live webcast and replay will be open to the public at https://ir.mtch.com. About Match Group Match Group MTCH, through its portfolio companies, is a leading provider of digital technologies designed to help people make meaningful connections. Our global portfolio of brands includes Tinder®, Hinge®, Match®, Meetic®, OkCupid®, Pairs™, PlentyOfFish®, Azar®, BLK®, and more, each built to increase our users' likelihood of connecting with others. Through our trusted brands, we provide tailored services to meet the varying preferences of our users. Our services are available in over 40 languages to our users all over the world. SOURCE Match Group
Nassau County Republicans want an armed civilian militia. And they’re not alone. 2024-04-10 21:02:04+00:00 - Despite facing backlash from civil rights activists and Democratic lawmakers, Republicans in conservative-leaning Nassau County, New York, are moving forward with a plan to form an armed, civilian militia that the local government could operate as a de facto police force during “emergencies.” The plan, proposed by Nassau County Executive Bruce Blakeman, has local opponents comparing the "special deputies" to other government-backed militias throughout history, including some Ku Klux Klan chapters and the Nazi brownshirts. Blakeman has taken umbrage to the comparison; according to the Long Island press, he suggested that “This is not only a personal insult to me, as a Jew, but it is a personal insult on humanity." Nassau County Executive Bruce Blakeman. Alejandra Villa Loarca / Newsday via Getty Images file By executive order, Blakeman has assembled a list of more than 100 civilians he wants to train to act as “special deputies,” or what is essentially a back-up police force. All members are required to have a firearms license and Blakeman has said they will undergo a background check and mental health evaluation, though what either of those entail could be quite subjective. “God forbid there is an emergency, do you want me to have to scramble at that point to try and find people?” Blakeman said in defense of the plan, according to PIX11. Since conservatives have made a point of portraying nonviolent protests as threats to state and national security, PIX11 asked Blakeman if his civilian militia could be used to crack down on civil rights demonstrations. And he didn't say no: Blakeman said he will call them up in only the most extreme situation like a natural disaster– with the mission being not to police, but to guard hospitals and other infrastructure to free up sworn Nassau Police. However, in theory, Blakeman could declare anything in an emergency, so PIX11 News pressed him about if a political protest he did not agree with might be declared an emergency. “So far our police have been able to handle any protest,” Blakeman said. “But if there was a riot I would consider it, especially at the level they were burning buildings.” In recent years, conservatives have become more vocal in support of armed vigilante and militia groups that share their draconian and oftentimes illiberal view of criminal justice. This has been most evident in Republicans' involvement with groups like the Proud Boys and the Oath Keepers, both of which sought to overturn the 2020 election in Trump’s favor. Trump has even portrayed the violent militiamen who fomented insurrection on his behalf as "patriots" and said their jailing has made them "hostages." And Kyle Rittenhouse has become a cause celebre among conservatives after he was acquitted for killing two men after he had joined up with a militia group that had stationed itself outside a used car lot in Wisconsin in 2020. We’ve seen Republican leaders in states as varied as California, Michigan, Nevada, and Florida throw their support behind civilian-led militia groups, as well, which scholar Rachel Kleinfeld wrote about in this 2022 article for Just Security. (Kleinfeld, a distinguished scholar who ran the Truman National Security project and served on the State Department’s Foreign Affairs Policy Board, reports that some GOP-led counties have even relied on such militia groups to provide security at events.) Kleinfeld discussed this increasingly common alliance in a WBUR interview that year. She said: [W]hat we’re seeing in America is the next stage of this phenomena. You know, the first stage might be dehumanization and allowing a mass public to start having beliefs about violence, that it’s OK. The next stage is trying to get organized groups. These are really violence entrepreneurs or violence specialists. Regular people, even those primed to commit violence, are still — they’re wary of taking the first step. But if you get violence specialists involved who are very comfortable with violence, then it’s easier to get a crowd of people to commit violence. And that’s where the militias come in. So what we’re seeing is in Republican counties, often local officials, occasionally state level — we’re starting to see this willingness to work with militias. What we’re seeing in Nassau County is a continuation of the conservative movement’s troubling infatuation with vigilantes and other civilian forces that are even less accountable and subject to oversight than ordinary police.
Tech workers flush with cash are turning Miami's suburbs into the new Beverly Hills 2024-04-10 20:54:52+00:00 - The most expensive neighborhood in America is in Coral Gables, Florida, Bloomberg reports. Before the pandemic, that distinction belonged to Beverly Hills, according to Zillow. Tech and finance giants are helping to fuel Florida's scorching hot real-estate market. NEW LOOK 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 The post-pandemic Florida real-estate boom just earned the state a new superlative. Today, seven of the 10 most expensive neighborhoods in the US are located in Florida, Bloomberg reported, citing data from Zillow. The priciest neighborhood in America is Gables Estates in Coral Gables, where a typical home costs $21.2 million, Bloomberg reported. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in . Pre-pandemic, in 2020, the most expensive neighborhood in America was Beverly Hills Gateway, where a typical home cost a cool $10.6 million. Advertisement The Port Royal neighborhood in Naples, Florida, was the second most expensive neighborhood in 2024, followed by Beverly Hills Gateway — where a typical house today is priced at $12 million, Bloomberg reported. Meanwhile, New York had two of the nation's most expensive neighborhoods in 2020 — the West Village and the Upper East Side — but does not rank in Zillow's top 10 for 2024, according to Bloomberg. Tech and financial giants are flocking to Florida Stats about America's priciest neighborhoods are the latest bit of proof of Florida's scorching hot real-estate market, as a swarm of monied tech and business giants is helping fuel its ascent. Separately, Bloomberg reported Tuesday that Apple is taking a new 45,000-square-foot office in Coral Gables, while Microsoft leased a space in the same building that will become the headquarters for hedge fund Citadel. Advertisement Amazon is also seeking 50,000 square feet of office in Miami, according to Bloomberg, as founder Jeff Bezos continues to snap up multiple homes on the uber-exclusive Indian Creek island off Miami. Apple, Microsoft, and Amazon did not immediately respond to requests for comment from Business Insider. Meanwhile, BI's Eliza Relman reported Tuesday on the downsides of the buzz surrounding Miami. Increasing home prices and rents are making it harder for lower-income Floridians to afford to live in the state, while the climate crisis — and rising sea levels — could result in further displacement.
Owners of bowling alley in mass shooting vow to reopen as 'a safe place again' 2024-04-10 20:54:00+00:00 - LEWISTON, Maine — At first, Justin Juray could not fathom re-entering his beloved bowling alley, much less reopening it after a gunman’s rampage there in October left several dead. “I had some guilt,” said Juray, who bought Just-In-Time Recreation in Lewiston with his wife, Samantha, in May 2021. “I couldn’t see myself inviting or asking people to come back in here if I couldn’t keep them safe the first time,” he said. Read more on this story at NBCNews.com and watch “NBC Nightly News with Lester Holt” tonight at 6:30 p.m. ET/5:30 p.m. CT. But as the couple contemplated the catastrophe in the weeks that followed Maine’s deadliest mass shooting in which 18 people died, at the bowling alley and a nearby bar, they realized they couldn’t abandon the business for a simple reason: the need to honor the lives lost. Now, the thwack of bowling balls and falling pins will fill Just-In-Time again when it reopens on May 3 at 10 a.m. Justin Juray, with his wife, Samantha, bought Just-In-Time Recreation in Lewiston in May 2021. NBC News “I could hear Bob Violette just telling me, 'You can’t give up a key,'” Juray said, referring to the bowling youth league coach who was killed in the massacre along with his wife, Lucy Violette. “He dedicated so much of his own personal time to teach kids — just voluntary, really no money, no anything,” said Juray, adding, “He was a huge influence on changing my mind.” Justin and Samantha Juray were at the bowling alley on the evening that Robert Card, a 40-year-old Army reservist, opened fire there before going to Schemengees Bar and Grille and killing several more people. The shooting spree sparked a multistate two-day manhunt that ended when Card was found dead by suicide. Police documents released later said that the gunman’s mental health had been deteriorating and that he believed several local establishments, the bowling alley and bar among them, were broadcasting claims he was a pedophile. The bowling alley, which had been in business for decades before Juray bought it, was hosting a practice for kids in the youth league when the shooting began. Some survivors said they thought the barrage of bullets was balloons popping. One man said he raced down the length of an alley and crawled into the bowling pin machinery to hide. Samantha Juray was in the kitchen. Her husband said he thought she was behind the front desk, and saw the muzzle of the shooter’s gun flash at least three times in that direction. He assumed she was dead. The Jurays have turned their attention to renovating Just-In-Time, replacing the floors, damaged bowling balls and the front desk. NBC News “It was a little while before I found out that she was still alive and that she had locked the door after he left,” Justin Juray said. “So I am obviously thankful. Very thankful.” Samantha Juray said she still remembers the eerie noise of cellphones ringing and vibrating in the aftermath of the shooting. When it was safe, she tried helping patrons, but she couldn’t find her husband. “I didn’t find out for like two and a half hours if he was alive or not,” Samantha Juray said. Justin Juray, who wasn’t technically working that night and was bowling with his father, initially thought someone set off a firecracker. When he saw the gunman pointing his weapon toward the ceiling, reality still didn’t register, he said. Among those killed was Tricia Asselin, 53, who tried to call 911 as people ran for an exit on one side of the building, her sister, Alicia Lachance, later told NBC News. Asselin worked part-time at the bowling alley’s concession stand, but was there on her night off with another sister. Tricia Asselin. Courtesy Alicia Lachance The Jurays say they are heartbroken over the victims. “We lost family,” Justin Juray said. “That’s what it was. We lost family.” In recent months, an independent commission has investigated the response to the shooting, with scrutiny over whether law enforcement and the military did enough to prevent it. A state lawmaker has also proposed a “red flag” law; the bill, which advanced Tuesday out of a legislative committee, would allow family members to petition a judge to have firearms confiscated from those having a psychiatric crisis rather than requiring police to initiate the process. Currently, Maine has a “yellow flag” law that requires further steps to be taken before guns can be removed. While legislators debate, the Jurays have turned their attention to renovating Just-In-Time, replacing the floors, damaged bowling balls and the front desk. They opted against certain security measures, such as an armed guard, afraid it would take away from a family-friendly atmosphere. The thwack of bowling balls and falling pins will fill Just-In-Time again when it reopens on May 3. NBC News The Violettes’ adult children said the reopening of the bowling alley can help to heal the hurt. John Violette and his wife, Cassandra, returned to Maine to preserve his parents’ legacy with a bowling foundation to support children. “We’ve experienced enough,” John Violette said. “And I would hate for all the time and energy that people have put into making this a great place go to waste.” Justin Juray agrees. “It was a random act that caused a lot of devastation and a lot of horror for a lot of people, and we want to be a safe place again,” he said. “I want to have all these people back,” Juray added, “and see our family again.” Emilie Ikeda and Carolina Gonzalez reported from Lewiston, and Erik Ortiz from New York.
Agency probes Philadelphia fatal crash involving Ford that may have been running on automated system 2024-04-10 20:47:49+00:00 - DETROIT (AP) — The National Transportation Safety Board is investigating a March crash near Philadelphia that killed two people and involved a Ford electric vehicle that may have been operating on a partially automated driving system. A Mustang Mach E sport utility vehicle hit two stationary passenger cars on Interstate 95 at 3:19 a.m. March 3, the agency said. Both drivers of the stationary cars were killed, and one may have been outside of their vehicle. In a posting Wednesday on the social platform X, the agency said it will coordinate with the Pennsylvania State Police in the probe. The Mach E hit a parked Toyota Prius and rammed it into a Hyundai Elantra, the agency said. Ford said in a statement that it was told of the Philadelphia crash by the NTSB, and the company informed the National Highway Traffic Safety Administration. “We are researching the events of March 3 and collaborating fully with both agencies to understand the facts,” the company said Wednesday. The crash is the second this year involving a Mach E that the NTSB has sent a team to investigate. The first crash occurred on Feb. 24 along Interstate 10 in San Antonio, Texas. The National Highway Traffic Safety Administration also is investigating that crash, in which the Mach E struck a Honda CR-V that was stopped in the middle lane with no lights around 9:50 p.m. The driver of the CR-V was killed. The NTSB said that preliminary information shows the Mach E in the Texas crash was equipped with Ford’s partially automated driving system The agency at the time said it was investigating the crash due to continued interest in advanced driver assistance systems and how vehicle operators interact with the new technology. Ford’s Blue Cruise system allows drivers to take their hands off the steering wheel while it handles steering, braking and acceleration on highways. The company says the system isn’t fully autonomous and it monitors drivers to make sure they pay attention to the road. It operates on 97% of controlled access highways in the U.S. and Canada, Ford says. There are no fully autonomous vehicles for sale to the public in the U.S. Both NHTSA and the NTSB have investigated multiple previous crashes involving partially automated driving systems, most involving Tesla’s Autopilot. In past investigations, the NTSB has examined how the partially automated system functioned.