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Palantir lobbied UK disabilities minister to use software to tackle benefits fraud 2023-08-08 - The US tech firm Palantir lobbied the UK disabilities minister to adopt new technology to crack down on benefits fraud, emails released to the Guardian have revealed. The company wrote to Tom Pursglove to brief him on technology it had recently deployed elsewhere, promising that it had the potential for the Department for Work and Pensions (DWP) to rapidly “recover large amounts of fraud”. Palantir attached a note “outlining our thinking” and told Pursglove that it wanted to brief him or his officials in detail “to explore whether this capability could be of benefit here in the UK”. The correspondence provides the latest insight into how the firm – co-founded by Peter Thiel, the Donald Trump-supporting Libertarian billionaire – is seeking to expand its influence and role within British government. Palantir, which grew out of a US spy organisation, is the frontrunner for a £480m NHS England contract after it worked for almost nothing to create data software for the NHS during the Covid pandemic. At least a dozen MPs and peers across the political spectrum have been pressing the government for more reassurances about how patient data will be treated as the new data operating system is built. Records released following a request by the Guardian under the Freedom of Information Act included an email in which the company wrote on 26 April to Pursglove, whose brief includes financial support for those at risk of falling out of work, including statutory sick pay (SSP) and disability living allowance (DLA). The company told him it had recently deployed software in a location elsewhere, details of which were redacted by the DWP. The email added: “We recognise that the UK context is complex and unique. Nevertheless we believe there is scope for rapid read-across, potentially enabling DWP to identify and recover large amounts of fraud.” David Davis, the Tory former Brexit secretary who led the campaign against ID cards and raised concerns about Palantir’s proposed NHS involvement, said the “espoused purpose” of defeating benefit fraud was a good one but depended how it was done. “One difficulty with this sort of issue is that a primary method of finding a solution involves collating vast amounts of data, spotting trends and then picking out individuals,” he added. “Unfortunately that goes to the greatest concern any British government should have about Palantir – namely its history of security-related data management. So I would want to be very, very sure that there was formidable privacy protections before allowing Palantir in.”” The Labour MP Clive Lewis said: “For those of us becoming increasingly concerned at the penetration of Palantir into a growing number of public services, this doesn’t come as a surprise.” Palantir, which draws its name from the powerful crystal balls in JRR Tolkien’s The Lord of the Rings, was co-founded in 2003 by Thiel, one of Silicon Valley’s few well-known Trump supporters. Palantir believes that views such as those attributed to Davis and Lewis are based on a common misunderstanding of its model and that it is not in the business of collecting, mining or selling data. On the email to Pursglove, it said the meeting was in relation to his responsibility for tackling fraud and was not concerned with any specific area of the department’s responsibilities. skip past newsletter promotion Sign up to First Edition Free daily newsletter Archie Bland and Nimo Omer take you through the top stories and what they mean, free every weekday morning 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 “Instead it would have been to discuss how our software could help DWP officials to better organise their information in order to tackle fraud and error in the round – which costs the UK taxpayer billions of pounds a year that could otherwise potentially be spent in areas such as health or education,” a spokesperson said. On general claims of lobbying, Palantir said it was proud of its software’s role in the Covid vaccine rollout and in other areas including reducing NHS waiting lists. “We make no apology for constantly looking for new ways in which our software can help and there is nothing unusual about writing official correspondence to ministers offering ideas for how it could.” Other records released under FoI to the Guardian, which sought correspondence between Palantir and minister’s offices, show it lobbied the Foreign Office against the backdrop of moves to rescue British citizens and others from the outbreak of war in Sudan. “Palantir is supporting NEO [non-combatant evacuation operation] activity under way in Sudan (under MoD Op Polar Bear),” it wrote, referring to the name of the evacuation operation then under way. Ministry of Defence sources say that Palantir’s involvement was on the basis of contracts in place for some time. In a 25 April email, Palantir said James Cleverly, the foreign secretary, and his permanent undersecretary had been receiving briefs on the company’s platform, via a partnership with the MoD, but offered the FCDO “direct access to the data”. It invited senior civil servants to a briefing on the platform’s “wider capabilities” and offered to set up an FCDO account. The DWP declined to comment but referred to its FoI response, which said DWP ministers had not met Palantir. The Home Office said it did not comment on which events ministers attended.

Return-to-office mandates just got another vote in their favor: A new study says WFH results in 18% less productivity. 2023-08-08 - A study from economists at MIT and UCLA found productivity dropped when people worked from home. The study observed groups of data-entry workers in India working from home and from the office. People who worked from home saw their productivity fall by 18%, the researchers said. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy The debate on workers returning to the office could end up centering on a debate about productivity. Some workers argue they're more productive working remotely. But some managers say employees are more productive when they're in an office. And at an extreme, some people even contend that working from home should be looked down upon. Now, one new study could add some clarity to the competing views: It suggests that people are more productive working from the office, which could be good news for managers and tech companies trying to bring their employees back in. In a working paper that's being circulated by the National Bureau of Economic Research, economists from the Massachusetts Institute of Technology and the University of California, Los Angeles, observed data-entry workers in Chennai, India, across two groups — those working from the office and those working from home — over test periods of eight weeks. The key finding? Those in the work-from-home group were 18% less productive than those working from the office. How is "productivity" measured? To gather subjects for the study, the researchers posted advertisements for entry-level data jobs in local newspapers, and ultimately observed a total of 235 workers, according to the study. These workers were then divided into two groups that were randomized across skill level and preference for working from home or the office — among other traits — and given identical tasks, resources, and goals. The report noted that both groups were also asked to work for approximately 35 hours a week. However, those working from home were given the flexibility to choose when they worked, while those coming into the office were restricted to a 9 a.m. to 5 p.m. schedule. For those working from home, the researchers also took low-resolution pictures of the workers every 15 minutes through a camera built into a laptop they provided, to ensure they weren't outsourcing their work. The main measure used to gauge productivity in the study was "net typing speed," which the report defined as the number of correct entries typed per minute. The study also measured the "accuracy" of the workers by comparing the ratio of correct data entries to total data entries, along with idle times. Why data-entry workers? The report noted they're ubiquitous across India, the job doesn't require high-level skills, it can be easily performed in both remote and office settings, and collecting detailed measures of productivity and output for data-entry workers is a relatively straightforward process. It's also worth noting that cultural norms in Chennai, India, are different from the US, UK, or other places. David Atkin, one of the authors of the study who spoke to Fortune about the research, explained that in developing countries like India, homes are more likely to be "smaller, more cramped and hot, and have noise pollution," all of which are likely to affect productivity at home. Working from home can make communication more challenging Still, one of the reasons remote workers could be less productive than their office counterpoints is because of challenges in communication that arise from virtual work. An earlier study of more than 60,000 staff members at Microsoft who transitioned from office work to remote work between December 2019 and June 2020 found that the employees became "more siloed, less dynamic" and weren't able to form as many new connections compared to the pre-pandemic days. While people did form stronger connections with their immediate team members, the study found that they spent an average of 25% less time collaborating across groups. These types of communication challenges can be particularly problematic for younger workers. A recent survey found that some Gen Z and millennial workers are struggling to feel included in virtual meetings. Ultimately, employees appear to be most content when they have flexibility around their schedule. Some of the happiest employees last year were the ones who were working in remote-hybrid roles. Nevertheless, this new data could bolster the case that some tech execs are making to bring people back into the office. In February, Amazon CEO Andy Jassy issued a mandate requiring corporate employees to spend at least three days a week in the office beginning May 1. And Mark Zuckerberg's Meta has asked most workers to return to the office three days a week.

I moved to a South Carolina island where there are no cars. It's like being transported back 200 years in time, but you can still get Instacart. 2023-08-08 - Jerry Jaskowiak works remotely from Haig Point on Daufuskie Island in South Carolina. Daufuskie Island is "car-free" and has only 533 residents. The 62-year-old breaks down what living on the island is like. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy This as-told-to essay is based on a transcribed interview with Jerry Jaskowiak, a 62-year-old company president who lives on a small, car-free island off the coast of South Carolina. It has been edited for length and clarity. I've lived on a car-free island that is less than 10 square miles for two years now. My wife visited Daufuskie Island with some friends and loved the vibe, so she kept returning. The island is a unique and magical place. It's like going back 200 years. The dirt roads are lined with ancient oak trees and you can only get to the island via boat. The island captured my wife's imagination so much, she wanted to move here I didn't want to move. We'd only recently finished renovating our house in Oldfield, South Carolina. My wife spent a year convincing me. The island's charm, beauty, and history made her feel at home. She asked what would make this move an easy choice. I answered: "$1.3 million for our house, one call with a realtor, and one viewing." I thought it would be impossible to sell our house so quickly, but we had a contract later that day — it felt like fate. Haig Point is a private community where most of the population of Daufuskie Island live To be part of Haig Point you have to pay an annual membership fee of $25,660, or $30,759 if you want the golf membership that lets you golf essentially whenever you want — on top of a one-time initiation fee of $50,000. Before Haig Point, I already lived in a community that had fees associated with living there. The fees are higher at Haig Point to cover the cost of the ferry, but it didn't take much adjusting to. The membership covers the cost of staff and the amenities within the community. The community has a 29-hole golf course, an outdoor pool, six tennis courts, a pickleball court, an equestrian center, and some other buildings that require upkeep — the membership pays for that. The biggest benefit of the membership is that you can get the boat to and from the island as often as you like, for free. A boat goes each way once an hour and you can bring guests with you, also for free. Houses are a better value for your money on Haig Point The house we bought in Haig Point was cheaper than the one we sold. I think you get more house for the dollar here. That said, it costs a lot more to build or make renovations. We wanted to make some small changes to our new Haig Point house. Because there's no bridge access to the island, contractors have to take the boat 30 minutes each way. The contractor who began the renovation estimated it'd cost $250,000 for the job, we hit $200,000 halfway through and decided to finish the rest ourselves and spent about $375,000 in total. The island is considered "car-free" but you may see a few vehicles being used by maintenance staff. Haig Point has a big golf community, and as a result, golf carts are the main form of transport on the island. You can buy a nice, rebuilt golf cart from a dealer on the mainland for about $11,000. We got one of those but also purchased a fancier one with hard doors to keep you warm when it gets chilly for around $15,000. You can still get Instacart and Starbucks on the island We always get asked where our groceries come from. We can either go to the mainland supermarket or order groceries online using Instacart. The delivery driver will bring your order to the boat terminal on the mainland and then the staff will bring it to the island. You can either pick it up from the Welcome Center, which is about five minutes from my house, or it can be delivered to your front door — for no extra cost, though we do tip. Because the Instacart guy is only delivering it on the mainland, the delivery fee is no more than if you lived there. There's a vendor from the mainland who runs a farmers market every Saturday selling produce and fish. There are some small, independent restaurants on the island and even a Starbucks in the Welcome Center. Food on the island is slightly more expensive than on the mainland, with a markup of about 10%. Working remotely from such a beautiful place has improved my work-life balance I work remotely as the president of an investment-accounting company. Internet connection is super important for me. I have to be on calls and frequently use 50 terabytes of cloud storage. Luckily, the internet connection here is the most solid I've ever dealt with. I get a gigabyte download speed in my house for $120 a month. In my previous house, I was using the same company and I got half a gigabyte for $100 a month. I've worked remotely since 2014, so moving here really didn't change my work at all. Living here is really perfect for remote workers — I wouldn't want to commute to the mainland every day. I think the island has helped with my work-life balance. After work, I can walk down a winding road for five minutes and be able to look out across the Atlantic Ocean — it's pretty cool. Or I can go play a few holes of golf. It's so easy to step away from work and do something completely different.

China's July exports contracted the most since the start of the pandemic. It shows a tough external market for the world's factory when it needs it the most. 2023-08-08 - China's exports contracted 14.5% on-year in July, worse than the 12.5% fall analysts had expected. Imports into China fell 12.4% on-year in July, far more than the 5% decline analysts had expected. The two readings reflect weak demand both, externally and internally for China's post-COVID economy. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy China's facing a double whammy of more bad news in its post-COVID economy, as its imports and exports are both down in July. The world's second-largest economy has been grappling with flagging growth, a real-estate crisis, and record youth unemployment — all of which have hit the country's domestic demand. With China's second-quarter GDP growth missing expectations alongside a slew of disappointing economic data recently, the country needs all the help it can get as the factory of the world. However, global demand is also weakening for China, as trade data released on Tuesday showed. China's exports in dollar terms contracted 14.5% in July from a year ago, making their worst on-year contraction since the COVID-19 pandemic started in early 2020, according to the official data. Analysts polled by Reuters had expected exports to contract 12.5% after they fell 12.4% on-year in June. The contraction in exports was broad-based across all of China's major trading partners amid global economic uncertainty and as central banks globally hike interest rates to tame inflation. Exports to the European Union and Southeast Asian countries registered the largest declines from June, wrote Louise Loo, lead economist at Oxford Economics in a Tuesday analysis of China's trade data. In particular, high-tech products — which make up a quarter of China's total goods exports — fell 4.4% on-month in July, marking its fourth straight month of decline, Loo added. Meanwhile, China's consumer demand isn't that upbeat either, the July import data shows. Shipments into the country fell 12.4% in July from a year ago, widely missing a 5% forecast, per the Reuters poll. In particular, imports from the US fell 11.4% over the same period, according to a Nomura analysis based on trade-related indicators. This sharp decline in imports could have been due to "highly restrictive US embargos on semiconductor exports, which continued to hamper China's imports of goods from the US," Nomura economists wrote in a Tuesday note seen by Insider. "These readings point to worsening growth prospects," the economists wrote. "A worsening export contraction means weaker production, while rapidly deteriorating imports reflect weaker demand within China." To boost its flagging economy, China recently rolled out a series of plans to boost local consumption to charge its flagging economy — but these may not be enough, say analysts. The Nomura economists expect China's exports to contract at a similar scale until the end of the year and the country's growth to take longer to rebound given the "double-whammy of the collapsing property sector and contracting exports."

My 10-year-old spends up to 5 hours a week learning to code. Here are the best resources I've found to help him get ahead in his future career. 2023-08-08 - Joel Gratcyk's son Wesley spends a few hours a week learning to code in Python, PHP, and Swift. Wesley started taking free courses when he was 7 and uses both online and library resources. Gratcyk said that whether or not Wesley goes into coding, he'll have an advantage in his career. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy This as-told-to essay is based on a conversation with Joel Gratcyk , a 41-year-old freelancer and stay-at-home dad in Illinois. It's been edited for length and clarity. My 10-year-old son Wesley is currently coding in Python , PHP , and Swift . He loves solving puzzles and creating things, so I got him into coding when he was 7 years old. He's been taking weekly lessons ever since. He's constantly coming up with new ideas on how to do things on computers and in real life. It isn't unusual for me to come into a room and find he's disassembled something in an effort to find out how it works. I've been coding professionally for more than 20 years. I'm a digital consultant at Fried Egg Burger , a small DBA company I use to do my freelance work in WordPress (coding and design), marketing, crowdfunding, and content creation. Thirty percent of the work I do is specific to coding in HTML, CSS, PHP, Python, and JavaScript. I'm a stay-at-home dad, and I work when my kids are in school or at extracurriculars like swimming lessons or band. I was like Wesley as a kid: curious, mindful, and tenacious. As a father, I want to encourage Wesley to explore those qualities Our world has become so much more dependent on coding than it was in the 1980s when I was learning. No matter what he ends up doing as he grows up and enters adulthood, knowledge gained from coding will make him a better employee, boss, or founder. Trying to explain something to a colleague about how computers work — or why coding a specific thing is more complicated than they would expect — is an infuriating experience that leads to wasted time. I want my son to be one of those rare people in charge who can understand what the coders are doing and help get projects finished without getting bogged down in misunderstandings. I've had both types of managers in my career, and I much preferred the ones who understood — even at a low level — what I did. Right now, he's doing a lot of free, self-paced courses online We're working together on some small-business ideas he has for the near future. One of his goals is to make enough to upgrade to a new MacBook Pro. The one he uses now is my old one, and it has a broken screen from a previous fall that requires an external monitor for him to work on it. One of the free online courses he's done is the computer programming course at Khan Academy , which is a great introduction to the world of computer code. It covers everything from basic coding logic to advanced JavaScript examples. He's also learning about Swift Playgrounds from Apple , which works on iPads and Macs. It's a free app that teaches students to write Swift code — the language developers use to make apps — in a fun, interactive way. Another one he's done is freeCodeCamp , which offers over 3,000 hours of tutorials for all levels of computer programming for free. It's a donor-supported nonprofit organization that helps improve people's lives by offering free access to computer-coding materials. We use our local library as well Our library has a great selection of coding books and is very responsive to book-purchase requests. " Professional WordPress Plugin Development, 2nd Edition ," " Python Crash Course, 3rd Edition: A Hands-On, Project-Based Introduction to Programming ," and " Coding with Minecraft: Build Taller, Farm Faster, Mine Deeper, and Automate the Boring Stuff " have been great resources for us so far. There are also local franchise coding schools for kids — with online options, too — that we've looked into, like Code Ninjas or Juni Learning . They cost about $150 to $250 a month for one or two classes a week. I plan on enrolling him in a few paid courses and classes as he gets more advanced, but I can guide him for now. The amount of time Wesley spends on coding changes from week to week Wesley enjoys coding most days. He told me, "I like being able to figure out how things work and watching YouTube videos with my dad when we're both stuck on how to get something to work right." His coding schedule depends on his band, theater, and soccer schedules. On average, he spends three to five hours a week coding. Typically, he codes after school. Commitments like extracurriculars and homework all come before programming, but we make sure to find time for him to work on his self-paced computer-programming projects. I know the advantages of learning to code young will give him a boost over the competition when seeking employment or starting a company later in life.

Over 80% of Americans think it's a bad time to buy a house 2023-08-08 - Americans don't feel good about the prospect of buying a house right now. 82% think it's a "bad time to buy" a new home, according to a Fannie Mae survey. Affordability has plunged due to soaring mortgage rates and low inventory levels. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy Policy Four out of every five Americans believe it isn't a good time to purchase a house, as spiking mortgage rates and low inventory levels fuel an affordability crisis. In Fannie Mae's National Housing Survey for July, 82% of respondents said it was a "bad time to buy" a new home, the highest level on record since the mortgage financier started its poll in 2010. And just 64% of the people surveyed by Fannie Mae believe it's a good time to sell a house. The poll comes at a time when housing affordability has plunged to a 37-year low, per data from Black Knight, with mortgage rates soaring but dwindling inventory levels keeping the market tight. The average 30-year fixed-rate mortgage has risen from under 5% to nearly 7% over the past year, according to Freddie Mac, with the Federal Reserve's most aggressive interest-rate hiking campaign since the 1980s pushing up borrowing costs. Prices have also been squeezed due to historically low supply levels, with the number of available units plunging 14% to just over 1 million over the 12 months before June 2023. The data suggests that Americans are still pessimistic about the US housing market despite a barrage of positive economic news over the past few months – with growth beating forecasters' expectations, inflation cooling toward the Fed's 2% target, and unemployment holding steady at under 4%. "While consumers are reporting confidence in the components related to their personal financial situations, it's unlikely we'll see housing sentiment catch up to other broader economic confidence measures until there is meaningful improvement to home purchase affordability," Fannie Mae's chief economist Doug Duncan said. "Unsurprisingly, consumers continue to attribute the challenging conditions to high home prices and unfavorable mortgage rates," he added.

A Rivian owner detailed the things he 'hates' about his electric truck one year into owning it — but it's still his favorite vehicle 2023-08-08 - Tech YouTuber Zack Nelson said he put his Rivian R1T truck to the test over the past year. Nelson found some issues with the EV, including doors that don't drain and soil in his undercarriage. However, he said its performance outweighs any issues, and it's still his favorite vehicle. Morning Brew Insider recommends waking up with, a daily newsletter. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address By clicking “Sign Up,” you also agree to marketing emails from both Insider and Morning Brew; and you accept Insider’s Terms and Privacy Policy Click here for Morning Brew’s privacy policy. Tech YouTuber Zack Nelson, also known as JerryRigEverything, pointed out several issues he had with his Rivian R1T after a year of owning it and over 10,000 miles of driving — from doors that are filled with water to a plant growing in his EV's undercarriage. "The R1T is an electric truck and I would assume that an electric truck would just be able to do truck things," Nelson said in a YouTube video pointing out some of the things he "hates" about the vehicle. Nelson, who runs an off road wheelchair company called Not A Wheelchair, said he's filled the bed of the truck with all manner of things — from horse poop to dirt and gravel — and used it to haul over 11,000 pounds and even gone off-roading with it. Outside of some "super minor issues," like a broken tonneau and replacing a shock under warranty, Nelson said there were some problem areas he felt were a "pretty big deal." In his YouTube video, Nelson points out that water got into the doors of his car and sloshed around even after the automaker enlarged the vents on the doors to help more of the liquid drain. Another "major issue" the YouTuber pointed out is that the R1T's extending flap on the bed of the truck — which makes it easier to haul things like lumber — can allow for loose soil and gravel to fill the sealed undercarriage of the vehicle through slots on either side of the tailgate. "There's probably a solid two or three shovel-fulls of dirt, horse poop, and mulch down in there that I have no access to and now I'm forever hauling around that handful of rocks," Nelson said in the video. "And not to mention down there is where the battery and high voltage components are." In the video, Nelson showed that there was so much loose soil in his EV's undercarriage that a plant had begun to grow within the recesses of his car — a build-up that could cause the truck to rust. Zack Nelson said a plant was growing in the undercarriage of his Rivian. YouTube A Rivian spokesperson told Insider the company is always looking for ways to improve its vehicles. "Creators like Zack are a fantastic window into how our products enable all kinds of experiences, dirt and all," the spokesperson said in an emailed statement. "When things do go wrong, we have a nationwide and growing service team that is able to address issues and get people back on the road as quickly as we can." 'Exciting to drive even a year and a half after my first drive' Despite some of the things he says he hates about the vehicle, Nelson — who has owned and driven a wide variety of vehicles from a Tesla Roadster and Model X to the F-150 Lightning — told Insider the truck is still his favorite vehicle he's ever driven. "It's a truck with the performance of a sports car, but all the abilities of a truck. I really like the handling and acceleration. When you're towing something you can barely tell it's there. Its so strong and powerful, it makes a gas-powered truck feel archaic," Nelson said. "It's exciting to drive even a year and a half after my first drive in it," he added. Nelson told Insider that he'd expected to take the car in for a variety repairs as a first adopter, but has been pleasantly surprised by the company's customer service, extensive warranty, and a lack of serious quality control issues. "It's kind of a leap of faith buying a truck from a new car company, especially because you have to worry whether they have what it takes to stay in business," he said. "But, I jumped in and I can't say I regret it."

Palantir Raises Profit Forecast, Sets $1 Billion Buyback 2023-08-08 - (Bloomberg) -- Palantir Technologies Inc. raised its forecast for adjusted profit in 2023 and authorized a $1 billion share buyback on the strength of what it called “transformative” traction for its artificial intelligence technology. Most Read from Bloomberg “We have a good chance at becoming the most important software company in the world,” Chief Executive Officer Alex Karp told Bloomberg during an interview Monday. “Demand is unprecedented” for Palantir’s AI, he said. After initially falling as much as 12% in extended trading after the report, the shares bounced back, rising about 3% as of 5:30 p.m. in New York. Over the last quarter, excitement around AI helped drive a 132% increase in the company’s share price, which closed Monday at $17.99. The Denver-based software company said it expects to bring in $2.21 billion in revenue during 2023. That forecast was at the low end of analysts’ projected estimates for sales of $2.19 billion to $2.24 billion for the year. Its expectations for profits were sunnier, with a forecast of $576 million in adjusted income from operations, exceeding Wall Street expectations of $530.3 million, according to estimates complied by Bloomberg. Palantir has been selling predictive data analysis software to US government agencies and major companies for nearly two decades. Long a player in AI, Palantir began touting those capabilities more aggressively earlier this year, as the fervor climbed over the technology and its capabilities. The company recently launched its Artificial Intelligence Platform, or AIP, to help companies and governments use AI to analyze data and make decisions, including in battlefield contexts. The product launched with no pricing strategy and the audacious goal, described by Karp, to “just take the whole market.” Story continues In a call with investors on Monday, Karp described huge demand from customers for the product, launched about 10 weeks ago. “The reception to this is unlike anything we’ve ever seen,” he said. Palantir’s AI platform now has users across more than 100 organizations, Karp said in a letter to shareholders Monday, and the company is in sales discussions with more than 300 additional enterprises. Palantir beat analyst estimates in the second quarter on profit and revenue. The company reported that adjusted operating income grew 25% to $135 million during the quarter ended June 30. Revenue was $533 million, up from $473 million in 2022. Analysts, on average, had expected adjusted operating income of $121.5 million on revenue of $532.4 million, according to estimates compiled by Bloomberg. The company’s commercial revenue grew faster in the US than other markets, but came in slightly under analysts’ estimates, growing 10% to $232 million during the quarter compared to the same period a year ago. Analysts expected commercial revenue of $234.2 million. Palantir revenue for government clients grew 15% to $302 million. Analysts expected $301.8 million. Karp told Bloomberg Palantir aims to be included in the S&P 500, which requires that companies maintain certain milestones — including being profitable for a year. Palantir now has been profitable for three consecutive quarters. (Updates with quotes from call with investors in the eighth paragraph.) Most Read from Bloomberg Businessweek ©2023 Bloomberg L.P.

Meta Platforms seeks to stop privacy breach fine in Norway -court filing 2023-08-08 - A Meta logo is seen at the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France, June 14, 2023. REUTERS/Gonzalo Fuentes/File Photo OSLO, Aug 8 (Reuters) - Meta Platforms (META.O) is asking a court in Norway to stop a fine the Nordic country's data regulator imposed on the owner of Facebook and Instagram for breaching users' privacy, according to a court filing. Meta Platforms will be fined 1 million crowns ($97,700) per day from Aug. 14 over privacy breaches, Norway's data protection authority told Reuters on Monday, in a decision that could have wider European implications. Meta Platforms is asking for a temporary injunction against the order, according to a court filing. Its petition will be presented on Aug. 22 during a two-day hearing. Meta Platforms did not reply to a request for comment. The company's Norwegian lawyer did not immediately reply to an emailed request for comment. The Norwegian data regulator, Datatilsynet, said Meta Platforms was seeking to stop the imposition of the fine. "They say that the court should put ... a pause on our order, pending a full trial," Tobias Judin, head of Datatilsynet's international section told Reuters. "Datatilsynet will argue that there is no basis for an injunction." The regulator has said Meta cannot harvest user data in Norway, such as users' physical locations, and use it to target advertising at them, called behavioural advertising, a business model common to Big Tech. The fine will run until Nov. 3. Datatilsynet can make it permanent by referring its decision to the European Data Protection Board, which has the power to do so, if it agrees with the Norwegian regulator's decision. That could also widen the decision's territorial scope to the rest of Europe. Datatilsynet had yet to take this step. ($1 = 10.2326 Norwegian crowns) Reporting by Gwladys Fouche in Oslo; Editing by Kirsten Donovan Our Standards: The Thomson Reuters Trust Principles.

Houston Texans minority owner Javier Loya charged with rape in Kentucky 2023-08-08 - Javier Loya, a minority owner of the Houston Texans, is facing a rape charge in Kentucky, according to court records. Loya has been charged with one count of first-degree rape, five counts of first-degree sexual abuse and one count of third-degree sexual abuse in Jefferson County, Kentucky. The 53-year-old Loya was indicted and pled not guilty in May. He posted a $50,000 bond. "Mr. Loya is innocent and has pled not guilty to all charges," Andrew J. Sarne, Loya's lead legal counsel said in a statement provided to NBC News. "He unequivocally and categorically denies these allegations and will vigorously defend his innocence." "Mr. Loya has voluntarily taken and 100% passed a polygraph test which confirms his innocence and looks forward to being vindicated in court," Sarne said. In a separate statement, the Texans said: “We are aware of the serious charges filed in the Commonwealth of Kentucky against Javier Loya, one of our outside limited partners." “We have agreed with Mr. Loya that while those charges are pending, he will remove himself entirely from any team or league activities," the statement said. “The club promptly notified the league of the serious pending charges against Mr. Loya after they were filed,” NFL spokesman Brian McCarthy said. “Mr. Loya has not been permitted to participate in any league or club activity during this process. He is no longer on any league committees.” Loya is the co-founder and chairman of Houston company OTC Global Holdings. He has had a stake in the Texans since their inception in 2002. The case is set for a pretrial conference Aug. 22.

Japan's tech investor SoftBank trims losses and promises offensive turnaround 2023-08-08 - FILE - A woman walks past a SoftBank store in the Ginza shopping district in Tokyo on Jan. 20, 2020. Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday, Aug. 8, 2023. (AP Photo/Eugene Hoshiko, File) FILE - A woman walks past a SoftBank store in the Ginza shopping district in Tokyo on Jan. 20, 2020. Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday, Aug. 8, 2023. (AP Photo/Eugene Hoshiko, File) FILE - A woman walks past a SoftBank store in the Ginza shopping district in Tokyo on Jan. 20, 2020. Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday, Aug. 8, 2023. (AP Photo/Eugene Hoshiko, File) FILE - A woman walks past a SoftBank store in the Ginza shopping district in Tokyo on Jan. 20, 2020. Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday, Aug. 8, 2023. (AP Photo/Eugene Hoshiko, File) Japanese technology company SoftBank Group continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn TOKYO -- Japanese technology company SoftBank Group Corp. continued to rack up losses for the fiscal first quarter as technology investments soured amid a market downturn. But SoftBank’s April-June red ink, at 477.6 billion yen ($3.4 billion), was smaller than a year ago, when losses totaled 3.16 trillion yen ($22 billion), the Tokyo-based company said Tuesday. Losses came from what SoftBank calls its Vision Funds, as well as from other investments including those in telecommunications in Japan. Chief Financial Officer Yoshimitsu Goto struck an upbeat tone, stressing that the environment for technology issues was improving. “We must pay attention to the conditions and adjust stepping on the gas pedal, as well as on the brakes on investments accordingly,” he told reporters. SoftBank Vision Fund 1 marked a $12.4 billion gain since its inception, while SoftBank Vision Fund 2, set up after the first fund, was still performing at a loss of $18.6 billion, according to SoftBank. Over the latest period, Vision Fund 1 saw the value of its holdings rise in South Korea e-commerce company Coupang and Singaporean technology outfit Grab. That was offset by declines in its portfolio of Didi and other Chinese companies, it said. In SBVF2, the strong performance of American warehouse robotics company Symbotic shares was offset by a decline in WeWork, a U.S. workspace-sharing startup. SoftBank recently announced a joint venture with Symbotic. Goto insisted that the overall performance on the Vision Fund investments was improving. Much of the latest quarterly loss came from the recent declining value of the yen, which negatively impacts Japanese investors, he said. If that were taken out of consideration, investments were basically breakeven, said Goto. Quarterly sales were little changed, edging down nearly 1% to 1.56 trillion yen ($11 billion). The company does not give full year forecasts. SoftBank, which invests in a sprawling array of companies, including British semiconductor and software design company Arm, has tended to suffer during technology downturns. It was also negatively hit by the U.S. banking crisis earlier this year, as well as by uncertainties set off by geopolitical developments like Russia’s invasion of Ukraine. Still, the technology sector woes around the world appear to be gradually improving, as seen in the rise of shares lately in big names like Amazon, and Alphabet. SoftBank used to own significant stakes in all three companies but sold them in 2021. SoftBank more recently sold its stake in Uber to ride out hard times, and dramatically reduced its stake in Alibaba, the Chinese e-commerce and technology company. SoftBank was founded by Masayoshi Son, a graduate of the University of California, Berkeley, who is known as a defiant visionary in a Japanese corporate world dominated by tradition-bound conformists. The billionaire has indicated he intends to turn bullish after a period of being cautious, and lead in investments in artificial intelligence, using the Japanese term for “shifting from the defensive to the offensive.” One of the companies it’s investing in is Telexistence, which develops robots that stock shelves at Japanese convenience stores. SoftBank is also planning a U.S. initial public offering of Arm, which should work as a plus for its bottom line. The company offered few details. SoftBank Group Corp. shares rose 1.5% on the Tokyo Stock Exchange. ___ Yuri Kageyama is on Twitter https://twitter.com/yurikageyama

Eli Lilly, Fox rise; Beyond Meat, RingCentral fall, Tuesday, 8/8/2023 2023-08-08 - NEW YORK (AP) — Stocks that traded heavily or had substantial price changes on Tuesday: Eli Lilly and Co., up $67.52 to $521.60. The drug developer reported strong second-quarter earnings and surprisingly good sales of its diabetes treatment Mounjaro. Novo Nordisk, up $27.81 to $189.17. The drug developer gave investors an encouraging update on potential additional benefits from its weight-loss drug Wegovy. RingCentral Inc., down $7.18 to $31.80. The cloud-based phone system provider for small businesses said Tarek Robbiati will replace CEO Vlad Shmunis. Beyond Meat Inc., down $2.18 to $13.10. The meat substitute maker trimmed its sales forecast for the year. United Parcel Service Inc., down $1.60 to $180.55. The package delivery company reported weak second-quarter revenue and trimmed its sales forecast for the year. Fox Corp., up $1.73 to $32.87. The TV broadcasting company beat analysts’ fiscal fourth-quarter earnings and revenue forecasts. The New York Times Co., up $3.47 to $44.29. The newspaper publisher reported strong second-quarter financial results. International Flavors & Fragrances Inc., down $15.56 to $64.78. The ingredients producer for food, cosmetics and consumer products industries cut its sales forecast for the year.

San Francisco drives tech; will it drive away robot taxis? 2023-08-07 - [1/3] A Cruise self-driving car, which is owned by General Motors Corp, is seen outside the company?s headquarters in San Francisco where it does most of its testing, in California, U.S., September 26, 2018. REUTERS/Heather Somerville/File Photo SAN FRANCISCO, Aug 7 (Reuters) - San Francisco may be the symbolic capital of the tech industry, and the hub of next-generation services like artificial intelligence, but when it comes to self-driving cars, city officials are clear: not so fast. The question comes to a head later this week, when a state agency decides whether to allow robot car providers Alphabet Inc’s (GOOGL.O) Waymo and General Motors’ Cruise to expand their for-pay, no-safety-driver services to all of San Francisco, day and night. The vote, already delayed twice, will stand as an early test of how to regulate the fledgling industry amid pushback from safety advocates and growing urgency from technologists. For paid rides, Cruise is limited to the northwest third of the city, while Waymo cannot yet charge for the rides at all. Rides in San Francisco's downtown area, known as the financial district, are largely off limits to most passengers. Leaders of the city’s transportation agencies, fire department, and planning department oppose the rapid expansion, saying the vehicles are a menace, tying up traffic, mucking up emergency services, and driving erratically. The companies say the unmanned vehicles are safer than human-driven cars. Both sides say they have data to back up their claims. In June, for instance, the San Francisco County Transportation Authority released data estimating that Waymo and Cruise vehicles were involved in collisions with injuries reported at a rate higher than the national average for vehicles driven by humans. State regulators dispute that, saying the data doesn't account for incidents where human-drivers were at fault. At a public meeting on Monday to discuss the vehicles' potential for interference with public safety officials, the San Francisco Municipal Transportation Agency said it was aware of nearly 600 sudden-stopping incidents citywide, which the agency said was "likely a fraction of actual incidents," according to a slide presentation viewed by Reuters. Futuristic test vehicles from Cruise and Waymo are a common sight in some parts of San Francisco. Adorned with whirling sensors on their roofs and bumpers, the vehicles regularly attract gawking tourists, dazzled by their empty driver seats and hands-free spinning steering wheels. They have also drawn attention for their at-times unpredictable driving patterns, including a slavish obedience to posted speed limits, circuitous routes and a tendency to stop completely when confronted with unexpected obstacles. Cruise and Waymo said they have driven 3 million and 1 million miles, respectively, without life-threatening injuries or fatalities. A Waymo vehicle struck and killed a dog in May. The Aug. 10 vote by the California Public Utilities Commission, which regulates autonomous vehicles, is dividing the city between technologists, lobbyists and citizens hopeful the nascent industry may be a boon for San Francisco, on the one hand; and on the other, agencies, safety advocates and residents fear the city is being used as a testing lab for an unproven tech. The vote comes at a critical time for San Francisco, which is grappling with thousands of tech job losses, firms leaving the city, and COVID-era work-from-home policies that have contributed to a hollowed out downtown. 'LITMUS TEST' “Operating robotaxis in SF has become a litmus test for business viability,” posted Cruise CEO Kyle Vogt on X, the social media site formerly known as Twitter. “If it can work here, there’s little doubt it can work just about everywhere.” Cruise and Waymo have in recent months expanded to other cities such as Dallas, Miami and Las Vegas and will need more testing against variables like winter weather, driving rain and blistering heat, none of which San Francisco can offer. The companies and others, including Ford and Tesla, have plowed billions of dollars into developing self-driving vehicles but have failed yet to live up to the lofty promises of usurping traditional modes of transportation, and are desperate to find a safe and viable business model. Safety is the chief concern among San Francisco agencies – which have virtually no authority to regulate autonomous vehicles and point to traffic tie-ups and encounters with emergency services that are social media staples. The vehicles have been observed stopping in the middle of intersections after traffic lights turned red, failing to fully pull over to the curb to let passengers out, blocking bike lanes and suddenly changing lanes or failing to yield to others, among other hiccups. “While San Francisco hopes that automated driving will at some point be safer than human driving, at a minimum, based on collision records available to the public, within the complex driving environment of San Francisco city streets, we must conclude that the technology is still under development and has not reached this goal,” two local transportation agencies and the city's planning commission wrote in a May joint letter to the CPUC. SAFETY FIRST Waymo and Cruise have both said they stand by their safety records and point to a lack of serious accidents over millions of miles traveled collectively within the city. "Humans are terrible drivers," Cruise asserted in full-page ads in a handful of local and national newspapers last month. Waymo spokesperson Julia Ilina said the company hoped for a “swift resolution” to the CPUC’s deliberations and noted the vehicles are “reducing traffic injuries and fatalities in the places where we operate.” Residents also are divided. Mike Smith would like to see fewer of the vehicles on city streets. “They’re all over my neighborhood -- they’re everywhere and just stop randomly on the road and have caused problems with emergency services,” he said in an interview. Activists, in viral videos, have taken to putting orange traffic cones on the vehicles’ hoods, confusing their sensors and causing them to stop until a human removes the cone. loading Ramón Iglesias, another San Francisco resident, said that though he’d seen the videos and some erratic behavior from the cars, he supports the expansion and worries any further obstacles could drive tech companies away. “We have a very strong Luddite segment here in San Francisco and you see places like Las Vegas and Miami go out of their way to embrace tech,” said Iglesias, a data scientist. “We should be doing the same.” Mayor London Breed has called the city the “AI capital of the world.” In a statement regarding autonomous vehicles, a city spokesperson said Breed “generally supports the use of this technology,” but “she remains committed to ensuring the public's safety." Cruise, meanwhile, is not sitting idle while the CPUC deliberates. On Friday it announced it was expanding to Los Angeles, where some local officials also have raised safety concerns. Reporting by Greg Bensinger; editing by Peter Henderson and Diane Craft Our Standards: The Thomson Reuters Trust Principles.

Rhoda Karpatkin, Who Led Consumer Reports for Decades, Dies at 93 2023-08-07 - Rhoda Karpatkin, who pressed for painstaking product testing for safety and quality while promoting comparison shopping for value during more than four decades at Consumers Union as counsel, executive director and president, died on Friday at her home in Manhattan. She was 93. The cause was brain cancer, her daughter, Deborah Karpatkin, said. Ms. Karpatkin, a New York lawyer and civil rights advocate, had served for 16 years as the nonprofit organization’s counsel when she was selected in 1974 as executive director, the first woman to hold that position. Consumers Union, the publisher of Consumer Reports, later changed its name to Consumer Reports. “Rhoda led CR to become the trusted name and consumer champion we are today,” Marta L. Tellado, the president and chief executive of Consumer Reports, said in a statement. In 1993, Lear’s magazine called Ms. Karpatkin “the nation’s smartest shopper.” Under her leadership, subscriptions to the magazine, which accepts no paid advertising, more than doubled, to 4.3 million, and in 2000, the organization created what was then the largest pay website, with 350,000 subscribers. Ms. Karpatkin also raised $40 million to build a new headquarters in Yonkers, N.Y., and an automobile testing track.

A Trucking Giant Is Bankrupt, and Finger-Pointing Begins 2023-08-07 - Yellow, one of the largest trucking companies in the United States, is now in bankruptcy, three years after it got a $700 million federal loan meant to help it weather the pandemic’s upheaval. So why are rivals of the 99-year-old freight hauler doing just fine? Yellow, which filed for bankruptcy protection on Sunday, had for years been an industry laggard. Analysts say that most trucking companies are strong enough to keep operating — even after a steep fall in business following the pandemic boom in purchases of goods — and that freight is unlikely to be much disrupted by Yellow’s demise. Investors are even betting on the industry’s future, sending many trucking stocks sharply higher in recent weeks. “I don’t look at Yellow’s failure as much of a canary in the coal mine for the broader market,” said Avery Vise, vice president of trucking at FTR, a forecasting firm that focuses on the freight industry. The trucking industry has a variety of tiers. FedEx and UPS handle mostly retail packages. Walmart, Amazon and Target have big private fleets. For-hire truckload companies, hauling goods from a single shipper over long distances, include big enterprises and others with only one to five trucks, a segment that mushroomed in response to demand early in the pandemic.

Paramount Agrees to Sell Simon & Schuster to KKR, a Private Equity Firm 2023-08-07 - Paramount said on Monday it had reached a deal to sell Simon & Schuster, one of the biggest and most prestigious publishing houses in the United States, to the private-equity firm KKR, in a major changing of the guard in the books business. The deal, for $1.62 billion, will put control of the cultural touchstone behind authors like Stephen King and Bob Woodward in the hands of a financial buyer with an expanding presence in the publishing industry. While private equity investors have had a significant footprint in the book business — different firms have owned literary agencies, publishing houses and the retailer Barnes & Noble — the acquisition of one of the largest publishers in the country vastly increases the hold of financial interests in the business. “I think I speak on behalf of the entire management team when I say we are thrilled with the result,” Jon Karp, chief executive of Simon & Schuster, said in an interview. “They plan to invest in us and make us even greater than we already are. What more could a publishing company want?”

Trump escalates case against Pence, calls former VP ‘delusional’ 2023-08-07 - Since his 2020 defeat, Donald Trump’s offensive against Mike Pence has been fairly narrow in scope: The former president believes his former vice president betrayed him by failing to go along with a scheme to overturn election results Trump didn’t like. It’s what led Trump to put Pence in danger on Jan. 6, and it’s led to years of condemnations about Pence not being corrupt enough by the former president’s standards. But in recent days, Trump has widened the aperture. Last week, for example, the Republican mocked Pence for generating small crowds as part of his struggling 2024 presidential bid. On Saturday, Trump used his social media platform to make his harshest comments to date: “WOW, it’s finally happened! Liddle’ Mike Pence, a man who was about to be ousted as Governor Indiana until I came along and made him V.P., has gone to the Dark Side. I never told a newly emboldened (not based on his 2% poll numbers!) Pence to put me above the Constitution, or that Mike was ‘too honest.’ He’s delusional, and now he wants to show he’s a tough guy. I once read a major magazine article on Mike. It said he was not a very good person. I was surprised, but the article was right. Sad!” To be sure, this is the sort of strange and juvenile rhetoric we’ve come to expect from the former president, but these aren’t the sort of comments he’s made about Pence. Up until very recently, Trump was content to condemn his former vice president as a nice guy who succumbed to cowardice and refused to go along with an allegedly illegal scheme. Now, Trump wants the public to believe Pence is small, “delusional,” and a bad person who’s gone “to the Dark Side.” Stepping back, there are a handful of dimensions to this that are worth keeping in mind. The first is that while an incredible number of people who worked on the former president’s team now hold him in contempt, it’s also true that Trump also seems to hate many of them right back. It’s also worth pausing to appreciate the fact that Pence is learning a valuable lesson: No matter how much sycophantic loyalty he’s shown the former president, it’s simply not enough. It’s happened before and it’s all but certain to happen again: Those who align themselves with Trump, and go to great lengths to make him happy, inevitably disappoint him, at which point they become the target of lazy smears and ugly insults. But let’s not forget that it was just last week when the former president was charged with a variety of felonies regarding his post-defeat actions, and during his arraignment, a judge reminded the defendant not to mess with witnesses — and by any fair measure, Pence is a witness in this case. Indeed, the Republican Hoosier has spent the last several days pushing back against false claims peddled by Team Trump, and Pence hasn’t ruled out the possibility of being a witness for the prosecution. “I have no plans to testify, but people can be confident we’ll obey the law. We’ll respond to the call of the law, if it comes and we’ll just tell the truth,” Pence said during an appearance on CBS News’ “Face the Nation.” It’s against this backdrop that Trump is targeting his former vice president in ways we haven’t seen before. Watch this space.

Judge Cannon adds new wrinkle to Trump’s classified docs case 2023-08-07 - When we last looked at Donald Trump’s classified documents case, I noted that the plot was thickening in Florida, with special counsel Jack Smith raising a conflict-of-interest issue for Trump co-defendant Walt Nauta’s lawyer. On Monday, Judge Aileen Cannon’s response to Smith’s request for a hearing on the conflict issue thickened the plot even further, with the Trump-appointed judge raising questions about the case itself. In doing so, Cannon added a wrinkle that could lay the groundwork for an outlandish ruling that throws a wrench into one of Trump’s two federal prosecutions — or she could just be putting the government through its paces, in making the Justice Department explain why its investigative actions have been appropriate to date. Here’s what happened and what it could mean — the short answer is it could amount to nothing besides additional litigation on an unnecessary issue, which, given the delay theme animating all of Trump’s current cases, is more than nothing. But first, a quick refresher on how we got here. But first, a quick refresher on how we got here. In filing the conflict motion last week, Smith’s team raised concerns about Nauta lawyer Stanley Woodward having represented — both currently and previously — possible trial witnesses against Nauta. Among the people Woodward represented was Yuscil Taveras; according to the government’s motion, when Woodward still represented Taveras before Trump and Nauta were first indicted on June 8, Woodward said he was unaware of testimony Taveras could give against Nauta. But after Trump and Nauta’s initial indictment, Taveras obtained new counsel in early July and, later that month, a superseding indictment charged Trump, Nauta and new defendant Carlos De Oliveira with, among other things, asking Taveras to delete security footage at Trump’s Mar-a-Lago property to prevent the grand jury from seeing it. Now prosecutors want Cannon to hold a hearing on the potential conflict posed by Woodward’s representation of both Nauta and possible witnesses against him, including Taveras. In support of their motion, prosecutors noted that after the initial June 8 indictment, grand juries in both Florida and Washington, D.C., continued to investigate “further obstructive activity,” leading to the July 27 superseding indictment. In support of their requested hearing, prosecutors also filed information under seal with Cannon, opting not to submit it publicly in order to comply with what they deemed grand jury secrecy. But on Monday, Cannon didn’t just strike the government’s sealed filings for failing, in her view, to provide sufficient basis for secrecy. In a move that raises additional questions, the judge’s order also said Nauta’s response to the conflict-of-interest hearing motion “shall address the legal propriety of using an out-of-district grand jury proceeding to continue to investigate and/or to seek post-indictment hearings on matters pertinent to the instant indicted matter in this district.” So, what does that mean and what are its implications for the case? While it’s not 100% clear what Cannon has in mind, she might be referring to the notion that prosecutors can’t just use grand juries to keep building their case against a defendant who has already been indicted. Though that doesn’t seem to be what happened here, necessarily — federal prosecutors obtained a superseding indictment that also included a new defendant — Cannon could be probing the limits of how prosecutors can use grand juries after an indictment. Of course, that opens a range of possibilities once she effectively starts calling the current indictment into question — none of them great for the special counsel. Of course, that opens a range of possibilities once Cannon effectively starts calling the current indictment into question — none of them great for the special counsel. But if Cannon uses the grand jury issue to render an outlandish ruling like the ones of hers that were reversed during the search warrant litigation before Trump was charged, then that could finally raise a real prospect for the Justice Department to try and kick her off the case. At this point, such an attempt would still be premature, but it’s reasonable — especially given Cannon’s history — to keep a watchful eye on this latest litigation. Whatever the judge has in mind, the likely function of her order for now will be to serve as a defense invitation to broadly attack the case. Nauta’s motion is due by Aug. 17. Cannon invited the other defendants — Trump and De Oliveira — to weigh in as well, also by Aug. 17, whether jointly or separately, on “the grand jury issue.” With the special counsel’s reply due by Aug. 22, we should hopefully have a better idea of what Cannon has in mind later this month — and what it means for the classified documents case.

More firms on Wall Street are bracing for a stock sell-off. Here's why JPMorgan, Wells Fargo, and others say the market's huge gains are at risk. 2023-08-05 - More firms on Wall Street are bracing for a stock sell-off. Here's why JPMorgan, Wells Fargo, and others say the market's huge gains are at risk. Traders work on the floor of the New York Stock Exchange in New York on November 25, 2008. REUTERS/Lucas Jackson Some Wall Street analysts are sounding the alarm for a coming sell-off in stocks. That comes as the S&P 500 enjoys its best year since 1927, gaining 18% from January. But a closer look at inflation and the hype for AI shows a grim outlook, experts say. Stocks so far have blown past investors' expectations for 2023 – but some analysts are bracing for a sell-off as the market approaches new highs. That comes as the S&P 500 enjoys one of its best years since 1927, largely thanks to Wall Street's excitement for artificial intelligence. After sliding 20% last year, the benchmark index is now up 18% from the start of 2023, and is just 6% away from retouching its all-time-high of 4,796, which it notched in January 2022. But some forecasters warn inflation, though cooled from highs last summer, could produce more surprises while the recent stock run-up is showing signs of a bubble. Four Wall Street experts explain why the market's gains are at risk: REUTERS/Eduardo Munoz JPMorgan The hype for artificial intelligence is creating a bubble in stocks that could soon be at risk of bursting, according to JPMorgan's Marko Kolanovic. In a recent note, the top quant strategist pointed to the high concentration of stocks in the S&P 500, with the top seven firms making up 25% of the benchmark index. That's a strong indicator of a bubble that could easily be threatened by headwinds beating down on the current macro environment. "We remain of the view that the delayed impact of the global interest rate shock, steady erosion of consumer savings and post-COVID pent-up demand, and deeply troubling global geopolitical context will result in market declines and re-emergence of market volatility," he warned. REUTERS/ Shannon Stapleton Wells Fargo There's too big of a risk that inflation could rebound, according to Well Fargo's chief global market strategist Scott Wren, who believes the risk-to-reward tradeoff of entering the market at this point is poor. Though prices have cooled dramatically from last year, inflation could easily heat up again due to lingering pressures in the economy, like the strong labor market. Story continues "If inflation's descent flattens out and reverses as interest rates rise higher, we believe the sectors that have driven this rally should be vulnerable to sharp pullbacks," Wren said in a note this past week. But he sees the overall S&P 500 ending the year at 4,600-4,800, above current levels. Brendan McDermid/Reuters BlackRock The world's largest asset manager sees "rollercoaster inflation" ahead as prices enter a period of volatility. That's bad news for stocks: High inflation raises costs for firms, weighing on profits. But falling inflation lowers prices that firms charge, which is also a negative for profits. "We expect a squeeze on corporate margins if inflation stays high — and an even larger squeeze if it falls," the note added. "So good economic news like falling inflation is not necessarily good news for markets." Screenshot via Bloomberg TV Rosenberg Research David Rosenberg, the head of Rosenberg Research, pointed to the Dow's recent 13-day winning streak, which was the longest since 1987. Back then, the Dow gained 28% over a period of 13 days, Rosenberg noted, before the index then plummeted 19% in October later that year. He dismissed the current uptrend in stocks as another short-lived "FOMO-based" rally. "The giddiness was omnipresent as is the case today and the bears were laughed at … but look at how the year ended … FLAT!" Rosenberg said in a recent note to clients. And while markets have cheered falling inflation, that mean lower profits for businesses, which could also weigh on stocks, he warned. Inflation fell sharply during the early 1980s, early 2000s, and in 2008, he said, periods that recessions when the S&P 500 posted hefty losses. Read the original article on Business Insider

Ask an Advisor: I'm Way Behind on Retirement Savings. What Do I Do? 2023-08-05 - Tanza Loudenback, CFP® I turn 58 this year and am at a loss for what to do or how to plan for my retirement. I only have a small amount of money invested through previous employers, and I’m not sure how to save now that I am self-employed. I am really concerned about my retirement but don’t know where to get good, secure help. – Harold You’re not alone – most Americans are behind on retirement savings. It’s good to hear that you have some money invested in previous employers’ retirement plans, but there’s a lot more that you can, and frankly need, to do. Let’s look at some of your options. A financial advisor can assess your financial situation and help you build a plan for a secure retirement. Find a financial advisor today. Playing Catch-Up: The Moves You Can Make You’re so close to retirement age that the best financial moves will be specific and deliberate, from how much you invest to which accounts you use to do it. You should also be planning for healthcare expenses and taxes, and reducing or eliminating debt where you can. Here are several ways you can boost your nest egg and eventual retirement income: Max out your 401(k) and IRA, and add catch-up contributions if you can. Consider delaying Social Security benefits up to age 70 to maximize your eventual benefit check. Continue to work into your 60s. The more you can extend your earning years and push off your draw-down years, the better. Move somewhere with a lower cost of living, downsize your home, or trim your discretionary spending. Take advantage of tax deductions for self-employed people, such as writing off business expenses. Use tax-advantaged retirement accounts for self-employed people, such as a SEP IRA or Solo 401(k), which have annual high contribution limits. Depending on your personal situation, some or all of these tactics might be appropriate. Getting Help From a Financial Planner The best way to manage all of these priorities is to meet with a financial advisor. Since you’ll need financial planning services, your best bet might be to find one who’s a certified financial planner (CFP). Many of these professionals live to help people navigate tricky financial situations like the one you’re in. Story continues But it sounds like you’re a bit overwhelmed when it comes to finding someone you can trust. It’s normal to be skeptical. Money is an emotionally charged topic; for many, it can feel shameful or wrong to talk about openly. The right financial planner will guide you through the process with compassion and understanding – and an appropriate sense of urgency. Here’s my advice for finding a financial planner: Limit your search to those who are “fee-only.” This means they’re compensated only by the fee their clients pay them, and they don’t get kickbacks or commissions from selling certain financial products. (Someone who receives such commissions is often referred to as having a “fee-based” compensation structure.) You’re in a vulnerable position as someone in their late 50s with no retirement plan, so you probably don’t want to wind up with an advisor who’s trying to make money by selling you on a specific annuity or investment product. What you really need right now is someone who will help you pinpoint your goals and build a plan of action around them. You need someone who can evaluate your current financial situation, identify any gaps, and make specific, actionable recommendations. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now. But of course, this isn’t free. The median cost for project-based financial planning services, such as developing a retirement plan, is about $2,500. I realize that’s not pocket change for most people. But don’t think about the fee as a sunk cost, think about it as an investment. If a financial planner can help you put away an extra $2,500 for retirement, minimally, the arrangement has paid for itself. Certainly they’ll help you do much more. Tips For a Secure Retirement Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now. Wondering where you stand on retirement savings? Use our retirement calculator to see how you’re pacing against your retirement income needs. Tanza Loudenback, CFP® is SmartAsset’s financial planning columnist, and answers reader questions on personal finance topics. Got a question you’d like answered? Email AskAnAdvisor@smartasset.com and your question may be answered in a future column. Please note that Tanza is not a participant in the SmartAdvisor Match platform. The post Ask an Advisor: I’m Way Behind on Retirement Savings. What Do I Do? appeared first on SmartAsset Blog.