• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Business
  • Money
  • Tech
  • Culture
  • Work
  • Marketing

Business News Daily

Vital dispatches on what matters

Apple pushes hard on AI, fuels TSMC’s meteoritic outlook

May 4, 2024 by Rhea Basarkar Leave a Comment

Apple’s strong bet on artificial intelligence (AI) chips has led to its position as the top customer for Taiwan Semiconductor Manufacturing Company, despite bleeding on its own product sales growth. 

The iPhone maker has been facing tough competition in its Chinese market as the Samsung 5G phone has surpassed it and become the market leader. Weak domestic demand is further curtailing revenue, particularly for the iPad and wearables categories, which saw negative growth. Yet it has been doubling down on its partnership with TSMC, promising to buy from its U.S. government-subsidized foundries despite increased costs, and even eyeing the unreleased 2m chip, three months after it had bought TSMC’s 3m chips. 

Analysts believe that Apple is banking on AI as the main way to revive demand for its products. After facing a few setbacks in the generative AI space with the overnight success of competitor products GPT and Gemini, the company has been working to catch up with its rivals like Samsung, which have already started incorporating large-language models into its latest phones. 

As its manufacturer TSMC sees even more sales growth on the horizon, Apple is hoping to ride the AI wave. Apple represented 25% of TSMC’s revenue in 2023 and is planning on incorporating AI chips into its newest Macbooks, which grew one percent this quarter. 

Apple CEO Tim Cook teased that the company will reveal robust plans for AI development later this year. 

Filed Under: Business

New York’s Human Rights Laws in Workplace Applied to Nonresidents for the First Time

May 2, 2024 by Icey Li Leave a Comment

Nafeesa Syeed, a South Asian-American journalist, won her discrimination case against her former employer, Bloomberg —— making New York’s human rights law effective for nonresidents for the first time. 

On March 14, 2024, Judge Madeline Singas in Albany, overseeing the New York State Court of Appeals, ruled in favor of Syeed, who claimed being discriminated against when applying for a U.N. reporter job at the financial news publication’s New York bureau in 2018. 

As a former Bloomberg national security reporter at its Washington office from 2014 to 2018, Syeed has been an award-winning multimedia journalist with about two decades of journalism experience. She got her bachelor’s degree from Georgetown University and master’s degree from SOAS University of London. She had also published at least two scoops and three documentaries that are prized in competitive newsrooms like Bloomberg by the time she applied for the U.N. reporter job. 

In the lawsuit, which she filed in 2020, two years after quitting her job at the publication, she alleged that Bloomberg “denied her promotion, set her compensation, and created a hostile work environment.” As she could no longer get a promotion in Washington, Syeed applied for various positions at Bloomberg’s New York bureau but failed to get any job. 

After she “inquired multiple times” about the U.N. reporter job, Syeed’s managing editor in Washington, D.C. told her that Bloomberg decided not to “convert the U.N. job to a ‘diversity slot'” and the position was filled by a man who had less practical experience than Syeed. 

Prior to the ruling, the “impact requirement” of New York’s anti-discrimination laws, the New York City Human Rights Law (NYCHRL), and the New York State Human Rights Law (NYSHRL) only applied to residents of the New York State. For the “impact requirement,” the plaintiffs must prove that the discriminatory conduct had an “impact” within New York. This means that nonresidents who were applying for jobs in New York could not prove that employment discrimination had an impact within New York and were not protected by these laws. 

In this landmark decision of Syeed v. Bloomberg, the New York State Court ruled that “the plaintiff could satisfy the impact requirement without living or working in New York City or State at the time of the discriminatory acts.” This ruling expands the scope of New York’s anti-discrimination laws and has far-reaching implications for human rights lawsuits across the country. It allows people with no previous or present geographical connections with New York to file lawsuits against their prospective employers during the hiring process. 

Filed Under: Business, Business, Policy, Work

Amid election fears EU implements world’s first AI rules

May 2, 2024 by Araceli Crescencio Leave a Comment

European Union lawmakers gave the final green light to approve the world’s first artificial rules on Wednesday. The guidelines, dubbed the AI Act, are solely applicable within the EU, but are expected to influence other countries, as they to adopt similar regulations. 

As with major elections looming, the global conversation intensifies around regulating the rapidly evolving technology. The threat of AI-generated deepfakes has already manifested in the US, evidenced by a disturbing incident during the primaries. A robo-call featuring a manipulated version of President Biden’s voice urged voters to stay home, raising concerns about the potential misuse of such technology.

Among the new guidelines AI large language models such as OpenAI and Gemini will have to classify AI-generated deep fake, video or audio of other people and places.

According to the EU’s website, the guidelines are needed because, “while most AI systems pose limited to no risk and can contribute to solving many societal challenges, certain AI systems create risks that we must address to avoid undesirable outcomes.”

This week Google also announced that it would stop its chatbot from answering some election- related questions. In a statement online, the company said “Out of an abundance of caution on such an important topic, we have begun to roll out restrictions on the types of election-related queries for which Gemini will return responses. We take our responsibility for providing high- quality information for these types of queries seriously, and are continuously working to improve our protections.”

The AI Act is broken down by a 4-level framework approach that classifies AI systems by risk: unacceptable risk, high risk, limited risk, or limited or no risk. Based on where systems stand, different requirements will apply.

Filed Under: Business

Microsoft Invests $1.5 Billion in Abu Dhabi-Based AI Firm G42

May 2, 2024 by Samantha Kroontje Leave a Comment

The U.S. and U.A.E. Deal Boxes Out China in a Bid for Tech Influence in the Gulf Region

Microsoft announced on Monday that it plans to accelerate its reach in global AI development by investing in Emirati company G42, a U.A.E. leader in AI. The commercial partnership was reportedly backed by the Biden administration, and first-of-its-kind assurances were given from both governments to maintain security – an unprecedented agreement by two countries with strained relations.

This is a critical move in the ‘tech Cold War’ between China and the U.S., who are both vying for greater influence in the Persian Gulf region. Step one is gaining a greater market share in the technology and emerging AI sectors across the Atlantic. 

Terms of the deal were not disclosed, but Microsoft’s cloud services will be made available for G42 to prop up its AI applications. 

In the statement, G42 CEO Peng Xiao said the goal is to combine G42’s AI capabilities with Microsoft’s “robust global infrastructure,” including its cloud computing capabilities.

The biggest concern, at least for the U.S. government, is ensuring American companies’ proprietary AI models are kept secret from competing nations, one reason for the U.S. government’s unusual involvement in the deal. The other reason: G42 has ties to China and U.S. officials have raised concerns regarding whether the company should be placed under trade restriction. 

The billion-and-a-half-dollar strategic investment will not only bring Microsoft technologies to the Emirates, but to the Gulf region and beyond. The two companies will work together to bring AI and digital infrastructure to “underserved nations,” according to Microsoft President Brad Smith, who will join G42’s board. That includes countries in the Middle East, Central Asia and Africa, providing services required for government and business purposes.

Filed Under: Business

Rent stabilized apartments may face 4% rent hike, proposed by Rent Guidelines Board

April 30, 2024 by Makailah A. Gause Leave a Comment

A report from the Rent Guidelines Board suggested a 4% rent hike on rent stabilized apartments to offset rising operating expenses, nearly 1% higher than what landlords could increase rent by in 2023.

 

Operating expenses–including maintenance, insurance, fuel and taxes–jumped by 4% between March 2024 and March 2023 due to inflation. 

 

In New York City, one of the most expensive cities to live in the United States, only 3% of apartments are rent stabilized, according to the NYC Rent Guideline Board. Rent stabilization is a form of rent regulation that serves as a tool to combat the ongoing housing crisis by making sure that some units remain affordable.

 

Rent stabilization, often confused with affordable housing, reveals its difference in the area of requirements. There isn’t an income requirement. Renters benefiting from rent stabilization are entitled to a lifelong lease. 

 

A data set from nyc.gov reveals that the majority of renters are rent burdened, with rent accounting for more than 30% of their income. What’s more, 30% of low-income renters in NYC spend more than 50% of their pre-tax income on housing. 

 

Today, the median gross rent for a Manhattan stabilized unit costs $1,500. Although a 4% increase would raise rent by $60, the increased cost of living may serve as a hardship to leasers.



Filed Under: Business, Real Estate

Doom Scrolling is hurting kids, says American Psychological Association

April 29, 2024 by Veronica Irwin Leave a Comment

A baby looks at an iPhone while sitting under a chair.

A new report from the American Psychological Association (APA) alleges that social media platforms are unsuitable for younger users. It’s one of the first major reports synthesizing domestic research on social media’s impacts on children.

“The platforms seem to be designed to keep kids engaged for as long as possible, to keep them on there. And kids are just not able to resist those impulses as effectively as adults,” APA chief science officer Mitch Prinstein told CNBC. “The fact that this is interfering with their in-person interactions, their time when they should be doing schoolwork, and — most importantly — their sleep has really important implications.”

[Read more…] about Doom Scrolling is hurting kids, says American Psychological Association

Filed Under: Business

Georgia’s New Law to Protect Children Online Doomed from the Start

April 29, 2024 by Veronica Irwin Leave a Comment

A photo of the Atlanta skyline at dusk

Georgia lawmakers gave final approval to a state law Friday which would restrict access to social media for minors under the age of 16 without parental consent. Critics say the law is doomed, after a nearly identical Ohio law was blocked by a federal judge in February on First Amendment grounds.

“The ability of minors to access non-obscene content without parental consent has been upheld as a First Amendment right in itself, and that right carries through to internet services,” testified R Street Institute Director Marc Heyden, quoting his colleague Josh Withrow, before the Georgia House Education Policy Subcommittee last month. “This is especially true given that optional content-filtering software already exists that parents can install on their children’s devices if they so wish,” he said in his own words. 

[Read more…] about Georgia’s New Law to Protect Children Online Doomed from the Start

Filed Under: Business

KKR ended up with a strong performance for Q4

April 16, 2024 by Jingyan Wang Leave a Comment

Last Friday, private equity giant KKR announced its Q4 earnings and it beat the investors’ expectations.

According to company filings, KKR’s after-tax distributable earnings surged to $888.5 million from $851.9 million in 2022. Its total revenues rose from $ 2524.992 million to $ 4429.831 million this year.

Most importantly, its diluted stock price increased from $0.14 per share to $1.14 per share in Q4 of 2023.

“With three avenues for long-term sustained growth – Asset Management, Insurance, and Strategic Holdings. We are well positioned for the years ahead.”KKR CEO Joseph Y. Bae and Scott C. Nuttall also expressed optimism in the press release, emphasizing the deal with Global Atlantic on the financial result of Q4 2023.

KKR took full ownership of New York-based issuer Global Atlantic in early 2024 It purchased the rest of the 37% stake and the valuation was over $7 billion. KKR acquired a majority stake in Global Atlantic in 2021 and became the issuer’s assets manager. 

The transaction fees in the quarter were $ 225 million, boosted by 8% compared with the same quarter last year.

Filed Under: Business

Disney’s long-term saga impacted its stock price

April 16, 2024 by Jingyan Wang Leave a Comment

Disney defeated activist investor Nelson Peltz in his quest to obtain a seat at the company boardroom on April 3rd.

He won the support from a predominant proxy advisory firm and was trying to find a spot for himself and ex-Disney CFO Jay Rasulo in the boardroom according to a Yahoo Finance report. He aimed to replace two board members including former Mastercard executive Michael Forman and Maria Elena Lagomasino.

“Nelson is great,” said Elon Musk, during a live interview with CNBC on X. Elon Musk also commented “ Nelson is great” on CNBC’s interview with Peltz on X.

Peltz’s Trian Fund Management owns $3 billion of common stock in Disney, which includes shares owned by former Marvel Entertainment chair Ike Perlmutter according to Yahoo Finance.

Musk expressed that although he doesn’t have any Disney shares today he “would buy their shares if Nelson were elected to the board”.

The stock price slumped on the news, from $123.26 on April 2 to $116.69 on April 4 at close the day Peltz ended his campaign.

Disney’s stock has not been playing well since the beginning of 2021. Shareholders say Disney needs to improve

If Nelson joined the board, it “would significantly improve Disney’s share price,” said Musk.

Ackman also voiced support for Nelson on X, which Musk reposted with his audience.“Nelson Peltz should be on the Disney board!” he said. “He would help reform the company, improve the product quality, and generally serve in the best interests of shareholders, as he has done at many other companies.”

Filed Under: Business

Dozens of Small Business Owners Join Lawsuits Against MTA Over Congestion Pricing

March 28, 2024 by Icey Li Leave a Comment

MTA’s recent announcement that it will implement the New York Congestion Pricing program this spring faces legal pushback. The program, which decides to charge fees for vehicles entering the CBD areas in Manhattan, bothers small business owners and many others who have to visit the area frequently. 

After MTA announced the expected implementation of the New York Congestion Pricing program in Spring 2024, the NYC Teachers Union and New Jersey Officials have already filed lawsuits against it, and small business owners are now joining these parties to sue MTA. 

According to the MTA’s statement, the organization plans to implement the program through a 30-day testing phase. Before implementation in Spring 2024, the agency will also run a 60-day public information campaign to educate the public. The MTA board approved the initial plan of $15 and more daily tolls for vehicles entering the CBD areas, including and below 60th Street in Manhattan, between 5 a.m. and 9 p.m. 

According to the MTA, setting up this fee would resolve traffic congestion in the area and reduce air pollution. MTA also aims to use the estimated fees collected from the drivers to improve its public transportation facilities, even though many, including small business owners, have yet to determine whether the facilities would be better to benefit the public. 

Aiming to stop the implementation of MTA’s high tolls to enter midtown Manhattan, around two dozen small business owners gathered in front of New York City Hall on Tuesday, February 27. They signed a class action lawsuit, “New Yorkers Against Congestion Pricing,” suing MTA. 

The small business owners claimed that the Congestion Pricing, also known as the Central Business District Tolling Program, would bankrupt many small businesses as they have not fully recovered from COVID-19, and the MTA only completed the shorter Environmental Assessment. They demand that MTA fulfill a more comprehensive and extended Environmental Impact Study before further implementing the Congestion Pricing Program. 

Before small business owners took action, New York City’s Teachers Union and New Jersey officials sued MTA’s Congestion Pricing in January 2024, stating that it violates the consumers’ constitutional rights to bar state protectionism.

Filed Under: Business, Economics, Policy

  • « Go to Previous Page
  • Page 1
  • Page 2
  • Page 3
  • Page 4
  • Page 5
  • Page 6
  • Interim pages omitted …
  • Page 21
  • Go to Next Page »

Primary Sidebar

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • May 2024
  • April 2024
  • March 2024
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • October 2022
  • June 2022
  • April 2022
  • March 2022
  • February 2022

Loading...

Footer

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • May 2024
  • April 2024
  • March 2024
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • October 2022
  • June 2022
  • April 2022
  • March 2022
  • February 2022

Meta

  • Log in
  • Entries feed
  • Comments feed
  • WordPress.org

Copyright © 2025 · News Pro on Genesis Framework · WordPress · Log in

  • Accessibility