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  • David Beckham Fast Facts | CNN

    David Beckham Fast Facts | CNN



    CNN
     — 

    Here’s a look at the life of retired professional soccer player David Beckham.

    Birth date: May 2, 1975

    Birth place: London, England

    Birth name: David Robert Joseph Beckham

    Father: David Edward “Ted” Beckham, an appliance repairman

    Mother: Sandra (West) Beckham, a hairdresser

    Marriage: Victoria (Adams) Beckham (July 4, 1999-present)

    Children: Harper, Cruz, Romeo and Brooklyn

    Retired professional soccer (European football) player.

    Married to Spice Girl Victoria (Adams) Beckham, nicknamed “Posh Spice.”

    Midfielder known for his ability to “bend” his free kicks, curving the ball around or over defenders to score. The movie title “Bend it like Beckham” is a tribute to his kicking style.

    Won league titles in four different countries while playing for Manchester United, Real Madrid, Los Angeles Galaxy and Paris Saint-Germain.

    Played 115 times for England between 1996 and 2009.

    Leadership Council Member of Malaria No More UK.

    1991 – At age 16, leaves home to play in Manchester United’s training league.

    April 2, 1995 Premier League debut with Manchester United.

    1996 – Gains recognition when he scores a goal from the halfway line, a kick of almost 60 yards.

    September 1996 – Makes his international debut in the World Cup qualifier against Moldova. England wins 3-0.

    1998 Is named to the English national team for 1998 World Cup.

    1998 Beckham is given a red card and ejected from a second round World Cup match for kicking out at Argentina’s Diego Simeone, which contributed to England’s elimination.

    1999Leads Manchester United to a treble, winning the English Premier League, FA Cup and European Champions League trophies.

    November 15, 2000Is named captain of England’s national team.

    April 2002 – Breaks a bone in his foot but later competes in the World Cup finals in June. England ultimately loses to Brazil in the quarterfinals.

    May 2003 Breaks his hand during a 2-1 win over South Africa in Durban.

    June-July 2003 – Traded by Manchester United to Real Madrid. He signs a four-year contract with Real Madrid for $40 million.

    November 27, 2003 – Receives an Officer of the Order of the British Empire (OBE) from Queen Elizabeth II.

    January 10, 2005 Appointed UNICEF Goodwill Ambassador, with a focus on the program Sport for Development.

    August 3, 2005 – Is awarded libel damages from the tabloid, the People, that accused him of making hate calls to a former nanny.

    March 9, 2006 Settles a libel case against the British tabloid, News of the World, over a 2004 headline that read, “Posh and Becks on the Rocks.”

    January 2007 – Signs on with the Los Angeles Galaxy, an American Major League Soccer team.

    July 21, 2007 – Plays his first game with the LA Galaxy. It is initially reported he will receive an estimated $250 million over the life of his five-year contract, but later revealed that the Galaxy will pay him $32.5 million over five years.

    March 26, 2008 Appears for the 100th time in an England uniform. During the England/France game Beckham receives a standing ovation from both sides as he leaves the field during a substitution.

    January 2009 – Loaned by the LA Galaxy team to the AC Milan club. He initially agrees to a three-month stint with the Milan team but the loan is extended to six months.

    December 2009 – Is loaned to AC Milan a second time until the end of the Italian season in May.

    March 14, 2010 – Tears an Achilles tendon during an AC Milan match and is unable to play in the World Cup.

    December 1, 2012 – Plays his final game with the LA Galaxy.

    January 31, 2013 – Announces that he has signed with Paris Saint-Germain for five months and will donate the pay to a children’s charity in Paris.

    May 16, 2013 – Announces that he will retire from professional soccer at the end of his season.

    February 5, 2014 – Announces he will establish a Major League Soccer franchise in Miami.

    February 9, 2015 – Launches 7: The David Beckham UNICEF Fund, a collaboration with UNICEF to help kids in danger zones around the world.

    January 29, 2018 – MLS announces that Miami has been awarded the league’s 25th franchise, about four years after Beckham first announced his intention to exercise his right to buy an MLS franchise in February 2014. The Beckham franchise will be backed by Cuban-American businessmen Jorge and Jose Mas, CEO of Sprint Corporation Marcelo Claure, entertainment producer Simon Fuller and the founder of Japanese telecommunications firm SoftBank, Masayoshi Son.

    September 5, 2018 – Beckham’s Miami expansion team announces it name, Club Internacional de Futbol Miami, Inter Miami for short.

    March 1, 2020 – Inter Miami plays its debut MLS game.

    October 2, 2020 – A company co-founded by Beckham, Guild Esports, lists on the London Stock Exchange, becoming the first esports franchise to go public on the LSE.

    March 20, 2022 – Beckham hands over control of his Instagram account to a doctor in Ukraine, in a bid to highlight the work of medical professionals caring for patients amid the Russian invasion of the country.

    October 4, 2023 – Netflix’s four-part documentary series titled “Beckham” is released.

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  • Jamie Dimon Fast Facts | CNN

    Jamie Dimon Fast Facts | CNN



    CNN
     — 

    Here is a look at the life of Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.

    Birth date: March 13, 1956

    Birth place: New York, New York

    Birth name: James Dimon

    Father: Theodore Dimon, stockbroker

    Mother: Themis Dimon

    Marriage: Judith “Judy” (Kent) Dimon (May 1983-present)

    Children: Julia, Laura and Kara Leigh

    Education: Tufts University, B.A. 1978; Harvard University, M.B.A., 1982

    He has a twin brother, Theodore Dimon Jr., who is the founder of the Dimon Institute in New York.

    1982-1985 – Assistant to American Express president Sandy Weill.

    1996-1997 Chairman and CEO of Smith Barney.

    1997-1998Co-chairman and co-CEO of Salomon Smith Barney Holdings.

    1998 – President of Citigroup. Dimon is forced out of the company after a falling-out with Weill.

    2000-2004 Chairman and CEO of Bank One Corporation.

    2004Becomes president and chief operating officer of JPMorgan Chase & Co. when it merges with Bank One Corporation.

    December 31, 2005Assumes title of chief executive officer and president at JPMorgan Chase & Co., effective January 1, 2006.

    December 31, 2006 Named chairman of the board at JPMorgan Chase & Co., effective January 1, 2007.

    2011 Earned $23.1 million in compensation as chairman and CEO of JPMorgan Chase & Co., making him the best paid bank CEO.

    May 10, 2012On a conference call, reveals that a trading portfolio that was designed to help JPMorgan Chase hedge its credit risk lost $2 billion and could lose $1 billion more.

    May 15, 2012Apologizes to JPMorgan Chase shareholders at the annual meeting. Shareholders approve Dimon’s $23 million pay package and preliminary results show that only 40% support a proposal that calls for the appointment of an independent chairman.

    May 17, 2012Senate Banking Committee announces Dimon has been invited to appear before the committee at hearings looking into the JP Morgan trading losses from a regulatory angle.

    June 13, 2012 Dimon testifies before the Senate Banking, Housing and Urban Affairs Committee telling senators that while he did not approve the trades that led to the multi-billion dollar loss, he was aware of it.

    June 19, 2012Dimon testifies before the House Financial Services Committee and says that he did not mislead shareholders.

    July 13, 2012JPMorgan announces that the trading loss originally believed to be $2 billion is now approximately $5.8 billion. JPMorgan later discloses that the loss increased to $6.2 billion in the third quarter.

    2012 Due to the London Whale losses, Dimon’s pay package is reduced to $11.5 million, down from the previous year’s $23.1 million.

    January 23, 2013Dimon apologizes to the shareholders by stating that the “whale” trade that caused the $6 billion loss was a “terrible mistake.”

    May 21, 2013 Approximately 68% of JPMorgan Chase stockholders vote to keep Dimon as chairman and CEO at the annual meeting, but three directors on the risk committee receive a narrow majority of only between 51% and 59% of votes.

    September 19, 2013 – JPMorgan Chase agrees to pay about $920 million in fines to US and UK regulators to settle charges related to the “London Whale” trading scandal.

    November 19, 2013 – Officials announce JPMorgan Chase has agreed to a $13 billion settlement to resolve several investigations into the bank’s mortgage securities business. According to the Justice Department, the deal is the “the largest settlement with a single entity in American history.”

    January 24, 2014 – Dimon gets a 74% pay hike for 2013, even though JPMorgan Chase & Co was forced to pay billions in fines and settlements last year. In a government filing, JPMorgan Chase says that Dimon will receive $18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus. That’s up from a $10 million bonus for 2012. His $1.5 million base salary remains unchanged.

    July 1, 2014 – Dimon releases a memo saying that he has been diagnosed with a curable throat cancer. He will receive radiation and chemotherapy treatment over the next eight weeks at Memorial Sloan Kettering Hospital in New York, but will remain working while undergoing treatment.

    February 11, 2016 – After the price of JPMorgan Chase shares drop 25% from their all-time high during the summer, Dimon purchases $26.6 million in stock.

    January 30, 2018 – Announces, along with Warren Buffett and Jeff Bezos, a plan to “find a more efficient and transparent way to provide health care services” in order to tackle the rising cost of healthcare.

    March 5, 2020 – In a letter to employees, shareholders and clients, JPMorgan Chase’s co-COOs Gordon Smith and Daniel Pinto announce that Dimon is recovering after undergoing emergency heart surgery. Dimon required surgery after experiencing an “acute aortic dissection,” a tear in the inner lining of the aorta blood vessel.

    July 20, 2021 – According to a filing with the Securities and Exchange Commission, JPMorgan Chase awards Dimon 1.5 million stock options for him “to continue to lead the Firm for a further significant number of years.”

    February 22, 2024 – SEC filings show that Dimon has sold $150 million worth of JPMorgan Chase stock.

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  • Andrew Yang Fast Facts | CNN Politics

    Andrew Yang Fast Facts | CNN Politics



    CNN
     — 

    Here is a look at the life of Andrew Yang, entrepreneur and former 2020 Democratic presidential candidate.

    Birth date: January 13, 1975

    Birth place: Schenectady, New York

    Birth name: Andrew M. Yang

    Father: Kei-Hsiung Yang, researcher at IBM and GE

    Mother: Nancy L. Yang, systems administrator

    Marriage: Evelyn (Lu) Yang (2011-present)

    Children: Two sons

    Education: Brown University, B.A. in Economics, 1996; J.D. Columbia University School of Law, 1999

    Religion: Protestant

    His parents are originally from Taiwan.

    The primary proposal for his political platform was the idea of universal basic income (UBI). This “Freedom Dividend” would have provided every citizen with $1,000 a month, or $12,000 a year.

    Yang established Freedom Dividend, a pilot program to push for universal basic income, in which he personally funds monthly cash payments.

    Is featured in the 2016 documentary, “Generation Startup.”

    His campaign slogan was “MATH,” or “Make America Think Harder.”

    In 1992, he traveled to London as a member of the US National Debate Team.

    After graduating from Columbia, Yang practiced law for a short time before changing his career focus to start-ups and entrepreneurship.

    2002-2005Vice president of a healthcare start-up.

    2006-2011Managing director, then CEO, of Manhattan Prep, a test-prep company.

    2009Kaplan buys Manhattan Prep for more than $10 million.

    September 2011 Founds Venture for America, a non-profit which connects recent college graduates with start-ups. Leaves the company in 2017.

    2012 Is recognized by President Barack Obama as a “Champion of Change.”

    April 2012Ranks No. 27 on Fast Company’s list of 100 Most Creative People in Business.

    February 4, 2014 His book, “Smart People Should Build Things: How to Restore Our Culture of Achievement, Build a Path for Entrepreneurs, and Create New Jobs in America,” is published.

    May 11, 2015Obama names Yang an ambassador for global entrepreneurship.

    November 6, 2017 Files FEC paperwork for a 2020 presidential run.

    February 2, 2018Announces his run for president via YouTube and Twitter.

    April 3, 2018His book, “The War on Normal People,” is published.

    March 2019 Yang explores the possibility of using a 3D hologram to be able to campaign remotely in two or three places at once.

    January 4, 2020 – Launches a write-in campaign for the Ohio Democratic primary in March of 2020 after failing to fully comply with the state’s ballot access laws.

    February 11, 2020 – In New Hampshire, Yang suspends his presidential campaign.

    February 19, 2020 – CNN announces that Yang will be joining the network as a political commentator.

    March 5, 2020 – Launches Humanity Forward, a nonprofit group that will “endorse and provide resources to political candidates who embrace Universal Basic Income, human-centered capitalism and other aligned policies at every level,” according to its website. Yang also announces that he will launch a podcast.

    December 23, 2020 – Files paperwork to participate in New York’s 2021 mayoral race, according to city records.

    January 13, 2021 – Yang announces his candidacy for New York City mayor.

    June 22, 2021 Yang concedes the New York City mayoral race.

    October 4, 2021 – Yang announces in a blog post that he is “breaking up” with the Democratic Party and has registered as an independent

    July 27, 2022 – Yang, along with former New Jersey Gov. Christine Todd Whitman, and a group of former Republican and Democratic officials form a new political party called Forward.

    September 12, 2023 – Yang’s political thriller “The Last Election,” co-written with Stephen Marche, is published.

    2020 hopeful wants holograms to campaign in multiple cities

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  • Wilbur Ross Fast Facts | CNN Politics

    Wilbur Ross Fast Facts | CNN Politics



    CNN
     — 

    Here’s a look at the life of former Commerce Secretary Wilbur L. Ross Jr.

    Birth date: November 28, 1937

    Birth place: Weehawken, New Jersey

    Birth name: Wilbur Louis Ross Jr.

    Father: Wilbur Louis Ross Sr., a lawyer

    Mother: Agnes (O’Neill) Ross, a teacher

    Marriages: Hilary (Geary) Ross (October 9, 2004); Betsy (McCaughey) Ross (December 7, 1995-August 2000, divorced); Judith (Nodine) Ross (May 26, 1961-October 1995, divorced)

    Children: with Judith Nodine: Jessica and Amanda

    Education: Yale University, A.B., 1959, Harvard University, M.B.A., 1961

    He was called the “King of Bankruptcy,” as he built new companies from the assets of defaulted ones.

    Ross was known for investing in distressed companies in a wide range of industries including auto parts, steel, textiles and financial services.

    1976-2000 – Works for the investment bank Rothschild Inc. During his tenure, he becomes a top bankruptcy adviser.

    January 1998 – Pledges $2.25 million towards then-wife and Lt. Governor Betsy McCaughey Ross’ campaign for governor of New York. He withdraws the funding in September and files for divorce in November.

    2000 – Purchases a small fund he started at Rothschild and opens his own private equity firm, WL Ross & Co. LLC.

    2002 – Establishes the International Steel Group (ISG), with himself as chairman of the board, through a series of mergers and acquisitions starting with Bethlehem Steel Corp.

    December 2003 – ISG goes public.

    2004 – Forms the International Coal Group (ICG) after purchasing the assets of Horizon Natural Resources in a bankruptcy auction.

    October 2004 – Merges ISG with Mittal Steel for $4.5 billion.

    January 2, 2006 – Twelve miners are killed after an explosion at a West Virginia mine operated by an ICG subsidiary. Families of the dead and Randal McCloy, the lone survivor, sue ICG and WL Ross claiming negligence. All of the lawsuits are settled by November 2011.

    April 2010 – Purchases a 21% stake in Richard Branson’s Virgin Money. In November 2011, Ross helps Branson fund a successful bid for the British bank Northern Rock.

    August 2, 2010 – During an interview with Charlie Rose, Ross states that he’s fine with higher taxes on the wealthy as long as the government puts the money to good use.

    June 2011 – Arch Coal, Inc. acquires ICG for $3.4 billion.

    September 2011 – WL Ross is one of five US and Canadian companies that purchase a 34.9% stake in the Bank of Ireland. Ross’ share is reportedly 9.3%.

    March 21, 2016 – Nexeo Solutions, a chemical distribution company, announces their merger agreement with WL Ross Holding Corporation. The merger is valued at nearly $1.6 billion.

    August 24, 2016 – The Securities and Exchange Commission announces that WL Ross will pay a $2.3 million fine for failing to properly disclose fees it charged.

    November 30, 2016 – Ross announces in a CNBC interview that President-elect Donald Trump has asked him to serve as his commerce secretary.

    February 27, 2017 – The Senate confirms Ross as commerce secretary by a 72-27 vote. He is sworn in the next day.

    November 5, 2017 – The New York Times reports that Ross has financial ties to a shipping company whose clients include a Russian energy company co-owned by Russian President Vladimir Putin’s son-in-law. Another customer of the shipping company is Venezuela’s state-run oil company, which has been sanctioned by the US government. The information comes from the Paradise Papers, a release of 13.4 million leaked documents.

    November 7, 2017 – Two days after the Paradise Papers are released, Forbes reports that Ross inflated his net worth to be included in the magazine’s annual list of the world’s wealthiest individuals. His name is removed from the magazine’s website. An investigation by the magazine reveals that Ross has likely been providing inaccurate financial information since 2004. Ross claims that the magazine overlooked trusts for his family while tallying his fortune.

    March 2, 2018 – During an appearance on CNBC, Ross says the Trump administration’s steel and aluminum tariffs won’t hurt consumers. He holds up a can of Campbell’s soup as he explains that the price of soup will go up less than a penny due to the tariffs.

    March 26, 2018 – Ross announces that a citizenship question will be added to the 2020 census.

    July 12, 2018 – Ross admits to “errors” in failing to divest assets required by his government ethics agreement and says he will sell all his stock holdings. The admission comes after the Office of Government Ethics took Ross to task for what it said were inconsistencies in his financial disclosure forms.

    September 21, 2018 – A federal judge rules that Ross must sit for a deposition in a lawsuit regarding his department’s decision to include a question about citizenship in the 2020 census. The US Supreme Court later blocks the deposition.

    December 19, 2018 – The Center for Public Integrity reports that Ross failed to sell a bank stock holding within the required time frame after his 2017 confirmation and subsequently signed ethics documents indicating the holding had been sold.

    February 15, 2019 – Ross’ financial disclosure form is rejected by the Office of Government Ethics. Ross later releases a statement saying, “While I am disappointed that my report was not certified, I remain committed to complying with my ethics agreement and adhering to the guidance of Commerce ethics officials.”

    June 27, 2019 – The Supreme Court issues a 5-4 ruling that blocks the citizenship question from being added to the census.

    July 17, 2019 – The House votes to hold Ross in criminal contempt over a dispute related to the citizenship question on the census. Attorney General William Barr is also held in contempt. Ross releases a statement in which he dismisses the vote as a political stunt. “House Democrats never sought to have a productive relationship with the Trump Administration, and today’s PR stunt further demonstrates their unending quest to generate headlines instead of operating in good faith with our Department.”

    July 18, 2020 – A department spokesman says that Ross has been hospitalized for “minor, non-coronavirus related issues.” On July 27, the Commerce Department says Ross has been released from the hospital.

    September 28, 2020 – Ross announces that he intends to conclude the 2020 census on October 5. This is more than three weeks earlier than expected and against the October 31 court reinstated end date. Ross asks Census Bureau officials if the earlier date would effectively allow them to produce a final set of numbers during Trump’s current term in office, according to an internal email released the following day as part of a lawsuit.

    October 13, 2020 – The Supreme Court grants a request from the Trump administration to halt the census count while an appeal plays out over a lower court’s order that it continue. The Census Bureau announces that the count is ending on October 15.

    July 19, 2021 – According to a letter made public from Commerce Department Inspector General Peggy Gustafson to Democratic lawmakers, the Justice Department decides to decline prosecution of Ross for misrepresentations he made to Congress about the origins of the Trump administration’s failed push to add a citizenship question to the 2020 census.

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  • Screen Actors Guild Fast Facts | CNN

    Screen Actors Guild Fast Facts | CNN



    CNN
     — 

    Here’s a look at the Screen Actors Guild. In 2012, a merger was completed between the Screen Actors Guild (SAG) and the American Federation of Television and Radio Artists (AFTRA). The SAG-AFTRA labor union has more than 160,000 members.

    June 30, 1933 – Articles of incorporation are filed. The guild is formed to get better working conditions for actors.

    1935 – Granted an American Federation of Labor charter.

    May 1937 – In order to prevent a strike, producers sign a contract with the guild ensuring minimum pay and recognizing the guild.

    1943 – Actress Olivia de Havilland sues Warner Brothers studio for extending her contract. She later wins her case.

    1945 – The US Supreme Court hands down the “de Havilland decision,” which declares that studios may no longer hold contract players for more than seven years. This breaks up the system of the studio maintaining control over an actor’s career.

    1952 – The Guild signs its first contracts for filmed television programs.

    December 1, 1952-February 18, 1953 – The first SAG strike is over filmed television commercials. The strike ends with a contract that covers all work in commercials.

    August 5-15, 1955 – SAG holds its second strike. This time for increased television show residuals.

    March 7, 1960-April 18, 1960 – Third strike over residuals for feature films sold, licensed, or released to television.

    December 19, 1978-February 7, 1979 – SAG strikes for better residuals on television advertisements.

    July 21, 1980-October 23, 1980 – SAG strikes with the American Federation of Television and Radio Artists (AFTRA). This strike centers on the distribution of profits from pay television and video cassette production.

    March 21, 1988-April 15, 1988 – SAG and AFTRA television commercials strike. The strike is over payment for commercials appearing on cable TV.

    February 25, 1995 – The first annual Screen Actors Guild Awards show is held.

    May 1, 2000-October 30, 2000 – SAG and AFTRA strike against the advertising industry over commercial work compensation for basic cable and internet.

    July 1, 2008 – SAG’s TV/theatrical agreement expires.

    November 22, 2008 – Talks between SAG and the Alliance of Motion Picture & Television Producers (AMPTP) end after federal mediation fails to jumpstart a five-month stalemate.

    January 26, 2009 – SAG chief negotiator Doug Allen is fired in a bid by the union’s moderate faction to re-enter contract talks with the studios.

    April 19, 2009 – SAG leadership split 53% – 47% to accept a new two-year contract with AMPTP.

    June 9, 2009 – Members ratify the two-year contract covering television and motion pictures.

    January 29, 2012 – Ken Howard, president of the guild, announces during the SAG Awards, that the merger between SAG and AFTRA has been approved by both groups.

    March 30, 2012 – The merger of SAG and AFTRA is completed with more than 80% approval from both unions. The one union is named SAG-AFTRA.

    January 27, 2013 – The first SAG Awards are held under the union banner “SAG-AFTRA One Union.”

    March 23, 2016 – SAG-AFTRA President Ken Howard dies. Executive Vice President Gabrielle Carteris assumes his duties until the regularly scheduled national board meeting April 9.

    April 9, 2016 – Carteris is elected president. She will serve the balance of Howard’s unexpired term, which ends in 2017.

    August 24, 2017 – Carteris is elected to a two-year term as president.

    February 10, 2018 – SAG-AFTRA introduces new guidelines for members, called “Four Pillars of Change,” aimed at fighting sexual harassment in the workplace.

    September 2, 2021 – Actress Fran Drescher is elected to a two-year term as president.

    July 14, 2023 – SAG-AFTRA goes on strike after talks with major studios and streaming services have failed. It is the first time its members have stopped work since 1980. On November 8, SAG-AFTRA and the studios reach a tentative agreement, officially ending the strike.

    Ralph Morgan 1933, 1938-1940
    Eddie Cantor 1933-1935
    Robert Montgomery 1935-1938, 1946-1947
    Edward Arnold 1940-1942
    James Cagney 1942-1944
    George Murphy 1944-1946
    Ronald Reagan 1947-1952, 1959-1960
    Walter Pidgeon 1952-1957
    Leon Ames 1957-1958
    Howard Keel 1958-1959
    George Chandler 1960-963
    Dana Andrews 1963-1965
    Charlton Heston 1965-1971
    John Gavin 1971-1973
    Dennis Weaver 1973-1975
    Kathleen Nolan 1975-1979
    William Schallert 1979-1981
    Ed Asner 1981-1985
    Patty Duke 1985-1988
    Barry Gordon 1988-1995
    Richard Masur 1995-1999
    William Daniels 1999-2001
    Melissa Gilbert 2001-2005
    Alan Rosenberg 2005-2009
    Ken Howard 2009-2016
    Gabrielle Carteris-2016-2021
    Fran Drescher 2021-present

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  • GM self-driving car subsidiary withheld video of a crash, California DMV says | CNN Business

    GM self-driving car subsidiary withheld video of a crash, California DMV says | CNN Business



    CNN
     — 

    The California Department of Motor Vehicles Tuesday revoked Cruise’s permits to test and operate fully driverless vehicles on the state’s roads. The California DMV said, in part, it was because Cruise, which is GM’s self-driving vehicle technology subsidiary, withheld video and information about a crash involving a pedestrian.

    The suspension applies only to vehicles with no “safety driver,” meaning there is no one in the driver’s seat ready to take over the controls if needed.

    The agency also indicated that Cruise had “misrepresented… information related to safety of the autonomous technology of its vehicles.”

    For those reasons, the California DMV wrote, it was necessary to revoke the company’s permits. The DMV notice did not specify exactly what incidents or communications from Cruise led to the suspensions.

    About three weeks ago, a Cruise vehicle hit a pedestrian in downtown San Francisco who had first been hit by another vehicle then and was propelled by this collision into the path of the Cruise driverless car. After striking the pedestrian a second time, the Cruise vehicle, attempting to pull off the road and out of the way of traffic, dragged the pedestrian along the road for 20 feet at a speed at about seven miles an hour, according to the DMV’s report.

    “Our thoughts continue to be with the victim as we hope for a rapid and complete recovery,” Cruise wrote in an emailed statement. A San Francisco Fire Department spokesperson said at the time that victim had multiple serious injuries.

    Cruise claims that it proactively reached out both state and federal safety regulators following that incident. Regulators at the National Highway Traffic Safety Administration opened an investigation into the safety of Cruise autonomous vehicles around pedestrians.

    The DMV alleges that Cruise did not tell regulators that the car dragged the pedestrian across the roadway while attempting to pull over following the impact. Also, the DMV’s order of suspensions indicates that the video Cruise provided of the incident, taken by the self-driving car’s on-board cameras, stopped shortly after the car hit the pedestrian and did not show the dragging. Cruise did not provide a longer video showing the entire incident until 10 days later, after DMV had learned of the pedestrian being dragged “from another government agency.”

    A video of the incident shown to a CNN reporter shortly after it occurred also did not show the pedestrian being dragged.

    In a statement shared with CNN on Wednesday, Cruise denied that it had withheld any video from the DMV and said that it shared a full video with the agency when the incident was first reported.

    “The DMV has provided Cruise with the steps needed to apply to reinstate its suspended permits, which the DMV will not approve until the company has fulfilled the requirements to the department’s satisfaction,” the agency sad in the notice posted to its web site.

    This summer, Cruise and Waymo, the driverless car arm of Google-parent Alphabet received permission from San Francisco regulators to begin regular paid driverless taxi services in that city.

    Cruise will continue operations of its driverless fleets in Phoenix, Arizona and Austin, Texas.

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  • Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback | CNN Business

    Microsoft, Google post strong quarterly sales growth as Big Tech continues its comeback | CNN Business


    New York
    CNN
     — 

    Big tech companies are continuing a turnaround from last year, as Alphabet, Microsoft and Snap kicked off earnings season with strong sales results for the quarter ended in September.

    Google parent company Alphabet on Tuesday reported quarterly sales of $76.69 billion, up 11% from the same period in the prior year. The company also posted profits of $19.69 billion for the quarter.

    Meanwhile, Microsoft posted 13% year-on-year sales growth to $56.5 billion, also beating expectations. Microsoft’s quarterly profits hit $22.3 billion, up 27% from the year-ago period.

    Snapchat parent Snap on Tuesday reported a return to sales growth in the September quarter, after two consecutive quarters of declining sales. The company reported revenue of nearly $1.2 billion, an increase of 5% from the same period in the prior year and ahead of analysts’ projections. The company reported a net loss of $368 million.

    The strong results come after Microsoft, Alphabet, Snap and other tech companies carried out mass layoffs and other cost cutting moves over the past year following a difficult 2022 when advertisers and other clients cut back on their spending due to concerns over the macroeconomic environment.

    Despite beating Wall Street’s sales expectations, shares of both Alphabet (GOOGL) and Snap (SNAP) each dipped around 5% in after-hours trading following the reports, although Snap’s quickly regained some ground. Microsoft (MSFT) shares gained around 4% in after-hours trading.

    “Q3 tech season has been quite strong thus far,” Tejas Dessai, research analyst at investment fund GlobalX said in a statement. “These numbers clearly defy concerns of near term economic weakness looming.”

    Google’s advertising business generated quarterly revenue of $59.6 billion, up from $54.5 billion in the prior year. YouTube ads, meanwhile, garnered some $7.9 billion in revenue, up roughly 12% year-over-year.

    YouTube Shorts, the company’s TikTok competitor, hit a milestone 70 billion daily views last quarter, Alphabet CEO Sundar Pichai said on a call with analysts Tuesday afternoon.

    Google’s cloud business, however, reported revenue of $8.41 billion — missing analysts’ estimates.

    Jesse Cohen, a senior analyst at Investing.com, attributed Alphabet’s after-hours stock fall to the “relatively weak performance in its Google cloud platform, which is at risk of falling further behind [Microsoft’s] Azure and [Amazon’s] AWS.” Still, despite taking a hit in 2022 amid a broader tech sector downturn, shares for Alphabet have climbed roughly 56% since the start of 2023, beating the tech-heavy Nasdaq index.

    Google’s report comes as the tech giant is in the antitrust hot seat. US prosecutors officially opened a landmark antitrust trial against Google last month with sweeping allegations that the company engaged in anticompetitive behavior to maintain its dominance over search. (As the legal showdown rages on, Google has continued to deny allegations that it operated illegally.)

    Google also confirmed last month plans to lay off hundreds of staffers in its recruiting division, as it continues cost cutting efforts in some areas. These more targeted layoffs came after Alphabet in January cut around 12,000 jobs — about 6% of its workforce.

    Still, Google has signaled that it remains committed to investing heavily in generative artificial intelligence technology. Last month, Google rolled out a major expansion of its Bard AI chatbot tool.

    “As we expand access to our new AI services, we continue to make meaningful investments in support of our AI efforts,” Pichai said on the call. “We remain committed to durably re-engineering our cost base in order to help create capacity for these investments, in support of long-term sustainable financial value.”

    Microsoft’s recent investments in AI technology helped boost its sales in the September quarter, especially in its key cloud division. Sales from Microsoft’s “intelligent cloud” business — its biggest revenue driver — grew 19% from the year-ago quarter to $24.3 billion.

    Revenue from the company’s “productivity and business processes” business, which includes LinkedIn and Office commercial and consumer products, also grew 13% year-over-year to $18.6 billion.

    “Microsoft is firing on all cylinders and AI is clearly driving growth,” Cohen said in a research note following the company’s report. “The results indicated that artificial intelligence products are stimulating sales and already contributing to top and bottom-line growth.”

    But economic jitters among consumers appear to still have some impact on the company’s bottom line. Devices revenue, which includes sales of laptops, tablets and Xbox consoles, decreased 22% year-over-year, despite a 3% sales increase in the overall “more personal computing” segment. Ongoing concerns about a potential economic slowdown could continue to weigh on the company as it heads into the crucial holiday device sales season.

    The report is Microsoft’s first since the company closed its $69 billion acquisition of “Call of Duty” maker Activision Blizzard earlier this month. While the deal didn’t factor into this quarter’s results, it’s expected to supercharge the company’s gaming business.

    “Microsoft now controls 30 game studios and some of the most well-known games across the industry,” Edward Jones analyst Logan Purk said in a research note earlier this month. “With a massive cloud network and now a compelling library of games, Microsoft has a leg up on peers” in gaming, he said.

    Following the Activision takeover, “we’re looking forward to one of our strongest first-party holiday [game] lineups ever, including new titles like Call of Duty Modern Warfare 3,” CEO Satya Nadella said on an analyst call Tuesday. The company said it expects roughly $400 million of operating expenses in the fourth quarter to come as a result of the acquisition.

    Snap said its sales growth was driven in part by its ongoing efforts to revamp its advertising technology, following changes to Apple’s app tracking policies that took a hit to the business models of Snapchat, Facebook and other platforms.

    “We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success,” CEO Evan Spiegel said in a statement.

    Snap also reported that it now has 406 million daily active users, up 12% compared to the year-ago quarter. And time spent watching Spotlight — Snapchat’s TikTok clone — grew 200% year-over-year, according to the company.

    The company also recently announced that it had reached more than 5 million subscribers to its Snapchat+ subscription program, a key effort to diversify its revenue.

    Snap said Tuesday that its chief operating officer, Jerry Hunter, plans to retire. Hunter, who spent seven years at the company, will step down from his role as of the end of the month, but will remain at the company until July 1, 2024, to support the transition.

    The company noted that some advertisers temporarily paused their spending following the outbreak of the Israel-Hamas war. Because of the “unpredictable nature” of the war, Snap declined to provide formal guidance for the fourth quarter, but said its internal forecast assumes year-over-year quarterly revenue growth between 2% and 6%.

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  • Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list | CNN Business

    Rite Aid is closing nearly 100 stores as part of its bankruptcy. See the list | CNN Business


    New York
    CNN
     — 

    Rite Aid, which had filed for Chapter 11 bankruptcy protection, is now preparing to shed almost 100 stores nationwide as part of its restructuring efforts.

    The first tranche of stores to be sold — both leased and owned — is located in nine states, according to A&G Real Estate Partners, which is advising the drug store chain on its real estate portfolio. The states include California (17 stores), Maryland (4), Michigan (16), New Jersey (8), New York (17), Ohio (4), Oregon (2), Pennsylvania (17), New Hamphire (2) and Washington (10), Alabama (1), Idaho (1).

    The writing has been on the wall for some time for Rite Aid, the third-biggest standalone pharmacy chain in the US, as the entire drug store retail sector struggles to compete with Amazon and big-box chains like Walmart, Target and Costco moving deeper into the space and offering more customer-friendly alternatives to the nationwide pharmacy chains.

    Compounding its problems were legal troubles stemming from accusations of filing unlawful opioid prescriptions for customers.

    Rite Aid is in much worse financial shape than its competitors. Over the past six years, Rite Aid has tallied nearly $3 billion in losses.

    While it has secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy, Rite Aid said it would accelerate store closures and sell off some of its businesses, including prescription benefit provider Elixir Solutions. Bankruptcy could also help resolve the company’s legal disputes at a vastly reduced cost.

    As it reevaluates its portfolio of stores, these are the Rite Aid locations that are currently up for sale:

    • SEC Alabama Ave. & Pike St. in Monroeville, Alabama
    • 920 East Valley Blvd in Alhambra, California
    • 571 Bellevue Road in Atwater, California
    • 3029 Harbor Blvd. in Costa Mesa, California
    • 139 North Grand Ave. in Covina, California
    • 20572 Homestead Road in Cupertino, California
    • 24829 Del Pradoin Dana Point, California
    • 7859 Firestone Blvd. in Downey, California
    • 8509 Irvine Center Drive in Irvine, California
    • 15800 Imperial Hwy. in La Mirada, California
    • 30222 Crown Valley Pkwy. in Laguna Niguel, California
    • 4046 South Centinela Ave. in Los Angeles, California
    • 499 Alvarado St. in Monterey, California
    • 1670 Main St. in Ramona, California
    • 1309 Fulton Ave. in Sacramento, California
    • 901 Soquel Ave. in Santa Cruz, California
    • 19701 Yorba Linda Blvd. in Yorba Linda, California
    • 25906 Newport Road in Menifee, California
    • 1600 North Main St. in Meridian, Idaho
    • 5808 Ritchie Hwy. in Baltimore, Maryland
    • 5 Bel Air South Pkwy. in Bel Air, Maryland
    • 728 East Pulaski Hwy. in Elkton, Maryland
    • 7501 Ritchie Hwy. In Glen Burnie, Maryland
    • 35250 South Gratiot Ave. in Clinton Township, Michigan
    • 36485 Garfield Road. in Clinton Township, Michigan
    • 1900 East 8 Mile Road. in Detroit, Michigan
    • 25922 Middlebelt Road. in Farmington Hills, Michigan
    • 924 West Main St. in Fremont, Michigan
    • 715 South Clinton St. in Grand Ledge, Michigan
    • 3100 East Michigan Ave. in Jackson, Michigan
    • 15250 24 Mile Road in Macomb, Michigan
    • 1243 U.S. 31 South in Manistee, Michigan
    • 15181 Telegraph Road in Redford, Michigan
    • 320 N Main St. in Redford, Michigan
    • 51037 Van Dyke Ave. in Shelby Township, Michigan
    • 109 North Whittemore St. in St. Johns, Michigan
    • 102 North Centerville Road in Sturgis, Michigan
    • 9155 Telegraph Road in Taylor, Michigan
    • 47300 Pontiac Trail in Wixom, Michigan
    • 205-209 Main St. in Berlin, New Hampshire
    • Grove St. and Route 101 in Peterborough, New Hampshire
    • 37 Juliustown Road in Browns Mills, New Jersey
    • 1426 Mount Ephraim Ave. in Camden, New Jersey
    • 1636 Route 38, Suite 49 in Lumberton, New Jersey
    • 210 Bridgeton Pike in Mantua, New Jersey
    • 108 Swedesboro Road in Mullica Hill, New Jersey
    • Route 33 and Robbinsville- Edinburg Road in Robbinsville, New Jersey
    • 773 Hamilton St. in Somerset, New Jersey
    • 1434 South Black Horse Pike in Williamstown, New Jersey
    • 836 Sunrise Hwy. in Bay Shore, New York
    • 452 Main St. in Buffalo, New York
    • 15 Arnold St. in Buffalo, New York
    • 901 Merrick Road in Copiague, New York
    • 577 Larkfield Road in East Northport, New York
    • 2 Whitney Ave. in Floral Park, New York
    • 115-10 Merrick Blvd. in Jamaica, New York
    • 2453 Elmwood Ave. in Kenmore, New York
    • 3131 Hempstead Turnpike in Levittown, New York
    • 700-43 Patchogue-Yaphank in Medford, New York
    • 4188 Broadway in New York, New York
    • 195 8th Ave. in New York, New York
    • 1033 St. Nicholas Ave. in New York, New York
    • 593 Old Town Road in Port Jefferson, New York
    • 101 Main St. in Sayville, New York
    • 65 Route 111 in Smithtown, New York
    • 397 Sunrise Hwy. in West Patchogue, New York
    • 120 South Main St. in New Carlisle, Ohio
    • Euclid & Strathmore in East Cleveland, Ohio
    • 1204 Gettysburg Ave. in Dayton, Ohio
    • 2323 Broadview Road in Cleveland, Ohio
    • 981 Medford Center in Medford, Oregon
    • 4346 N.E. Cully Blvd. in Portland, Oregon
    • 2722 West 9th St. in Chester, Pennsylvania
    • 5990 University Blvd. in Coraopolis, Pennsylvania
    • 1709 Liberty Ave. in Erie, Pennsylvania
    • 6090 Route 30 in Greensburg, Pennsylvania
    • 301 Eisenhower Drive in Hanover, Pennsylvania
    • 1730 Wilmington Road in New Castle, Pennsylvania
    • 700 Stevenson Blvd. in New Kensington, Pennsylvania
    • 350 Main St. in Pennsburg, Pennsylvania
    • 5612 North 5th St. in Philadelphia, Pennsylvania
    • 2401 East Venango St. in Philadelphia, Pennsylvania
    • 3000-02 Reed St. in Philadelphia, Pennsylvania
    • 7941 Oxford Ave. in Philadelphia, Pennsylvania
    • 136 North 63rd St. in Philadelphia, Pennsylvania
    • 10 South Center St. in Pottsville, Pennsylvania
    • 351 Brighton Ave. in Rochester, Pennsylvania
    • 208 East Central Ave. in Titusville, Pennsylvania
    • SR 940 and Main St. in White Haven, Pennsylvania
    • 3620 Factoria Blvd SE in Bellevue, Washington
    • 11919 NE 8th St in Bellevue, Washington
    • 222 Telegraph Road in Bellingham, Washington
    • 1195 Boblett St. in Blaine, Washington
    • 17125 SE 272nd St. in Covington, Washington
    • 10103 Evergreen Way in Everett, Washington
    • 2518 196th St SW in Lynnwood, Washington
    • 3202 132nd St., S.E. in Mill Creek, Washington
    • 601 South Grady Way in Renton, Washington
    • 2707 Rainier Ave. in South Seattle, Washington

    – CNN’s David Goldman contributed to this story

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  • Rite Aid files for bankruptcy | CNN Business

    Rite Aid files for bankruptcy | CNN Business


    New York
    CNN
     — 

    Rite Aid filed for Chapter 11 bankruptcy protection Sunday, a casualty of a miserable environment for drug stores, exacerbated by its runner-up status to bigger chains and expensive legal battles for allegedly filling unlawful opioid prescriptions.

    The bankruptcy was not a surprise. Its bigger rivals, CVS and Walgreens, are also facing many of the same problems. They, too, are closing stores as Amazon and big-box chains like Walmart, Target and Costco serve as more customer-friendly alternatives to nationwide pharmacy chains.

    But Rite Aid is in much worse financial shape than its competitors and unable to weather the storm that has been beating down on the industry. On Thursday, it filed a notice to the US Securities and Exchange Commission saying it would be unable to file its latest quarterly financial report because it was looking at “strategic alternatives,” which is Wall Street speak for “considering bankruptcy.”

    In that filing, the company said it expected its losses would increase significantly in the past quarter, which is saying something, considering it lost about three quarters of a billion dollars between March 2022 and March 2023 — and another $307 billion between March and May this year. Over the past six years, Rite Aid has tallied nearly $3 billion in losses.

    At the beginning of June, the last time the company filed a financial report, Rite Aid had just $135.5 million of cash on hand -— and $3.3 billion in long-term debt, which exceeded the value of the company’s assets by nearly $1 billion. With rising interest rates, that debt wasn’t cheap to finance.

    “It was always a matter of when, not if, Rite Aid would file for bankruptcy,” said Neil Saunders, managing director of GlobalData, in a note to investors. “The company has been deep in the red for the past six years.”

    The company said in a statement it had secured $3.5 billion in financing and debt reduction agreements from lenders to keep the company afloat through its bankruptcy.

    It said it would accelerate its pace of store closures and sell off some of its businesses, including prescription benefit provider Elixir Solutions. Bankruptcy could also help resolve the company’s legal disputes at a vastly reduced cost.

    As part of the bankruptcy plan, Rite Aid appointed a new CEO, Jeff Stein, who will also serve as the head of restructuring and a board member. Stein, in the statement, said the company plans to remain in business.

    “With the support of our lenders, we look forward to strengthening our financial foundation, advancing our transformation initiatives and accelerating the execution of our turnaround strategy,” he said. “In doing so, we will be even better able to deliver the healthcare products and services our customers and their families rely on -— now and into the future.”

    Rite Aid has had an interim CEO since January 2023.

    Rite Aid’s losing battle against mounting debt was exacerbated by its legal troubles stemming from accusations of filing unlawful opioid prescriptions for customers.

    The Department of Justice filed suit against the company in March, claiming that it knowingly processed “unlawful prescriptions for controlled substances.” That stands in violation of the False Claims Act and Controlled Substances Act. The government accused Rite Aid of missing “obvious red flags” when it filled the prescriptions for addictive pain killers.

    When the US Justice Department filed its lawsuit, Attorney General Merrick Garland said the department would use “every tool at our disposal” to hold Rite Aid accountable for contributing to the opioid epidemic.”

    Walgreens, CVS and others settled similar lawsuits over the past few years, but they remain in better financial shape and were largely able to weather the tens of billions of dollars owed to various government agencies in settlements.

    More than half a million people have died from drug overdoses in the United States between 1999 and 2020, according to the US Centers for Disease Control and Prevention.

    Rite Aid is a distant third-largest nationwide standalone pharmacy chain in the United States — and the seventh largest pharmacy overall, when taking into account big box chains. It has more than 2,200 stores in 17 states.

    It was offered a $17 billion lifeline in 2015 when Walgreens offered to buy the chain. But the deal was met with stiff scrutiny from US regulators who feared the combination would violate federal antitrust laws and reduce competition in the drug store market.

    Ultimately, in 2017, the companies agreed to a smaller, $4.4 billion deal, in which Walgreens bought just under 2,000 Rite Aid locations, leaving Rite Aid diminished in stature and unable to compete at the scale of its bigger rivals.

    — CNN’s Nathaniel Meyersohn and Juliana Liu contributed to this report

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  • Samsung flags 78% profit drop as chip demand remains weak | CNN Business

    Samsung flags 78% profit drop as chip demand remains weak | CNN Business


    Hong Kong
    CNN
     — 

    Samsung warned that operating profit in the third quarter likely plunged 78% as it continues to contend with lower than usual demand for consumer devices.

    The South Korean tech giant released earnings estimates Wednesday, forecasting operating profit of about 2.4 trillion Korean won ($1.8 billion) for the three months ended September. That compares with 10.85 trillion won ($8 billion) in the same period last year.

    Revenue was also projected to drop 12.7% from a year ago.

    That continues a dreary run for the electronics maker, which has reported major losses in recent months as global economic uncertainty weighs on consumers around the world, leading many people to hold on to their cell phones and laptops longer.

    According to Counterpoint Research, “2023 is on track to be the worst year for global smartphone shipments in 10 years,” with shipments forecast to decline 6% to fewer than 1.2 billion units.

    In major markets like North America, “consumers are hesitant to upgrade their devices,” the firm noted in an August report.

    Samsung has already been feeling the effects. The firm’s operating profit plummeted 95% in the first quarter, following a record loss in its semiconductor business. It saw similar results in the second quarter.

    After a historic supply shortage during Covid, the global semiconductor industry is now seeing a glut in some areas that has driven losses for Samsung, the world’s largest memory chip and smartphone maker.

    According to consultancy Bain, “the semiconductor industry’s post-pandemic rebound boosted capacity to the extent that some foresee an oversupply.”

    In a report last month, Bain suggested the trend was merely cyclical, attributing it to “normal” ups and downs in the industry.

    Samsung has also told shareholders it anticipates a gradual comeback in global demand in the second half of the year.

    This “should lead to an improvement in earnings driven by the component business,” it said in a July earnings statement.

    “However, continued macroeconomic risks could prove to be a challenge,” the company cautioned.

    Analysts believe a downturn in memory chips will also turn around, benefiting manufacturers like Samsung.

    In a recent note to clients, Nomura analysts said they expected a recovery in the sector “to accelerate” through the rest of this year.

    “The team expects memory prices to remain flat or slightly increase in [the third quarter], then show strong growth in [the fourth quarter],” the analysts wrote, maintaining a buy rating on Samsung’s stock.

    The company’s shares climbed 3.5% in Seoul on Wednesday following its announcement.

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  • Biden heads to Vietnam in latest attempt to draw one of China’s neighbors closer to the US | CNN Politics

    Biden heads to Vietnam in latest attempt to draw one of China’s neighbors closer to the US | CNN Politics


    Hanoi, Vietnam
    CNN
     — 

    President Joe Biden will arrive at Chinese leader Xi Jinping’s doorstep on Sunday with a deal in hand to draw yet another one of China’s neighbors closer to the United States.

    In just the last five months, Biden has hosted the Philippines’ president at the White House for the first time in over a decade; he has fêted the Indian prime minister with a lavish state dinner; and he has hosted his Japanese and South Korean counterparts for a summit ripe with symbolism at the storied Camp David presidential retreat.

    At each turn, Biden’s courtship and his team’s steadfast diplomacy have secured stronger diplomatic, military and economic ties with a network of allies and partners joined if not by an outright sense of alarm at China’s increasingly aggressive military and economic posture, then at least by a growing sense of caution and concern.

    The latest page in the US’s Indo-Pacific playbook will come via the establishment of a “comprehensive strategic partnership” that will put the US on par with Vietnam’s highest tier of partners, including China, according to US officials familiar with the matter.

    “It marks a new period of fundamental reorientation between the United States and Vietnam,” a senior administration official said ahead of Biden’s arrival in Hanoi, saying it would expand a range of issues between the two countries.

    “It’s not going to be easy for Vietnam, because they’re under enormous pressure from China,” the official went on. “We realize the stakes and the President is going to be very careful how he engages with Vietnamese friends.”

    The US’ increasingly tight-knit web of partnerships in the region is just one side of the US’s diplomatic strategy vis-à-vis China. On a separate track, the Biden administration has also pursued more stable ties and improved communication with Beijing over the last year, with a series of top Cabinet secretaries making the trip to the Chinese capital in just the last few months.

    The latter part of that playbook has delivered fewer results thus far than Biden’s entreaties to China’s wary neighbors, a dichotomy that was on stark display as Biden attended the G20 in New Delhi, while Chinese leader Xi Jinping did not.

    The president did not appear overly concerned when questioned Saturday about his Chinese counterpart’s absence at the summit.

    “It would be nice to have him here,” Biden said, with Modi and a handful of other world leaders by his side. “But, no, the summit is going well.”

    As Biden and Xi jockey for influence in Asia and beyond, merely showing up can be seen as a power play and Biden sought to make the most of Xi’s absence, seizing the opening to pitch the United States’ sustained commitment both to the region and to developing nations around the world.

    In Vietnam, it’s not only China whose influence Biden is competing with. As he arrived, reports suggested Hanoi was preparing a secret purchase of weapons from Russia, its longtime arms supplier.

    On Monday, Biden plans to announce steps to help Vietnam diversify away from an over-reliance on Russian arms, a senior administration official said.

    As China’s economy slows down and its leader ratchets up military aggressions, Biden hopes to make the United States appear a more attractive and reliable partner. In New Delhi, he did so by wielding proposals to boost global infrastructure and development programs as a counterweight to China.

    Beijing and Moscow have both condemned a so-called “Cold War mentality” that divides the world into blocks. The White House insists it is seeking only competition, not conflict.

    Still, the desire to pull nations into the fold has been evident.

    Traffic whizzes through Hanoi's old quarter

    On Saturday, Biden held a photo op with the leaders of India, Brazil and South Africa – three members of the BRICS grouping that Xi has sought to elevate as a rival to US-dominated summits like the G20.

    If there is a risk in that approach, it is leaving nations feeling squeezed by rival giants. For Biden, however, there is an imperative in at least offering poorer nations an alternative to China when it comes to investments and development.

    But increasingly, China’s neighbors – like Vietnam – are seeking a counterweight to Beijing’s muscular and often unforgiving presence in the region, even if they are not prepared to entirely abandon China’s sphere of influence in favor of the US’.

    “We’re not asking or expecting the Vietnamese to make a choice,” the senior administration official said. “We understand and know clearly that they need and want a strategic partnership with China. That’s just the nature of the beast.”

    Days before Biden’s visit and the expected strategic partnership announcement, China sent a senior Communist Party official to Vietnam to enhance “political mutual trust” between the two communist neighbors, the official Chinese Xinhua news agency reported.

    Asked about Biden’s upcoming visit to Vietnam, China’s Foreign Ministry on Monday warned the US against using its relations with individual Asian countries to target a “third party.”

    “The United States should abandon Cold War zero-sum game mentality, abide by the basic norms of international relations, not target a third party, and not undermine regional peace, stability, development and prosperity,” ministry spokesperson Mao Ning told a daily briefing.

    Vietnam has also sought to maintain good ties with China. Its Communist Party chief was the first foreign leader to call on Xi in Beijing after the Chinese leader secured an unprecedented third term last October. In June, Vietnam’s prime minister met Xi during a state visit to China.

    Secretary of State Antony J. Blinken meets with Chairman of the Communist Party of Vietnam's Commission for External Relations Le Hoai Trung at the Department of State.

    But even as it seeks to avoid China’s wrath, Vietnam is increasingly pulled toward the US out of economic self-interest – its trade with the US has ballooned in recent years and it is eager to benefit from American efforts to diversify supply chains outside of China – as well as concern over China’s military build-up in the South China Sea.

    Experts say those tightened partnerships are as much a credit to the Biden administration’s comprehensive China strategy as it is a consequence of the way China has increasingly aggressively wielded its military and economic might in the region.

    “China has long complained about the US alliance network in its backyard. It has said that these are vestiges of the Cold War, that the US needs to stop encircling China, but it’s really China’s own behavior and its choices that have driven these countries together,” said Patricia Kim, a China expert at the Brookings Institution.

    “So in many ways, China’s foreign policy has backfired.”

    The upgrading of the US-Vietnam relationship carries huge significance given Washington’s complicated history with Hanoi.

    The two countries have gone from mortal enemies that fought a devastating war to increasingly close partners, even with Vietnam still run by the same Communist forces that ultimately prevailed and sent the US military packing.

    While the upgrading of that relationship has been a decade in the making, US officials say a concerted drive to take the relationship to new heights carried that years-long momentum over the line.

    A late June visit to Washington by Vietnam’s top diplomat, Chairman Le Hoai Trung, crystallized that possibility. During a meeting with national security adviser Jake Sullivan, the two first discussed the possibility of upgrading the relationship, according to a Biden administration official.

    As he walked back to his office, Sullivan wondered whether the US could be more ambitious than a one-step upgrade in the relationship – to “strategic partner” – and directed his team to travel to the region and deliver a letter to Trung proposing a two-step upgrade that would take the relations to their highest-possible level, putting the US on par with Vietnam’s other “comprehensive strategic partners”: China, Russia, India and South Korea.

    Sullivan would speak again with Trung on July 13 while traveling with Biden to a NATO summit in Helsinki.

    The conversation pushed the possibility of a two-step upgrade in a positive direction, but it wasn’t until a mid-August visit to the White House by Vietnam’s ambassador to Washington that an agreement was in hand. Inside Sullivan’s West Wing office, the two finalized plans to take the US-Vietnam relationship to new heights and for Biden and Vietnam’s leader, General Secreatary Nguyen Phu Trong, to shake hands in Hanoi.

    The trip was still being finalized when Biden revealed during an off-camera fundraiser that he was planning to visit. The remark sent the planning into overdrive.

    Still, US officials are careful not to characterize the rapprochement with Vietnam – or with the Philippines, India, Japan and Korea, or its AUKUS security partnership with Australia and the United Kingdom – as part of a comprehensive strategy to counter China’s military and economic heft in the Indo-Pacific.

    “I think that’s a deliberate design by the Biden administration,” said Yun Sun, the China program director at the Stimson Center. “You don’t want countries in the region or African countries to feel that the US cares about them only because of China because that shows a lack of commitment. That shows that, ‘Well, we care about you only because we don’t want you to go to the Chinese.’”

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  • Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft | CNN Business

    Dollar General shares tumble after it cuts forecasts, blaming a spending slump and theft | CNN Business


    New York
    CNN
     — 

    Dollar General slashed its sales and profit outlook for the year on Thursday, blaming headwinds including weaker consumer spending on non-essential purchases and increasing theft.

    Dollar General shares tumbled nearly 17% in pre-market trading Thursday.

    The discount store’s challenges are yet another sign of American consumers pulling back on shopping as inflation remains well above the Federal Reserve’s 2% target.

    “One of the key reasons for this is because Dollar General’s core customers are feeling the acute pressure of the cost-of-living-crisis,” Neil Saunders, retail analyst and managing director at GlobalData, said in a report Thursday.

    “This has been exacerbated by cuts in SNAP payments as temporary pandemic benefits came to an end. As a result, lower-income shoppers are cutting back on non-consumable and indulgent purchases from the chain in a bid to save money,” he said. “Unfortunately, this dynamic will not change any time soon as, if anything, finances will tighten over the second half of the year.”

    The discount retailer now expects sales for the full year to rise between 1.3% to 3.3%, down from its previous forecast of a 3.5% to 5% increase. It expects full-year earnings to decline 22% to 34% from its previous estimate of a flat-to-8% decrease.

    The retailer said its same-store sales (or sales at stores open at least a year) are expected to range from a decline of about 1% to an increase of 1% for the year, compared to its previous expectation of a 1% to 2%. increase.

    For its second quarter, Dollar General logged a 1% drop in its same-store sales. It said weaker customer traffic to its stores hurt sales in the period, combined with budget-conscious shoppers pulling back on higher-priced discretionary purchases such as home items and clothing in favor of lower-priced everyday necessities.

    The Consumer Price Index rose 3.2% for the year through July, adding pressure on shoppers looking for bargains.

    In addition, food stamp recipients started to receive about $90 a month less in benefits, on average, starting in March, as a pandemic hunger relief program comes to an end nationwide three years after Congress approved it.

    Meanwhile, close on the heels of Dick’s Sporting Goods sounding the alarm on store theft eating into its profit this year, Dollar General also flagged an increase in product theft, among other factors, hurting its profit.

    The company said “an increase in expected inventory shrink for the second half of 2023” factored into its lower guidance. Shrink is an industry term encompassing inventory losses caused by external theft, including organized retail crime, employee theft, human errors, vendor fraud, damaged or mismarked items and other losses.

    Retailers large and small say they are struggling to contain an escalation in store crimes — from petty shoplifting to organized sprees of large-scale theft that clear entire shelves of products. Target warned earlier this year that it was bracing to lose half a billion dollars because of rising theft. It reported a large number of incidents of shoplifting and organized retail crime in its stores nationwide.

    At the same time, it’s not clear that store crime is growing significantly more serious. Within the industry, at least one major player has argued that the problem is being overhyped.

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  • US Steel receiving acquisition offers as company promises to maximize stockholder value | CNN Business

    US Steel receiving acquisition offers as company promises to maximize stockholder value | CNN Business


    New York
    CNN
     — 

    United States Steel Corp. (X) is considering a sale after fielding acquisition offers, according to a Sunday press release from the company.

    The steel producer is under a formal review process after “receiving multiple unsolicited proposals” for both specific assets and the entire firm, the release announced.

    “U. S. Steel’s Board and management team are committed to maximizing value for our stockholders, and to that end, we have commenced a comprehensive and thorough review of strategic alternatives,” wrote David Burritt, U. S. Steel’s CEO. “The Board is taking a measured approach to considering these proposals, including seeking more information in order to evaluate proposals that are preliminary and subject to ongoing due diligence and review.”

    There is currently no set timeline or end date for the review process.

    This is a developing story

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  • The big bottleneck for AI: a shortage of powerful chips | CNN Business

    The big bottleneck for AI: a shortage of powerful chips | CNN Business



    CNN
     — 

    The crushing demand for AI has also revealed the limits of the global supply chain for powerful chips used to develop and field AI models.

    The continuing chip crunch has affected businesses large and small, including some of the AI industry’s leading platforms and may not meaningfully improve for at least a year or more, according to industry analysts.

    The latest sign of a potentially extended shortage in AI chips came in Microsoft’s annual report recently. The report identifies, for the first time, the availability of graphics processing units (GPUs) as a possible risk factor for investors.

    GPUs are a critical type of hardware that helps run the countless calculations involved in training and deploying artificial intelligence algorithms.

    “We continue to identify and evaluate opportunities to expand our datacenter locations and increase our server capacity to meet the evolving needs of our customers, particularly given the growing demand for AI services,” Microsoft wrote. “Our datacenters depend on the availability of permitted and buildable land, predictable energy, networking supplies, and servers, including graphics processing units (‘GPUs’) and other components.”

    Microsoft’s nod to GPUs highlights how access to computing power serves as a critical bottleneck for AI. The issue directly affects companies that are building AI tools and products, and indirectly affects businesses and end-users who hope to apply the technology for their own purposes.

    OpenAI CEO Sam Altman, testifying before the US Senate in May, suggested that the company’s chatbot tool was struggling to keep up with the number of requests users were throwing at it.

    “We’re so short on GPUs, the less people that use the tool, the better,” Altman said. An OpenAI spokesperson later told CNN the company is committed to ensuring enough capacity for users.

    The problem may sound reminiscent of the pandemic-era shortages in popular consumer electronics that saw gaming enthusiasts paying substantially inflated prices for game consoles and PC graphics cards. At the time, manufacturing delays, a lack of labor, disruptions to global shipping and persistent competing demand from cryptocurrency miners contributed to the scarce supply of GPUs, spurring a cottage industry of deal-tracking tech to help ordinary consumers find what they needed.

    But the current shortage is much different in kind, industry experts say. Instead of a disruption to supplies of consumer-focused GPUs, the ongoing shortage reflects the sudden, exploding demand for ultra high-end GPUs meant for advanced work such as the training and use of AI models.

    Production of those GPUs is at capacity, but the rush of demand has overwhelmed what few sources of supply there are.

    There is a “huge sucking sound” coming from businesses representing the unrivaled demand for AI, said Raj Joshi, a senior vice president at Moody’s Investors Service who tracks the chips industry.

    “Nobody could’ve modeled how fast or how much this demand is going to increase,” Joshi said. “I don’t think the industry was ready for this kind of surge in demand.”

    One company in particular stands to benefit massively from the AI surge: Nvidia, the trillion-dollar chipmaker that according to industry estimates controls 84% of the market for discrete GPUs. In a research note published in May, Joshi estimated that Nvidia would experience “unparalleled” revenue growth in the coming quarters, with revenue from its data center business outstripping that of rivals Intel and AMD combined.

    In its May earnings call, Nvidia said it had “procured substantially higher supply for the second half of the year” to meet the rising demand for AI chips. The company declined to comment on Tuesday, citing its latest pre-earnings quiet period.

    AMD, meanwhile, said Tuesday it expects to unveil its answer to Nvidia’s AI GPUs closer to the end of the year.

    “There’s very strong customer interest across the board in our AI solutions,” said AMD CEO Lisa Su on the company’s earnings call. “There is a lot more to do, but I would say the progress that we’ve made has been significant.”

    Compounding the issue is that GPU-makers themselves cannot get enough of a key input from their own suppliers, said Sid Sheth, founder and CEO of AI startup d-Matrix. The technology, known as a silicon interposer, works by marrying standalone computing chips with high-bandwidth memory chips and is necessary for completing GPUs.

    The Biden administration has made increasing US chip manufacturing capacity a priority; the passage of the CHIPS Act last year is set to provide billions in funding for the domestic chip industry and for chip research and development. But those investments are aimed at a broad swath of chip technologies and not specifically targeted at boosting GPU production.

    The chip shortage is expected to ease as more manufacturing comes online and as competitors to Nvidia also expand their offerings. But that could take as long as two to three years, some industry experts say.

    In the meantime, the shortage could force companies to find creative ways around the problem. Companies that can’t get their hands on enough chips are now having to be more efficient, said Sheth.

    “Necessity is the mother of invention, right?” Sheth said. “So now that people don’t have access to unlimited amounts of computing power, they are finding resourceful ways of using whatever they have in a much smarter way.”

    That could include, for example, using smaller AI models that may be easier and less computationally intensive to train than a massive model, or developing new ways of doing computation that don’t rely as heavily on traditional CPUs and GPUs, Sheth said.

    “Net-net, this is going to be a blessing in disguise,” he added.

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  • Neuralink, Elon Musk’s brain implant startup, set to begin human trials | CNN Business

    Neuralink, Elon Musk’s brain implant startup, set to begin human trials | CNN Business


    New York
    CNN
     — 

    Elon Musk’s controversial biotechnology startup Neuralink opened up recruitment for its first human clinical trial Tuesday, according to a company blog.

    After receiving approval from an independent review board, Neuralink is set to begin offering brain implants to paralysis patients as part of the PRIME Study, the company said. PRIME, short for Precise Robotically Implanted Brain-Computer Interface, is being carried out to evaluate both the safety and functionality of the implant.

    Trial patients will have a chip surgically placed in the part of the brain that controls the intention to move. The chip, installed by a robot, will then record and send brain signals to an app, with the initial goal being “to grant people the ability to control a computer cursor or keyboard using their thoughts alone,” the company wrote.

    Those with quadriplegia due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS) may qualify for the six-year-long study – 18 months of at-home and clinic visits followed by follow-up visits over five years. Interested people can sign up in the patient registry on Neuralink’s website.

    Musk has been working on Neuralink’s goal of using implants to connect the human brain to a computer for five years, but the company so far has only tested on animals. The company also faced scrutiny after a monkey died in project testing in 2022 as part of efforts to get the animal to play Pong, one of the first video games.

    In May, Neuralink tweeted that it had received FDA clearance for human clinical trials, with the approval acknowledged by the agency in a statement. The opening of human trials also comes over a month after the brain chip startup raised $280 million in a fundraising round led by Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a co-founder at PayPal.

    “We’re extremely excited about this next chapter at Neuralink,” the company wrote at the time on X, the Musk-owned social media platform formerly known as Twitter.

    Musk has forecast human trials at the startup at least four times since 2019, yet the company didn’t seek FDA approval until 2022. At that time, the agency rejected the bid, according to a March Reuters report, citing safety concerns about parts of the implant migrating to other parts of the brain and possible brain tissue damage when the devices are removed. Musk said at a December recruiting event that Neuralink has submitted “most” of its paperwork to the US Food and Drug Administration and could begin testing on humans within six months.

    But employees told Reuters in December that the company is rushing to market, resulting in careless animal deaths and a federal investigation.

    Neuralink did not respond to CNN’s request for comment.

    Before Neuralink’s brain implants hit the broader market, they’ll need regulatory approval. The FDA put out a paper in 2021 mapping out the agency’s initial thoughts on brain-computer interface devices, noting the field is “progressing rapidly.”

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  • Neuralink, Elon Musk’s brain implant startup, raises $280 million from Peter Thiel’s VC fund | CNN Business

    Neuralink, Elon Musk’s brain implant startup, raises $280 million from Peter Thiel’s VC fund | CNN Business


    New York
    CNN
     — 

    Elon Musk’s biotechnology startup Neuralink raised $280 million in a fundraising round, the company announced Monday via X, the Musk-owned social media platform formerly known as Twitter.

    The Series D round was led by Founders Fund, a San Francisco-based VC firm established by Peter Thiel, the controversial billionaire who was also a cofounder at PayPal.

    “We’re extremely excited about this next chapter at Neuralink,” the company wrote.

    The brain chip startup wants to use implants to connect your brain to a computer, a goal Musk has been working on for five years. The company so far has only tested on animals and faced scrutiny after a monkey died in project testing in 2022 as part of efforts to get the animal to play Pong, a computer game.

    Macaque monkeys have been used in testing by Neuralink as the company has been developing Bluetooth-enabled implantable chips — inserted into the monkey’s brains — that ​the company says can communicate with computers via a small receiver.

    The funding news comes months after Musk announced the company was moving towards human trials. The billionaire said at a December recruiting event that Neuralink has submitted “most” of its paperwork to the US Food and Drug Administration and could begin testing on humans within six months.

    But employees have said the company is rushing to market, resulting in careless animal deaths and a federal investigation, according to a December report by Reuters.

    Before Neuralink’s brain implants are mass-produced and hit the broader market, they’ll need regulatory approval. The FDA put out a paper in 2021 mapping out the agency’s initial thoughts on brain-computer interface devices, noting the field is “progressing rapidly.”

    A tweet by Neuralink Monday announced they were hiring and invited those interested to “join in on engineering challenges to restore vision and mobility.”

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  • Britain says may clear restructured Microsoft-Activision deal | CNN Business

    Britain says may clear restructured Microsoft-Activision deal | CNN Business

    Microsoft’s restructuring of its proposed $69 billion acquisition of Activision Blizzard “opens the door” to the biggest ever gaming deal being cleared, Britain’s antitrust regulator said Friday.

    Microsoft (MSFT) announced the deal in early 2022, but it was blocked in April by the UK competition regulator, which was concerned the US tech giant would gain too much control of the nascent cloud gaming market.

    Activision Blizzard (ATVI), which makes “Call of Duty,” agreed in August to sell its streaming rights to Ubisoft Entertainment in a new attempt to win over the Competition and Markets Authority (CMA).

    The Ubisoft divestment “substantially addresses previous concerns,” the Competition and Markets Authority said in a statement.

    “While the CMA has identified limited residual concerns with the new deal, Microsoft has put forward remedies which the CMA has provisionally concluded should address these issues,” the regulator said.

    Consummating the deal would turn Microsoft into the third largest video game publisher in the world, after Tencent and Sony.

    Microsoft said it was “encouraged by this positive development in the CMA’s review process.”

    “We presented solutions that we believe fully address the CMA’s remaining concerns related to cloud game streaming, and we will continue to work toward earning approval to close prior to the October 18 deadline,” Microsoft President Brad Smith said.

    Activision, which also makes “World of Warcraft,” “Overwatch” and “Candy Crush,” said the preliminary approval was great news for its future with Microsoft.

    The European Union waved the deal through in May after accepting Microsoft’s commitments to license Activision’s games to other platforms, the same remedies that Britain had rejected.

    The US Federal Trade Commission also opposes the deal, but it has failed to stop it. A federal judge ruled in July that the deal can close, a decision the FTC is appealing.

    The CMA’s decision to reopen the case was a radical departure from its play book, but it said on Friday it had been consistent and Microsoft had “substantially restructured the deal” to address its concerns.

    “It would have been far better, though, if Microsoft had put forward this restructure during our original investigation,” CMA Chief Executive Sarah Cardell said.

    “This case illustrates the costs, uncertainty and delay that parties can incur if a credible and effective remedy option exists but is not put on the table at the right time.”

    Equity analyst Sophie Lund-Yates at Hargreaves Lansdown said the loss of the cloud gaming rights was not an ideal concession for Microsoft to have to make, but it was necessary collateral if the deal were to be waved through.

    “This looks to be the final bump in the road,” she said.

    The CMA said there were “residual concerns” around the Ubisoft deal, but Microsoft has offered remedies to ensure the terms of the sale were enforceable by the regulator.

    It is now consulting on the remedies before making a final decision.

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  • Regulators give green light to driverless taxis in San Francisco | CNN Business

    Regulators give green light to driverless taxis in San Francisco | CNN Business



    CNN
     — 

    California regulators gave approval Thursday to two rival robotaxi companies, Cruise and Waymo, to operate their driverless cars 24/7 across all of San Francisco and charge passengers for their services.

    The much-anticipated vote, which followed roughly six hours of public comment both for and against driverless taxis, came amid clashes between the robotaxi companies and some residents of the hilly city. San Francisco first responders, city transportation leaders and local activists are among those who shared concerns about the technology.

    The California Public Utilities Commission regulates self-driving cars in the state and voted 3-to-1 in favor of Waymo and Cruise expanding their operations.

    That means residents and visitors to San Francisco will be able to pay a fare to ride in a driverless taxi, ushering in new automated competition to cab and ridehail drivers.

    “Today’s permit marks the true beginning of our commercial operations in San Francisco,” said Tekedra Mawakana, co-CEO of Waymo, in a press release.

    Cruise spokesperson Drew Pusateri said in a statement to CNN that the 24/7 driverless service is a “historic industry milestone” that puts Cruise “in a position to compete with traditional ridehail, and challenge an unsafe, inaccessible transportation status quo.”

    Until Thursday’s vote, Cruise and Waymo could offer only limited service to San Francisco residents.

    Cruise – a subsidiary of General Motors – could charge a fare only for overnight rides occurring between 10 p.m. and 6 a.m. in select parts of the city. Waymo, owned by Google’s parent company Alphabet, could charge a fare only for rides with a human driver in the vehicle.

    Now, Cruise and Waymo can charge a fare for their driverless rides and 24/7 access to San Francisco streets as they do so.

    Cruise officials told state commissioners at a recent public hearing that it deploys about 300 vehicles at night and 100 during the day, while Waymo officials said that around 100 of its 250 vehicles are on the road at any given time.

    The autonomous ride-hailing service offered by Cruise and Waymo allows users to request a ride similar to Uber or Lyft. There is a difference, of course: The car has no driver.

    Members of the public packed the commission’s San Francisco headquarters to share their thoughts with state commissioners in one-minute increments during the meeting. Critics pointed to driverless cars freezing in traffic and blocking first responders, while advocates said they felt the cars drove more defensively than human drivers.

    Although the decision ultimately laid in the hands of state regulators, who delayed the vote twice, local officials also expressed their dissent.

    The San Francisco Police Officers Association, San Francisco Deputy Sheriffs’ Association and the San Francisco Fire Fighters Local 798 all wrote letters to the CPUC in the week leading up to the originally scheduled vote on June 29. Each expressed concerns that autonomous vehicles could impede emergency responders.

    “The time that it takes for an officer or any other public safety employee to try and interact with an autonomous vehicle is frustrating in the best-case scenario, but when they can not comprehend our demands to move to the side of the roadway and are stopped in the middle of the roadway blocking emergency response units, then it rises to another level of danger,” wrote Tracy McCray, president of the San Francisco Police Officers Association in June, “and that is unacceptable.”

    The San Francisco Fire Department has recorded 55 incidents of driverless vehicles interfering with their emergency responses in 2023 as of Wednesday, the department confirmed to CNN.

    In one incident reported by the department on Saturday, a Waymo car pulled up between a car on fire and the fire truck aiming to put it out.

    Other instances include robotaxis driving through yellow tape into the scene of a shooting, blocking firehouse driveways such that a fire truck farther away had to respond to the scene, and requiring firefighters to reroute, according to Fire Chief Jeanine Nicholson.

    “It should not be up to my people to have to move their vehicle out of the way when we’re responding to one of our 160,000 calls,” Nicholson told CNN in June.

    Robotaxi companies have often touted their safety records. Out of 3 million driverless miles, a Cruise car has not been involved in a single fatality or life-threatening injury, according to the company. In a February review of its first million driverless miles, Waymo said their cars caused no reported injuries and that 55% of all contact events were the result of a human driver hitting a stationary Waymo vehicle.

    2022 was the worst year on record for traffic fatalities in San Francisco since 2014, according to city data. Cruise said that when benchmarked against human drivers in comparable driving environments, its vehicles were involved in 54% fewer collisions overall.

    The San Francisco Municipal Transportation Agency said in a California Public Utilities Commission meeting on Monday that it had logged almost 600 incidents involving autonomous vehicles since the technology first launched in San Francisco. The agency said they believe this is “a fraction” of actual incidents due to what they allege is a lack of data transparency.

    Genevieve Shiroma, the dissenting commissioner in the 3-1 vote, recommended the commission delay the vote until they received a “better understanding of the safety impacts” of the vehicles.

    “First responders should not be prevented from doing their job. The fact that an injury or fatality has not occurred yet is not the end of the inquiry,” Shiroma said. “The commission needs a better explanation regarding why these events occur.”

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  • US says it has no evidence that Huawei can make advanced smartphones ‘at scale’ | CNN Business

    US says it has no evidence that Huawei can make advanced smartphones ‘at scale’ | CNN Business

    Editor’s Note: Sign up for CNN’s Meanwhile in China newsletter which explores what you need to know about the country’s rise and how it impacts the world.


    Hong Kong
    CNN
     — 

    Commerce Secretary Gina Raimondo says the US government has no evidence that Huawei can produce smartphones with advanced chips “at scale,” as it continues to investigate how the sanctioned Chinese manufacturer made an apparent breakthrough with its latest flagship device.

    On Tuesday, Raimondo told US lawmakers that she was “upset” by news of the launch of Huawei’s Mate 60 Pro during her visit to China last month.

    “The only good news, if there is any, is we don’t have any evidence that they can manufacture 7-nanometer [chips] at scale,” she told a US House of Representatives hearing.

    “Although I can’t talk about any investigations specifically, I promise you this: every time we find credible evidence that any company has gone around our export controls, we do investigate.”

    Analysts who have examined the smartphone said it represented a “milestone” achievement for China, suggesting Huawei may have found a way to overcome American export controls.

    US officials have long argued that the company poses a risk to US national security, using it as grounds to restrict trade with the company. Huawei has vehemently denied the claims.

    TechInsights, a research organization that specializes in semiconductors and took the phone apart for analysis, says it includes a 5G Kirin 9000s processor developed by China’s leading chipmaker, Semiconductor Manufacturing International Corporation (SMIC).

    That surprised many because SMIC, a partially state-owned Chinese company, has also been subject to US export restrictions for years. It has not responded to previous requests for comment from CNN.

    TechInsights also found two chips belonging to SK Hynix, a South Korean chipmaker, inside the handset.

    A SK Hynix spokesperson told CNN earlier this month that it was aware of the issue and investigating how that was possible, since the South Korean firm “no longer does business with Huawei” because of US export controls.

    Huawei declined to comment on the capabilities and components of its phone.

    Raimondo said Tuesday that US officials were “trying to use every single tool at our disposal … to deny the Chinese an ability to get intellectual property to advance their technology in ways that can hurt us.”

    In 2019, Huawei was added to the US “entity list,” which restricts exports to select organizations without a US government license. The following year, the US government expanded on those curbs by seeking to cut Huawei off from chip suppliers that use US technology.

    That left the company, once the world’s second largest smartphone seller, in bad shape.

    As of the second quarter of 2023, Huawei was no longer in the top five of mobile phone vendors in China, let alone globally, according to Counterpoint Research.

    But its new phone is a big help for the company — and may pose a challenge to Apple’s (AAPL) market share in China, according to Ivan Lam, a senior analyst at Counterpoint.

    Huawei is scheduled to hold a product launch event next Monday, where new phones are expected to be the main focus, according to Toby Zhu, a Canalys mobility analyst.

    Other devices, like tablets or earphones, may also be shown off. Huawei has not publicly released details of the event.

    In the coming months, the firm plans to release another 5G phone, possibly under Nova, its mid-range lineup, Chinese news outlet IT Times reported Tuesday, citing unidentified industry sources. Huawei declined to comment.

    Zhu said the phone was widely expected to come with 5G capability, powered either by the “Kirin 9000s chip or another chip.”

    If it does, the new model could become even more popular than the Mate 60 Pro, which starts at 6,999 yuan (about $959), because of its relative affordability, he added.

    While Raimondo was unhappy with the timing of Huawei’s launch, analysts say it was unlikely to have been arranged to coincide with her presence in China.

    It was likely “a marketing campaign aimed at winning over customer interest before the iPhone 15 hits the market,” analysts at Eurasia Group wrote in a report.

    The move helped the Shenzhen-based company capture the second spot in China’s smartphone market in the first week of September, ahead of Apple’s big event, said Lam of Counterpoint.

    — Rashard Rose and Mengchen Zhang contributed to this report.

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  • ‘It gave us some way to fight back’: New tools aim to protect art and images from AI’s grasp | CNN Business

    ‘It gave us some way to fight back’: New tools aim to protect art and images from AI’s grasp | CNN Business



    CNN
     — 

    For months, Eveline Fröhlich, a visual artist based in Stuttgart, Germany, has been feeling “helpless” as she watched the rise of new artificial intelligence tools that threaten to put human artists out of work.

    Adding insult to injury is the fact that many of these AI models have been trained off of the work of human artists by quietly scraping images of their artwork from the internet without consent or compensation.

    “It all felt very doom and gloomy for me,” said Fröhlich, who makes a living selling prints and illustrating book and album covers.

    “We’ve never been asked if we’re okay with our pictures being used, ever,” she added. “It was just like, ‘This is mine now, it’s on the internet, I’m going to get to use it.’ Which is ridiculous.”

    Recently, however, she learned about a tool dubbed Glaze that was developed by computer scientists at the University of Chicago and thwarts the attempts of AI models to perceive a work of art via pixel-level tweaks that are largely imperceptible to the human eye.

    “It gave us some way to fight back,” Fröhlich told CNN of Glaze’s public release. “Up until that point, many of us felt so helpless with this situation, because there wasn’t really a good way to keep ourselves safe from it, so that was really the first thing that made me personally aware that: Yes, there is a point in pushing back.”

    Fröhlich is one of a growing number of artists that is fighting back against AI’s overreach and trying to find ways to protect her images online as a new spate of tools has made it easier than ever for people to manipulate images in ways that can sow chaos or upend the livelihoods of artists.

    These powerful new tools allow users to create convincing images in just seconds by inputting simple prompts and letting generative AI do the rest. A user, for example, can ask an AI tool to create a photo of the Pope dripped out in a Balenciaga jacket — and go on to fool the internet before the truth comes out that the image is fake. Generative AI technology has also wowed users with its ability to spit out works of art in the style of a specific artist. You can, for example, create a portrait of your cat that looks like it was done with the bold brushstrokes of Vincent Van Gogh.

    But these tools also make it very easy for bad actors to steal images from your social media accounts and turn them into something they’re not (in the worst cases, this could manifest as deepfake porn that uses your likeness without your consent). And for visual artists, these tools threaten to put them out of work as AI models learn how to mimic their unique styles and generate works of art without them.

    Some researchers, however, are now fighting back and developing new ways to protect people’s photos and images from AI’s grasp.

    Ben Zhao, a professor of computer science at University of Chicago and one of the lead researchers on the Glaze project, told CNN that the tool aims to protect artists from having their unique works used to train AI models.

    Glaze uses machine-learning algorithms to essentially put an invisible cloak on artworks that will thwart AI models’ attempts to understand the images. For example, an artist can upload an image of their own oil painting that has been run through Glaze. AI models might read that painting as something like a charcoal drawing — even if humans can clearly tell that it is an oil painting.

    Artists can now take a digital image of their artwork, run it through Glaze, “and afterwards be confident that this piece of artwork will now look dramatically different to an AI model than it does to a human,” Zhao told CNN.

    Zhao’s team released the first prototype of Glaze in March and has already surpassed a million downloads of the tool, he told CNN. Just last week, his team released a free online version of the tool as well.

    Jon Lam, an artist based in California, told CNN that he now uses Glaze for all of the images of his artwork that he shares online.

    Lam said that artists like himself have for years posted the highest resolution of their works on the internet as a point of pride. “We want everyone to see how awesome it is and see all the details,” he said. But they had no idea that their works could be gobbled up by AI models that then copy their styles and put them out of work.

    Jon Lam is a visual artist from California who uses the Glaze tool to help protect his artwork online from being used to train AI models.

    “We know that people are taking our high-resolution work and they are feeding it into machines that are competing in the same space that we are working in,” he told CNN. “So now we have to be a little bit more cautious and start thinking about ways to protect ourselves.”

    While Glaze can help ameliorate some of the issues artists are facing for now, Lam says it’s not enough and there needs to be regulation set regarding how tech companies can take data from the internet for AI training.

    “Right now, we’re seeing artists kind of being the canary in the coal mine,” Lam said. “But it’s really going to affect every industry.”

    And Zhao, the computer scientist, agrees.

    Since releasing Glaze, the amount of outreach his team has received from artists in other disciplines has been “overwhelming,” he said. Voice actors, fiction writers, musicians, journalists and beyond have all reached out to his team, Zhao said, inquiring about a version of Glaze for their field.

    “Entire, multiple, human creative industries are under threat to be replaced by automated machines,” he said.

    While the rise of AI images are threatening the jobs of artists around the world, everyday internet users are also at risk of their photos being manipulated by AI in other ways.

    “We are in the era of deepfakes,” Hadi Salman, a researcher at the Massachusetts Institute of Technology, told CNN amid the proliferation of AI tools. “Anyone can now manipulate images and videos to make people actually do something that they are not doing.”

    Salman and his team at MIT released a research paper last week that unveiled another tool aimed at protecting images from AI. The prototype, dubbed PhotoGuard, puts an invisible “immunization” over images that stops AI models from being able to manipulate the picture.

    The aim of PhotoGuard is to protect photos that people upload online from “malicious manipulation by AI models,” Salman said.

    Salman explained that PhotoGuard works by adjusting an image’s pixels in a way that is imperceptible to humans.

    In this demonstration released by MIT, a researcher shows a selfie (left) he took with comedian Trevor Noah. The middle photo, an AI-generated fake image, shows how the image looks after he used an AI model to generate a realistic edit of the pair wearing suits. The right image depicts how the researchers' tool, PhotoGuard, would prevent an attempt by AI models from editing the photo.

    “But this imperceptible change is strong enough and it’s carefully crafted such that it actually breaks any attempts to manipulate this image by these AI models,” he added.

    This means that if someone tries to edit the photo with AI models after it’s been immunized by PhotoGuard, the results will be “not realistic at all,” according to Salman.

    In an example he shared with CNN, Salman showed a selfie he took with comedian Trevor Noah. Using an AI tool, Salman was able to edit the photo to convincingly make it look like he and Noah were actually wearing suits and ties in the picture. But when he tries to make the same edits to a photo that has been immunized by PhotoGuard, the resulting image depicts Salman and Noah’s floating heads on an array of gray pixels.

    PhotoGuard is still a prototype, Salman notes, and there are ways people can try to work around the immunization via various tricks. But he said he hopes that with more engineering efforts, the prototype can be turned into a larger product that can be used to protect images.

    While generative AI tools “allow us to do amazing stuff, it comes with huge risks,” Salman said. It’s good people are becoming more aware of these risks, he added, but it’s also important to take action to address them.

    Not doing anything, “Might actually lead to much more serious things than we imagine right now,” he said.

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