Author: Fortune
What if generative AI is illegal? The technology, which exploded into the public eye in November 2022 with ChatGPT’s release, has been a boon for the stock market and talked up as a revolutionary breakthrough, but it has been in an uneasy truce with media organizations ever since. Now, almost a year later, the biggest newspaper alliance, with key members including The New York Times and The Wall Street Journal, has weighed in, and it is scathing. Everyone from Hollywood actors to famed authors has been scrambling to safeguard their work against the unbridled use of artificial intelligence, and news…
Odey Asset Management is closing down, months after its founder Crispin Odey faced fresh allegations of sexual misconduct. The firm said on its website Tuesday that the entire business, including Brook Asset Management and Odey Wealth, will be closing. Its funds will either shutter or move to other companies. Odey Asset Management has been spiraling since the Financial Times reported numerous sexual harassment and assault allegations against its founder, Crispin Odey, who has disputed the claims. Numerous banks have cut ties with his firm and investors have raced for the exits, forcing the company to shut two funds and suspend several others.…
One of the world’s largest winemakers, Australia’s Treasury Wine Estates (TWE), has acquired a California vineyard for $1 billion that it hopes to make the linchpin in its efforts to enter the U.S. premium market. DAOU Vineyards is owned by two Lebanese-American brothers who started with just a one-acre vineyard, making wine in their garage. Over the years, DAOU grew from a scrappy upstart to what Ben Dollard, president of Treasury Americas, said would have a “cornerstone role within our portfolio.” Over the past few years TWE has been clear it sees pricier, higher quality wines as the future of…
Elon Musk’s wealth took a major hit following Tesla’s third-quarter earnings on October 18. In the days after the company reported profits and sales below analyst expectations, Tesla’s stock spiraled 23%, shaving $189 billion off its market capitalization and $41 billion off Musk’s own net worth. As of Monday, the Tesla CEO had a fortune of $193 billion, according to the Bloomberg Billionaires index. The Tesla stock nosedive isn’t the only big loss for Musk this year. Since buying Twitter for $44 billion last October, the company, now known as X, has hemorrhaged $25 billion in value, according to recent…
As the United States injects hundreds of billions of dollars into clean energy through its signature climate law, known as the Inflation Reduction Act, criticism is growing louder about where, how and whether new development should be allowed. As opposition grows, once-routine regulatory processes are taking several years, if they are completed at all. Some communities are concerned about landscape changes, some property values and others wildlife preservation. Layered on top of these debates is misinformation, which sows doubt and mistrust among developers and communities. A new class at the Massachusetts Institute of Technology offers a glimpse into a novel…
Four home insurance companies say they will not renew policies for people in California starting next year. That follows similar decisions by Allstate and State Farm, earlier this year. The most recent move is by smaller insurers. Merastar Insurance Company; Unitrin Auto and Home Insurance Company; Unitrin Direct Property and Casualty Company and Kemper Independence Insurance Company plan to nonrenew policies. The companies say the decision was part of a restructuring of their parent company, Kemper Corp., to exit the “preferred” home and auto market—an industry term referring to a tier of risk. That’s different than the Allstate and State…
Robert De Niro testified Monday in New York City at a trial resulting from a former personal assistant’s lawsuit accusing the actor of being an abusive boss. De Niro, who at times appeared grouchy, restrained himself from erupting at the dissection of his interactions with her before finally blurting out: “This is all nonsense!” The two-time Oscar-winning actor known for his performances in blockbuster movies like “The Deer Hunter” and “Raging Bull” was the first witness in a trial resulting from lawsuits over the employment of Graham Chase Robinson. Robinson, who worked for De Niro between 2008 and 2019, was…
Senate Democrats said Monday they plan to subpoena Republican megadonor Harlan Crow and conservative activist Leonard Leo for more information about their roles in organizing and paying for luxury travel for Supreme Court justices. The announcement by Democrats on the Senate Judiciary Committee comes as the court is being pressed to adopt an ethics code, a move that has been publicly endorsed by three of the nine justices. The committee could act as soon as next week to authorize Sen. Dick Durbin (D-Ill.), the panel’s chairman, to issue subpoenas to Crow, Leo and another wealthy donor, Robin Arkley II. Crow has been identified as a…
Janet Yellen is behind the “biggest blunder” in the history of America’s Treasury, according to billionaire hedge funder Stanley Druckenmiller. Druckenmiller—whose decades-long career has seen him build a net worth of more than $6 billion—slammed the Treasury Secretary during an on-stage discussion at last week’s Robin Hood Investors Conference, arguing that Yellen had failed to take advantage of the ultra-low interest rates era. “When rates were practically zero, every Tom, Dick and Harry in the U.S. refinanced their mortgage… corporations extended [their debt],” he said. “Unfortunately, we had one entity that did not: the U.S. Treasury.” In 2020, at the…
As the metrics of the World Happiness Report demonstrate, Finnish happiness is ultimately underpinned by values–like social support and freedom–that are created by trust. Indeed, there is no point in chasing happiness. What really counts is cultivating a culture that supports long-term well-being. And that’s what Finns do particularly well. Finland is a high-trust society, and Finns trust their institutions and their fellow citizens. That same trust extends to the workplace and is visible in how employees trust their leaders and their colleagues. At Framery, a global company headquartered in Tampere, Finland, we prioritize trust in everything we do. It’s…