enterprises
Washington (AFP) - US Commerce Secretary Gina Raimondo expressed confidence Monday that the country can house the entire silicon supply chain for making advanced chips, including tech that is key for artificial intelligence. Her comments come as the United States looks to cement its lead in the chip industry -- especially for chips needed for the development of AI -- both on national security grounds and also in the face of competition with China. Speaking at the Center for Strategic and International Studies think tank in Washington, Raimondo said US manufacturing investments "will put this c...
AFP
New York (AFP) - The sweeping punishment meted out Friday by a New York judge on Donald Trump and his family business deals a serious blow to the former president in his longtime home market. The ruling includes some $355 million in fines, as well as a three-year ban on Trump's service as a corporate officer and his ability to seek loans from New York banks. The judgment maintains the independent monitor that has frustrated the Trump family, and adds an independent director of compliance. "The business in many respects is still owned by the family, but it is out of the family's control," said...
AFP
San Francisco (AFP) - Founded 20 years ago as a simple hangout spot for young people, Facebook has since become a battle-hardened behemoth that -- despite perceptions of being for boomers and parents -- continues growing and growing. "I will never forget the day that I ran up to my high school's Mac lab and signed up for Facebook," Insider Intelligence analyst Jasmine Enberg told AFP. "You simultaneously felt that you were part of this small, exclusive community where your parents, grandparents and teachers weren't -- but also part of something much larger." Launched as thefacebook.com by Mark...
AFP
New York (AFP) - Anticorruption activists around the world have high hopes for a new US law that for the first time allows Washington to prosecute foreign officials who receive bribes. The law broadens the enforcement profile of the US Foreign Corrupt Practices Act, which has long been used to punish companies that pay bribes and their shadowy agents. Such players come from the "supply" side of the illicit payment equation -- those paying the bribes. The new Foreign Extortion Prevention Act (FEPA) targets the "demand" side: foreign government officials who seek or accept payouts. President Joe...
AFP
Washington (AFP) - US businesses say they are "optimistic" about the prospect of falling interest rates, even as economic conditions have remained largely unchanged in recent weeks, the Federal Reserve said Wednesday. The US Fed recently voted to keep interest rates at a 22-year high, while penciling in up to three interest rate cuts this year, citing progress made in tackling inflation. In past weeks, businesses have sounded optimistic about the likelihood of lower rates in the months to come, the Fed announced in its regular update of economic conditions known as the "beige book." "The pro...
AFP
Washington (AFP) - US economic activity has slowed in recent weeks and the labor market has continued to cool, the Federal Reserve announced Wednesday, as it continues its fight against stubborn inflation. The Fed announced earlier this month that it was holding its key lending rate at a 22-year high as it looks to return inflation firmly to the long-term target of two percent without triggering a damaging recession. Cutting inflation while avoiding a downturn, commonly known as a "soft landing," is challenging, but the latest update from the US central bank suggests it could be on track. "O...
AFP
San Francisco (AFP) - Sam Altman's shock return as chief executive of OpenAI late Tuesday -- days after being sacked -- caps a chaotic period that highlighted deep tensions at the heart of the Artificial Intelligence community. The board that fired Altman from his role as CEO of the ChatGPT creator has been almost entirely replaced following a rebellion by employees, cementing his position at the helm of the firm. The sole survivor in the boardroom in the new Altman era is Adam D'Angelo, the CEO of question-and-answer site Quora. He will be joined by ex-Salesforce co-CEO Bret Taylor and by f...
AFP
Shanghai (AFP) - Chinese e-commerce giant Alibaba said Thursday it was cancelling a planned cloud service spinoff announced this year over US chip restrictions, as it reported results for the third quarter of 2023 that were in line with market expectations. The announcement sent shares in Alibaba plummeting by as much as ten percent on Thursday, though it later traded at about eight percent lower. Alibaba's change of course follows a series of decisions by Washington to bar the export to China of powerful chips, including those from California-based Nvidia that are crucial to the development o...
AFP
New York (AFP) - The US economy is contending with a wave of union activism unseen in decades as organized labor seizes a rare opportunity to play hardball in a tight employment market. Sectors experiencing unrest include automobiles, health care, restaurants, defense, airlines, technology and the performing arts. In some cases, employees have threatened to walk out, but didn't actually strike. "Workers haven't had much leverage for decades, and certainly not in the aftermath of the 2008-2008 recession," said Susan Schurman, professor of labor relations at Rutgers University. Schurman conside...
AFP
Washington (AFP) - US President Joe Biden's administration moved Thursday to close loopholes that allow people to sell guns without a dealer license, which would require them to perform background checks on purchasers. The Justice Department released detailed rules that follow the Biden-backed Safer Communities Act passed by Congress in June 2022 in reaction to the large number of shooting deaths -- especially in mass shootings -- across the country. The rules take aim at gaps in the law that have allowed gun sellers to avoid obtaining licenses by claiming not to make money from transactions o...
AFP
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