Elon Musk fumes at Microsoft’s AI ethics team, Richard Branson’s Virgin Orbit halts operations, Credit Suisse plans to lend up to $54 billion: today’s top stories

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Amid Twitter’s thin security staff, Elon Musk is upset that Microsoft has reportedly axed the AI ​​ethics team

  • Elon Musk excitement about Microsoft Corporation (NASDAQ: MSFT) and reportedly fired its AI ethics and corporate team over concerns about the decline Twitter workforce.

  • Musk was responding to a news report about Microsoft cutting its ethics and society team within the artificial intelligence organization.

  • While his reaction might seem legitimate given Musk’s ongoing cuts in many employees since acquiring Twitter in October 2022 for $44 billion, netizens were quick to point out the irony.

Elon Musk’s Starlink now lets you stay connected anywhere in the world: what you need to know

  • Elon Musk-in possession SpaceX’s Starlink now offers a global roaming option, allowing users to stay connected even in remote locations where internet access is erratic or non-existent.

  • musk provided an update on SpaceX’s Starlink services and said it would offer global roaming. In a SpaceX tweet, Musk said, “Starlink now offers global roaming.”

Embattled Credit Suisse To Borrow Up To $54 Billion From Swiss National Bank: Here Are Other Actions It’s Taking

  • Credit Suisse Group AG (NYSE: CS) said it is taking decisive action to pre-emptively bolster its liquidity by intending to exercise its borrowing option at Swiss National Bank (SNB) up to 54 billion US dollars (50 billion Swiss francs).

  • Borrowing would be under a covered credit facility and a short-term liquidity facility fully collateralised by high-quality assets.

  • Credit Suisse also highlighted offers from Credit Suisse International repurchase certain senior debt instruments of OpCo for up to $3.22 billion in cash.

Volkswagen races ahead of Tesla with sub-$30,000 EV model aiming to capture 80% of European EV market

  • Volkswagen AG (OTC: VWAGY) strives to make a name for itself in the industry electric vehicle race. Shortly after announcing a massive $193 billion investment in electrification, the German automaker unveiled its budget model ID.2 All-Concept EV.

  • With the unveiling of the ID.2 on Wednesday, Volkswagen said it is extending its compact car track record into the EV arena. The production model of the electric vehicle, priced under €25,000 ($26,500), would be available in 2025, he added.

Berkshire Hathaway continues to increase its stake in Occidental Petroleum

  • Warren Buffett’s Berkshire Hathaway Inc (NYSE: BRK-A) (NYSE: BRK-B) acquired additional shares Occidental Petroleum Corp (NYSE: OXY) and increased its stake to about 23.1%, according to a regulatory filing.

  • According to the filing, between March 13 and March 15, Berkshire paid approximately $466.68 million for 7.9 million shares of Occidental.

  • The Berkshire Hathaway company now owns about 208.04 million shares of Occidental worth $11.81 billion based on Wednesday’s close of $56.80.

Couche-Tard finalizes deal to purchase certain European assets from TotalEnergies for €3.1 billion

  • Canadian convenience store operator Alimentation Couche Tard (OTC: ANTCF) has signed agreements on Total Energies SE

  • (NYSE: TTE) retail networks in four European countries.

  • The proposed acquisition would include 100% of TotalEnergies’ retail assets in Germany and the Netherlands and a 60% majority stake in the Belgian and Luxembourg companies.

  • The planned transaction, based on an enterprise value of EUR 3.1 billion, includes the gas station networks and the B2B fuel card business.

Richard Branson’s Virgin Orbit ceases operations

  • Virgin Orbit Holdings Inc (NASDAQ: VORB) said it will cease all operations effective March 16, 2023.

  • The company is also in discussions with potential funding sources and exploring strategic opportunities.

  • The company expects the pause in operations to last until March 21, 2023.

  • Richard Branson’s satellite launch company is furloughing almost all of its employees.

  • Chief Executive Officer Dan Hart told employees the furlough should buy time for an investment plan to get Virgin Orbit out of its financial crisis.


Tesla hit with 2 class action lawsuits alleging unfair repair practices

  • Elon Musk-LED Tesla Inc (NASDAQ: TSLA) has been hit with two class action lawsuits.

  • Two lawsuits were filed against the EV maker in federal court in San Francisco on Tuesday and Wednesday, alleging that Tesla’s monopoly has forced customers to pay over-competitive prices and exorbitant wait times to have their Tesla devices serviced and repaired. Vehicles to suffer market.

  • According to the lawsuit documents, first noted by Reuters, Tesla owners only have the option to schedule service with Tesla for service or repair activities, unlike buyers of traditional internal combustion engine vehicles.

US judge considers nationwide ban on abortion pills

  • US District Judge Matthew Kacsmaryk questioned President Joe Biden’s administrative attorneys on whether federal regulatory approval of the abortion pill mifepristone was proper.

  • The judge is reportedly considering a motion by anti-abortion advocates to ban the sale of the drug nationwide.

  • The judge raised the possibility of keeping the drug on the market but reimposing some restrictions lifted by Biden’s administration, including requiring it to be delivered in person rather than through the mail.

  • Kacsmaryk said he would rule “as soon as possible”.


Google halts sales of AR Smart Glass Enterprise for unknown reasons

  • alphabet inc (NASDAQ:GOOGL) (NASDAQ:GOOGL) Google has stopped selling the Glass Enterprise Edition effective March 15, 2023.

  • Google will continue to support Glass Enterprise Edition until September 15th.

  • Google’s withdrawal comes as rivals, underneath Metaplatforms Inc (NASDAQ: META) And apple inc (NASDAQ: AAPL), splurge on augmented reality and virtual reality technology.

  • Google spokesman Patrick Seybold told The Verge that the company remains “deeply committed to AR” and “has built AR into many Google products and we will continue to look for ways to bring new, innovative AR experiences to our product portfolio.” .”

Wall Street Journal

Novartis’ prostate cancer therapy is affected by supply shortages and is trying to increase production to solve supply problems

  • Last week the FDA said of Novartis AG (NYSE: NVS) Pluvicto is in short supply due to manufacturing and supply issues.

  • Novartis said it is operating the plant in Italy at full capacity. It last month applied for FDA approval to manufacture commercial Pluvicto for patients in the United States at its Millburn, NJ, site. The company has asked the agency to expedite its review, Ms Masow said.

  • The company called Pluvicto would not be taking any new orders until there is clarity about the approval of additional production capacity, which is expected in four to six months.


Baidu’s recorded AI chatbot demo disappoints as people seek more information

  • Baidu Inc (NASDAQ: BIDU) shares fell premarket after founder Robin Li opted for a pre-recorded video to showcase his ChatGPT Equivalent, “Ernie Bot,” on Thursday.

  • Baidu’s shares fell as much as 10% in afternoon trade in Hong Kong, wiping out over $4 billion of their value.

  • Li’s scripted video of interactions with the AI ​​disappointed as everyone was looking for a more comprehensive real-life demo.

  • The video raises questions about Ernie’s ability to keep up with OpenAI’s ChatGPT, which has met with mixed success.

Photo Wikimedia Commons

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