Elon Musk rattled as Microsoft Axis AI ethics team, Richard Branson’s Virgin Orbit stop ops, Credit Suisse to borrow up to $54B: Today’s top stories

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Amid thinned Twitter security staff, Elon Musk concerned about Microsoft’s alleged ousting of AI ethics team

• Elon Musk makes a ruckus Microsoft Corporation (NASDAQ:MSFT), is reportedly laying off its AI Ethics and Society team amid concerns of underage Twitter workforce.

• Musk responded to a news report about Microsoft downsizing its Ethics and Society team within the Artificial Intelligence organization.

• While his response may sound valid, netizens were quick to point out the irony given that since acquiring Twitter for $44 billion in October 2022, Musk has steadily laid off a number of employees.

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

• Elon Muskowned spacex starlink Now offers a global roaming option that enables 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. Sharing SpaceX’s tweet, Musk said, “Starlink now offers Global Roaming.”

Troubled Credit Suisse will borrow up to $54 billion from the Swiss National Bank: Here are the other measures it is taking

• Credit Suisse Group AG (NYSE: CS) said it is already taking decisive action to strengthen its liquidity and intends to exercise its option to borrow. Swiss National Bank (SNB) up to $54 billion (50 billion Swiss francs).

• The borrowing will be done under a covered debt facility and a short-term liquidity facility, fully collateralized by high quality assets.

• Credit Suisse also highlighted the offer Credit Suisse International Repurchasing certain OpCo senior debt securities for cash up to approximately $3.22 billion.

Volkswagen moves ahead of Tesla with sub-$30K EV model – aiming to capture 80% of European EV market

• Volkswagen AG (OTC: VWAGY) striving to make a mark in electric vehicle Caste. Shortly after announcing a massive $193 billion investment towards electrification, the German automaker premiered its budget model ID.2 All-concept EV.

• Unveiling the ID.2 on Wednesday, Volkswagen said it is extending the success story of its compact car into the EV segment. The production model of the EV, which costs less than 25,000 euros ($26,500), will be made available in 2025.

the story continues

Berkshire Hathaway further increased its stake in Occidental Petroleum

• Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE: BRK-B) acquired more shares in Occidental Petroleum Corporation (NYSE: oxy), increasing its stake to about 23.1%, according to a regulatory filing.

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

• The Berkshire Hathaway company now holds approximately 208.04 million Occidental shares valued at $11.81 billion based on Wednesday’s closing price of $56.80.

Couch-tarded land deal to buy some of Total Energy’s European assets for €3.1B

• canadian convenience store operator Alimentation Couch-Tard (OTC: ANTCF) have signed agreements covering Total Energy SE

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

• The proposed acquisition will include 100% of TotalEnergies retail assets in Germany and the Netherlands and 60% controlling interests in Belgian and Luxembourg entities.

• The planned transaction, based on an enterprise value of €3.1 billion, covers service station networks and B2B fuel card activities.

Richard Branson’s Virgin Orbit shuts down operations

• Virgin Orbit Holdings Inc (NASDAQ: VORB) said it is ceasing all of its operations effective March 16, 2023.

• The company also holds discussions with potential funding sources and explores strategic opportunities.

• The company expects the operational halt to continue till March 21, 2023.

• Richard Branson’s satellite launch company is laying off nearly all of its employees.

• Chief executive Dan Hart told staff it was to buy time for an investment plan to get Virgin Orbit out of its financial woes.

reuters

Tesla gets slammed with 2 class action suits alleging unfair repair practices

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

• Two lawsuits were filed in federal court in San Francisco on Tuesday and Wednesday against the EV maker, alleging that Tesla’s monopoly has resulted in customers being forced to pay super-competitive prices and drive its Tesla. Inordinate waiting times were encountered for the vehicles to be maintained and repaired. market.

• According to lawsuit documents previously noted by Reuters, unlike buyers of conventional vehicles with internal combustion engines, Tesla owners have the option of scheduling service at Tesla for any service or repair activities.

US judge upholds nationwide ban on abortion pills

• US District Judge Matthew Kaczmarik questioned lawyers for President Joe Biden’s administration whether federal regulatory approval of the abortion pill mifepristone was appropriate.

• Judges are reportedly considering a request from anti-abortion groups to ban the sale of the drug nationwide.

• The judge raised the possibility of keeping the drug on the market but reintroduced some restrictions removed by Biden’s administration, including a requirement to deliver it in person rather than by mail.

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

cnbc

Google dumps sales of AR smart glasses enterprise for unknown reasons

• alphabet inc (NASDAQ:GOOG) (NASDAQ:GOOGL) Google Sales of Glass Enterprise Edition have been discontinued as of March 15, 2023.

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

• Google’s retreat comes as rivals, including Meta Platforms Inc (Nasdaq: meta) And Apple Inc (Nasdaq: AAPL), boast augmented reality and virtual reality technology.

• Google spokesman Patrick Siebold told The Verge that the company is still “deeply committed to AR” and that it is “building AR into many Google products, and we look forward to bringing new, innovative AR experiences to our product portfolio.” Will continue to look at ways.” ,

wall street journal

Novartis’ prostate cancer therapy hit by supply shortage, looks to ramp up production to ease supply issues

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

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

• company Said It will not take new orders for Pluvicto until there is clarity on approval of more production capacity, which is expected in four to six months.

Bloomberg

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

• Baidu Inc (NASDAQ: BIDU) shares took a premarket plunge after Robin Lee chose a pre-recorded video to present it chatgpt counterpart, “Ernie Bot,” on Thursdays.

• Baidu’s shares fell as much as 10% in afternoon trading in Hong Kong, wiping out more than $4 billion of its value.

• Lee’s scripted video of interacting with the AI ​​disappointed as everyone was looking for a more complete, real-life demo.

• The video raises questions about Ernie’s ability to match OpenAI’s ChatGPT, which had mixed success.

Photo Wikimedia Commons

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