OpenAI boss Sam Altman has reportedly declared a “code red” pushing employees to improve ChatGPT as the AI giant faces concerns that it is losing ground to rivals like Google.Altman told employees in an internal memo Monday they should focus on upgrading the AI chatbot’s speed, reliability and ability to answer more questions while also allowing users to better personalize their experiences, according to The Wall Street Journal and news site the Information.OpenAI will delay other planned initiatives, such ...

Core Viewpoint - The city of San Francisco has filed a lawsuit against major food companies, including Kraft, Mondelez, and Coca-Cola, accusing them of knowingly marketing addictive and harmful ultra-processed foods that contribute to public health issues in California [1][2][8]. Group 1: Lawsuit Details - The lawsuit was filed by City Attorney David Chiu in San Francisco Superior Court, alleging that the companies used marketing tactics similar to those of the tobacco industry to create addictive products [2][4]. - The lawsuit claims that the proliferation of ultra-processed foods has led to increased rates of obesity, cancer, and diabetes, with heart disease and diabetes being leading causes of death in San Francisco, particularly affecting minority and low-income communities [4][9]. - San Francisco is seeking restitution and civil penalties to cover healthcare costs, as well as a court order to stop deceptive marketing practices and require changes in the companies' operations [5]. Group 2: Industry Context - The definition of ultra-processed foods is debated, but it generally includes packaged snacks, sweets, and soft drinks made with industrial ingredients and additives, often containing little whole food [6]. - This lawsuit is notable as it marks the first instance of a municipality suing food companies over claims of knowingly marketing harmful ultra-processed foods [8][11]. - Previous similar lawsuits have faced challenges, as seen in a dismissed case in Pennsylvania where the plaintiff could not connect specific products to health issues [10].

Core Insights - Apple's AI chief John Giannandrea is leaving the company amid challenges in AI development and integration, particularly with the Siri voice assistant [1][3] - Amar Subramanya, formerly of Google and Microsoft, will take over as vice president of artificial intelligence, reporting to Craig Federighi [1][2] - The leadership change is seen as timely for Apple as it faces pressure to enhance its AI capabilities and catch up with competitors [5][6] Company Strategy - AI has been a central focus for Apple, with CEO Tim Cook emphasizing the importance of AI expertise in the leadership team [2] - The company is significantly increasing its investments in AI and is open to mergers and acquisitions to accelerate its AI roadmap [9] Current Challenges - Apple has lagged behind major tech rivals in AI integration on its devices, with the updated Siri expected to launch by spring [3][9] - The delay in the Siri overhaul has led to a reassignment of oversight to other executives, indicating internal challenges in AI development [5] Market Reaction - Following the leadership shakeup, Apple shares rose approximately 1% in trading [9]

Core Viewpoint - Instacart is suing New York City to block the enforcement of five laws that would impact its grocery delivery operations, arguing that these regulations would increase delivery costs and harm consumers and grocers [1][3][7]. Summary by Relevant Sections Legal Challenge - The lawsuit targets specific laws, including Local Law 124, which mandates that grocery delivery workers receive the same minimum pay as restaurant delivery workers [5][6]. - Instacart claims that the US Constitution prohibits states and cities from discriminating against out-of-state commerce, which is a central argument in its legal challenge [2][10]. Impact of Laws - The laws are set to take effect on January 26, and Instacart argues that, without an injunction, they would lead to increased delivery costs, negatively affecting both consumers and grocery businesses [3][7]. - Instacart contends that the new regulations would force the company to restructure its platform, limit worker access, disrupt consumer and retailer relationships, and result in constitutional injuries without adequate legal remedies [8]. Company Position - Instacart emphasizes that its business model relies on flexibility and independence, which the new laws would undermine [8]. - The company has framed its lawsuit as a fight for fairness and affordable grocery access for New Yorkers, highlighting the importance of its platform for delivery workers [3][8]. Political Context - The minimum pay law was passed by the New York City Council despite opposition from Mayor Eric Adams, who did not sign the tipping law [9].

Core Viewpoint - Samsung Electronics has launched its first multi-folding smartphone, the Galaxy Z TriFold, to strengthen its position in the competitive foldable smartphone market, which is expected to see intensified competition from Chinese rivals [1][9]. Product Details - The Galaxy Z TriFold is priced at approximately 3.59 million won ($2,440.17) and features a 253.1 millimeter (10-inch) display, which is nearly 25% larger than the Galaxy Z Fold 7 model [2][5]. - The device will be available for sale in South Korea starting December 12, with plans for rollout in China, Singapore, Taiwan, and the UAE within the year, and a potential US launch in the first quarter of next year [4][9]. Market Outlook - Samsung's Executive Vice President, Alex Lim, believes that the foldable market will continue to grow, with the TriFold potentially acting as a catalyst for growth in key segments [3]. - Analysts suggest that the TriFold may serve more as a showcase of new technology rather than a volume-driving flagship, given its status as a first-generation product [7][10]. - The foldable smartphone market is projected to account for less than 2% of the total smartphone market this year, with expectations to rise to under 3% by 2027 [10]. Competitive Landscape - Competition in the foldable smartphone market is increasing, with Huawei having launched the first three-way folding phone and Apple expected to release its first foldable next year [9]. - Samsung's shipment share of the foldable market surged to 64% in the third quarter, up from 9% in the previous quarter, indicating the volatility of market share based on product launch timing [11].

MILAN — The Prada Group closed the purchase of Milan fashion rival Versace in a $1.375 billion cash deal that puts the fashion house known for its sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven appeal.The highly anticipated deal is expected to relaunch Versace’s fortunes, after middling post-pandemic performance as part of the US luxury group Capri Holdings.Prada said in a one-line statement that the acquisition had been completed after receiving all regulat ...

Core Points - Warner Bros. Discovery is currently in a second round of bidding, with a significant cash offer from Netflix among the bidders [1][5] - The bids are binding, allowing the board to approve a deal quickly if terms are met, although they are not final [2] - Warner Bros. Discovery's board previously rejected a nearly $24 per share cash offer from Paramount, valuing the company at $60 billion, and is exploring strategic options [3] - The company is considering a split into studio-centric and cable-focused units to better manage its streaming and cable businesses [6] Bidding Details - Netflix, Paramount Skydance, and Comcast are the main bidders for Warner Bros. Discovery [1][7] - Warner Bros. Discovery requested improved offers by December 1 after receiving preliminary bids [3] Industry Context - A potential deal for Warner Bros. Discovery would further consolidate the media industry, following the $8.4 billion merger of Skydance Media and Paramount Global [6]

Core Viewpoint - Starbucks will pay approximately $35 million to settle claims regarding unstable schedules and arbitrary hour reductions for over 15,000 workers in New York City [1][6] Group 1: Settlement Details - The settlement includes $35 million for affected workers and an additional $3.4 million in civil penalties [1] - Most affected hourly employees will receive $50 for each week worked from July 2021 through July 2024, with potential compensation for violations after that [5] - The settlement guarantees reinstatement opportunities for employees laid off during recent store closures in the city [5] Group 2: Investigation Background - The city initiated an investigation in 2022 following numerous worker complaints against several Starbucks locations, which later expanded to hundreds of stores [7][10] - Findings revealed that most Starbucks employees did not receive regular schedules and experienced hour reductions exceeding 15%, complicating their ability to manage personal commitments [8] Group 3: Company Response and Context - A company spokeswoman emphasized Starbucks' commitment to compliance with local laws, acknowledging the complexities of the city's Fair Workweek law [2][4] - The ongoing nationwide strike by Starbucks' union, which began last month, adds context to the settlement and the company's labor relations challenges [9]

Core Viewpoint - Goldman Sachs has agreed to acquire Innovator Capital Management for approximately $2 billion, aiming to enhance its offerings in the rapidly growing ETF market [1][3]. Group 1: Acquisition Details - The acquisition is set to close in the second quarter of 2026 and will integrate Innovator into Goldman Sachs' asset management division, which manages client investments [3]. - Innovator Capital Management manages $28 billion in assets across 159 ETFs as of September 30 [3][10]. - The deal will bring key executives from Innovator, including co-founders Bruce Bond and John Southard, into Goldman Sachs Asset Management [10][11]. Group 2: Market Context - ETFs are investment funds that trade on stock exchanges, typically holding a basket of assets like stocks or bonds [4][6]. - Innovator specializes in "defined-outcome" ETFs, which use options to provide protection against market declines and target specific returns [4][10]. - The popularity of ETFs is surging due to their low costs and ease of trading, making them a key focus for investment firms [8]. Group 3: Strategic Focus - The acquisition aligns with Goldman Sachs' strategy to bolster its asset and wealth management business, especially after shifting focus away from consumer banking [7]. - In September, Goldman invested $1 billion in T. Rowe Price and previously acquired Industry Ventures to enhance its alternative investment offerings [7][8]. - The asset management segment reported $12.7 billion in revenue for 2024, indicating significant growth amid challenges in other divisions [12].

Core Points - The United States and Britain have reached a deal to eliminate tariffs on British pharmaceutical products and medical technology in exchange for increased spending on US medicines and a revision of drug valuation methods [1][2] - The UK will increase the net price it pays for new US medicines by 25%, while UK-made medicines and medical technology will be exempt from certain tariffs [1][5] - The UK's NICE will raise its cost-effectiveness threshold for new drugs from £30,000 ($39,789) to £35,000, allowing for better alignment with the pharmaceutical industry's economic environment [3] Industry Impact - The British pharmaceutical industry group ABPI believes the deal will enhance access to new medicines for British patients and attract investment from drugmakers [6] - Shares of UK-based drugmakers GSK and AstraZeneca remained stable following the announcement, indicating limited immediate market reaction [6] - Bristol Myers Squibb anticipates investing upwards of $500 million in the UK over the next five years due to the commitments made under the deal [12] Regulatory Changes - The agreement includes a commitment from Britain to reduce the rebate rate under the voluntary pricing scheme to 15% by 2026, addressing a point of contention between the pharmaceutical sector and the government [11] - The revised NICE framework will apply to all new medicines, not just those from the US, but will not impact the pricing of existing treatments [3] Economic Context - Pharmaceuticals constitute a significant portion of UK exports to the US, making up one-fifth of all UK exports by value, which positions the UK favorably in international trade [13] - The deal is seen as a step towards creating a more attractive environment for life sciences in the UK, which has faced criticism for its challenging operating conditions [10][7]