Business

Former Theranos executive Ramesh “Sunny” Balwani was sentenced Wednesday to nearly 13 years in prison for his role in the company’s blood test scam — a slightly longer sentence than the CEO who was his lover and accomplice in one of Silicon Valley’s biggest scandals. Balwani was convicted in July of fraud and conspiracy related to the company’s counterfeit medical…

Aside from the technical challenges of integrating artificial intelligence into their internal systems, companies face another dilemma: how to engage employees in the changes that AI can bring. at wealth‘s Brainstorm AI Conference Monday in San Francisco, Teddy Bekele, CTO of agricultural cooperative Land O’Lakes and Fiona Tan, CTO of online furniture retailer Wayfair LLC, compared and contrasted how employees…

Coinbase Global Inc. Chief Executive Officer Brian Armstrong said the cryptocurrency exchange’s earnings will fall by half or more this year as falling prices and the collapse of rival FTX shake investor confidence. FTX’s rapid demise capped an already brutal year for the cryptocurrency industry, with speculators retreating as the prices of some of the most commonly traded tokens fell.…

China on Wednesday announced its biggest departure from its strict COVID-zero approach, which allows some COVID patients to self-isolate at home and end testing requirements. The changes bolster recent reports from Chinese officials that the country is entering a “new phase” in its COVID response, and confirm optimistic calls from analysts who expected mainland China to recover sooner than expected…

The Mississippi Department of Human Services on Monday amended its claims against retired NFL quarterback Brett Favre in a lawsuit seeking repayment of wasted welfare funds intended to help some of America’s poorest people The department dropped its $1.1 million claim against Favre, acknowledging that he has already repaid that money for an unfulfilled promise of public speaking. But it…

One doesn’t have to look far to find nefarious examples of artificial intelligence. GPT-3, OpenAI’s latest AI language model, was quickly adopted by users to teach them how to make shoplifters and explosives, and it was only a weekend before Meta’s new AI chatbot was responding to users with anti-Semitic comments. As AI becomes more advanced, companies looking to explore…

US futures fell and oil prices rose on Monday after the European Union and the Group of Seven Democracies agreed to boycott most of Russian oil and pledged to cap Russian exports at $60 a barrel. Futures for the Dow Jones Industrials and the S&P 500 were each down about 0.4% before the bell. It’s unclear how much Russian oil…

FTX Founder Sam Bankman-Fried experienced an “I screwed it up” media blitz this week, highlighted by his video appearance at the New York Times DealBook summit on Wednesday and continuation on the talk shows on Sunday. US securities attorney James Murphy, speak with CNN’s Quest means business On Thursday, Bankman-Fried said he “did a very good job of sticking to…

Elon Musk on Saturday explained why he suspended Kanye West’s Twitter account on Friday following an anti-Semitic post from the rap mogul. The suspension came just days after Musk allowed West to return to Twitter. A few months earlier, West had been suspended from his account for hate speech against Jews. Musk has described himself as a “free speech absolutist”…

Florida lawmakers are exploring ways to restore some of the privileges the state stripped of Walt Disney Co. while still dramatically reducing the company’s benefits without ending them all, a key lawmaker said. Earlier this year, Florida Gov. Ron DeSantis signed legislation that would in 2023 abolish a special governorate called Reedy Creek, which has given Disney wide-ranging benefits for…