Business News

Mourners can now speak to an AI version of the dead. But will that help with grief?

BERLIN (AP) — Several companies have emerged in the last few years to develop grief-related technology, where users can interact with an AI version of the deceased. Among them is Eternos, which uses an in-house model as well as external large language models developed by major tech companies like Meta and OpenAI. Eternos records users speaking 300 phrases and then compresses that information through a two-day computing process capturing a person’s voice that loved ones can then access. While some have embraced this type of technology as a way to cope with grief, others feel uneasy about companies using AI to try to maintain interactions with those who have passed away. Still others worry it could make the mourning process more difficult because there isn’t any closure.

CEOs got hefty pay raises in 2023, widening the gap with the workers they oversee

NEW YORK (AP) — The typical compensation package for chief executives who run companies in the S&P 500 jumped nearly 13% last year, easily surpassing the gains for workers at a time when inflation was putting considerable pressure on Americans’ budgets. The median pay package for CEOs rose to $16.3 million, according to data analyzed for The Associated Press by Equilar. At half the companies in this year’s pay survey, it would take the worker at the middle of the company’s pay scale almost 200 years to make what their CEO did. Hock Tan, CEO of Broadcom, topped the survey with a pay package valued at roughly $162 million.

More women made the list of top paid CEOs in 2023, but their numbers are still small compared to men

More women are reaching the top ranks of the corporate suite of S&P 500 companies, but their numbers are still miniscule compared to their male counterparts. The AP’s and Equilar’s compensation study included pay data for 341 CEOs at S&P 500 companies who have served at least two fiscal years at their companies, which filed proxy statements between Jan. 1 and April 30. Of these, 25 were women. That’s the most women making the list since Equilar and AP started doing the study in 2011. But the numbers haven’t budged that much. The second highest tally was 21 in 2017.

Former OpenAI employees lead push to protect whistleblowers flagging artificial intelligence risks

A group of OpenAI’s current and former workers are calling on the ChatGPT-maker and other artificial intelligence companies to protect whistleblowing employees who flag safety risks about AI technology. An open letter published Tuesday asks tech companies to establish stronger whistleblower protections so researchers can raise concerns about the development of high-performing AI systems internally and with the public without fear of retaliation. Former OpenAI employee Daniel Kokotajlo, who left the company earlier this year, said in a written statement that tech companies are “disregarding the risks and impact of AI” as they race to develop better-than-human AI systems known as artificial general intelligence.

US job openings fall to 8.1 million, lowest since 2021, but remain at historically high levels

WASHINGTON (AP) — U.S. job openings fell in April to the lowest level since 2021. But they remained at historically strong levels despite high interest rates and signs the economy is slowing. The Labor Department reported Tuesday that employers posted 8.1 million vacancies in April, down from a revised 8.4 million in March. Still, layoffs fell, and the number of Americans quitting their jobs — a sign of confidence in their prospects — rose in April. Monthly job openings have come down steadily from a peak of 12.2 million in March 2022 — as the economy’s recovery from COVID-19 lockdowns left companies desperate for workers — but they remain at a high level.

Mexico’s incoming administration pledges to reduce budget deficit as markets recover from shock

MEXICO CITY (AP) — Mexico’s treasury secretary has pledged to bring down the budget deficit in coming years, after the country suffered a partial meltdown in the currency and stock market. Treasury Secretary Rogelio Ramírez said Tuesday the federal deficit will be cut from this year’s level of 6% of GDP, to around 3% in the coming years. But analysts say it would be difficult to achieve such a quick reduction. Ramírez also said the government would work to improve the financial affairs of the debt-laden state oil company, Petróleos Mexicanos. The Mexican peso dropped over 4% Monday against the U.S. dollar, and the Mexican stock exchange took a dive to close off 6%.

Many Americans are still shying away from EVs despite Biden’s push, an AP-NORC/EPIC poll finds

WASHINGTON (AP) — Many Americans still aren’t sold on going electric for their next car purchase. A poll shows high prices and a lack of easy-to-find charging stations are major sticking points. The poll by The Associated Press-NORC Center for Public Affairs Research and the Energy Policy Institute at the University of Chicago shows about 4 in 10 U.S. adults say they would be at least somewhat likely to buy an EV the next time they buy a car, while about half aren’t ready to give up on gas-powered vehicles. The results indicate President Joe Biden’s plan to dramatically raise EV sales is running into resistance from drivers.

Stock market today: Wall Street edges higher as bets rise for rate cuts following job-openings data

NEW YORK (AP) — U.S. stocks edged higher after a report suggested the job market is cooling, which could make the cuts to interest rates that Wall Street desires so much more likely. The S&P 500 was up 0.1% Tuesday. The Dow Jones Industrial Average was up 149 points, and the Nasdaq composite was 0.1% higher. Oil-and-gas stocks slid again as the price of crude dropped further. Airlines, truckers and cruise operators rose on hopes for lower fuel bills. Treasury yields slid in the bond market after the report showed U.S. employers were advertising fewer job openings at the end of April than economists expected.

Summer hours can be a way for small business owners to boost employee morale and help combat burnout

As the temperature heats up and summer approaches, small business owners may be considering offering summer hours, such as an early release on Fridays, for employees to help combat burnout. According to a May report by the Society for Human Resource Management 44% of 1,405 surveyed U.S. employees feel burned out at work, 45% feel “emotionally drained” from their work. And since it’s harder for small businesses to offer better pay and benefits to boost morale than big businesses due to their tighter margins, summer hours can be a way to offer employees a perk at low cost.

Sunak and Starmer prepare for their first debate as disruptor Farage roils UK election waters

LONDON (AP) — The two main contenders to be Britain’s next prime minister are set to face off in a televised debate. Conservative leader Rishi Sunak is hoping to boost his party’s dismal outlook while Labour’s Keir Starmer aiming to cement his status as favorite. Tuesday’s debate comes a day after populist Brexit-backer Nigel Farage dealt a blow to Sunak’s hopes of winning the July 4 election by announcing he will run for Parliament. Farage urged voters to “send me to Parliament to be a bloody nuisance.” The return of the populist politician is a major headache for Sunak’s party which trails Labour in opinion polls.