CEO Financial News

Mark Zuckerberg, the CEO of Meta, announced last year that his company would release an artificial intelligence system, Jeffrey Emanuel had reservations. Emanuel, a part-time hacker and full-time AI enthusiast, had tinkered with «closed» AI models, including OpenAI's, meaning the systems' underlying code could not be accessed or modified. When Zuckerberg introduced Meta's AI system by invitation only to a handful of academics, Emanuel was concerned that the technology would remain limited to just a small circle of people.

GenAI landscape, navigating complex compliances such as transfer pricing, SEZ (special economic zone), labour and data laws are among key priorities for the global capability centres (GCCs) operating in India, said a Nasscom-KPMG survey report. «81% of respondents mentioned transfer pricing as the top regulatory priority for GCCs in India. More than half of the respondents highlighted SEZ laws and STPI regulations (67%) and labour laws (60%) among key regulatory priorities,» stated the report titled 'GCCs in India: Building resilience for sustainable growth', to be released today.

fintech startup Vegapay has raised $5.5 million in an equity funding round led by Elevation Capital, with participation from existing investor Eximius Ventures. It had raised $1.1 million in its first institutional funding round in 2023 led by Eximius.

Bitfarms, a global Bitcoin mining company, confirmed on May 28 that it received and rejected an acquisition proposal from Riot Platforms on April 22, 2024.

Check out the companies making headlines in extended trading:

For years, less than 2% of philanthropic giving in the U.S. has gone to benefit women and girls, but that could change in part thanks to new resources that Melinda French Gates has pledged in recent weeks

OpenAI CEO Sam Altman is joining a high-profile list of more than 240 wealthy philanthropists committed to donating over half their fortunes

collaborate rather than put up a fight with the best-known artificial intelligence company, News Corp has struck a multi-year deal to share news content with OpenAI for both training purposes and to answer questions from users. As part of the deal, OpenAI will have access to both fresh and archived material from News Corp's major news publications, including The Wall Street Journal, Barron's and New York Post, Australian publications such as The Daily Telegraph, and others. The companies would not talk about the length or value of the deal, although News Corp's Wall Street Journal said it could be worth more than $250 million over five years.

The SEC has announced penalties and sanctions against former investment adviser Mass Ave Global Inc. and its co-founder and CEO, Winston M. Feng, who is charged with making false and misleading statements to investors in the firm’s flagship opportunity fund.

billionaire Larry Connor is embarking on a bold venture, planning a return expedition to the Titanic wreck despite the tragic implosion of the Titan submersible last year. Connor, a real estate investor worth an estimated $2 billion, is teaming up with Patrick Lahey, co-founder and CEO of Triton Submarines, to develop a new, state-of-the-art submersible for this ambitious mission. At 74 years old, the Dayton, Ohio native recently announced his intention to take a submersible to the Atlantic seabed, aiming to go beyond the previous OceanGate expedition and prove that safe trips to the Titanic wreckage are feasible.

EET Retail, the retail division of EET Fuels, has reopened two new service stations recently, with more expected to be opened throughout the year ahead, the firm said Wednesday. «Newly branded Spalding service station and Oakham service station (in the UK) signal a new era of convenience and service for the Essar consumer brand,» it said. This expansion is part of a strategy to develop a significant portfolio of Essar-branded fuel retail outlets and establish a nationwide presence, aligned with EET Retail's vision to become the UK's 'retailer of choice' to consumers.

Radhika Gupta, CEO of Edelweiss Mutual Fund was recently seen offering investment advice to the staff associated with Shark Tank India. She advised the staff to start investing in mutual funds and should follow SIP mode of investment. She posted a video on her X account and wrote, “Can’t take the Mutual Fund CEO out of me, even behind the shoots of Shark Tank.” She also posted that, “This conversation is a reminder of how many people still need to learn about the power of MFs and start investing… and for my MFD friends, a nudge that a lot of people are looking for guidance and advice!”. In the video, she was seen asking the staff how many of them have either invested in a mutual fund or started an SIP. To this, a majority of the staff replied that they have neither invested in a mutual fund nor started a SIP.

Mint. The deal had fallen through last time due to a valuation mismatch after Amazon, the US multinational with interests across e-commerce, streaming, cloud computing to online advertising, conducted a due diligence, a process of audit and verification of a potential target company to confirm financial information and all other relevant facts—for the OTT service. Last time, Times Internet had asked for over $100 million for MX Player, while Amazon’s internal team had valued it at around ₹500 crore ($60 million).

OpenAI, the company behind ChatGPT, announced the formation of a new safety committee on Tuesday, weeks after the departures of key executives raised questions about the firm's commitment to mitigating the dangers of artificial intelligence. The company said the committee, which will include CEO Sam Altman, is being established as OpenAI begins training its next AI model, expected to surpass the capabilities of the GPT-4 system powering ChatGPT.

According to the results of the vehicle's general meeting on Tuesday (28 May), 96% of votes cast were in favour of the move, although only 34% of share capital was represented in the ballot. Stephen Bird exits abrdn as Jason Windsor takes interim CEO role Managers of the trust have predicted the realisation of the company's assets is likely to take 18-36 months, with sales predicted on an individual or group basis, rather than as a whole portfolio. Shares will remain tradable in the trust until a further vote takes place to appoint a liquidator and cancel the company's listing. ...

Mt. Gox transferring Bitcoin, the world's largest cryptocurrency by value, rebounded and surged nearly 1% to reach $68,852 in Wednesday's trade. By 12:18 pm, BTC was trading 0.7% higher at $68,446, while Ethereum experienced a slight decline of over 0.1% to $3,856.

Campus Activewear surged almost 14 percent in intra-day deals on Wednesday after the company reported strong earnings for the quarter ended March 2024 (Q4FY24).In the March quarter, the company posted a 42.6 percent year-on-year (YoY) jump in its net profit at ₹32.7 crore as against ₹23 crore in the same period last year. Meanwhile, its revenue rose 4.6 percent YoY to ₹364 crore versus ₹345 crore in the year-ago period.Sequentially, the company's net profit grew 31.5 percent from ₹24.9 crore in the December 2023 quarter (Q3FY24) whereas revenue fell 23 percent QoQ from ₹471 crore in Q3FY24 due to seasonality effect.On the operating front, EBITDA rose 16 percent YoY to ₹66.4 crore in Q4FY24 as compared to ₹57.1 crore in Q4FY23.

₹1 lakh a month. Yes, this is a silly number, but bear with the exercise. It will be useful, pinky promise.

Apple WWDC 2024: Apple's WWDC 2024 is just a few weeks away, and the company has confirmed the date and timing for the keynote event. This year's WWDC is expected to be one of the biggest yet, offering developers and attendees a closer look at new software upgrades and AI advancements that Apple has been developing over the past few years.Also Read | Apple after Tim Cook? A look at the likely next CEO John TernusThe company has not officially hinted at any specific AI news, but Tim Cook, Apple's CEO, has been vocal about its plans recently, which is hardly surprising now that the Worldwide Developers Conference (WWDC) 2024 is just around the corner.Also Read | Is Apple planning a self-healing foldable screen? Here's what the report suggestsAlso Read | Apple iOS 18 to introduce AI-powered ‘Emoji Customization,’ suggests Mark GurmanApple WWDC 2024 will start on June 10 and continue until June 14.

One 97 Communications, which runs Paytm, on Wednesday, jumped 5% to hit the upper circuit limit at Rs 359.55 on BSE after it was reported that billionaire Gautam Adani is likely considering picking up a stake in the company. Paytm founder and CEO Vijay Shekhar Sharma met Adani at his office in Ahmedabad to «finalise the contours of a deal» on Tuesday, The Times of India reported today. Sharma owns a 9.10% stake in the company and another 10% through a foreign entity Resilient Asset Management.

One97 Communications on Wednesday responded to a media report claiming that Adani Group chairman, Gautam Adani, is likely considering acquiring a stake in Paytm's parent company One97 Communications. «We hereby clarify that the abovementioned news item is speculative and the company is not engaged in any discussions in this regard. We have always made and will continue to make disclosures in compliance with our obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015,» communicated the company in an official statement. Read More: Adani's fintech play: Gautam Adani likely in talks with Vijay Shekhar Sharma to acquire stake in Paytm's parent co