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Time Is Money

Sep 24, 2023 • 5 min read

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U.S. Ukraine Aid
Rupert Murdoch To Retire

Week Recap:

The Bank of Montreal (BMO), Canada's third-largest bank, announced its decision to shut down its indirect retail auto finance business, which will result in job losses. This division operated in both Canada and the U.S., offering car financing through partnerships with dealerships.
Morgan Stanley has initiated a new era of generative AI on Wall Street by introducing an AI assistant for financial advisors. Developed in collaboration with OpenAI using their latest generative AI GPT-4, this digital assistant is now available to all financial advisors and their support staff. The AI tool, offers rapid access to a vast repository of around 100,000 research papers and documents.
Citigroup announced the launch of "Citi Token Services," a new digital token system for real-time payments. This service is designed to transform customer deposits into digital tokens that can be swiftly transferred to anyone worldwide. The responsibility of overseeing this digital asset will fall under Citigroup’s treasury and trade solutions division.
The U.S. Department of Defense and Google have collaborated to create an Augmented Reality Microscope (ARM) powered by AI. Priced between $90,000 to $100,000, this microscope aims to assist doctors, especially in smaller labs, in detecting cancer and managing increasing workloads due to workforce shortages.
On Sunday, the Marine Corps shared news that one of their state-of-the-art F-35 fighter jets had mysteriously disappeared after its pilot was forced to eject while flying over South Carolina. Known for its sophisticated stealth technology that makes it extremely challenging to detect on radar, the F-35 continued its unmanned journey, eluding tracking efforts. As the search intensified, relief came on Monday evening when military personnel confirmed the jet's wreckage had been located within South Carolina.
The Federal Reserve chose not to adjust interest rates. They remain at 5.25% to 5.5%. Additionally, the central bank indicated that this rate is likely to persist for a longer period.
Elon Musk's Neuralink is looking for human participants for its inaugural clinical trial. The PRIME study aims to implant a new medical device in individuals with quadriplegia caused by ALS or spinal injuries. Once implanted robotically, this device will enable patients to wirelessly communicate their movement intentions to a computer.
OpenAI has introduced DALL-E 3, an advanced AI image generator integrated with ChatGPT. This model can generate images from complex descriptions, making it more precise than its predecessors. For example, a prompt describing an avocado in a therapy scene resulted in a cartoon illustration perfectly capturing the intended humor.
Amazon has upgraded Alexa with advanced AI features, aiming to make interactions more natural and versatile. Showcased at Amazon's HQ2 in Arlington, Virginia, the new Alexa can hold a more conversational dialogue without requiring the wake word to be repeated. It also responds to natural language requests for tasks like movie recommendations and smart home controls.
Cisco Systems is acquiring cybersecurity company Splunk for $28 billion, marking Cisco's biggest acquisition to date. The all-cash deal, which offers $157 per share for Splunk, is part of Cisco's broader strategy to strengthen its focus on cybersecurity. Splunk specializes in data analysis software that helps businesses bolster their security measures and resolve technical issues quickly.
The Federal Trade Commission (FTC) is now processing refund requests from players of the popular video game Fortnite Battle Royale, developed by Epic Games. This move comes after Epic Games settled a lawsuit with the FTC for $245 million last year.

U.S. Ukraine Aid:

The U.S. has sent roughly $113 billion in Ukrainian assistance, as reported by the U.S. State Department Office of Inspector General and the Committee for a Responsible Federal Budget.
This includes $62 billion channeled via the Pentagon and over $46 billion through the Department of State and the U.S. Agency for International Development. With this significant financial commitment to Ukraine within a year and after a U.S. election that made McCarthy the House speaker, he is now raising concerns about transparency and future allocations.
Instead of offering Zelensky a public joint session with Congress, McCarthy opted for a private meeting. Notably, the U.S. is nearing a potential government shutdown due to funding issues. The White House, in August, proposed an additional $24 billion for Ukraine to support various needs, including refilling the Pentagon's stocks used for Ukraine.
The recent provisional funding proposal by Republicans doesn't include this or domestic disaster relief, but talks are ongoing. Before the Republicans took control of the House in 2022, all assistance for Ukraine had been decided. In recent months, the Biden administration has been disbursing significant aid to Ukraine along with other NATO members.

Rupert Murdoch To Retire:

Billionaire Rupert Murdoch, founder of News Corp and Fox, announced his upcoming retirement in November. Beginning with two news outlets in Australia inherited from his father, Murdoch expanded to create a worldwide media conglomerate encompassing film, TV, and more.
His portfolio now features outlets like the Wall Street Journal, the Times of London, the New York Post, and HarperCollins, among numerous others. He is also credited with establishing Fox News in 1996. At age 92, having shared leadership responsibilities with his son Lachlan, Murdoch confirmed that come November, Lachlan will assume full control.

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