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Jamie Dimon, bank CEOs grilled by lawmakers over inflation

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In what has develop into an annual ritual, the CEOs of the key US banks appeared in entrance of Congress on Wednesday to promote themselves as shepherds of a useful business at a time of monetary and economic distress for many Americans.

Democrats known as JPMorgan Chase, Financial institution of America, Wells Fargo and Citigroup to Washington to speak about pocketbook points as households cope with the highest inflation since the early 1980s and the midterm election looms simply weeks away.

“Whereas COVID is behind us, the financial challenges we are actually dealing with are not any much less daunting,” mentioned Citigroup CEO Jane Fraser, in remarks ready for the listening to. The listening to broke for recess simply earlier than the Federal Reserve introduced a 3/4-point hike to its benchmark interest rate because the central financial institution tries to include inflation.

Whereas billed as a listening to on on a regular basis funds, the CEOs have been peppered with political questions with Washington within the midst of an election 12 months.

One sizzling button difficulty has been the difficulty of gun retailer gross sales. Earlier this month the key fee networks — Visa, Mastercard and American Specific — mentioned they might begin categorizing gun store sales as a separate service provider code. It’s a call gun management advocates have pushed for, probably to assist catch surges of gun gross sales forward of a mass taking pictures.

Jamie Dimon on Wednesday.
“The work we do at JPMorgan Chase issues, in good instances, and significantly in robust instances,” Jamie Dimon mentioned in his opening remarks.
Getty Photographs

Rep. Roger Williams, R-Texas, pushed the financial institution CEOs on whether or not they would comply with the fee networks’ determination. In response, all six CEOs mentioned they might not cease authorized gun gross sales and would shield customers’ privateness.

“We don’t need to inform Individuals what to do with their cash,” mentioned Jamie Dimon, CEO of JPMorgan Chase.

The listening to befell earlier than the Home Committee on Monetary Companies. Goldman Sachs and Morgan Stanley, which give attention to funding banking, are usually not testifying this time. As an alternative, the CEOs of three new banks have been introduced in: Andy Cecere of US Financial institution, William Demchak of PNC Monetary and Invoice Rogers Jr. of Truist.

Every of them runs “tremendous regionals” — banks which might be big in their very own proper, with hundreds of branches and tons of of billions in property, however dwarfed in measurement by JPMorgan, BofA, Citi and Wells.

The Wall Road CEOs spoke concerning the present difficulties within the US and global economy. Together with Fraser, JPMorgan CEO and Chairman Jamie Dimon, gave a darker than regular outlook.

Dimon mentioned that Individuals are presently being “crushed” by inflation.

Dimon on Wednesday.
Whereas billed as a listening to on on a regular basis funds, the CEOs have been peppered with political questions with Washington within the midst of an election 12 months.
Getty Photographs

Many Individuals nonetheless bear in mind bailing out the banking business practically 15 years in the past, so the CEOs additionally used the platform to promote themselves as a power for good.

“The work we do at JPMorgan Chase issues, in good instances, and significantly in robust instances,” Dimon mentioned in his opening remarks. “We finance Individuals’ ambitions with loans for properties, autos, and rising a small enterprise, and supply helpful services and products to greater than half of American households.”

Desirous to keep away from the political headache that comes with being labeled as a part of “Wall Road,” the tremendous regionals have used this listening to to promote themselves as a aggressive “Fundamental Road” different to the Wall Road megabanks.

“We’re one-sixth the scale of some banks on this panel,” PNC’s Demchak mentioned.

A collection of mergers have introduced elevated scrutiny for the tremendous regionals. US Financial institution is presently within the course of of shopping for MUFG Union Financial institution, the US shopper banking arm of the Japanese banking large. Truist resulted from the merger of SunTrust and BB&T, and PNC purchased the patron banking franchise of Spanish financial institution BBVA.

“We’re a accountable supplier that works for American customers and the economic system as a complete,” Cecere of US Financial institution mentioned in his ready remarks.

The pinnacle of Wells Fargo usually faces robust questions from lawmakers due to the varied scandals that value the financial institution billions of {dollars} in fines and compelled it to function below the supervision of the Federal Reserve.

Wells CEO Charles Scharf mentioned the financial institution has taken quite a few steps to revamp its tradition. However committee chair Maxine Waters, D-Calif., was uncertain, noting current reviews concerning the financial institution holding fake job interviews for women and having further fines imposed upon it by monetary regulators.

The CEOs will return to testify earlier than the Senate Banking Committee on Thursday.

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Elon Musk’s Optimus robot can raise the roof. That’s about it

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Elon Musk needs autonomous androids to take over people’ manufacturing facility jobs.

However on Friday evening, essentially the most they may do was gingerly stroll throughout the stage and “increase the roof.”

The Tesla chief government unveiled his extremely anticipated Optimus robotic prototype on the firm’s annual AI Day, showcasing its efforts in synthetic intelligence and robotics. Musk billed it as a recruiting occasion to herald expertise.

Earlier than the robotic made its look, Musk warned in opposition to excessive expectations. However he stated the most recent Optimus iteration would mark a step up from final 12 months’s occasion, when a dancing human in a skin-tight swimsuit took to the stage dressed as Optimus.

He was proper about that. Although it had Hollywood seems to be (C-3P0 meets the Terminator), the Optimus displayed few features that haven’t appeared in years previous on fashions from different firms that YouTube viewers have already seen: the robotic that looks like a dog, the humanoid that works within the warehouse, the cute Honda robot whose roots return to the Eighties.

Tesla first confirmed the Bumble C, a bare-bones prototype with seen wiring that slowly walked to the entrance of the stage, waved, made a raise-the-roof gesture, then rigorously walked again. Musk stated it was the primary time the robotic had operated with out a tether. The corporate confirmed movies depicting it doing extra difficult duties, similar to lifting a field from a shelf and choosing up a watering can and watering vegetation.

The Bumble C was adopted by Optimus, model one, which has fewer uncovered elements and a silver torso. After it was wheeled to the entrance of the stage by three Tesla workers, it waved and was pushed to the facet. Musk stated the robotic can be internally examined at Tesla’s auto manufacturing facility to see “how helpful” it’s.

“Optimus, I believe, has possibly a two order of magnitude potential enchancment in financial output,” he stated. “It’s not clear what the restrict truly is.”

Musk stated the Optimus bots would finally be produced by the hundreds of thousands and would value lower than $20,000 apiece. He added that Optimus’ efficiency can be extra spectacular a couple of weeks from now.

“We need to have actually enjoyable variations of Optimus,” Musk stated. “Optimus can each be utilitarian and do duties however can be type of like a pal and a buddy and hang around with you.”

However Musk’s guarantees haven’t all the time come to move, on issues starting from the arrival of full self-driving know-how to proposed traffic-solving tunnels. He’s notoriously late on deadlines and famously as soon as informed an viewers at an illustration that the glass on the Tesla cybertruck prototype was shatterproof, earlier than it shattered onstage.

Musk first mentioned the Tesla Bot ultimately 12 months’s AI Day, saying the android can be about 5 toes 8, weigh 125 kilos and have a carrying capability of 45 kilos. Using the identical autonomous driving techniques as the corporate’s automobiles, the robots, he claimed, would finally be able to such duties as going to the shop to buy a set listing of groceries.

“Sooner or later, bodily work can be a alternative,” he stated on the time. “If you wish to do it, you may. However you received’t have to do it.” He supplied no timeline.

In some methods, Musk’s view of the long run borrows from the sci-fi imaginings of the Nineteen Fifties: humanoid robots that do one’s bidding, colonies on Mars and high-speed transportation by way of underground pneumatic tubes. Is that this a practical imaginative and prescient of what may come to move?

“In some sense, it’s a throwback to what individuals imagined within the Nineteen Fifties,” stated Martin Ford, a futurist and writer of “Rule of the Robots: How Synthetic Intelligence Will Remodel Every thing.” “It might be a imaginative and prescient that involves move, although not in the identical means he’s presenting it, and never inside any quick time-frame.”

It’s not laborious to think about that factories like Tesla’s auto plant might be fully automated in some unspecified time in the future sooner or later, Ford stated. It’s simply unlikely that they are going to be staffed with humanoid robots that stroll and act like individuals, as an alternative of specialised robots which can be mounted to the bottom and designed for a sure activity.

Automation is already a big a part of automobile manufacturing, with giant industrial robots performing duties similar to placing on doorways and lifting. However live-streamed prime-time productions about it are unusual.

“There’s an emotional enchantment to individuals whenever you see a robotic that appears like a human,” Ford stated. “There could also be some particular purposes. However for essentially the most half, that’s not the case — actually not in factories.”

Occasions employees author Russ Mitchell contributed to this report.

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United to halt JFK service as airline battles FAA to add more flights

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United Airways stated on Friday it would droop service in late October to New York’s John F. Kennedy Airport.

Earlier this month, United had threatened to take the motion if the Federal Aviation Administration didn’t grant the air service further flights.

United has been flying simply twice day by day to San Francisco and Los Angeles from JFK, the busiest New York-area airport, after resuming service in 2021.

“Given our present, too-small-to-be-competitive schedule out of JFK — coupled with the beginning of the winter season the place extra airways will function their slots as they resume JFK flying — United has made the troublesome choice to quickly droop service at JFK,” United stated, in a memo seen by Reuters.

The airline didn’t specify when it’d resume service.

United stated its “discussions with FAA have been constructive” however added “it’s additionally clear that course of so as to add further capability at JFK will take a while. “

United stated the choice would influence 100 staff who work at JFK however emphasised that “nobody is shedding their job” and staff will transition to different close by airports.

United has been working to pursue further slots – that are takeoff and touchdown authorizations – by way of the FAA and by looking for business agreements to amass slots from different airways.

United stated with out everlasting slots it can not serve JFK “successfully in comparison with the bigger schedules and extra engaging flight instances flown by our rivals” like JetBlue Airways and American Airways.

United in 2015 struck a long-term deal to lease 24 year-round slots at JFK to Delta Air Traces because it ended JFK service to pay attention at its close by Newark hub in northern New Jersey. It additionally flies out of LaGuardia.

United argues there may be room to develop at JFK, the Thirteenth-busiest U.S. airport, as a result of the FAA and the Port Authority since 2008 have made vital infrastructure investments together with “the widening of runways, development of multi-entrance taxiways, and the creation of aligned high-speed turnoffs.”

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Google Maps launches ‘vibe check’ and ‘immersive’ features

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This firm is trying to provide actuality a run for its cash. 

New updates launched by tech large Google combine extra social media-like talents to the platform, whereas additionally placing it in direct competitors with bodily existence itself. 

At a San Jose, California, occasion this week known as Search On, the corporate introduced varied new instruments being rolled out on Google Maps, together with each the flexibility to make use of AI and the accounts of strangers to aim to evaluate the current and predict the longer term — when it comes to discovering out which points of interest are busy at sure occasions, for example — in addition to one more option to discover the globe with out leaving one’s mattress. 

The primary of those updates permits customers to “get a vibe verify earlier than you go to” a brand new space by figuring out the most well-liked spots, utilizing data collected from AI and greater than 20 million contributions customers throughout the globe feed to Google Maps every day. 

“Say you’re on a visit to Paris — you may shortly know if a neighborhood is artsy or has an thrilling meals scene so you may make an knowledgeable choice on how one can spend your time,” reads a weblog publish concerning the new “neighborhood vibe characteristic.”

google maps vibe check immersive feature
“To find out the vibe of a neighborhood, we mix AI with native information from Google Maps customers who add greater than 20 million contributions to the map every day,” wrote Google in its announcement weblog.
Google

Discerning customers have lengthy been capable of glean this data from Google Maps by giving one thing of a visible skim to a locale, however now there’s a extra streamlined option to do it that’s being rolled out to cellular units. 

The opposite buzzy Maps replace is the addition of an “immersive view,” a long-in-the-works addition that makes use of predictive modeling to be taught a spot’s historic developments and, based mostly on these, “decide what an space will likely be like tomorrow, subsequent week and even subsequent month,” the weblog introduced. 

“Have to discover a chew to eat after the sport? We make it simple to expertise what eating places are like close by with the flexibility to glide right down to avenue degree, peek inside and know the way busy it’ll be,” the weblog gives for instance. 

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