Business and Tech News - 3.12.24

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Skool Projekt Staff
March 12, 2024

Biden's $7.3 Trillion Budget

President Biden has unveiled a $7.3 trillion budget for FY 2025, aiming to fund domestic priorities like tax credits for families and housing by raising taxes on corporations and the wealthy. This budget encapsulates his campaign promises and seeks funding for Ukraine, Israel, and border security. With investments in childcare and education, and efforts to reduce housing costs, the plan also intends to cut the deficit by $3 trillion over ten years, despite projecting trillion-dollar deficits annually. While it's unlikely to become law, it highlights Biden's second-term priorities and his commitment to deficit reduction, alongside tax reforms targeting corporations and the affluent.

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India's $100 Billion Trade Deal

India has entered a free-trade agreement with the European Free Trade Association (EFTA)—comprising Norway, Switzerland, Iceland, and Liechtenstein—pledging $100 billion in investments. This historic deal, concluding nearly 16 years of negotiations, aims to enhance economic ties, expand market access, and simplify customs procedures. Expected to significantly benefit industries like pharmaceuticals, machinery, and manufacturing, the agreement awaits ratification. This development coincides with ongoing UK-India FTA talks and follows India's recent trade agreements with Australia and the UAE.

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Oracle Shares Rise After Q3 Revenue Growth

Oracle reported a rise in revenue for its fiscal third quarter, driven by strong demand for its cloud infrastructure, achieving net income of $2.4 billion, an increase from $1.9 billion the previous year. Adjusted earnings exceeded expectations at $1.41 per share against an estimated $1.38. Revenue reached $13.28 billion, in line with forecasts. CEO Safra Catz highlighted a record $80 billion in remaining performance obligations, attributing growth to significant new cloud infrastructure contracts and projecting continued demand for Oracle's Gen2 AI infrastructure.

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Elon Musk's AI Chatbot To Be Open-Source

Elon Musk announced his AI company, xAI, will open-source its chatbot Grok, positioning it as a "truth-seeking" alternative to ChatGPT. Unlike OpenAI, which keeps ChatGPT's code private, xAI plans to make Grok's full code publicly accessible for modification and use. This move comes amid Musk's legal dispute with OpenAI, where he criticizes the company for deviating from its initial open-source promise. Musk's decision aims to demonstrate his commitment to open AI development, potentially enhancing Grok's adoption and inviting developer engagement to refine the technology further.

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Deadspin's Entire Staff Laid Off After Company Is Sold

G/O Media has sold the sports blogging site Deadspin to European firm Lineup Publishing, as announced by CEO Jim Spanfeller. This move is part of G/O Media's efforts, under the ownership of Great Hill Partners since 2019, to streamline operations and deliver on investor expectations. The sale will not include the transfer of Deadspin's current staff, as Lineup Publishing plans to assemble a new team to align with its editorial direction. This decision marks the latest in a series of divestments and staff reductions by G/O Media, including the closure of Jezebel and sales of other sites.

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