Business and Tech News - 5.2.24

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Skool Projekt Staff
May 02, 2024

Google Urges DOL to Update Immigration Rules, Add AI Jobs to Schedule A for Faster Green Card Processing

  • Google requests AI job inclusion in Department of Labor’s (DOL) Schedule A list.

  • Schedule A expedites green card processing by about a year.

  • Schedule A has not been updated in 20 years.

  • Google criticizes U.S. immigration policies for hindering AI talent acquisition.

  • U.S. faces a shortage of AI specialists despite producing significant AI talent.

  • Google suggests using multiple data sources to update Schedule A regularly.

  • Intense competition exists for AI talent, with soaring wages.

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Johnson & Johnson Agrees to $6.5 Billion Settlement for Talc-Related Cancer Claims, Covers Majority of Lawsuits

  • Johnson & Johnson settles talc lawsuits for $6.5 billion over 25 years.

  • Settlement covers 99.75% of pending talc-related ovarian cancer lawsuits.

  • J&J discontinued talc-based baby powder in 2022, claims it was safe.

  • New settlement excludes mesothelioma cases, previously covered in a $8.9 billion deal.

  • J&J's subsidiary, LTL Management, may file for bankruptcy a third time.

  • Total of $11 billion set aside by J&J to resolve all cancer claims.

  • Settlement effective if 75% of claimants vote to accept in "prepackaged" bankruptcy.

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Tesla Disbands Charging Team, Sparks Uncertainty Over Future of US Supercharger Network

  • Tesla fires entire electric vehicle charging team.

  • Layoffs raise questions about future of major US charging network.

  • Tesla's Supercharger network was a key selling point, previously exclusive to Tesla vehicles.

  • Major automakers committed to adopting Tesla's North American Charging Standard (NACS).

  • Electrify America and EVgo to include NACS in their chargers.

  • Musk states Tesla will slow expansion but focus on existing charger reliability.

  • Analysts speculate shift indicates a decreased strategic focus on charging by Tesla.

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PG&E in Talks to Sell Minority Stake in $3.5 Billion Pacific Generation to KKR, Aims to Bolster Grid and Financial Health

  • PG&E negotiating to sell minority stake in Pacific Generation to KKR.

  • PG&E seeks funding to improve its energy grid.

  • Deal aims to boost PG&E's financial position for a clean energy future.

  • PG&E has a history of wildfires, enhancing grid reliability.

  • PG&E's Pacific Generation valued at $3.5 billion.

  • PG&E to remain majority owner and operator after sale.

  • PG&E created standalone unit Pacific Generation in 2022.

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Federal Reserve Maintains Rates, Powell Dismisses Immediate Hike Amid Economic Stability Focus

  • Jerome Powell rules out rate hike in next Fed policy move.

  • Fed held interest rates steady at 5.25% to 5.5%.

  • Powell emphasizes independence from politics in rate decisions.

  • Fed slows balance sheet reduction to avoid financial turmoil.

  • Powell downplays concerns of U.S. entering 'stagflation'.

  • Fed is observing labor market, prepared for changes.

  • JPMorgan predicts potential rate cuts later this year.

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Here’s how the markets closed yesterday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.