OpenAI has created GPT-4, the latest milestone in OpenAI’s effort in scaling up deep learning. “The AI technology “exhibits human-level performance on some professional and academic tasks,” a company blog noted. The company said the model is “more creative and collaborative than ever before” and would “solve difficult problems with greater accuracy” than its earlier…
Category: Wire
News wire, ,nyse exchange, market newspaper, equities market news, financial news,
UK pay growth slows down ahead of interest rate hike
Basic pay in United Kingdom (UK), excluding bonuses, rose by 6.5% in the three months to January compared with 6.7% in the three months to December, representing the first slowdown since late 2021. Total pay grew by an annual 5.7% in the November-to-January period, slowing from 6.0% in the previous figures and the weakest increase…
Volkswagen to invest 180 billion euros with primary focus on electrification and digitalization
Volkswagen, has announced plans to invest Euros 180 billion ($192.6 billion) over the next five years (2023-2027) with primary focus on electrification and digitalization. Volkswagen is a German multinational automotive manufacturing company headquartered in Wolfsburg, Lower Saxony, Germany. It was founded in 1937 and is currently the largest automaker in Europe and the second-largest in…
Guild Mortgage has acquired Cherry Creek Mortgage
SAN DIEGO: Guild Mortgage (NYSE: GHLD) has acquired Cherry Creek Mortgage LLC, a privately held Colorado-based lender with physical branches across the country whose business and customer-centric approach closely aligns with Guild’s. Cherry Creek Mortgage was co-founded by Jeff May in Greenwood Village, Colorado in 1987. He led company growth over the past 36 years,…
U.S. average mortgage rate drop to 6.57%
The U.S. average rate on the popular 30-year fixed mortgage dropped to 6.57% on Monday, according to Mortgage News Daily. That’s down from a rate of 6.76% on Friday and a recent high of 7.05% last Wednesday. U.S. mortgage rates loosely follow the yield on the 10-year Treasury, which fell to a one-month low in…
Silver Lake and CPP Investments to acquire Qualtrics for $12.5 billion
Silver Lake and CPP Investments announced plans to acquire Qualtrics for $12.5 billion. Shares of Qualtrics were up more than 6% Monday, CNBC reported. Qualtrics is a web-based software platform that provides a range of research tools for businesses, academic researchers, and other organizations. The platform allows users to design and distribute surveys, collect and…
Pfizer acquires Seagen for $43 billion to produce record scale cancer drug
Pfizer CEO Albert Bourla on Monday said the pharmaceutical giant will be able to deliver Seagen’s cancer therapy to the world “at a scale that has not been seen before” with its $43 billion acquisition, CNBC reported. Seagen, formerly known as Seattle Genetics, is a biotechnology company that specializes in the development and commercialization of…
Australian energy regulator all set to increase prices this week
The Australian Energy Regulator will release its interim decision on Wednesday, where it’s expected to increase the maximum retail electricity fee for homes and small businesses in NSW, South Australia and southern Queensland. The Australian Council of Social Services (ACOSS) is calling on the government to help less-privileged people by wiping off their energy debt. It wants…
United Kingdom will ramp up defense spending by $6 billion
The United Kingdom will ramp up defense spending by $6 billion. In a statement released Sunday, British Prime Minister Rishi Sunak pledged to use the extra spending, spread over two years, to replenish ammunition stocks, modernize the UK’s nuclear submarine program and fund the “next phase” of AUKUS, a security pact struck between the three…
Auction for Silicon Valley Bank on for a total or partial acquisition by another bank
Federal regulators are conducting an auction for Silicon Valley Bank, with final bids due Sunday, according to a report from Bloomberg News. The bank was closed by regulators on Friday after massive withdrawals a day earlier created a bank run. The Federal Deposit Insurance Corporation (FDIC) took control of the bank on Friday, and started an auction process…
Mohammed bin Salman announces new national airline, Riyadh Air
Saudi Arabia’s Crown Prince Mohammed bin Salman formally announced on Sunday the creation of a new national airline, Riyadh Air. Industry veteran Tony Douglas will be the chief executive. Riyadh Air will will serve more than 100 destinations around the world by 2030, making use of the kingdom’s location between Asia, Africa and Europe, state…
Germany’s Verdi trade announces strikes on March 13 at the country’s northern airports
Germany’s Verdi trade union has called for strikes on March 13 at the country’s northern airports, including Berlin, which it said would likely cause longer queues for passengers and flight cancellations, Reuters reported. The strikes will affect Berlin’s international airport, as well as the smaller airports of Hamburg, Hanover and Bremen, the relevant regional branches…