Elizabeth Holmes Begins 11-Year Sentence at Texas Prison
Elizabeth Holmes, the founder of Theranos, a former unicorn startup known for its claims of innovative blood tests, has commenced her 11-year prison sentence at a minimum security facility in Bryan, Texas, United States.
Fidelity Lowers Valuation of Twitter Shares
Fidelity Investments recently revealed that Twitter’s worth is now estimated to be only 33% or one-third of the price Elon Musk paid for the acquisition. The financial services company has reduced the value of its Twitter shares.
Saudi Arabia Considers Further Oil Price Reductions for Asian Markets
Saudi Arabia, the world’s largest oil exporter, is contemplating lowering the price of crude oil for exports to Asian markets in July. There is also a possibility of further crude production cuts at the next meeting of OPEC Plus (OPEC+).
A survey conducted among seven Asian oil refineries suggests that Saudi Arabia might reduce the official selling price (OSP) for Arab light crude by approximately $1 per barrel in July. This would result in the price of Arab Light crude being approximately $1.55 per barrel higher than the average Oman/Dubai oil price, marking the lowest level since November 2021.
Experts Warn of AI Risks and Call for Global Action
Technology industry experts and leaders have issued warnings about the potential risks of artificial intelligence (AI) that could lead to human extinction. They emphasize the need to prioritize minimizing these risks alongside other global challenges like epidemics and nuclear war. An open letter published by the Center for AI Safety highlights the importance of addressing the risks associated with AI on a global scale.
Foxconn Expects AI to Drive Server Demand
Foxconn, the largest supplier for Apple Inc., stated that the use of artificial intelligence (AI) will be a significant driver of demand in its server business this year. However, the company maintains that overall business performance will not be greatly impacted due to ongoing global economic challenges.
Federal Reserve Bank of Cleveland President Supports Interest Rate Hikes
The president of the Federal Reserve Bank of Cleveland expressed her view that there are no compelling reasons to delay interest rate hikes at the upcoming meeting.
Geely Considers Entering Thailand’s Electric Vehicle Market
Geely, a major Chinese automaker, is reportedly in the early stages of considering an entry into Thailand’s electric vehicle (EV) market, exploring both import and domestic production possibilities. However, a representative from Geely stated that the company currently has no such plans, refraining from disclosing further details or commenting on any investment negotiations in Thailand.