From Elon Musk suing OpenAI to Rihanna's Ambani concert – Here are today's Headlines
Elon Musk is suing Microsoft-backed OpenAI and CEO Sam Altman, saying they've strayed from their original goal of developing AI for the good of humanity.
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To start off, we're looking into:
Elon Musk sues OpenAI
Elon Musk is suing Microsoft-backed OpenAI and CEO Sam Altman, saying they've strayed from their original goal of developing AI for the good of humanity. Musk's lawyers argue that in 2015, Altman and co-founder Greg Brockman approached Musk to create a non-profit AI lab. But, they say that OpenAI has now shifted its focus to making profits (specifically for its major backer, Microsoft) which violates the initial agreement. Here's the backstory.
"To this day, OpenAI, Inc.'s website continues to profess that its charter is to ensure that AGI benefits all of humanity.' In reality, however, OpenAI, Inc. has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft," said the lawsuit filing.
Concert films are big at the box office
In the last quarter of 2023, AMC's revenue spiked by 12%, with operating profit nearly tripling. CEO Adam Aron credited this to those successful concert films featuring Taylor Swift and Beyoncé, boosting not just AMC but the entire theater industry. He expressed pride in AMC's unexpected accomplishment, considering these were the company's first distributed films. So, AMC is looking to cut more deals for concert films and enhance the theater experience for movie-goers with unique offerings, like collectible popcorn buckets. Here's the backstory.
"This is a stunning result, given that neither of these films were on anyone's drawing board until midyear and that they were the first movies ever distributed by AMC," said CEO Adam Aron. "What a triumph for our company. To that end, it is no surprise that our praise for Taylor Swift and Beyoncé Knowles-Carter has no limit."
The AI stock frenzy
At the end of February, Nvidia exceeded US$2 trillion in market value and boosted the S&P 500 Index as artificial intelligence (AI) continues to be the focal point of the future for technology. This is reminiscent of the spike in Tesla's stock when electric vehicles (EVs) were all the rage for future tech back in 2017. But AI has now steamrolled over investor interest in EVs. So, is Nvidia stock a big buy right now, or should investors be cautious about jumping on the bandwagon? Here's the backstory.
"We have seen time and again that when investors fall in love with the idea of the technology innovation du jour, logic takes a back seat," Adam Sarhan, founder and CEO of 50 Park Investments, said in an interview. "And when emotion takes over, sky is the limit."
To end, we'll look into:
Are work wellness programs effective?
In recent years, companies have been investing billions into employee wellness programs (especially after COVID) – it’s expected to reach US$94.6 billion in 2026. These programs are aimed at improving the stress levels and the overall well-being of employees, but research has shown that they’re, for the most part, ineffective. All the mindfulness apps, group well-being training classes, massages and free lunches can be great. But a recent study by William J. Fleming, a fellow at Oxford University’s Well-being Research Center, has shown that these efforts don’t always succeed. In some cases, they can even elevate an employee’s stress, anxiety or depression. Click here for more.
In other news ...
📰Middle East update: Since November, Yemen's Iran-backed Houthis have been attacking cargo ships in the Red Sea, causing major disruptions to the global trading route. The most recent attack occurred two weeks ago on a UK-owned ship, the Rubymar, which has now sunk. This is the first ship to sink since the attacks began, and it poses an environmental threat, as it was carrying 22,000 tonnes of fertilizer. The Houthis have vowed to continue sinking UK-owned ships and blamed UK PM Rishi Sunak for the incident and pending environmental disaster.
Talks for a six-week ceasefire will continue this week in Cairo, Egypt. US officials have said that Israel has essentially agreed to a six-week ceasefire if Hamas releases vulnerable hostages, like women, ill or injured hostages and the elderly. The US also carried out its first humanitarian aid drop in Gaza, which US President Joe Biden said would be the first of many. But, Israel was absent from talks in Cairo on Sunday after Hamas rejected its demand for a complete list naming hostages that are still alive, according to Ynet, the online version of Israel's Yedioth Ahronoth newspaper.
Over the weekend, more Israeli strikes in Rafah and other places in Gaza took place, killing and injuring more people, including displaced Palestinians and some health workers.
🗞️Russia/Ukraine update: On Saturday, a Russian drone attacked a block of flats in the Ukrainian city of Odesa, killing at least 12 people, including several young children. In light of the attack, Ukrainian President Volodymyr Zelenskiy has called on Western allies to boost his nation's air defenses. Russia said that it destroyed 38 Ukrainian drones on Sunday that were sent to attack Crimea.
China's Foreign Ministry has said that Special Representative Li Hui and Russian Deputy Foreign Minister Mikhail Galuzin agreed that negotiations were the only way to end the fighting in Ukraine. Moscow was Li's first stop in a European tour to hold talks about the Russia/Ukraine situation.
🥼South Korean doctor update: In late February, about 70% of South Korea's doctors walked off their jobs to protest the government's plan to increase medical degree quotas at universities. The plan is meant to deal with a doctor shortage in one of the world's fastest-aging societies. The government said that the doctors had until the end of February to return to work or they would risk having their medical licenses suspended, but most of them have chosen to continue protesting. On Sunday, up to 40,000 doctors joined a march in protest of the government's plan, according to the Korean Medical Association (KMA). Police said there were about 12,000 demonstrators.
📩Pakistan's new PM: Following unrest and allegations of election rigging and irregularities amid Pakistan's elections last month, its newly-formed Parliament has elected Shehbaz Sharif as the country's prime minister for the second time.
💰Increased duty-free allowance: Hong Kong deputies are set to meet with the National People's Congress (NPC), where they'll propose an increase in the duty-free allowance and multiple-entry visas for mainland visitors in an effort to boost tourism and the city's economy.
✈️Boeing's US$51 million penalty: Boeing can't seem to catch a break – on top of all its recent 737 Max troubles, it's now having to pay a penalty of US$51 million over unauthorized exports to countries, including China, of technical data related to US military weaponry, including fighter jets and missile systems, which is considered to be a national security threat.
👮♀️Haiti prison attack: In Haiti, despite police efforts, armed forces attacked the country's largest prison, with sources saying it was unclear how many inmates escaped but that it was an "overwhelming" majority. Telecommunications were also interrupted on Sunday with violent clashes, as a major gang leader is looking to overthrow PM Ariel Henry. Around 15,000 people have evacuated their homes, and children are being kept out of school as the violence continues.
💻Scam victims in Myanmar: Myanmar and other parts of South Asia have become a hub for human trafficking, with criminal gangs forcing victims to work in scam call centers and other illegal operations. On Sunday, Thailand's PM Srettha Thavisin said the country has helped 900 Chinese scam victims trapped in a Myanmar town on the border get back home over the last week.
📱China's Transsion in Africa: Chinese company Transsion has taken over 48% of the African mobile phone market, outdoing tech giants Apple and Samsung with its affordable and popular brands, Tecno, Infinix and iTel.
🎟️Hong Kong Sevens almost sold out: The Hong Kong Sevens kicks off on April 5, and it's on track to be sold out, with organizers saying they've already sold 85% of the general admission tickets. This will also be the last time it's held at Hong Kong Stadium, as it's expected to move to Kai Tak Sports Park in 2025.
🦈Orca eats great white shark: In an unusual incident last year, an orca killed and ate a great white shark in South Africa in just two minutes – all on its own. Usually, an attack like this would involve two to six orcas, and it would take them around two hours to bring down one of these sharks. The attack was caught on camera and has now been documented in the African Journal of Marine Science.
🏀LeBron James scores 40k points: Los Angeles Lakers superstar LeBron James has become the first NBA player to score a total of 40,000 career points during a regular season. Just a little over a year ago, he overtook Kareem Abdul-Jabbar to become the NBA's all-time top scorer.
🎤Rihanna takes the stage: At the pre-wedding celebration for the youngest son of Indian tycoon Mukesh Ambani, the chairman and managing director of Reliance Industries, Rihanna gave a rare performance for a big payout, with estimates that it was upwards of US$5 million. According to several reports, high-profile people, including Bill Gates, Mark Zuckerberg and Disney CEO Bob Iger, were on the guest list.
🐼Farewell Fu Bao: On Sunday, a South Korean zoo threw a going-away party for Fu Bao, the first giant panda born in the country, ahead of her trip back to China. Fu Bao, which means lucky treasure, has gained a huge fanbase since she was born in the zoo in July 2020. She will be taken to China's Sichuan province next month after spending a month in quarantine.
Quiz Time!
Which tech mogul is suing OpenAI and Sam Altman for breach of contract?
- Jeff Bezos
- Bill Gates
- Mark Zuckerberg
- Elon Musk
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Written and put together by Joey Fung, Alisha Khan and Christine Dulion
**The answer to the quiz is [4]
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