The corporate world is experiencing a day full of important developments. A key vice-president overseeing Amazon’s ambitious project steps down. Boeing has agreed to restart talks in order to resolve a crippling walkout. And a major collaboration between Nike, Kim Kardashian, and other fashion designers, creates a brand new fashion giant.
This is your one-stop shop to get all of the news you might have missed.
Amazon’s VP who was leading the race to artificial general intelligence will be stepping down
A senior Amazon Vice President who was overseeing one of Amazon’s most high-profile projects, the race to create artificial general intelligence (AGI), is stepping down this Friday.
Karthik, an Amazon veteran with 13 years of experience, was a key figure in the development of Amazon Alexa, and its associated Echo device.
AGI is viewed as the Holy Grail of AI Research, with potential to disrupt entire industries.
Boeing resumes talks with the striking union of its defense workers in an attempt to put an end to a strike that has lasted for nearly eight weeks
Boeing Co., the union that represents its defense workers on strike and a federal mediator have agreed to restart negotiations Monday. This is a critical step to ending a work stoppage of nearly eight weeks.
Three management proposals have been rejected by the 3,200 International Association of Machinists and Aerospace Workers (IAM) who are employed at Boeing’s St. Louis Military Hub. The strike, which began August 4, has now extended.
As the company tries to recover its defence business after a long period of financial losses, it is closely watching this conflict.
Lululemon is facing a threat from a brand new Nike-Kardashian collection
Lululemon Athletica Inc., the struggling yoga wear brand is now facing an even greater threat. A blockbuster Nike Inc. collaboration with Kim Kardashian’s Skims label has just been released.
NikeSkims is the new Nike line that will launch with lower prices in key categories such as sports bras and leggings. Analysts say this move will place immense pressure on competitors who charge more.
An analyst stated that NikeSkims products are priced about 35 percent less than comparable items sold by rivals, which she sees as “a negative for Lululemon” especially among younger consumers.
US oil and natural gas rig counts have reached their highest levels since June
US energy companies have increased oil and gas rigs in the US for a 4th consecutive week, for the 1st time since Feburary. This could be an indication that they are preparing for higher output.
According to Baker Hughes, the oil and gas production rig count rose seven to reach 549 during the week ending September 26. This is the highest number since June.
After two years of declining output, energy companies have increased production after focusing on shareholder return rather than increasing it.
A risk-off mood and high ETF flows have helped gold to make a six-week gain.
The gold price is just below its previous record and on course for an impressive sixth weekly gain. This rally is supported by the combination of increased geopolitical risks, large inflows to bullion ETFs and a risk-off market tone.
This precious metal is currently trading at around 3,779 US dollars per ounce, a 44 percent increase this year.
Goldman Sachs Group Inc. and other major investors expect the rally to continue.
The post This evening’s digest: Amazon AGI VP Steps Down; Boeing resumes talks with striking union will be updated as new developments occur.
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