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According to Scott Galloway AI is a corporate oceanic for

According to Scott Galloway, AI is a “corporate oceanic” for tech layoffs

Meta CEO and co-founder Mark Zuckerberg

Meta CEO Mark Zuckerberg steered the company through a “year of efficiency” that saw massive layoffs and record profits. Alex Wong – Getty Images

Many large technology companies are downsizing and downsizing their workforce. This corporate fat-cutting has become common in the tech sector in recent years.

Noted marketing professor and media impresario Scott Galloway has a theory as to what's behind the layoffs: AI. The catch is that many executives are hesitant to admit that they are laying off employees to replace their jobs with artificial intelligence.

Galloway compares the move to the open secret that many people use to lose weight on their own, calling AI “corporate Ozempic.”

“My theory is that companies (particularly technology companies) have also discovered a weight-loss drug and are also cautious about using it,” Galloway writes in his blog No Mercy/No Malice. “There are two stories in recent financial news: layoffs and record profits. These are connected.”

A spate of tech companies have made layoffs in recent months. Meta, a Silicon Valley stalwart, has laid off around 20,000 employees since November 2022. Apple could lay off hundreds of employees from its self-driving car division after canceling the project. Salesforce laid off about 700 employees earlier this year after cutting more than 7,000 employees in 2023. In January, Alphabet laid off over 1,000 employees in two rounds of layoffs affecting its ad sales and hardware teams after handing out 12,000 pink slips in 2022.

Galloway notes that all of this comes at a time when the technology industry has achieved excellent business results. Some of them even delivered historic numbers: Meta announced record revenue of $40.1 billion for the fourth quarter of 2023, while tripling net profit compared to the same period last year. Galloway says the discrepancy points to a strategic shift rather than a need to right-size a struggling company.

“I believe AI plays a bigger role in layoffs than CEOs want to admit,” Galloway writes in the post. “CEOs are cautious about this, at least in public, because there is a sense of fear surrounding the brave new world of AI.”

Galloway declined to comment.

So far, tech companies have not said their layoffs are the result of a transition to AI. In fact, some like IBM CEO Arvind Krishna have said that the company's investments in AI will lead to an increase in headcount. Others, like Alphabet, which became a giant in AI with its acquisition of pioneering startup DeepMind in 2014 and the release of tools like the Bard chatbot (now Gemini), have clearly said that AI and layoffs are nothing have to do with each other.

“We’re not restructuring because AI is taking away roles — that’s what’s important here,” Alphabet Chief Business Officer Philipp Schindler said on an earnings call this month.

It was these denials that “perked up my antennae for the first time,” Galloway says. Extending his Ozempic analogy, he compares these company statements to people saying they will “give up gluten” to lose weight, rather than admitting that they have started taking the drug for weight loss. Ozempic makes losing weight easier because it essentially eliminates cravings. In business, AI can eliminate a desire that Galloway believes companies would like to eliminate.

“If consumers were willing to pay $1,000 a month to lose weight without cravings, what would a company pay to achieve the previously unthinkable: reduce costs while increasing sales?” Galloway writes.

This does not mean that all jobs will disappear. Galloway believes AI will also help employees improve their work, allowing companies to do more with less. “Managers can take on new initiatives and areas without the hassle of hiring more employees,” he writes.

The concept of a future workplace where AI and humans work together in harmony is becoming increasingly common. One of the most widely held views today is that AI will simply replace routine, repetitive work. In this scenario, AI will likely replace certain job functions, if not entire roles. This does not mean that the impact of AI will be negligible: the International Monetary Fund estimates that around 60% of jobs in advanced economies will be affected by AI. However, about half of them could see an increase in productivity. Another estimate from Goldman Sachs suggests two-thirds of jobs and up to a quarter of current work could be affected.

This new focus on AI means that the few people with expertise in this area will be in high demand. Companies will be eager to hire these people, and many of the tech companies have already done so, but the trend is starting to spread to other sectors throughout corporate America.

Galloway predicts that over the next year, executives will talk openly about replacing humans with AI as its use in the workplace becomes more common. When that happens, “the pundits will clutch their pearls for a hot minute until the stock explodes and the secret hiding in plain sight becomes visible to everyone: [AI is] Company Ozempic. It's not about less bread, but about less desire for bread. Read: Hire people,” Galloway writes.

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Can I be sued for my comments on social media

Can I be sued for my comments on social media?

Can I be sued for my comments on social media? The answer to this question depends on the circumstances. A recent decision from the Quebec Court of Appeal reminds us of this.

This decision involved a dispute between two people over the architecture of a building. One of them claimed that the other had falsely led people to believe that she was the real architect of the restoration of an ancestral home, which was not the case.

The chicane in question quickly got out of control. In her discussion forum, a social media, the person who believed that she was being deprived of her job, by mentioning her name, clearly indicated that the latter was a fraudster, that she was not competent and that she was lying to her customers that she had cheated elsewhere. She added on her social media that this behavior was abhorrent and even encouraged the use of collective action. Netizens' comments were literally mixed up. We then spoke of “an unscrupulous person, with no respect for the work of others, a despicable person, anything but professional, a person whose actions are shameful, one of the readers who even goes so far as to call him a cow”.

What does the Quebec Court of Appeal say about these comments?

First of all, it is important to remember that everyone has the right to respect for their privacy and private life when participating in social media. But this right has limits. If a person uses social media to take revenge through defamatory comments that are likely to damage the reputation of others, he or she can, as in the present case, be successfully sued on behalf of the defamed person.

Certain principles apply to a lawsuit for damage to reputation due to defamatory statements, particularly on social media.

First of all, it must be remembered that everyone has the right to the protection of their dignity, honor and reputation.

Second, in order for a court to rule in favor of a person complaining about defamation of reputation, it must prove that the controversial comments, here those posted on social media, are defamatory.

By defamation we generally mean “the communication of words or writings that cause someone to lose esteem or consideration or that, in turn, arouse negative or unpleasant feelings towards him.” (Chiara v. Vigile Québec, 2016 QCCS 5167).

Beware of another person's reputation

In general, courts will ask the following question: Would an ordinary citizen consider that the statements made, taken as a whole, brought another person's reputation into disrepute?

In our case, the court concluded that the comments made on social media against a person, even if he had monopolized his work, would lead the ordinary citizen to believe that they discredited the reputation of the target and the comments would bring were defamatory.

Attacking someone on social media, especially attacking their reputation, can ultimately land you straight in court. Publishing our comments on a social network does not constitute a guarantee of protection, quite the opposite. The perpetrator of damage to reputation can be prosecuted and, if necessary, ordered to pay compensation, in particular compensatory damages.

I Bernard Cliche, distinguished lawyer

Beauvais Truchon Lawyers

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MTA workers upset about subway safety disrupt morning service

MTA workers upset about subway safety disrupt morning service

In response to an overnight arson attack that injured a train conductor, New York City Transit workers stopped work Thursday morning to file safety complaints, causing major disruptions to subway operations.

The raid happened around 3:40 a.m. on a southbound A train in Brooklyn. During the morning rush hour, workers staged the walkout at the 207th Street station on the A line and the 168th Street station on the A and C lines in Manhattan. According to two transportation officials familiar with the situation, workers refused to perform their assigned duties, leading to the disruptions.

Union leaders refused to call the service disruption a protest. Workers filled out the safety forms, called the Safety Dispute Resolution Form, through their representatives, said Richard Davis, president of Local 100 of the Transport Workers Union, which represents city subway and bus workers. The forms assure workers that the tracks are safe to travel on. The delays occurred because employees were waiting for forms to be approved by managers, Mr. Davis said.

But Metropolitan Transportation Authority transportation leaders called the union members' move a hidden work stoppage that ultimately failed to address their concerns. At a separate news conference, Richard Davey, president of the MTA division that operates the subway, called the morning disruptions “unacceptable.”

“The union leadership decided to stage some kind of walkout charade that impacted a few hundred thousand commuters in New York today,” he said, adding, “They have assured me that there will be no more behavior.”

Thursday's attack sparked long-simmering complaints that the MTA, the state agency that runs the transportation system, has not done enough to keep workers safe.

In recent weeks, several public transit workers have been attacked while on the job, prompting union leaders to call for more transit workers to be hired at stations. On February 14, a train station worker suffered a fractured eye socket when a man who had followed her across a platform hit her. In another episode, a conductor was reportedly hit in the face with a tennis ball.

In a news release, Mr. Davis said employees were deeply concerned for their safety. “We need better protection now before we lose one of our own.”

In the attack, which occurred early Thursday, a conductor, Alton Scott, was attacked while on duty at the Rockaway Avenue station on the A line along Fulton Street in Brooklyn, according to a news release from Local 100. Mr Scott, 59, who has worked for the authority for 24 years, was making “routine observations” from the cab window of a train when he was attacked, it said. He was taken to Brookdale Hospital Medical Center where he received 34 stitches.

According to police, Mr. Scott was in stable condition as of Thursday evening. There have been no arrests in the case and the investigation is continuing, police said.

In response to the attack, union leaders said they had initiated a “Section 1.9 Complaint” in their contracts, a process that allows them to make more formal safety recommendations.

“Nearly being killed is a clear and immediate danger, and we are enforcing that contract policy and moving to the higher level now,” said John Chiarello, a union official and safety director.

In a statement Thursday, John Samuelson, president of Transport Workers Union International, which represents 150,000 workers in sectors such as airlines, railroads and transit industries, criticized Janno Lieber, the MTA's chairman and chief executive

Mr. Samuelsen said the attack on Mr. Scott was a “horrific example of the epic, decades-long failure” of the MTA and Mr. Lieber “to protect public transit workers.”

At a news conference, Mr. Lieber praised police for quickly arriving at the scene of Mr. Scott's attack and highlighted the MTA's recent efforts to increase security on the transit system.

“We try to be innovative and try a lot of different things,” Mr. Lieber said. “This is an innovation MTA”

Public transit officials recently launched a pilot program that will introduce metal platform barriers to prevent riders from falling onto subway tracks, and they are in the process of installing surveillance cameras in every subway car, among other measures . About 1,000 of the system's approximately 6,500 cars are equipped with cameras.

Concerns about transit worker safety aren't just limited to New York City.

According to a recent study by the Urban Institute, a Washington, D.C.-based think tank that conducts economic and social policy research, assaults on transportation workers across the country have tripled in the last 15 years. Even if the numbers are increasing, it is most likely an undercount, the report says. The researchers found that attacks on public transit workers in New York increased from a three-day period in 2008 to an increase of every 1.4 days in 2022.

Lindiwe Rennert, who authored the report, said that public transport workers – partly because they are very accessible to the public – have become the focus of people's growing discontent and distrust of authority figures in government and society.

In December, the Biden administration proposed a general policy to address “significant and persistent security risks at the national level related to assaults on public transit workers.” The measure stipulates, among other things, that transport companies must assess potential dangers and develop possible solutions.

According to the city, reports of crimes on New York's transit system have increased 13 percent this year compared to the same time in 2023. According to police, authorities have counted six attacks on subway workers as of February 25, compared to five last year. In response to the spike in crime in January, Mayor Eric Adams ordered the deployment of an additional 1,000 uniformed officers on public transit.

Over the past two years, state and city leaders have launched several initiatives to combat crime in the metro, including additional overtime for police officers and the involuntary removal of severely mentally ill homeless people.

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1709250321 JAMP Pharma acquires a production facility in Levis

JAMP Pharma acquires a production facility in Lévis

The Quebec pharmaceutical company JAMP Pharma has acquired a production facility in Lévis that ceased operations in August 2023.

The Boucherville-based company assures that this transaction will be completed subject to Supreme Court approval and satisfaction of customary closing conditions.[répondre] to a growing demand for locally manufactured pharmaceutical products.

“Only 12% of the medicines consumed by Canadians are manufactured domestically. This acquisition therefore strengthens the Canadian supply chain and contributes to the fight against drug shortages that have become particularly evident during the pandemic,” JAMP Pharma Group said in a press release.

The company also plans to invest in research and development to bring new product formulations to market and ensure continuous supply of several new generic products.

“This announcement will enable the company to repatriate production of tablets, capsules, oral liquids and oral powders locally,” it said.

JAMP Pharma acquires a production facility in Lévis

Photos provided by JAMP Pharma. default

The Pharmalab production facility in Lévis has an area of ​​100,000 square meters. Since the latter ceased operations last fall, an assessment of existing facilities and equipment is being conducted to ensure the facility meets the highest industry standards.

The JAMP Pharma Group would like to employ a significant number of the 250 former Pharmalab employees.

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The US is proposing new rules to make flying easier

The US is proposing new rules to make flying easier for travelers in wheelchairs

The Biden administration announced Thursday that it is proposing new rules for how airlines treat passengers in wheelchairs in an effort to improve air travel for people with disabilities.

Under the proposal, damaging or delaying the return of a wheelchair would be an automatic violation of an existing federal law that prohibits airlines from discriminating against people with disabilities. The Transportation Department said the change would make it easier for the agency to penalize airlines for mishandling wheelchairs.

The proposed regulations would also require more in-depth training for workers who physically assist disabled passengers or operate their wheelchairs.

“There are millions of Americans with disabilities who do not travel by air because of poor aviation practices and inadequate government regulation, but now we are moving to change that,” Transportation Secretary Pete Buttigieg said in a statement. “This new rule would change the way airlines operate to ensure travelers in wheelchairs can travel safely and with dignity.”

Flying can be difficult and uncomfortable for people in wheelchairs, and plane mishaps can be an even more distressing experience. According to the Transportation Department, more than 11,000 wheelchairs and scooters were mishandled by airlines last year.

The proposed regulations complement previous Biden administration actions aimed at improving the flying experience for disabled travelers. In 2022, the Department of Transportation released a Bill of Rights for Airline Passengers with Disabilities. Last year, the agency issued new rules requiring more commercial aircraft to have accessible restrooms.

Senator Tammy Duckworth of Illinois, a former Army helicopter pilot who uses a wheelchair after losing both legs in the Iraq War, noted that airlines had previously unsuccessfully fought a rule that would require them to limit the number of wheelchairs and disclosing scooters they mishandled. Ms Duckworth said since airlines began reporting these numbers several years ago, she has seen improvements at airports across the country.

Ms. Duckworth, a Democrat and chairwoman of the Senate Commerce Committee's aviation subcommittee, said she hoped the proposed rules would lead to a higher level of accountability for airlines. But she added that Congress should take action to protect the policies the Biden administration plans to put in place.

“This rule could be repealed by a future Department of Transportation under a different administration,” said Ms. Duckworth, who attended a White House event on Thursday where Mr. Buttigieg discussed the new proposal.

At the event, Carl Blake, executive director of Paralyzed Veterans of America, who petitioned the Transportation Department to draft new regulations to improve the boarding and disembarking process for disabled passengers, said he had never met a member of his organization who had flown and whose wheelchair was not damaged at one time or another.

Mr Blake said the issue needed to be addressed urgently and he stressed the importance of using the new rules to hold airlines to account. “A rule without enforcement is no rule at all,” he said.

In a statement, a spokeswoman for Airlines for America, a trade group that represents the nation's largest air carriers, said airlines have made progress to improve the flying experience for disabled passengers through measures such as improving training for their employees.

“U.S. airlines are committed to providing a high level of customer service and providing a positive and safe flying experience for passengers with disabilities,” said spokeswoman Hannah Walden.

Public comments on the proposed regulations will be accepted for 60 days. The Ministry of Transport has not given a timetable for the final implementation of the new measures.

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1707802245 Surprising price increase at SAQ

Strike in sight for SAQ employees?

The approximately 5,500 branch and office employees of the Société des alcools du Québec (SAQ) will decide on Friday whether to issue a 15-day strike mandate.

• Also read: Minimum price for beer: Box 24 up 22% since 2020

• Also read: Price increases: more flexibility for SAQ suppliers

If these members decide on a strike mandate to be used if necessary, the union (SEMB-SAQ-CSN) hopes to “increase the pressure” for the renewal of the collective agreement.

“While negotiations with SAQ management have been ongoing for more than a year, the parties are still far from reaching an agreement,” the union complained in a press release.

One of the main demands from workers is to reduce the proportion of part-time employees at the SAQ, which the union says is “close to 70%”.

“Part-time workers have no idea of ​​their schedule two weeks in advance; They also don't know if they will have full work weeks. “Many need a second job to cover their living costs,” said union president Lisa Courtemanche.

The union also wants to tackle the system of working time distribution, which employees find to be “far too rigid”.

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AMD39s market value tops 300 billion amid AI powered rally

AMD's market value tops $300 billion amid AI-powered rally

(Bloomberg) — Shares of Advanced Micro Devices Inc. jumped Thursday, with the chipmaker extending its advance and hitting the latest in a string of new records this year.

Most read by Bloomberg

The stock rose 9.1%, a rise that led the company's market capitalization to close above $300 billion for the first time. Shares have more than doubled from their October lows.

The company is considered a key beneficiary of artificial intelligence, and last month optimism about new AI processors helped AMD shares recover from a weak forecast.

Earlier Thursday, Citigroup Inc. wrote that the company remains “very optimistic about the half-life numbers,” especially as “the AI ​​market continues to grow” and all types of companies and organizations are buying all AI chips. The company named AMD alongside Nvidia Corp. and Broadcom Inc. one of his favorite stocks.

Still, the stock doesn't exactly look like a bargain after its recent gains. The shares are trading at almost 50 times estimated earnings, making them far more expensive than industry leader Nvidia, whose value is relatively lower at 32.

While analysts are broadly positive – more than three-quarters of companies tracked by Bloomberg recommend buying AMD – shares are essentially in line with the average price target, suggesting additional upside from here may be limited .

(Updates as of market close.)

Most read by Bloomberg Businessweek

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A waste of 22 billion in interest costs on federal

A waste of $22 billion in interest costs on federal debt

In the first nine months of the current fiscal year, from April to December 2023, the interest bill on federal debt has already exceeded $35 billion.

At the rate at which interest is accumulating, or even at a rate of 4 billion per month, the federal debt bill is expected to reach 47 billion by the end of this fiscal year 2023-24, or 22 billion more than in fiscal year 2021 /22 year.

We're talking about an interest bill that will be almost double what it was two years ago, just before the Bank of Canada began tightening monetary policy.

This means that the sole impact of the Bank of Canada's spectacular interest rate increase on the federal debt will cost us the astronomical sum of $22 billion in additional interest costs this fiscal year. This will of course also be the case in the next financial years 2024-25, 2025-26 etc.

No, but what a waste of public money!

  • Listen to the economy part with Michel Girard above QUB :

TRUDEAU'S MISTAKE?

They will tell me that it is Justin Trudeau's fault, with the numerous and costly measures he has proposed to financially help victims of the COVID-19 pandemic.

A caveat is necessary: ​​almost all Canadians benefited from these measures, which required an outlay of hundreds of billions of dollars.

Yes, the federal debt has increased enormously as a result of the implementation of this package of measures. Today it has reached almost 1,200 billion dollars.

OR AT THE BANK OF CANADA?

In order to counteract inflation in the wake of the COVID-19 pandemic, central banks have resorted to their favorite tool: tightening their respective monetary policies. Apparently, the Bank of Canada followed the example of the US Federal Reserve and other central banks and drastically increased its key interest rate.

This rose from 0.25% in early March 2022 to 5.0% 16 months later, in July 2023. This caused interest costs on all loans, from individuals, companies and governments, to explode.

  • Listen to the economy part with Michel Girard above QUB :

The Trudeau government must now finance the federal debt at an interest rate that is at least double what it was before March 2022.

When Tiff Macklem, the governor of the Bank of Canada, says he will have difficulty bringing down inflation if governments do not control their spending, I want to remind him that he himself is responsible for the acute inflation that is caused by the rising interest costs are caused.

At the federal level alone, the increase in the key interest rate costs us an additional 22 billion in interest costs every year. In addition, there are billions of dollars in additional interest costs that provincial governments have to pay on their debts.

And to think that these tens of billions of additional dollars only serve to fill the coffers of bankers and investors!

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