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9000 Job Layoffs on the Way Post Credit Suisse Crises and UBS takeover

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9000 Job Layoffs on the Way Post Credit Suisse Crises and UBS takeover

Although it’s too soon to estimate how many jobs would be lost, Colm Kelleher, UBS Chairman said 9000 figure will be large. The company confirmed in a press release on Sunday that it aims to reduce the annual cost base of the merged company by much more than $8 billion by 2027. The costs for Credit Suisse last year came to about half of that.

Even before the government-brokered acquisition of Credit Suisse Group AG, the Swiss institution was attempting to save itself by axing 9,000 jobs. Once rival UBS Group AG accepted the purchase of the struggling bank, that is just the beginning, as to people who are familiar with the negotiations; one person said the total cost may be multiples of that amount.

Immense Layoffs Expected Soon

Significant overlaps result from the combination. Almost 125,000 individuals were employed by the two institutions as a whole by the end of the previous year, with Switzerland accounting for nearly 30% of the total.

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Notwithstanding worries about industry concentration from this transaction, according to Kelleher, the company was committed to keeping Credit Suisse’s successful Swiss division. However, it was evident from his comments that UBS is more enthusiastic about Credit Suisse’s financial advisory division than its investment bank. The investment company will be diminishing, which will probably put a stop to hopes for a CS First Boston spinoff.

The UBS chairman acknowledged that the workforce at Credit Suisse will face “tough” times in the following months and said that UBS would do everything in its power to minimize the uncertainty.

The transaction runs the risk of clients who already have funds with both companies moving some of it to a rival to reduce their vulnerability to any one company, which is common in Asia, in which the two companies are among the biggest investment firms. Ulrich Koerner, the CEO of Credit Suisse, revealed on Tuesday that he has already eliminated around 8% of the company’s workforce.

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Subhashree Panda: A proficient content writer, editor, and researcher. With 4 years of experience and an MBA in finance, she crafts compelling narratives on global events. Her passion for diverse journalism genres resonates widely, fostering broad audience connections.

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

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More Trouble For Microsoft, OpenAI: Eight US Newspaper Publishers File Lawsuit For Copyright Infringement

Trouble for Microsoft and OpenAI over copyright infringement is not coming to an end, as they face several lawsuits for violating copyrights.

On Tuesday, eight US newspaper publishers sued Microsoft for illegally reusing articles in AI products.

The 98-page long lawsuit further accused the tech companies of attributing erroneous information to the publishers.

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The eight newspapers that have filed the lawsuits include the New York Daily News and the Chicago Tribune.

They allege that OpenAI’s ChatGPT used their copyrighted articles to perfect its language models without permission.

The lawsuit was filed in a New York federal court on Tuesday. The publishers claim that OpenAI’s large language models, GPT-2 and GPT-3, were perfected using datasets containing text from their newspapers.

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The language models are designed to produce text based on human inputs and reproduce copies of the publishers’ works. Microsoft has been indicted for using newspapers for its Bing search index but seldom provided links to the original articles. Four months ago, The New York Times also filed a lawsuit against OpenAI, accusing the tech giant of using data from its past content. It also asked for consent for usage, criticizing the use of full article excerpts in chatbot responses.

The latest lawsuit filed by the eight news outlets also demanded consent and fair value for using their content to perfect the AI language models. The lawsuit alleged that the AI tools literally regurgitate their content without directing users to the content source.

The lawsuit filings stated, “This lawsuit arises from defendants purloining millions of the publishers’ copyrighted articles without permission and without payment to fuel the commercialization of their generative artificial intelligence products, including ChatGPT and (Microsoft’s) Copilot.”

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The eight newspapers that instituted the lawsuits are as follows:

  • The New York Daily News and The Chicago Tribune, both owned by Alden Global Capital
  • The Orlando Sentinel
  • The Sun Sentinel
  • The San Jose Mercury News
  • The Denver Post
  • The Orange County Register
  • The St. Paul Pioneer Press

OpenAI’s Response

OpenAI did not directly respond to the accusations but stated that it takes great care to support the news and media outlets. It also stated it is in continuous partnerships and conversations with various news outlets around the world to explore new opportunities, discuss problems, and seek out solutions.

Microsoft also stated that OpenAI has entered into fruitful partnerships with a number of publishers, which includes The Financial Times, The Associated Press, Spanish conglomerate Prisa Media, and Germany’s Axel Springer.

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Heather Pressdee, The Pennsylvania Nurse Connected To The Deaths Of 17 Patients Sentenced To Hundreds Of Years In Prison

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Heather Pressdee, the Pennsylvania nurse connected to the deaths of 17 patients will be spending the rest of her life in prison. The 41 year old nurse had pleaded guilty for three counts of 1st-degree murder and other charges and this helped her avoid the death sentence.

Heather Pressdee while working as a nurse had administered lethal doses of insulin leading to the death of 17 patients had pleaded guilty in a Butler County courtroom to three counts of first-degree murder and 19 counts of criminal attempt to commit murder. Heather Pressdee was working as a nurse at Quality Life Services before her arrest in May 2023.

Investigations revealed that Pressdee’s killing spree began in 2020 when she started administering “lethal and potentially lethal doses of insulin” to at least 22 patients at facilities in Allegheny, Armstrong, Butler and Westmoreland counties. Of these 17 patients died soon or after some time after receiving the insulin doses according to prosecution.

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Heather Pressdee will be serving three consecutive life sentences after pleading to the three counts of first-degree murder. She is also sentenced an additional 380 to 760 years of consecutive jail terms after being found guilty for 19 counts of criminal attempt to commit murder, according to prosecutors.

Attorney General Michelle Henry said, “The defendant used her position of trust as a means to poison patients who depended on her for care. This plea and life sentence will not bring back the lives lost, but it will ensure Heather Pressdee never has another opportunity to inflict further harm. I offer my sincere sympathy to all who have suffered at this defendant’s hands.”

Kings of Pressdee’s victims who were present at the nurse’s sentencing hearing recounted the “pain and anguish caused by learning their loved one’s death was not natural, but was caused by a criminal act,”

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Sister of one of the victims, Nicholas Cymbol, Melinda Brown said that the nurse was pure evil. She added that this is not complete justice and justice will be delivered when she meets her maker. Daughter of another victim Irene Simons said that she will never forgive Pressdee. She added that she is angry because Pressdee disguised herself as a caring nurse and she tried to play God and take the life of someone from the world that she had no right to take.

Attorney General Michelle Henry first became aware of Pressdee’s crimes when her office received a referral in late 2022 regarding a patient under the nurse’s care. A thorough investigation was launched which revealed the full extent of Pressdee’s horrific actions.

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‘Dad’ of Wally, the missing pet support alligator, makes emotional plea for his return on TikTok

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A man living in the city of Brunswick on Georgia’s southeast coast is devastated after his pet alligator was stolen from his home on April 21, 2024. In an emotional video which was posted on TikTok the man who was crying said that he is the dad of Wallygator (the name of the pet alligator) and appealed to the public for help to bring his pet back home.

It has been almost 11 days since Wally the pet support alligator was reportedly kidnapped and stolen in Georgia. The Walygator disappeared from his home on April 21 when his handler Joie Henney was visiting friends.

The owner of the alligator in a video posted on TikTok through tears said, “I’m Wallygator’s dad. We need all the help we can get to bring my baby back. Please, we need your help.”

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The owner is also offering a reward for the safe return of his pet and said that no questions will be asked.

The owner Joie Henney has two alligators as pets and lives in Strinestown. The alligator, which is said to be a 4-foot-long, nearly 60-pound, emotional support alligator lives in SpiriTrust Lutheran Village at Sprenkle Drive and a number of people come to have a glimpse of the reptile.

Henney also revealed that he is putting through a search party for Wally after a Georgia Department of Natural Resources official contacted him and informed him of the theft of his pet by someone who stole Wally with the intent of dropping him off in a resident’s yard “to terrorize them.” The residents called the authorities and the services of a trapper were called for who caught and released the reptile into a swamp. Henney posted on Facebook that Wally is unlikely to survive in the wild on his own.

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Who is Wallygator?

Wallygator is an eight year old emotional support animal and provided solace and comfort to people at nursing homes and baseball games. He was adopted by Henney when he was 1 year old in 2019. Henney revealed that the alligator was very docile and loved to be hugged and kissed by people. He was also fond of going for walks. The pet alligator also was very fond of adventures which included leashed park visits and supervised swimming stints. His frolics were often posted on social media where Wally has tens of thousands of followers.

The search for the missing alligator has also received support from the Gator boys who have joined efforts with other agencies that specialize in rescuing alligators.

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