Business
Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How
OMAHA, Nebraska – Warren Buffett warned the tens of thousands of shareholders who crowded an arena for his annual meeting that AI frauds might become “the growth industry of all time.”
Doubling down on his warnings from last year, Buffett informed the crowd that he had just encountered the disadvantages of artificial intelligence. And it looked and sounded exactly like him. Someone created a phony film of Buffett, which appeared to be convincing enough that the so-called Oracle of Omaha admitted he could imagine it deceiving him into moving money offshore.
The wealthy investing guru predicted that crooks will grasp the technology and cause more harm than good.
“As someone who doesn’t understand a damn thing about it, it has enormous potential for good and enormous potential for harm and I just don’t know how that plays out,” he was quoted as saying.
AP – VOR News Image
Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How
The day began early Saturday with Berkshire Hathaway reporting a significant decline in earnings as the paper worth of its investments fell, and it reduced its Apple holdings. In the first quarter, the business posted a $12.7 billion profit, or $8,825 per Class A share, a 64% decrease from $35.5 billion, or $24,377 per A share, the previous year.
However, Buffett advises investors to focus more on the conglomerate’s operating earnings from the companies it actually owns. These increased by 39% to $11.222 billion, or $7,796.47 per Class A share, driven by the success of insurance businesses.
Nothing that got in the way of having fun.
Crowds flocked to the arena to buy Squishmallows of Buffett and former Vice Chairman Charlie Munger, who died last October. The gathering draws investors worldwide and is unlike any other business meeting. Those attending for the first time are motivated by a desire to be here while Buffett, 93, is still alive.
“This is one of the world’s top events for learning about investment. “To learn from the gods of the industry,” said Akshay Bhansali, who traveled from India to Omaha for nearly two days.
Devotees go from all over the world to gather pearls of wisdom from Buffett, who memorably nicknamed the event ‘Woodstock for Capitalists.’
However, one missing aspect this year was the first meeting after Munger’s death.
The gathering began with a video homage featuring some of his most famous statements, including the legendary line, “If people weren’t so often wrong, we wouldn’t be so rich.” The movie also included pranks the investors had done with Hollywood celebs over the years, including a “Desperate Housewives” spoof in which one of the women introduced Munger as her lover and another in which actress Jaimie Lee Curtis swooned over him.
AP – VOR News Image
Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How
As the film ended, the arena erupted in a sustained standing ovation for Munger, whom Buffett referred to as “the architect of Berkshire Hathaway.”
Buffett stated that Munger remained curious about the world until his death at 99, throwing dinner parties, meeting with people, and making regular Zoom calls.
“Like his hero Ben Franklin, Charlie wanted to understand everything,” Buffett said.
For decades, Munger and Buffett served as a legendary comic pair, with Buffett providing lengthy setups to Munger’s sharp one-liners. He once called unproven internet startups “turds.”
Together, they transformed Berkshire from a struggling textile mill into a vast conglomerate of diverse interests, from insurance companies such as Geico to the BNSF railroad, many major utilities, and a slew of other businesses.
Munger frequently described the key to Berkshire’s success as “trying to be consistently not stupid, instead of trying to be very intelligent.” He and Buffett were also recognized for sticking to businesses that they knew well.
“Warren would always do at least 80% of the talking. But Charlie made an excellent foil,” said Stansberry Research analyst Whitney Tilson, who was looking forward to his 27th consecutive meeting.
Munger’s absence, however, allowed shareholders to get to know the two executives who directly supervise Berkshire’s companies: Ajit Jain, who runs the insurance operations, and Abel, who handles everything else and has been anointed Buffett’s successor. This year, they performed alongside Buffett on the main stage.
When Buffett initially asked Abel a question, he accidentally said, “Charlie?” Abel shrugged off the error and delved into the issues that utilities face due to the increasing risk of wildfires and certain regulators’ unwillingness to allow them to make a respectable profit.
Morningstar analyst Greggory Warren says Abel spoke up more on Saturday, allowing shareholders to see some genius Berkshire management boasts about.
Abel twisted Munger’s famed “I have nothing to add” statement by frequently beginning his answers Saturday with “The only thing I would add.”
AP – VOR News Image
Warren Buffett Says AI May Be Better For Scammers Than Society. And He’s Seen How
“Greg’s a rock star,” stated Chris Bloomstran, head of Semper Augustus Investment Group. The bench is deep. He won’t be in the same mood at the meeting, but I believe we all come here every year as a reminder to remain logical.”
Buffett made it obvious that Abel would be Berkshire’s next CEO, but he stated on Saturday that he had altered his mind about how the company’s investment portfolio should be managed. He has previously stated that it would fall to two investment managers who now control tiny portions of the fund. On Saturday, Buffett approved Abel for the position, which includes managing the running businesses and potential acquisitions.
“He understands the business well. “If you understand business, you understand common stocks,” Buffett stated. The board will ultimately decide, but the billionaire has threatened to come back and haunt them if they try something different.
Buffett believes Berkshire’s arrangement of having all non-insurance companies report to Abel, and insurers report to Jain is effective. He no longer receives many calls from management since they rely on Abel and Jain for assistance.
“This place would work extremely well the next day if something happened to me,” Buffett stated in an interview.
SOURCE – (AP)
Sonic the Hedgehog is dominating Christmas wish lists this year. The lovable blue hedgehog is back in the spotlight, from sonic the hedgehog toys and games to sonic the hedgehog coloring pages and movie hype.
Sonic-themed holiday merchandise is on fire, from quirky sweaters to action figures flying off shelves. Sonic the Hedgehog Christmas outfits for kids are selling out fast, making them a go-to gift option for festive fun.
Retailers have been quick to recognize Sonic’s holiday appeal. Special promotions and exclusive items, like the Sonic holiday t-shirts, are everywhere.
Everyone’s stocking up on Sonic merchandise, from big-box stores to boutique retailers.
Online shopping platforms are seeing a surge in searches for Sonic items. Whether it’s Sonic Christmas-themed tops or Sonic the Hedgehog coloring pages, Sonic the Hedgehog toys or Sonic and the Hedgehog 3, the demand is skyrocketing.
Retailers who tap into this trend are sure to see strong holiday sales.
Sonic has been around since the early 90s, but his popularity never wanes. With the release of Sonic 3, fans are more excited than ever.
Sonic the Hedgehog 4
Meanwhile, Paramount Pictures is preparing “Sonic the Hedgehog 4,” with the newest addition in the family-friendly genre set for a spring 2027 release.
The announcement comes as “Sonic 3” opens in theatres on Friday, estimated to gross $55 million to $60 million from 3,800 North American locations.
The sequel is shaping up to be a good holiday season blockbuster for Paramount, which explains the desire in future “Sonic” adventures. On the international front, the film will be released on Christmas Day in 52 markets.
On Rotten Tomatoes, critics gave “Sonic 3” an outstanding 87% fresh score.
The first two films grossed a total of $725.2 million at the global box office and generated over $180 million in global consumer expenditure through home entertainment rentals and digital purchases.
They also inspired a spinoff Paramount+ series, “Knuckles,” which premiered earlier this year.
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An Amazon strike has hit facilities in the United States in an effort by the Teamsters union to pressure the corporation for a labour agreement during a peak shopping season.
The Teamsters union told the Associated Press that Amazon delivery drivers at seven facilities in the United States walked off the job on Thursday after the firm failed to discuss a labour contract.
According to the union, Amazon employees in Teamsters union jackets were protesting at “hundreds” of additional Amazon facilities, which the union billed as the “largest strike” in US history involving the company.
The corporation, which employs over 800,000 people in its US delivery network, stated that its services will be unaffected.
It was unclear how many people, including members of Germany’s United Services Union, participated in Thursday’s demonstration. The Teamsters union reported that thousands of Amazon employees were implicated in the United States.
Amazon Strike at 10 Locations
Overall, the group claims to represent “nearly 10,000” Amazon strikers, having signed up thousands of people at roughly ten locations across the country, many of whom have joined in recent months.
The organization has claimed recognition from Amazon going on strike, claiming the firm illegally neglected its obligation to bargain collectively over salary and working conditions.
The Teamsters is a long-standing US union with nearly one million members. It is well-known for securing lucrative contracts for its members at companies like delivery behemoth UPS.
Most of the Teamsters’ Amazon campaigns have concerned drivers working for third-party delivery companies that partner with the tech behemoth.
Amazon denies that it is liable as an employer in those circumstances, which is a point of legal contention. In at least one case, labour officials have taken a preliminary stance in favour of the union.
Stalled Contract Negotiations
Amazon employees at a major warehouse on Staten Island in New York have also chosen to join the Teamsters. Their warehouse is the only Amazon facility in the United States where labour officials have formally recognized a union win.
However, the Amazon strike is because contract negotiations have not progressed since the 2022 vote. It was not one of the areas scheduled to go on strike on Thursday.
Amazon, one of the largest employers in the United States, has long received criticism for its working conditions and has been the target of activists seeking to gain traction among its employees.
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(VOR News) – Thousands of Amazon employees at various sites across the country were scheduled to go on strike on Thursday in an effort by the Teamsters union to pressure the retail behemoth to acknowledge its unionised workers in the United States.
The walkout is expected to concentrate on seven Amazon locations across the country during the holiday purchasing surge and may be the most significant union action against Amazon in the nation’s history.
The business announced on Thursday morning that there had been no effect on operations. It also stated that it is “continuing to concentrate on fulfilling customers’ holiday orders.”
The International Brotherhood of Teamsters maintains that it represents more than 10,000 Amazon employees and contractors in aviation centres, warehouses, and delivery centres.
Amazon has refused to acknowledge the union for many years.
The retail giant, which employs approximately 1.5 million individuals, excludes contractors and part-timers. A strike has been initiated by delivery couriers and warehouse employees at seven distinct locations in order to exert pressure on the company to negotiate a collective bargaining agreement that would encompass modifications to compensation, amenities, and working conditions.
Picketing was intended for New York, Atlanta, Los Angeles, San Francisco, and Skokie, Illinois.
Also, the Teamsters assert that they are establishing picket lines at “hundreds” of additional warehouses and delivery centres by encouraging non-unionized workers to picket under U.S. labour law, which protects workers’ ability to take collective action to further their interests.
“Amazon workers are exercising their power,” Randy Korgan stated to NPR.
“They now realise there is a pathway to take on a corporate giant like this – and that they hold the power.” Amazon responds by accusing the Teamsters of fabricating information regarding the strikes, asserting that the participants are “entirely” outsiders rather than employees or subcontractors of the corporation.
Amazon spokesperson Kelly Nantel stated that “the reality is that they were unable to secure sufficient support from our employees and partners and have invited external parties to harass and intimidate our team.” For more than a year, the Teamsters have been intentionally misleading the public by claiming to represent “thousands of employees and drivers.” They do not.
The Teamsters did not provide a specific duration for the strike; however, they informed NPR that it would extend beyond one day. Workers would receive $1,000 per week in strike money, as per the union.
Teamsters President Sean O’Brien issued a statement in which he stated, “If your package is delayed during the holidays, you can attribute it to Amazon’s insatiable greed.” We established a firm deadline for Amazon to attend the meeting and treat our members equitably. They disregarded it.
The Teamsters granted until December 15 to convene with its unionised employees and develop a collective bargaining agreement.
Amazon has opposed all unionisation efforts in court, asserting that unions were not advantageous to its employees and emphasising the compensation and benefits that the organisation currently provides.
Amazon has been accused of discriminatory labour practices on numerous occasions, including the termination of labour organisers. Furthermore, it has disputed its official status as a contract employer.
Teamsters organize Amazon delivery couriers and other employees.
In June, Amazon established its first unionised warehouse in Staten Island, New York, two years after making history by voting to join the fledgling Amazon Labour Union, which is also affiliated with the Teamsters.
The union is one of the most influential in the United States and Canada, with 1.3 million members. On Thursday, the German United Services Union declared that Amazon employees in Germany would participate in a strike in conjunction with their American counterparts.
In the past, Amazon has experienced demonstrations in Germany and Spain that were related to the holiday season in order to advocate for improved wages and working conditions.
“The holiday season has arrived.” Delivery is anticipated. Patricia Campos-Medina, the executive director of Cornell University’s Worker Institute, asserts that “this is the moment in which workers have control over the supply chain.”
The Teamsters have reported that Amazon’s profits have increased both during and after the pandemic. The corporation is currently valued at over $2.3 trillion, with net income of $15 billion in the most recent quarter alone. It is the second-largest private employer in the United States, following Walmart.
SOURCE: NPR
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