Business Highlights: Turmoil at company behind ChatGPT; CEO of GM’s Cruise unit resigns

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Company that created ChatGPT is thrown into turmoil after Microsoft hires its ousted CEO

SAN FRANCISCO (AP) — The company that created ChatGPT is in turmoil after Microsoft hired its ousted CEO and many more employees threatened to follow him in a conflict that centered in part on the safest way to build artificial intelligence. The developments followed a weekend of drama that shocked the AI field and fueled speculation about the future of OpenAI. The startup’s new CEO vowed to investigate the firing of co-founder and CEO Sam Altman. He’s been instrumental in OpenAI’s transformation from a nonprofit research laboratory into a world-renowned commercial startup that inaugurated the era of generative artificial intelligence. Microsoft announced that Altman and OpenAI’s former president, Greg Brockman, would lead its new advanced AI research team.

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Key Fed official sees possible ‘golden path’ toward lower inflation without a recession

WASHINGTON (AP) — Austan Goolsbee, president of the Federal Reserve Bank of Chicago, suggested that the economy appears to be on what he calls the “golden path,” another term for what economists often term a “soft landing,” in which the Fed would curb inflation without causing a deep recession. “Any time we’ve had a serious cut to the inflation rate, it’s come with a major recession,” Goolsbee said in an interview with The Associated Press. “And so the golden path is a ... bigger soft landing than conventional wisdom believes has ever been possible. I still think it is possible.” At the same time, he cautioned: “I haven’t moved so far as to say that that’s what my prediction is.”

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Vogt resigns as CEO of Cruise following safety questions, recalls of self-driving vehicles

DETROIT (AP) — Kyle Vogt has resigned as CEO of Cruise, General Motors’ autonomous vehicle unit. His decision to step down, announced late Sunday, follows a recall of all 950 Cruise vehicles to update software after one dragged a pedestrian to the side of a San Francisco street in early October. Cruise won approval to transport fare-paying passengers last year. Since then, the vehicles have drawn complaints for making unexpected, traffic-clogging stops that critics say inconvenience other travelers and may imperil public safety. Problems at Cruise could slow the deployment of fully autonomous vehicles that carry passengers without human drivers on board.

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Stock market today: Wall Street rises to its best level since the start of August

NEW YORK (AP) — Wall Street rose to begin a holiday-shortened week and reached its highest level in more than three months. The S&P 500 rose 0.7% Monday, coming off its third straight winning week. The Dow added 203 points, and the Nasdaq composite climbed 1.1%. Microsoft was the strongest force lifting the market. The tech giant rose 2.1% after announcing it was bringing on Sam Altman for a new venture following his sudden dismissal as CEO of OpenAI, the maker of ChatGPT. This week is relatively light on economic reports given Thursday’s Thanksgiving holiday. A profit report from Nvidia coming Tuesday may be the highlight.

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American Airlines flight attendants ask for permission to strike. Southwest pilots could be next

FORT WORTH, Texas (AP) — American Airlines flight attendants are asking federal officials for the right to go on strike, possibly before the end of the Christmas and New Year’s travel rush, but American said there was “no possibility” of a walkout over the holidays. Leaders of the flight attendants’ union say they are frustrated with the lack of progress in negotiations over a new contract for workers who have not seen raises since 2019, and on Monday they asked the National Mediation Board on Monday for permission to strike after a 30-day “cooling-off period.” Southwest Airlines pilots might make a similar request by the end of the month.

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Canned seafood moves beyond tuna sandwiches in a pandemic trend that stuck

SAN FRANCISCO (AP) — It looks like the U.S. canned seafood industry is moving well beyond tuna sandwiches thanks to a culinary trends that emerged from the coronavirus pandemic. Canned mackerel, sardines and squid gained in popularity when Americans were stuck at home cooking from their cupboard staples. Since then the U.S. market has expanded, fueled by social media influencers touting the benefits of the high-powered protein food in beautiful, brightly colored metal containers. U.S. canned seafood industry dollar sales have grown from $2.3 billion in 2018 to more than $2.7 billion so far this year, according to market research firm Circana.

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A curious South African sea snail is a prized dish in Asia. That has meant a trail of destruction

HAWSTON, South Africa (AP) — South African abalone, a curious fist-sized sea snail, is a highly prized morsel in East Asia and the unwitting instigator of 30 years of trouble for fishing communities along Africa’s southern coast. Abalone in Hawston, South Africa, was abundant and especially tasty, yet the demand largely put the village and its traditional fishers out of business, or made them criminals overnight, when authorities banned abalone fishing to preserve the species and stop illegal poaching. Today, the abalone industry is a mixture of illegal poaching, farmed varieties and miniscule catches for local farmers. But local players have been meeting to find a better way to fish the sought-after snail.

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Argentina’s president-elect wants public companies in private hands, with media first to go

BUENOS AIRES, Argentina (AP) — Argentina’s president-elect has given the first signals of how he plans to shake up South America’s second-largest economy. Right-wing populist Javier Milei is looking to privatize a slew of state-run companies after winning the country’s runoff presidential election on Sunday with 55.7% of the vote. He wants to start with public media, which on Monday he described as a “covert ministry of propaganda.“Everything that can be in the hands of the private sector will be in the hands of the private sector,” Milei said in a radio interview. Experts say he might find it hard to fulfill his vision without more support in Congress but some analysts think his resounding victory could give him leverage.

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Loans pave way for Abu Dhabi-backed fund to take over UK’s Telegraph newspaper

LONDON (AP) — An Abu Dhabi-backed investment fund has paved the way to take ownership of Britain’s Telegraph newspaper and The Spectator magazine. RedBird IMI said on Monday that it agreed to provide loans to the family that previously owned the publications to repay its bank debts. RedBird IMI is led by former CNN chief Jeff Zucker. It is a joint venture between RedBird Capital and Abu Dhabi’s International Media Investments. The right-leaning newspaper and magazine were owned by Britain’s Barclay family, which also previously owned London’s luxurious Ritz Hotel before selling it in 2020. Lenders for the Barclay family would need to agree to the deal, which is expected to attract a high level of political scrutiny.

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The S&P 500 gained 33.36 points, or 0.7%, to 4,547.38. The Dow Jones Industrial Average rose 203.76 points, or 0.6%, to 35,151.04. The Nasdaq composite advanced 159.05 points, or 1.1%, to 14,284.53. The Russell 2000 index of smaller companies added 9.32 points, or 0.5% to 1,807.08.