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G7 economies to agree on AI guiding principles for companies – report. (00:27) UAW reaches tentative agreement with Stellantis (STLA), expands strike against GM. (01:57) Boeing (BA) weighing ransomware threat from hackers. (03:10)
This is an abridged transcript of the podcast.
The Group of Seven industrial nations will agree to a code of conduct for companies building advanced artificial intelligence systems.
According to Reuters, citing a G7 document, the move comes as governments seek ways to mitigate the risks and potential misuse of AI.
The voluntary code of conduct will establish a landmark for how major countries govern the technology, the report added.
The G7 economies — which consists of the U.S., U.K., Canada, France, Germany, Italy, Japan, and the EU — had started the process in May at a ministerial forum called the “Hiroshima AI process,” the report noted.
The 11-point code “aims to promote safe, secure, and trustworthy AI worldwide and will provide voluntary guidance for actions by organizations developing the most advanced AI systems, including the most advanced foundation models and generative AI systems”, the report added citing the G7 document.
The code also aims to help seize the benefits and address the potential risks from the technology. The code requests companies to take measures to detect, evaluate and mitigate risks in the AI lifecycle, and tackle incidents of misuse after the AI products have been launched in the market, according to the report.
The companies are also urged to post public reports on the capabilities, limits, use and any misuse of the AI products, and also invest in security measures.
China is also expected to launch an initiative to govern AI from multiple angles, differing from the U.S. approach.
Stellantis (NYSE:STLA) and the United Auto Workers have agreed to terms on a new four-year contract that would bring an end to a strike that began in September.
The deal is modeled on one reached last week with Ford Motor (F). Employees will see 25% raises over the life of the contract, cost-of-living adjustments, and the ability to strike over plant closures.
UAW said that the UAW National Stellantis Council will vote on Nov. 2 whether or not to send it to members for final approval.
Assuming the contract is approved by rank-and-file members, it would impact about 43K Stellantis workers represented by UAW.
The United Auto Workers over the weekend expanded its strike against General Motors (NYSE:GM) to include a Tennessee engine factory that is the automaker’s largest facility in North America.
UAW President Shawn Fein authorized the expansion in Spring Hill as GM has yet to follow in the footsteps of Ford Motor (F) and Stellantis (STLA) in reaching agreements with the union, Reuters reported.
The Spring Hill facility employs around 4K workers.
According to Reuters, engines and other components made in Spring Hill are then sent to nine assembly plants.
Mueller Water Products (NYSE:MWA) Saturday evening said it was hit by a cybersecurity incident impacting its operational and information technology systems.
Mueller (MWA) noted that its incident response team has implemented response and containment protocols. Law enforcement has also been contacted and impacted customers were notified.
The company said that the incident has led to delays in some of its business operations that could adversely affect financial results.
While we’re on the topic of cybersecurity, Boeing (NYSE:BA) is working to assess a ransomware threat from hackers with Russian ties.
Bloomberg News reported that the cyber gang threatened to publicize sensitive data if the plane maker doesn’t pay up by November 2.
“We are assessing this claim,” a Boeing (BA) spokesperson said by email to Seeking Alpha.
The group Lockbit has a countdown clock on its dark web page for Boeing (BA) with a threat of releasing what it describes as a tremendous amount of sensitive material.
The report says that Lockbit frequently deploys ransomware to lock up files of targets and demand payment to unlock them.
Other articles to look out for on Seeking Alpha:
HSBC net profit more than triples in Q3; $3B stock buyback planned
Citi explores a Disney trade-off: ABC and India for Hulu
Evergrande gets last chance for debt deal to avert liquidation; stock hits record low
On our catalyst watch for the day,
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Apple (NASDAQ:AAPL) is holding a product event that they dubbed “scary fast.” The company is expected to unveil a new version of its original product, the Mac. Apple is slated to report fourth-quarter results on November 2. A consensus of analysts estimate that the company will earn $1.39 per share on $89.31B in revenue.
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Broadcom (AVGO) has said its planned acquisition of VMware (NYSE:VMW) is scheduled to close.
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VF Corp. (VFC) will hold its Q3 earnings call after reports that activist investors have accumulated the stock and are pushing for sale of some brands.
U.S. stocks on Friday ended largely lower.
The Nasdaq (COMP.IND) closed 0.38% higher, boosted by a ~7% surge in Amazon (AMZN). And Intel (INTC) soared ~9%, after a rebound in the personal computing market helped Intel top quarterly expectations.
The S&P 500 (SP500) slipped 0.48%, pushing into correction territory, while the Dow (DJI) retreated 1.12%. Both averages were partly weighed down by a slide in Chevron (CVX). Enphase Energy (ENPH) was another significant drag on the S&P.
Of the 11 S&P sectors, eight closed in negative territory, led by Energy and Financials. Consumer Discretionary, Tech and Communication Services were the three gainers.
Turning to the weekly performance of the three major averages, the Nasdaq (COMP.IND) ended down 2.62%, the S&P (SP500) slid 2.53% and the Dow (DJI) fell 2.14%.
Now let’s take a look at the markets as of 6 am. Ahead of the opening bell today, Dow, S&P and Nasdaq futures are in the green. The Dow is up 0.4%, the S&P 500 is up 0.6% and the Nasdaq is up 0.7%. Crude oil is down 1% at more than $84 a barrel.
In the world markets, the FTSE 100 is up 0.9% and the DAX is up 0.6%.
The biggest movers for the day premarket: Intuitive Machines (NASDAQ:LUNR) is up 12% after it announced a multi-day launch window for its IM-1 lunar mission, in collaboration with SpaceX, starting January 12, 2024.
On today’s economic calendar,
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