Business
US markets today: Wall Street ticks higher near record levels; Robinhood and EchoStar surge on key announcements – The Times of India
US stocks edged higher on Monday as investors prepared for a week packed with critical economic data that could influence whether, and by how much, the Federal Reserve adjusts interest rates at its next policy meeting in a week.The S&P 500 rose 0.3%, hovering just below the record level it reached last week. The Dow Jones Industrial Average was up 11 points, or less than 0.1%, while the Nasdaq composite added 0.6% in early trading as of 9:35 a.m. Eastern time, AP reported.AppLovin and Robinhood Markets led gains after the companies were named to join the S&P 500 index later this month, along with Emcor Group. Many investment funds directly track the S&P 500 or compare their performance against it, so stocks joining the list of the 500 largest US companies often attract immediate investor attention. AppLovin climbed 10.8%, Robinhood jumped 11.9%, and Emcor added 0.4%.These three companies will replace MarketAxess Holdings, Caesars Entertainment, and Enphase Energy, which were demoted to the SmallCap 600 index after their market capitalisation fell. The affected stocks slipped between 0.1% and 2.3%.Shares of EchoStar surged 20.5% after it announced a $17 billion deal to sell spectrum licenses to Elon Musk’s SpaceX, comprising $8.5 billion in cash and $8.5 billion in stock. SpaceX will also make approximately $2 billion in interest payments on EchoStar debt through November 2027.Trading across the broader market remained relatively quiet as investors awaited upcoming economic releases that could shift expectations on monetary policy. Currently, traders are forecasting that the Fed will cut its main interest rate for the first time this year at its meeting two Wednesdays from now.Investors generally welcome such rate cuts, which can boost economic activity and lift asset prices, but they can also stoke inflation pressures. So far this year, the Fed has been more concerned about inflationary risks, particularly those linked to President Donald Trump’s tariffs, than about the job market. However, recent reports suggesting a slowdown in the US labour market may be influencing policymakers’ views.On Tuesday, the US government is expected to release preliminary revisions of job growth numbers for the period through March, potentially indicating weaker hiring than initially reported. Inflation reports are scheduled for Wednesday and Thursday, covering both wholesale and consumer price movements. A sharper-than-expected rise in prices could constrain the Fed’s ability to cut rates, forcing officials to weigh the relative urgency of supporting employment against controlling inflation, since tools available generally influence one area at the expense of the other in the short term.In the bond market, Treasury yields continued to ease amid high expectations of a rate cut. The 10-year Treasury yield fell to 4.05% from 4.10% late Friday and from 4.28% last Tuesday.Global markets also moved higher, with indexes across Europe and Asia posting gains. Japan’s Nikkei 225 climbed 1.5% following Prime Minister Shigeru Ishiba’s announcement that he intends to resign, prompting a leadership election in the ruling Liberal Democratic Party. Analysts noted that the resignation was widely anticipated and generally welcomed, although uncertainty remains until a successor is chosen and approved by parliament. Ishiba will remain in office until the transition is formalised.Also on Monday, Japan’s Cabinet Office revised its estimate for first-quarter fiscal growth, reporting an annualised 2.2% rise in GDP, up from the earlier 1.0% estimate. The upgrade was driven by stronger consumer spending and inventory accumulation, highlighting resilience in the Japanese economy despite ongoing global uncertainties.
Business
SC permits Centre to review Rs 6,000cr additional dues on Vodafone-Idea – The Times of India
NEW DELHI: The Union govt on Monday convinced the Supreme Court to permit the department of telecom to review its demand of Rs 6,000 crore additional adjusted gross revenue demand for the FY 2016-17 on Vodafone-Idea. Chief Justice B R Gavai and Justice K Vinod Chandran was informed by solicitor general Tushar Mehta that since the previous round of litigation, in which Vodafone was ordered to pay the AGR dues, there had been a change of circumstance as the Centre has acquired a 49% stake in the company. Mehta said, “We do not want the company, in which the govt has a huge investment, to go bankrupt to make 20 crore people suffer. ‘Govt wants to prevent monopoly’ Govt wants more players in the mobile telecom sector to prevent monopoly,” said solicitor general Tushar Mehta. Vodafone through senior advocate Mukul Rohatgi had argued that the SC had frozen the AGR dues at Rs 58,254 crore as of 2016-17 and that the DoT cannot raise additional AGR dues in breach of the SC order. Govt had converted Rs 36,950 cr dues as its 49% equity in the telecom service provider.
The bench noticed the element of public interest in the case and permitted the Centre to take a fresh view of the additional AGR demands, especially when the issue is purely in the policy domain and involves the interests of 20 crore people. “We see no reason why the Centre should be prevented from taking a relook at the additional AGR dues,” the bench said.
OpenAI has released new estimates of the number of ChatGPT users who exhibit possible signs of mental health emergencies, including mania, psychosis or suicidal thoughts.
The company said that around .07% of ChatGPT users active in a given week exhibited such signs, adding that its artificial intelligence (AI) chatbot recognizes and responds to these sensitive conversations.
While OpenAI maintains these cases are “extremely rare,” critics said even a small percentage may amount to hundreds of thousands of people, as ChatGPT recently reached 800 million weekly active users, per boss Sam Altman.
As scrutiny mounts, the company said it built a network of experts around the world to advise it.
Those experts include more than 170 psychiatrists, psychologists, and primary care physicians who have practiced in 60 countries, the company said.
They have devised a series of responses in ChatGPT to encourage users to seek help in the real world, according to OpenAI.
But the glimpse at the company’s data raised eyebrows among some mental health professionals.
“Even though .07% sounds like a small percentage, at a population level with hundreds of millions of users, that actually can be quite a few people,” said Dr. Jason Nagata, a professor who studies technology use among young adults at the University of California, San Francisco.
“AI can broaden access to mental health support, and in some ways support mental health, but we have to be aware of the limitations,” Dr. Nagata added.
The company also estimates .15% of ChatGPT users have conversations that include “explicit indicators of potential suicidal planning or intent.”
OpenAI said recent updates to its chatbot are designed to “respond safely and empathetically to potential signs of delusion or mania” and note “indirect signals of potential self-harm or suicide risk.”
ChatGPT has also been trained to reroute sensitive conversations “originating from other models to safer models” by opening in a new window.
In response to questions by the BBC on criticism about the numbers of people potentially affected, OpenAI said that this small percentage of users amounts to a meaningful amount of people and noted they are taking changes seriously.
The changes come as OpenAI faces mounting legal scrutiny over the way ChatGPT interacts with users.
In one of the most high-profile lawsuits recently filed against OpenAI, a California couple sued the company over the death of their teenage son alleging that ChatGPT encouraged him to take his own life in April.
The lawsuit was filed by the parents of 16-year-old Adam Raine and was the first legal action accusing OpenAI of wrongful death.
In a separate case, the suspect in a murder-suicide that took place in August in Greenwich, Connecticut posted hours of his conversations with ChatGPT, which appear to have fuelled the alleged perpetrator’s delusions.
More users struggle with AI psychosis as “chatbots create the illusion of reality,” said Professor Robin Feldman, Director of the AI Law & Innovation Institute at the University of California Law. “It is a powerful illusion.”
She said OpenAI deserved credit for “sharing statistics and for efforts to improve the problem” but added: “the company can put all kinds of warnings on the screen but a person who is mentally at risk may not be able to heed those warnings.”
UK domestic airline Eastern Airways has suspended operations and all of its flights have been cancelled.
Customers of the airline, which operated regional services from airports across the UK, are being urged not to go to the airport as flights will not be operating, the UK Civil Aviation Authority said.
Destinations the airline flew to included Aberdeen, Humberside, London Gatwick, Newquay, Teesside International and Wick, according to its website.
Eastern Airways customers are being urged to make their own alternative travel arrangements via other airlines, rail or coach operators.
On Monday morning Eastern Airways (UK) Ltd filed a notice of intention to appoint an administrator at the Insolvency and Companies Court, which is within the High Court.
Selina Chadha, consumer and markets director at the UK Civil Aviation Authority, said: “We urge passengers planning to fly with this airline not to go to the airport as all Eastern Airways flights are cancelled.
“Eastern Airways customers should visit the Civil Aviation Authority’s website for the latest information.”
Following the suspension of Eastern Airways operations, London and North Eastern Railway, ScotRail, TransPennine Express, and Northern will offer free standard class travel to Eastern Airways staff and customers on October 28 and 29, on suitable routes operated by each train company, the UK Civil Aviation Authority said.
To access this support, present either an Eastern Airways employee ID, boarding pass, or flight confirmation to station staff.
SC permits Centre to review Rs 6,000cr additional dues on Vodafone-Idea – The Times of India
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OpenAI shares data on ChatGPT users with suicidal thoughts, psychosis
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