GREY Journal Daily News Podcast

Scott Bessent, nominated for a Treasury position, will present his vision for the U.S. economy during his confirmation hearing. He plans to address the need for securing supply chains, implementing sanctions for national security, and maintaining the U.S. dollar's status as the world's reserve currency. Bessent, a billionaire with a history of donations to both political parties, will face inquiries about taxes, tariffs, and trade during the Senate Finance Committee hearing. If confirmed, he will manage key divisions of the Treasury Department, including the IRS, which received funding from the Inflation Reduction Act. His focus will include reshaping global trade, managing national debt, controlling inflation, and promoting productive investments to enhance confidence in financial markets.Learn more on this news visit us at: https://greyjournal.net/

Around 4.2 million Americans plan to retire this year, leading many to assess the best and worst states for retirement. A recent report identifies key factors such as cost of living, healthcare quality, taxation, and overall quality of life. States like Florida and Texas rank high due to low living costs, tax advantages, and good healthcare access. In contrast, New York and New Jersey rank lower because of high taxes and living expenses, which may affect retirees' savings. Effective retirement planning involves understanding these state-specific factors to enhance financial stability during retirement.Learn more on this news visit us at: https://greyjournal.net/

Los Angeles wildfires project damages of at least $250 billion, marking them among the costliest natural disasters in U.S. history. Since 1980, over 400 weather and climate events have caused damages exceeding $1 billion, indicating a rising financial burden. Insurance companies will absorb much of the financial fallout but may struggle with maintaining coverage and raising premiums as losses increase. Government assistance programs and federal aid will provide support, though their long-term effectiveness is uncertain. Communities will face significant impacts, including high repair costs and potential displacement, prompting a need for property owners and local governments to revise disaster preparedness and response strategies in light of more frequent and severe wildfires due to climate change.Learn more on this news visit us at: https://greyjournal.net/

President Biden signed an executive order to enhance energy resources for AI data centers in the U.S. The order instructs federal agencies to expedite the development of AI infrastructure at government sites while ensuring compliance with certain requirements. Federal sites will become available for AI data centers and clean energy facilities. Agencies will facilitate electric grid connections and streamline construction permits. The electricity demand for U.S. data centers has tripled in the past decade and may double or triple again by 2028, with projected consumption reaching 12% of the country's electricity. The Departments of Defense and Energy will identify sites for private AI data centers, and developers will finance their construction while ensuring clean energy supply. The order mandates public labor agreements for federal site construction and requires studies on data center impacts on electricity prices. Additionally, the Interior Department will identify lands for clean energy development to support these centers. The order aligns with proposals to limit AI chip exports due to security concerns, but environmental groups criticize it for insufficient protections. The executive order does not address water usage issues related to data centers. The growth of the AI sector brings challenges in balancing technological advancement with environmental stewardship.Learn more on this news visit us at: https://greyjournal.net/

Chinese officials consider the sale of TikTok's U.S. operations to Elon Musk to prevent a potential ban. TikTok denies any discussions regarding the sale, labeling these claims as "pure fiction." Reports indicate internal discussions about this acquisition, which may allow Musk to manage both TikTok and his X platform together, and potentially use TikTok's data for AI development through his xAI startup. Musk, as Tesla's CEO, maintains a strong presence in China, and previously expressed that banning TikTok contradicts free speech values. The anticipated ban arises from legislation requiring TikTok's parent company, ByteDance, to divest to continue operating in the U.S. While ByteDance prefers to shut down the app over selling it, TikTok's legal strategy involves an appeal to pause the ban, citing free speech concerns. A court decision on this matter is pending, and TikTok reports approximately 170 million users in the U.S., highlighting potential losses for creators and businesses if banned. Learn more on this news visit us at: https://greyjournal.net/

President Joe Biden signed an executive order focused on enhancing the artificial intelligence infrastructure in the United States. The order seeks to develop essential infrastructure for advanced AI operations, including large-scale data centers and renewable energy facilities, and mandates federal agencies to expedite construction on government sites. Federal sites will serve as locations for AI data centers and clean energy generation, with guidelines established for developers. The Defense and Energy departments will identify sites for private data center development, requiring developers to cover construction costs and ensure a clean energy supply. The plan includes public labor agreements for construction on federal sites, with some designated for smaller AI enterprises. Agencies will study the impact of AI data centers on electricity costs, and the Energy Department will help state utilities develop tariff structures. Projections indicate the need for up to five gigawatts of power for leading developers by 2028, highlighting the importance of establishing a domestic network of data centers for national security. This order aligns with federal restrictions on the export of AI chips.Learn more on this news visit us at: https://greyjournal.net/

Job seekers encounter challenges as around 20% of job postings are non-existent opportunities, referred to as ghost jobs. Data from Greenhouse indicates that 18% to 22% of job listings are intended for positions companies do not plan to fill. In the second quarter of 2024, nearly 70% of Greenhouse's 7,500 clients posted at least one ghost job, particularly in construction, arts, food service, and legal sectors. About 15% of clients regularly posted ghost jobs, with half of these roles remaining unfilled. An analysis in October identified over 1.6 million ghost jobs on LinkedIn in the U.S., falsely portraying company growth and attracting new talent. A survey from Clarify Capital revealed that hiring managers sometimes utilize ghost job postings to encourage current employees. Job seekers report dissatisfaction, and it is advised to scrutinize posting dates and avoid listings open for over two months. The Society of Human Resource Management indicated that the average time to fill a job vacancy was 41 days in 2024. Candidates can verify job status by checking company websites or social media for more current information.Learn more on this news visit us at: https://greyjournal.net/

Rental prices in Los Angeles rise sharply due to ongoing fires that have caused mandatory evacuations. At least 24 people died and thousands of structures were destroyed, leaving over 105,000 residents displaced. Reports indicate rental prices increased by 15% in some neighborhoods, with up to 64% in areas like Venice. A listing in Santa Monica spiked from $12,500 to $28,000 monthly. Nationwide, rental prices rose by approximately 3.3% from October 2023 to October 2024, while analysts anticipate an 8% to 12% increase in Los Angeles. Despite laws preventing price gouging, many listings exceed the 10% cap set by state regulations, driven by high demand from fire victims. Learn more on this news visit us at: https://greyjournal.net/

Healthcare startups using artificial intelligence are securing substantial investments in 2023. Qventus, a startup based in New York that specializes in healthcare automation software, raised $105 million, led by KKR, which includes $85 million in equity and $20 million in optional debt, bringing the company's valuation to $400 million. Investors involved in this funding round include Bessemer Venture Partners, Northwestern Medicine, HonorHealth, and Allina Health. Qventus addresses operational inefficiencies in healthcare by utilizing generative AI, machine learning, and behavioral science to predict challenges, offer solutions, and automate workflows. Since its founding in 2012, Qventus has raised over $200 million. Other startups also received significant funding: Innovaccer, based in San Francisco, raised $275 million to enhance patient experience and reduce administrative tasks, attracting investors such as B Capital and Kaiser Permanente. Hippocratic AI in Palo Alto raised $141 million in Series B funding, focusing on a safety-oriented large language model for healthcare, with a valuation of $1.6 billion, led by Kleiner Perkins.Learn more on this news visit us at: https://greyjournal.net/news/