Goldman Sachs and Apple will pay $89 million in penalties and customer refunds over widespread service failures and deceptive practices in their joint Apple Card venture, U.S. consumer watchdog CFPB said on Wednesday.

The agency found Goldman mishandled credit card disputes while Apple failed to forward thousands of customer complaints. Both companies deceived users about interest-free payment plans for Apple devices, affecting hundreds of thousands of cardholders since the card's 2019 launch. Goldman must pay $64.8 million in fines and refunds, while Apple faces a $25 million penalty. The bank is now barred from issuing new credit cards without regulatory approval.

An anonymous reader shares a report: T-Mobile promised users who bought certain mobile plans that it would never raise their prices for as long as they lived -- but then raised their prices this year. So it's no surprise that 2,000 T-Mobile customers complained to the government about a price hike on plans that were advertised as having a lifetime price lock. "I am still alive and T-Mobile is increasing the price for service by $5 per line. How is this a lifetime price lock?" one customer in Connecticut asked the Federal Communications Commission in a complaint that we obtained through a public records request.

"I am not dead yet," a customer in New York wrote bluntly, saying they had bought a plan with a "guarantee for life." Both of those customers said they purchased T-Mobile's senior plan marketed to people aged 55 and up. While the price hikes apply to customers on various plans regardless of their age, many of the complaints to the FCC came from people in the 55+ age group. Some pointed out that if T-Mobile simply waits long enough, the carrier won't have to serve 55-and-up customers forever.

Applications to MBA programs jumped 12% in 2024, with full-time programs surging 32% to decade-high levels, WSJ is reporting, citing the Graduate Management Admission Council's latest survey. Top-tier U.S. schools reported significant gains, with Columbia Business School seeing a 27% rise and Harvard Business School applications climbing 21%. So what's behind the surge? The story adds: Today, the U.S. job market is strong, and unemployment remains low. But lower wage positions in retail and dining, as well as healthcare and government, have fueled much of the labor market's growth over the past two years.

A white-collar job market downturn that began with tech workers in 2022 has spread to other sectors. Major employers including Goldman Sachs, Lyft, Microsoft and PricewaterhouseCoopers have laid off a combined tens of thousands of workers this year. Hiring for roles that usually require a bachelor's degree dropped below 2019 levels in recent months, according to payroll provider ADP. That slump has been steeper for 20-somethings, who are running into a bottleneck on the lower rungs of the corporate ladder as more established professionals stay put.

Foursquare, one of the App Store's earliest success stories, will shut down its flagship city guide app on December 15 to focus on its check-in service Swarm, the company said. The move reverses Foursquare's controversial 2014 decision to split its platform into two apps: Swarm for check-ins and Foursquare for local recommendations and reviews. The strategy shift comes months after Foursquare laid off over 100 employees. Engadget adds: Foursquare founder Dennis Crowley, who is currently co-chair of the company's board of directors, said in a post on Threads that the company is "doing fine," though he expressed disappointment with the news. "I would be lying if I didn't admit that I have been in a real funk these last few days over this news," he wrote.

An anonymous reader shares a report: Subscription fees for video streaming services have been on a steady incline. But despite subscribers paying more, surveys suggest they're becoming less satisfied with what's available to watch.

At the start of 2024, the industry began declaring the end of Peak TV, a term coined by FX Networks Chairman John Landgraf that refers to an era of rampant content spending that gave us shows like The Wire, Breaking Bad, and Game of Thrones. For streaming services, the Peak TV era meant trying to lure subscribers with original content that was often buoyed by critical acclaim and/or top-tier actors, writers, and/or directors. However, as streaming services struggle to reach or maintain profitability, 2024 saw a drop in the number of new scripted shows for the first time in at least 10 years, FX Research found.

Meanwhile, overall satisfaction with the quality of content available on streaming services seems to have declined for the past couple of years. Most surveys suggest a generally small decline in perceived quality, but that's still perturbing considering how frequently streaming services increase subscription fees. There was a time when a streaming subscription represented an exclusive ticket to viewing some of the best new TV shows and movies. But we've reached a point where the most streamed TV show last year was Suits -- an original from the USA Network cable channel that ended in 2019.

OpenAI and Microsoft will give grants of up to $10 million to bring more AI tools into the newsroom. The grants will go to Chicago Public Media, the Minnesota Star Tribune, Newsday (in Long Island, NY), The Philadelphia Inquirer and The Seattle Times. "Each of the publications will hire a two-year AI fellow to develop projects for implementing the technology and improving business sustainability," reports Engadget. "Three more outlets are expected to receive fellowship grants in a second round." From the report: OpenAI and Microsoft are each contributing $2.5 million in direct funding as well as $2.5 million in software and enterprise credits. The Lenfest Institute of Journalism is collaborating with OpenAI and Microsoft on the project, and announced the news today.

A federal rule banning fake online reviews is now in effect. The Federal Trade Commission issued the rule in August banning the sale or purchase of online reviews. The rule, which went into effect Monday, allows the agency to seek civil penalties against those who knowingly violate it. AP: "Fake reviews not only waste people's time and money, but also pollute the marketplace and divert business away from honest competitors," FTC Chair Lina Khan said about the rule in August. She added that the rule will "protect Americans from getting cheated, put businesses that unlawfully game the system on notice, and promote markets that are fair, honest, and competitive."

Companies hiring specialized AI talent are seeing better stock market returns, according to new Barclays research. Analysis shows firms with higher ratios of specialized AI roles to general IT positions outperformed the market, with the top quintile returning 31.78% since October 2023, beating the S&P 500 Equal Weighted index. The findings suggest that targeted recruitment of "wonky IT people" with specific skills in natural language processing, computer vision, and specialized frameworks like TensorFlow could be a subtle indicator of future stock performance, offering investors a new lens for identifying companies poised to capitalize on AI productivity gains.

An anonymous reader quotes a report from Ars Technica: 37Signals is not a company that makes its policy or management decisions quietly. The productivity software company was an avowedly Mac-centric shop until Apple's move to kill home screen web apps (or Progressive Web Apps, or PWAs) led the firm and its very-public-facing co-founder, David Heinemeier Hansson, to declare a "Return to Windows," followed by a stew of Windows/Mac/Linux. The company waged a public battle with Apple over its App Store subscription policies, and the resulting outcry helped nudge Apple a bit. 37Signals has maintained an active blog for years, its co-founders and employees have written numerous business advice books, and its blog and social media posts regularly hit the front pages of Hacker News.

So when 37Signals decided to pull its seven cloud-based apps off Amazon Web Services in the fall of 2022, it didn't do so quietly or without details. Back then, Hansson described his firm as paying "an at times almost absurd premium" for defense against "wild swings or towering peaks in usage." In early 2023, Hansson wrote that 37Signals expected to save $7 million over five years by buying more than $600,000 worth of Dell server gear and hosting its own apps.

Late last week, Hansson had an update: it's more like $10 million (and, he told the BBC, more like $800,000 in gear). By squeezing more hardware into existing racks and power allowances, estimating seven years' life for that hardware, and eventually transferring its 10 petabytes of S3 storage into a dual-DC Pure Storage flash array, 37Signals expects to save money, run faster, and have more storage available. "The motto of the 2010s and early 2020s -- all-cloud, everything, all the time -- seems to finally have peaked," Hansson writes. "And thank heavens for that!" He adds the caveat that companies with "enormous fluctuations in load," and those in early or uncertain stages, still have a place in the cloud.

Disney has appointed former Morgan Stanley CEO James Gorman to replace Nike Executive Chairman Mark Parker as board chairman starting in January 2024, "as the media giant lays the groundwork to name a successor for CEO Bob Iger in early 2026," reports CNBC. Iger's contract has been extended until the end of 2026 to ensure the company finds the right fit. CNBC reports: Gorman joined Disney's board less than a year ago and was named the head of the succession planning committee in August. He will continue to lead that committee after he takes over as board chairman from Nike Executive Chairman Parker. "The Disney board has benefited tremendously from James Gorman's expertise and guidance, and we are lucky to have him as our next chairman -- particularly as the board continues to move forward with the succession process," Iger said in a statement. "I'm extremely grateful to Mark Parker for his many years of board service and leadership, which have been so valuable to this company and its shareholders, and to me as CEO." [...]

Disney had initially targeted 2025 to announce a successor, as CNBC reported last year. Pushing the date back to early 2026 will give the board more time to conduct due diligence on both internal and external candidates, according to people familiar with the matter, who asked not to be named because the discussions are private.

An anonymous reader quotes a report from the Hollywood Reporter: A production company for Blade Runner 2049 has sued (PDF) Tesla, which allegedly fed images from the movie into an artificial intelligence image generator to create unlicensed promotional materials. Alcon Entertainment, in a lawsuit filed Monday in California federal court, accuses Elon Musk and his autonomous vehicle company of misappropriating the movie's brand to promote its robotaxi at a glitzy unveiling earlier this month. The producer says it doesn't want Blade Runner 2049 to be affiliated with Musk because of his "extreme political and social views," pointing to ongoing efforts with potential partners for an upcoming TV series.

The complaint, which brings claims for copyright infringement and false endorsement, also names Warner Bros. Discovery for allegedly facilitating the partnership. "Any prudent brand considering any Tesla partnership has to take Musk's massively amplified, highly politicized, capricious and arbitrary behavior, which sometimes veers into hate speech, into account," states the complaint. "Alcon did not want BR2049 to be affiliated with Musk." [...] The lawsuit cites an agreement, the details of which are unknown to Alcon, for Warners to lease or license studio lot space, access and other materials to Tesla for the event. Alcon alleges that the deal included promotional elements allowing Tesla to affiliate its products with WBD movies. WBD was Alcon's domestic distributor for the 2017 release of Blade Runner 2049. It has limited clip licensing rights, though not for Tesla's livestream TV event, the lawsuit claims.

Alcon says it wasn't informed about the brand deal until the day of the unveiling. According to the complaint, Musk communicated to WBD that he wanted to associate the robotaxi with the film. He asked the company for permission to use a still directly from the movie, which prompted an employee to send an emergency request for clearance to Alcon since international rights would be involved, the lawsuit says. The producer refused, spurring the creation of the AI images. [...] Alcon seeks unspecified damages, as well as a court order barring Tesla from further distributing the disputed promotional materials. Musk referenced Denis Villeneuve's Blade Runner movie during the robotaxi event. "You know, I love Blade Runner, but I don't know if we want that future," he said. "I believe we want that duster he's wearing, but not the, uh, not the bleak apocalypse."

I, Robot director Alex Proyas also took to X last week, writing: "Hey Elon, Can I have my designs back please?"

Researchers at the United States Geological Survey and the Arkansas government announced on Monday that they had found a trove of lithium, a critical raw material for electric vehicle batteries, in an underground brine reservoir in Arkansas. From a report: With the help of water testing and machine learning, the researchers determined that there might be five million to 19 million tons of lithium -- more than enough to meet all of the world's demand for the metal -- in a geological area known as the Smackover Formation. Several companies, including Exxon Mobil, are developing projects in Arkansas to produce lithium, which is dissolved in underground brine.

Energy and mining companies have long produced oil, gas and other natural resources in the Smackover, which extends from Texas to Florida. And the federal and state researchers said lithium could be extracted from the waste stream of the brines from which companies extracted other forms of energy and elements. The energy industry, with the Biden administration's encouragement, has been increasingly working to produce the raw materials needed for the lithium-ion batteries in the United States. A few projects have started recently, and many more are in various stages of study and development across the country.

Most of the world's lithium is produced in Australia and South America. A large majority of it is then processed in China, which also dominates the manufacturing of electric vehicle batteries. "The potential for increased U.S. production to replace imports has implications for employment, manufacturing and supply chain resilience," David Applegate, the director of the United States Geological Survey, said in a statement announcing the study. "This study illustrates the value of science in addressing economically important issues."

Baidu CEO Robin Li has proclaimed that hallucinations produced by large language models are no longer a problem, and predicted a massive wipeout of AI startups when the "bubble" bursts. From a report: "The most significant change we're seeing over the past 18 to 20 months is the accuracy of those answers from the large language models," gushed the CEO at last week's Harvard Business Review Future of Business Conference. "I think over the past 18 months, that problem has pretty much been solved -- meaning when you talk to a chatbot, a frontier model-based chatbot, you can basically trust the answer," he added.

Li also described the AI sector as in an "inevitable bubble," similar to the dot-com bubble in the '90s. "Probably one percent of the companies will stand out and become huge and will create a lot of value or will create tremendous value for the people, for the society. And I think we are just going through this kind of process," stated Li. The CEO also guesstimated it will be another 10 to 30 years before human jobs are displaced by the technology. "Companies, organizations, governments and ordinary people all need to prepare for that kind of paradigm shift," he warned.

Intuit, the maker of TurboTax software, asked technology news outlet The Verge to delete part of a podcast interview with CEO Sasan Goodarzi, The Verge reported on Monday. The request came after Goodarzi was questioned about Intuit's lobbying efforts against free government tax filing options, a topic that has drawn scrutiny from regulators and lawmakers.

The Verge said it declined to remove the segment, instead choosing to highlight the exchange by playing it at the beginning of the episode. In the interview, Goodarzi disputed claims that Intuit lobbies against free tax filing, stating the company spends "a couple of million dollars fighting for simplified taxes." However, The Verge's editor Nilay Patel pressed Goodarzi on reports of Intuit's lobbying against government-provided tax returns. Patel adds: I got a note from Rick Heineman, the chief communications officer at Intuit, who called the line of questioning and my tone "inappropriate," "egregious," and "disappointing" and demanded that we delete that entire section of the recording. I mean, literally -- he wrote a long email that ended with "at the very least the end portion of your interview should be deleted."

Though Sam Altman once called OpenAI's partnership with Microsoft "the best bromance in tech," now "ties between the companies have started to fray" reports the New York Times — citing interviews with 19 people "familiar with the relationship". [Alternate URL here.]

Among other things, Satya Nadella "has said privately that Altman's firing in November shocked and concerned him, according to five people with knowledge of his comments. Since then, Microsoft has started to hedge its bet on OpenAI," and reconsidered new investments beyond its initial $13 billion — even as OpenAI expects to lose $5 billion this year That tension demonstrates a key challenge for AI startups: They are dependent on the world's tech giants for money and computing power because those big companies control the massive cloud computing systems the small outfits need to develop AI... Over the past year, OpenAI has been trying to renegotiate the deal to help it secure more computing power and reduce crushing expenses while Microsoft executives have grown concerned that their AI work is too dependent on OpenAI... [I]n March, Microsoft paid at least $650 million to hire most of the staff from Inflection, an OpenAI competitor...

In June, Microsoft agreed to an exception in [OpenAI's] contract, six people with knowledge of the change said. That allowed OpenAI to sign a roughly $10 billion computing deal with Oracle for additional computing resources, according to two people familiar with the deal. Oracle is providing computers packed with chips suited to building AI, while Microsoft provides the software that drives the hardware... While it was looking for computer power alternatives, OpenAI also raced to broaden its investors, according to two people familiar with the company's plan. Part of the plan was to secure strategic investments from organizations that could bolster OpenAI's prospects in ways beyond throwing around money. Those organizations included Apple, chipmaker Nvidia, and MGX, a tech investment firm controlled by the United Arab Emirates... Earlier this month, OpenAI closed a $6.6 billion funding round led by Thrive Capital, with additional participation from Nvidia, MGX and others. Apple did not invest, but Microsoft also participated in the funding round.

OpenAI expected to spend at least $5.4 billion in computing costs through the end of 2024, according to documents reviewed by The New York Times. That amount was expected to skyrocket over the next five years as OpenAI expanded, soaring to an estimated $37.5 billion in annual computing costs by 2029, the documents showed... Still, OpenAI employees complain that Microsoft is not providing enough computing power, according to three people familiar with the relationship. And some have complained that if another company beat it to the creation of AI that matches the human brain, Microsoft will be to blame because it hasn't given OpenAI the computing power it needs, according to two people familiar with the complaints.

Oddly, that could be the key to getting out from under its contract with Microsoft. The contract contains a clause that says that if OpenAI builds artificial general intelligence, or AGI — roughly speaking, a machine that matches the power of the human brain — Microsoft loses access to OpenAI's technologies.

"Several of Europe's biggest carmakers unveiled low-cost electric vehicles at the Paris Motor Show this week," reports CNBC. The automakers are "seeking to jump-start a demand slump and recapture some of the market share now held by Chinese brands." "It feels like Europe is fighting back," Julia Poliscanova, senior director for vehicles and e-mobility supply chains at the Transport & Environment campaign group, told CNBC at the Paris Motor Show. "There are so many new models on show, and what is really great is that there are a lot of launches that are more affordable. So, Citroen, Peugeot [and] Renault, they are all showing some smaller affordable models," Poliscanova said. "This is exactly what we need for the mass market, for people to buy those vehicles more, and this is also where the competition from the Chinese is also the hardest," she added...

"The storytelling is that people have cooled off on EVs and there is no consumer demand, [but] this is really not true," Transport & Environment's Poliscanova said. "This year in Europe, we did not have affordable models, so people are not buying those overpriced premium vehicles. However, as soon as vehicles come in the right price range next year ... people will flock to buy them." Poliscanova said the launch of several low-cost EVs means electric car sales could account for up to a 24% market share next year, up from 14% this year. Chinese-made EVs typically cost less than half the prices seen in Europe and the U.S. last year, according to figures published by data firm JATO, underscoring the challenge for Western automakers to keep pace with Beijing...

Pere Brugal, president and managing director of GM Europe, said that the challenges facing Europe's auto industry should be seen as a transitional phase — and not evidence of a crisis. "The adoption of new technologies and new behaviors is never a linear growth story, but the end is full-electric [vehicles]," Brugal told CNBC at the Paris Motor Show.
Meanwhile, GM's CEO "says it will start making money on battery-powered models by the end of the year — becoming the only U.S. automaker aside from Tesla to achieve that feat," reports the New York Times (adding that sales are increasing "and the company just introduced a model that sells for less than $30,000 after a federal tax credit.")

And GM "is still committed to doing away with combustion engine cars in the United States by 2035."

"Who asked for any of this in the first place?" wonders a New York Times consumer-tech writer. (Alternate URL here.) "Judging from the feedback I get from readers, lots of people outside the tech industry remain uninterested in AI — and are increasingly frustrated with how difficult it has become to ignore." The companies rely on user activity to train and improve their AI systems, so they are testing this tech inside products we use every day. Typing a question such as "Is Jay-Z left-handed?" in Google will produce an AI-generated summary of the answer on top of the search results. And whenever you use the search tool inside Instagram, you may now be interacting with Meta's chatbot, Meta AI. In addition, when Apple's suite of AI tools, Apple Intelligence, arrives on iPhones and other Apple products through software updates this month, the tech will appear inside the buttons we use to edit text and photos.

The proliferation of AI in consumer technology has significant implications for our data privacy, because companies are interested in stitching together and analyzing our digital activities, including details inside our photos, messages and web searches, to improve AI systems. For users, the tools can simply be an annoyance when they don't work well. "There's a genuine distrust in this stuff, but other than that, it's a design problem," said Thorin Klosowski, a privacy and security analyst at the Electronic Frontier Foundation, a digital rights nonprofit, and a former editor at Wirecutter, the reviews site owned by The New York Times. "It's just ugly and in the way."

It helps to know how to opt out. After I contacted Microsoft, Meta, Apple and Google, they offered steps to turn off their AI tools or data collection, where possible. I'll walk you through the steps.
The article suggests logged-in Google users can toggle settings at myactivity.google.com. (Some browsers also have extensions that force Google's search results to stop inserting an AI summary at the top.) And you can also tell Edge to remove Copilot from its sidebar at edge://settings.

But "There is no way for users to turn off Meta AI, Meta said. Only in regions with stronger data protection laws, including the EU and Britain, can people deny Meta access to their personal information to build and train Meta's AI." On Instagram, for instance, people living in those places can click on "settings," then "about" and "privacy policy," which will lead to opt-out instructions. Everyone else, including users in the United States, can visit the Help Center on Facebook to ask Meta only to delete data used by third parties to develop its AI.
By comparison, when Apple releases new AI services this month, users will have to opt in, according to the article. "If you change your mind and no longer want to use Apple Intelligence, you can go back into the settings and toggle the Apple Intelligence switch off, which makes the tools go away."

That massive geothermal energy project in Utah gets a closer look from the Washington Post, which calls it "a significant advance for a climate-friendly technology that is gaining momentum in the United States." Once fully operational, the project could generate up to 2 gigawatts of electricity — enough to power more than 2 million homes. In addition, the BLM proposed Thursday to speed up the permitting process for geothermal projects on public lands across the country. Earlier this month, the agency also hosted the biggest lease sale for geothermal developers in more than 15 years...

White House national climate adviser Ali Zaidi said in an interview Thursday, "Enhanced geothermal technology has the opportunity to deliver something in the range of 65 million homes' worth of clean power — power that can be generated without putting any pollution in the sky. So we see it as a really meaningful contributor to our technology tool kit...."

The developments Thursday come as tech companies race to find new sources of zero-emission power for data centers that can use as much energy as entire cities. With major backing from Google parent Alphabet, Fervo recently got its first project up and running in the northern Nevada desert... The advanced geothermal technology that Fervo is trying to scale up is an attractive option for tech firms. Enhanced geothermal plants do not pose all the safety concerns that come with nuclear power, but they have the potential to provide the round-the-clock energy that data centers need. The challenge Fervo faces is whether it can bring this technology online quickly enough.
Fervo (a seven-year-old start-up) was co-founded by Tim Latimer, who previously worked as a drilling engineer, according to the article. But "Early in my career I got passionate about climate change. I started looking at where could a drilling engineer from the oil and gas industry make a difference," Latimer said during a Washington Post Live event in September. "And I realized that geothermal had been so overlooked ... even though the primary technical challenge to making geothermal work is dropping drilling costs."

A California oil refinery that produces 8% of the state's gasoline is shutting down late next year — a decision the Los Angeles Times says is "driven by climate change, the transition to electric vehicles and demands for cleaner air."

"There's no question we are going to lose refineries over time, because demand is going to go down as we transition to electric vehicles, but I did not expect to see any of them exiting this quickly," said Severin Borenstein, faculty director of the Energy Institute at UC Berkeley's Haas School of Business. California "over the medium term" will have to rely more on imports, he said. "I think part of the response the state's going to need to consider is how to make sure that we can import sufficient gasoline to meet our needs...."

David Hackett, chairman of Stillwater Associates, an Irvine oil consultancy, said he was contacted by Phillips just before the announcement, and was told the closure was a business decision. He said that although the timing was somewhat surprising, the closure wasn't, given the age of the refineries, their relatively small size and the inefficient layout that connects them by a pipeline. "That plant has been for sale for years. It hasn't found any buyers and I think that this has been an economic decision on their part. They looked at the profitability of the place and compared it with the other businesses that they have, and it didn't make the cut," he said.
"The closure is likely to increase California's already high prices at the gas pump, given that much of the replacement gasoline will be shipped in by ocean vessel, analysts say..." according to another article from the Los Angeles Times.

"Environmentalists and community activists cheered the news, however, saying it will mean cleaner air for the thousands who live in the area and that the state must continue the transition away from its dependence on fossil fuels."

Microsoft has notified customers that it's missing more than two weeks of security logs for some of its cloud products, leaving network defenders without critical data for detecting possible intrusions. From a report: According to a notification sent to affected customers, Microsoft said that "a bug in one of Microsoft's internal monitoring agents resulted in a malfunction in some of the agents when uploading log data to our internal logging platform" between September 2 and September 19.

The notification said that the logging outage was not caused by a security incident, and "only affected the collection of log events." Business Insider first reported the loss of log data earlier in October. Details of the notification have not been widely reported. As noted by security researcher Kevin Beaumont, the notifications that Microsoft sent to affected companies are likely accessible only to a handful of users with tenant admin rights. Logging helps to keep track of events within a product, such as information about users signing in and failed attempts, which can help network defenders identify suspected intrusions. Missing logs could make it more difficult to identify unauthorized access to the customers' networks during that two-week window.