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Tuesday newspaper round-up: GSK, Berkeley Homes, Jamie Dimon

(Sharecast News) - The man often touted as the godfather of AI has quit Google, citing concerns over the flood of fake information, videos and photos online and the possibility for AI to upend the job market. Dr Geoffrey Hinton, who with two of his students at the University of Toronto built a neural net in 2012, quit Google this week, the New York Times reported. Hinton, 75, said he quit to speak freely about the dangers of AI, and in part regrets his contribution to the field. He was brought on by Google a decade ago to help develop the company's AI technology. - Guardian The US government could default on its debt obligations by June unless Congress increases how much it can borrow, Janet Yellen has warned. The US Treasury Secretary said on Monday that President Joe Biden's administration would run out of cash to pay all of its debts as early as June 1 unless the borrowing limit was lifted or suspended. - Telegraph

The chief executive of JP Morgan Chase has claimed the immediate US banking crisis is "over" as he stepped in to rescue its third victim in two months, the Californian lender First Republic. Jamie Dimon - who led JP Morgan through the 2008 financial crisis - said there was a limit to the number of banks that would collapse under the forces that have felled First Republic, Silicon Valley Bank and Signature Bank and the latest failure "pretty much resolves them all". - Telegraph

GSK, one of Britain's biggest drugs companies, has received a subpoena from the United States authorities seeking documents relating to its electronic health record programs. The order has been made by the US Attorney's Office for the Western District of Virginia, which is working with the US Department of Justice's civil division. The subpoena comes after investigations by the justice department into alleged fraud and kickbacks in the electronic health records market in the US, which have led to a series of multimillion-dollar fines. - The Times

One of the country's biggest housebuilders is taking Michael Gove to court over his decision to block one of its developments because he did not like the look of the homes. Berkeley Homes has written to the housing secretary informing him that it intends to challenge his "irrational decision" to overrule planning inspectors and refuse permission for the 165-home development in Kent. It wants him to "agree to the immediate quashing of [his] decision".- The Times

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(Sharecast News) - California's home-insurance safety net does not have enough money to pay all of the claims from damage caused by the Los Angeles wildfires and has asked private insurers to contribute $1bn toward those claims. All private insurers operating in California are required to contribute to the Fair plan, a plan of last resort established so all Californians would have access to fire insurance. More than 450,000 California homeowners got their insurance through the Fair plan in 2024 - more than double the number in 2020. As of 4 February, the plan had received more than 4,700 claims from the Palisades and Eaton fires, almost half of which were for "total losses". - Guardian
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(Sharecast News) - The British economy is on course to expand by 1.5% this year after the budget gave a boost to public spending but could be blown off course if Donald Trump goes ahead with threatened tariffs, a leading economic thinktank has warned. In a boost to Rachel Reeves after a bruising month of negative economic figures, the National Institute of Economic and Social Research (NIESR) upped its annual growth prediction from 1.2% to 1.5%. - Guardian
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(Sharecast News) - Elon Musk escalated his feud with OpenAI and its CEO Sam Altman on Monday. The billionaire is leading a consortium of investors that announced it had submitted a bid of $97.4bn for "all assets" of the artificial intelligence company to OpenAI's board of directors. The startup, which operates ChatGPT, has been working to restructure itself away from its original non-profit status. OpenAI also operates a for-profit subsidiary, and Musk's unsolicited offer could complicate the company's plans. The Wall Street Journal first reported the proposed bid. - Guardian
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(Sharecast News) - An increasingly complex tax system is burdening the government and businesses with hundreds of millions of pounds more in administration costs, Whitehall's spending watchdog has warned. The report by the National Audit Office (NAO) also said "poor levels of service" meant some taxpayers and their representatives were "finding it more difficult to deal with their tax matters and are losing trust in HM Revenue & Customs [HMRC]". - Guardian

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