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Wednesday newspaper round-up: JLR, Meta, BoE staff

(Sharecast News) - The owner of carmaker Jaguar Land Rover (JLR) is expected to announce that it will build an electric car battery gigafactory in the UK, backed with £500m in government funding, in what would be a major boost for the British car industry. Indian conglomerate Tata Group, which owns Jaguar Land Rover, has been locked in negotiations for months to secure state aid for the project, which would aim to produce 40 gigawatt hours (GWh) of batteries a year, enough to power hundreds of thousands of electric cars. - Guardian Mark Zuckerberg's Meta is making a commercial version of its artificial intelligence model freely available, in a move that gives startups and other businesses a low-cost opportunity compete with OpenAI's ChatGPT and Google's Bard. A new version of a Meta large language model (LLM), called Llama 2, will be distributed by Microsoft through its Azure cloud service and will run on the Windows operating system, Meta said in a blogpost, referring to Microsoft as "our preferred partner" for the release. LLMs underpin generative AI products like the ChatGPT chatbot, although ChatGPT's owner has not open-sourced - or made widely available to others - its LLM, called GPT-4. - Guardian

One of Asia's richest families has entered the race for lucrative contracts to transport electricity from Britain's biggest offshore wind farm back to the National Grid. UK Power Networks Services, which is owned by Hong Kong billionaire Li Ka-shing's family, is part of a consortium bidding for control of offshore wind cable networks that are worth £2bn overall. - Telegraph

The Bank of England paid out £25m in bonuses to staff over the past year despite warnings from its governor that employers should show "restraint" over wage rises amid soaring inflation. Threadneedle Street confirmed that 429 officials received annual bonuses of more than £10,000 each this year, with some receiving as much as £22,500 each. - Telegraph

Japan's SoftBank is to invest about $65 million in Tractable, a British artificial intelligence start-up, marking the first major cash injection into a European company from its flagship Vision Fund 2 in more than a year. Tractable develops AI tools that allow insurance companies to assess the state of damage to homes and cars using nothing but digital images. - The Times

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Thursday newspaper round-up: Solar panels, OBR, Chevron
(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
Wednesday newspaper round-up: British economy, Heathrow, FOS
(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
Tuesday newspaper round-up: OpenAI, EVs, gas prices
(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
Monday newspaper round-up: Service charge, BP, Heathrow, Elon Musk
(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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