A day of significant developments is underway in the corporate world, as a key vice president overseeing one of Amazon’s most ambitious projects steps down, Boeing agrees to resume talks to end a crippling strike, and a new fashion powerhouse is born from a blockbuster collaboration between Nike and Kim Kardashian.
Here’s your one-stop stand to catch up on all the headlines you may have missed.
An Amazon VP helping to lead the race for artificial general intelligence is stepping down
A key Amazon vice president who is helping to oversee one of the company’s highest-profile and most ambitious projects—the race to build artificial general intelligence (AGI)—is stepping down on Friday.
Karthik Ramakrishnan, a 13-year veteran of the online retail giant, is a significant figure who worked on the first iteration of Amazon’s Alexa and the associated Echo devices.
AGI, a technology that could one day equal or even outperform human-level intelligence, is seen as the holy grail of AI research, with the potential to upend entire industries.
Boeing to resume talks with its striking defense union in a bid to end a nearly eight-week strike
Boeing Co. and the union representing its striking defense workers have agreed to resume negotiations with a federal mediator on Monday, a crucial step in a bid to end a nearly eight-week work stoppage.
The 3,200 members of the International Association of Machinists and Aerospace Workers who work at Boeing’s St. Louis military hub have already rejected three management proposals, extending a strike that began on August 4.
The strife is being closely watched as the company works to turn around its defense business from a period of significant financial losses.
Lululemon faces a new threat with the debut of a new Nike-Kardashian line
The embattled yoga-wear brand Lululemon Athletica Inc. is facing a powerful new threat, as a blockbuster collaboration between Nike Inc. and Kim Kardashian’s Skims label makes its debut.
The new line, NikeSkims, is launching with significantly lower prices across key categories like sports bras and leggings, a move that analysts say will put immense pressure on more expensive rivals.
One analyst noted that prices for NikeSkims goods are about 35 percent lower than similar items sold by competitors, a development she views as a “negative for Lululemon, especially with the younger consumer.”
The US oil and gas rig count has risen to its highest level since June
US energy firms have added oil and natural gas rigs for a fourth consecutive week for the first time since February, in a sign that producers may be preparing to ramp up output.
The oil and gas rig count, an early indicator of future production, rose by seven to 549 in the week to September 26, its highest level since June, according to the energy services firm Baker Hughes.
The increase comes after two years of declines, as energy firms had focused on boosting shareholder returns rather than increasing output.
Gold heads for a sixth straight weekly gain on a risk-off tone and strong ETF flows
Gold is trading just shy of its record high and is on track for a stunning sixth consecutive weekly gain, its rally supported by a potent mix of elevated geopolitical tensions, strong inflows into bullion-backed ETFs, and a broader risk-off tone in the markets.
The precious metal, which has soared about 44 percent this year, is holding near 3,779 dollars an ounce.
The rally has been fueled by a resumption of interest-rate cuts from the Federal Reserve and strong demand from central banks, with major players like Goldman Sachs Group Inc. expecting the gains to extend.
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