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Amazon says it has met a key environmental goal by powering its electricity consumption with 100% renewable energy by 2023, but some experts are skeptical.
The milestone doesn't mean the company is running on renewable energy. Instead, it buys an equal amount of energy from solar and wind farms, which Amazon says is “The world's largest corporate purchaser of renewable energy”
Still, emissions from Amazon's direct operations are expected to increase 7% in 2023 compared to the previous year, and the company has been criticized for being vague on its climate goals.
Let's look at the headlines.
First Up
Photo by Feng Li/Getty Images
The S&P 500 and Nasdaq both hit new record highs on Wednesday, driven by gains in big technology stocks. Apple, Microsoft and Nvidia led the gains, with Apple Market capitalization hits record high of $3.56 trillion The company is approaching the $4 trillion market capitalization milestone, buoyed by expectations for generative AI in the next iPhone.
The FTC released a scathing report on three major pharmacy benefit management companies the following day. Manages approximately 80% of U.S. prescriptionsThe FTC's lawsuit challenges the business practices of UnitedHealth Group's OptumRx, Cigna Group's Express Scripts and CVS Health's Caremark, which have driven up prices for insulin and other medicines. The Wall Street Journal report.
Business + Finance
A jury found Archegos Capital Management founder Bill Hwang guilty of 10 charges. Securities fraud, wire fraud, conspiracy, market manipulation The charges are linked to the collapse of a company he controlled in 2021, which led to declines in banking stocks in Europe and the U.S. Hwang faces up to 20 years in prison on each charge and could spend the rest of his life behind bars.
Costco announced Wednesday that it will soon be increasing membership fees. First time since 2017The company's annual membership fees for Gold Star and Business members will increase from $60 to $65, while executive membership fees will increase from $120 to $130. The company's shares rose more than 2% in after-hours trading following the announcement.
Wealth + Entrepreneurship
A US company controlled by Chinese billionaire Sun Guangxin is suing a Texas power grid operator. Asserting state laws banning foreign investment on national security grounds is unconstitutional. Guanxin's company, GH America Energy, argues that it is within the federal government's power to regulate foreign commerce, while many states, including Montana and Florida, have enacted restrictions on foreign investment.
Technology + Innovation
Members of the Samsung Electronics National Workers Union announced they would go on an indefinite strike starting Wednesday.
Photo by JUNG YEON-JE/AFP via Getty Images
South Korea's Samsung Electronics labor union announced an indefinite strike on Wednesday to step up its campaign for higher wages. The move could disrupt production of the company's advanced memory chips. It is used in AI accelerators, computers and smartphones. The union says about 6,500 of its members are on strike, but Samsung told multiple media outlets that the strike has not caused any disruption so far.
Money + Politics
Photo: Brandon Bell/Getty Images
Donald Trump is expected to announce his running mate by next week's Republican National Convention, and the former president He spoke about the strengths and risks of the three Republican candidates. Trump's three leading contenders are Sen. Marco Rubio (R-Fla.), Sen. J.D. Vance (R-Ohio), and North Dakota Governor Doug Burgum. If Trump does not announce his pick in advance, he would be the first candidate to announce his running mate at a party convention since former President George H.W.
Actor George Clooney The New York Times They called for President Joe Biden to withdraw from the presidential race, citing concerns about his age and ability to act. Clooney, along with other prominent Democratic figures,Stephen King, Rob Reiner and Abigail Disney are among several prominent figures who have said Biden should step aside, while former House Speaker Nancy Pelosi (D-Calif.) said Democrats were pressing Biden to decide quickly whether to continue in the campaign because “time is running out.”
more: In an editorial published Wednesday night, The Washington PostSen. Peter Welch (D-Vermont), the first Democrat in the Senate to publicly urge Biden to drop out of the race, wrote that voters “are worried that Biden cannot win this time and they fear that Trump will become president again.”
Sports + Entertainment
The NBA has landed a $76 billion multi-year TV deal produced by NBC and Amazon. New regular season television broadcast partner and ESPN rights to be retained According to The Athletic, a deal has been signed to broadcast the NBA Finals. The deal, which would last for 11 seasons, has yet to be approved by the NBA's Board of Governors.
Trends + Commentary
Since January 1, many companies have been required to report information about who their ultimate owners and controlling parties are to the U.S. government, as part of the Corporate Transparency Act of 2021, a law that is being challenged in court. If your company is a legal entity, you may need to report information about its owners.LLC, or other legal entity formed by filing documents with the U.S. Secretary of State or similar office.
Daily Cover Story
The surprising rise of Silicon Valley's Trump whisperers
Jacob Helberg presents a video message from the 45th President of the United States, Donald Trump, during the Hill & Valley Forum on AI Security at the U.S. Capitol Visitor Center in Washington, DC on May 1, 2024.
Photo by Tasos Katopodis/Getty Images, courtesy of Jacob Helberg
Top Line Palantir adviser Jacob Helberg is a former Democratic fundraiser who has never started a successful tech company or led a large fund. He is part of a wealthy tech elite that has come together to shape technology policy. They are doing it in their favour by helping Donald Trump unseat President Joe Biden in November's presidential election.
Helberg, an adviser to the defense contractor Palantir and a friend of the company's co-founder, Peter Thiel, who openly supported Trump in the 2016 election, has a lot to say, especially about AI.
And it appears Trump is listening. Helberg donated $1 million to Trump's reelection campaign earlier this year., And he has pledged to give an additional $1 million, making him the former president's largest individual donor. Forbes He said he speaks with the Trump campaign “every other day,” but declined to comment on whether he'd discussed a possible role in the administration. (The Trump campaign did not respond to requests for comment.)
reason Helberg's meteoric rise within the Republican Party is as uncertain as his own career. Despite appearing at high-profile policy events and receiving praise from Trump himself, it's unclear what he actually does on a day-to-day basis. For example, he was vague in describing his 9-to-5 role at Palantir and described his involvement with the Trump campaign as an “extracurricular activity.”
And as for the company's role in advising Congress on a possible TikTok ban in the US, he said that while “there is still work to be done,” “the bill has been signed and it's really done.” (A Palantir spokesperson did not respond to a request for comment.)
Why it matters Unlike other Silicon Valley tycoons who have parlayed their business careers into influencing government, such as former Google CEO Eric Schmidt and LinkedIn co-founder Reid Hoffman, Helberg has made a name for himself in other ways too. The most important of these is the use of strong anti-China papers. Wires of War It was to help him vault from a mid-level position on Google's news policy team to a think tank job and a position on the powerful U.S.-China Economic and Security Review Commission, which he used to rally support for the TikTok bill in Congress.
more
Facts + Comments
Inside Out 2 The hit film became Pixar's highest-grossing film on Wednesday. Incredibles 2. film It energized the summer box officeand eased concerns about Pixar's survival following the COVID-19 downturn.
$1.25 billion: The film became the first film this year to gross over $1 billion worldwide.
Approximately $155 million: The film was released in mid-June and had the biggest opening weekend at the domestic box office this year.
2015: Its predecessor, Inside Outwas released and grossed approximately $857.6 million worldwide.
Strategy + Success
Creating a brand partnership can be daunting if you haven’t worked with influencers or content creators before, but there’s a secret to making this marketing strategy successful. Don't overthink itFocus on genuine advocates of your brand and avoid forced promotion. Because viewers can easily spot fake advertisingWe build relationships through personalized outreach and interactions, ensuring that connections between brands and creators are honest and authentic.
quiz
Hurricane Beryl caused widespread power outages across Texas, causing residents to turn to non-traditional sources for up-to-date information as traditional sources became unreliable. What apps are Texans using to track power outages??
A. The Weather Channel App
B. Google Maps
C. Whataburger app
D. Red Cross App
Check your answer.
The entire newsroom
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Thanks for reading. This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff and written by Tavon Thomasson.
