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Joined 3 years ago
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Cake day: June 10th, 2023

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  • Australia’s largest pension fund is planning to reduce its allocation to global equities next year, amid signs that the artificial intelligence boom in the US stock market could be running out of steam.

    John Normand, head of investment strategy at the A$400bn (US$264bn) AustralianSuper, told the Financial Times that not only did valuations of big US tech companies look high relative to history, but the leverage being used to fund AI investment was increasing “very rapidly”, as was the pace of fundraising through mergers, venture capital and public listings.



  • “When you find out the North Pole is trying to bring more bureaucratic overreach & unfunded mandates down the chimney disguised as “Christmas cheer.” Not on my watch,” the Republican posted on his X account Thursday morning.

    “We The People run Indiana, not the bureaucrats,” he added. “Take it back to the North Pole big guy.”

    […]

    “Lots of intolerance, swearing, and outrage on display over a few AI pics I had a blast designing with my kids,” Garten said. “Some of you clowns are just insufferable. Hopefully your negativity stays in the comments and not directed at your families.”

    “Merry Christmas, snowflakes!” he added.

    I don’t get it, what does Santa have to do with additional Bureaucracy?


  • Korean battery maker LG Energy Solution Ltd. said Friday it has agreed with a U.S. company to terminate a supply contract signed in 2024 by mutual consent.

    In a regulatory filing, LG Energy Solution said it has canceled the supply deal worth 3.9 trillion won ($2.69 billion) signed with U.S.-based battery pack producer Freudenberg Battery Power System (FBPS) LLC.

    LG Energy Solution said the termination came as FBPS decided to pull out from the battery industry.

    LG Energy Solution signed the $2.7 billion agreement with the U.S. company in April and had already implemented $110 million of the deal.

    Last week, LG Energy Solution announced the cancellation of a 9.6 trillion-won battery supply order from Ford Motor Co. signed last year.

    Following the latest regulatory filing, the combined amount of contracts terminated this month for LG Energy Solution reached 13.5 trillion won, which accounts for around half of the company’s annual sales of 25.6 trillion won posted in 2024.

    The South Korean battery maker, however, said the terminations are expected to have a limited impact on its financial health.

    “We have not made an investment for building specialized production facilities nor expenditures for research and development projects. Thus, there are no additional costs incurred due to the termination,” the company said.

    “We intend to take this as an opportunity to streamline relationships with uncertain customers and secure a more stable source of demand,” it added.