Connect with us

Published

on

The Dow Jones Industrial Average hit its first record closing high since January 2022, and the S&P 500 and Nasdaq rallied more than 1% each on Wednesday after the Federal Reserve signaled that its interest rate-hiking policy is at an end and that it sees lower borrowing costs in 2024.

In its policystatement, the Fed also left interest rates steady, as expected, and a near-unanimous 17 of 19 Fed officials projected that the policy rate will be lower by the end of 2024.

Indexes were flat ahead of the announcement and quickly gained ground after the news.

Stockssharply extended gains as Fed ChairJerome Powellsaid during a press conference that the Fed is “not likely” to hike further and that the Fed is “very focused on not making the mistake of keeping rates too high for too long.”

The Fed since March 2022 has raised its policy rate by 525 basis points in an effort to curb inflation.

“The statement is telling us that the Fed is seeing what the markets have already started to discount, that you’re going to have inflation back to normal without a recession,” said Tom Martin, senior portfolio manager at Globalt Investments in Atlanta.

“We kind of hoped it was going to be this, but we didn’t really think it was.”

The blue-chip index’sfirst all-time highin nearly two years confirmed that it has been in a bull market since tumbling more than 20% through its closing low in September 2022, according to a common definition.

The day’s rally was broad-based with all major S&P 500 sectors ending higher. The rate-sensitive S&P 500 real estateand utilitiessectors rose more than 3% each, leading sector gains. The small-cap Russell 2000 indexshot up 3.5%.

The Dow Jones Industrial Averagesurged 512.30 points, or 1.4%, to 37,090.24, while the Nasdaq and S&P 500each rose 1.4%.

The S&P 500 and Nasdaq hit fresh closing highs for the year. The S&P 500 is now up 22.6% for the year to date, while the Nasdaq is up 40.7% in that period and the Dow is up 11.9%.

Stocks have been rising for weeks on the view that the Fed is likely done hiking rates and will shift to rate cuts next year.

Following the Fed statement, interest rate futures raised the odds of a May rate cut to 90% versus 80% just before the announcement, according to LSEG’sFedwatch.

Earlier in the day,data showed producer prices were unexpectedly unchanged in November amid cheaper energy goods. In a report on Tuesday, US consumer prices unexpectedly rose in November as a decline in the cost of gasoline was more than offset by increases in rents.

Bucking the day’s trend, shares of Pfizerdropped 6.7% after the drugmaker forecast 2024 revenue below Wall Street’s expectations.

Volume on US exchanges was 14.35 billion shares, compared with the 11.04 billion average for the full session over the last 20 trading days.

Continue Reading

World

President Raisi’s death a perilous moment for Iran regime – but don’t expect a change to foreign policy

Published

on

By

President Raisi's death a perilous moment for Iran regime - but don't expect a change to foreign policy

This is a delicate time for Iran. President Raisi was the second most important man in Iran, after Supreme Leader Ayatollah Ali Khamenei.

His death, now confirmed, will have far-reaching consequences.

Although Khamenei has tried to reassure the country in recent hours, the regime will know this is a perilous moment that must be handled carefully.

Live updates – Iranian president killed in crash

There are mechanisms to protect the regime in events like this and the Revolutionary Guard, which was founded in 1979 precisely for that purpose, will be a major player in what comes next.

In the immediate term, vice-president Mohammed Mokhber will assume control and elections will be held within 50 days.

Mokhber isn’t as close to the supreme leader as Raisi was, and won’t enjoy his standing, but he has run much of Khamenei’s finances for years and is credited with helping Iran evade some of the many sanctions levied on it.

Please use Chrome browser for a more accessible video player

Drone footage of helicopter crash site

Raisi’s successor will most likely be the chosen candidate of the supreme leader and certainly another ultra-conservative hardliner – a shift back to the moderates is highly unlikely.

Likewise, we shouldn’t expect any significant change in Iran’s foreign activities or involvement with the war in Gaza. It will be business as usual, as much as possible.

However, after years of anti-government demonstrations following the death of Mahsa Amini in 2022, this might be a moment for the protest movement to rise up and take to the streets again.

Read more:
Who was hardliner Iranian president Ebrahim Raisi?
‘Butcher of Tehran’ had fearsome reputation – many will fear instability
Hardline cleric Ebrahim Raisi wins landslide victory

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Islamic State may seek to take advantage

There are also many dissident groups inside Iran, including an off-shoot of Islamic State – they might seek to take advantage of this situation.

Raisi became president in 2021 at the second time of asking and only with a turnout of 41%, the lowest since the 1979 revolution.

The president is seen as a frontrunner to replace Iran's Supreme Leader Ayatollah Ali Khamenei (pictured) when he dies. Pic: Reuters
Image:
The president was considered one of the two frontrunners to succeed Ayatollah Ali Khamanei (pictured). Pic: Reuters

Please use Chrome browser for a more accessible video player

Search crews have reached the site of Iranian President Ebrahim Raisi’s fatal helicopter crash.

He was not a universally popular figure and many inside Iran will celebrate his death.

Consequences for supreme leader

Longer term, Raisi’s death will have consequences for the supreme leader.

He was considered one of the two frontrunners to succeed Ayatollah Ali Khamanei on his death – the other being Khamanei’s son Mojtaba.

For religious and conservative Iranians, Raisi’s death will be mourned; for many though, it will be the passing of a man who had blood on his hands.

Continue Reading

US

Scarlett Johansson ‘shocked and angered’ after OpenAI allegedly recreated her voice without consent

Published

on

By

Scarlett Johansson 'shocked and angered' after OpenAI allegedly recreated her voice without consent

Scarlett Johansson has said she was “shocked” and “angered” after OpenAI allegedly recreated her voice without her consent for a new ChatGPT system.

The actress released a statement where she personally criticised the company’s CEO Sam Altman for insinuating she was the voice named ‘Sky’ by posting the word ‘her’ on X, a reference to a film where she voiced an AI which a human fell in love with.

“Last September, I received an offer from Sam Altman, who wanted to hire me to voice the current ChatGPT 4.0 system,” the 39-year-old Oscar nominee said.

“He told me that he felt that by my voicing the system, I could bridge the gap between tech companies and creatives and help consumers to feel comfortable with the seismic shift concerning humans and AI. He said he felt that my voice would be comforting to people.”

She went on to say that eventually for personal reasons she declined his offer then, nine months later, her attention was drawn to how much the “Sky” voice sounded like her.

“When I heard the released demo, I was shocked, angered and in disbelief that Mr Altman would pursue a voice that sounded so eerily similar to mine that my closest friends and news outlets could not tell the difference,” Johansson said.

“Mr Altman even insinuated that the similarity was intentional, tweeting a single word “her” – a reference to the film in which I voiced a chat system, Samantha, who forms an intimate relationship with a human.

“Two days before the ChatGPT 4.0 demo was released, Mr Altman contacted my agent, asking me to reconsider. Before we could connect, the system was out there.

More on Artificial Intelligence

“As a result of their actions, I was forced to hire legal counsel, who wrote two letters to Mr Altman and OpenAI, setting out what they had done and asking them to detail the exact process by which they created the ‘Sky’ voice. Consequently, OpenAI reluctantly agreed to take down the ‘Sky’ voice.”

“In a time when we are all grappling with deepfakes and the protection of our own likeness, our own work, our own identities, I believe these are questions that deserve absolute clarity. I look forward to resolution in the form of transparency and the passage of appropriate legislation to help ensure that individual rights are protected.”

Sam Altman hero teaser
Image:
Sam Altman

On Monday OpenAI released a statement saying it would “pause” the use of a ChatGPT voice after users noticed it sounded like the actress.

OpenAI said: “We’ve heard questions about how we chose the voices in ChatGPT, especially Sky.

“We are working to pause the use of Sky while we address them.”

Read more:
How the chaos at OpenAI has unfolded
Snapchat flagged in nearly half of child abuse imagery crimes in past year

The artificial intelligence (AI) company offers five voices that can speak generated answers through its ChatGPT service.

Scarlett Johansson’s statement in full

Last September, I received an offer from Sam Altman, who wanted to hire me to voice the current ChatGPT 4.0 system.

He told me that he felt that by my voicing the system, I could bridge the gap between tech companies and creatives and help consumers to feel comfortable with the seismic shift concerning humans and AI.

He said he felt that my voice would be comforting to people.

After much consideration and for personal reasons, I declined the offer.

Nine months later, my friends, family and the general public all noted how much the newest system named “Sky” sounded like me.

When I heard the released demo, I was shocked, angered and in disbelief that Mr Altman would pursue a voice that sounded so eerily similar to mine that my closest friends and news outlets could not tell the difference.

Mr Altman even insinuated that the similarity was intentional, tweeting a single word “her” – a reference to the film in which I voiced a chat system, Samantha, who forms an intimate relationship with a human.

Two days before the ChatGPT 4.0 demo was released, Mr Altman contacted my agent, asking me to reconsider. Before we could connect, the system was out there.

As a result of their actions, I was forced to hire legal counsel, who wrote two letters to Mr Altman and OpenAI, setting out what they had done and asking them to detail the exact process by which they created the “Sky” voice. Consequently, OpenAI reluctantly agreed to take down the “Sky” voice.

In a time when we are all grappling with deepfakes and the protection of our own likeness, our own work, our own identities, I believe these are questions that deserve absolute clarity.

I look forward to resolution in the form of transparency and the passage of appropriate legislation to help ensure that individual rights are protected.

OpenAI earlier denied it intentionally copied Johansson and said it believed “AI voices should not deliberately mimic a celebrity’s distinctive voice”.

The New York Times sued OpenAI at the end of last year over allegations it, and its biggest investor Microsoft, unlawfully used the newspaper’s articles to train and create ChatGPT.

The suit alleges that the AI text model now competes with the newspaper as a source of reliable information and threatens the ability of the organisation to provide such a service.

Continue Reading

UK

Woman killed in dog attack in east London – as police seize two XL bullys

Published

on

By

Woman killed in dog attack in east London - as police seize two XL bullys

A woman has died after a dog attack in a house in east London – with police seizing two XL bullys from the property.

The Metropolitan Police said the victim was a woman in her 50s and the attack happened in Hornchurch on Monday afternoon.

“Police were called to Cornwall Close at around 1.12pm… to reports of a woman attacked by a dog,” a force spokesperson said.

“The woman was treated by medics from London Ambulance Service, but sadly she was pronounced dead at the scene.

“Due to the threat posed, armed officers attended. After assessing the situation, officers were able to safely seize two dogs.

“These were registered XL bully dogs and prior to officers’ arrival had been contained inside a room in the house. They did not leave the house at any time during the incident.

“The family of the woman, who was the owner of the dogs, are being supported by officers.”

The woman died after a dog attack in Cornwall Close, Hornchurch. Pic: Google Street View
Image:
The woman died after a dog attack in Cornwall Close, Hornchurch. Pic: Google Street View

London Ambulance Service sent crews, an incident response officer and a helicopter to the house.

From 1 February, it became a criminal offence to own the XL bully breed in England and Wales without an exemption certificate.

Read more from Sky News:
Parents will ‘never forgive’ nursery worker who killed baby girl
Taxi drivers contacted over missing 23-year-old man

Stock photo of an american bully xl dog Pic: iStock
Image:
File pic: iStock

Follow Sky News on WhatsApp
Follow Sky News on WhatsApp

Keep up with all the latest news from the UK and around the world by following Sky News

Tap here

Anyone who owns one of the dogs must have had the animal neutered, have it microchipped and keep it muzzled and on a lead in public, among other restrictions.

The government move to ban XL bullys followed a series of attacks on people.

Continue Reading

Trending