Winners and losers in the Queensland budget
- Here are the winners and losers from the Queensland budget handed down in Brisbane on Tuesday.
- Coronavirus: Need to know.
- Our daily reporting, in your inbox.
- Alkaloids of Australia, which grows an ingredient commonly found in Buscopan, has been accused of criminal cartel conduct.
- In another blow to the UK's retail industry in the run-up to the crucial Christmas period, the owner of brands such as Topshop and Dorothy Perkins said it has called in Deloitte.
- Reports that semiconductor and oil companies may soon join the US blacklist on China should not come as a surprise.
- No Chinese sector should be considered safe for now.
- The billionaire's main Australian company had a terrible financial 2020 but things are looking better now.
Monopolies have made America's Covid response worse
- Unless the government changes course and provides more stimulus funds to small and mid-sized companies while pursuing antitrust enforcement and policies that promote fair competition, the pandemic will further concentrate our economy and do long-lasting damage to Americans' finances.
- Our government let big corporations take over medicine and kick smaller companies out of the competition through mergers and monopolistic behavior, making our health care markets highly concentrated.
- Then Congress should pass the reforms proposed in the House Judiciary's Big Tech report, including structural breakups to remove conflicts of interest by dominant platforms, strengthening the antitrust laws and enforcement across the board, requiring non-discrimination rules that ensure dominant corporations offer the same terms to all, and interoperability rules that promote competition.
ServiceNow to Buy Element AI in Artificial Intelligence Push
- Informa PLC's registered office is 5 Howick Place, London SW1P 1WG.
- Nico Grant (Bloomberg) -- ServiceNow Inc. will buy Canadian startup Element AI Inc., marking the software maker’s fourth acquisition this year to boost the artificial intelligence capabilities of its applications.
- The transaction is expected to close in early 2021, the Santa Clara, California-based company said Monday in a statement, without disclosing the terms of the deal.
- With the tie-up, ServiceNow is aiming to add technology innovations to its platform, instead of using deals to bolster revenue.
- ServiceNow made a bet that the best route to growth is ensuring that its tools can help companies organize their personnel, customer service and IT operations.
- Monday’s deal highlights the importance of automating some tasks for clients and bringing experienced AI engineers to ServiceNow. Earlier this year, the software maker said it had purchased Loom Systems, Passage AI and Sweagle to augment its AI ambitions.
Facebook Nears Purchase of Startup Valued at $1 Billion
- Facebook Inc. said it would buy Kustomer, a startup that specializes in customer-service platforms and chatbots, part of an effort by the social-media giant to help companies use its platforms to do business.
- Facebook announced the deal in a posting Monday, confirming an earlier report by The Wall Street Journal.
- Though terms weren’t disclosed, people familiar with the matter said it would value New York-based Kustomer at a little over $1 billion.
Salesforce Deal to Buy Slack Expected to Be Announced Tuesday After Market Close
- Salesforce's deal to buy Slack is expected to be announced Tuesday after markets close, sources told CNBC's David Faber.
- The deal is expected to be about half cash and half stock, the sources said, and will price Slack at a premium.
- Slack's market cap was more than $24 billion as of Monday morning.
- Shares of Slack rose about 4% Monday on the news.
- Talks between the two companies were first reported last week by The Wall Street Journal and confirmed by CNBC, sending Slack's stock soaring nearly 38%.
- It could also make Slack a more formidable competitor to Microsoft's Teams communication product.
- Slack filed a complaint against Microsoft with the European Commission this summer, alleging it abused its dominant market position to eliminate competition for Teams.
- Microsoft has said Teams has benefited during the pandemic from videoconferencing capabilities that Slack lacks.
The Stock Market’s Rally Is Finally Widening
- Just as notable is the expansion of stocks contributing to the market’s gains: So far in November, 464 stocks in the S&P; 500 are up for the month, the largest share for any month since the April resurgence, according to Dow Jones Market Data and FactSet. In October, by contrast, 212 stocks in the benchmark index gained ground.
- The information technology sector traded last week at 28.94 times its earnings over the past 12 months, above the five-year average of 19.46, according to FactSet. The financials group, by contrast, traded at 16.68 times earnings, compared with an average of 13.98.
- The S&P; 500 is outperforming the equal-weight index by 5.25 percentage points in 2020, on pace for the largest yearly divergence since 2010, when the equal-weight version led, though the 2020 gap has narrowed since the end of October, according to Dow Jones Market Data.
The Dark Side of the Sexiest Job of the 21st Century
- Before I start on the downbeat, let me state that I’m glad that I made a career change to work in the field of data science.
- To be a little more pessimistic, machine learning is only a small part of the data science pie.
- A medium or low level companies that want to adapt data science in their business tend to hire one or two data scientists and expect them to handle the entire workflow.
- There is a wide variety of topics and tools you need to learn to become a data scientist.
- There exist many packages that expedite the data analysis and machine learning process but a basic level of programming skill is needed to use them.
- However, considering the popularity and potential of data science, having all these skills will increase your chance to get in the field.
Keith Rabois says Silicon Valley is atrophying as talent flees - Business Insider
- And, of course, he loathes the Bay Area's liberal political culture, what he described as a "monoculture in perspective on the world." Rabois is known in the Valley as someone who aligns with its libertarian investor crew among company like Peter Thiel, Joe Lonsdale, and David Sacks, though he describes himself as a conservative.
- He built his career in Silicon Valley, serving as an early exec at PayPal, LinkedIn, and Square before becoming a full-time VC at Khosla Ventures, where he made investments in unicorns like Affirm, DoorDash, and OpenDoor (the homebuying startup he helped cofound in 2014).
- Rabois was referring to the tremendous concentration of founder and engineering talent in the Bay Area, which has made Silicon Valley the undisputed center of the tech universe for decades.
The Supreme Court will hear its first big CFAA case
- The Supreme Court will hear arguments on Monday in a case that could lead to sweeping changes to America’s controversial computer hacking laws — and affecting how millions use their computers and access online services.
- Van Buren was caught, and prosecuted on two counts: accepting a kickback for accessing the police database, and violating the CFAA.
- Van Buren may have been allowed to access the database by way of his police work, but whether he exceeded his access remains the key legal question.
- Hackers and security researchers have for decades operated in a legal grey area because the law as written exposes their work to prosecution, even if the goal is to improve cybersecurity.
- Security researchers are no stranger to legal threats, but a decision by the Supreme Court that rules against Van Buren could have a chilling effect on their work, and drive vulnerability disclosure underground.
The Moderna way to profit from CSL's vaccine challengers
- Australia's largest health company CSL should boost its R&D spending or risk losing market share in the vaccine business to the technology behind one of the world’s leading COVID-19 vaccine candidates, according to Platinum Asset Management's Bianca Ogden.
- Platinum added to its Moderna position in early February when the US biotechnology company sold shares to fund the development of what is now one of the leading COVID-19 vaccine candidates.
- The health sector has been a key underperformer over the last month, paradoxically, as the success of Moderna and the other leading vaccine developers drove investors from the so-called COVID-19-winners to natural resources, banks and other companies that have been hit by containment measures.
- The fund also invests in early-stage ventures with unproven technology in development, an area that Ogden says is under-serviced by local capital markets.