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| Today's top stories include: - Israel and Hamas agreed to pause fighting to facilitate a hostage and prisoner exchange
- Sam Altman will return as OpenAI CEO and the company's board will step down
- Palantir won a $415M contract to overhaul the patient data system of England's National Health Service
Gregory
p/Gregory_Bridgman | |
| 1 | | Israel and Hamas reached a truce-for-hostages agreement that will pause fighting in Gaza for four days. The truce will allow both sides to exchange prisoners and hostages and give aid organizations the opportunity to increase humanitarian assistance in the devastated region. More: - Qatar's Foreign Ministry announced on Wednesday that Israel and Hamas agreed to a four-day truce to allow for the release of 50 hostages in Gaza in exchange for 150 imprisoned Palestinians.
- The exchange, which will free women and children from captivity, is expected to begin 24 hours after all parties agree to the deal, reports the Associated Press, citing a White House official.
- Israel's government said it offered to extend the truce by an extra day for every 10 hostages freed by Hamas.
- Hamas took 240 hostages during a raid in Israel's territory on Oct. 7., according to the Israeli government.
- U.S. President Joe Biden welcomed the deal, emphasizing that it would also allow for humanitarian assistance to be sent to Palestinians in Gaza.
Zoom Out: - The agreement marks the first ceasefire in the six-week conflict between Israel and Hamas.
- Israel estimates that Hamas killed 1,200 people on Oct. 7.
- The Health Ministry in Hamas-controlled Gaza estimates that the Israeli offensive has killed over 11,000 Palestinians.
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| 2 | | Sam Altman will return to lead OpenAI under the supervision of a new board. The move comes after OpenAI's current board shocked the tech world by firing Altman as the company's CEO last week. More: - OpenAI on Tuesday announced an "agreement in principle" under which Altman will return as CEO.
- Former president Greg Brockman, who resigned in protest against Altman's firing, will also return.
- Altman will serve under a new board that includes former U.S. Treasury Secretary Larry Summers, current board member Adam D'Angelo, and former Salesforce co-CEO Bret Taylor, who will serve as the board's new chair.
- The main task of the initial board is to vet and appoint a larger board in which Altman and Microsoft, OpenAI's largest investor, want to be represented, reported TheVerge citing people familiar with the matter.
- Emmett Shear, who was initially selected as Altman's permanent replacement, said the return of his predecessor "maximized safety alongside doing right by all stakeholders."
Zoom Out: - OpenAI's board announced Altman's departure as CEO last Friday, claiming that he was "not consistently candid in his communications."
- The board defied investors and leading executives by refusing to reinstate Altman, prompting most of AI's employees to sign a letter threatening to resign.
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| 3 | | Palantir Technologies overcame activists' criticism to win a seven-year $415M (£330M) contract with the U.K.'s National Health Service (NHS). The company will overhaul the NHS' medical data system in England, prompting concerns about patients' privacy. More: - Palantir will produce a centralized data system for NHS England called the Federated Data Platform.
- Palantir won the contract in partnership with Accenture, PwC, NECS, and Carnall Farrar.
- The Federated Data Platform is intended to help hospitals across the country share patient data and analyze trends.
- The platform excludes NHS branches in Scotland and Wales.
- The NHS announced on Tuesday that additional funds had been set aside to support privacy features and new products on the platform.
- The state health service initially expected the platform to cost £480M.
- Palantir shares dipped 3% in New York following the announcement of its NHS contract.
Zoom Out: - Palantir was founded by Peter Thiel, an American venture capitalist known for his conservative and libertarian political activism.
- The company won a $250M contract in September to develop artificial intelligence technology for the U.S. Army.
- Medical and civil liberties groups expressed concern that the NHS contract with Palantir may risk the privacy of patients' medical data.
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What the numbers say: Palantir Technologies generated $1.07B in revenue from government contracts in 2022. The company generated $834M from its commercial segment that year. Relevance: Palantir specializes in big data analytics. The company's most well-known products include its software platforms Palantir Gotham, Palantir Apollo, and Palantir Foundry. Founded in 2003, Palantir is known for its close business relationship with the U.S. Department of Defense. The company's government-focused business segment became its largest source of income in 2020. Palantir has been expanding into the healthcare industry in recent years, prompting criticism over its ties to military agencies and intelligence services. The controversy: The contract with the National Health Service will give Palantir access to health data from millions of patients in England, allowing the company to build a massive database. Critics including doctors and British lawmakers say that Palantir is a controversial choice for the contract, given the company's strong ties with security agencies. | | | |
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| 5 | | Binance agreed to pay a $4.3B settlement to resolve a probe launched by the U.S. Justice Department (DOJ) in 2018. Changpeng Zhao, the crypto exchange's co-founder and CEO, resigned on Tuesday and pleaded guilty to money laundering violations. More: - Binance violated U.S. sanctions and anti-money laundering laws, said the DOJ on Tuesday.
- The DOJ also said the crypto-exchange failed to report over 100,000 transactions with organizations that the U.S. considers to be terrorist groups.
- Zhao, who Forbes estimates to be worth $10.2B, will personally pay $50M as part of a settlement deal that the DOJ negotiated with the U.S. Treasury Department and the Commodity Futures Trading Commission (CFTC).
- The deal will allow Zhao to retain his stake in Binance, which he founded in 2017.
- The DOJ is also seeking an 18-month prison sentence for Zhao, The New York Times reports.
Zoom Out: - Prosecutors described the $4.3B settlement as one of the largest corporate penalties in U.S. history.
- Zhao's plea is the latest blow to the crypto industry following the fraud conviction of Sam Bankman-Fried, founder of collapsed crypto exchange FTX.
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| 6 | | GOOD NEWS: A frugal New Hampshire man left $3.8M to benefit his small-town community. Local residents were unaware that the man, who lived a simple life, was a multimillionaire. More: - Geoffrey Holt, a resident of Hinsdale, New Hampshire, made successful financial investments after working as a production manager at a grain mill.
- Hinsdale residents knew him as the caretaker of a local mobile home park.
- Holt lived an austere life and only his best friend and former employer, Edwin Smith, knew about his wealth.
- After passing away in June at 82 years of age, Holt left $3.8M to support education, health, recreation, and culture in his hometown.
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- U.S. forces carried out airstrikes in Iraq after Iranian-backed militia targeted two U.S. facilities in the country, officials announced on Tuesday.
- Ford Motor announced on Tuesday that it will scale back plans to build a $3.5B battery plant in Michigan. The plant's production capacity will be cut by 43% as the company seeks to reduce expenses amid rising labor costs and lower-than-expected demand for its electric vehicles.
- Hridindu Roychowdhury, of Madison Wisconsin, will face up to 20 years in jail after pleading guilty to a federal charge of using explosives to damage a property. Roychowdhury was accused of firebombing the Madison office of the anti-abortion group Wisconsin Family Action on May 8, 2022.
- The pilot of a single-engine plane was killed when the aircraft crashed into a parking lot in Plano Texas on Tuesday. The aircraft crashed into the ground, igniting an unoccupied parked car.
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Term of the Day Marketing plan: A marketing plan is a comprehensive document that outlines an organization's marketing objectives, strategies, and tactics for a specific period Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Writer / Editor | | Gregory Bridgman is an e-commerce researcher with a PhD. from the University of Cambridge. He also holds a Master of Science from University College London and a Bachelor's degree from the University of Cape Town. Please follow me on Twitter or email me at gregory@inside.com. | | This newsletter was edited by Eduardo Garcia | |
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