Apple Layoffs: 600+ Job Cuts After Car and Smartwatch Project Cancellations
According to documents submitted to the California Employment Development Department, Apple is terminating 614 employees in California.
The company began winding down both programs, the Car and Smartwatch Projects, in February due to their perceived complexity and challenges.
The company has been working on their automobile idea since 2014.
According to reports, 371 employees were laid off from Apple's major car-related workplace in Santa Clara, California, with numerous others at other satellite locations also affected by the layoffs.
Apple is now moving its focus to initiatives utilizing generative AI.
Apple created its own artificial intelligence (AI) section after acquiring DarwinAI, an AI firm, and hiring several of its own staff members to work on this.
FY 2024-25: Key Changes Effective from April 1st You Must Know
April 1st marks the beginning of the next fiscal year (FY 2024–25). Whatever the Ministry of Finance announces will take effect on April 1st. The following list includes the top modifications made by the Indian government.
New EPFO rule
Previously, individuals had to manually request the transfer of their PF account when changing jobs. But now, in the current financial year (FY 2024-25), switching jobs is easier for your finances. The Employees' Provident Fund Organisation (EPFO) has introduced an automatic transfer system for your provident fund balance, making the process smoother.
Improved security measures for NPS
The Pension Fund Regulatory and Development Authority (PFRDA) has implemented a new security layer for NPS. Starting April 1, 2024, all password-based users of the CRA system will be required to adopt two-factor Aadhaar authentication.
New Tax Regime
The New Tax Regime will become the default tax regime on April 1. Your taxes will be computed automatically in accordance with the new regulations unless you specifically want to use the old tax system.
New FasTag Rules
Updating your FASTag KYC becomes required as of April 1. To prevent payment problems, make sure your FASTag KYC is finished by March 31st. If not, there will be double costs for cash transactions.
No reward points in SBI credit card
Starting April 1, 2024, SBI Card will stop earning reward points on rent payment transactions for certain credit cards, including AURUM, SBI Card Elite, SBI Card Elite Advantage, SBI Card Pulse, and SimplyCLICK SBI Card.
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BUSINESS
Elon Musk Launches xAI, a New AI Company
In a recent announcement, billionaire entrepreneur Elon Musk revealed the formation of a groundbreaking artificial intelligence company called xAI. The primary objective of xAI is to uncover the true essence of the universe.
Musk shared his enthusiasm during an interview with Fox News, where he described his plans for a revolutionary AI system known as "TruthGPT." This truth-seeking AI will embark on a journey to comprehend the fundamental nature of our world.
Musk has assembled an exceptional team to lead xAI, comprised of talented individuals from renowned organizations such as Google's DeepMind, Microsoft, Tesla, and esteemed academic institutions like the University of Toronto. Their collective expertise and diverse backgrounds will undoubtedly contribute to the success of xAI's ambitious mission.
Although xAI operates independently from X Corp, the parent company of Twitter, it will maintain a close and collaborative relationship with both X Corp. and Tesla. This synergistic partnership will enable xAI to leverage the combined knowledge and resources of these influential entities, fostering innovation and propelling the company forward.
Announcing formation of @xAI to understand reality
It's worth noting that Musk has been openly critical of ChatGPT, an AI language model developed by OpenAI, a company he supported in its early stages.
Musk has expressed concerns about the accuracy and biases exhibited by ChatGPT, which have motivated him to create a viable alternative. With the launch of xAI, Musk aims to offer a cutting-edge AI platform that overcomes the limitations observed in existing models.
In recent years, the tech industry has witnessed a rapid adoption of AI technologies following the success of ChatGPT. Recognizing the immense potential and impact of AI, Musk decided to enter the race by introducing xAI as a direct competitor to OpenAI, the creator of ChatGPT. This move demonstrates Musk's unwavering commitment to driving technological advancement and pushing the boundaries of what AI can achieve.
Aside from his involvement with xAI, Musk is also renowned for his leadership in various other groundbreaking ventures. As the visionary behind companies such as Tesla, SpaceX, Neuralink, and The Boring Company, Musk continues to revolutionize different industries and make significant contributions to the advancement of science and technology.
With the launch of xAI, Elon Musk has once again shown his determination to explore new frontiers and unravel the mysteries of the universe.
By assembling a talented team and leveraging his extensive experience, Musk is well-positioned to bring about groundbreaking advancements in the field of artificial intelligence. The future of xAI holds great promise, and we eagerly anticipate witnessing the impact it will have on our understanding of the world.
KeyNotes-
Elon Musk forms xAI, an AI company to understand the universe's true nature.
xAI team includes executives from Google's DeepMind, Microsoft, and Tesla, as well as academic institutions.
xAI operates independently but maintains a close collaborative relationship with X Corp and Tesla.
Musk criticizes OpenAI's ChatGPT for producing inaccurate and biased results.
xAI is launched to compete with OpenAI's ChatGPT and drive advancements in AI technology.
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INDIA
China Is Suffering!
NEW DELHI: Indian Government is going to cut subsidies on food and fertiliser to 3.7 trillion rupees ($44.6 billion) in the financial
year from April, down 26% from this year, two government officials said, to control financial shortage that ballooned during the
Covid-19 pandemic.
The housing industry constitutes 25% of Chinese GDP.
Evergrande Group, China's second-largest housing firm, has failed to meet its offshore debt obligations, triggering a housing crisis.
The failure led to developers abandoning half-finished buildings, founders selling their stakes, and homebuyers defaulting on mortgage payments.
Housing loan defaults pose a significant risk of causing a banking crisis, as banks have lent $7.5 trillion, accounting for one-quarter of all bank loans, to the housing sector.
The housing market collapse is worsening ahead of the Chinese Communist Party's 20th congress, where President Xi Jinping is expected to secure a third term as party leader.
Property represents over two-thirds of urban household wealth, and the housing industry contributes to one-fifth of GDP.
The housing market collapse is having a negative impact on the overall economy and has resulted in minor outbreaks of social unrest.
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INDIA
China Is Suffering!
NEW DELHI: Indian Government is going to cut subsidies on food and fertiliser to 3.7 trillion rupees ($44.6 billion) in the financial
year from April, down 26% from this year, two government officials said, to control financial shortage that ballooned during the
Covid-19 pandemic.
The housing industry constitutes 25% of Chinese GDP.
Evergrande Group, China's second-largest housing firm, has failed to meet its offshore debt obligations, triggering a housing crisis.
The failure led to developers abandoning half-finished buildings, founders selling their stakes, and homebuyers defaulting on mortgage payments.
Housing loan defaults pose a significant risk of causing a banking crisis, as banks have lent $7.5 trillion, accounting for one-quarter of all bank loans, to the housing sector.
The housing market collapse is worsening ahead of the Chinese Communist Party's 20th congress, where President Xi Jinping is expected to secure a third term as party leader.
Property represents over two-thirds of urban household wealth, and the housing industry contributes to one-fifth of GDP.
The housing market collapse is having a negative impact on the overall economy and has resulted in minor outbreaks of social unrest.
