A Danish-led group consisting of Denmark, Finland, and Panama has launched the Group of Negative Emitters at the COP28 climate talks in Dubai. Their ultimate goal is to remove more carbon dioxide from the atmosphere than they emit, achieved through measures such as slashing emissions, expanding forests, and investing in new technologies like carbon capture and removal.

While experts acknowledge the high cost and limited scale of carbon capture projects, Denmark sees new technology as crucial for reaching its targets. Developing countries highlight the need for technology transfer and financing from developed nations to address rising emissions.

Wells Fargo CEO Charlie Scharf stated that the company will likely face a significant severance expense in the fourth quarter due to low staff turnover. The expense is intended to increase efficiency and is an accrual for expected layoffs next year. While the bank did not disclose the number of jobs that will be cut, Scharf mentioned the need to manage headcount more aggressively due to a slowdown in employee attrition.

This move comes as Wall Street leaders express concerns about bloated payrolls amidst rising funding costs and a slump in Wall Street deals. Previously, Wells Fargo had already laid off around 11,300 employees in 2023. Despite the cautionary actions, Scharf remains optimistic about the economy, stating a potential “soft landing” for the US economy in the coming year.

Enterprise automation software company UiPath experienced a significant surge in stock value, rising by more than 26% following the release of its quarterly earnings report. The company exceeded Wall Street’s expectations for both revenue and earnings per share. UiPath also raised its outlook for annual recurring revenue, which grew by 24% year over year. Analysts praised UiPath’s success, crediting its focus on big clients and strategic expansion into new verticals. Additionally, the integration of generative artificial intelligence was cited as a driving factor behind the company’s widespread adoption.

In a ruling by the National Labor Relations Board (NLRB), Amazon and its consultants were found to have violated federal labor law by interrogating and making threats against employees who were involved in unionizing activities at a Staten Island warehouse. Amazon was also found guilty of racially disparaging union organizers. The violations occurred between May and October 2021 at the JFK8 warehouse in New York. The ruling came after almost a year of virtual hearings, during which testimonies from Amazon employees, managers, and labor consultants were presented.

Spotify’s shares closed over 7% higher on Monday after the music streaming giant revealed plans to lay off 17% of its workforce. The move aims to reduce costs and adapt to a deceleration in growth. In an email sent to staff, Spotify CEO Daniel Ek acknowledged that the company had taken on too many employees in recent years and now needed to downsize. A

lthough Spotify reported a €65 million ($70.7 million) profit for Q3 due to reduced spending on marketing and personnel, the layoffs are part of the company’s efforts to prioritize profitability. Analysts suggest the cost-cutting measures could lead to a nearly 2% reduction in operating expenses by 2024. This latest round of layoffs follows previous cuts implemented earlier this year. Despite the workforce reductions, Spotify’s shares have more than doubled in value in 2020.

Software provider Twilio has announced plans to lay off approximately 5% of its workforce, with around 300 employees affected. The company cited underachievement in the growth of a unit that activist investors have targeted as the reason for the layoffs.

Twilio expects to incur restructuring charges between $25 million and $35 million. The cuts will primarily impact Twilio’s Data and Applications unit, which Legion Partners and Anson Funds are urging CEO Jeff Lawson to divest. This marks the company’s third round of layoffs in just over a year. Twilio intends to streamline its offerings and sunset its Programmable Video product as part of this restructuring plan.

New York-based big data unicorn, Dataminr, known for its AI and big data algorithms in predicting global events and news insights, is undergoing a 20% staff reduction, affecting approximately 150 employees. Founder and CEO Ted Bailey attributed the decision to the economic environment, operational efficiencies, and advancements in the company’s AI platform. The restructuring aims to put Dataminr in a strong financial position, enabling progress in its AI platform and products.

While details of the impacted business areas remain unclear, the move suggests a potential path to profitability without depending on external funding. Despite controversies surrounding the data used, Dataminr has managed to gain recognition and partnerships with companies like Twitter, as well as customers in government, finance, and media sectors. With over $1 billion raised, the company was last valued at $4.1 billion in 2021. The downsizing is likely fueled by the company’s focus on AI technology, allowing for workforce reductions without significant business impact.

The U.S. Supreme Court is set to hear an appeal by President Joe Biden’s administration challenging a lower court’s ruling that restricts the Securities and Exchange Commission’s (SEC) power to enforce securities laws through its in-house tribunal system. The case involves hedge fund manager George Jarkesy, who was fined and barred from the industry by the SEC for committing securities fraud. Critics argue that the SEC’s in-house system gives it an unfair advantage in prosecuting cases.

The case has significant implications for the SEC’s ability to root out wrongdoing in the securities industry. A separate challenge against the Financial Industry Regulatory Authority (FINRA) is also being considered by lower courts. Conservatives and business groups support these challenges, expressing concerns about the reach of federal regulatory power. The SEC has faced other legal attacks despite the Supreme Court’s conservative majority signaling skepticism towards expansive federal regulatory power.

Google’s Chief Legal Officer, Kent Walker, has urged the European Union (EU) to develop AI regulations that support innovation rather than rushing into the first set of rules. As EU countries and lawmakers finalize a draft proposal on AI regulations, one of the main concerns is the regulation of foundation models like OpenAI’s ChatGPT. Walker emphasized the need for hard trade-offs between security and openness, data access and privacy, and explainability and accuracy while ensuring proportionate, risk-based rules. He called for regulations that build upon existing frameworks and provide confidence for businesses to keep investing in AI innovation.