News

Ford Motor has announced a pause in the construction of a $3.5 billion battery plant in Michigan due to concerns about its competitiveness. The decision comes as Ford continues contract talks with the United Auto Workers union and Republican congressmen investigate the use of technology from Chinese battery maker CATL in the plant. The company has not disclosed the specific reason behind the pause and has not made a final decision about the investment. Ford had previously projected a higher-than-expected loss of $4.5 billion in its electric vehicle unit, leading to a slowdown in EV production. The future of EV tax credits is also a factor influencing investment decisions in the auto industry.

Reddit has launched a new contributor program that allows users in the United States to convert their Reddit karma and gold into real money. This feature, limited to users over 18 who have verified their identity, enables the monetization of safe for work posts. Users can withdraw their earnings if they accumulate at least 10 gold within a 30-day period. The amount earned per gold ranges from $0.90 to $1, depending on the user’s karma score. While similar monetization programs have raised concerns about spamming, Reddit aims to streamline the process by simplifying its gold award system. The revamped payment programs arrive amid controversy over API changes that have affected third-party app developers.

The hacking group known as Scattered Spider, Muddled Libra, or UNC3944 has recently gained attention for breaches at major gambling companies MGM Resorts and Caesars Entertainment. However, analysts tracking the group have discovered that numerous other organizations across industries have also fallen victim to their attacks. These hackers are particularly skilled at social engineering and bypassing multi-factor authentication, exhibiting a level of sophistication typically associated with nation-state actors. They target companies by posing as employees and requesting login details, then swiftly accessing and stealing sensitive data for extortion purposes. In addition to their technical skills, the group exhibits ruthless behavior, overwhelming security response teams and leaving threatening messages for victims.

The hackers are difficult to trace, with limited information about their location or identity. They primarily target individuals between the ages of 17 and 22 and utilize techniques such as SIM swapping to acquire employee information. Some cybersecurity experts believe that Scattered Spider collaborates with a larger group called ALPHV, which provides software and attack tools. The MGM hack serves as a real-world example of the significant impact these attacks can have. As ransomware gangs continue to evolve their methods, organizations must stay vigilant in their cybersecurity efforts.

California Governor Gavin Newsom has vetoed Assembly Bill 316, which aimed to prevent heavy-duty driverless trucks from operating in the state. The bill had passed in both houses of the state legislature but was deemed unnecessary by Newsom, who cited existing regulatory frameworks governing autonomous technology. Currently, California prohibits the use of autonomous trucks weighing over 10,001 pounds, although the Department of Motor Vehicles has been working towards lifting this restriction.

Companies developing autonomous technology for trucking, such as Aurora, Daimler Truck, Kodiak Robotics, and Gatik, have expressed relief at the veto. On the other hand, labor unions have argued that autonomous trucks could lead to job losses and have called for the bill’s approval. In response, Newsom directed the labor and workforce development agency to develop recommendations to address potential job impacts.

The US Department of Energy has announced a $325 million investment in new battery technologies to enable the storage of solar and wind energy for continuous power supply. The funding will be allocated to 15 projects across 17 states and the Red Lake Nation in Minnesota. These projects aim to enhance grid reliability, affordability, and resilience while reducing the reliance on fossil fuel-based power plants. The funding will support the development of long-term storage options that can provide power for extended periods, surpassing the four-hour capacity of lithium-ion batteries. These investments mark a significant step toward addressing climate change and advancing clean energy solutions.

The U.S. Federal Reserve system is set to reduce its workforce by about 300 employees this year, marking a rare decrease in headcount. The cuts will primarily affect information technology roles and positions related to payment processing, as the Fed consolidates its systems. The reduction in staff is a combination of attrition, retirements, and layoffs. This reduction comes as the number of staff budgeted for the system is expected to decrease by over 500 positions from 2022 to 2023, the first such decline since 2010. The staff cuts occur amidst the central bank’s financial losses and scrutiny from Congress.

Workers at Apple stores in France have initiated a nationwide strike in protest of pay and working conditions, coinciding with the launch of the iPhone 15. The strike comes after Apple was forced to stop selling its iPhone 12 model in France due to radiation levels exceeding thresholds set by the French watchdog.

The strike, organized by unions including CGT, Unsa, CFDT, and Cidre-CFTC, is demanding a 7% wage increase to compensate for inflation and an end to a hiring freeze. Apple stores in France remained open during the strike, albeit with reduced staff levels. Similar protests were staged by Apple workers in Barcelona, Spain, highlighting poor working conditions.