Author: completebodyneeds

Cost savings from automation are broadly falling short of projections, according to a new Bain & Co. global survey of large companies. The missed targets “should be making executives uncomfortable,” especially since many of them are approving increased spending for artificial intelligence on the basis of expected savings, the consulting firm said in a report shared exclusively with Bloomberg News. “Self-funding the next wave from past returns sounds like discipline. In reality, it is a circular bet with a structural leak,” the report said. The survey, completed in April, was based on responses from executives at 951 companies with more…

Cost savings from automation are broadly falling short of projections, according to a new Bain & Co. global survey of large companies. The missed targets “should be making executives uncomfortable,” especially since many of them are approving increased spending for artificial intelligence on the basis of expected savings, the consulting firm said in a report shared exclusively with Bloomberg News. “Self-funding the next wave from past returns sounds like discipline. In reality, it is a circular bet with a structural leak,” the report said. The survey, completed in April, was based on responses from executives at 951 companies with more…

California has become the latest Democratic-led state to retreat on climate goals amid affordability concerns as regulators Friday revamped its carbon market to ease costs to the oil industry. The California Air Resources Board (CARB) voted to give up as much as $4 billion worth of free allowances to oil refiners and other industrial polluters to help them comply with greenhouse gas limits imposed by the state’s 13-year-old carbon market, called Cap-and-Invest. Economists and environmentalists said the change may lead to higher emissions and lower prices on the carbon market, which is key to meeting a state mandate to achieve…

Wildfire season has returned to Canada’s oil sands region, with seven active blazes in the area on Sunday raising risks for communities, workers, companies and investors. Canada is the world’s fourth-largest oil producer, and the bulk of its production is clustered in northern Alberta’s boreal forest. Wildfires, which have always occurred in this environment but are more common now due to climate change, have become a perennial threat to Canadian oil output. So far this year, there have been no significant disruptions to Canadian oil company operations due to wildfire. But on Sunday, there were about seven active blazes burning…

A global food crunch due to extreme weather would boost prices more in the euro area than in Group of Seven economies, according to Oxford Economics. A “severe” shock to food prices from climate events could raise food prices in countries sharing the currency by 1.6 percentage points a year, the economic adviser said in a report. That would translate into an increase in headline inflation of as much as 0.6 percentage point, economists Robert Marks and Ronan Hegarty said in the study published Thursday. Natural disasters and heat waves could cause more harvest failures, damage infrastructure and disrupt supply…

MIAMI, FL — As Florida enters another active hurricane season, StormArmour®, a Florida-based resiliency company focused on mitigating wind-driven rain water intrusion through the tracks of sliding glass doors, is raising concerns about what industry experts describe as one of the leading yet least addressed causes of hurricane-related property damage in condominiums and multifamily buildings. Following Hurricanes Helene and Milton, thousands of Florida property owners experienced catastrophic interior water damage caused by wind-driven rain entering through the tracks of sliding glass doors. Many later discovered that the resulting damage was excluded from both their property insurance policies and sliding glass…

Israel expanded its ground assault in Lebanon with its broadest incursion into the country in a quarter-century as Hezbollah — Iran’s most powerful regional ally — stepped up attacks on Israel’s north. According to the Israeli military, Hezbollah fired more than 300 “projectiles” at its soldiers in Lebanon and at northern Israel over the weekend. The latest escalation has shattered a brittle ceasefire declared after the Tehran-backed group attacked Israel in response to its war on Iran, which it launched with the US on Feb. 28. As part of a military operation that started several days ago, the Israeli Defense…

AI insurance platform Corgi said on May 28 it raised $106 million in a funding round led by investment firm TCV that valued it at $2.6 billion. The funding round underscores strong investor appetite for startups using artificial intelligence to modernize the financial services sector. Related: Tech Update: Corgi Fills AI Risk Gaps; Gallagher Touts AI-Human Sales Blueprint; Cogitate AI and Vital Protect Medical Practices Here are some details: The Series B1 round also included participation from Prime Capital, Kindred Ventures and other investors. The latest round comes just three weeks after San Francisco-based Corgi announced a $160 million Series…

In San Francisco’s latest real estate boom, renters are paying cash up front, multimillion-dollar houses are selling auction-style and AI company stock can buy a sprawling hilltop estate. It’s a reflection of the new wave of wealth from the artificial intelligence industry, leaving even well-paid newcomers scrambling for a place to live. For Jenni Lee, a Chicago tech worker seeking to join her boyfriend in the Bay Area, finding an apartment has at times felt more difficult than getting a job. She has spent six months searching for a San Francisco rental, flying in for tours and repeatedly losing out…

A years-long dispute over a portfolio of commercial properties in Southern California that sparked credit concerns at several banks last year has led to a roughly $1.34 billion arbitration award. Real estate owner Mohammad Honarkar was “fraudulently induced” into doing business with financier Mahender Makhijani, who breached part of their agreements when arranging financing for hotels, apartment complexes and other commercial real estate, the arbitrator, a retired state judge, concluded in a filing dated this month. An attorney representing Makhijani didn’t immediately respond to a request for comment. In separate lawsuits, banks including Western Alliance Bancorp and Zions Bancorp NA…