For a second time, a Delaware judge has nullified a pay package that Tesla had awarded its CEO, Elon Musk, that once was valued at $56 billion. On Monday, Chancellor Kathaleen St. Jude McCormick turned aside a request from Musk's lawyers to reverse a ruling she announced in January that had thrown out the compensation plan. The judge ruled then that Musk effectively controlled Tesla's board and had engineered the outsize pay package during sham negotiations. Lawyers for a Tesla shareholder who sued to block the pay package contended that shareholders who had voted for the 10-year plan in 2018 had been given misleading and incomplete information. In their defense, Tesla's board members asserted that the shareholders who ratified the pay plan a second time in June had done so after receiving full disclosures, thereby curing all the problems the judge had cited in her January ruling. As a result, they argued, Musk deserved the pay package for having raised Tesla's market value by billions of dollars. McCormick rejected that argument. In her 103-page opinion, she ruled that under Delaware law, Tesla's lawyers had no grounds to reverse her January ruling “based on evidence they created after trial.” What will Musk and Tesla do now? On Monday night, Tesla posted on X, the social media platform owned by Musk, that the company will appeal. The appeal would be filed with the Delaware Supreme Court, the only state appellate court Tesla can pursue. Experts say a ruling would likely come in less than a year. “The ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders,” Tesla argued. Later, on X, Musk unleashed a blistering attack on the judge, asserting that McCormick is “a radical far left activist cosplaying as a judge.” What do experts say about the case? Legal authorities generally suggest that McCormick’s ruling was sound and followed the law. Charles Elson, founding director of the Weinberg Center for Corporate Governance at the University of Delaware, said that in his view, McCormick was right to rule that after Tesla lost its case in the original trial, it created improper new evidence by asking shareholders to ratify the pay package a second time. Had she allowed such a claim, he said, it would cause a major shift in Delaware’s laws against conflicts of interest given the unusually close relationship between Musk and Tesla’s board. “Delaware protects investors — that’s what she did,” said Elson, who has followed the court for more than three decades. “Just because you’re a ‘superstar CEO’ doesn’t put you in a separate category.” Elson said he thinks investors would be reluctant to put money into Delaware companies if there were exceptions to the law for “special people.” What will the Delaware Supreme Court do? Elson said that in his opinion, the court is likely to uphold McCormick's ruling. Can Tesla appeal to federal courts? Experts say no. Rulings on state laws are normally left to state courts. Brian Dunn, program director for the Institute of Compensation Studies at Cornell University, said it's been his experience that Tesla has no choice but to stay in the Delaware courts for this compensation package. Tesla has moved its legal headquarters to Texas . Does that matter? The company could try to reconstitute the pay package and seek approval in Texas, where it may expect more friendlier judges. But Dunn, who has spent 40 years as an executive compensation consultant, said it's likely that some other shareholder would challenge the award in Texas because it's excessive compared with other CEOs' pay plans. “If they just want to turn around and deliver him $56 billion, I can't believe somebody wouldn't want to litigate it,” Dunn said. “It's an unconscionable amount of money.” Would a new pay package be even larger? Almost certainly. Tesla stock is trading at 15 times the exercise price of stock options in the current package in Delaware, Morgan Stanley analyst Adam Jonas wrote in a note to investors. Tesla's share price has doubled in the past six months, Jonas wrote. At Monday’s closing stock price, the Musk package is now worth $101.4 billion, according to Equilar, an executive data firm. And Musk has asked for a subsequent pay package that would give him 25% of Tesla's voting shares. Musk has said he is uncomfortable moving further into artificial intelligence with the company if he doesn't have 25% control. He currently holds about 13% of Tesla's outstanding shares.— A buck harvested near Wheaton in western Minnesota during the opening weekend of firearms season has tested positive for chronic wasting disease, the Minnesota Department of Natural Resources reported on Thursday, Dec. 12. The adult male deer was harvested within Deer Permit Area 271 along the - border. To date, no wild deer with CWD had been previously detected in that area, nearby permit areas or near the Minnesota border in eastern South Dakota. “This discovery in western Minnesota, while unwelcome news, highlights the importance and necessity of our disease surveillance efforts and allowing hunters to test deer harvested anywhere in the state if they would like to,” said Erik Hildebrand, wildlife health supervisor with the Minnesota Department of Natural Resources. Deer Permit Area 271 includes all of and small portions of northern and counties. It is located north of Big Stone Lake and the Minnesota River Valley habitat corridor. The permit area is heavily farmed with limited public lands and habitat. So far this year, the total deer harvest in that permit area totals 397, with 303 of the total being adult males, according to the DNR website. Following the detection near Wheaton, the Minnesota DNR will implement measures outlined in its CWD response plan, which calls for three consecutive years of testing to help determine the potential prevalence of the disease in Deer Permit Area 271 and surrounding permit areas. The Minnesota DNR also will work with the South Dakota Game, Fish and Parks and the North Dakota Game and Fish Department to coordinate surveillance of chronic wasting disease and management activities in the vicinity. Within deer permit areas where CWD has been detected and confirmed, the Minnesota DNR uses multiple management actions designed to help mitigate disease spread, including carcass movement restrictions, a deer feeding and attractants ban, and, sometimes, increased hunting opportunities with increased bag limits. In 2024, Deer Permit Area 271 will not be included in the CWD late-season management hunt that takes place Dec. 20-22. The adult male deer in that permit area that tested positive for CWD was harvested during the breeding season when deer are known to travel longer distances. Before deciding whether to remove additional deer in a CWD management hunt, the DNR will conduct surveillance in the fall of 2025 to better understand disease prevalence in the permit area.
Applied Materials, Inc. ( NASDAQ: AMAT ) UBS Global Technology Conference Call December 3, 2024 12:55 PM ET Company Participants Brice Hill - Senior Vice President, Chief Financial Officer and Global Information Services Conference Call Participants Timothy Arcuri - UBS Timothy Arcuri I think we're going to get started. I'm Tim Arcuri. I'm the semiconductor analyst here at UBS. Very pleased to have Applied Materials with us for the next session. Pleased to have Brice Hill, who is the CFO of Applied. And thank you for the time, Brice. Brice Hill Thanks for hosting us, Tim. This is a fantastic location and a great time of the year. Appreciate it. Timothy Arcuri Perfect. So obviously we had some hundreds of pages of export controls that came out. Brice Hill 200 plus is my understanding. Timothy Arcuri And you said that it doesn't change anything for you. Your guidance is your guidance. Brice Hill Well, I think the nuance there, Tim, as we said, we're not changing our range. So there will be some impact. So the nuance there is probably the midpoint will change, but no change to the range. Question-and-Answer Session Q - Timothy Arcuri To the range. Okay. And then you didn't really provide much commentary on next year. How do you sort of characterize in light of the export restrictions and just in light of everything? How do you sort of think about next year? What are the puts and takes, obviously, you believe that next year is going to be an up-year, growth year, but what are some of the puts and takes as you think about next year? Brice Hill Yeah. I think, first, we don't guide the year. So it's not a matter of visibility. We just, by practice, don't guide the year. What we try to do instead is give people as good aAfter absorbing their worst defeat of the year , the San Jose Sharks will be looking for a response Saturday against the Florida Panthers. The Sharks reverted to some bad habits during their 8-1 loss to the Tampa Bay Lightning on Thursday, as they strayed from their identity and were generally outworked from start to finish. The seven-goal loss was the Sharks’ most lopsided of the season, unceremoniously ending a three-game winning streak. While the Sharks have been playing better hockey l ately, the loss in Tampa offered a blunt reminder that they can still get embarrassed when their details and competitive level are not where they need to be, particularly against playoff-caliber teams. “Break out pucks, defend hard, box out, you name it,” Sharks coach Ryan Warsofsky told reporters when asked about the defense’s shortcomings. “What a defenseman’s responsibilities are, we could have done a lot better.” The forward group wasn’t let off the hook, either. “Didn’t pay a price,” Warsofsky said. “You watch (the Lightning), they’re blocking shots. (Mikey) Eyssimont), (Luke) Glendining (when it’s) 8-1. And that’s the price to pay to win games in this league and that’s what we’ve got to learn.” The Sharks have done a fairly good job this season of responding after blowout defeats. After an 8-3 road loss to the Winnipeg Jets on Oct. 18, they returned home and played a much more competitive game two days later against the Colorado Avalanche in a 4-1 loss. Two days after getting blown out 7-3 by the Vegas Golden Knights on Oct. 26, the Sharks erased a three-goal deficit in the final five minutes of the third period against the Utah Hockey Club and won 5-4 in overtime. Now the Sharks face the reigning Stanley Cup champion Panthers, who, before Friday, were the third-highest scoring team in the NHL at 3.78 goals per game. Florida entered Friday tied for first place in the Atlantic Division with the Toronto Maple Leafs. “I’m not deflated. It’s an 82-game season,” Sharks defenseman Mario Ferraro said after Thursday’s loss. “We’ve got another game in a couple of days and another opportunity to play a really good hockey team and surprise them. So it’s not deflating, but it’s definitely not something that’s acceptable, so we’ve got to be better.” The Sharks have lost 10 straight games to the Panthers, with their last victory in South Florida coming on Dec.1, 2017. The Sharks might have to face the Panthers without rookie forward Will Smith, who did not practice Friday. Warsofsky told San Jose Hockey Now that Smith is day-to-day with an upper-body injury, although it remained unclear when the 19-year-old was injured. Against the Lightning, Smith played late into the third period and finished with 15:50 in ice time. Smith has 11 points in 23 games this season and has recently been playing on a line with Mikael Granlund and Klim Kostin. Regardless of who plays against the Panthers, the Sharks still need to prove that they can consistently produce a strong performance against quality opponents. “We’ll obviously take a look at everything and talk within the group and figure it out,” Sharks winger Luke Kunin said, “so it doesn’t happen again.” GOODROW RETURNS: Forward Barclay Goodrow, who has been on injured reserve since Nov. 28 with an upper-body ailment, skated Friday, per San Jose Hockey Now. Goodrow was injured by a high hit from Ridly Greig in the Sharks’ Nov. 27 game against the Ottawa Senators. He is questionable to play against the Panthers. TEDDY BEAR TOSS: The San Jose Barracuda are hosting its annual Teddy Bear Toss at Tech CU Arena on Saturday when it plays the Coachella Valley Firebirds at 6 p.m. Fans are urged to bring stuffed animals to the game and throw them on the ice after the Barracuda scores its first goal. The Barracuda will then distribute some of the stuffed animals to children at local Kaiser Permanente hospitals, as well as other kids who might not get a gift during this time of year. The AHL franchise is also joining forces with San Jose-based Working Partnerships USA, which, per the team, helps to tackle “the root causes of inequality and poverty by leading collaborative campaigns for quality jobs, healthy communities, equitable growth, and a vibrant democracy.” For Saturday’s game, the Barracuda will also wear specialty jerseys that will be auctioned off after the game, with part of the proceeds going to Working Partnerships. The team is also giving away Barracuda stockings to the first 1,500 fans in the building.
NoneBERKELEY, Calif. , Dec. 6, 2024 /PRNewswire/ -- Bamboo Technology , a mental health technology innovation company, is announcing its participation in Batch 19 of the prestigious UC Berkeley Skydeck IPP Program for startup acceleration. The company's HereHear AI therapist solution will be the key focus of the program, driven by the vision of revolutionizing mental health with AI-powered virtual solutions. To learn more about HereHear, please visit: https://www.youtube.com/watch?v=ngU32WgiWf4 "HereHear is here in the US, and I am truly grateful to the Berkeley Skydeck IPP Program for recognizing its potential," noted Lynia Huang , Bamboo Technology's CEO. "As important as mental health has become in recent years, there is a shortage of mental health providers and access to support is low — and HereHear is paving the way for AI to bridge that gap as a first line of defense." A growing case for incorporating AI into mental healthcare With data showing that the US is in a mental health crisis, the CDC recently noted a dire need for public health initiatives that create environments centered around mental health. Specific to the workplace, the Society for Human Resource Management's Employee Mental Health in 2024 Research Series found that 44% of US employees feel burned out at work. The combination of a shortage of mental health providers in the US with the flourishing capabilities of AI builds a strong case for the technology to be deployed in the form of human-guided mental health solutions. HereHear's YangYang: A personalized 3D virtual therapist As organizations seek out ways to empower team members to take better care of their mental health, AI is increasingly emerging as a solution for on-demand, personalized support. Offering a more engaging interaction than chatbots, HereHear's 3D virtual therapist YangYang was launched in January 2024 and offers: YangYang has already been implemented in several therapy clinics and has helped 70% of users improve stress and depression levels by 25% within 3 months. Taking the form of a sheep further distinguishes her — this functions both to provide a 'cute' aspect lending to the warm, healing emotional support she provides, while also helping users who are struggling emotionally to keep in perspective that their interactions are ultimately not with a human. Bringing success in Taiwan to the US market Bamboo Technology's acceptance into the Berkeley Skydeck IPP Program is a major accomplishment as the platform seeks to enter the US market. Batch 19 has only 117 startups out of around 2300 applications, and the program will support HereHear to develop, pilot and launch, as well as to pitch for funding. The company aims to target the app in the human resources space—as a tool for companies to offer staff for on-demand, privacy-first mental health support. Back in Taiwan , the app already has hospitals, mental health clinics, universities, publicly listed companies, and government agencies that use it, similarly spurred by a shortage of mental health workers. About Bamboo Technology Established in November 2018 , the Taipei -based Bamboo Technology is a mental health technology innovation company that focuses on improving public mental health with voice emotion analysis technology. It embraces a belief that a universal, objective, and scientific mental health system can effectively solve the problem of deteriorating mental health in today's society — a core tenet upheld by its many psychologists; social workers; and information management, AI and big data experts. View original content to download multimedia: https://www.prnewswire.com/news-releases/bamboo-technologys-herehear-virtual-ai-therapist-joins-berkeley-skydeck-ipp-program-302325187.html SOURCE BAMBOO TECHNOLOGY LTD.
Pair of top Michelin-listed restaurants shut down permanently without warning
Germany is to vote in an early election on February 23 after Chancellor Olaf Scholz’s three-party governing coalition collapsed last month in a dispute over how to revitalise the country’s stagnant economy. Mr Musk’s guest opinion piece for Welt am Sonntag – a sister publication of Politico owned by the Axel Springer Group – published in German over the weekend, was the second time this month that he has supported the Alternative for Germany, or AfD. “The Alternative for Germany (AfD) is the last spark of hope for this country,” he wrote in his translated commentary. He went on to say that the far-right party “can lead the country into a future where economic prosperity, cultural integrity and technological innovation are not just wishes, but reality”. The Tesla Motors chief executive also wrote that his investment in Germany gives him the right to comment on the country’s condition. The AfD is polling strongly, but its candidate for the top job, Alice Weidel, has no realistic chance of becoming chancellor because other parties refuse to work with the far-right party. Billionaire Mr Musk, an ally of US President-elect Donald Trump, challenged in his opinion piece the party’s public image. “The portrayal of the AfD as right-wing extremist is clearly false, considering that Alice Weidel, the party’s leader, has a same-sex partner from Sri Lanka! Does that sound like Hitler to you? Please!” Mr Musk’s commentary has led to a debate in German media over the boundaries of free speech, with the paper’s own opinion editor announcing her resignation, pointedly on Mr Musk’s social media platform, X. Eva Marie Kogel wrote: “I always enjoyed leading the opinion section of WELT and WAMS. Today an article by Elon Musk appeared in Welt am Sonntag. I handed in my resignation yesterday after it went to print.” A critical article by the future editor-in-chief of the Welt group, Jan Philipp Burgard, accompanied Mr Musk’s opinion piece. “Musk’s diagnosis is correct, but his therapeutic approach, that only the AfD can save Germany, is fatally wrong,” he wrote. Responding to a request for comment from the German Press Agency, dpa, the current editor-in-chief of the Welt group, Ulf Poschardt, and Mr Burgard – who is due to take over on January 1 – said in a joint statement that the discussion over Mr Musk’s piece was “very insightful. Democracy and journalism thrive on freedom of expression.” “This will continue to determine the compass of the ‘world’ in the future. We will develop ‘Die Welt’ even more decisively as a forum for such debates,” they wrote to dpa.
SANTA CLARA, Calif. — De'Vondre Campbell's decision to quit on his team in the middle of a game overshadowed the bigger issues for the San Francisco 49ers. An offense that was one of the most dynamic in the NFL during a run to the Super Bowl last season has been just ordinary for most of 2024 and was downright bad in a 12-6 loss to the Los Angeles Rams on Thursday night that just about ended San Francisco's playoff hopes. San Francisco (6-8) was held to its fewest yards (191) in a regular-season game in eight seasons under coach Kyle Shanahan and its fewest points since Shanahan's debut in 2017 on a rainy night that will be remembered mostly for Campbell walking off the field in the middle of the game with a towel draped over his head. The game also featured San Francisco going three-and-out on four drives as Brock Purdy struggled to connect with his receivers. Deebo Samuel dropped a potential touchdown pass after complaining earlier in the week about a lack of touches. Purdy then missed Ricky Pearsall on an underthrown deep shot in the fourth quarter before throwing an interception into the end zone that ended the Niners' comeback attempt. “I just feel like I had a lot of plays left out there that I could have made for our team,” Purdy said. “I thought the defense and special teams played so good. That’s what’s hurting me is I just feel like I failed the team. I could have been better for our offense and we could have put up more points.” Scoring has been an issue this season for the 49ers, who have been missing key playmakers like Christian McCaffrey and Brandon Aiyuk for much of the season. San Francisco is scoring 8.5 fewer points per game on offense than the Niners did through 14 games last season. What’s working Red-zone defense. After allowing touchdowns on 13 consecutive red-zone drives over the previous four games, the 49ers kept the Rams out of the end zone on all three drives that went inside the 20. San Francisco 49ers linebacker De'Vondre Campbell jogs onto the field before an NFL football game against the Los Angeles Rams in Santa Clara, Calif., Thursday, Dec. 12, 2024. Credit: AP/Jed Jacobsohn What needs help Receivers. The 49ers failed to get much production from their wide receivers with Purdy going 6 for 20 for 63 yards with an INT and a 19.4 rating when targeting wideouts. Samuel had 16 yards on seven targets with the key drop. Jauan Jennings had two drops and was the target on the interception. Pearsall had one catch for 16 yards on four targets. Stock up LB Dre Greenlaw returned for the first time since tearing his left Achilles tendon in last season's Super Bowl. Greenlaw had eight tackles in the first half as he brought needed intensity and physical play that had been missing for much of the season. Stock down Campbell. The 49ers are deciding whether to waive or suspend Campbell, who lost his starting job when Greenlaw returned and then refused to play when he was needed. “His actions from the game just is not something you can do to your team or your teammates and still expect to be a part of our team,” Shanahan said. “We’re working through exactly the semantics of it right now, but we’ll handle the situation appropriately.” San Francisco 49ers wide receiver Deebo Samuel Sr. reacts after dropping a pass against the Los Angeles Rams during the second half of an NFL football game in Santa Clara, Calif., Thursday, Dec. 12, 2024. Credit: AP/Godofredo A. Vásquez Injuries Greenlaw came out of the game feeling OK after leaving with soreness in his knee and Achilles tendon. He is day to day. ... S Ji’Ayir Brown (groin) and LB Dee Winters (neck) are also day to day. ... LT Trent Williams (ankle) is still trying to get back to play after missing the last four games. Shanahan said Williams' recovery has been "a lot slower than anticipated.” Key number 0 — The Niners didn't reach the red zone once all game, with their deepest penetration into Rams territory being when they reached the 27 on a third-quarter field goal drive. This marked the first time since Week 11 in 2010 that the 49ers didn't run a single play inside the opponent's 25. What’s next The 49ers visit Miami on Dec. 22.This new Publix has Florida boaters abuzz: It has a dock for their grocery-store pit stops
Food and agriculture will not be on the table in any trade deal talks with US, says Business SecretaryMr Bayrou, 73, a crucial partner in Macron’s centrist alliance, has been a well-known figure in French politics for decades. His political experience is seen as key in efforts to restore stability as no single party holds a majority at the National Assembly. Mr Macron’s office said in a statement that Mr Bayrou “has been charged with forming a new government”. During the handover ceremony, Mr Bayrou said that “no one knows the difficulty of the situation better” than he does. “I’ve taken reckless risks all along my political life to raise the issue of debt and deficits in the most important elections,” he said. France is under pressure from the European Union’s executive body and financial markets to reduce its colossal debt, estimated to reach 6% of its gross domestic product this year. “I know that the risks of difficulties are much greater than the chances of success,” Mr Bayrou said, adding that he hopes to lead the country towards a “needed reconciliation”. “I think this is the only possible path to success,” he said. The new prime minister is expected to hold talks with political leaders from various parties in the coming days in order to choose new ministers. Former prime minister Michel Barnier resigned last week following a no-confidence vote prompted by budget disputes in the National Assembly, leaving France without a functioning government. Mr Macron in an address to the nation vowed to remain in office until his term ends in 2027. Mr Macron’s centrist alliance does not have a majority in parliament and Mr Bayrou’s Cabinet will need to rely on moderate lawmakers from the left and the right to be able to stay in power. Some conservatives are expected to be part of the new government. Mr Macron’s strategy aims at preventing far-right leader Marine Le Pen from holding “make or break” power over the government. Ms Le Pen helped oust Mr Barnier by joining her National Rally party’s forces to the left to pass the no-confidence motion last week. Mr Bayrou’s appointment is also in line with Mr Macron’s efforts to build a non-aggression pact with the Socialists so that they commit not to vote against the government in any future confidence motion. Mr Bayrou leads the centrist Democratic Movement, known as MoDem, which he founded in 2007. In 2017, he supported Mr Macron’s first presidential bid and became a weighty partner in the French president’s centrist alliance. At the time, he was appointed justice minister, but he quickly resigned from the government amid an investigation into the MoDem’s alleged embezzlement of European Parliament funds. Mr Bayrou this year was cleared in the case by a Paris court, which found eight other party officials guilty and sentenced the party to pay a fine. Mr Bayrou became well known to the French public when he was education minister from 1993 to 1997 in a conservative government. He was three times a candidate for president: in 2002, 2007 and 2012.None