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Yahoo
15-02-2025
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Meta Hires Former RealReal CEO to Help Sell Its Smart Glasses
(Bloomberg) -- Meta Platforms Inc. has hired the former chief executive officer of luxury goods marketplace The RealReal Inc. to boost its retail sales channels for Quest headsets, smart glasses and other artificial intelligence wearables. Progressive Portland Plots a Comeback Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says John Koryl is joining the social networking giant as vice president of retail, reporting to Chief Technology Officer Andrew Bosworth, the company said Friday in a memo to employees. 'It's no secret that products like Quest, Ray-Ban Meta, and AI wearables require a different kind of customer experience beyond the standard retail offerings,' Bosworth said in the memo. 'We see an opportunity to build more direct expertise in the space and then share what we have learned with all of our retail partners who will continue to drive the bulk of our sales volume.' A Meta spokesperson declined to comment. As the Menlo Park, California-based owner of Facebook and Instagram invests heavily in AI-enabled hardware, it has sought to create compelling retail spaces to promote and sell its products. Last year, for example, it introduced Meta Lab, an in-person space where consumers could try out and purchase its Ray-Ban smart glasses, which evolved into a Los Angeles-based storefront. Meta said at the time that it had dedicated more than 50 employees to test new engaging retail experiences to promote the products. 'I want people to come away from Meta Lab feeling like, 'Wow, these guys are serious about this,'' Matt Jacobson, the company's creative director for augmented reality, said in November. 'We can't scale a hundred of these, but we can build a few of them at locations around the country, and then fill in if we decide we want to do more first-party retail.' Koryl's hiring signals that Meta will continue to invest in the retail experience. The e-commerce, marketing and retail executive took the helm of The RealReal, an online marketplace for luxury fashion, in February 2023 and served in the post through October 2024. Before that, Koryl worked at companies including Neiman Marcus Group LLC, Williams-Sonoma Inc. and eBay Inc. Meta, which has spent tens of billions of dollars on its Reality Labs devices unit since 2019, is seeking to ramp up sales. Chief Executive Officer Mark Zuckerberg signaled to investors late last month that he remains bullish on the business opportunities posed by augmented and virtual reality. Bloomberg News reported in January that Reality Labs is continuing to developing a fleet of futuristic products, including Oakley-branded smart glasses for athletes, watches and camera-equipped earbuds. The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore ©2025 Bloomberg L.P. Sign in to access your portfolio
Yahoo
15-02-2025
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Dismissed Nuclear Bomb Specialists Recalled by Energy Department
(Bloomberg) -- The Energy Department is seeking to bring back nuclear energy specialists after abruptly telling hundreds of workers that their jobs were eliminated, according to two people familiar with the matter. Progressive Portland Plots a Comeback Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says The employees, responsible for designing and maintaining the nation's cache of nuclear weapons at the National Nuclear Safety Administration, were part of a larger wave of workers dismissed from the Energy Department, drawing alarm from national security experts. Between 300 and 400 NNSA workers were terminated, according to a person familiar with the matter. The agency's quick reversal was announced Friday in an all-staff meeting. The NNSA is seeking to recall the workers because they deal with sensitive national security secrets, according to the people, who weren't authorized to talk about the matter, which is not public. Those cuts are especially concerning because the positions typically require high-level security clearances and training that can take 18 months or longer, said Jill Hruby, who served as the NNSA administrator during the Biden administration. 'These people are likely never going to come back and work for the government,' Hruby said in a phone interview. 'We've had a very active program requiring an increase to our staff so the indiscriminate layoffs of people will be really difficult for the coming years.' The firings — part of a wave of terminations across the federal government this week spurred by Elon Musk's Department of Government Efficiency — underscore the chaos as the world's richest man seeks to quickly overhaul the federal bureaucracy in Trump's image. At the Small Business Administration earlier this week, some workers who were told they were being fired, received a second message telling them that they weren't being terminated and that their jobs were safe — only to receive a third message telling them they were, in fact, out of a job. The NNSA firings were part of a wider swath of dismissals across the Energy Department, which included employees at the Loan Programs Office, a recently formed unit to fund clean energy projects, the group responsible for preventing cyberattacks against the power grid, and the department's general counsel office. The Energy Department and the NNSA did not respond to requests for comment. Nuclear Programs The NNSA is a semi-autonomous arm of the Energy Department responsible for producing and dismantling nuclear weapons, providing the Navy with nuclear reactors for submarines and responding to radiological emergencies, among other duties. The agency also plays a role a key role in counter-terrorism, transporting nuclear weapons around the country and responding to nuclear incidents around the world. Recent focuses have included examining how AI can be used to make it potentially easer for people to make nuclear bombs, Hruby said. 'These are areas where we've been concerned and staffed up to respond to that,' Hruby said. 'These are working with high skill-levels that are willing to work around- the-clock if needed.' Among the deepest cuts was to the Energy Department's Office of Clean Energy Demonstrations, where roughly 25% of its staff was eliminated, according to a breakdown of the cuts seen by Bloomberg News. That office received some $27 billion in funding from the Inflation Reduction Act, as well as bipartisan infrastructure law, to finance carbon capture, hydrogen and advanced nuclear projects. Among it's priorities is managing an $8 billion plan to establish a network of hydrogen hubs throughout the US. 'This program helps bring competitive manufacturing back to American shores, so weakening it is only going to help foreign competitors,' said Steven Nadel, executive director of the American Council for an Energy-Efficient Economy, a nonprofit group that advocated for the funding. Other cuts included roughly 50 people from the Energy Department's Loan Programs Office, according to a person familiar with the matter. The green bank swelled to $400 billion in lending authority under President Joe Biden and has funded loans to companies including Rivian Automotive Inc. and California utility PG&E Corp. for a host of clean-energy projects. The program, which was among those frozen amid an ongoing review of Energy Department funding by the Trump administration, has nearly $47 billion in conditional commitments to companies it has yet to finalize. In addition, according to the breakdown, cuts included roughly a dozen people from Energy Department's General Council's office and approximately 20 individuals in its Grid Deployment Office, overseeing some $22 billion in federal funding for power grid projects. In addition, about 15 people in the Office of Manufacturing and Energy Supply Chains and about half a dozen from the Office of Cybersecurity, Energy Security, and Emergency Response, which guards against threats to the power grid and other energy infrastructure, were dismissed. In addition roughly 10% of the Energy Department's information technology team was eliminated as well, according to a person familiar with the matter. --With assistance from Jennifer A. Dlouhy and Jamie Tarabay. The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate The NBA Has Fallen Into an Efficiency Trap Japan Perfected 7-Eleven. Why Can't the US Get It Right? Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore ©2025 Bloomberg L.P.
Yahoo
14-02-2025
- Business
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Trump to Approve Gas Export Project After Lifting Biden's Pause
(Bloomberg) -- The Trump administration is poised to grant its first approval for a project to export liquefied natural gas as the administration seeks to make good on a pledge to unleash a torrent of fuel shipments, according to a senior administration official. Can Portland Turn a Corner? Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says The Energy Department will issue an order conditionally approving a license for Commonwealth LNG to ship millions of tons of LNG a year from a planned facility near Cameron, Louisiana, according to the official. It will be the first LNG project approved under Energy Secretary Chris Wright, who has vowed to 'return to regular order' in granting licenses. The Energy Department, which has authority in approving permits to export shipments of natural gas to European and Asian countries that do not have free-trade agreements with the US, has a backlog of a roughly a dozen major LNG projects that have been pending approval from the department, in some cases waiting years. The Biden administration in January 2024 paused new permits for such projects to study the issue following vehement opposition from climate activists and others. The study, released last month, found increased exports would raise natural gas prices for US consumers and increase global emissions, a move analysts said could make new approvals by the Trump administration more vulnerable to legal challenges from environmental groups. Trump made good on a pledge to lift Biden's pause on his first day in office, directing the department to consider the economic and employment benefits of approving new export permits, as well as the 'impact to the security of allies and partners.' Venture Global Inc., Energy Transfer LP and Cheniere Energy, Inc. are among LNG developers awaiting Energy Department approvals. Commonwealth LNG, majority owned by private equity firm Kimmeridge Energy Management LLC, has not yet made a final investment decision on its proposed facility. --With assistance from Jennifer A. Dlouhy. The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore ©2025 Bloomberg L.P.
Yahoo
14-02-2025
- Business
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Trump to Create White House Council to Drive Energy Dominance
(Bloomberg) -- President Donald Trump on Friday is slated to sign an order creating a 'national energy dominance council,' and will task it with steering US policy on the issue, underscoring his commitment to driving already record-setting domestic oil and gas production. Can Portland Turn a Corner? Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says The new White House council will be helmed by Interior Secretary Doug Burgum, with Energy Secretary Chris Wright as its vice-chair, said a senior administration official, who asked not to be named because the directive is not yet public. The council is meant to shape energy policy across the federal government and help mobilize the permitting, production and distribution of oil, gas, electricity and other resources. Trump has prioritized domestic energy production, casting America's abundant oil and gas as 'liquid gold' that's a source of both geopolitical strength and economic might. At the same time, Trump and top deputies have emphasized the need for reliable, inexpensive electricity to help power the US as it competes in a global race to dominate artificial intelligence technology. The council, which will include other members of Trump's cabinet, will be directed to develop strategies to achieve energy dominance including by improving permitting processes and addressing regulation, the official said. It's meant to apply across all forms of American energy. Trump will task the panel with recommending a national energy dominance strategy, and the panel will consult with private stakeholders in formulating its plans and considering how to address cost barriers, the official said. The council will be established within the executive office of the president, signifying its key role. Trump has vowed to unleash American oil and gas production, making the commitment a cornerstone of his presidential campaign and his bid to lower consumer prices. Top Trump advisers also see increased US energy production, along with extended tax cuts, as key to blunting higher costs tied to new tariffs on imported goods. Previous presidents have used similar approaches to direct energy and environmental policy from the White House. Former President Joe Biden created a National Climate Task Force to chart what he called a whole-of-government approach to countering global warming. And former President George W. Bush launched a National Energy Policy Development Group — led by former Vice President Dick Cheney — that recommended scores of policy changes to promote reliable and affordable energy. Trump first raised the prospect of an energy czar to help coordinate policy actions during his presidential campaign last year. At the time, some advisers envisioned an approach similar to the climate team Biden tapped to quarterback environmental actions across his administration, said people familiar with the matter who sought anonymity to discuss private deliberations. However, Burgum sought the council leadership role in addition to serving as Interior secretary, the people said, and Trump memorialized the dual assignment in a social-media post last November. The council leadership position means Burgum will be seeking to shepherd policy and direct actions by his peers in Trump's cabinet. White House officials deliberated in recent weeks over how much authority the new energy council should have to chart administration policy, according to some of the people familiar with the matter. Among their considerations: how to staff energy-focused experts within the top ranks of the administration across the National Economic Council directed by Kevin Hassett and Burgum's energy council. The council's members represent federal agencies that share responsibility for regulating different elements of the energy landscape. Burgum's Interior Department, for instance, oversees coal mining, oil drilling and renewable power production across some 500 million acres of public land and the nation's federal waters. The Energy Department manages the nation's emergency oil stockpile as well as the country's national laboratories, which are hubs for innovation on nuclear energy, solar power and other technologies. Meanwhile, the Environmental Protection Agency regulates pollution from power plants, vehicles and oil and gas operations. Under Trump, federal agencies are expected to unwind Biden-era regulations that curb oil demand and raise the cost of production. Still, there are limits to how much any president can do to drive more drilling in the field. Oil executives have shown little appetite to dramatically boost output as they focus on shareholder returns. Trump has concentrated his energy push on fossil fuels, even going so far as to extend emergency expedited treatment to oil and gas while shunning wind and solar power. Trump has a cadre of unofficial and official advisers on energy, including Wright, the former chief executive officer of oilfield services company Liberty Energy Inc., and Harold Hamm, the chairman of Continental Resources Inc. Burgum developed firsthand experience with the oil industry as the former governor of crude-rich North Dakota. --With assistance from Ari Natter. The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory The Unicorn Boom Is Over, and Startups Are Getting Desperate Japan Perfected 7-Eleven. Why Can't the US Get It Right? The NBA Has Fallen Into an Efficiency Trap Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore ©2025 Bloomberg L.P.
Yahoo
14-02-2025
- Business
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Putin Assembles Team of Heavyweights to Negotiate Ukraine Deal
(Bloomberg) -- Vladimir Putin is assembling a heavyweight team with decades of experience in high-stakes negotiations to face off against US President Donald Trump's representatives for a deal to end Russia's war in Ukraine. Can Portland Turn a Corner? Why American Mobility Ground to a Halt SpaceX Bid to Turn Texas Starbase Into City Is Set for Vote in May Saudi Arabia's Neom Signs $5 Billion Deal for AI Data Center Cutting Arena Subsidies Can Help Cover Tax Cuts, Think Tank Says They include Yuri Ushakov, his chief Kremlin foreign-policy adviser who has more than half a century of involvement in diplomacy, and his top spymaster, Sergei Naryshkin, who served with Putin in the Soviet KGB, according to people familiar with situation, who asked not to be identified discussing internal information. Kirill Dmitriev, a financier educated at Stanford and Harvard with ties to the Russian president's own family, may play a key role as an unofficial back-channel with Trump's negotiators, people familiar with the preparations said. That Putin is opting to rely mostly on highly skilled and experienced negotiators to represent Russia in any talks is hardly a surprise. The personnel choices underscore just how determined the Russian leader is to secure a favorable outcome in any negotiations and potentially how little his demands in relation to Ukraine have changed in the three years since he ordered the full-scale invasion. The addition of Dmitriev, with his experience in the US and with firms like McKinsey & Co. and Goldman Sachs Group Inc., indicates Putin is willing to adapt in his dealings with the unconventional US president. Trump's team by contrast lacks the same depth of background on Ukraine and has little experience negotiating directly with Russia. With the path to a deal still highly uncertain and Putin showing no sign of offering significant concessions, those could be major liabilities at the negotiating table. Ushakov, 77, has served as Putin's aide for more than a dozen years and before that was an ambassador to the US from 1998-2008, lending him deep knowledge of dealing with Washington. Naryshkin, 70, is a longtime confidante of the Russian leader, having worked with him for more than four decades. Ushakov 'knows the American establishment well and has big influence in Moscow,' said Andrey Sushentsov, dean of the School of International Relations at MGIMO University in the Russian capital. 'He's the best person for 'big negotiations' in the classical sense.' Naryshkin told reporters on Thursday that the Kremlin had already ordered continued contact with US special services after Wednesday's call between Trump and Putin, the state-run Tass news agency reported. Both Ushakov and Naryshkin were involved in early ceasefire talks with Ukraine shortly after Russia started its full-scale invasion in 2022. A spokesman for the Kremlin didn't immediately respond to a request for comment. 'The Russian team may be on the back foot when dealing with a more unpredictable interlocutor in Trump, whose more out-of-the-box ideas and occasional belligerence are a stark departure from the previous administration's line,' said Emily Ferris, a senior research fellow in the International Security Studies department at the Royal United Services Institute in London. 'This puts Russia in the more uncomfortable position of having to think through scenarios that they might not have considered before,' she said. Dmitriev, 49, was already involved in negotiations to free the American school teacher Marc Fogel from a Russian prison this month, one of the people familiar said. White House special envoy Steve Witkoff had hinted as much, telling journalists this week that 'a gentleman from Russia' by the name of Kirill was important in the process. His involvement 'suggests that the Kremlin sees that exchange as a goodwill gesture as linked to the broader Ukraine negotiations,' said Ferris. 'Russia is playing a more pragmatic game and trying to have someone in their team that can 'talk business' with the Trump team.' Dmitriev was born in Kyiv, and after his stints with McKinsey and Goldman Sachs, he returned to Russia to work at a private equity fund. He's run Russia's sovereign wealth fund since 2011. He has 'extensive experience in concluding deals with foreign business partners,' Sushentsov said. His press service declined to comment on Dmitriev's involvement in possible peace talks. Dmitriev is sanctioned by the US, who called him 'a known Putin ally' when announcing the penalties. He is married to a close acquaintance of Putin's younger daughter, and the two women worked together at an innovation center. Outside Russia, he might be best known as the lead promoter of Russia's Covid-19 vaccine, Sputnik V. He was mentioned in a report issued by Special Counsel Robert Mueller for his efforts 'to make inroads' with the then-incoming Trump administration after the US leader's first election. Dmitriev also has a network of connections in the Middle East, including in Saudi Arabia, which Trump said may host his meeting with Putin. In 2019, Saudi Crown Prince Mohammed bin Salman awarded the Russian financier with the King Abdulaziz Second-Class Order of Merit, the highest award of the Kingdom. Dmitriev also accompanied Putin on his visit to Abu Dhabi and Riyadh in 2023. Other members of the 2022 negotiating team may also rejoin efforts at a later date. They would mainly help in any talks with Ukrainian representatives, according to a person close to the Kremlin, and could include presidential aide Vladimir Medinsky. Medinsky, like Dmitriev, was born in Ukraine. He's had a decades-long career in state service that included co-authoring a history book to be used in Russian schools after the invasion of Ukraine that accuses the West of seeking to destabilize Russia. Japan Perfected 7-Eleven. Why Can't the US Get It Right? Elon Musk's DOGE Is a Force Americans Can't Afford to Ignore How Silicon Valley Swung From Obama to Trump How Oura's Smart Ring Bridged the Gap From Tech Bros to Normies The Game Changer: How Ely Callaway Remade Golf ©2025 Bloomberg L.P. Sign in to access your portfolio
