Salesforce Makes Big AI Push

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Good morning,

There’s a new Beatles record coming out later this year. And no, opening this newsletter did not suddenly transport you back in time. Paul McCartney announced that artificial intelligence was used to “extricate” the voice of the late legend John Lennon from an old demo tape to produce the song.

It’s yet another fascinating example of the uses of AI and its implications, from courthouses to creative endeavors.

BREAKING NEWS

Hours after pleading not guilty to federal charges, Former President Donald Trump made the unfounded claim that President Joe Biden played a direct role in prosecuting Trump to prevent him from being re-elected in a speech at his Bedminster, New Jersey golf club Tuesday evening. He vowed to “obliterate the deep state” if he is reelected.

A federal judge will allow E. Jean Carroll to amend her lawsuit and seek more damages against former President Donald Trump after she accused Trump of making defamatory comments at a CNN town hall the day after a jury found Trump liable for sexually abusing Carroll in a department store and ordered him to pay $5 million in damages.

BUSINESS + FINANCE

Inflation fell to 4% in May, its lowest rate in more than two years, ahead of a crucial Federal Reserve meeting on whether to raise interest rates. It remains above the Fed’s 2% goal, with rent prices and the cost of used vehicles being the largest contributors to inflation.

Starbucks became the latest brand to spark controversy during Pride month after a union for the coffee chain’s workers alleged in a tweet that it had banned Pride decorations in stores. The company denied the allegations.

The collapse of a section of Interstate 95 in Philadelphia over the weekend will have broad economic impacts, leading to higher prices of goods for people on the East Coast, U.S. Transportation Secretary Pete Buttigieg said.

TECH + INNOVATION

Salesforce is making a push into generative AI, including investing $500 million into startups. The software giant’s CEO Marc Benioff promoted trusted and responsible AI to a crowd at an event in New York Monday, given the concerns about its risks.

The price of bitcoin has fallen to lows not seen since March as crypto markets reel from a devastating one-two punch from U.S. regulators. The Securities and Exchange Commission sued Binance and Coinbase, two of the world’s largest crypto exchanges, this month.

MONEY + POLITICS

Former President Donald Trump surrendered to authorities and pled not guilty to 37 federal charges in the case over his handling of classified documents, including 31 violations of the Espionage Act and several counts accusing him of obstructing the DOJ probe and telling his associates to lie to investigators. Trump spent about 90 minutes in the Miami courthouse, where he was arrested and fingerprinted, but was not put in handcuffs nor did he have his mugshot taken, given his high profile and low flight and security risks.

The CIA reportedly warned Ukraine not to attack the Nord Stream gas pipelines, which connect Russia and Germany and supply Europe with natural gas, months before they were struck last year. The Ukrainian government has denied any involvement in the sabotage.

SPORTS + ENTERTAINMENT

Increasing diversity will be key to the success of Formula 1 team Mercedes-AMG Petronas and for viewership of the sport, Sir Lewis Hamilton, the sport’s only Black driver, and billionaire team principal Toto Wolff, said at the Forbes Iconoclast Summit.

DAILY COVER STORY

Meet The World’s Best Insurance Companies 2023

TOPLINE The core of what insurance companies offer, peace of mind, has remained the same, but in recent years the industry has shifted in many ways.

There’s a focus on digital, app-based transactions. Premiums have risen. An increase in environmental disasters has some companies prioritizing sustainability.

Forbes ranked the best insurance companies in 2023 in three areas: homeowners, auto and life. To compile these first-ever lists, Forbes partnered with market research firm Statista and surveyed more than 30,000 people in 15 countries between mid-March and mid-April.

Respondents rated their insurance company based on criteria such as the advice employees offered, customer service, price performance, transparency and damage service. The companies with the highest scores in their countries made our final lists, which include both well-known large insurance companies with multiple types of insurance as well as smaller more specialized firms.

A total of 32 companies earned spots on all three lists, including U.S.-based providers USAA, Amica, Erie Insurance and AAA.

WHY IT MATTERS Companies are investing in technology to make the claims process quicker, easier and more accurate. Many insurers have developed processes to submit photographs of damage or add a vehicle to a plan on the spot. ​​“Although we’re very proud of the service we provide to our members when they call us, 95% of their interactions are via an iPhone or a digital device,” says Brandon Carter, president of USAA’s Life Insurance Company.

MORE World’s Best Insurance Companies Methodology: How We Crunch The Numbers

FACTS AND COMMENTS

Student loan payments will restart after August following a more than three-year pause. But the landscape for student loans has transformed in that time, from forgiveness programs to loan servicing:

Over 40 million: The number of borrowers who will return to making loan payments

Over 40%: The share of borrowers who will have a different loan servicer than they did prior to the pause

50% or more: The amount that a proposed income-based student loan repayment plan could reduce some borrowers’ monthly payments

STRATEGY AND SUCCESS

Taking time away from the office to rest and have time for yourself is critical for your overall well-being. To achieve a better work-life balance, establish clear boundaries between working and personal time, prioritize and delegate tasks, plan both personal and work activities in advance and incorporate regular breaks during the workday.

VIDEO

QUIZ

Young people have attempted to sue several states over their climate change policies. Where is the latest trial occurring that accuses the state of enacting legislation detrimental to the environment and residents?

A. Wyoming

B. Montana

C. Minnesota

D. Florida

Check your answer.

ACROSS THE NEWSROOM

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