FT : Hurricane Milton could cost $60bn in insurance losses

Hurricane Milton could cost $60bn in insurance losses
Florida residents warned to evacuate before arrival of ‘deadly and catastrophic’ storm on Wednesday night

Hurricane Milton could trigger insurance losses of up to $60bn if it stays on its current path, with analysts warning the US’s 2024 hurricane season will “dent” insurers’ profitability.

The National Hurricane Center forecasts that the storm, which is heading towards Florida, will make landfall about 40 miles south of the city of Tampa as “an extremely dangerous major hurricane” on Wednesday night. It is currently a category 4 storm, with winds of up to 155mph.

Credit rating agency Morningstar DBRS estimated that a change of course leading to a direct hit on Tampa could trigger losses of up to $100bn, which would be on a par with those of Hurricane Katrina, and would make it one of the costliest natural disasters in US history.

The head of the US Federal Emergency Management Agency, Deanne Criswell, said on Wednesday that Milton would be a “deadly and catastrophic storm” bringing “massive storm surge, high winds and severe flooding” to Florida.

Milton is the second major hurricane to hit the US in a fortnight. It comes after Hurricane Helene wreaked havoc across several south-eastern states, killing more than 225 people and destroying roads across western North Carolina.

Morningstar warned that accumulation of losses over the 2024 hurricane season, which runs until the end of November, would “likely make a dent in insurers’ profitability”, particularly for those with “significant exposures to personal lines in Florida”.

On Wednesday, the Securities and Exchange Commission, the US financial regulator, said it was “closely monitoring” the impact of Hurricane Milton on investors and capital markets, and would consider offering relief from filing deadlines for those affected by the storm. 

Florida governor Ron DeSantis said 6,000 members of the Florida National Guard and 3,000 from other states were standing ready to respond to the aftermath of the hurricane.

“This is the largest Florida National Guard search and rescue mobilisation in the entire history of the state of Florida,” he told reporters on Wednesday. 

DeSantis also tried to reassure Florida residents about the availability of fuel, following reports that some petrol stations had run dry because of panic buying. Highway patrol cars were escorting tankers through traffic to replenish supplies at petrol stations, he said.

President Joe Biden on Wednesday criticised Republican presidential candidate Donald Trump for leading an “onslaught of lies” about the US government’s response to the storm.

Trump has sought to politicise both Hurricane Helene and Hurricane Milton by accusing the Biden administration of not doing enough to help communities hit by the storms. He has also spread false information about the amount of financial aid available to people fleeing disaster areas.

“For the last few weeks, there’s been a reckless, irresponsible and relentless promotion of disinformation and outright lies that are disturbing people,” said Biden. “It’s undermining confidence in the incredible rescue and recovery work that has already been taken and will continue to be taken. It’s harmful to those who need help the most.”

Biden also attacked a social media post by the Republican congresswoman from Georgia, Marjorie Taylor Greene, which suggested the government controlled the weather.

“It’s beyond ridiculous,” he said. “It’s got to stop”.

In the Tampa Bay area, officials were sending text messages and calling people to warn them of the dangers of failing to evacuate their homes. In Pinellas County, which sits on the peninsula that forms Tampa Bay, officials warned people to “get out now”. 

Emergency management director Cathie Perkins said 13 public shelters were open for people with no other options to escape the hurricane, and warned bridges across to Tampa would soon close. “Everybody in Tampa Bay should assume we are going to be ground zero,” she said.


Meanwhile, an independent group of climate scientists said human-caused climate change had boosted Hurricane Helene’s devastating rainfall by about 10 per cent and intensified its winds by about 11 per cent. 

Global warming from the burning of fossil fuels had made the high sea temperatures that fuelled the storm 200 to 500 times more likely, the World Weather Attribution group found in a new report. ( )

The Industry : OpenAI Leaders Say Microsoft Isn’t Moving Fast Enough to Supply S

OpenAI Leaders Say Microsoft Isn’t Moving Fast Enough to Supply Servers

The Takeaway
• OpenAI says Microsoft hasn’t moved fast enough to supply it with servers
• OpenAI is discussing a deal with Oracle to build the world’s most powerful AI data center
• Microsoft promised OpenAI 300,000 Nvidia GB200 chips by the end of 2025

OpenAI and Microsoft soared to new heights by developing and sharing artificial intelligence, specialized servers and product revenue with each other. Microsoft’s cash has paid for nearly all of that work.

After marching in lockstep, their relationship is changing. Last week, after OpenAI CEO Sam Altman and Chief Financial Officer Sarah Friar raised $6.6 billion in capital, mostly from a slew of financial firms, they told some employees OpenAI would play a greater role in lining up data centers and AI chips to develop technology rather than relying solely on Microsoft, according to a person who heard the remarks.

Friar previously told some shareholders Microsoft hadn’t moved fast enough to supply OpenAI with enough computing power—hence the need to pursue other data center deals, which it had started to do, said a person who was involved in the conversation. For instance, OpenAI’s growing impatience with Microsoft recently prompted it to arrange an unusual data center deal in Texas with one of Microsoft’s rivals.

The companies previously included a provision in their contract that gave OpenAI room to work on such deals, despite agreeing to make Microsoft its exclusive cloud server provider, said a different person with knowledge of their agreement.

Taking more control of data center plans could help OpenAI stay ahead of rivals such as Anthropic and xAI, which aren’t locked into a single cloud provider.

The comments from OpenAI leaders last week reflected what’s been happening behind the scenes in recent months: While OpenAI lowers its dependency on Microsoft data centers, Microsoft has aimed to lessen its reliance on OpenAI technology as they increasingly compete in selling AI products and as Microsoft tries to lower the cost of running its products.

A Microsoft spokesperson did not have a comment on Altman’s and Friar’s remarks. An OpenAI spokesperson didn’t address those remarks and said its “strategic cloud relationship with Microsoft is unchanged.”

Now, as OpenAI moves forward with a plan to convert to a for-profit from a nonprofit, it is negotiating various financial details with Microsoft, such as the size of the stake Microsoft would have. Currently, in exchange for investing more than $13 billion in OpenAI, Microsoft has the rights to 75% of OpenAI’s future profits until the software company’s principal investment of more than $13 billion is repaid, and 49% of profits after that up to a theoretical cap.

Because of Microsoft’s outsize rights to future OpenAI profits under the current nonprofit configuration, it could end up with a significant portion of OpenAI’s shares after it turns into a for-profit. The nonprofit currently overseeing OpenAI also will get a sizable stake in the new for-profit firm—likely at least 25%, said a person who has spoken to company leaders.

The Microsoft-OpenAI partnership will still be critical for both firms. Microsoft can use OpenAI’s technology in perpetuity for its own products and OpenAI pays Microsoft to run its AI business in its Azure data centers. OpenAI pays a 20% commission to Microsoft when it sells access to AI models to other businesses through an application programming interface, and Microsoft pays OpenAI a 20% commission from reselling OpenAI models to Azure customers through a Microsoft API.

Musk-Related Concerns

But lately, Altman has sought to make the companies’ extensive computing partnership more flexible.

He’s become concerned about Microsoft’s ability to provide servers to OpenAI fast enough to stay ahead of new rivals such as Elon Musk’s xAI, according to four people working on data center projects for OpenAI. Altman’s urgency around securing more data center space picked up after Musk took a public victory lap about creating one the largest clusters of Nvidia AI chips in the world, these people said. Musk co-founded OpenAI with Altman and others.

Microsoft, for its part, effectively paid $650 million to hire a team of technologists from a startup called Inflection to try to develop software that might compete with OpenAI’s.

And Microsoft has become more cautious about paying for ever-bigger server clusters for OpenAI as the cloud giant aims to ensure it won’t take a loss on costly data centers that may not generate consistent revenue in the coming decades. Part of Microsoft’s concern is that clusters optimized for training AI models aren’t as cost effective when used for other purposes, such as powering AI apps, known as inference. It may be hard to predict the demand for large-scale training in the coming decade, which makes it risky to build expensive computing clusters that may sit idle for stretches of time.

One prominent example of how OpenAI’s relationship with Microsoft is changing involves a data center under construction in Abilene, Texas. OpenAI recently signed a deal to rent servers from the facility, which Oracle—a cloud rival to Microsoft—and other firms are developing and which they expect will be one of the largest in the world. Previously, Microsoft handled all data center affairs for OpenAI.

In the new deal, OpenAI negotiated directly with Oracle. Microsoft was informed about the negotiations and included in a press release about the deal, but in reality it has had relatively little involvement, according to two people working on it. Microsoft likely blessed the deal, given that Microsoft previously negotiated the right to block any arrangements OpenAI made with other cloud providers, according to someone who reviewed the contract.

Importantly for Microsoft, because Azure is the exclusive cloud provider to OpenAI, Microsoft is technically Oracle’s customer on OpenAI’s behalf, and can still count OpenAI’s use of the Oracle clusters as revenue for Azure, according to another person who spoke to a key Microsoft executive about the deal. (OpenAI said in a June post on X that it would “use the Azure AI platform on [Oracle] infrastructure,” without elaborating.)

Going Big in Abilene

OpenAI is now in talks with Oracle to lease the entire Abilene data center site, which could eventually grow to 2 gigawatts if Oracle is able to access more power at the site, according to one of the people involved in the deal. That amount of power could light up multiple big cities. The site is on track to draw a little under 1 gigawatt of power by mid-2026, meaning it could house several hundred thousand Nvidia AI chips.

It isn’t clear what role Microsoft would play in the proposed expansion in Abilene.

The changing relationship also means OpenAI could leave Microsoft out of more ambitious data center plans. The companies have long discussed how they could work together on bigger and bigger facilities, including a $100 billion supercomputing server cluster, which Microsoft code-named Mercury and OpenAI leaders referred to as Stargate.

During a question-and-answer session with employees last week, Friar said her team was already contemplating how to use debt financing to pay for such a cluster, implying it could happen with or without Microsoft’s hardware, similar to the Oracle deal.

To be sure, both companies were never sure they’d pursue Stargate together, given its proposed costs. OpenAI’s development of its own AI chip could bring down the expense of operating such a cluster, Altman told colleagues last week. The status of the chip couldn’t be learned, but OpenAI has discussed it with Broadcom, which develops AI chips with multiple companies, including Google.

‘Fairwater’ Disagreements

OpenAI currently rents most of its AI chips from Microsoft in the Phoenix area, according to The Information’s AI Data Center Database.

The companies are discussing the next phase of data center expansion, a project known as Fairwater. Microsoft plans to give OpenAI access to around 300,000 of Nvidia’s latest graphics processing units, the GB200s, from two data center sites in Wisconsin and Atlanta by the end of next year, according to the database and someone working on the plans. OpenAI will have access to a smaller number of GB200s earlier in the year in the Phoenix area as part of thean expansion of an existing Microsoft data center it already uses.

The companies have disagreed over certain aspects of the Fairwater data center design, according to two people working on the project. OpenAI has asked Microsoft to build a more advanced cluster of Nvidia GPU servers and to tweak the design to eke out more computing power, according to two people with direct knowledge.

Altman in recent weeks has also asked Microsoft to push up its timeline for the Wisconsin project, which is expected to be partially online by the second half of next year with GB200 chips, one of these people said.

FT : Germany expects economy to shrink after cutting 2024 forecast

Germany expects economy to shrink after cutting 2024 forecast
Government predicts rebound in 2025 after 0.2% decline this year

Germany is facing its first two-year recession since the early 2000s, as the government downgraded its growth forecast for 2024, predicting a contraction of 0.2 per cent.

“The situation is not satisfactory,” Robert Habeck, economy minister, said on Wednesday. “Since 2018, the German economy has not been growing strongly any more.”

Just a few months ago he had forecast the economy would grow by 0.3 per cent this year.

Germany has been battered by high interest rates, inflation and an increasingly uncertain geopolitical environment, which has suppressed consumer demand and investment activity.

Some companies, complaining of high labour and energy costs, a big tax burden and political turbulence, are considering locating some of their production to cheaper countries.

At the same time, consumer spending remains depressed, despite an increase in real wages and falling inflation. The government’s earlier forecast had expected a more robust rebound in consumer demand.

Political instability is also taking its toll on sentiment. Chancellor Olaf Scholz’s three-party coalition is riven by policy conflicts and the rise of populist parties on the far right and far left is undermining business confidence.

Ministers said the economy was increasingly beset by both structural problems, such as demographic change, and short-term challenges such as weak domestic and foreign demand.

“Early indications such as industrial production and the business climate suggest this phase of economic weakness will last into the second half of the year,” the economy ministry said in a statement.

However, the government also forecast the economy would grow by 1.1 per cent next year and by 1.6 per cent in 2026.

The ministry said a revival in private consumption and in international demand for industrial goods, as well as a resurgence in investment activity, would power an economic recovery at the start of 2025.

If Habeck’s prediction for this year proves accurate, Germany will experience its first two-year recession in more than 20 years. The economy shrank by 0.3 per cent in 2023. In 2002, it contracted by 0.2 per cent and in 2003 by 0.5 per cent.

WSJ : London-Listed Companies Given More Freedom to Boost Top Executives Wages

London-Listed Companies Given More Freedom to Boost Top Executives Wages
The move follows a review aimed at ensuring that the U.K. markets continue to attract high-quality companies.

London-listed companies will be given more freedom to boost wages of their top executives, after a large investor body changed its guidance for remuneration committees.

The Investment Association (IA), which represents 250 large investors with stakes in businesses listed in the U.K., said Wednesday that it had simplified its principles of remuneration, following a review aimed at ensuring that the U.K. markets continue to attract high-quality companies.

The move comes after David Schwimmer, the chief executive of the London Stock Exchange Group LSEG -0.29%decrease; red down pointing triangle, warned last month that London’s prestige as a top financial center was at risk if executives’ wages weren’t increased.

Andrew Ninian, director of stewardship, risk and task at the IA, said that the association has simplified its principles of remuneration “to demonstrate that investors want to incentivize delivery of long-term performance.”

“Investors want to see companies succeed and deliver long-term returns to their shareholders, with the structure of executive pay playing an important role in driving and rewarding these results,” he added.

The chief executives of the companies listed in the FTSE 100 index are being paid more than ever before, according to the High Pay Centre think tank, which estimates that they received an average 2.2% pay rise in 2023, boosting median annual pay to 4.19 million pounds ($5.5 million).

But the gap with their peers in U.S.-listed companies has widened. Chief executive pay at S&P 500 companies increased almost 13% in 2023 to an average of $16.3 million, according to data analyzed for The Associated Press by information services firm Equilar.

The IA’s updated principles, which are often followed by remuneration committees when setting executives’ pay, now allow for companies to benchmark their wages against competitors overseas, in a bid to help London-listed businesses struggling to poach chief executives being paid higher wages elsewhere.

Remuneration committees of companies “deriving significant revenues from particular markets such as the U.S.” or “competing for talent globally” would be “encouraged to set out the impact of attracting global talent on the positioning of remuneration,” the updated guidance document stated.

The IA, which represents investors responsible for 9.1 trillion pounds worth of assets, also backed the use of hybrid pay schemes—a combination of performance shares and restricted shares—recognizing that these are more commonly offered in companies with a significant footprint in the U.S. than those listed in Britain.

WSJ : SpaceX Wields Dominance in Rocket Launches to Boost Starlink

SpaceX Wields Dominance in Rocket Launches to Boost Starlink
Elon Musk’s space company asked rival satellite operators to cede valuable spectrum rights during talks to negotiate launches

SpaceX has used its position as the world’s primary rocket launcher to push satellite rivals to share wireless airwaves, showing how the company can flex its power in one area to benefit another part of its business.

The Elon Musk-led company asked companies such as Kepler Communications and OneWeb to share their so-called spectrum rights with its Starlink broadband-internet business before agreeing to launch their equipment into orbit, according to people familiar with the matter.

Obtaining agreements to share spectrum is important for Starlink to provide clear links to its more than four million users as it expands service in markets around the world.

Attorneys from one law firm, Wilson Sonsini, met with the Justice Department’s antitrust division in recent months to bring attention to these arrangements on behalf of some satellite and rocket companies, people familiar with the meetings said. The goal was to discuss whether SpaceX is abusing its market power, the people said.

The Justice Department and a Wilson Sonsini spokesman didn’t respond to requests for comment.

A SpaceX spokesman said the company can’t force another satellite operator to reach a spectrum-coordination agreement. He said the company also can’t force inequitable terms because the agreements in question have to be ratified by governments, ensuring that they are fair.

“We consistently work to promote both a competitive broadband landscape alongside a robust launch economy,” the spokesman said in a statement.

Two businesses under one roof
SpaceX has evolved from a scrappy startup to a preeminent space-technology company launching more rockets than anyone on behalf of government and commercial clients. The company has successfully put two distinct businesses—launching rockets and operating satellites—under one roof. Other operators specialize in one business or the other.

The closely held company, valued at over $210 billion, regularly ferries satellites to orbit for its satellite-operating rivals. SpaceX works through scheduling flights, which on its mainstay Falcon 9 rocket can cost around $70 million, according to a pricing plan on the company’s website.

Several industry executives told The Wall Street Journal that they would be surprised to see spectrum put on the table during rocket-launch negotiations, while others said horse-trading is common during such discussions.

“At issue would be to what extent does SpaceX amass more power” that leads to a “serious distortion of competition in that second market” for satellite communications, said Bill Kovacic, a former Federal Trade Commission chairman and professor at George Washington University Law School.

Leaders at SpaceX have said the company can serve the needs of both outside customers and Starlink, its internal client. More recently, it has emphasized the distinction among the two divisions in private meetings and public conferences.

Satellite executives laud SpaceX’s launch capabilities but have repeatedly said they want more options to get to orbit. Several of SpaceX’s rocket competitors are years behind schedule in ramping up new vehicles, limiting other options on the market.

“There is no competition, still, to SpaceX Falcon 9 that’s realistic right now, but we need it,” said Matt Desch, chief executive of satellite operator Iridium Communications.

Sparring over satellite policy
In 2022, Musk’s company asked internet-satellite operator OneWeb to make spectrum concessions while the companies were discussing a deal for launching OneWeb satellites, said people familiar with the talks.

OneWeb and SpaceX had previously sparred over satellite policy, but the tables turned following Russia’s February 2022 invasion of Ukraine. After the U.S. and other countries sanctioned Russia, OneWeb suddenly wasn’t able to get its satellites launched to space on Russian vehicles slated to carry its gear.

About a month later, OneWeb buried the hatchet with SpaceX, saying it had struck an agreement to resume satellite launches on SpaceX rockets.

OneWeb and SpaceX told U.S. regulators in a joint letter that the deal was reached after “extensive good-faith coordination discussions.” The specific settlement terms were confidential, but a former OneWeb employee said the company made spectrum concessions to secure the launch slots it needed.

A spokeswoman for OneWeb, now part of French satellite operator Eutelsat, said reaching a coordination agreement was good for both sides. She denied OneWeb made concessions in reaching the spectrum deal and that it “bore no relation to our launch agreement.”

Spectrum is a valuable resource for satellite communications companies that share space in the sky. But the job of coordinating competing satellite networks has grown more complex, involving regulators from the U.S. and abroad. In rare instances, regulators act as arbiters of disputes.

U.S. and Canadian regulators mediated a dispute between Kepler and SpaceX over spectrum sharing, people familiar with the meetings said. A spectrum-coordination agreement would help Starlink gain broader access to the Canadian market, the people said. Canadian officials and at least one SpaceX lobbyist met a half-dozen times between February and April, according to Canadian lobbying records.

Toronto-based Kepler has largely relied on SpaceX for launch services. SpaceX has deployed 16 of the 23 satellites that Kepler has had launched, with the most recent flight occurring last November, according to Jonathan McDowell, an astrophysicist who closely tracks space activities.

This month, Canada added Starlink’s Gen 2 satellites to a list of foreign satellites licensed to operate in the country, government records show. In order for SpaceX to operate in Canada, the company and Kepler needed to reach a spectrum-coordination agreement, a deal that must be approved by country regulators, a person familiar with the process said.

A Kepler spokeswoman declined to comment.

WSJ : Vital That Coffee Industry Adapts to Climate Change, Illy Chairman Says

Vital That Coffee Industry Adapts to Climate Change, Illy Chairman Says
In a question-and-answer session, Andrea Illy discusses effects of climate change on coffee prices and challenges the sector faces

Coffee producers have to adapt to climate change in order for global prices to stabilize, said Andrea Illy, chairman of Illycaffè and third generation heir of the Italian company’s dynasty.

Coffee prices have reached record highs this year, and are unlikely to retreat any time soon as poor weather conditions in the world’s main growing regions—Vietnam and Brazil—squeeze global production. The price of arabica futures has risen nearly 70% over the past year, while robusta coffee futures have more than doubled.

Efforts to curb climate change include the European Union’s Deforestation Regulation—or EUDR—which aims to guarantee that consumer products don’t contribute to deforestation. The regulation was supposed to come into force by the end of the year, but the EU Commission proposed a one-year delay amid pressure from industries and governments.

Illy talked about the effects of climate change on coffee prices and the challenges the sector is facing. The following has been edited for length and clarity.

Q: What factors are driving coffee prices at the moment?

Climate change is heavily impacting coffee agriculture. Coffee grows in a very narrow climatic band, both in terms of temperature and moisture, and requires a circular, regular pattern. Climate change is giving us the exact opposite of regular climate conditions. The evil in the room is the so-called “ENSO cycle,” which is the alternation of the El Nino and the La Nina. El Nino causes heat waves with extreme drought, while La Nina is excessive rain and cold weather. What is increasing is the peak heat of El Nino.

Latin America, where two-thirds of coffee is grown, is the most impacted region. In Brazil, the effect of climate change is amplified as a result of the deforestation of the Atlantic Forest around a century ago. So we have twice as high global warming in the Minas Gerais regions where coffee is grown compared to other places in the world.

It’s unpredictable… we weren’t expecting such a mess this year. Extreme weather in Brazil and extreme drought in Vietnam triggered a rally in prices, which we didn’t foresee. With these weather patterns, we can expect lower output in the years to come, which is the perfect trigger for market speculation. The situation is getting more and more volatile.

Q: What conditions do we need for prices to normalize?

In the immediate term, we need rain in Brazil, and the price will fall immediately. But in the long term, we need countries to adapt to climate change. Brazil is an exception, as it’s the most competitive coffee-producing country with around 40% of global output and a substantial number of growers with good financing terms from the state. So Brazil can invest in adaptation, but most of the rest of the world is made up of small holders.

There are more or less 12 million hectares cultivated with coffee around the world, and around 12 and a half million growers. The average grower cultivates far below one hectare. How could they grow larger, or invest in adapting to climate change, if they are receiving just 5% of the wholesale value of [a cup of] coffee? There is absolutely not enough in terms of cash flow and margins to reinvest part of your income in adaptation. Price volatility makes it even more difficult. So we need improving economic practices.

What’s also needed is the renewal of plantations. In Brazil, they substitute plants every 12 to 15 years. In some countries, there are plants which are 80 years to a century old. You can guess how little productivity they have and how little resilience they have against pathogens or any kind of adverse factors. So what we have been advocating for many years is to create the conditions for consuming countries to invest in those plantations… even through a public-private fund.

Q: Has the company been able to absorb the cost increases itself?

We try to strike a balance. We try to absorb costs temporarily. Of course, from time to time we have windows where we adjust our pricing, but in general, we don’t adjust our pricing to cover temporary market cost increases. It’s a kind of an acrobatic gym exercise every time, but it’s something we’re starting to get used to.

Q: What are the main challenges that the EU deforestation law poses to the industry? Has Illy taken any steps to prepare for when this regulation comes into force?

The EUDR is motivated by good intentions. We have to stop deforesting for agriculture… But in the timeframe considered by the regulation, coffee didn’t undergo substantial deforestation.

We pioneer direct sourcing and we have a team of agronomists checking that there’s no deforestation or unsustainable labor conditions. We now have traceability for each and every coffee plantation, each and every coffee lot, each and every coffee bean. So we did prepare ourselves for any possible consequences [of the EUDR], including replacing some components of our blends with some from other countries. But imagine a company that buys through traders, and traders buy through cooperatives… you completely lose traceability.

The concern is more for the weakest part of the coffee chain, which are coffee growers in producing countries, particularly the less fortunate ones. Take for example Ethiopia. 40% of the coffee grown in Ethiopia is exported to Europe, which is by far the largest consuming region. Should they not be in the capacity to export to Europe any longer, they could redirect some of the coffee to other countries like the U.S. or in Asia, but not 40%. You would have 20% of people left jobless and forced to leave their land, which translates into a potential humanitarian crisis.

Q: What would you like the EU to change or amend when it comes to this regulation?

To simplify the procedure. For instance, a mechanism that requires producers to ensure that a coffee region or plantation is deforestation free. Some kind of self-certification mechanism. And also to give time to adjust. If you have deforested land, you can set a road map for restoring what has been deforested, with some time and some funds. There also needs to be more of a carrot and stick approach to companies, rather than just the stick. [The EU] helps you improve your sustainability with targets and regulation. Then if you don’t comply, you get punished. This would be ideal, because it could also create some complicity.

>>> The feud between Elon Musk and Sam Altman – explained

The feud between Elon Musk and Sam Altman – explained

When OpenAI launched, Sam Altman touted his close relationship with Tesla’s CEO. A decade later, they’re at each other’s throats

The day after OpenAI launched in December 2015, its co-founder Sam Altman sat down with Vanity Fair to discuss what the magazine described as “a non-profit company to save the world from a dystopian future”. Altman talked up his vision for keeping artificial intelligence safe and distributing it widely, as well as his good working relationship with his co-chair – Tesla CEO Elon Musk.

“I really trust him, which is obviously important to everyone involved,” Altman said.

Almost a decade later, Musk and Altman are locked in a public spat and looming legal battle that revolves around the end of their previous partnership and OpenAI’s creation of a for-profit subsidiary now valued at $80bn. Musk filed a suit against OpenAI in a California court last week, alleging that Altman and other executives had “breached the founding agreement” of the company by pursuing private commercial success instead of working to benefit humanity.

“Mr Altman caused OpenAI to radically depart from its original mission,” Musk’s suit states.

The lawsuit pits the most prominent name in artificial intelligence against one of the world’s richest men and escalates a years-long feud between Musk and Altman. It also adds to a growing number of lawsuits facing OpenAI, as a slew of authors and news outlets allege that the company violated copyright laws and illegally used original works to train its AI tools.


Musk’s complaint is a sprawling document that gives his account of the founding of OpenAI, as well as Musk’s views on AI’s danger to society. The core of the suit, however, revolves around Musk’s allegation that OpenAI broke an initial agreement to share its technology with the public and help humanity when the company took billions of dollars in investment from Microsoft and turned into a largely for-profit venture. It also alleges that OpenAI has partially achieved the creation of Artificial General Intelligence – broadly defined as when AI is on par with human cognitive ability – which poses “perhaps the greatest existential threat we face today”.

“OpenAI Inc has been transformed into a closed-source, de facto subsidiary of the largest technology company in the world: Microsoft,” the suit states.

OpenAI pushed back against Musk’s suit in a lengthy blog posted to its website on Wednesday. Musk supported turning the company into a for-profit entity before he left the board in 2018 and attempted to merge OpenAI with Tesla to become CEO of both, Altman and other OpenAI executives allege in the post. OpenAI’s response accuses Musk, who launched his own generative AI company just last year, of professional jealousy.

“We’re sad that it’s come to this with someone whom we’ve deeply admired—someone who inspired us to aim higher, then told us we would fail, started a competitor, and then sued us when we started making meaningful progress towards OpenAI’s mission without him,” the post states.

OpenAI included several emails with Musk in its post, including one in which the company’s chief scientist Ilya Sutskever states that “it’s totally OK to not share the science” behind their AI since open-sourcing the technology could allow it to fall into unscrupulous hands. Musk replies in an email, “Yup.”

Musk has mocked OpenAI and Altman on his social media platform X, formerly Twitter, in the days since the company issued its reply. The 52-year-old billionaire posted a meme renaming OpenAI as “ClosedAI,” as well as shared a photo of Altman edited to show him holding up a company badge with “ClosedAI” on it, referencing the company’s pivot to keeping its technology under wraps.

Legal experts have cast doubt on Musk’s suit against OpenAI, stating that he may not have legal standing to sue the company for changing its values. Claims OpenAI violated its fiduciary obligations would also potentially require the suit to be handled in Delaware where the company is incorporated, rather than California where the suit was filed.

Likewise, many AI experts believe the milestone of artificial general intelligence is still far away, throwing a shadow over the suit’s assertion that OpenAI is already there.

Also unclear is whether there is any concrete founding contract at all, since the suit does not mention a binding document with formal agreements and signatures of the company’s founders. Instead, the complaint details a loose series of discussions, emails and documents – handshake agreements, in effect – that may not hold up to legal scrutiny.

The origins of Musk and Altman’s feud
Before their partnership turned acrimonious, Musk was something of a mentor figure to Altman. The two met in the early 2010s while Altman was becoming increasingly powerful in Silicon Valley through his work at the startup accelerator YCombinator, and Musk was already a tech mogul. A partner at YCombinator took Altman on a tour of Musk’s SpaceX rocket company, which Altman has repeatedly described as an inspiring moment.

“[Musk] talked in detail about manufacturing every part of the rocket, but the thing that sticks in memory was the look of absolute certainty on his face when he talked about sending large rockets to Mars,” Altman wrote in a 2019 blog post. “I left thinking ‘Huh, so that’s the benchmark for what conviction looks like.’”

Altman and Musk began emailing around 2014 about artificial intelligence and its dangers, eventually deciding that if the potentially humanity-destroying technology was inevitable, they should be the ones to guide it. Musk’s suit alleges that Altman emailed him in May 2015 with the start of a proposal to create an “AI lab” that would rival AI leader DeepMind, which had been recently acquired by Google.

“Thinking a lot about whether it’s possible to stop humanity from developing AI. I think the answer is almost definitely not,” Altman emailed, according to Musk’s suit. “If it’s going to happen, it seems like it would be good for someone other than Google to do it first.”


Musk and Altman recruited AI scientist Ilya Sutskever and former Stripe chief technology officer Greg Brockman to join their fledgling company as co-founders. Musk pushed the group to announce that the company was launching with a $1bn funding commitment, far higher than the $100m that Altman intended, and claimed he would cover whatever wasn’t raised, according to emails OpenAI posted on their blog. The company ended up raising $45m from Musk, it stated in the post.

What started as a promising business relationship soon became a struggle for influence within the company, with Musk becoming impatient about the lack of advancement and suggesting the company become part of Tesla. He also hired away a prominent AI researcher from OpenAI to work for his car company and unfavorably compared OpenAI’s achievements in AI to competitors at Google.

“My probability assessment of OpenAI being relevant to DeepMind/Google without a dramatic change in execution and resources is 0%. Not 1%. I wish it were otherwise,” Musk emailed the other founders in 2018. He left the company’s board that year, with OpenAI announcing his departure would remove conflicts of interest with Tesla.

In the years since, Musk and Altman have at times praised each other’s work. But since OpenAI’s release of ChatGPT and rapid ensuing growth over the past year and half, the two have become more openly critical of one another. Altman described Musk as a “jerk” whose operating style he would not like to emulate while on journalist Kara Swisher’s tech podcast last March, while also acknowledging he believed Musk cared deeply about AI’s future. Musk, meanwhile, has repeatedly criticized OpenAI’s ChatGPT chatbot as “woke” and launched a rival chatbot called “Grok,” which has not achieved widespread adoption. He also suggested last year that Altman is creating harmful advancements in AI, and that OpenAI needs directors who will “stand up to Sam”.

“I have mixed feelings about Sam,” Musk said during an appearance at a New York Times event last November. “The ring of power can corrupt and he has the ring of power.”

Musk’s suit goes even further, characterizing Altman as a recklessly developing artificial intelligence that will harm humanity and setting OpenAI’s founding principles “aflame”.

FT : British mogul Richard Desmond gets Dubai golden visa for ‘lifestyle’ reason

British mogul Richard Desmond gets Dubai golden visa for ‘lifestyle’ reasons
Millionaire will split his time between London and Dubai after buying a property in the Gulf state

Richard Desmond, one of Britain’s best-known Fleet Street moguls, has obtained a golden visa in Dubai for “lifestyle” reasons, joining a growing number of wealthy foreigners in the tax-friendly Gulf states.

The 72-year-old British millionaire received the United Arab Emirates visa this summer after buying a house in Dubai, two people with direct knowledge of the matter said.

Desmond will continue to be a UK taxpayer both personally and through his UK-based company, said one of the people. The decision was a “lifestyle choice”, given the “better climate” both in terms of weather and business environment, the person said. The move comes as he was “diversifying” his portfolio with company investments and overseas property.

A spokesman for Desmond declined to comment.

The move is likely to fuel anxiety that the UK has stopped being a welcoming destination for entrepreneurs and the wealthy since the Brexit referendum.

Desmond, who previously owned tabloid newspapers including the Daily Express and the Daily Star, will now split his time between Dubai and London, according to the two people with knowledge of his plans. He intends to keep his family home near Hampstead and his City offices in the Northern & Shell Building overlooking the river Thames.

One of the people pointed to the “doom and gloom” among entrepreneurs since the Labour party entered government. Desmond has been equally frustrated with the state of the Conservative government in power when he started to consider the move, the person noted however.

He has “lost confidence in British politics”, said the person. “He likes being in the UK and will spend a lot of his time here but is an entrepreneur at heart — and he sees the opportunities now over in Dubai.”

A growing numbers of wealthy UK individuals are examining whether to move abroad for various reasons including taxation under the newly elected Labour government. Entrepreneurs and private equity financiers are notably concerned about the prospect of higher taxes on capital gains.

The abolition of the generous UK “non-dom” regime that allowed expatriates to avoid paying tax on overseas income has also prompted wealthy foreigners to relocate to tax-friendlier jurisdictions. Countries including the UAE, Italy and Switzerland are jostling to attract mobile high-net-worth individuals and their families, including through tax breaks.

Once the biggest donor to Nigel Farage’s UK Independence party ahead of the Brexit referendum, Desmond has also donated to the Labour party in the past, and allowed his newspapers to switch between Labour and the Conservatives — often whichever was in power.

Dubai has enjoyed strong momentum after being one of the earlier cities to reopen its economy following a tough lockdown in the pandemic, pitching itself as a safe place to holiday and work for foreigners. Investing the equivalent of $500,000, being an entrepreneur or just having a special skillset is usually enough to secure UAE residency.

Desmond’s company, Northern & Shell, lost out in 2022 on the licence to run the national lottery to the Czech-owned Allwyn, which has led to ongoing legal action by the media mogul against the decision-making process.

Northern & Shell is also the owner of the Health Lottery, which since its launch in 2011 has raised more than £130mn for 3,400 local health projects across the UK.

Desmond has also spent many years trying to redevelop the Westferry Printworks site on the Thames. This summer, after eight years and three attempts, Northern & Shell secured planning approval by Tower Hamlets Council for a £1bn residential development in east London.

Variety : Emmanuel Macron Gives Rare Sit-Down Interview About France’s Cultural

Emmanuel Macron Gives Rare Sit-Down Interview About France’s Cultural Boom, #MeToo Reckoning, the Need to Regulate AI and Getting ‘Emily in Paris’ Back From Rome



French President Emmanuel Macron apologizes for being late. But one could forgive the tardiness. After all, the leader of one of Europe’s largest economies is handling geopolitical disasters in the Middle East and in Ukraine, while also juggling a political crisis on his home turf. Indeed, this interview was nearly canceled after Iran launched a missile attack on Israel, escalating fighting in the war-torn region. “I didn’t expect the day to unfold the way it did,” Macron said with a flash of sadness in his eyes.

But the topics at hand were ones particularly close to his heart. Under Macron’s presidency, which began in 2017 after his surprise victory as a 39-year-old political novice, France has sought to reclaim its place as a global center of culture. Think of the wild creative success of the Paris Olympics, which foregrounded the nation’s history and savoir faire, or of productions like Netflix’s “Emily in Paris,” which centers French design, language and je ne sais quoi — so effectively that Macron’s wife, Brigitte, made an appearance on the series this year.


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These cultural landmarks lend a lot of shine to France, but the corporate entertainment industry there has also made itself known on the world stage. French media company Banijay took over Endemol Shine, and Mediawan became a global player with a raft of high-profile acquisitions, including Brad Pitt’s Plan B. French luxury giants like LVMH and Kering have also invested in the film world: Hollywood talent agency CAA was bought by Groupe Artémis, owned by Kering boss François-Henri Pinault, and LVMH launched 22 Montaigne Entertainment. The Cannes Film Festival, meanwhile, continues to launch major Oscar contenders from “Parasite” to “Anatomy of a Fall” to this year’s “Anora” and “Emilia Perez.” Under Macron’s watch, the country has been ahead of the curve on a number of pressing topics. France was the first to spring an EU directive into action by obligating streamers such as Netflix to invest in local productions, and France was also a leading force behind the EU’s AI Act, the world’s first law on use of artificial intelligence.


Greg Williams for Variety
But all of this happens against the backdrop of Macron’s growing unpopularity. He might go down in history as one of the country’s most polarizing presidents, having forced through Parliament unpopular changes to its pension plan, raising the age of eligibility from 62 to 64. A youthful and energetic figure elected on a mandate of change, Macron recalls Barack Obama in his matinee-idol charisma and lyrical oratory. Seen from abroad, Macron is among the more compelling arguments for the French style of doing business; at home, the picture is less clear.

Macron, 46, sat down with us in an ornate meeting room known as “the green room” (because the walls are painted green), located next to his office in the Élysée Palace. Talking to Variety on the eve of the Francophonie Summit, a two-day conference on French language and culture that will bring nearly 50 heads of state from around the world, Macron addressed the role France can play in an evolving media climate and why the movies and art it produces are so vital to its future. From Taylor Swift to the recent Paris Olympics — which included performances from Celine Dion and Lady Gaga — the leader discussed the importance of pop culture in a world filled with so much darkness.

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France recently organized a spectacular Summer Olympics in Paris. What’s your favorite memory?
I’m hesitating between [swimmer] Léon Marchand, when he won his two gold medals in two hours on the same day. It was incredible. He wasn’t the favorite. And in judo as well, when we got the gold medal for the team after this incredible finale with Japan with Teddy Riner.

Did you get emotional when Celine Dion sang at the opening ceremony?
I did! I think everybody was emotional at this very moment. Obviously, I knew that it was Celine Dion, but it was a surprise. You could feel the surprise in the audience when she appeared — all the lights, this moment of celebration, Celine Dion, appearing suddenly by the Eiffel Tower, as well as the song itself [Edith Piaf ’s “Hymne à l’Amour”], created a huge emotion.

What did you think of Lady Gaga‘s performance in French?
It was very impressive and very generous! I know she worked a lot. She decided to sing Zizi Jeanmaire and be part of this French culture. And she took a lot of risks, and she did great. I’m extremely grateful to her. And I told her, for us, it meant a lot.


President Emmanuel Macron embraces four-time gold medallist swimmer Leon Marchand.
Ed Jones/Pool/AFP/Getty Images
How will France get a financial and tourism boost from these Olympics?
Our country managed to welcome the world in perfect security conditions, sharing our culture, heritage and art of living, along with our festive spirit. We’ve been able to do so with the boldness that characterizes us. It’s the best image we could project of our country. In Paris, we welcomed 1.7 million tourists during the first week of the Olympics, with very good prospects until the end of the summer for international visitors. Overall, the beautiful images of Paris and France during the Olympic Games will undoubtedly have a very positive impact in the short and medium term.

What advice would you give to the L.A. organizers of the Olympic Games, set for the summer of 2028?
Oscar Wilde said something like, “Don’t try to be someone else. It’s already taken.” We did something unique because we wanted to make something unique. So do your own Olympic Games. Don’t try to copy anything. Be creative. Be in line with your identity, your history, even your paradoxes. Be yourself.


Greg Williams for Variety
We’re celebrating Francophonie this week. What’s your personal connection to its mission?
I owe everything to French culture and language. I’m a child of a French province, from Amiens, and my life changed because I was lucky enough to have a grandmother who made me love reading, who taught me literature. I spent hours as a child and teenager reading aloud with her and inhabiting French literature. I’ve never had an unimaginative daily life, thanks to culture and literature, and to music, and then later, cinema. Culture is what prevents me from being closed off in this world. It’s what opened every door for me.

What are some of your favorite movies?
I love French movies of the ’60s and ’70s, for example “Cent Mille Dollars au Soleil” (“Greed in the Sun”) or “Le Deuxième Souffle” (“Second Breath”). “Les Tontons Flingueurs” (“Crooks in Clover”) too. I love this period of French cinema.

At the box office, French films like “A Little Something Extra” and “The Count of Monte Cristo” outperformed Hollywood blockbusters. Local film production is supported by subsidies it receives from the National Centre of Cinema, France’s film board. Given France’s growing deficit, can the government still support its film industry?
Yes. We have a system of levies on revenues with the CNC, which has done an extraordinary job. We have a cinema that has always resisted major crises, which is not true everywhere in Europe. We need films that are popular and aimed at the general public. I myself am a great fan of these films. And alongside these, we need films by young or established auteurs that may draw fewer people to theaters but are nevertheless highly creative. These are important to our cinema culture, and we also finance them with the help of the CNC, thereby helping the whole network of independent producers. This creative biodiversity is very important because there shouldn’t be just one model, because there isn’t just one audience, and because the way of explaining the world, of looking at it, varies. I’m attached to this model.


Greg Williams for Variety
If the far right takes control in France, will the country’s unique system of support for artists be jeopardized?
I don’t think it can ever be taken for granted. Decisions could be made in a rash manner. I don’t think everyone is pleased that France has such a lively, pluralistic, irreverent culture. There are films I like, and films I don’t like. There are films that sometimes even attack what you do. And that’s great. That’s the strength of a country. And that’s what Voltaire said: “I disapprove of what you say, but I will defend to the death your right to say it.”

Are you concerned that many big media companies in France don’t trade on the country’s stock exchange? For example, Banijay is listed in Amsterdam, and Vivendi is preparing to list Canal+ in London.
It’s more a question of fate, because France has the biggest stock market platform in Europe: the CAC 40, and the biggest groups are on it. It’s up to a few media groups to set up shop in Paris. We have the market depth, but if they go abroad, it’s because they have the right analysts and investors in these other places. They still remain in Europe. And that’s what matters the most. I’d prefer them to be in Paris. We have a very big market; we have very big players. I think they should look at Paris, which is now the biggest financial center.

But more often than not, these big French groups are being lured to the United States too.
That’s normal, because there’s even more room for growth. I’ve seen a lot of groups over the last few years that have been listed in the United States, and when they saw the constraints it brought, they came back to Europe in the end.

When Netflix launched in France, there was talk about building a European rival. A decade later, all those attempts failed. Is it still possible to create a European streaming service as powerful as Netflix?
You’re right. Netflix, and Disney are all Anglo-Saxon platforms. They have power because they aggregate content, so they become gateways. What we’re in the process of doing, on a much different scale but on a Franco-German, European level, with [public broadcaster] Arte is very important. We’ve put a lot of re- sources into it. On the other hand, our industry in France has held up very well since the launch of these platforms, and we’re very good at producing content. That’s our strength. We’ve got great actors, we’ve got great writers, we’ve got great directors. We’ve got independent producers, and we’ve also got production groups that produce a lot of documentaries, shorts, feature films and series. So we produce the content. I’m very attached to that. That’s also why we developed these training programs just after COVID. We just want our imagination to be able to express and export itself.

But it’s true that we’re still missing very big producers, broadcasters and a Netflix-type platform. Nothing is hopeless. We have major players who are French: Vivendi, Canal+, Banijay, Mediawan. And then we have these vital distribution networks: MK2, Pathé, Gaumont, which are also very strong French entrepreneurial adventures that have both produced content and mastered their distribution.


Lily Collins, Brigitte Macron and Thalia Besson in an episode of “Emily in Paris”
Stephanie Branchu/Netflix
Speaking of Netflix, what did you think of your wife Brigitte’s cameo in the fourth season of “Emily in Paris”?
I was super proud, and she was very happy to do it. It’s just a few minutes, but I think it was a very good moment for her. I think it’s good for the image of France. “Emily in Paris” is super positive in terms of attractiveness for the country. For my own business, it’s a very good initiative.

“Emily in Paris” is moving to Rome for its fifth season. How do you get Emily back in Paris?
We will fight hard. And we will ask them to remain in Paris! “Emily in Paris“ in Rome doesn‘t make sense.

Have they tried to get you to do a cameo?
I’m less attractive than Brigitte!

What do you think of Taylor Swift’s “Eras Tour,” which has been a global sensation, and what did it mean to the French economy when she performed here in May?
It’s very impressive! She’s one of the few artists who are able to gather so many people. Happily, the concerts in Paris went well. It was before the terrorist concerns, and she had some concerts canceled in other parts of the continent. For French people, for all generations and for the economy in the cities where she appeared, it was absolutely unique. This is a phenomenon.

France also played a leading role in drafting the EU’s AI Act, which is the first law regulating artificial intelligence. Do the new rules leave enough room for innovation?
Artificial intelligence is going to revolutionize many sectors, from health care to energy, for better or for worse. There’s a race to innovate, so we have to be part of it. We need to continue to train and retain talented people, invest more public and private money — that’s one of my European battles — and produce more data centers, because that’s a key element. And also, we need to have low-carbon, inexpensive, controllable energy, because we keep forgetting artificial intelligence can help with that. That’s the priority. We need to develop broad language models that match our preferences. That’s why Mistral AI [a French company specializing in artificial intelligence] is so important, because these are European LLMs [a type of generative AI system], and there’s a lot of bias that can be created right from the start in these models. Finally, we need to facilitate dissemination in key sectors, because this will transform our productivity and our ability to create value, wealth and innovation.

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We also need to think together about the regulatory framework. That’s why we’re organizing a summit next February, the AI Action Summit. The idea is to endorse the technology and invest, but we’re also going to need rules and regulations. We need them, but they have to be global if they are to be effective. It has to be thought out at the right pace.

But we’re going to have to regulate the responsibility of players who distribute AI. We’re going to have to define the rules for knowing what’s true and what’s false. How do we know for sure that it’s a real video? That it’s not a video of the AI distorting an image it has recovered from both of us sitting here, for instance?

Did you know there is a deepfake video of you and Taylor Swift dancing on social media? I assume that you’ve never really danced with Taylor Swift.
I haven’t seen that one, but I saw one this summer where I was made to look like I was kissing one of our male security officers. Millions of people have seen it. Which isn’t a bad thing in itself, but it’s not the reality. We can do all sorts of things with AI, but for people who are vulnerable, it can plunge them into depression. It can be a form of harassment. It destabilizes people, and it can disinform, which can upset our democracies. This is something that needs to be regulated.

How can it be regulated?
We regulate it by imposing responsibility on the people who disseminate this content to moderate it, too, and to say: “This was produced with AI.” We’ll know, “Well, then it’s not true.” We need to create these regulations for our democracies to function.


Greg Williams for Variety
AI was a central issue in Hollywood’s actors and writers strikes. Does this AI Act protect European authors and creators?
The AI Act was a European victory for the rights of authors. Many European countries didn’t have France’s copyright system. We imposed it. This is already something that has prevented the value of the works of authors, photographers, etc., from being completely lost. But is this copyright system well controlled and effective? The answer is no. But today, with music streaming services, singers do not receive fair remuneration.


In the case of streaming, they decide to pay people who are streamed a lot very well. But in the music field, for instance, they undervalue a variety of artists who have average followings, whereas an artist who is suddenly downloaded by a few young people over a period of a few months will be fairly remunerated. It’s not that simple! All that to say, it’s an economic choice that defines the remuneration you get for your authors. For me, maybe I’d like to see singers like Étienne Daho or Barbara Pravi earn a bit of money at the same time as Taylor Swift, so that it’s not all one-sided. The model of streamers is skewed today.

Pavel Durov, the Russian-born CEO of the messaging app Telegram, was arrested in Paris on Aug. 24 on preliminary charges of allegedly enabling criminal activity on his platform. Was Durov’s arrest a political decision?
There was no political decision behind this arrest, only the action of our justice system in response to violations of the law it had observed. Without safeguards, some platforms have contributed to the rise of intolerance and hatred. It is also a playground for those who work against democracies. Under the guise of protecting freedom of expression, complete lawless zones have flourished. For us, as governments, this is unacceptable.

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Digital players have an obligation to cooperate in the fight against all illegal online activities, and our justice system is empowered to act in cases of violation. This is what happened when the founder of Telegram was detained by the French judiciary for refusing to cooperate.

Justice will take its course without interference, but I note that its founder announced that he had updated the platform’s terms of service and privacy policy, with the goal of ensuring that basic public order rules are respected on the platform. He notably announced that he’s ready to cooperate with authorities in case of illegal activity on the platform, which is a crucial step forward. With every revolution, there is a period of adjustment. This episode has shown us that there is no inevitability when it comes to major digital players and that citizens and their governments are capable of setting rules and enforcing them.

The #MeToo movement, which contributed to the arrest of Harvey Weinstein and the firings of Matt Lauer and Bill O’Reilly in the United States, is still gaining momentum in France. What do you think of its impact on the film industry here? What’s your opinion of the César Awards’ new rule making anyone accused of sexual misconduct ineligible?
First of all, we have to talk about the victims. The women who have suffered sexual and gender-based violence and whose lives have been traumatized — whose careers, in some cases, have been shattered. And then, in these circles, there was obviously a form of complacency, of omertà, of habits that had been established and that are intolerable. Now there’s a backlash. It’s normal that these women, all of a sudden, react like that. I support the fight against violence against women, and it’s a universal fight. However, I believe in the presumption of innocence. After that, when it comes to professional rules, it’s up to the profession to define them.


You always have to find the right rules to ensure that victims are respected, that their words are taken into account, that justice is done and — above all — that everyone is protected for the future so it doesn’t happen again. Then we need to create the conditions for living together. We can’t fall into a system of denunciation where everyone is dismissed without having a chance to prove their innocence or having an opportunity to respond to accusations.

Were you surprised that Joe Biden stepped out of the presidential race?
I was surprised. I think it was a personal choice, but I have a lot of respect because it’s always a very difficult choice. I do respect him and what he decided because he did it for the country.

Is the U.S. ready to elect its first female president?
The U.S. is a great democracy, so they are ready to be innovative and move forward. I have to say, it’s not super innovative to elect a woman. They are half of humanity and half of the country. Same on our side. So yes, of course!