FT News Briefing Argentina is in its Milei era
Nov 21, 2023
A significant majority of OpenAI employees are raising their voices, threatening to quit unless former CEO Sam Altman is reinstated. Meanwhile, Argentina braces for a radical shift as Javier Milei takes the helm, promising dramatic economic reforms to combat soaring inflation. On a different front, the US Department of Justice targets Binance with a hefty $4 billion in a criminal fraud probe. Lastly, Indonesia unveils its grand vision to relocate its capital, aiming to spark economic transformation and address longstanding issues.
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OpenAI Turmoil
- OpenAI employees demanded the reinstatement of former CEO Sam Altman after his firing.
- Microsoft offered Altman and his colleagues jobs, adding complexity to the situation.
Argentina's Milei Era
- Argentinians elected Javier Milei as president, driven by anger at the political elite and economic hardship.
- Milei's anti-establishment narrative resonated with voters experiencing 143% inflation and rising poverty.
Milei's Economic Challenge
- Milei's immediate priority is to address the economic crisis through spending cuts and a stabilization plan.
- Unwinding current economic measures will likely lead to further inflation, creating a potential economic shock.