Microsoft Faces Scrutiny Amid Government Email Breach, WeWork Is The Latest Meme Stock, ChatGPT's Popularity Surges Despite Restrictions By Tech Giants: Today's Top Stories

Bloomberg

Microsoft Faces Scrutiny as US Inquiry Examines Government Email Breach

• Microsoft Corp's MSFT role in a recent breach of government officials' email accounts will be part of a U.S. cyber inquiry.
• The cybersecurity advisory panel will investigate cloud computing risks, encompassing the software maker's role in the breach by suspected Chinese hackers.
• The Biden administration's Cyber Safety Review Board will broadly focus on risks to cloud computing infrastructure, including identity and authentication management. It will examine all relevant cloud service providers.

Roblox Unveils Virtual Career Hub for Candidates to Explore Work Environment

• Roblox Corp RBLX launched Roblox Career Center, helping early-career candidates dive into its immersive platform firsthand and get a feel of work culture by reimagining how people come together.
• In the Roblox Career Center, players enter a virtual lobby headed by an avatar office manager. From there, they can lead to an interview room, butterfly dome, or podcast lounge to listen to conversations hosted by CEO Dave Baszucki and understand the company.

Benzinga

ChatGPT's Popularity Surges To US Workplace Despite AI-Chatbot Restrictions By Tech Giants

• Months after industry giants like Samsung Electronics Co. Ltd SSNLF, Apple Inc AAPL, and Alphabet Inc's GOOG GOOGL reportedly clamped down on the internal use of AI-powered chatbots, a surprising trend has emerged — the widespread embrace of ChatGPT, developed by OpenAI, in workplaces across the U.S. 
• In May, almost a month after Samsung reportedly faced an issue regarding a confidential information leak, the South Korean giant imposed an internal ban on employees' use of popular generative AI tools, setting a precedent.

Occidental Subsidiary 1PointFive Bags US DoE Grant To Develop South Texas Direct Air Capture Hub

• Biden-Harris Administration announced up to $1.2 billion for nation's first direct air capture demonstrations in Texas and Louisiana, starting a critical new industry, removing historic climate-harming carbon emissions out of the air, and creating 4,800 jobs.
• Together, these projects are expected to remove more than 2 million metric tons of carbon dioxide (CO2) emissions each year from the atmosphere, an amount equivalent to the annual emissions from roughly 445,00 gasoline-powered cars.

Wells Fargo Faces Potential NLRB Action Over Labor Law Violations at Oregon Call Center

• U.S. labor board prosecutors prepared to bring Wells Fargo & Co WFC into the books for violating federal labor law at an Oregon call center pending a settlement.
• A National Labor Relations Board (NLRB) regional director found that the company violated labor laws by enforcing a rule that barred employees from distributing pro-union literature without prior management approval.

WeWork, The Latest Meme Stock - What's Going On?

• WeWork Inc WE stock gained over 35% Friday, maintaining its upward trajectory and triggering speculation of possible meme treatment meted out to other troubled companies like GameStop GME
• The stock price is on a roll since it expressed doubts over its ability to sustain the business.
• The r/WallStreetBets community — the "apes" — is once again rallying behind the beleaguered stock. Early 2021 saw the birth of the '"meme stock" phenomenon on r/WallStreetBets. 

Arco Platform Agrees To Go Private Via $1.5B Merger Deal

• Arco Platform Ltd ARCE has entered into an agreement and plan of merger with Achieve Holdings and Achieve Merger Sub, a wholly owned subsidiary of Bidders' HoldCo.
• Investment entities affiliated with General Atlantic L.P. and Dragoneer Investment Group, LLC have agreed to acquire all of the company's outstanding shares for a purchase price of $14.00 per share in cash.

Telesat Shares Are Trading Higher After Q2 Earnings

• Telesat Corporation NASDAQ: TSAT) shares are trading higher after the company reported second-quarter results and tapped MDA Ltd MDALF as the prime satellite manufacturer of the advanced Lightspeed Low Earth Orbit constellation.
• Telesat Lightspeed is now fully funded through global service delivery, considering the company's equity contribution, certain vendor financing, and aggregate funding commitments from its Canadian federal and provincial government partners. 
• Telesat reported consolidated revenue of C$180 million, a decrease of 4% Y/Y. The decline was mainly due to a termination of service by a South American customer and the reduction of revenue from one of its North American DTH customers.

Reuters

Ford Plans To Incorporate New Software To Boost Revenue For Commercial Trucks, Vans

• Ford Motor Company F reportedly plans to incorporate better software into the trucks and vans in its highly profitable Ford Pro commercial vehicle business.
• With the new software, the automaker estimates to grow revenues by $4,000-$5,000 per vehicle in the future.
• The report noted that Ford plans to expand revenue with software-driven fleet services, safety and security services, partial vehicle autonomy, and insurance.