Bloomberg Media, SRMG announce first-ever Power Players Summit in Jeddah

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Updated 15 February 2024
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Bloomberg Media, SRMG announce first-ever Power Players Summit in Jeddah

  • The Summit features leading figures from the sports industry, convening to discuss the trends and moves shaping the future of the global sports industry
  • Speakers include Saudi Arabia’s Minister of Investment Khalid Al-Falih and Zak Brown, CEO of McLaren, among many others

JEDDAH: Bloomberg Media and SRMG announced today the first-ever Bloomberg Power Players Summit, Powered by Asharq Business with Bloomberg in Saudi Arabia. The Summit will take place on 7 March 2024 at the Jeddah Yacht Club, alongside the Formula One Saudi Arabian Grand Prix.

The event will bring together influential voices in the business of sports, entertainment, and technology to identify the next potential wave of disruption and multibillion-dollar investments.

Hosted by Bloomberg’s Business of Sports Chief Correspondent Jason Kelly, the summit will explore key trends and topics shaping the future of sports. Discussions will focus on critical issues such as the influence of private equity in sports investing, evolving dynamics in the world of football with a particular emphasis on the MENA region, and the rise of new opportunities in the esports sector.

The initial speaker lineup features prominent names in the sports industry, each bringing their unique expertise to the Summit. Confirmed speakers include Khalid Al-Falih, Saudi Arabia’s Minister of Investment; Zak Brown, CEO of McLaren; Ralf Reichert, CEO of Esports World Cup Foundation; Carlo Nohra, COO of Saudi Pro League; Susie Wolff, Managing Director of the Formula One Academy; Amanda Staveley, Co-CEO of Newcastle United FC; Craig Levine, Co-CEO of ESL FACEIT Group; Dino Young, Founder and CEO of VSPO; Vikram Solanki, Director of Cricket, Gujarat Titans; and Gemma Wright, Senior Managing Director of CVC.

More than 150 esteemed guests, including CEOs and leading decision-makers from leading sports companies are expected to attend, with the Summit’s content accessible globally via Asharq News, Asharq Business with Bloomberg and Bloomberg’s television, radio, and digital platforms.

Karen Saltser, CEO of Bloomberg Media, said, “The inaugural Bloomberg Power Players Summit in Jeddah will serve as a pivotal platform for dealmakers, risk takers and game changers from business, investing, sports, media, and entertainment. The experience is designed to foster meaningful conversations against the backdrop of Saudi Arabia’s dynamic socio-economic landscape, where sports are gaining increasing prominence.”

Jomana R. Alrashid, CEO of SRMG, said, “This summit represents a valuable opportunity to exchange ideas about the future of sports and highlight investment opportunities in this important and growing industry worldwide. Saudi Arabia has emerged as a key player in driving innovation in the sports industry, with a comprehensive strategy over the past several years. The positive impact that this investment has had on tourism, job creation and the socio-demographic of the country and the region, is the reason we partnered with Bloomberg Media to host the Bloomberg Power Players Summit in Saudi Arabia.”

The Bloomberg Power Players Summit is the latest component of the content agreement between SRMG and Bloomberg Media, originally signed in 2018 with the launch of Asharq Business with Bloomberg. The agreement has since expanded to include Asharq Quicktake, the Arabic edition of the Quicktake streaming news platform, and Radio Asharq with Bloomberg, the region’s first Arabic-language radio station dedicated to business news and financial insights.


Meta agrees to pay $25 million to settle lawsuit from Trump after Jan. 6 suspension

Updated 6 min 27 sec ago
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Meta agrees to pay $25 million to settle lawsuit from Trump after Jan. 6 suspension

WASHINGTON: Meta has agreed to pay $25 million to settle a lawsuit filed by President Donald Trump against the company after it suspended his accounts following the Jan. 6, 2021, attack on the Capitol, according to three people familiar with the matter.
It’s the latest instance of a large corporation settling litigation with the president, who has threatened retribution on his critics and rivals, and comes as Meta and its CEO, Mark Zuckerberg, have joined other large technology companies in trying to ingratiate themselves with the new Trump administration.
The people familiar with the matter spoke on the condition of anonymity Wednesday to discuss the agreement. Two people said that terms of the agreement include $22 million going to the nonprofit that will become Trump’s future presidential library and the balance going to legal fees and other litigants.
Zuckerberg visited Trump in November at his private Florida club as part of a series of technology, business and government officials to make a pilgrimage to Palm Beach to try to mend fences with the incoming president. At the dinner, Trump brought up the litigation and suggested they try to resolve it, kickstarting two months of negotiations between the parties, the people said.
Meta also made a $1 million donation to Trump’s inaugural committee and Zuckerberg was among several billionaires granted prime seating during Trump’s swearing-in last week in the Capitol Rotunda, along with Google’s Sundar Pichai, Amazon’s Jeff Bezos and Elon Musk, who now owns the platform X, formerly known as Twitter.
Ahead of Trump’s inauguration, Meta also announced that it was dropping fact-checking on its platform — a longtime priority of Trump and his allies.
Trump filed the suit months after leaving office, calling the action by the social media companies “illegal, shameful censorship of the American people.”
Twitter, Facebook and Google are all private companies, and users must agree to their terms of service to use their products. Under Section 230 of the 1996 Communications Decency Act, social media platforms are allowed to moderate their services by removing posts that, for instance, are obscene or violate the services’ own standards, so long as they are acting in “good faith.” The law also generally exempts Internet companies from liability for the material that users post.
But Trump and some other politicians have long argued that X, formerly known as Twitter, Facebook and other social media platforms, have abused that protection and should lose their immunity — or at least have it curtailed.
The Meta settlement comes after ABC News agreed last month to pay $15 million toward Trump’s presidential library to settle a defamation lawsuit over anchor George Stephanopoulos’ inaccurate on-air assertion that the president-elect had been found civilly liable for raping writer E. Jean Carroll.
The network also agreed to pay $1 million in legal fees to the law firm of Trump’s attorney, Alejandro Brito.
The settlement agreement describes ABC’s presidential library payment as a “charitable contribution,” with the money earmarked for a non-profit organization that is being established in connection with the yet-to-be-built library.
The Wall Street Journal was first to report on the settlement.


OpenAI says Chinese firms try to copy US AI tech

Updated 5 min 14 sec ago
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OpenAI says Chinese firms try to copy US AI tech

  • OpenAI’s statement came after Chinese startup DeepSeek sparked panic on Wall Street this week with its powerful new chatbot developed at a fraction of the cost of its US competitors
  • It said rivals were using a process known as distillation in which developers creating smaller models learn from larger ones by copying their behavior and decision-making patterns

WASHINGTON: ChatGPT creator OpenAI on Wednesday said that Chinese companies are actively attempting to replicate its advanced AI models, prompting increased security measures and closer cooperation with US authorities.
OpenAI’s statement came after Chinese startup DeepSeek sparked panic on Wall Street this week with its powerful new chatbot developed at a fraction of the cost of its US competitors.
DeepSeek’s performance has sparked a wave of accusations that it has reverse engineered the capabilities of leading US technology, such as the AI powering ChatGPT.
OpenAI said rivals were using a process known as distillation in which developers creating smaller models learn from larger ones by copying their behavior and decision-making patterns, similar to a student learning from a teacher.
“We know (China) based companies — and others — are constantly trying to distill the models of leading US AI companies,” an OpenAI spokesperson told AFP, highlighting tensions over AI intellectual property protection between the United States and China.
We “believe as we go forward that it is critically important that we are working closely with the US government to best protect the most capable models from efforts by adversaries and competitors to take US technology.”
David Sacks, the new Trump administration’s AI czar, told Fox News there was “substantial evidence that what DeepSeek did here is they distilled the knowledge out of OpenAI’s models.”
OpenAI said the process was against its terms of service and it would work at detecting and preventing further attempts.
The company led by Sam Altman is itself facing multiple accusations of intellectual property violations, primarily related to the use of copyrighted materials in training its generative AI models.
“Distillation will violate most terms of service, yet it’s ironic — or even hypocritical — that big tech is calling it out,” said Lutz Finger, senior visiting lecturer at Cornell University.
Copyrighted material “helped train ChatGPT, which now helps DeepSeek. Knowledge is free and hard to protect,” Finger added.


German government says criticism of Musk does not mean exit from X

Updated 4 min 14 sec ago
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German government says criticism of Musk does not mean exit from X

  • “It has no repercussions,” said the spokesperson

BERLIN: German Chancellor Olaf Scholz’s sharp criticism of Elon Musk’s backing of right-wing parties in the European Union does not influence how the German government uses his social media platform X, a government spokesperson said on Wednesday.
“It has no repercussions. Our statement still holds that we are looking at and weighing up what is happening there case by case,” said the spokesperson in a press conference, adding there was no pre-defined “red line.”
Scholz on Tuesday described Musk’s backing of right-wing parties in the EU as “really disgusting,” saying it was hindering democracy in the bloc.


Harvey Weinstein due in court as judge weighs scope of his #MeToo retrial and when it will start

Updated 2 min 4 sec ago
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Harvey Weinstein due in court as judge weighs scope of his #MeToo retrial and when it will start

  • Judge Curtis Farber is expected to decide Wednesday when the disgraced movie mogul’s #MeToo retrial will start
  • He will also decide whether it will include an allegation involving a woman who wasn’t in the original case

NEW YORK: Harvey Weinstein is due back in court Wednesday as a judge is set to decide when the disgraced movie mogul’s #MeToo retrial will start and whether it will include an allegation involving a woman who wasn’t in the original case.
Weinstein, 72, wants the extra charge thrown out, arguing through lawyers that Manhattan prosecutors only brought it to bolster their case with a third accuser after New York’s highest court overturned his 2020 conviction on rape and sexual assault charges involving two women.
Judge Curtis Farber is expected to rule on that and other matters, including the trial date — a task that’s been complicated by an increasingly crowded court calendar.
Weinstein’s lawyer, Arthur Aidala, is representing conservative strategist Steve Bannon in a border wall fraud trial that’s set to start March 4 before a different Manhattan judge. Meanwhile, Farber has a murder trial in March.
Before Bannon’s trial date was set last week, Aidala had suggested that Weinstein’s trial go first in “the interest of humanity,” citing the ex-studio boss’ declining health.
Weinstein is being treated for numerous medical conditions, including chronic myeloid leukemia and diabetes.
“They know that Mr. Weinstein is dying of cancer and is an innocent man right now in the state of New York,” Aidala argued in court last week. He pleaded to prosecutors: “Can I try this dying man’s case first?”
Weinstein is being retried on charges that he forcibly performed oral sex on a movie and TV production assistant in 2006 and raped an aspiring actor in 2013. The additional charge, filed last September, alleges he forced oral sex on a different woman at a Manhattan hotel in 2006.
The Manhattan district attorney’s office said in court papers that the woman, who has not been identified publicly, came forward to prosecutors just days before the start of Weinstein’s first trial but was not part of that case.
Prosecutors said they did not pursue the women’s allegations after Weinstein was convicted and sentenced to 23 years in prison, but they revisited them and secured a new indictment after the state’s Court of Appeals threw out his conviction last April.
Farber ruled in October to combine the new indictment and existing charges into one trial.
Weinstein’s lawyers contend that prosecutors prejudiced him by waiting nearly five years to bring the additional charge, suggesting they had elected not to include the allegation in his first trial so they could use it later if his conviction were reversed.
Prosecutors called that thinking “absurd,” countering that Weinstein’s lawyers would have also been outraged if he had been charged based on the third woman’s allegation either during his first trial or immediately after his conviction.
Weinstein “would likely have characterized that timing as a vindictive and gratuitous pile-on,” prosecutors wrote in a court filing last month.
Manhattan District Attorney Alvin Bragg’s office said the previously uncharged allegation “required a sensitive investigation” and serious contemplation before seeking an indictment, in part because there are no eyewitnesses to the alleged assault and no scientific or other physical evidence.
Weinstein co-founded the film and television production companies Miramax and The Weinstein Company and was once one of the most powerful people in Hollywood, having produced films such as “Pulp Fiction” and “The Crying Game.”
In 2017, he became the most prominent villain of the #MeToo movement, which erupted when women began going public with accounts of his behavior.
He has long maintained that any sexual activity was consensual.
In vacating Weinstein’s conviction, the Court of Appeals ruled that the trial judge, James M. Burke, unfairly allowed testimony against him based on allegations from other women that were not part of the case. Burke is no longer on the bench.
Weinstein was convicted in Los Angeles in 2022 of another rape. His 16-year prison sentence in that case still stands, but his lawyers appealed in June, arguing he did not get a fair trial.
Weinstein has remained in custody in New York’s Rikers Island jail complex, with occasional trips to a hospital for medical treatment, while awaiting the retrial.
The Associated Press does not generally identify people alleging sexual assault unless they consent to be named.


Sarkozy’s son signs up for French far-right magazine

Son of former French president Louis Sarkozy arrives to attend the French L1 football match in Paris. (AFP file photo)
Updated 29 sec ago
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Sarkozy’s son signs up for French far-right magazine

  • Louis Sarkozy, born to Sarkozy’s second wife Cecilia Attias, spent most of his childhood in the United States but has appeared on French television recently as a commentator on American politics
  • Valeurs Actuelles, which is hoping to shed its association with the far-right, backed virulently anti-Islam politician Eric Zemmour in France’s 2022 presidential election and regularly focuses on immigration and crime

PARIS: The third son of former French president Nicolas Sarkozy has been unveiled as a surprise columnist for far-right news magazine Valeurs Actuelles, reinforcing speculation about his possible political ambitions.
The first contribution from Louis Sarkozy, 27, is set to appear in a relaunched edition of the magazine on Wednesday and will be devoted to “the values of the right.”
“He’s ebullient, cultured, creative: it’s the perfect combination for a column at the end of the magazine,” director Tugdual Denis told AFP.
Valeurs Actuelles, which is hoping to shed its association with the far-right, backed virulently anti-Islam politician Eric Zemmour in France’s 2022 presidential election and regularly focuses on immigration and crime.
Louis Sarkozy, born to Sarkozy’s second wife Cecilia Attias, spent most of his childhood in the United States but has appeared on French television recently as a commentator on American politics.
He raised eyebrows with a speech last month at a meeting in Paris of the youth wing of his father’s Republicans party — and was invited to Donald Trump’s inauguration as US president in Washington last week.
Nicolas Sarkozy, who is now married to former supermodel Carla Bruni, remains mired in legal problems since his single 2007-2012 term in office.
Already convicted in two cases, he is currently on trial over allegations he and his entourage conspired with late Libyan dictator Muammar Qaddafi to receive millions of euros in illegal campaign financing.
Sarkozy’s eldest son Pierre has become a DJ and hip hop producer, while his second son Jean briefly entered politics before becoming embroiled in a favoritism scandal.
Asked about Louis’s growing presence in the media, Sarkozy told the CNews channel last month that he was “proud of him and his courage.”