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California’s first partner pushes to regulate AI as Trump threatens to forbid regulations

California First Partner Jennifer Siebel Newsom recently convened a meeting that might rank among the top sweat-inducing nightmare scenarios for Silicon Valley’s tech bros — a group of the Golden State’s smartest, most powerful women brainstorming ways to regulate artificial intelligence.

Regulation is the last thing this particular California-dominated industry wants, and it’s spent a lot of cash at both the state and federal capitols to avoid it — including funding President Trump’s new ballroom. Regulation by a bunch of ladies, many mothers, with profit a distant second to our kids when it comes to concerns?

I’ll let you figure out how popular that is likely be with the Elon Musks, Peter Thiels and Mark Zuckerbergs of the world.

But as Siebel Newsom said, “If a platform reaches a child, it carries a responsibility to protect that child. Period. Our children’s safety can never be second to the bottom line.”

Agreed.

Siebel Newsom’s push for California to do more to regulate AI comes at the same time that Trump is threatening to stop states from overseeing the technology — and is ramping up a national effort that will open America’s coffers to AI moguls for decades to come.

Right now, the U.S. is facing its own nightmare scenario: the most powerful and world-changing technology we have seen in our lifetimes being developed and unleashed under almost no rules or restraints other than those chosen by the men who seek personal benefit from the outcome.

To put it simply, the plan right now seems to be that these tech barons will change the world as they see fit to make money for themselves, and we as taxpayers will pay them to do it.

“When decisions are mainly driven by power and profit instead of care and responsibility, we completely lose our way, and given the current alignment between tech titans and the federal administration, I believe we have lost our way,” Siebel Newsom said.

To recap what the way has been so far, Trump recently tried to sneak a 10-year ban on the ability of states to oversee the industry into his ridiculously named “Big Beautiful Bill,” but it was pulled out by a bipartisan group in the Senate — an early indicator of how inflammatory this issue is.

Faced with that unexpected blockade, Trump has threatened to sign a mysterious executive order crippling states’ ability to regulate AI and attempting to withhold funds from those that try.

Simultaneously, the most craven and cowardly among Republican congresspeople have suggested adding a 10-year ban to the upcoming defense policy bill that will almost certainly pass. Of course, Congress has also declined to move forward on any meaningful federal regulations itself, while technology CEOs including Trump frenemy Musk, Apple’s Tim Cook, Meta’s Zuckerberg and many others chum it up at fancy events inside the White House.

Which may be why this week, Trump announced the “Genesis Mission,” an executive order that seemingly will take the unimaginable vastness of government research efforts across disciplines and dump them into some kind of AI model that will “revolutionize the way scientific research is conducted.

While I am sure that nothing could possibly go wrong in that scenario, that’s not actually the part that is immediately alarming. This is: The project will be overseen by Trump science and technology policy advisor Michael Kratsios, who holds no science or engineering degrees but was formerly a top executive for Thiel and former head of another AI company that works on warfare-related projects with the Pentagon.

Kratsios is considered one of the main reasons Trump has embraced the tech bros with such adoration in his second term. Genesis will almost certainly mean huge government contracts for these private-sector “partners,” fueling the AI boom (or bubble) with taxpayer dollars.

Siebel Newsom’s message in the face of all this is that we are not helpless — and California, as the home of many of these companies and the world’s fourth-largest economy in its own right, should have a say in how this technology advances, and make sure it does so in a way that benefits and protects us all.

“California is uniquely positioned to lead the effort in showing innovation and responsibility and how they can go hand in hand,” she said. “I’ve always believed that stronger guardrails are actually good for business over the long term. Safer tech means better outcomes for consumers and greater consumer trust and loyalty.”

But the pressure to cave under the might of these companies is intense, as Siebel Newsom’s husband knows.

Gov. Gavin Newsom has spent the last few years trying to thread the needle on state legislation that offers some sort of oversight while allowing for the innovation that rightly keeps California and the United States competitive on the global front. The tech industry has spent millions in lobbying, legal fights and pressure campaigns to water down even the most benign of efforts, even threatening to leave the state if rules are enacted.

Last year, the industry unsuccessfully tried to stop Senate Bill 53, landmark legislation signed by Newsom. It’s a basic transparency measure on “frontier” AI models that requires companies to have safety and security protocols and report known “catastrophic” risks, such as when these models show tendencies toward behavior that could kill more than 50 people — which they have, believe it or not.

But the industry was able to stop other efforts. Newsom vetoed both Senate Bill 7, which would have required employers to notify workers when using AI in hiring and promotions; and Assembly Bill 1064, which would have barred companion chatbot operators from making these AI systems available to minors if they couldn’t prove they wouldn’t do things like encourage kids to self-harm, which again, these chatbots have done.

Still, California (along with New York and a few other states) has pushed forward, and speaking at Siebel Newsom’s event, the governor said that last session, “we took a number of at-bats at this and we made tremendous progress.”

He promised more.

“We have agency. We can shape the future,” he said. “We have a unique responsibility as it relates to these tools of technology, because, well, this is the center of that universe.”

If Newsom does keep pushing forward, it will be in no small part because of Siebel Newsom, and women like her, who keep the counter-pressure on.

In fact, it was another powerful mom, First Lady Melania Trump, who forced the federal government into a tiny bit of action this year when she championed the “Take It Down Act, which requires tech companies to quickly remove nonconsensual explicit images. I sincerely doubt her husband would have signed that particular bill without her urging.

So, if we are lucky, the efforts of women like Siebel Newsom may turn out to be the bit of powerful sanity needed to put a check on the world-domination fantasies of the broligarchy.

Because tech bros are not yet all-powerful, despite their best efforts, and certainly not yet immune to the power of moms.

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Intuit keeps naming rights on Intuit Dome for 2028 Olympics

Intuit is the first new founding partner of the 2028 Olympics and Paralympics to take advantage of venue naming opportunities available for the L.A. Games as the financial technology company and LA28 announced a sponsorship deal Friday.

Per the partnership, Intuit will retain its name on Intuit Dome for Olympic basketball competitions and work with LA28 to assist small businesses in the city, provide select U.S. athletes with free tax preparation and expand financial education for students in the L.A. community.

Previously, the International Olympic Committee required “clean venues,” which necessitated scrubbing all mention of corporate sponsorship. It has required LA28 organizers to use generic names such as Exposition Park Stadium for BMO Stadium or 2028 Stadium for SoFi Stadium.

But after the IOC and LA28 announced an agreement in August that opened potential venue naming rights, Honda Center (volleyball), Peacock Theater (weightlifting and boxing) and the Comcast Squash Center at Universal Studios became the first venues to have corporate sponsorship. Honda and Comcast had already previously announced deals to become founding partners with LA28.

John Slusher, chief executive of LA28’s commercial operation, believed Intuit, which is in a 23-year partnership with the Clippers, would have been a potential Olympic partner no matter what, he said the pace of conversations picked up after naming rights became available. The Intuit Dome will host men’s and women’s basketball competitions that are among the most popular Olympic events and basketball is one of the few sports that competes for the duration of the Games, giving the arena a prime position in the Olympic spotlight.

“It wasn’t just any building. It was an incredibly important and state-of-the-art building,” Slusher said in an interview with The Times. “And it obviously ties so well with their investment in Los Angeles and what they do with the dome right now.”

Intuit Dome opened in 2024 for the Clippers. Hailed for its innovative use of technology, massive halo board and large fan section dubbed “The Wall,” the project from Clippers owner Steve Ballmer has already secured hosting rights for the NBA All-Star Game in February.

“Intuit is incredibly proud to be a founding partner of the LA28 Games,” Intuit chief marketing officer Thomas Ranese said in a statement. “Our commitment to powering prosperity aligns perfectly with the spirit of the movement: celebrating determination, optimism, and the belief in what’s possible. Just as athletes strive for gold, we empower consumers and businesses to outdo their financial goals with confidence.”

Conversations with partners regarding naming rights for temporary venues have started, Slusher said, beginning with companies already involved in The Olympic Partner (TOP) program. While no deals have closed for temporary venues yet, the initial feedback from partners “seems incredibly excited,” Slusher said.

The venue naming rights opened a never-before-tapped revenue stream for the 2028 Games, which are expected to cost about $7.1 billion. Organizers are hoping to cover at least $2.5 billion with domestic sponsorship. The financial terms of Friday’s contract were not disclosed, but founding-level partnerships are reported to start at roughly $200 million, according to Sports Business Journal.

The organizing committee had lofty marketing expectations heading into 2025. Hoping to capitalize on the successful 2024 Paris Games, the group aimed to bring in $800 million to $1 billion in deals this year and reach $2 billion total by the beginning of 2026. After announcing three founding-level partnerships this year between Intuit, Honda and Starbucks, Slusher says he believes the team is on track to meet its goals.

“We feel very confident that what we said back then will be true,” Slusher said. “So we’re feeling great about the progress. I think we saw an incredible momentum in the first quarter, and now what we’re seeing is that same momentum. … We are super excited about it and more to come.”

Every last deal matters approaching the July 14, 2028, opening ceremony. Any debt incurred from Games operation by LA28 will fall to L.A. The city is on the hook for the first $270 million in overrun costs, with California picking up the next $270 million and the rest falling back to L.A.

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Poland’s Long-Term Partner for Custody Services

Since the Warsaw Stock Exchange (WSE) was re-established in 1991, Poland’s capital market experienced significant growth: market capitalization expanded from PLN 161 million to more than PLN 2.2 trillion. Alongside this development, custodians and local depository banks emerged as critical partners for global custodians, foreign investment banks, pension funds, and insurance companies.

Today, custodians do more than clearing and settling transactions. They are long-term partners expected to deliver high-quality services, anticipate client needs, and co-create tailored solutions. Rising regulatory requirements and higher operating costs are reshaping the industry, and shrinking margins, limited diversification, and lack of economies of scale forced many banks in CEE, including Poland, to exit custody in the past decade. For custodians, this creates an urgent need for reliable partners with long-term vision.

IT Investments – A Springboard or a Cost Burden

Sustaining custody services requires continuous investment in dedicated systems while leveraging the bank’s broader IT initiatives. To remain competitive, custodians must align investments with the bank’s overall strategy to maximize value. Sorbnet, Poland’s Real-Time Gross Settlement (RGTS) cash system, upgraded to ISO20022 standards, improving the cash leg of Poland’s settlement cycle, and tools, such as OCR, digitalized process flow for documentation, advanced connectivity solutions for data, and machine learning for inquiries, enhance and streamline processes. Such initiatives can significantly improve overall efficiency and service quality and demonstrate how leveraging bank-wide projects can strengthen custody services without duplicating costs.

National Champions

Global clients often must decide whether to choose an international custodian offering regional coverage or a strong domestic bank acting as a national champion. While global players benefit from broad networks, their local presence is often limited. Local champions, like Bank Pekao, rely on their balance sheet, liquidity, and deep domestic economy commitment.

Robert Smuga, Managing Director, Head of Financial Institutions and Custody | Bank Pekao

They finance top players across many industries and support strategic projects. Post-trade services to domestic financial institutions with insurers and fund managers provide critical mass for investments and resource allocation.

Successful offerings to domestic pension and mutual funds rely on accommodating bespoke requirements. Efficient and top quality international standard services for assets in foreign markets require a local champion to select optimal sub-custody services abroad, and growing those assets may be factored into mutually beneficial partnerships.

Combining active sub-custody network management on numerous markets, meeting requirements of domestic and foreign clients, and sustaining bespoke solutions as a differentiator are best practices that require smart solutions and agility to keep efficiency, but create tremendous opportunity. They can be used across client bases, shaping the offering from market intelligence and lobbying power, through connectivity, to stringent SLAs on service.

The unique positioning and value proposition of local champions make them reliable partners for long-term growth and viable alternatives to local affiliates of global players.

Bank Pekao’s Value Proposition

Bank Pekao’s history as a custodian dates to the re-establishment of the WSE in 1991. We have grown alongside Poland’s capital market and its expertise and dedication have been instrumental to its development. We succeeded in making the significant leap required to catch up with mature global markets.

Today, Bank Pekao, is Poland’s second largest universal bank and a leader in custody. The bank serves global custodians and international broker-dealers, including clearing for WSE’s remote members. It expanded as a local depository bank, supporting pension and investment funds and ongoing IT developments range from maintaining cyber-security resilience to fostering data-driven or DLT-based services for clients.

The bank’s diversified business model, experienced custody team, and balance sheet unmatched in strength and liquidity are competitive advantages no other Polish custodian can claim.

Bank Pekao is grateful for the trust of long-standing clients and is fully dedicated to supporting them for many years to come.

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ESPN takes name off betting app and partners with DraftKings

ESPN is shifting its strategy on online sports gambling, ending its partnership with Penn Entertainment.

The companies announced Thursday they were terminating an agreement that offered ESPN equity in Penn, which operated the ESPN Bet sportsbook app. The app will no longer carry the familiar red ESPN logo. It will operate under a new name.

ESPN said it will partner with DraftKings, a leading sports betting company, which will provide odds and other gaming-related data for the Walt Disney Co. unit’s programs and its digital platforms. ESPN’s on-air staff will use DraftKings’ odds starting Dec. 1.

According to people familiar with the ESPN-Penn arrangement, the app simply didn’t reach its financial targets in the highly competitive business, which operates in the 31 states where online gambling is legal.

In 2023, Penn agreed to pay $1.5 billion in cash over the next 10 years for the rights to use the ESPN name on its app. As part of the deal, ESPN promoted the product across its programming and provided access to on-air talent. ESPN had the right to purchase up to 31.8 million shares of Penn stock for $500 million over the 10-year period.

“When we first announced our partnership with ESPN, both sides made it clear that we expected to compete for a podium position in the space,” said Jay Snowden, CEO and President of Penn Entertainment. “Although we made significant progress in improving our product offering and building a cohesive ecosystem with ESPN, we have mutually and amicably agreed to wind down our collaboration.”

The end of the deal comes shortly after an FBI investigation led to the arrest of Miami Heat player Terry Rozier, who allegedly pulled out of a game claiming injury to deliver a win on one of his prop bets.

ESPN’s decision is unrelated to the recent news, as the company has been in talks for months with DraftKings about a new partnership. But no longer having the ESPN name on a betting app will keep the brand out of the line of fire if the NBA case escalates.

Beginning in December, DraftKings will have its app exclusively integrated across ESPN’s platforms.

The companies said they will “collaborate to advance their shared commitment to responsible gaming, by dedicating prominent assets to educate, raise customer awareness and promote responsible play through campaigns and integrations.”

DraftKings will provide the betting tab within the ESPN app and its customers will receive special promotions for ESPN’s newly launched direct-to-consumer streaming product.

DraftKings operates in 28 states and in Washington, D.C., and Ontario, Canada, and has more than 10 million customers across its products.

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