The fate of OpenAI has been in limbo for days, starting with the board of directors’ shock firing of Sam Altman on Friday. AFP
The fate of OpenAI has been in limbo for days, starting with the board of directors’ shock firing of Sam Altman on Friday. AFP
The fate of OpenAI has been in limbo for days, starting with the board of directors’ shock firing of Sam Altman on Friday. AFP
The fate of OpenAI has been in limbo for days, starting with the board of directors’ shock firing of Sam Altman on Friday. AFP

OpenAI urges employees to focus on work despite boardroom drama


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A senior OpenAI manager emphasised on Tuesday that it's time to “get back to shipping” products. This is part of an overarching effort to redirect the company's focus towards developing software and forging partnerships, moving away from the speculation surrounding Sam Altman's potential return to the chief executive role after being summarily fired by the board on Friday.

In a message to OpenAI employees on Tuesday, Peter Deng, a vice president of product, said that “we decided that the best way to channel our energy” is developing products, according to a note reviewed by Bloomberg.

The memo was drafted in an effort to spread the message that OpenAI is still open for business, and comes as its customers have grown worried about tumult at the company, according to a person familiar with the decision making.

Many OpenAI clients have sought reassurances that the company remains operational even as it races to figure out who its next chief executive will be and prevent its employees from staging a mass resignation.

Mr Deng also said that the company would make its Voice product available for free for ChatGPT users, a move it also posted about on social media platform X. The Voice feature lets the chatbot respond to spoken questions and commands with its own speech. That release had been previously planned, according to a source.

Making matters worse for OpenAI on Tuesday, its best-known product, the chatbot ChatGPT, was unavailable to some users during the afternoon. According to a company webpage that tracks the status of its online services, ChatGPT and OpenAI’s application programming interface services experienced a partial power cut starting after 2pm Pacific time.

OpenAI’s status tracker posted that the issue causing the power cut “has been identified and a fix is being implemented”, though it hadn’t been resolved hours later. In a post on X, a member of the company’s developer relations staff, Logan Kilpatrick, acknowledged the issue and said it “should be resolved shortly”.

Mr Deng’s message to staff, which was posted on an internal Slack channel, was upbeat. He said that employees could order pizza and expense it. Most of them aren’t in the office because the company has Thanksgiving week off. “Raise a slice and share a photo in the thread so we can enjoy this moment together,” Mr Deng wrote. He signed off, “One team, one mission” with a pizza emoji.

The fate of OpenAI has been in limbo for days, starting with the board of directors’ shock firing of Mr Altman on Friday, followed by high-stakes negotiations to get him reinstated. Almost all of the company’s employees have said they would resign from OpenAI if Mr Altman were not brought back, among other demands.

Sam Altman was fired by the OpenAI board on Friday and was hired by Microsoft on Monday. Reuters
Sam Altman was fired by the OpenAI board on Friday and was hired by Microsoft on Monday. Reuters

People familiar with the negotiations around possibly returning Mr Altman to the company have said that the groups want to reach a resolution before the Thanksgiving holiday.

Stressing that the company was still operating despite the boardroom chaos, Mr Deng pointed to a post on X from chief operating officer Brad Lightcap, in which he emphasised OpenAI’s commitment to customers. In the post, Mr Lightcap was responding to the suggestion that competitors were trying to capitalise on the company’s leadership upheaval to poach its business.

Mr Deng said in the note that the company met with Boston Consulting Group on Tuesday morning to discuss expanding its partnership with OpenAI, and that BCG complimented its “mojo with culture and leadership”.

In the memo, Mr Deng said, “We are grateful to have heard from dozens of customers who emphasised their support.”

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%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M2%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206%2C%20Bluetooth%205.0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Silver%2C%20space%20grey%2C%20starlight%2C%20midnight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%20or%2035W%20dual-port%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C999%3C%2Fp%3E%0A
Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

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Other workplace saving schemes
  • The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
  • Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
  • National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
  • In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
  • Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
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Islamophobia definition

A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.

 

 

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Updated: November 22, 2023, 4:58 AM