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Grífols, la única gran empresa que apoyó el Procés, en la cuerda flojaUn informe acusa a la multinacional catalana de maquillar sus cuentas. Los amigos de Artur Mas ya no controlan la empresa familiar, que se hunde en Bolsa tras las informacionesMal día para la familia Grífols. Un terremoto sacude la multinacional catalana, que ya había dado síntomas los últimos meses de debilidad. Esta mañana se ha sabido que un informe del fondo Gotham City Research acusa a Grífols de maquillar sus cuentas, manipular su deuda y que sus acciones tienen un valor de "probablemente cero" ahora mismo.La única multinacional que dio apoyo al Procés se tambalea y -sea causalidad o casualidad- la compañía ha ido sumando problemas al mismo tiempo que el Procés iba muriendo.[...]El Procés se desangra, Grifols tambiénParece una broma fácil, pero es así: la multinacional del plasma se desangra desde hace meses. Dicen los expertos que Grifols tomó demasiadas malas decisiones en los últimos años, sobre todo cuando lanzó una OPA a su principal competidor y disparó su deuda financiera. Ya en 2022 la empresa arrastró caídas importantes en bolsa y los accionistas empujaron a Víctor Grífols a dejar su cargo como presidente de la empresa. Steven F. Mayer fue la primera persona fuera de la familia que ejerce de CEO en Grifols.El informe de Gotham City Research de este martes 9 de enero de 2024 supone un nuevo problema para la familia Grífols, que se une a muchos otros. La multinacional lleva demasiados meses en una espiral descendente y con un incierto futuro. Como el procesismo.https://es.e-noticies.cat/politica/grifols-unica-gran-empresa-que-apoyo-proces-cuerda-floja
ÓMNIBUS CON TIPOS DE INTERÉS ALTOS ATROPELLA ENDEUDADOS JUNTS CitarGrífols, la única gran empresa que apoyó el Procés, en la cuerda flojaUn informe acusa a la multinacional catalana de maquillar sus cuentas. Los amigos de Artur Mas ya no controlan la empresa familiar, que se hunde en Bolsa tras las informacionesMal día para la familia Grífols. Un terremoto sacude la multinacional catalana, que ya había dado síntomas los últimos meses de debilidad. Esta mañana se ha sabido que un informe del fondo Gotham City Research acusa a Grífols de maquillar sus cuentas, manipular su deuda y que sus acciones tienen un valor de "probablemente cero" ahora mismo.La única multinacional que dio apoyo al Procés se tambalea y -sea causalidad o casualidad- la compañía ha ido sumando problemas al mismo tiempo que el Procés iba muriendo.[...]El Procés se desangra, Grifols tambiénParece una broma fácil, pero es así: la multinacional del plasma se desangra desde hace meses. Dicen los expertos que Grifols tomó demasiadas malas decisiones en los últimos años, sobre todo cuando lanzó una OPA a su principal competidor y disparó su deuda financiera. Ya en 2022 la empresa arrastró caídas importantes en bolsa y los accionistas empujaron a Víctor Grífols a dejar su cargo como presidente de la empresa. Steven F. Mayer fue la primera persona fuera de la familia que ejerce de CEO en Grifols.El informe de Gotham City Research de este martes 9 de enero de 2024 supone un nuevo problema para la familia Grífols, que se une a muchos otros. La multinacional lleva demasiados meses en una espiral descendente y con un incierto futuro. Como el procesismo.https://es.e-noticies.cat/politica/grifols-unica-gran-empresa-que-apoyo-proces-cuerda-floja11:38h., 10,25€ -28% ¡Feliz BONITO año 2024!. Saludos.
Cita de: el malo en Enero 09, 2024, 10:52:15 amCita de: Cadavre Exquis en Enero 09, 2024, 07:24:46 amUn nuevo capítulo del culebrón de Boeign...https://www.eleconomista.es/actualidad/noticias/12614269/01/24/el-panel-enchufable-que-provoca-que-eeuu-deje-171-boeing-en-tierra.htmlSaludos.Benzino me acordé de tí al ver la noticia en televisión. Otra chapuza más de Boeing.Por lo menos esta vez no ha costado vidas.¿Y del iPhone que salió volando y lo encontraron sin un rasguño nadie dice nada? Ahora en serio, quien tenga Netflix puede ver un documental sobre Boeing que no deja títere con cabeza. No sólo habla de cómo Boeing sabía desde el primer momento que el causante de los dos accidentes fue su propio software, y cómo trataron de ocultarlo gato panza arriba.También comenta que desde la fusión con Douglas ha habido una política extrema de pensar en los beneficios y los dividendos sacrificando la seguridad y la calidad si era necesario. Los resultados a la vista están. Airbus no se lo cree, va a ganar la partida por incomparecencia del rival.Relacionado en parte con esto. Te debe sonar seguro el escándalo de Post Office en UK, que volvió a la palestra con otra serie de Netflix dramatizando los hechos. Varios jefes de oficinas de la PO multados y hasta encarcelados... por un desastroso software impulsado desde la dirección que computaba dinero desaparecido por error. Hicieron falta años de falsas acusaciones y condenas porque nadie, absolutamente nadie revisó el programa hasta que ya era tarde y el daño ya estaba hecho. PO acabó poniendo encima de la mesa el dinero que hiciese falta para detener las contrademandas. De absoluta traca.Ésta es la principal miseria que arrastramos en IT. Hay una presión bárbara, extrema, para automatizar procesos porque los que mandan necesitan más productividad y visibilidad de lo que sucede. Problema: las prisas y que no se verifica debidamente. ¿Recuerdan el otro escándalo del TSB, el banco británico que el Sabadell compró a la Lloyd's? Servidor estuvo en ese proyecto de migración. Mejor dicho, tardé un solo día en dimitir de ese desastre y tardaron casi dos semanas más en sacarme. No se imaginan ustedes la porquería, subcontrata sobre subcontrata, y muchos pipiolos solos en el foso de los leones. Pues ahora que empieza a faltar carne para la picadora, imaginen el tortazo que viene.
Cita de: Cadavre Exquis en Enero 09, 2024, 07:24:46 amUn nuevo capítulo del culebrón de Boeign...https://www.eleconomista.es/actualidad/noticias/12614269/01/24/el-panel-enchufable-que-provoca-que-eeuu-deje-171-boeing-en-tierra.htmlSaludos.Benzino me acordé de tí al ver la noticia en televisión. Otra chapuza más de Boeing.Por lo menos esta vez no ha costado vidas.
Un nuevo capítulo del culebrón de Boeign...https://www.eleconomista.es/actualidad/noticias/12614269/01/24/el-panel-enchufable-que-provoca-que-eeuu-deje-171-boeing-en-tierra.htmlSaludos.
[...] Pero vamos, que no me refiero sólo a los semiconductores.Hay un tormentón perfecto en el que se juntan los emprendimientos pequeños, medianos, grandes y enormes que jamás han ganado un chavo espoleados por el combustible del VC esperando dar el pase de la muerte y el más que posible escache del consumo.
No creo que sea sólo Boeing. Todas las empresas grandes o de relevancia, imagino que con algunas excepciones numantinas, se están apuntando al mierdismo. Es un problema generado por la mentalidad de nuestro tiempo (personificada en la clase directiva), y es por lo que en última instancia otras culturas tendrán una ventaja sobre nosotros.Cortoplacismo, incompetencia, ceguera, egolatría... todos los antivalores que garantizan que nada acabe bien. Y como antivalores inherentes anuestra cultura actual, a quien ejemplifica los valores positivos contrarios, leña.Todo esto por supuesto viene de que llevamos décadas en las que hacer las cosas bien o destacar en algo no se compensa de ninguna forma, y sí se compensa a quien sabe vender humo y posturear. Y eso viene del rentismo en todas sus vertientes. Rentistas que por supuesto son puestos como ejemplo de éxito. El ladrillo ha sido el vehículo para que esta mentalidad rentista se extienda como el fuego en todas las capas de la sociedad.
Global economy on track for worst half-decade of growth in 30 years, says World BankMultilateral lender warns of potential for decade of ‘wasted opportunity’The global economy is on track for its worst half-decade of growth in 30 years, the World Bank has warned in its latest projections for 2024, as higher borrowing costs and geopolitical tensions weigh on output.In forecasts published on Tuesday, the multilateral organisation said gross domestic product in the world economy was set to expand just 2.4 per cent in 2024 — down from 2.6 per cent last year. If the predictions are accurate, it would mark the third year in a row where growth would prove weaker than the previous 12 months.“Without a major course correction*, the 2020s will go down as a decade of wasted opportunity,” said Indermit Gill, the World Bank’s chief economist and senior vice-president.The lender said global trade growth in 2024 was expected to be only half the average in the decade before the pandemic. The slowdown in world trade and rise in borrowing costs meant average annual growth for developing countries since 2020 was just 3.9 per cent a year — a full percentage point lower than during the previous decade, it added.The first years of the decade have been marked by the start of the coronavirus pandemic, the ratcheting up of geopolitical tensions following Russia’s invasion of Ukraine, and the biggest surge in global inflation in a generation. The Israel-Hamas war has raised concerns over a broader conflict in the Middle East.The warning comes at a time when other multinational organisations are voicing concerns over medium-term prospects for a world economy weighed down by tighter credit conditions and heightened conflict-related risks.The IMF’s projections for the next five years are at their lowest level since the rise of globalisation in the 1990s. Fund officials have repeatedly warned governments against loosening trade ties, which the fund claims will weaken growth and feed into inflation.Advanced economies were expected to see growth of just 1.2 per cent, according to the World Bank, down from 1.5 per cent in 2023.“The main concern in advanced economies is shifting back from inflation to output,” Gill said at a press briefing to mark the report’s release, adding that this was the main takeaway from the US Federal Reserve’s plans to cut rates three times this year from their current 22-year high of 5.25-5.5 per cent.Meanwhile, the slowdown in growth in China was creating a significant “headwind” for other developing economies, particularly its trading partners in east Asia. Eastern Europe would see slower growth owing to its links with Russia, the bank said.Low-income countries would perform better this year, with the world’s poorest economies recording average growth of 5.5 per cent, up from 3.5 per cent in 2023.However, Gill noted that many of these countries and other developing economies remained hamstrung by “more than half a trillion dollars of debt overhang” and shrinking fiscal space.The multilateral lender urged countries to invest more, saying this could be “transformative” in raising living standards. “When it comes to . . . increasing access to the internet, or coping with problems of inequality, you see significant progress when countries have sustained investment growth,” Gill said.
Here's why the Fed isn't going to cut interest rates this year, according to one market strategist*One market strategist doesn't expect the Federal Reserve to cut interest rates in 2024.*Shipping troubles and geopolitical tensions in the Red Sea will spark a rebound in inflation, she said.*The strategist added soaring prices and shipping delays are set to surprise the Fed and markets.Wall Street largely expects the central bank to loosen monetary policy as soon as March, but one market veteran has taken the opposite stance. Tracy Schuchart, chief executive and chief energy and materials strategist at Hightower Resource Advisors, told Fox Business on Monday that she doesn't expect the Fed to cut interest rates at all in 2024.Many analysts and economists on Wall Street have forecast three to six rate cuts this year, but Schuchart pointed to rebounding inflationary pressures stemming from geopolitical conflict as reason to expect otherwise."Definitely don't think March is on the table right now," Schuchart said. "My main concern right now is what's going on in the Red Sea. We're already seeing insurance rates that are higher."Inflation has been steadily cooling over the last year, but concerns about rebounding prices have emerged since the Houthis, an Iran-aligned Yemeni militant group, began their assaults on vessels in the Red Sea, which started after Hamas attacked Israel in October.Shipping companies have since diverted their vessels to much longer routes. Swiss logistics firm Kuehne + Nagel, according to a Bloomberg report, calculated over 400 ships have been diverted since the middle of last month.Big retailers including Next and Ikea, Schuchart said, have already said they expect two-and-a-half-week delays."Difficulties with access to the Suez Canal, if they continue, are likely to cause some delays to stock deliveries in the early part of the year," the retailer Next said earlier this week, per Bloomberg.And even though companies aren't experiencing the two-month delays seen during the pandemic, the Red Sea situation doesn't seem to be trending in the right direction, in Schuchart's view. "It really looks like this is not to be resolved soon," said Schuchart, adding that shipping giant Maersk, among others, is now framing the issue in months and quarters, rather than days or weeks.As things stand, she said some container tanker rates have spiked up to 173%, and rates are similarly rising for rates on oil and products.The Panama Canal, meanwhile, is also facing supply-chain headwinds due to drought, the strategist said."I think this is really going to start adding to inflationary pressure that the central bank and markets are just not prepared for," Schuchart said.To be sure, the Hightower expert has taken a contrarian view compared to other market watchers. Metlife's Drew Matus, for example, expects the Fed to cut interest rates six times this year, while Pantheon Macroeconomics' Ian Shepherdson said cuts will be much steeper than anyone expects.
Blackstone partly cracks new private equity codeBuyouts beware. Leveraged buyouts have become a drag. KKR, Carlyle and others are enduring a slump in the wheeling and dealing of companies because of higher interest rates and tumbling valuations while emergent businesses in credit, real estate and infrastructure generate more of the steadier fees desired by investors in publicly traded shares of private equity firms. Blackstone’s latest fund tries to crack this new code.In a sense, the $150 billion shop led by Steve Schwarzman is refocusing on its roots. Blackstone once relied almost exclusively on raising captive pools of money from big pension and sovereign wealth funds for buyouts. The new Blackstone Private Equity Strategies Fund, known as BXPE, targets rich individuals instead, charging 1.25% to manage their money and keeping 12.5% of any investment gains beyond a 5% return threshold. It will span midsize takeovers to venture investments, but unlike in traditional buyout funds there is no set timeline to return capital.This structure ensures a dependable flow of fees. Blackstone disclosed on Monday that it had raised more than $1 billion for BXPE, but similar real estate and private credit endeavors may speak to broader ambitions. Its BREIT property fund has accrued $62 billion in net assets while BCRED controls a $51 billion hoard of investments in corporate lending. With fee income valued at a multiple of 24 times, according to Goldman Sachs analysts, compared to just 8 times for deal-related returns, it’s no wonder Schwarzman wants to squeeze some of the buyout business into a different box.Quickly stockpiling assets would be risky, however. Undeployed cash is a drag on performance. And BXPE will seek to co-invest with flagship Blackstone funds, potentially applying pressure on those managers to deploy the money, threatening an ill-fated spending spree that cuts further across the firm.Private equity is also, by its nature, inconsistent. A consistently growing BXPE that doesn’t accurately reflect an emerging downturn could send investors running for the exits, as happened with BREIT in late 2022. Like that fund, BXPE limits redemptions, preventing a doom loop, but the impact can be severe nevertheless. BREIT is still limiting withdrawals.Moreover, Blackstone’s rivals are also chasing stability. KKR reorganized its reporting structure in November, spotlighting “core private equity” investments intended to be held for longer, and has become a regular dividend payer. Traditional buyouts will come back, but the cycle is destined to continue. Smoothing out the peaks and troughs would be a real feat of financial engineering.CitarContext NewsBlackstone Private Equity Strategies Fund disclosed on Jan. 8 that it had raised an initial $1.3 billion in subscriptions. The fund, dubbed BXPE, is asset manager Blackstone’s first major foray into targeting affluent retail investors with a traditional private equity product. Companion retail funds BREIT, which focuses on real estate, and BCRED, which targets private credit, have grown to $62 billion and $51 billion, respectively.In late 2022, Blackstone paused an anticipated earlier launch of BXPE after it was forced to limit redemptions from BREIT amid a jump in withdrawal requests, the Financial Times reported.
Context NewsBlackstone Private Equity Strategies Fund disclosed on Jan. 8 that it had raised an initial $1.3 billion in subscriptions. The fund, dubbed BXPE, is asset manager Blackstone’s first major foray into targeting affluent retail investors with a traditional private equity product. Companion retail funds BREIT, which focuses on real estate, and BCRED, which targets private credit, have grown to $62 billion and $51 billion, respectively.In late 2022, Blackstone paused an anticipated earlier launch of BXPE after it was forced to limit redemptions from BREIT amid a jump in withdrawal requests, the Financial Times reported.
BlackRock cuts 600 staff as asset managers defend profit marginsFink and Kapito say headcount will increase this year as firm invests in technology and new offeringsBlackRock plans to lay off 600 people, or 3 per cent of its staff, to reallocate resources to faster-growing areas within the $9.1tn money manager including technology, exchange traded funds and private markets.Chief executive Larry Fink and president Rob Kapito told employees in an all-staff memo on Tuesday that the company was adapting to a “rapidly changing environment” but that its total headcount would continue to grow from the current level of about 20,000.“By the end of 2024, we expect to have a larger workforce as we continue adding people and building capabilities to support key areas of growth,” they wrote. “We need to be agile and efficient in how we serve our clients and how we manage our resources. We must leverage technology, and we must redeploy people and resources where the client needs are greatest and the opportunities for growth the most promising.”The entire asset management industry faces pressure to maintain profit margins but needs to invest in technology and new offerings. Much new investor money is flowing into low-cost passive funds or alternative investments, which carry higher fees but also require firms to build new expertise.Charles Schwab, Invesco and Manulife are among the money managers that have announced job cuts and restructurings in recent months.“The industry continues to have a revenue problem and the cost structures are not aligned with the current growth outlook,” Jefferies analyst Daniel Fannon wrote this week in a note about the sector.BlackRock, the world’s largest money manager, cut a similar number of jobs this time last year after volatile markets drove down assets under management in 2022. This year’s cuts are not focused in any particular business segment or team, people familiar with the plans said.The firm’s assets have begun rising again, but it has come under sustained political fire from both the left and right over its use of environmental, social and governance factors in investing. Republicans decry what they call “woke capitalism”, while Democrats say BlackRock should do more to address climate change and social issues.Fink has said he is hunting for “transformational deals” that could expand BlackRock’s geographic footprint, help grow its Aladdin technology platform or boost its offerings in alternative investments.BlackRock is due to announce fourth-quarter earnings on Friday.
Europe Debt Demand Smashes Records in Busiest Day of Sales Primary market sees sales of at least $50 billion in new bonds Italy receives €82 billion in bids for a sale of 30-year debtEurope is having its busiest day ever for primary bond market issuance, with demand for government bond sales breaking new highs.A record of more than €45.7 billion ($50 billion) of new publicly syndicated debt from financials, corporates and public-sector borrowers is set to price on Tuesday, according to data compiled by Bloomberg. At the same time it has been the busiest day for government bond auctions so far this year.Driving much of the issuance has been bumper deals from European nations and agencies. Belgium received €72 billion in bids for a €7 billion sale of 10-year debt, according to a person familiar with the matter, who asked not to be identified because they’re not authorized to speak about it. The bids exceeded the previous record for demand of €55 billion.Orders for an auction of 20-year UK bonds exceeded the £2.25 billion on offer by more than 3.6 times, according to data compiled by Bloomberg. Similarly, Italy’s sale of 30-year debt has so far received final investor orders in excess of €82 billion, falling from a record reached earlier, while an offering of seven-year securities was oversubscribed more than seven times.“This week’s primary deals are being welcomed enthusiastically by investors sitting on large cash balances,” said Marc Lewell, head of EMEA and APAC syndicate at JPMorgan Chase & Co. “We are seeing incredibly strong outcomes for our issuer clients, with huge over-subscription levels allowing for deals to tighten guidance sharply, especially on subordinated products.”Investors are rushing to snap up government bonds to lock in higher yields before central banks start loosening monetary policy, even though traders have pared back bets on the pace of rate cuts for this year. Money markets are wagering that policymakers at European Central Bank, Bank of England and Federal Reserve will cut rates by five quarter-points by the end of 2024.Still, at least one deal didn’t go ahead. Credit Mutuel Arkea SA has postponed its 12-year €500 million Tier 2 bond transaction after setting final terms and tightening the spread to 215 basis points over mid-swaps, from 225 basis points over, according to a separate person familiar with the matter.Yields HigherDespite the increase in investor appetite, bond yields are higher due to the paring of rate-cut expectations, pushing German and UK borrowing costs up respectively by around five basis point to 2.18% and three basis points to 3.8%.Meanwhile, the US is set to sell $110 billion of bonds this week starting with a sale of three-year debt later today. Spain is also seeking to tap in to investor demand, mandating banks on Tuesday for a new 10-year security, according to a separate person familiar with the matter.“There is huge demand, pretty much on display across the board,” said Asif Sherani, head of debt capital markets syndicate and public sector at HSBC Holdings Plc. “We usually expect a manic January, but even by that standard we’re seeing larger orderbooks and larger deal sizes.”
Global Economy Set For Its Worst Half Decade of Growth in 30 Years, World Bank SaysPosted by msmash on Tuesday January 09, 2024 @11:00AM from the up-next dept.The global economy is on course to record its worst half decade of growth in 30 years, according to the World Bank. From a report:CitarGlobal growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest "Global Economic Prospects" report released Tuesday. Growth is then expected to rise marginally to 2.7% in 2025, though acceleration over the five-year period will remain almost three-quarters of a percentage point below the average rate of the 2010s.And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade. "You have a war in Eastern Europe, the Russian invasion of Ukraine. You have a serious conflict in the Middle East. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth," Ayhan Kose, the World Bank's deputy chief economist and director of the Prospects Group, told CNBC's Silvia Amaro. The bank warned that without a "major course correction," the 2020s will go down as "a decade of wasted opportunity."
Global growth is forecast to slow for the third year in a row in 2024, dipping to 2.4% from 2.6% in 2023, the organization said in its latest "Global Economic Prospects" report released Tuesday. Growth is then expected to rise marginally to 2.7% in 2025, though acceleration over the five-year period will remain almost three-quarters of a percentage point below the average rate of the 2010s.And despite the global economy proving resilient in the face of recessionary risks in 2023, increased geopolitical tensions will present fresh near-term challenges, the organization said, leaving most economies set to grow more slowly in 2024 and 2025 than they did in the previous decade. "You have a war in Eastern Europe, the Russian invasion of Ukraine. You have a serious conflict in the Middle East. Escalation of these conflicts could have significant implications for energy prices that could have impacts on inflation as well as on economic growth," Ayhan Kose, the World Bank's deputy chief economist and director of the Prospects Group, told CNBC's Silvia Amaro. The bank warned that without a "major course correction," the 2020s will go down as "a decade of wasted opportunity."
Duolingo, Relying More On AI, Says It Will Lay Off 10% of Its ContractorsPosted by BeauHD on Tuesday January 09, 2024 @08:00AM from the replaced-by-machines dept.An anonymous reader quotes a report from PCMag:CitarDuolingo tells Bloomberg that it's cutting 10% of its contractors, months after its CEO said Duolingo is relying more on generative AI to develop its content. "We just no longer need as many people to do the type of work some of these contractors were doing. Part of that could be attributed to AI," a Duolingo spokesperson tells Bloomberg.This comes after an unnamed Duolingo contractor claimed on Reddit that Duolingo had axed a large number of jobs. "In December 2023, Duolingo 'off boarded' a huge percentage of their contractors who did translations," the contractor wrote. "Of course this is because they figured out that AI can do these translations in a fraction of the time. Plus it saves them money." The contractor claims to have worked at Duolingo for five years in a four-member team. But now the team has been cut in half as AI has taken over the duties of generating content and translation for courses on Duolingo. "The two who remained will just review AI content to make sure it's acceptable," the contractor added.A Duolingo spokesperson tells PCMag, "these are not layoffs," since the contractors were "offboarded as their projects wrapped up at the end of 2023.""While we do use AI for many different purposes at Duolingo, including the generation of some course content, human experts are still very involved in the creation of Duolingo's content. I also want to note that we attempted to find alternate roles for each contractor before off-boarding as a last resort."
Duolingo tells Bloomberg that it's cutting 10% of its contractors, months after its CEO said Duolingo is relying more on generative AI to develop its content. "We just no longer need as many people to do the type of work some of these contractors were doing. Part of that could be attributed to AI," a Duolingo spokesperson tells Bloomberg.This comes after an unnamed Duolingo contractor claimed on Reddit that Duolingo had axed a large number of jobs. "In December 2023, Duolingo 'off boarded' a huge percentage of their contractors who did translations," the contractor wrote. "Of course this is because they figured out that AI can do these translations in a fraction of the time. Plus it saves them money." The contractor claims to have worked at Duolingo for five years in a four-member team. But now the team has been cut in half as AI has taken over the duties of generating content and translation for courses on Duolingo. "The two who remained will just review AI content to make sure it's acceptable," the contractor added.