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Sam Sung forecasts a major drop in profits, plus Ukraine rejects a ceasefire call by Russian President Vladimir Putin, and in the US, the FTC proposes banning non-compete clauses for workers.

They argue that non-compete's hold down wages because workers cannot leverage their skills to switch jobs and that then has a knock-on effect with respect to innovation.

It's Friday, January 6th. I'm Luke Vargas with Wall Street Journal, and here's the AM edition of What's News, the top headlines and business stories moving your world today.

South Korean tech giant Sam Sung said it expects a 69% year-on-year plunge in its fourth-quarter operating profit, as the company's mainstay memory chip and smartphone businesses face a sharp pullback in demand.

Sam Sung, which is considered a bell-weather for the tech world, is scheduled to report its full earnings later this month.

Meanwhile, oil giant Shell said today it expects its fourth-quarter natural gas profits to be significantly higher than the previous quarter, that is despite paying in additional $2 billion in so-called windfall taxes on its energy profits in the EU and UK.

Shell is set to report fourth-quarter earnings on February 2nd.

Lower energy costs, as Europe enjoys a mild start to the winter, have helped to slow the eurozone's annual rate of inflation to single digits.

However, consumer prices were 9.2% higher in December than a year earlier, and are still rising too quickly for policymakers at the European Central Bank, who have signaled that they intend to raise their key interest rate again in the near future.

We are exclusively reporting that OpenAI, the research lab behind the viral chat GPT chat box, is in talks to sell existing shares and a tender offer that would value the company at around $29 billion, according to people familiar with the matter.

The move would make it one of the most valuable US startups on paper, despite generating little revenue. No final deal has been reached, and terms could change the people said. OpenAI declined to comment.

Russian President Vladimir Putin has called for a 36-hour ceasefire for Russian troops fighting in Ukraine. That ceasefire during Russian Orthodox Christmas began at noon Moscow time today and is set to run through midnight on Saturday.

Putin urged Ukraine to also declare a cessation of hostilities, while street journal reporter Georgi Kachev has more.

This is the first such call by Russian President Vladimir Putin since the war began, and has come after months of setbacks for the Russian troops.

That's why the Ukrainian leadership has quickly dismissed the ceasefire. President Volumizolansky said that Ukraine wouldn't agree to any truth until Russian troops leave the whole territory.

He said that the Russians want to use the Christmas holidays to stop the advance of the Ukrainian forces to bring equipment and munitions to fortify their positions, so that's why they wouldn't agree to that ceasefire.

Before Western Christmas, Russian officials had ruled out a ceasefire, and the Kremlin's forces launched attacks on December 25.

And coming up today for a fourth straight day, the U.S. House of Representatives will attempt to elect a speaker when it convenes at noon.

The December U.S. jobs report is also due out today, along with data on services PMI for the month and Commerce Department readings on November factory orders.

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