Colbert, Noah throw shade on Bolton's possible testimony - CNN

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2020-01-08 09:16:46Z
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Oil surges, stocks fall after Iran targets US troops in Iraq - Aljazeera.com

Oil prices calmed on Wednesday following an early surge due to concerns that global oil supplies may be disrupted after Iran fired rockets at military bases in Iraq hosting United States forces, raising the prospect of a regional conflagration that could disrupt oil supplies.

Stocks were still down for the day but had erased some earlier losses as tweets by US President Donald Trump and Iran's foreign minister appeared to signal a period of calm - for now.

More:

Brent crude futures were up 97 cents or 1.4 percent to $69.24 by around 04:03 GMT, after earlier rising to $71.75, the highest since mid-September 2019.

West Texas Intermediate crude futures climbed 82 cents, or 1.3 percent, to $63.52 a barrel. It earlier reached a high of $65.85, the most since late April last year.

"What we have seen is a very limited air strike on bases in Iraq and that has been somewhat a relief to the markets," said Abid Ali, Al Jazeera's economics editor.

"Initially we saw the markets fall by 2.2 percent in Japan, but that has recovered. We expected US markets to open lower by possibly about 1.7 percent but futures have pared back. And all of this is because of President Trump's latest tweet - that 'all is well' - which has sort of calmed things down," he said.

Iran launched an attack on US-led forces in Iraq, the US military said on Tuesday, adding that Tehran fired more than a dozen rockets from Iranian territory against at least two Iraqi military bases hosting US-led coalition personnel.

In response, Trump tweeted: "Missiles launched from Iran at two military bases located in Iraq. Assessment of casualties & damages taking place now. So far, so good!"

The attacks follow the US killing of Iranian military commander Qassem Soleimani in Iraq last week. Iran had promised a severe response.

Attention has turned to the Straits of Hormuz in Iran, through which 34 million barrels of oil are shipped to the US every month, Al Jazeera's Ali said.

"If there had been an attack on or a blockage of the straits, then we would see oil prices shoot up to $150 a barrel and that would be catastrophic for the global economy. But what we have seen is a very limited air strike on bases in Iraq and that has been somewhat a relief to the markets," he said.

"Things have calmed down and hopefully it will remain that way," Ali added.

The price of gold initially shot past $1,600 per ounce ($45,359.20 per gramme) on the spot market but later pared gains to trade at $1,593.56 per ounce ($45,176.63 per gramme), as investors rushed to safe-haven investments

Although Asian shares and US treasury yields plunged on Wednesday as investors feared that military action between Iran and the US could escalate, they later clawed back some losses.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.5 percent around 04:45 GMT, having dropped more than 1 percent earlier in the day. China's blue-chip CSI300 index was 0.48 percent lower.

Japan's Nikkei was down 1.29 percent, also paring earlier losses of more than 2 percent, while Australian shares clawed back from a more-than-1 percent drop to shed 0.18 percent. US S&P500 e-mini stock futures, which had earlier tumbled nearly 1.7 percent, were down 0.28 percent.

"It's a very classic risk off" market response, said Rob Carnell, Asia-Pacific chief economist at ING in Singapore.

"This is the Iranian response to the killing of Soleimani. We now have to see what the US response to the Iranian response is. This looks as if it could escalate," he said.

The sharp sell-off in riskier assets, which includes stocks, was accompanied by steep drops in US Treasury yields as investors flocked to safety. Benchmark 10-year Treasury notes yielded 1.7188 percent, down more than 10 basis points from a US close of 1.825 percent on Tuesday.

"If you see US treasuries rallying a bit this morning, expect them to rally quite a bit further should there be a forceful response from the US, which I'd imagine there would be ... from a market perspective I think this one could run and run," Carnell said.

The US dollar also plunged against the yen, with the Japanese currency touching its strongest point against the greenback since October. The US currency was last down 0.69 percent against the yen at 107.67.

The euro gained 0.1 percent on the day to $1.1161.

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2020-01-08 05:55:00Z
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Ikea to pay $46 million to family of toddler crushed by dresser - CNN

Jozef Dudek was two years old when he died in May 2017 after an Ikea Malm dresser toppled onto his neck, resulting in injuries that caused him to suffocate, according to the family's lawyers.

Feldman Shepherd, the legal firm that represents the Dudek family, said in a statement that the payout is the largest wrongful death settlement related to one child in US history.

A spokesperson for Ikea confirmed the $46 million settlement. The company apologized in a statement.

"While no settlement can alter the tragic events that brought us here, for the sake of the family and all involved, we're grateful that this litigation has reached a resolution," an Ikea spokesperson said.

"Product safety is a top priority for Ikea and at the core of the design process every day. Again, we offer our deepest condolences to the family," the spokesperson added.

In 2016, Ikea paid $50 million to the families of three other children who had been killed by Malm dressers and agreed to redesign the product to higher safety standards.

"Nevertheless, millions of the unsafe older model dressers remain in the homes of consumers around the country," said Feldman Shepherd, which represented the families in these earlier cases.

There have been eight reports of child deaths involving Ikea chests and dressers, according to the company's US website.

Since 2016, it has recalled 17.3 million units in the United States and received nearly 300 reports of incidents causing 144 injuries to children.

A lawsuit filed by the Dudek family in June 2018 alleges that Ikea knew of the deaths associated with the dressers but "failed to take adequate measures" to improve their safety and stability.

As part of the settlement, Ikea has agreed to broaden its outreach to consumers about the Malm product recall, according to the family's lawyers.

The lawyers said the furniture maker will also meet with representatives of Parents Against Tip-Overs, an advocacy group lobbying for safer furniture designs and more stringent testing standards.

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2020-01-07 16:29:00Z
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5 things to know before the stock market opens Tuesday - CNBC

1. Stock futures steady after Monday's major Dow comeback

A trader works on the floor at the closing bell of the New York Stock Exchange, December 30, 2019.

Bryan R Smith | Reuters

U.S. stock futures were pointing to a steady Wall Street open Tuesday after the Dow Jones Industrial Average closed erased an over 200-point decline early Monday to close about 69 points higher. Monday's gains were in contrast to Friday's sharp decline. The Dow had its worst trading day in a month Friday, the day after President Donald Trump approved a U.S. airstrike in Baghdad that killed top Iranian Gen. Qasem Soleimani. On Tuesday, a stampede in Soleimani's hometown of Kerman as his funeral procession was getting underway killed 32 people and injured 190 others.

2. ISM nonmanufacturing to give read on services sector

New data on the U.S. services sector is out at 10 a.m. ET. The Institute for Supply Management releases its economic index for nonmanufacturing businesses. The December numbers give investors a look at key service industries that have been the drivers of the American economy in recent months as manufacturing activity has slowed due to the U.S.-China trade war.

3. Tesla to open at all-time high as it bets on China

Elon Musk, chief executive officer of Tesla Inc., speaks during a ceremony at the company's Gigafactory in Shanghai, China, on Tuesday, Jan. 7, 2020.

Qilai Shen | Bloomberg | Getty Images

Tesla was up about 2% in premarket trading; such gains at Tuesday's open would put shares at all-time highs. The stock market value of the electric auto maker has already topped $81 billion. On Tuesday, Tesla began delivering its Model 3 cars made at its Shanghai factory to Chinese consumers. CEO Elon Musk said at the event that Tesla will open a design and engineering center in China.

4. Facebook to remove deepfakes but not Pelosi video

Facebook will remove so-called deepfakes, videos that have been manipulated using artificial intelligence to merge, replace or superimpose content meant to appear authentic. However, Facebook said, "This policy does not extend to content that is parody or satire, or video that has been edited solely to omit or change the order of words." The social media giant told Reuters the new policy won't result in the removable of the heavily edited video that attempted to make House Speaker Nancy Pelosi seem incoherent.

5. Goldman Sachs reorganizes its business units

David Solomon, chief executive officer of Goldman Sachs Group

Tiffany Hagler-Geard | Bloomberg | Getty Images

Goldman Sachs is reorganizing its businesses to more closely resemble its Wall Street peers and give its nascent retail banking operations its own category. The bank is now calling its four main segments global markets, investment banking, asset management, and consumer and wealth management, Goldman said in a filing early Tuesday. Previously, the divisions were called institutional client services, investment banking, investment management, and investing and lending.

— Reuters and The Associated Press contributed to this report.

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2020-01-07 13:05:00Z
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Tesla Model Y: Elon Musk teases unannounced ‘advanced manufacturing technology’ - Electrek

Tesla’s “launch of the Model Y program” in China was kind of disappointing, but CEO Elon Musk did make an interesting comment teasing unannounced ‘advanced manufacturing technologies’ for the electric SUV.

As we reported yesterday, Tesla was expected to launch the Model Y program in China at the made-in-China Model 3 delivery event with Elon Musk.

The program indeed launched at the event today, however, the automaker didn’t reveal much about the plan to build the Model Y at Gigafactory 3 in Shanghai.

They simply announced the start of the program with comments from Chinese officials and later one of them and Musk poured some champagne on a big ‘Y’ sculpture.

Tesla didn’t elaborate on the timeline to build the vehicle at Gigafactory 3 in China, but the CEO did make an interesting comment about new manufacturing technologies being introduced with the Model Y program.

Musk said:

“Model Y will also have some advanced manufacturing technology that we will reveal in the future. I think it will be exciting to show the kind of manufacturing technology associated with the Model Y and it will be exciting to learn about these technologies.”

On its Chinese website, Tesla lists an estimated starting price of the Model Y at 444,000 yuan (~$64,000 USD), which is significantly more expensive than in the US.

However, the automaker says that official pricing is going to be announced later.

At the event today, Musk also announced plans for Tesla to design an electric car in China for the global market.

Electrek’s Take

That’s particularly interesting in the context of Tesla’s original plans for Model Y.

For those who don’t remember, Elon originally wanted to build a new platform for the Model Y in order to make it easier to manufacture than the Model 3.

Later, the CEO said that his team convinced him to abandon the idea and use the same platform as Model 3 in order to bring the vehicle to production faster.

Tesla has since confirmed that Model Y and Model 3 share about 75% of their parts, but it sounds like the Model Y could still feature some important new manufacturing improvements despite being mostly based on Model 3.

Elon said that the new ‘advanced manufacturing technology’ is going to be revealed in the future, but we already might have a few ideas about what it could be.

In the past, Elon said that one of their biggest mistakes with their attempt at highly automating the production of the Model 3 was trying to automate tasks that humans are much better at than robots, like manipulating cables.

In order to facilitate the automation of manipulating cables, Tesla has been reducing the length of wiring harnesses in its vehicles.

Musk said that Model S has about 3 kilometers of wiring harnesses and Tesla brought it down to 1.5 kilometers in length for the Model 3.

But that’s just the beginning. Tesla has been working on a whole new wiring architecture for future vehicle platforms and they aim to bring it down to just 100 meters starting with the Model Y.

We reported on a patent filed by Tesla on the potentially revolutionary new wiring architecture to help robots build cars.

Also, Tesla has been working on a giant new machine to produce the Model Y frame in almost one piece.

It’s likely that those projects are part of the new manufacturing technologies to be introduced in the Model Y program.

It’s important to note that the new manufacturing improvements could likely also be introduced in the Model 3 program, which could result in a big efficiency improvement at Tesla.

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2020-01-07 12:29:00Z
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Japan prosecutors obtain arrest warrant for wife of Carlos Ghosn - CNBC

Former Nissan Chairman Carlos Ghosn and his wife Carole leave the office of his lawyer in Tokyo on April 3, 2019.

Kazuhiro Nogi | AFP | Getty Images

Japanese prosecutors have obtained an arrest warrant for the wife of fugitive ex-Nissan boss Carlos Ghosn.

Her husband fled Japan in late December, using the bullet train and two private jets to travel to Lebanon. The former executive was first arrested in Japan in 2018 and charged with financial crimes while serving as the boss of Nissan.

He denied any wrongdoing in January 2019 and has also claimed that Japan's justice system is "rigged."

According to several media reports on Tuesday, investigators believe that n April last year his spouse Carole Ghosn may have made false statements about the case to a Tokyo court.

A spokeswoman for Carole Ghosn told Reuters that the issuance of a warrant was "pathetic," noting that Ms Ghosn had traveled to Japan last year to answer questions and had left without any charges at the time.

Carole Ghosn is an American passport holder and, unlike her husband, could potentially be made subject to an extradition request between Japan and the United States.

The spokesperson added that the timing of the warrant is designed to undermine a press conference by the former Nissan boss which is due this week.

"Last time Carlos Ghosn announced a press conference and got re-arrested. This time, the day before he is announced to speak out freely for the first time, they issued an arrest warrant for his wife Carole Ghosn," the spokesperson said.

Carlos Ghosn told Fox Business Monday that at his press conference Wednesday he will name names and provide documents that show his arrest was a fabricated coup designed to remove him from power.

Interpol — the international police alliance — has placed an arrest demand on Lebanon's internal security forces.

But pressuring Lebanon to hand over Ghosn could prove difficult for Japan. A Japanese government official reportedly said Tuesday that Tokyo is currently "assessing Lebanese law" to consider options.

Japan's Justice Minister Masako Mori said Monday that she will pursue a criminal prosecution of former Nissan boss Ghosn despite his dramatic escape from the country.

She said Ghosn's attempt to avoid trial was unlawful.

"It is clear that we don't have any records of the defendant departing Japan, hence we believe that he left Japan illegally," Mori said.

Now watch: CNBC interview with Carole Ghosn on her husband's trial before he fled Japan.

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2020-01-07 12:02:00Z
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I tasted Impossible Pork at CES 2020 - The Verge

You may have heard that Impossible Foods is expanding its fake meat options beyond burgers — it’s moving into pork. So I chowed down at Kumi, a Japanese restaurant in the Mandalay Bay casino in Las Vegas. I’m still chewing on how I feel, but it may not actually matter how perfectly Impossible Pork imitates the pig meat: it does provide a savory base of protein for a lot of foods that traditionally call for pork.

Impossible Food’s offerings might be fake meat but they’re real food. Impossible Pork isn’t really available for you to buy, though — pricing and availability hadn’t been announced during my taste test. However, you can definitely check out a different Impossible offering at one of 139 Burger Kings, starting January 13: the Impossible Croissan’wich, available at a limited time, will feature Impossible Sausage.

Food that’s an imitation of other food is kind of a trend. In addition to Impossible Foods, there’s Beyond Meat, which also makes a fake beef patty. You can pair your fake meat with fake wines, from Endless West and Replica Wine. Or, if milk is more your speed, there’s dairy-free “milk” from Perfect Day Foods and Ripple Foods. These companies are leaning hard on the promise of sustainability and health, trying to appear to environmentally conscious consumers as better alternatives for conventional meat, dairy, and wine.

During Impossible Foods’ event, I tried out some Impossible Pork Banh Mi, Impossible Pork Char Siu Buns, Impossible Pork Dan Dan Noodles, Impossible Pork Katsu, and Impossible Pork Sweet, Sour and Numbing Meatballs.

It was... fine? The fake meat was a little spongy; my favorites were the meatballs and the noodles. Look, I should be straight with you: I haven’t eaten pork in more than 20 years, so I don’t know if it actually tastes like pork. I had to tap in a meat-eater, our pal Becca Farsace, who said the texture was not quite right but the taste was basically accurate. One thing both Becca and I noticed: We weren’t sure whether it was Impossible Pork, or just the way it was prepared, but the food was salty. Both of us chugged water after our taste test.

The thing about Impossible Foods, much like Beyond Meat, is that — as a longtime vegetarian — I’m not their market. I’ve been happily abstaining from pork since 1996. Ditto beef, chicken, turkey and so on. I don’t want or need fake meat. This product seems like it’s aimed at people who are thinking about reducing their meat consumption, and are nervous about taking the plunge.

But it doesn’t really matter how I feel about it. The truth is that a lot of restaurants don’t put much thought into their vegetarian dishes. I don’t like the Beyond Burger or the Impossible Burger but I nonetheless have eaten them several times, because that’s the vegetarian option at the burger joint my friends want to go to. (As it happens, I love black bean burgers and falafel burgers and other things vegetarians have come up with over the years. Without a doubt, I prefer them to pretend beef.)

I’m probably going to wind up eating Impossible Pork for this reason — even if I never buy it for home cooking, some restaurant will serve it instead of coming up with a thoughtful vegetarian dish. And I’ll eat it, because fake meat is better than nothing.

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2020-01-07 12:00:00Z
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