Rabu, 22 Januari 2020

G.M.’s Cruise Unveils a Self-Driving Car. Don’t Look for It on Roads. - The New York Times

SAN FRANCISCO — Cruise, the autonomous vehicle division of General Motors, unveiled an ambitious new vehicle on Tuesday that its executives said was “the beginning of the future beyond the car.”

Emphasis on “beginning.”

The futuristic electric vehicle, called the Cruise Origin, has a long road to travel before any passengers will be able to hail a ride in it. Cruise would not name a time frame for its availability. It provided no details on how many vehicles it planned to produce, or whether it has begun test drives on closed tracks. It has not obtained state or federal regulatory approval to drive on roads.

“Our work is far from done,” Dan Ammann, chief executive of Cruise, said in a presentation.

Cruise emphasized that the Origin is more than just an idea, however. In an interview, Mr. Ammann said that the company would begin producing prototypes of the Cruise Origin and test driving the car “in the near future.”

Referring to the annual consumer electronics show in Las Vegas, he said, “Unlike some things you see at CES, for example, this is not a concept car.”

The event, held in a dark San Francisco warehouse with thu­­­­mping hip-hop and orange uplighting, represented a coming-out party for the latest autonomous technology company eager to show progress at a moment when excitement around the category is waning.

Four years ago, self-driving hype reached a fever pitch. Automakers struck partnerships with technology companies almost every week. Start-ups raised piles of funding at high valuations.

That year, G.M. plunked down nearly $1 billion to acquire a 40-person start-up in San Francisco called Cruise. The start-up went on to raise billions more in outside funding. Head count swelled to 1,700 workers.

But hype hit reality when testing data made it clear that it would take many more years for self-driving technology to be ready for widespread adoption. Google and Tesla had predicted fully autonomous self-driving cars would be available by 2018, a deadline that passed with little fanfare.

Mr. Ammann introduced the Origin alongside Kyle Vogt, Cruise’s co-founder and president. A room full of “Cruisers,” the company’s term for its employees, cheered them on.

The rectangular-shape vehicle with double sliding doors on each side has no steering wheel or brakes. Inside, it is spacious, with room for six people sitting and facing each other.

Cruise’s plan is not to sell the vehicles but to operate a system of autonomous taxis — essentially, robo-taxis — that can be hailed via an app. It is in a race with Uber, which has an autonomous vehicle division, and Waymo, which is backed by Google’s parent company, Alphabet.

Cruise’s executives said that their vehicle is designed to last for one million miles, far longer than typical cars. “Traditional cars haven’t been designed with that mentality,” Mr. Vogt said in an interview.

Their presentation hinted at a future in which Cruise Origin cars could also transport cargo autonomously.

Mr. Vogt said that unveiling the car could help speed up conversations with regulators.

“Seeing the vehicles in the flesh makes it easier to have these conversations because it’s a little bit less abstract,” he said.

Permits are one hurdle. Another is technology.

Cruise must get its vehicles to the point where their sensors and software can navigate city roads, with all their complicated, unpredictable scenarios, as well as a human driver can.

When asked if it would take as many as five years to make the Cruise Origin a reality, Mr. Vogt said, “I hope not.”

“This is going into production,” he added. “This car is going to happen.”

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2020-01-22 05:02:00Z
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Selasa, 21 Januari 2020

Stocks close lower on news of deadly virus spreading to US - msnNOW

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Stocks ended lower Tuesday after the Centers for Disease Control told Reuters that a traveler from China was diagnosed with the first U.S. case of coronavirus, in Seattle.

The Dow closed down 152 points after falling as much as 200 points. The S&P 500 shed nearly 0.3%, while the Nasdaq dipped 0.2%.

Shares of casino and hotel companies Wynn Resorts and Las Vegas Sands fell more than 6% and 5%, respectively, amid fears that the coronavirus outbreak in China would dent international travel.

Airline stocks hit their lows of the day on the news. United Airlines and Delta Air Lines both declined more than 2.5%. Shares of Southwest and American Airlines were down 2.7% and 4.2%, respectively.

Boeing shares added to the downturn, falling more than 3% on news the company doesn’t expect regulators to sign off on the beleaguered jet, the 737 Max, until June or July. The shares were briefly halted.

Sentiment across global markets had taken a hit overnight amid concerns about the virus.

The outbreak of the new coronavirus in China has killed four people with confirmed cases exceeding 200 ahead of the Lunar New Year holiday, during which hundreds of millions of people are expected to travel. Late on Monday, Chinese authorities confirmed that the virus is contagious.

The new crisis reminded traders of the economic fallout from the deadly Severe Acute Respiratory Syndrome (SARS) crisis in 2003.

Asian equity markets tumbled overnight. The Shanghai Composite dropped 1.4% while the Hang Seng index slid 2.8%. In Japan, the Nikkei 225 index fell 0.9%. Korea’s Kospi index also pulled back 1%.

Tuesday’s declines paused the market’s record-setting run. The Dow was headed for its first decline in six sessions while the S&P 500 was set to snap a three-day winning streak. U.S. markets were closed Monday due to the Martin Luther King Jr. holiday.

Still, the market has already carried momentum in 2020 from a strong performance in 2019. The S&P 500 surged more than 28% last year, its biggest annual gain since 2013. This year, it is up around 3%.

“We are just again in this craziest monetary and fiscal mix in history. It’s so explosive. It defies imagination,” hedge fund billionaire Paul Tudor Jones, the founder of Tudor Investments, told CNBC’s “Squawk Box” at the World Economic Forum in Davos, Switzerland. He added investors should not sell immediately, noting the Nasdaq doubled from a similar stage to the top of the dotcom bubble. “That’s a long way from now. At the top theoretically, rates [would] be substantially higher.”

Sentiment on Tuesday also soured slightly after Treasury Secretary Steven Mnuchin told The Wall Street Journal that a phase two trade deal between China and the U.S. may not remove all existing tariffs. “We may do 2A and some of the tariffs come off. We can do this sequentially along the way,” he said.

President Donald Trump also told the Journal he is “absolutely serious” about imposing tariffs on European cars if a trade deal with the region cannot be struck.

Meanwhile, the International Monetary Fund (IMF) on Monday downgraded its global economic growth forecast from 3.4% to 3.3% for 2020. The U.S. economy is projected to grow by 2.0% this year, a downward revision of 0.1 percentage points compared with the IMF’s October 2019 forecast.

But John Augustine, a chief investment officer at Huntington Private Bank, thinks this market can yield further returns for investors.

“We think stocks could run for a while, absent some event,” Augustine said. “We’re starting to see signs of confirmation elsewhere. It’s not just the Nasdaq and the big tech names.”

The corporate earnings season will also continue after the bell with Netflix, IBM, United Airlines and TD Ameritrade set to report quarterly figures. So far, the reporting period is off to a good start. More than 70% of the S&P 500 companies that have posted better-than-expected quarterly earnings, FactSet data shows.

CNBC’s Elliot Smith, Maggie Fitzgerald and Yun Li contributed to this report.

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2020-01-21 21:10:00Z
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Dow Jones Today, Stocks Struggle After China Virus Rattles Markets; Intel, Tesla, Logitech Rise - Investor's Business Daily

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  1. Dow Jones Today, Stocks Struggle After China Virus Rattles Markets; Intel, Tesla, Logitech Rise  Investor's Business Daily
  2. Dow slides 100 points, pulls back from record highs  CNBC
  3. US Stock Index Futures Decline Amid China Virus Worries  Yahoo Finance
  4. Global stocks turn lower on China virus fears  Financial Times
  5. Futures lower as China virus outbreak, growth fears sour mood  Investing.com
  6. View full coverage on Google News

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2020-01-21 14:56:00Z
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Apple Reportedly Dropped Plans for End-to-End Encrypted iCloud Backups After FBI Objected - MacRumors

More than two years ago, Apple informed the FBI that it planned to roll out end-to-end encryption for iCloud backups, according to Reuters. Apple ultimately dropped the plan at some point after the FBI objected, although the report notes that it is unclear if the federal agency was a factor in the decision.


A former Apple employee told Reuters that the company did not want to risk scrutiny from public officials for potentially protecting criminals, being sued for making previously accessible data out of reach of government agencies, or the move encouraging new legislation against encryption.

"They decided they weren't going to poke the bear anymore," the person said, after Apple's legal battle with the FBI in 2016 over unlocking an iPhone used by a shooter in the San Bernardino, California attack. In that case, the FBI ultimately found an alternative method of unlocking the iPhone.

Apple faces a similar standoff with the FBI over refusing to unlock two passcode-protected iPhones that investigators believe were owned by Mohammed Saeed Alshamrani, the suspect of a mass shooting at a Naval Air Station in Florida last month. Apple said it has provided the FBI with all data in its possession.

Apple has taken a hard line on refusing to create a backdoor into iOS that would allow the FBI to unlock password-protected iPhones to assist in their investigations, but it does provide data backed up to iCloud to authorities when lawfully requested, as outlined in its semiannual Transparency Reports.

Note: Due to the political nature of the discussion regarding this topic, the discussion thread is located in our Political News forum. All forum members and site visitors are welcome to read and follow the thread, but posting is limited to forum members with at least 100 posts.

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2020-01-21 12:59:00Z
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CEOs haven't been this pessimistic about the world economy since 2009 - Axios

DAVOS — A parade of billionaires, CEOs, world leaders and hangers-on has now arrived in Davos, Switzerland, bearing skis, packed schedules and deep concerns about the global economy.

  • PwC's annual Global CEO survey — 1,581 CEOs across 83 territories — was conducted in the fall and released tonight as the World Economic Forum opened. It makes for some pretty alarming reading.

The big picture: 53% of CEOs expect global economic growth to decline in 2020, up from 29% in 2019 and just 5% in 2018. Their views of their own companies’ prospects were the bleakest since 2009.

  • That sentiment was spread across all regions, though CEOs in the Asia-Pacific are most optimistic and North American CEOs least so.

What they’re worried about:

  • CEOs in the Asia-Pacific view trade conflicts as the top threat to their organizations’ bottom lines, while geopolitical uncertainty is the top concern in the Middle East, populism ranks first in Latin America, policy uncertainty in Africa and cyber threats in North America.
  • Over-regulation is the biggest concern among CEOs in Europe, and also finishes top in the global average.

What they’re doing about it:

  • Trade conflicts didn’t even register as a top 10 concern until last year, but are now top-of-mind, particularly in China.
  • Chinese CEOs who are “extremely concerned” about trade conflicts are far more likely to say they’re shifting production to alternative territories than a year ago (44% then, 63% now).
  • Among "extremely concerned" U.S. CEOs, 50% are adjusting supply chains but just 23% are moving production, while 34% aren't making any changes at all (compared to 5% in China).
  • Worth noting: Chinese CEOs now list Australia, not the U.S., as the most important country for their growth prospects.

What they foresee:

  • CEOs around the world expect massive changes for big tech. By 2022, most anticipate more regulations (71%), including on social media, the break-up of dominant firms (63%), and compensation of individual users for their data (51%).
  • While companies are eager to stress their climate consciousness while in Davos, just 24% of CEOs are “extremely concerned” about climate change.
  • In China, though, the percentage of CEOs who see new opportunities for their companies through climate change initiatives has jumped from 2% in 2010 to 47% now — far higher than in Germany (20%) or the U.S. (15%).

Who's coming to Davos

15,000 total attendees (3,000 of them with official invitations) including 100 billionaires and 53 heads of state or government, per Politico.

  • Climate will dominate the official agenda. I eavesdropped on a few attendees tonight discussing whom they most wanted to see, and Greta Thunberg was the consensus pick. Soon after, placard-waving climate protesters chanted their way through the streets
  • Several panels will also be dedicated to inequality and human rights.

Between the lines: The irony of the uber-rich and super-powerful arriving by private jet to discuss these topics in a proudly exclusive setting (there are at least 10 tiers of access badge) is lost on no one.

  • But the sheer concentration of power and wealth in one Alpine town makes Davos, now in its 50th year, a hard-to-match destination for deal-making and consensus-building.

Trump in town

Davos opened this evening on the third anniversary of President Trump's inauguration, and on the eve of impeachment proceedings that will likely be watched more closely than his speech on Tuesday morning.

The big picture: Trump’s America First populism and climate skepticism are anathema to the Davos set, but his tax cuts and economic record are not.

  • Two candidates who scare many CEOs more than Trump — Bernie Sanders and Elizabeth Warren — are among the top contenders in the Iowa caucuses, which begin two weeks from today.
  • Kellyanne Conway told reporters ahead of Trump’s trip that he planned to “take on the perils of socialism right there in Davos,” while heralding his NAFTA replacement deal and partial trade agreement with China.

Trump's Davos dance card:

  • European Commission President Ursula von der Leyen
  • Pakistani Prime Minister Imran Khan
  • Iraqi President Barham Salih
  • Kurdistan Regional Government President Nechirvan Barzani
  • Swiss President Simonetta Sommaruga
  • World Economic Forum Founder Klaus Schwab

Also heading to Davos: Venezuelan opposition leader Juan Guaidó, who is defying a travel ban and may struggle to re-enter Venezuela.

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2020-01-21 12:17:00Z
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U.S. Stock Index Futures Decline Amid China Virus Worries - Yahoo Finance

(Bloomberg) -- U.S. stock index futures indicated a negative start after the long weekend, mirroring a sell-off in global equity markets as concerns over the spread of a SARS-like virus from central China prompted investors to book recent gains.

S&P 500 Index futures contracts expiring in March fell as much as 0.5% after multiple medical workers were reported to have been infected. Dow Jones Industrial Average contracts were down 0.3% while those on the Nasdaq 100 retreated 0.6%. U.S. markets were closed Monday for Martin Luther King Jr. Day.

Asian Tourism, Consumer Stocks Slip Amid Concern of Virus Impact

Asian stocks sank as risk-off sentiment roiled markets and spurred a flight to quality across assets. Gold and the yen climbed and China’s yuan weakened by the most in three months. In Europe, the Stoxx 600 fell 1%, with miners, banks and consumer-related stocks leading losses.

Worries over the virus come ahead of the Lunar New Year holiday, a busy Chinese traveling period, said Laura Fitzsimmons, executive director at JPMorgan Chase & Co.

“When we compare this situation with previous virus outbreaks, the level of Chinese travel now is way, way bigger than what we had before,” she told Bloomberg TV in Sydney. “How much that industry has grown, how many more are traveling now -- it really does make things on a much larger scale.”

READ: Here’s What Market Watchers Are Saying About the Virus Spread

Hong Kong’s equity index market fell the most in Asia as concerns linked to the virus in China added to a downgrade by Moody’s Investors Service and violent clashes over the weekend.

“Asian equities sold off heavily in the overnight trading session. With no bad news on the economic wire, the sudden reversal in Asian risk appetite may have been triggered by a fourth death in China,” said Ipek Ozkardeskaya, a senior market analyst at Swissquote Bank.

To contact the reporters on this story: Jackie Edwards in Sydney at jedwards160@bloomberg.net;Filipe Pacheco in Dubai at fpacheco4@bloomberg.net

To contact the editors responsible for this story: Lianting Tu at ltu4@bloomberg.net, Naoto Hosoda

For more articles like this, please visit us at bloomberg.com

Subscribe now to stay ahead with the most trusted business news source.

©2020 Bloomberg L.P.

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2020-01-21 08:30:00Z
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European luxury stocks blasted over virus worries as UBS hit by lowered guidance - MarketWatch

European stocks slumped on Tuesday as worries over a spreading virus in China as well as weak guidance from Swiss banking giant UBS weighed.

The Stoxx Europe 600 SXXP, -0.76%  declined 0.75% to 420.79, with declines from luxury-goods producers that rely on Asia for demand. LVMH Moet Hennessy Louis Vuitton MC, -2.71%  , Burberry Group BRBY, -4.30%   and Compagnie Financiere Richemont CFR, -3.58%  each fell over 3%.

U.S. stock futures ES00, -0.40%   also were lower as American traders returned from the three-day break.

More than 200 people have been infected by a new coronavirus outbreak, and four have died, which a Chinese government official said can be spread from human to human. The spreading virus is reminiscent of the SARS outbreak in 2002 and 2003.

Of stocks in the spotlight, UBS shares UBSG, -5.08% UBS, -0.45%   fell 5% on the Swiss banking giant’s downbeat guidance even as fourth-quarter results beat analyst estimates.

UBS forecast a cost-to-income ratio between 75% and 78% in 2022, versus guidance of 72% by the end of 2021. UBS also targeted a return on capital between 12% and 15% between 2020 and 2022, against a previous target of 17% through 2021.

EasyJet EZJ, +4.52%  shares rose 4.7% as the budget airline expects to narrow its first-half loss before tax and said its first-half revenue per seat at constant currencies will grow mid-to-high single digits, versus a previous expectation of low-to-mid-single-digit growth. Fiscal first-quarter revenue rose 9.9% to £1.425 billion.

The airline said it benefited from the collapse of rival Thomas Cook in September.

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2020-01-21 09:55:00Z
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