Domain: bloomberg.com
Stories and comments across the archive that link to bloomberg.com.
Stories · 1,477
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Elon Musk Plans To Solve Traffic Congestion With Self-Driving Buses (theverge.com)
An anonymous reader writes: Elon Musk believes self-driving buses are the answer to solving traffic congestion and mass transit in densely populated cities. Musk has teased the idea while at a transportation conference in Norway, according to Bloomberg. "We have an idea for something which is not exactly a bus but would solve the density problem for inner city situations." he said. "Autonomous vehicles are key... I don't want to talk too much about it. I have to be careful what I say." Elon Musk released the Model X last year with semi-autonomous Autopilot mode, and most recently, announced the "budget-friendly" Model 3 with similar autonomous functionality. There's no question autonomous vehicles are the future. "I very much agree with solving the high-density transport problem," Musk said in Norway. "There's a new type of car or vehicle that would be great for that and that'll actually take people to their final destination and not just the bus stop." The Hyperloop is another example of Elon's vision to revolutionize transportation. -
Ford Spent $200,000 To Dissect a Limited-Edition Tesla Model X (bloomberg.com)
An anonymous reader writes: Ford Motor paid a sum of $199,950 ($55,000 more than the retail price) to buy one of the first sport utility vehicles made by Tesla Motors, reports Bloomberg, citing vehicle registration documents. The white Model X is a Founders Series with a vehicle identification number indicating it was the 64th one made at Tesla's factory in Fremont, California. The vehicle, with Michigan plates, has been spotted recently in the Detroit area. Automakers often buy cars made by competitors for road testing and for 'tear-downs' to reveal components and materials and how they're put together. But it's unusual to pay such a high price -- almost $212,000 after Michigan sales tax and title -- for such an early model.Well, this $200,000 could shave off hundreds of thousands of dollars in research and development. -
Some Tumors Are Responding to A New Cancer Therapy (bloomberg.com)
A new cancer therapy in an early-stage trial by the U.S. National Cancer Institute "continued to be safe and show durable responses against solid tumors for some patients," reports Bloomberg. "In a trial of 14 patients who received different doses, three patients' cancers have shrunk partially, according to a study presented Sunday... The researchers had presented initial positive data in November, and the updated study shows that the three partial responses were durable, with one cervical cancer patient's response continuing at 15 months." Kite Pharma Inc. licensed the therapy, and by the end of the year will file an "investigational new drug" application with the FDA to begin the next round of testing. The therapy involves genetically engineered T cells, targeted to the solid tumors using the MAGE-A3 protein as a unique marker expressed in up to 30 percent of cancers. -
Apple Considering Google-Like 'Paid Search' On App Store (bloomberg.com)
Apple is considering big changes to the App Store, according to a Bloomberg report. The publication claims that the iPhone maker has a team working on "paid searches" -- something similar to Google's model. Under this, the company will charge its developers for showing their apps among top search results. Apple critic John Gruber writes: This sounds like a terrible idea. The one and only thing Apple should do with App Store search is make it more accurate. They don't need to squeeze any more money from it. More accurate, reliable App Store search would help users and help good developers. It's downright embarrassing that App Store search is still so bad. Google web search is better for searching Apple's App Store than the App Store's built-in search. That's the problem Apple needs to address. -
Jobless Claims In US Decline To Match Lowest Since 1973 (bloomberg.com)
Sho Chandra, reporting for Bloomberg: The number of Americans filing applications for unemployment benefits unexpectedly declined last week to match a more than 42-year low, indicating employers are upbeat about an economy that bogged down in the first quarter. Jobless claims dropped by 13,000 to 253,000 in the week ended April 9, equaling the level in March that was the lowest since November 1973, a report from the Labor Department showed Thursday. The median forecast in a Bloomberg survey called for 270,000. Continuing claims also declined, to the lowest since mid-October. "Jobless claims are running really low and all other labor market data are telling us that the economy is creating a lot of jobs," said Patrick Newport, an economist at IHS Global Insight in Lexington, Massachusetts. "This is further confirmation that the labor market is strong." -
India's Audacious Plan to Bring Digital Banking to 1.2 Billion People (bloomberg.com)
Saritha Rai, reporting for Bloomberg: India is trying to yank its cash-based economy into the 21st century. But how do you get 1.2 billion people, many of whom have never seen a bank or opened an account, to send digital payments to each other? The government's answer is an effort it has named the Unified Payment Interface. Debuting Monday, it's a system designed to make transferring and receiving money as easy as exchanging e-mail or text messages. The goal is to bring banking and financial services to hundreds of millions of citizens, many of them poor and disadvantaged, in one fell swoop. The network was created by India's retail banks and backed by India's central bank -- and they're confident it will work because it's built on top of an even more audacious project: India's biometrics-enabled national ID system, called Aadhaar after the Hindi word for foundation.The idea is to make mobile payments and utilization of other services between users with accounts in different banks frictionless. The Aadhaar number, or a virtual address, will serve as the single identifier. This will also allow a person to use several services of a bank without being its customer, explains Forbes India. The UPI app is in phase-I and is operational for a closed user group. The app is expected to be launched for public in the coming months. -
Slashdot Asks: It's Been a Year Since Apple Watch Release, What's Your Thought On It?
In an op-ed, Quartz's Mike Murphy writes that Apple Watch, the Cupertino-based company's first wearable device, hasn't been the success the company was hoping it to be. Apple unveiled the Apple Watch alongside the iPhone 6 at a media conference in September 2014. It wasn't, however, until April 2015 that the company began selling it. The Apple Watch has received a mixed response from people. While some have found the design premium-looking, almost everyone has complained about the battery life. Many have found the health-centric features of Apple Watch useful. though the lack of apps, in general, is a downer for many. Apple, which usually doesn't miss boasting sales number, remains tight-lipped on exactly how many Apple Watch units it has sold. Murphy writes: Every Apple product in the last 15 years or so has been two things: desirable and useful. They've made it easier for people to be creative, listen to a lot of music on the go, communicate with anyone in the world or find out any piece of information wherever they are. The Apple Watch looks good, but from a desirability perspective, some argue that the most interesting thing about it has been the collaborations it has had with Hermes, rather than the watch itself. Apple has always prided itself on 'thinking different', and has stood out by creating differentiating products. But different in the case of the Apple Watch right now just means "weird." Apple probably doesn't want a product where using one gets you referred to as "that guy." Do you own an Apple Watch? If not, are you planning to purchase one? Those who own it, what features do you like in the Apple Watch that you think other watches cannot offer. -
Apple's Fight With US Over Privacy Enters a New Round (bloomberg.com)
An anonymous reader shares a report on Bloomberg: Apple Inc.'s fight over privacy with the U.S. isn't over yet, even after the government dropped a demand for the company's help in accessing a California shooter's iPhone because someone else found a way to crack it. The U.S. said it'll keep fighting to get the company's help in getting data off a phone in Brooklyn, New York, that belonged to a drug dealer because Apple provided assistance in accessing such devices earlier. In a court filing Friday, the government said it's going ahead with an appeal of a judge's order denying its request for Apple's help. The battle between the world's most valuable tech company and the U.S. over encryption and data privacy has sparked a national debate, with dozens of companies and organizations siding with Apple, while law enforcement has generally taken the government's side. -
Icelandic Prime Minister Resigns After Panama Data Leak (bloomberg.com)
Omar Valdimarsson, reporting for Bloomberg: The Panama secrecy leak claimed its first scalp after Icelandic Prime Minister Sigmundur David Gunnlaugsson resigned following revelations about his personal finances. The decision was announced in parliament after the legislature had been the focus of street protests that attracted thousands of Icelanders angered by the alleged tax evasion of their leader. Gunnlaugsson, who will step down a year before his term was due to end, gave in to mounting pressure from the opposition and even from corners of his own party. The Panama documents leak, printed in newspapers around the world, showed that the 41-year-old premier and his wife had investments placed in the British Virgin Islands, which included debt in Iceland's three failed banks. An article on The Guardian sheds more light on this: The leaked documents from the Mossack Fonseca law firm show Gunnlaugsson and his wife, Anna Sigurlaug Palsdottir, bought a British Virgin Islands-based offshore company, Wintris Inc, in December 2007 to invest her share of the proceeds of the sale of her father's business, Iceland's only Toyota importer. Gunnlaugsson sold his 50% stake to his wife for a symbolic $1 at the end of 2009, eight months after he was elected to parliament as an MP for the centre-right Progressive party. He failed, however, to declare an interest in the company either then or when he became prime minister in 2013. His office has said his shareholding was an error due simply to the couple having a joint bank account and that it had "always been clear to both of them that the prime minister's wife owned the assets." The transfer of ownership was made as soon as this was pointed out, a spokesman said. The prime minister denies he was required to declare an interest. -
TSA Paid $1.4 Million For Randomizer App That Chooses Left Or Right (geek.com)
An anonymous reader writes: For those of you who have traveled through U.S. airports in recent years, you may have noticed the Transport Security Administration (TSA) use a Randomizer app to randomly search travelers in the Pre-Check lane. The app randomly chooses whether travelers go left or right in the Pre-Check lane so they can't predict which lane each person is assigned to and can't figure out how to avoid the random checks. Developer Kevin Burke submitted a Freedom of Information Act request asking for details about the app. The documents he received reveals the TSA purchased the Randomizer iPad app for $336,413.59. That's $336,413.59 for an app, which is incredibly simple to make as most programming languages of choice have a randomizing function available to use. What may be even more intriguing is that the contract for the TSA Randomizer app was won by IBM. The total amount paid for the project is actually $1.4 million, but the cost is not broken down in Burke's documents. It's possible IBM supplied all the iPads and training in addition to the app itself. -
Taliban App's Publication Points To Holes In Google's App Review Process (techcrunch.com)
An anonymous reader writes: A propaganda app developed by the Taliban was live on the Google Play store for two days before being removed, raising questions about Google's app review process, which includes a combination of human editors and algorithms. According to a Taliban spokesperson speaking with Bloomberg, the app was "part of our advanced technological efforts to make more global audience." Its creation signaled how the group was expanding its use of technology to reach a wider audience. When the app was first removed two days after it went live, the Taliban claimed it was due to "technical issues." In actuality, Google removed the app itself, as it was in violation of its policy that bans apps promoting hate speech, violence and illegal activities. The app's publication is a high-profile example of a failure in Google's app review process, and one that raises questions about how thorough its human reviewers are with the apps they test. The company announced last March that it had actually begun using algorithms along with an internal team of reviewers to analyze apps for policy violations prior to publishing. It said apps would be reviewed by this team, hands-on, before the apps go live on Google Play. Since Google relies heavily on its community of users and developers to flag apps for additional review, some apps are bound to fall through the cracks, leaving Google to reactively ban them instead of prohibit their publication in the first place. It's fair to say Google's review process isn't perfect and could use some tweaking. -
Canadian Startup Uses Trump to Lure Tech Workers (siliconbeat.com)
An anonymous reader writes: A Canadian startup "is using Republican front-runner Donald Trump in its latest campaign to recruit tech talent," reports Silicon Beat. The company's site claims that 31% of Americans they'd surveyed would consider moving to Canada if Trump were elected President. "Now, while we don't think Americans will actually move en masse to Canada if the election doesn't go their way, we do want to extend an offer. Because it's the polite, Canadian thing to do." The Washington Post reported a surge in Google searches in March for "how can I move to Canada," actually slowing down the Canadian government's immigration web site. Meanwhile, a coalition of Canadian mayors is visiting California this week to promote Canada's booming technology sector. Toronto's mayor told Bloomberg, "The embracing of diversity as opposed to it being some sort of political issue is a huge advantage we have." -
Tech Billionaire Mark Cuban Argues Stock Regulators Hurt the Economy (sfgate.com)
Tech entrepreneur and investor Mark Cuban denounced America's stock-regulating agency on CNBC this week, arguing that they're reducing the number of companies going public with vague rules that are open-ended. "[W]here there's no clarity and no certainty on what to do in response to the SEC, you get people doing nothing or people avoiding going public or doing anything to avoid dealing with the SEC," Cuban said on CNBC. "And that's a real problem for up and coming companies and it's a problem for the economy as well."
Mary Jo White, the head of America's SEC, had appeared earlier in the week near Silicon Valley, according to Bloomberg, telling an audience at Stanford Law school to be wary of billion-dollar valuation IPOs and warning that founders and startup advisors preparing for an IPO should watch their internal controls, reporting and certifications. "They are doing what the SEC always does," Cuban complained on CNBC. "100 degrees of gray." -
How To Hack an Election (bloomberg.com)
"For eight years, Andres Sepulveda, now 31, says he traveled the continent rigging major political campaigns..." writes Bloomberg, citing elections in Nicaragua, Panama, Honduras, El Salvador, Colombia, Mexico, Costa Rica, Guatemala, and Venezuela. Sepulveda says he was bankrolled by a political consultant in Miami, and his services involved everything from phone tapping and cracking donor databases to managing thousands of fake Twitter profiles. While Sepulveda wasn't always successful, in 2012, "He led a team of hackers that stole campaign strategies, manipulated social media to create false waves of enthusiasm and derision, and installed spyware in opposition offices, all to help Pena Nieto, a right-of-center candidate, eke out a victory." Now serving 10 years in prison in Colombia, Sepulveda is telling his story in hopes of a reduced sentence - and to warn the public that hackers are affecting modern elections, and that specialized skills will be need to stop them.
"On the question of whether the U.S. presidential campaign is being tampered with, he is unequivocal. 'I'm 100 percent sure it is'." -
The World's Largest Renewable Energy Developer Could Go Broke (huffingtonpost.com)
An anonymous reader quotes a report from The Huffington Post: There is a "substantial risk" that SunEdison may file for bankruptcy, the world's largest renewable energy developer said in a regulatory filing on Tuesday. The company's fall isn't a referendum on the solar industry as a whole, as much as it is on SunEdison's aggressive growth strategy fueled by excessive debt and financial engineering, analysts say. SunEdison "just thought they were smarter than everyone else," said David Levine, the founder and CEO of Geostellar, a solar energy marketplace that has done deals with the company.
SunEdison loaded up a total of $11 billion in debt to develop or acquire renewable energy projects. The company's shares have fallen steeply since they hit a high of $30 in July. They were at just $1.26 before the filing. The stock immediately dropped another 40 percent when the market opened after the filing, and the company was trading at just $0.59 by Tuesday lunchtime. -
China Is On an Epic Solar Power Binge (technologyreview.com)
An anonymous reader links to an article on MIT Technology Review: It's worth taking a minute to appreciate the sheer scale of what China is doing in solar right now. In 2015, the country added more than 15 gigawatts of new solar capacity, surpassing Germany as the world's largest solar power market. China now has 43.2 gigawatts of solar capacity, compared with38.4 gigawatts in Germany and 27.8 in the United States. According to new projections, it seems that trend is going to continue. Under its 13th Five Year Plan, China will nearly triple solar capacity by 2020, adding 15 to 20 gigawatts of solar capacity each year for the next five years, according to Nur Bekri, director of the National Energy Administration. That will bring the country's installed solar power to more than 140 gigawatts. To put that in context, world solar capacity topped 200 gigawatts last year and is expected to reach 321 gigawatts by the end of 2016. -
Boom Aerospace Company Wants To Bring Back Supersonic Civilian Travel (bloomberg.com)
pacopico writes: A startup out of Denver called Boom Technology has just come out of stealth mode [by] talking-up their supersonic jet. It would carry 40 passengers and travel at Mach 2.2. The company claims that it's about 30 percent more fuel-efficient than the Concorde. Based on this, it could get its prices down to the equivalent of a business class seat on long-haul flights. At Mach 2.2, a trip from New York to London would take 3.4 hours. Boom is meant to start test flights next year out of John Denver's old hangar. -
Google Puts Boston Dynamics Up For Sale In Robotics Retreat (bloomberg.com)
An anonymous reader writes from an article on Bloomberg: Executives at Google parent Alphabet Inc., absorbed with making sure all the various companies under its corporate umbrella have plans to generate real revenue, concluded that Boston Dynamics isn't likely to produce a marketable product in the next few years and have put the unit up for sale, according to two people familiar with the company's plans. Possible acquirers include the Toyota Research Institute, a division of Toyota Motor Corp., and Amazon.com Inc., which makes robots for its fulfillment centers, according to one person. Google acquired Boston Dynamics in late 2013 as part of a spree of acquisitions in the field of robotics. Over the following year, the robot initiative, dubbed Replicant, was plagued by leadership changes, failures to collaborate between companies and an unsuccessful effort to recruit a new leader. Jonathan Rosenberg, an adviser to Alphabet Chief Executive Officer Larry Page and former Google senior vice president, said, "we as a startup of our size cannot spend 30-plus percent of our resources on things that take ten years," and that "there's some time frame that we need to be generating an amount of revenue that covers expenses and (that) needs to be a few years." In December, Google announced that Replicant had been folded into Google's advanced research group, Google X. In a private all-hands meeting around that time, Astro Teller, the head of Google X, told Replicant employees that if robotics aren't the practical solution to problems that Google was trying to solve, they would be reassigned to work on other things, according to a person who was at that meeting. Boston Dynamics, though, was never folded into Google X and was instead put up for sale. -
Silicon Valley's Tech Employees Are Getting Nervous (vanityfair.com)
An anonymous reader quotes an article on Vanity Fair: Private tech companies are feeling a contraction in Silicon Valley. The funding that venture capitalists have thrown at start-ups is dwindling, in small seed rounds and mega-rounds alike. There's a new postmortem written weekly about a start-up that's run out of cash and shut its doors. Start-up executives are sobering up, realizing that their companies actually need a path to profitability. Now, not wanting to be stuck on a sinking ship, tech employees are thinking about the bubble, too, as they plan their career moves. -
Obama: Government Can't Let Smartphones Be 'Black Boxes' (bloomberg.com)
JoeyRox writes: President Obama said Friday that smartphones -- like the iPhone the FBI is trying to force Apple to help it hack -- can't be allowed to be "black boxes," inaccessible to the government. He believes technology companies should work with the government on encryption rather than leaving the issue for Congress to decide. He went on to say, "If your argument is strong encryption no matter what, and we can and should create black boxes, that I think does not strike the kind of balance we have lived with for 200, 300 years, and it's fetishizing our phones above every other value." Obama's appearance on Friday at the event known as SXSW, the first by a sitting president, comes as the FBI tries to force Apple to help investigators access an iPhone used by one of the assailants in December's deadly San Bernardino, California, terror attack. "The question we now have to ask is, if technologically it is possible to make an impenetrable device or system, where the encryption is so strong there's no key, there's no door at all, then how do we apprehend the child pornographer? How do we solve or disrupt a terrorist plot?" Obama said. "If in fact you can't crack that at all, government can't get in, then everybody's walking around with a Swiss bank account in their pocket." He said compromise is possible and the technology industry must help design it. -
Apple Announces 'Let Us Loop You In' Event For March 21st (theverge.com)
An anonymous reader writes: The official Apple Events page has been updated in advance of the newly announced media event. Invitations were sent out earlier Thursday inviting members of the press to "let us loop you in." The event will be streamed using Apple's HTTP Live Streaming technology and will require an iPhone, iPad or iPod Touch running iOS 7.0 or later. The company is expected to announce a new, smaller iPhone SE, that will be the same size as the iPhone 5 but with improved specs like a A9 processor and 8-megapixel rear camera. In addition, Apple is expected to announce a new, smaller iPad Pro. It is rumored to feature a 9.7" display and a Smart Connector to support Smart Keyboard -- it may even be compatible with the Apple Pencil. We can expect some kind of update for the Apple Watch, most likely new Apple Watch bands. A black version of the Milanese Loop may be in the works to match the Space Black Apple Watch. Of course, Apple will talk encryption as the event is scheduled one day before the next hearing between Apple and the FBI on March 22. Apple may surprise us with new MacBooks or OS X updates but we will most likely have to wait until Apple's developer conference in June. -
China Tries Its Hand At Pre-Crime (bloomberg.com)
schwit1 writes: China's effort to flush out threats to stability is expanding into an area that used to exist only in dystopian sci-fi: pre-crime. The Communist Party has directed one of the country's largest state-run defense contractors, China Electronics Technology Group, to develop software to collate data on jobs, hobbies, consumption habits, and other behavior of ordinary citizens to predict terrorist acts before they occur. "It's very crucial to examine the cause after an act of terror," Wu Manqing, the chief engineer for the military contractor, told reporters at a conference in December. "But what is more important is to predict the upcoming activities." The program is unprecedented because there are no safeguards from privacy protection laws and minimal pushback from civil liberty advocates and companies, says Lokman Tsui, an assistant professor at the School of Journalism and Communication at the Chinese University of Hong Kong, who has advised Google on freedom of expression and the Internet. -
Surge Pricing Arrives In Disney's Magic Kingdom Just in Time for Star Wars Opening
HughPickens.com writes: Taking a page from the Uber playbook, Christopher Palmeri writes that Disney's six parks in Orlando, Florida, and Anaheim, California, are raising the cost to visit its theme parks as much as 20 percent during the busiest times of year and lowering them on typically slow days. Previously, the parks charged the same price for a one-day pass any time of year. "The demand for our theme parks continues to grow, particularly during peak periods," the company said. "In addition to expanding our parks, we are adopting seasonal pricing on our one-day ticket to help better spread visitation throughout the year." The move is designed to help manage traffic at the parks, which had record visits in the final three months of 2015. Busy days at Disney's amusement parks cause long lines for customers, and even gate closures. Dynamic pricing is meant to financially incentivize customers to choose less-busy days, spread out attendance, and to make as much money as possible on days when the park is historically expected to be full. It is also likely to boost Disney's total revenue since most visitors will pay more for their tickets.
One reason Disney may expect bigger crowds this year is the upcoming Star Wars theme park expansion which includes a virtual reality ride that allows guests to control the Millennium Falcon in an aerial battle with the First Order. "Star Wars is, for lack of a better word awesome," said Harrison Ford. "I'm so blessed that I had the opportunity to be a part of it. To walk in these iconic locations. And soon, you'll be able to do that as well. Not in a galaxy far, far away, but in a place close to home." -
Austrian Minister Calls For a Constitutional Right To Pay In Cash
New submitter sittingnut writes: Bloomberg reports that Austrian Deputy Economy Minister Harald Mahrer has called for a constitutional right to use cash to protect their privacy. According to the report, Mahrer said, "We don't want someone to be able to track digitally what we buy, eat and drink, what books we read and what movies we watch. We will fight everywhere against rules," including caps on cash purchases. EU finance ministers at a meeting in Brussels last Friday urged the European Commission, the EU's executive arm, to "explore the need for appropriate restrictions on cash payments exceeding certain thresholds," " to crack down on "illicit cash movements." -
Google Settles Decade-Long Tax Dispute In UK (thestack.com)
An anonymous reader writes: Alphabet, Inc., parent company to Google, has agreed to pay $185 million to settle UK taxes going back to 2005. The company has also agreed to adopt a new approach to taxes in the UK going forward. While this is a sizeable figure, many believe it is too little, and constitutes a sweetheart deal between the government and Google. Matt Brittin, the President of EMEA Business and Operations for Google, was a participant in a televised hearing today in which UK lawmakers questioned the $185 million settlement. He stated, "We find ourselves in the position where we are paying the tax that the tax authorities told us to pay." -
Putin's Internet Czar Wants To Ban Windows On Government PCs
SmartAboutThings writes: The Russian government is allegedly looking to ban Microsoft's Windows operating system, increase taxes on foreign technology companies, develop its homegrown OS and encourage local tech companies to grow. All these proposals comes from German Klimenko, Vladimir Putin's new 'internet czar, as Bloomberg describes him. In a 90-minute interview, Klimenko said forcing Google and Apple to pay more taxes and banning Microsoft Windows from government computers are necessary measures, as he is trying to raise taxes on U.S. companies, thus helping local Russian competitors such as Yandex and Mail.ru. -
Financial Advisers Disrupted By AI (bloomberg.com)
schwit1 writes: Banks are watching wealthy clients flirt with robo-advisers, and that's one reason the lenders are racing to release their own versions of the automated investing technology this year, according to a consultant. Robo-advisers, which use computer programs to provide investment advice online, typically charge less than half the fees of traditional brokerages, which cost at least 1 percent of assets under management. -
Apple Developing Wireless Charging For Mobile Devices (thestack.com)
An anonymous reader writes: Apple is currently working with partners in the US and Asia to develop wireless charging for iPhone and iPad. Mobile devices with wireless charging capabilities could be released as soon as next year. Apple has not released the specific details on the range that could be available, but as far back as 2010, Apple applied for a patent to use an iMac as a wireless charging hub for distances of 1 meter. In 2014 it applied for a patent on specialized housing for a mobile device with an integrated RF antenna, which would also allow for wireless charging by helping to eliminate the problem of metallic interference with charging signals. Apple would apparently be building on these ideas to create a new iPhone or iPad that could charge further away from the hub, while continuing to be used. -
High-Speed Firms Now Oversee Almost All Stocks At NYSE Floor (bloomberg.com)
An anonymous reader writes: Barclays, one of the biggest banking and financial services firms in the world, has sold its business on the floor of the New York Stock Exchange to Global Trading Systems. This is significant because it marks a transition between human-based trading and high-speed trading. Now, humans on the NYSE floor have more of a supervisory role, making sure the automated systems don't go haywire. Barclays has been around for hundreds of years; GTS was founded in 2006. "There used to be dozens of specialist firms, as designated market makers were once known, at the NYSE floor. But profits from trading U.S. stocks dwindled, making it difficult to serve as market makers without automation. Although GTS, Virtu, IMC and KCG employ human traders at the floor, their businesses are driven by some of the industry's most sophisticated computer systems." -
Drone Racing League Wants To Be the Next NASCAR (bloomberg.com)
An anonymous reader writes: The Drone Racing League has secured a series of significant investments that it hopes will be enough to turn drone races into a spectator sport. The quadcopter drone racing scene has only exists for a few years, so it's still fairly disjointed. Rules and standards vary between organizers, so it can be hard to have fair races. The DRL aims to fix that. In doing so, it hopes to take lessons from NASCAR and the growing e-sports leagues to find an audience. "Often, pilots wear virtual reality goggles that receive a feed from the camera embedded on the drone and maneuver as if they were in the craft itself. That first-person feed is also recorded and used as raw material for the content produced by the Drone Racing League." The high speeds combined with the ability to make interesting (and photogenic) courses may appeal to people who find car racing too boring. -
Google Paid $1 Billion To Keep Search On iPhone (bloomberg.com)
phantomfive writes: As the Google v. Oracle copyright case drags on, Oracle is claiming that Android has generated $31 billion in revenue for Google, $22 billion of which was profit. Court records also show Google paid Apple $1 billion USD to keep their search bar on the iPhone. A revenue sharing agreement was in place as well. At one point, Apple got 34% of the revenue generated by Google searches on iPhones. Both companies later requested that the information be redacted from the record, but once something is released on the internet, it tends to stay there. -
Google Paid $1 Billion To Keep Search On iPhone (bloomberg.com)
phantomfive writes: As the Google v. Oracle copyright case drags on, Oracle is claiming that Android has generated $31 billion in revenue for Google, $22 billion of which was profit. Court records also show Google paid Apple $1 billion USD to keep their search bar on the iPhone. A revenue sharing agreement was in place as well. At one point, Apple got 34% of the revenue generated by Google searches on iPhones. Both companies later requested that the information be redacted from the record, but once something is released on the internet, it tends to stay there. -
E-Mail Spam Goes Artisanal (bloomberg.com)
An anonymous reader writes: Spam filters have come a long way over the past two decades — but spammers have, too. Though email providers are better than ever at blocking spam, it's still big business, with a lot of money to be made. Security researchers are seeing a new trend in spam: less volume, and better targeting. The article mentions "snowshoe" attacks, which occupy the middle ground between massive spam campaigns and tiny phishing attacks. "Craig Williams, a senior manager at Talos, said the amount of snowshoe spam has more than doubled in the past two years and now accounts for more than 15 percent of all junk messages distributed globally." Security researchers have been pushing for a unified registry to help deal with these mid-range spammers, but it's hard to get a significant portion of providers on the same page, particularly when many are fond of running their own solutions. -
GM Buys Failed Uber Rival Sidecar (bloomberg.com)
An anonymous reader writes: The major automakers have several new technologies to fear, ridesharing services and self-driving technology chief among them. Both of these could dramatically affect how consumers buy cars. So it's perhaps not surprising that after investing $500 million in Lyft, GM has now purchased the assets of Sidecar, a ridesharing service that failed at the end of last year. GM wants to use Sidecar's assets to bolster Lyft — presumably in an attempt to keep Uber from becoming too big. "Sidecar helped introduce the concept of peer-to-peer car-sharing when it launched in 2012 and essentially allowed anyone who passed a background check to offer rides to smartphone-toting passengers." GM will certainly keep the gained knowledge for themselves, as well: "GM is preparing to introduce its own set of transportation services, which it has dubbed Maven, the source familiar with the matter said. The initiative may allow owners of GM vehicles to give rides to other passengers who are commuting in the same direction." -
Apple May Owe $8 Billion To the EU After Tax Ruling (bloomberg.com)
Robotron23 writes: An investigation by the EU Commission may make Apple liable for up to $8 billion in back taxes. Bloomberg Intelligence estimates Apple has paid only 1.8% tax on profits between 2004 and 2012 — this ruling increases their liability to 12.5%. This decision comes hot on the heels of a tax avoidance settlement Apple reached with Italy last month for $347 million. -
India Telecom Regulator Pooh-Poohs Facebook's Orchestrated Lobbying Campaign
theodp writes: After India's telecom regulator asked a local company to temporarily stop Facebook's Free Basics service amid questions about whether it violates net neutrality, Facebook launched a controversial lobbying campaign, encouraging FB users to write to the Telecom Regulatory Authority of India (TRAI), which oversees the country's Internet policy, urging the service be preserved. As of Jan. 7, the deadline for accepting comments, the regulator said it had received nearly two million comments from accounts affiliated with the site, including the domain names "@supportfreebasics.in" and "@facebookmail."
But many of these comments, the regulator said in a statement, are "basically template responses and the content are identical in nature." TRAI's we-ain't-buying-it response to the orchestrated flood of millions of comments (from both sides) differs markedly from the U.S. Dept. of Homeland Security, which recently told the Court (PDF) it couldn't possibly comply with a Judge's six-month deadline to address issues with the OPT STEM Extension Program because it was overwhelmed by "the approximately 50,500 comments" (about what the average Slashdot reader reviews in a day!) from individuals urged on by the White House and other organizations. By the way, among the comments received by DHS was one from NAFSA — the lobbying powerhouse that represents 3,500 colleges and universities — calling for DHS to have OPT extensions expanded to include all fields of study (PDF). -
AT&T Brings Back Unlimited Mobile Data To Lure TV Subscribers (bloomberg.com)
An anonymous reader writes: Five years after AT&T discontinued its unlimited mobile data plan, the company is bringing it back with a catch: users must be subscribed to DirecTV or U-verse TV as well. The service will start at $100/month for a single subscriber. Two additional users can be added for $40/month each, and the fourth is free. There's also one more caveat: "Customers that exceed 22 gigabytes of data use in one month will have their speed throttled during peak network traffic periods." AT&T looks to do battle with T-Mobile, who has a similar four-person plan. This is one of the first major consequences of AT&T's acquisition of DirecTV last year for $48.5 billion. The company says it will soon roll out other plans to combine the services. -
Quantifying How Much the Force Is Used In Star Wars (bloomberg.com)
An anonymous reader writes: Bloomberg has posted a data visualization for a very important subject: how much, how often, and to what effect The Force is used in Star Wars movies. As you may expect, we see the light side of the Force used much more often than the dark side. Luke Skywalker spends about 11 minutes using the Force, but pre-Vader Anakin clocks in at under 3 minutes of Force time — less, even, than Palpatine. It also turns out that Jedi really love Force Leaping, while the dark side has a monopoly on making lightning and choking people. It's kind of silly, but also kind of cool. Bloomberg even posted their methodology: "To arrive at a figure for total on-screen Force time, we decided to measure cumulatively, by scene. That means when multiple people use the Force simultaneously, we counted the time only once. Light-side and dark-side times are the cumulative durations that characters associated with each side are depicted using the Force. When multiple characters associated with the same side at the same time use the Force, that time is also counted only once. When light-side and dark-side characters use the Force at the same time, the durations are scored separately. Each recorded duration is rounded to the nearest second, and no use of the Force was assigned less than one second in duration." (That's just a fraction of it.) -
The Humans Crashing Into Driverless Cars are Exposing a Key Flaw (bloomberg.com)
schwit1 sends in a story from Bloomberg pointing out that the rigid adherence to traffic laws and overcautious programming have caused self-driving cars to rack up a crash rate twice that of an average human driver. "This may sound like the right way to program a robot to drive a car, but good luck trying to merge onto a chaotic, jam-packed highway with traffic flying along well above the speed limit. It tends not to work out well. As the accidents have piled up — all minor scrape-ups for now — the arguments among programmers at places like Google and Carnegie Mellon University are heating up: Should they teach the cars how to commit infractions from time to time to stay out of trouble?" While the autonomous vehicles aren't at fault in these crashes, their relative unpredictability on the road are nonetheless leading to more accidents than expected. -
"Most Hated Man In America" Martin Shkreli Arrested On Suspicion of Fraud (ibtimes.co.uk)
Ewan Palmer writes that everyone's least favorite medication price gouger, Martin Shkreli, has run into some legal problems. According to the article "Pharmaceutical start-up owner Martin Shkreli, dubbed the most hated man in the US over his controversial plans to significantly raise the price of life-saving drugs, has been arrested on suspicion of fraud. Shkreli, 32, who received widespread criticism for hiking up the price of Daraprim from $13 to $750 per pill in September, is being questioned over allegations involving stock from a company he founded in 2011. According to Bloomberg, Shkreli is accused of illegally taking stock from biotechnology Retrophin Inc to pay off debts from unrelated business dealings." -
iPhone Hacker Geohot Builds Self-Driving Car AI (bloomberg.com)
An anonymous reader writes: George Hotz, known for unlocking early iPhones and the PlayStation 3, has developed an autonomous driving system in his garage. "Hotz's approach isn't simply a low-cost knockoff of existing autonomous vehicle technology. He says he's come up with discoveries—most of which he refuses to disclose in detail—that improve how the AI software interprets data coming in from the cameras." The article has a video with Hotz demonstrating some basic autonomous driving similar to what Tesla rolled out earlier this year. He's clearly brimming with confidence about what the system can accomplish with more training. -
FAA: Small Drones Must Be Registered By February (bloomberg.com)
An anonymous reader writes: The U.S. Federal Aviation Administration has finally unveiled its new drone registration rules. Starting on 21 December, all newly-purchased drones between 250 grams (.55 lbs) and 25 kg (~55 lbs) must be registered before their first flight. Owners of drones purchased before that time must register by 19 February 2016. The FAA will charge $5 to register the drones, though the first month of registrations will be free. "Make no mistake: unmanned aircraft enthusiast are aviators, and with that title comes a great deal of responsibility," said U.S. Transportation Secretary Anthony Foxx. "Registration gives us an opportunity to work with these users to operate their unmanned aircraft safely. I'm excited to welcome these new aviators into the culture of safety and responsibility that defines American innovation." There is also an age requirement: kids under the age of 13 will not be allowed to register a drone by themselves. In related news, Bard college has compiled a report on drone safety with respect to encounters with manned aircraft. -
FTTH Coming To Lincoln, Nebraska
andyring writes: Lincoln, Neb., in the heart of silicon prairie is getting gigabit fiber to every home and business in the next four years. It's a wet dream for anyone in the tech world. No install fees, no contracts, no modem rentals, guaranteed minimum of 100 mbit, no throttling, etc. It'll provide phone and TV as well. I've read the entire franchise agreement and it's a very good arrangement for the city. Interestingly enough, it's largely possible because back in the 1970s, a public works guy had the brilliant idea to install conduit to all the city's traffic signals. So there's more than 300 miles of conduit already installed and leasable. A local company, Nelnet, bought a western Nebraska company, Allo Communications, apparently because the top Nelnet guy couldn't get fiber to his home very easily. So he figured, heck, I'll just buy the company and get fiber to the whole city. -
Report: Apple To Suspend Effort To Develop Live TV Service (bloomberg.com)
schwit1 sends word that Apple has reportedly suspended plans to offer a live internet-based television service and will focus on being a platform for media companies to sell directly to customers through its App Store instead. Bloomberg reports: "Apple Inc. has suspended plans to offer a live Internet-based television service and is instead focusing on being a platform for media companies to sell directly to customers through its App Store, according to a person with knowledge of the matter. While Apple isn't giving up entirely on releasing a live-TV service, its plan to sell a package of 14 or so channels for $30 to $40 a month has run into resistance from media companies that want more money for their programming, said the person, who asked not to be named discussing a prospective product." -
Porsche Is Building a Tesla Competitor (bloomberg.com)
An anonymous reader writes: Back in September, Porsche unveiled a prototype for an electric vehicle. They were trying to gauge interest and figure out if they have the technical know-how to build one. Now, they've made the decision: Porsche's "Mission E" project will put an all-electric vehicle on showrooms by the end of the decade. Wolfgang Porsche said, "With Mission E, we are making a clear statement about the future of the brand." This is a reference, of course, to Porsche's parent company, Volkswagen, which has been in trouble for tampering with emissions standards recently. -
How Mark Zuckerberg's Altruism Helps Himself (nytimes.com)
HughPickens.com writes: Jesse Eisinger writes in the NYT that if you heard that Mark Zuckerberg donated $45 billion to charity, you are wrong. Here's what really happened: Zuckerberg did not set up a charitable foundation, which has nonprofit status. Instead Zuckerberg created an investment vehicle called a limited liability company (LLC) that can invest in for-profit companies, make political donations, and lobby for changes in the law. What's more an LLC can donate appreciated shares to charity, which will generate a deduction at fair market value of the stock without triggering any tax. "He remains completely free to do as he wishes with his money," writes Eisinger. "That's what America is all about. But as a society, we don't generally call these types of activities 'charity.'"
A charitable foundation is subject to rules and oversight. It has to allocate a certain percentage of its assets every year. The new Zuckerberg LLC won't be subject to those rules and won't have any transparency requirements. According to Eisinger what this means is that Zuckerberg has amassed one of the greatest fortunes in the world — and is likely never to pay any taxes on it. "Instead of lavishing praise on Mr. Zuckerberg for having issued a news release with a promise, this should be an occasion to mull what kind of society we want to live in," concludes Eisinger. "The point is that we are turning into a society of oligarchs. And I am not as excited as some to welcome the new Silicon Valley overlords." -
The Story of the CEO Paying Everyone $70k Gets Complicated
ranton writes: Dan Price, CEO of Gravity Payments, made news last April when he raised all employee salaries to at least $70,000. He claimed his motive was based on research that shows increased wages increase happiness up to about $75k per year. But according to a recent Bloomberg article this may have been a smoke screen. Karen Weise found Dan Price has been fighting with his co-founder Lucas Price over Dan's salary for years, and that his co-founder served him with a lawsuit weeks before the pay raises were announced. Apparently Dan had been paying himself nearly three times the salary of CEO's of similar sized companies in his industry, over the strong objection of his co-founder. The lawsuit was not officially filed until after the announcement, making it originally look like the pay rise caused the lawsuit. Now it appears to be the opposite. Since the lawsuit is trying to force the CEO to buy out his co-founder based on the CEO's prior greed, lowering the short term profitability of the company while boosting his positive PR seems to be a likely motive for the pay hike. -
Yahoo Discussing Sale of Internet Business (bloomberg.com)
An anonymous reader writes: According to a new report from the Wall Street Journal (paywalled), Yahoo!'s board of directors is considering the sale of their internet business in a series of meetings starting today. "Growing concerns around Chief Executive Marissa Mayer's lack of progress turning around Yahoo and an exodus of top executives have increased pressure on the company's board to consider her future and alternatives to her turnaround attempt, now in its fourth year. ... Much of the value of Yahoo's $31 billion market capitalization is tied up in two large Asian assets, Alibaba and Yahoo Japan. Its 15% stake in Alibaba is now worth about $32 billion, and its 35% stake in Yahoo Japan is now worth about $8.5 billion. Yahoo's cash and short-term investments totaled $5.9 billion at the end of the third quarter. That would mean investors are valuing Yahoo's core business at less than zero if the Asian assets were spun out tax-free." -
Zuckerberg To Give Away 99% of His Facebook Stock (bloomberg.com)
An anonymous reader writes: The Facebook stock currently held by Mark Zuckerberg and his wife Priscilla Chan is worth roughly $45 billion. Today, the couple posted a letter addressed to their newborn daughter outlining plans to give away 99% of that stock so their daughter can "live in a better world." They say, "Our initial areas of focus will be personalized learning, curing disease, connecting people and building strong communities." The letter also includes a long list of problems that need to be solved and situations that need to be improved: human health, learning, clean energy, equality, unhealthy childhoods, and more. They go out of their way to mention that many of these will not be solved quickly, and will need investments on a 100-year scale to be worthwhile. They're making internet access another major issue: "The internet is so important that for every 10 people who gain internet access, about one person is lifted out of poverty and about one new job is created." -
Japanese Company Makes Low-Calorie Noodles Out of Wood
AmiMoJo writes: Omikenshi Co, an Osaka based cloth manufacturer best known for rayon, a fibre made from tree pulp, is expanding into the health food business. Using a similar process, Omikenshi is turning the indigestible cellulose into a pulp that's mixed with konjac, a yam-like plant grown in Japan. The resulting fibre-rich flour, which the company calls "cell-eat," contains no gluten, no fat and almost no carbohydrate. It has just 60 calories a kilogram, compared with 3,680 for wheat.