Domain: wsj.com
Stories and comments across the archive that link to wsj.com.
Stories · 1,821
-
Maps, the Most Popular Elements of In-flight Entertainment Systems, Are About To Get a Big Upgrade -- and Some Ads (wsj.com)
The in-flight moving map, object of fascination for travel geeks and impatient fliers, is going in a new direction. But have your credit card ready: The beloved map will become one more revenue-generator for airlines [Editor's note: the link may be paywalled.], reports the Wall Street Journal. From the story: Maps are the most popular elements of in-flight entertainment systems, capturing passenger attention by posting live updates about a trip, most importantly when you'll arrive. Airlines offer movies, TV shows, podcasts and games on entertainment systems, but the boring map, which made its debut over 30 years ago, turns out to be the most useful, maybe even anxiety-reducing, focus of bored passengers. The map gives you a sense of control, showing not only exactly where you are, but altitude, airspeed, time zone, temperature, distance traveled and miles left to go. For some, there's a sense of adventure built in: You may never visit the Faeroe Islands, but you feel like you've been there when your flight draws a line over them.
Now manufacturers are giving maps a makeover. You'll be able to get encyclopedic details on Mount Fuji as you fly past, track your spouse's flight from your seat and zoom in for details on points of interest like the top 10 rides at Disneyland compiled from social media. The map will be loaded with data about your flight, down to which languages flight attendants onboard speak, when dinner will be served and how long you'll be in Brazilian airspace. And guess what? Airlines will be using the maps to sell you things like tickets to those popular amusement park rides. Hotels, theme parks, restaurants or other attractions may be throwing advertising onto your route. Shopping malls and stores, too. After all, they know where you're going. -
T-Mobile/Sprint Merger Is In Danger of Being Rejected By DOJ (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: T-Mobile U.S. and Sprint are facing potential rejection of their proposed merger at the U.S. Department of Justice. DOJ staffers "have told T-Mobile US and Sprint that their planned merger is unlikely to be approved as currently structured," The Wall Street Journal reported today, citing people familiar with the matter. "In a meeting earlier this month, Justice Department staff members laid out their concerns with the all-stock deal and questioned the companies' arguments that the combination would produce important efficiencies for the merged firm," the Journal wrote. DOJ staffers' recommendations aren't the final word at the agency. The department's antitrust chief, Makan Delrahim, would decide whether to challenge or allow the merger.
The Justice Department's antitrust division is reviewing the merger and could file a lawsuit in federal court in an attempt to block the deal. Success isn't guaranteed, a fact the DOJ was reminded of when a U.S. District Court judge allowed AT&T to buy Time Warner despite DOJ opposition. The DOJ could also approve the merger with conditions, but that would require agreement with T-Mobile and Sprint on what those conditions would be. "T-Mobile and Sprint could offer concessions, such as assets sales, to address the government's concerns," the Journal wrote. Sprint shares "are trading at a roughly 20 percent discount to the price implied by the all-stock deal, signaling Wall Street doubts about the combination's chances," the report also said. T-Mobile CEO John Legere denied the report in a tweet, saying that "[t]he premise of this story... is simply untrue. Out of respect for the process, we have no further comment." Sprint Executive Chairman Marcelo Claure also claimed that the "article is not accurate," adding that Sprint "continue[s] to have discussions with regulators about our proposed merger." -
Google Quietly Disbanded Another AI Review Board Following Disagreements (wsj.com)
Google is disbanding a panel in London to review its artificial-intelligence work in health care, WSJ reported Monday, as disagreements about its effectiveness dogged one of the tech industry's highest-profile efforts to govern itself. From a report: The Alphabet unit is struggling with how best to set guidelines for its sometimes-sensitive work in AI -- the ability for computers to replicate tasks that only humans could do in the past. It also highlights the challenges Silicon Valley faces in setting up self-governance systems as governments around the world scrutinize issues ranging from privacy and consent to the growing influence of social media and screen addiction among children. AI has recently become a target in that stepped-up push for oversight as some sensitive decision-making -- including employee recruitment, health-care diagnoses and law-enforcement profiling -- is increasingly being outsourced to algorithms. The European Commission is proposing a set of AI ethical guidelines and researchers have urged companies to adopt similar rules. But industry efforts to conduct such oversight in-house have been mixed. Further reading: Google Cancels AI Ethics Board In Response To Outcry. -
We're All Being Judged By a Secret 'Trustworthiness' Score (wsj.com)
schwit1 writes: Nearly everything we buy, how we buy, and where we're buying from is secretly fed into AI-powered verification services that help companies guard against credit-card and other forms of fraud, according to the Wall Street Journal.
More than 16,000 signals are analyzed by a service called Sift, which generates a "Sift score" ranging from 1 to 100. The score is used to flag devices, credit cards and accounts that a vendor may want to block based on a person or entity's overall "trustworthiness" score, according to a company spokeswoman.
From the Sift website: "Each time we get an event be it a page view or an API event we extract features related to those events and compute the Sift Score. These features are then weighed based on fraud we've seen both on your site and within our global network, and determine a user's Score. There are features that can negatively impact a Score as well as ones which have a positive impact."
The system is similar to a credit score except there's no way to find out your own Sift score.
Factors which contribute to one's Sift score (per the WSJ):- Is the account new?
- Are there are a lot of digits at the end of an email address?
- Is the transaction coming from an IP address that's unusual for your account?
- Is the transaction coming from a region where there are a lot of hackers, such as China, Russia or Eastern Europe?
- Is the transaction coming from an anonymization network?
- Is the transaction happening at an odd time of day?
- Has the credit card being used had chargebacks associated with it?
- Is the browser different from what you typically use?
- Is the device different from what you typically use?
- Is the cadence of the way you typed out your password typical for you? (tracked by some advanced systems)
-
Goldman Sachs Will Open-Source Some Of Its Trading Software (wsj.com)
According to the Wall Street Journal, Goldman Sachs is planning to release on GitHub some of the code that its traders and engineers use to price securities and analyze and manage risk. "The bank also is offering $100,000 in annual funding for engineers to build new applications using the bank's code," the report adds. "Goldman will own the resulting intellectual property, plus get an early look to invest in promising technology." From the report: It is Goldman's latest move to shed some of its trademark secrecy and share its once closely guarded technology. It is part of a broader shift at Wall Street firms to emulate Silicon Valley giants like Google and Facebook, which have opened up their technology to a community of enthusiastic developers. By letting outsiders tinker with its code, Goldman hopes to crowdsource new uses for it and earn the loyalty of computer-driven "quant" traders who have taken the investing world by storm.
Goldman's proprietary trading engine, known as SecDB, once made its traders the smartest on Wall Street. It is credited with helping the firm weather the 2008 financial meltdown better than rivals. But a postcrisis ban on proprietary trading has made it more valuable as a service offered to clients than an in-house moneymaker. Over the past five years, Goldman has been building SecDB's capabilities into a web application called Marquee, which now has about 13,000 users roughly split between Goldman employees and clients. The code coming to GitHub will allow users to interact directly with Marquee's data feeds, pricing engines and other tools. -
Measles Cases Top Last Year's Total
An anonymous reader quotes a report from The Wall Street Journal: So far this year there have been 387 confirmed U.S. measles cases, more than 2018's full-year total and the second-largest number since the disease was declared eliminated in 2000 (Warning: source paywalled; alternative source), according to the Centers for Disease Control and Prevention. The disease has spread to 15 states in 2019, with six continuing outbreaks of three or more cases each in Washington, New York, New Jersey and California. The development has sparked new policies aimed at boosting inoculation and curbing misinformation about the measles vaccine.
Measles cases have has risen since 2000 as infected travelers bring the disease to the U.S. Those travelers -- unvaccinated foreign nationals or Americans who become infected abroad -- have spread the highly contagious disease to others in the U.S. who aren't vaccinated or hadn't previously had measles. These cases have fueled outbreaks in communities where large numbers of people haven't been inoculated because of personal or religious exemptions to the measles, mumps, and rubella (MMR) vaccine. The largest growth in infections since measles was eliminated totaled 23 outbreaks and 667 cases in 2014. Last year there were 17 outbreaks and 372 confirmed cases. The number of cases in 2019 could increase in the coming months. Measles is a seasonal disease, with cases rising in late winter and early spring in temperate climates, according to the World Health Organization. -
Amazon Is Slashing Whole Foods' Prices By 20 Percent On Hundreds of Items (wsj.com)
An anonymous reader quotes a report from The Wall Street Journal: Amazon is planning to cut prices on hundreds of items at Whole Foods stores this week (Warning: source paywalled; alternative source), as the e-commerce giant seeks to change the chain's high-cost image amid intense competition among grocers. The price cuts affect more than 500 products and include a focus on produce and meat, according to documents viewed by The Wall Street Journal. The move comes after Whole Foods raised prices on select items in February, mostly consumer products, as suppliers increased their prices because of higher transport and ingredient costs.
The latest cuts -- which are set to drop at Whole Foods stores on Wednesday -- are some of the broadest since Amazon bought the grocer for nearly $14 billion in 2017. Prices will be reduced by an average of 20 percent on the selected items. The e-commerce giant has tried to extend its own reputation for low prices and convenience to Whole Foods, to counter a sense among some consumers that shopping there required a "Whole Paycheck." The discounts include more produce and meat products than the earlier cuts. The price of organic-rainbow carrots, for instance, will drop by $1, to $1.99, and the price of Black Forest ham will drop $3 a pound to $9.99. The companies also said Monday that Amazon Prime members would be able to save more than before at Whole Foods, with double the number of weekly Prime Member deals and deeper discounts. The report adds that the price cuts are expected to last at least through the end of the year. -
Apple Still Hasn't Fixed Its MacBook Keyboard Problem (wsj.com)
Joanna Stern, writing for the Wall Street Journal [the link may be paywalled]: Why is the breaking of my MacBook Air keyboard so insanely maddening? Let's take a trip down Memory Lane.
April 2015: Apple releases the all-new MacBook with a "butterfly" keyboard. In order to achieve extreme thinness, the keys are much flatter than older generations but the butterfly mechanism underneath, for which the keyboard is named, aims to replicate the bounce of a more traditional keyboard.
October 2016: The MacBook Pro arrives with a second-generation butterfly keyboard. A few months later, some begin to report that letters or characters don't appear, that keys get stuck or that letters unexpectedly repeat.
June 2018: Apple launches a keyboard repair program for what the company says is a "small percentage" of MacBook and MacBook Pro keyboards impacted.
July 2018: Apple releases a new high-end MacBook Pro with the third-generation of the keyboard that's said to fix the issues.
October 2018: Apple's new MacBook Air also has the third-generation keyboard. I recommend it, and even get one for myself.
Which brings us to the grand year 2019 and my MacBook Air's faulty E and R keys. Others have had problems with Apple's latest laptops, too. A proposed nationwide class-action suit alleges that Apple has been aware of the defective nature of these keyboards since 2015 yet sold affected laptops without disclosing the problem. "We are aware that a small number of users are having issues with their third-generation butterfly keyboard and for that we are sorry," an Apple spokesman said in a statement. "The vast majority of Mac notebook customers are having a positive experience with the new keyboard." If you have a problem, contact Apple customer service, he added. John Gruber, a long time Apple columnist: I consider these keyboards the worst products in Apple history. MacBooks should have the best keyboards in the industry; instead they're the worst. They're doing lasting harm to the reputation of the MacBook brand. -
Apple Still Hasn't Fixed Its MacBook Keyboard Problem (wsj.com)
Joanna Stern, writing for the Wall Street Journal [the link may be paywalled]: Why is the breaking of my MacBook Air keyboard so insanely maddening? Let's take a trip down Memory Lane.
April 2015: Apple releases the all-new MacBook with a "butterfly" keyboard. In order to achieve extreme thinness, the keys are much flatter than older generations but the butterfly mechanism underneath, for which the keyboard is named, aims to replicate the bounce of a more traditional keyboard.
October 2016: The MacBook Pro arrives with a second-generation butterfly keyboard. A few months later, some begin to report that letters or characters don't appear, that keys get stuck or that letters unexpectedly repeat.
June 2018: Apple launches a keyboard repair program for what the company says is a "small percentage" of MacBook and MacBook Pro keyboards impacted.
July 2018: Apple releases a new high-end MacBook Pro with the third-generation of the keyboard that's said to fix the issues.
October 2018: Apple's new MacBook Air also has the third-generation keyboard. I recommend it, and even get one for myself.
Which brings us to the grand year 2019 and my MacBook Air's faulty E and R keys. Others have had problems with Apple's latest laptops, too. A proposed nationwide class-action suit alleges that Apple has been aware of the defective nature of these keyboards since 2015 yet sold affected laptops without disclosing the problem. "We are aware that a small number of users are having issues with their third-generation butterfly keyboard and for that we are sorry," an Apple spokesman said in a statement. "The vast majority of Mac notebook customers are having a positive experience with the new keyboard." If you have a problem, contact Apple customer service, he added. John Gruber, a long time Apple columnist: I consider these keyboards the worst products in Apple history. MacBooks should have the best keyboards in the industry; instead they're the worst. They're doing lasting harm to the reputation of the MacBook brand. -
Most Bitcoin Trading Faked by Unregulated Exchanges, Study Finds (wsj.com)
Up to 95% of all reported trading in bitcoin is artificially created by unregulated exchanges, according to a new study [PDF], raising fresh doubts about the nascent market following a steep decline in prices over the past year. From a report: Fraudulent trading volume has dogged cryptocurrency trading for years, but the extent of the market manipulation has been difficult to determine. Bitwise Asset Management said its analysis of trading activity at 81 exchanges over four days in March indicates that the actual market for bitcoin is far smaller than previously thought. The San Francisco-based company submitted its research to the U.S. Securities and Exchange Commission with an application to launch a bitcoin-based exchange-traded fund.
The study, made public Thursday, is an attempt to alleviate the agency's longstanding concerns that a bitcoin ETF would leave investors exposed to fraud and market manipulation. Bitwise's fund, if approved, would be based upon the 5% of trading it considers legitimate, said Matthew Hougan, Bitwise's head of global research. That volume comes from 10 regulated exchanges that can verify that their trading data and customers are real. This slice of the market, he said, is well regulated, transparent and efficient. "I hope everyone sees there is a real market for bitcoin," he said. -
America's Latest Effort To Thwart the Growth of China's Huawei is Playing Out Beneath the World's Oceans (wsj.com)
A new front has opened in the battle between the U.S. and China over control of global networks that deliver the internet. This one is beneath the ocean. [Editor's note: the link may be paywalled; syndicated source.] From a report: While the U.S. wages a high-profile campaign to exclude China's Huawei from next-generation mobile networks over fears of espionage, the company is embedding itself into undersea cable networks that ferry nearly all of the world's internet data. About 380 active submarine cables -- bundles of fiber-optic lines that travel oceans on the seabed -- carry about 95% of intercontinental voice and data traffic, making them critical for the economies and national security of most countries. Current and former security officials in the U.S. and allied governments now worry that these cables are increasingly vulnerable to espionage or attack and say the involvement of Huawei potentially enhances China's capabilities.
Huawei denies any threat. The U.S. hasn't publicly provided evidence of its claims that Huawei technology poses a cybersecurity risk. Its efforts to persuade other countries to sideline the company's communication technology have been met with skepticism by some. Huawei Marine Networks, majority owned by the Chinese telecom giant, completed a 3,750-mile cable between Brazil and Cameroon in September. It recently started work on a 7,500-mile cable connecting Europe, Asia and Africa and is finishing up links across the Gulf of California in Mexico. Altogether, the company has worked on some 90 projects to build or upgrade seabed fiber-optic links, gaining fast on the three U.S., European and Japanese firms that dominate the industry. These officials say the company's knowledge of and access to undersea cables could allow China to attach devices that divert or monitor data traffic -- or, in a conflict, to sever links to entire nations. -
Fast-Growth Chickens Produce New Industry Woe: 'Spaghetti Meat' (wsj.com)
An anonymous reader shares a report: Chicken companies spent decades breeding birds to grow rapidly and develop large breast muscles. Now the industry is spending hundreds of millions of dollars to deal with the consequences ranging from squishy fillets known as "spaghetti meat," because they pull apart easily, to leathery ones known as "woody breast." [Editor's note: the link may be paywalled; alternative source.] The abnormalities pose no food safety risk, researchers and industry officials say. They are suspected side effects of genetic selection that now allows meat companies to raise a 6.3-pound bird in 47 days, roughly twice as fast as 50 years ago, according to the National Chicken Council.
That efficiency drive has helped U.S. meat giants such as Tyson Foods, Pilgrim's Pride, Perdue Farms and Sanderson Farms produce a record 42 billion pounds of chicken nuggets, tenders and other products in 2018. Now, it's adding an estimated $200 million or more in annual industry expenses to identify and divert breast fillets that are too tough, too squishy or too striped with bands of white tissue to sell in restaurants or grocery stores, according to researchers at the University of Arkansas. -
Boeing To Make Key Change in 737 MAX Cockpit Software (wsj.com)
Boeing is making an extensive change to the flight-control system in the 737 MAX aircraft implicated in October's Lion Air crash in Indonesia, going beyond what many industry officials familiar with the discussions had anticipated. From a report: The change was in the works before a second plane of the same make crashed in Africa last weekend -- and comes as world-wide unease about the 737 MAX's safety grows. The change would mark a major shift from how Boeing originally designed a stall-prevention feature in the aircraft, which were first delivered to airlines in 2017. U.S. aviation regulators are expected to mandate the change by the end of April.
Boeing publicly released details about the planned 737 MAX software update late Monday [Editor's note: the link may be paywalled; alternative source]. A company spokesman confirmed the update would use multiple sensors, or data feeds, in MAX's stall-prevention system -- instead of the current reliance on a single sensor. The change was prompted by preliminary results from the Indonesian crash investigation indicating that erroneous data from a single sensor, which measures the angle of the plane's nose, caused the stall-prevention system to misfire. Then, a series of events put the aircraft into a dangerous dive. -
US Tells Germany To Stop Using Huawei Equipment Or Lose Some Intelligence Access (theverge.com)
The Wall Street Journal is reporting that the United States has told Germany to drop Huawei from its future plans or risk losing access to some U.S. intelligence. The U.S. says the Chinese company's equipment could be used for espionage -- a concern that Huawei says is unfounded. "The Trump administration has been pressing allies to end their relationships with Huawei, but Germany, moving ahead with its plans, has not moved to ban the company from its networks," reports The Verge. From the report: According to the Journal, a letter sent from the U.S. Ambassador to Germany warns the country that the U.S. will stop sharing some secrets if it allows Huawei to work on its next-generation 5G infrastructure. The letter, according to the Journal, argues that network security can't be effectively managed by audits of equipment or software. While the U.S. plans to continue sharing intelligence with Germany regardless, the Journal reports, officials plan to curtail the scope of that information if Huawei equipment is used in German infrastructure. -
To Keep Track of World's Data, You'll Need More Than a Yottabyte (wsj.com)
An anonymous reader shares a report: In 10 or 15 years, Dr. Brown, who is head of metrology at the National Physical Laboratory in the U.K., anticipates the amount of computerized data worldwide will exceed 1 yottabyte in size, and without expanding the list of prefixes, there will be no way to talk about the next great chunk of numbers. Even worse, dilettantes could fill the void by popularizing glib prefixes such as bronto or hella -- terms that have already won fans. Without professional intervention, Dr. Brown fears, the next numerical prefix could become the Boaty McBoatface of weights and measures.
[...] For the record, there is an argument to be made for adopting a prefix like bronto: giga and tera are based on the Greek words for "giant" and "monstrous." Why not make bronto, named for the brontosaurus, official, perhaps along with tyranno, stego, colosso or even yeti? Dr. Brown is sympathetic to the argument but unconvinced. Instead, he proposes four prefixes that adhere to recent naming conventions [Editor's note: the link may be paywalled; an alternative source was not available.]: ronna and quecca for octillion (27 zeros) and nonillion (30 zeros), along with ronto and quecto for their fractional counterparts, octillionth and nonillionth. Like the latest sanctioned prefixes, Dr. Brown's proposals are loosely related to Latin and Greek words for numbers (in this case, nine and 10). And like most of the prefixes, his suggestions end in "a" or "o." But the process of expanding, or even amending, the official measurements is lengthy. -
Amazon Closing All of Its 87 Pop-Up Stores As Its Retail Strategy Shifts (npr.org)
Amazon is closing all 87 of its U.S. pop-up kiosks, which let customers try and buy gadgets such as smart speakers and tablets in malls, Kohl's department stores and Whole Foods groceries. It's the latest change in Amazon's brick-and-mortar retail strategy. NPR reports: "Across our Amazon network, we regularly evaluate our businesses to ensure we're making thoughtful decisions around how we can best serve our customers," an Amazon spokesperson said Thursday. Instead, the company is expanding Amazon Books and Amazon 4-star retail stores, the spokesperson said. Amazon 4-star stores, currently in New York City, Denver and Berkeley, Calif., sell various products, including consumer electronics, kitchen products and books that are rated 4 stars or above by customers on Amazon.com. The pop-up kiosks are expected to close by the end of April, The Wall Street Journal reported.
The news comes days after a Wall Street Journal report that Amazon plans to open dozens of grocery stores in several major U.S. cities. Those stores would be separate from the Whole Foods Market chain, which Amazon bought in 2017 in a $13.7 billion deal. The Amazon spokesperson declined to comment on the report. Amazon said it launched Amazon pop-up stores in six European countries during the 2018 holiday season. It was unclear if those stores would be affected by the closings. -
Philadelphia Bans Cashless Stores (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: This week, Philadelphia's mayor signed a bill that would ban cashless retail stores, according to The Morning Call. The move makes Philadelphia the first major city to require that brick-and-mortar retail stores accept cash. Besides Philadelphia, Massachusetts has required that retailers accept cash since 1978, according to CBS. The law takes effect July 1, and it will not apply to stores like Costco that require a membership, nor will it apply to parking garages or lots, or to hotels or rental car companies that require a credit or debit card as security for future charges, according to the Wall Street Journal. Retailers caught refusing cash can be fined up to $2,000.
Amazon, whose new Amazon Go stores are cashless and queue-less, reportedly pushed back against the new law, asking for an exemption. According to the WSJ, Philadelphia lawmakers said that Amazon could work around the law under the exemption for stores that require a membership to shop there, but Amazon told the city that a Prime membership is not required to shop at Amazon Go stores, so its options are limited. A top official in Philadelphia's Chamber of Commerce said that the ban will prevent Philadelphia from modernizing with the rest of the country. Cashless companies argue that cash slows down transactions when change needs to be counted and creates security risks for employees locking up at the end of the night. Supporters of the new law argue that "not accepting cash hurts poorer residents who may not be able to afford or qualify for a credit card or who want to avoid fees that come with changing cash into a prepaid debit card," reports Ars. "Additionally, privacy advocates say that being forced to use a digital form of payment to buy things is a de facto requirement to share records of their purchases with third-party companies." -
Nintendo To Smartphone Game Makers: You Can Only Gouge Our Players So Much (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: Wall Street Journal reporter Takashi Mochizuki took a Wednesday opportunity to review one game maker's financial reports: CyberAgent Inc, maker of smartphone games like the Nintendo-published Dragalia Lost. This report, published at the end of January, made vague allusions to a single smartphone game dragging the company down. Quoting from the company's own English-language press release: "At the time of the original earnings forecast announcement on October 25, we looked a new game title made a good start [sic]. However, its performance is being slower than we expected as of today." That resulted in a whopping 20-percent drop in revenue expectations in the company's gaming sector, from 50 billion yen to 40 billion. Mochizuki pressed the company to confirm which game that was, and CyberAgent confirmed the game in question was indeed Nintendo's Dragalia Lost.
The company clarified things even further to the WSJ, alleging that Nintendo responded to players' complaints about Dragalia's loot box economy by asking the developer to "adjust the game" to reduce how much a player might spend in the game to progress normally. "Nintendo is not interested in making a large amount of revenue from a single smartphone game," a CyberAgent representative told the WSJ. "If we managed the game alone, we would have made a lot more." When asked by the WSJ, Nintendo's Japanese arm replied with a statement that apparently confirms CyberAgent's allegation. "We discuss various things, not just limited to payments, to deliver high-quality fun to consumers," the Nintendo rep told the WSJ. The report says the reason why Nintendo's revenue goals for its entire smartphone-gaming sector are considered modest compared to other large Japanese publishers may be "because its smartphone games are positioned less to make oodles of cash and more to raise awareness of Nintendo's IP (which Nintendo will soon leverage with theme park attractions and a feature-length film)." -
Amazon To Launch New Grocery-Store Business Separate From Whole Foods (arstechnica.com)
An anonymous reader quotes a report from The Wall Street Journal: Amazon is planning to open dozens of grocery stores in several major U.S. cities (Warning: source may be paywalled; alternative source), according to people familiar with the matter, as the retail giant looks to broaden its reach in the food business. The company plans to open its first grocery store in Los Angeles as early as the end of the year, one person said. Amazon has already signed leases for at least two other grocery locations with openings planned for early next year, this person said. The new stores would be distinct from the company's upscale Whole Foods Market brand, though it is unclear whether the new grocery chain would carry the Amazon name. Amazon is also exploring an acquisition strategy to widen the new supermarket brand by purchasing regional grocery chains with about a dozen stores under operation, one person said. The new stores aren't intended to compete directly with Whole Foods, these people said. The new chain would offer a wider variety of products than what is on the shelves at the more upscale Whole Foods stores. The company is reportedly in talks to open grocery stores in shopping centers in San Francisco, Seattle, Chicago, Washington, D.C., and Philadelphia. -
Know-It-All Robot Shuts Down Dubious Family Texts (wsj.com)
Biting your tongue at yet another questionable article shared in your message group? Add artificial-intelligence fact-checker Meiyu, she will jump in with 'False.' From a report: The artificial-intelligence bot will interject in real time when she detects posts about the news, pointing out factual errors and alternative interpretations. The technology, created by Taiwanese developers, is a step ahead of most fact-checking apps, including versions offered in Brazil and Indonesia, which don't jump into conversations. Other popular fact-checkers, such as Snopes in the U.S., are public databases that users consult for reviews of news items. Meiyu quickly became hot in Taiwan, which had just gone through divisive local elections and is rife with rumors of China's interference in social media. The bot now has more than 110,000 users on the Japanese messaging app Line, which covers about 90% of the mobile-messaging market in Taiwan. -
Some Uber, Lyft Drivers To Get Stock in IPOs (wsj.com)
Ride-hailing companies Uber and Lyft are planning to give some drivers money to buy stock in their initial public offerings, WSJ reported Thursday [The link may be paywalled; alternative source]. From a report: Both Uber and Lyft's IPOs will include programs that would give some of their most-active or longest-serving drivers a cash award with an option to put it toward stock in the IPOs, according to people familiar with the matter. It is typically hard for an ordinary investor to buy a company's stock at its IPO price before it begins trading on an exchange, so this move would give drivers access they likely wouldn't have had otherwise.
Uber is working out the details of a program expected to be valued in the hundreds of millions of dollars that would give a significant portion of its 3 million active drivers and couriers globally either a cash bonus or the option to use that cash to purchase shares at the IPO price, people familiar with the matter said. These awards will be tiered based on a sliding scale related to the driver's length of service and number of trips or deliveries, these people said. -
Test Shows Facebook Begins Collecting Data From Several Popular Apps Seconds After Users Start Consuming Them. Company Also Collects Data of Non-Facebook Users. (wsj.com)
Millions of smartphone users confess their most intimate secrets to apps. Unbeknown to most people, in many cases that data is being shared with someone else: Facebook. [Editor's note: the link may be paywalled; here's an alternative source.] The Wall Street Journal reports: The social-media giant collects intensely personal information from many popular smartphone apps just seconds after users enter it, even if the user has no connection to Facebook, according to testing done by The Wall Street Journal. The apps often send the data without any prominent or specific disclosure, the testing showed. [...] In the case of apps, the Journal's testing showed that Facebook software collects data from many apps even if no Facebook account is used to log in and if the end user isn't a Facebook member.
In the Journal's testing, Instant Heart Rate: HR Monitor, the most popular heart-rate app on Apple's iOS, made by California-based Azumio, sent a user's heart rate to Facebook immediately after it was recorded. Flo Health's Flo Period & Ovulation Tracker, which claims 25 million active users, told Facebook when a user was having her period or informed the app of an intention to get pregnant, the tests showed. Real-estate app Realtor.com, owned by Move, a subsidiary of Wall Street Journal parent News Corp, sent the social network the location and price of listings that a user viewed, noting which ones were marked as favorites, the tests showed. None of those apps provided users any apparent way to stop that information from being sent to Facebook. Update: New York Governor Cuomo has ordered probe into Facebook access to personal data. -
Britain and Germany Will Not Ban Huawei, Citing Lack of Spying Evidence (reuters.com)
An anonymous Slashdot reader writes from a report via Reuters: Despite persistent U.S. allegations of Chinese state spying, Britain said it is able to manage the security risks of using Huawei telecom equipments and has not seen any evidence of malicious activity by the company, a senior official said on Wednesday. Asked later whether Washington had presented Britain with any evidence to support its allegations, he told reporters: "I would be obliged to report if there was evidence of malevolence [...] by Huawei. And we're yet to have to do that. So I hope that covers it."
At the same time, German officials have told The Wall Street Journal that the country has made a "preliminary decision" to allow Huawei to bid on contracts for 5G networking. Catering to the surging populism, the U.S. has accused Huawei and other Chinese telecom equipments, along with European cars, as national security risks, even though the National Security Agency, American's cyber spying agency, was found to have wiretapped German Chancellor Angela Merkel, conducted economic espionage against France, and hacked into Chinese networks. Earlier this week, beleaguered Huawei founder Ren Zhengfei described the continued investigations by the U.S. into the Chinese firm -- including the arrest of his daughter and company CFO, Meng Wanzhou -- as politically motivated. -
Trump Directs Pentagon To Create Space Force Legislation for Congress (wsj.com)
President Donald Trump signed a directive on Tuesday that ordered the Department of Defense to create a Space Force as a sixth military branch. From a report: With a directive signed Tuesday, Mr. Trump was positioning the Space Force much as the Marine Corps fits into the Navy, officials said, with the result being lower costs and less bureaucracy. The plan would require congressional approval. Mr. Trump is to propose funding in his proposed 2020 budget, and spell out a goal of eventually establishing the Space Force as a separate military department, a senior administration official said. "Space, that's the next step and we have to be prepared," said Mr. Trump, who added that adversaries were training forces and developing technology. "I think we'll have great support from Congress."
The order Mr. Trump signed, Space Policy Directive 4, calls for a legislative proposal by the secretary of defense to establish a chief of staff of the Space Force within the Air Force. That officer would be a member of the Joint Chiefs of Staff, according to an outline. There also be a new under secretary of defense for space to be appointed by the president. The proposal calls for the Space Force to organize, train and equip personnel to defend the U.S. in space, to provide independent military options for "joint and national leadership" and "enable the lethality and effectiveness of the joint force," according to the administration's outline. -
The Internet, Divided Between the US and China, Has Become a Battleground (wsj.com)
The global internet is splitting in two. From a report: One side, championed in China, is a digital landscape where mobile payments have replaced cash. Smartphones are the devices that matter, and users can shop, chat, bank and surf the web with one app. The downsides: The government reigns absolute, and it is watching -- you may have to communicate with friends in code. And don't expect to access Google or Facebook.
On the other side, in much of the world, the internet is open to all. Users can say what they want, mostly, and web developers can roll out pretty much anything. People accustomed to China's version complain this other internet can seem clunky. You must toggle among apps to chat, shop, bank and surf the web. Some websites still don't seem to be designed with smartphones in mind. The two zones are beginning to clash with the advent of the superfast new generation of mobile technology called 5G.
China aims to be the biggest provider of gear underlying the networks, and along with that it is pushing client countries to adopt its approach to the web -- essentially urging some to use versions of the "Great Firewall" that Beijing uses to control its internet and contain the West's influence. Battles are popping up around the world as Chinese tech giants try to use their market power at home to expand abroad, something they've largely failed to do so far. Some Silicon Valley executives worry the divergence risks giving Chinese companies an advantage in new technologies such as artificial intelligence, partly because they face fewer restrictions over privacy and data protection. Further reading: Former Google CEO Eric Schmidt Predicts the Internet Will Split in Two By 2028 -- and One Part Will Be Led By China. -
Publishers Chafe At Apple's Terms For 'Netflix For News' Subscription Service As It Demands a 50 Percent Revenue Cut (wsj.com)
Zorro shares a report from The Wall Street Journal: Apple's plan to create a subscription service for news is running into resistance from major publishers over the tech giant's proposed financial terms (Warning: source may be paywalled; alternative source), according to people familiar with the situation, complicating an initiative that is part of the company's efforts to offset slowing iPhone sales. In its pitch to some news organizations, the Cupertino, Calif., company has said it would keep about half of the subscription revenue from the service, the people said. The service, described by industry executives as a "Netflix for news," would allow users to read an unlimited amount of content from participating publishers for a monthly fee. It is expected to launch later this year as a paid tier of the Apple News app, the people said. The rest of the revenue would go into a pool that would be divided among publishers according to the amount of time users spend engaged with their articles, the people said. Representatives from Apple have told publishers that the subscription service could be priced at about $10 a month, similar to Apple's streaming music service, but the final price could change, some of the people said.
Another concern for some publishers is that they likely wouldn't get access to subscriber data, including credit-card information and email addresses, the people said. Credit-card information and email addresses are crucial for news organizations that seek to build their own customer databases and market their products to readers. Digital subscriptions are powering growth at big publishers including the Times, whose basic monthly subscription costs $15, the Post, which charges $10, and the Journal, which charges $39. Some of those companies are skeptical about giving up too much control to Apple, or cannibalizing their existing subscriptions to sign up lower-revenue Apple users, according to people familiar with the matter. -
Ask Slashdot: Is It Ethical To Purchase Electronics Products Made In China?
dryriver writes: A lot of people seem to think it's O.K. to buy electronics made in China. We get to buy products considerably cheaper than we otherwise would, and China by all accounts is growing, developing, and modernizing as a nation due to all the cool stuff they now make for the world. There is only one problem with that reasoning. 21st Century China has an atrocious human rights record, and almost all human rights watchdogs report that China is becoming more and more repressive each year. Freedom House put it this way in 2018: "It's worth noting that, in its attitude toward political dissent, the Chinese Communist Party has proven much harsher than the old Soviet regime of the Brezhnev era. Modern Chinese sentences are longer, the prospects for early release are far worse, and the Chinese authorities are generally unmoved by pleas for leniency from foreign diplomats." Basically, consumer dollars from around the world are not gradually creating a gentler, freer, more prosperous and more modern China at all. They are making the Chinese Communist Party richer, stronger, bolder and more aggressive and repressive in every respect. To the question: knowing what the human rights situation is in China, and that consumer dollars and euros flowing into the country from abroad is making things worse, not better, is it at all ethical to buy electronics or IT products manufactured in China? -
It's the Real World -- With Google Maps Layered on Top (wsj.com)
Google has started to roll out augmented reality navigation feature in its Maps app for some users. The company told the Wall Street Journal that the walking-focused feature will be available shortly, but only to Local Guides (community reviewers) at first. The feature will need "more testing" before it's available to everyone else, Google said. Still, this suggests AR route-finding is much closer to becoming a practical reality. Google Maps uses GPS to get a basic idea of where you are, and then relies on the camera to get a much more exact location with 3D arrows hovering over the places you need to turn. Notably, though, Google doesn't want you to rely too heavily on AR to get around. -
Game Retailer GameStop Says It Can't Sell Itself, Sees Stock Drive 27 Percent (arstechnica.com)
GameStop announced today that it has called off a decision to find a private buyer for the company and its subsidiaries. "The announcement ushered in the public company's largest stock-value dip in over 10 years, seeing it plummet in one day from $15.49 to (as of press time) $11.28 -- a dive of roughly 27 percent," reports Ars Technica. From the report: The Texas-based gaming retailer had been linked to acquisition rumors, as The Wall Street Journal reported earlier this month that multiple private equity firms had been circling GameStop -- and its subsidiaries, including the merch-focused ThinkGeek and the gaming magazine Game Informer. That report had suggested a deal might close by mid-February.
However, Tuesday's statement indicated that prospective deals fell through "due to the lack of available financing on terms that would be commercially acceptable to a prospective acquirer." The rest of the statement offers little clear hint of the company's next steps beyond pumping the cash from a recent subsidiary sale into options such as "reducing the company's outstanding debt, funding share repurchases, or reinvesting in core video game and collectibles businesses to drive growth." -
Budweiser, the World's Largest Beer Maker, is Using Low-Cost Sensors and Machine Learning To Keep Beverages Flowing (wsj.com)
The world's largest beer maker is using low-cost sensors and machine learning to predict when motors at a Fort Collins, Colo. brewery might malfunction. From a report: The Anheuser-Busch InBev SA plant was the first among the company's 350 beverage-making facilities to test whether wireless sensors that can detect ultrasonic sounds -- beyond the grasp of the human ear -- can be analyzed to predict when machines need maintenance. "You can start hearing days in advance that something will go wrong, and you'll know within hours when it'll fail. It's really, for us, very practical," said Tassilo Festetics, vice president of global solutions for the company.
The project began about six months ago when Mr. Festetics's team installed 20 wireless sensors across three packaging lines motors to measure vibrations. The sounds picked up are transmitted in real time and then compared to a normal, functioning engine's sounds, which serve as a baseline and allow the program to identify anomalies. A key advantage is that the sensors are non-invasive and don't need to be placed inside a machine. Sensors have been used for predictive maintenance in the past, but they were unable to transmit information in real time. Advances in processing data at the edge of the network, referred to as edge computing, enables companies to collect and analyze real-time sensor data from machines. -
US Pressed Chinese Firms To Show One Example of When They Resisted Request For Data From Chinese Government, But They Have Never Done So: WSJ (wsj.com)
The latest in the Huawei saga, which is increasing tension between the U.S. and China. WSJ reports about a remarkable event: Confronted with U.S. accusations of cyber espionage, Chinese companies and government officials often accuse Washington of hypocrisy, pointing to allegations in 2013 by former NSA contractor Edward Snowden that the U.S. had been hacking into key Chinese networks for years. Western officials say systems of checks and balances in their countries allow for companies to challenge those demands, unlike in China.
To further highlight that difference, U.S. officials have repeatedly pressed Chinese companies to demonstrate to them one example of a time they resisted a request for data from the Chinese government, but they have never done so, according to a person familiar with those conversations. U.S. intelligence officials have suggested at times that their views on Huawei are informed by definitive examples of malfeasance, though they have so far refused to share such evidence publicly. When the House Intelligence Committee in 2012 published an unclassified report naming Huawei as a security risk, it spoke generally about a lack of trust lawmakers placed in China but steered clear of providing concrete examples of the company being caught engaging in nefarious activity. -
How Companies Secretly Boost Their Glassdoor Ratings (wsj.com)
From a report: Last summer, employees of Guaranteed Rate posted a stream of negative reviews about the mortgage broker on Glassdoor, a company-ratings website. The company's rating on Glassdoor, which is determined by employee feedback, fell to 2.6 stars out of 5. Concerned that negative reviews could hurt recruiting, Guaranteed Rate CEO Victor Ciardelli instructed his team to enlist employees likely to post positive reviews, said a person familiar with his instructions. In September and October these employees flooded Glassdoor with hundreds of five-star ratings. The company rating now sits at 4.1.
Glassdoor has become an important arbiter of employee sentiment in today's highly competitive job market. A Wall Street Journal investigation shows it can be manipulated by employers trying to sway opinion in their favor. An analysis of millions of anonymous reviews posted on Glassdoor's site identified more than 400 companies with unusually large single-month increases in reviews. During the vast majority of these surges, the ratings were disproportionately positive compared with the surrounding months, the Journal's analysis shows. Glassdoor's problem echoes the challenged faced by other online rating platforms, who are trying to ensure their rankings are real and maintain users' trust. Amazon.com, local-business site Yelp and hotel-and-restaurant site TripAdvisor have all had to fend off attempts to game reviews and ratings. -
Russia Tries To Force Facebook, Twitter To Relocate Servers To Russia (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: The Russian government agency responsible for censorship on the Internet has accused Facebook and Twitter of failing to comply with a law requiring all servers that store personal data to be located in Russia. Roskomnadzor, the Russian censorship agency, "said the social-media networks hadn't submitted any formal and specific plans or submitted an acceptable explanation of when they would meet the country's requirements that all servers used to store Russians' personal data be located in Russia," The Wall Street Journal reported today. Roskomnadzor said it sent letters to Facebook and Twitter on December 17, giving them 30 days to provide "a legally valid response." With the 30 days having passed, the agency said that "Today, Roskomnadzor begins administrative proceedings against both companies." The law went into effect in September 2015, but Russia has had trouble enforcing it. "At the moment, the only tools Russia has to enforce its data rules are fines that typically only come to a few thousand dollars or blocking the offending online services, which is an option fraught with technical difficulties," a Reuters article said today.
According to The Journal, "Facebook and Twitter could be fined for not providing information to the watchdog." -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Shutdown Hits Industries Nationwide (wsj.com)
The partial government shutdown is affecting a wide range of business and financial concerns nationwide. From a report: Shuttered government offices are stalling the approval of new loans, initial public offerings, the processing of tax documents, and the approval of new products such as prescription drugs, among other effects. While some programs are reopening on a temporary basis or providing workarounds for affected companies, most services won't return to normal until the government fully reopens and 800,000 federal workers sift through the backlog.
Here is a round up of the impact: The partial closure of the Securities and Exchange Commission is delaying the ability of companies to open the IPO market. Companies that were seeking to list shares in January are delaying plans since the regulator has stopped reviewing and approving new and pending corporate registration statements. Airlines expect to have sluggish revenue growth in the first quarter in part because of revenue lost from government travel cancellations. Delta Air Lines Inc. Chief Executive Ed Bastian, for instance, said the shutdown would cost his airline $25 million in lost revenue from government travel. The U.S. Food and Drug Administration has dramatically curtailed inspections of domestic facilities at food-processing companies during the shutdown, though unpaid inspectors have resumed work inspecting higher-risk products such as fresh fruits and vegetables, eggs, seafood and dairy products.
At the Internal Revenue Service, the shutdown has created delays in getting some employer identification numbers, holding up some routine business deals. Some small-business loans are also stuck in limbo. The Small Business Administration has stopped approving routine loans that the agency backs to ensure entrepreneurs have access to funds, halting their plans for expansion and repairs and forcing some owners to consider costlier sources of cash. The government process for reviewing proposed mergers has been slowed by the shutdown, but it is still operating. Businesses that have government contracts are feeling the strain across a variety of industries, including the building of highways and bridges. -
Is California's PG&E The First Climate Change Bankruptcy? (marketscreener.com)
"California's largest power company intends to file for bankruptcy as it faces tens of billions of dollars in potential liability following massive wildfires that devastated parts of the state over the last two years," reports the Washington Post.
Calling it "a climate change casualty," one Forbes contributor notes that PG&E's stock has now lost 90% of its mid-October value after a giant November wildfire, adding that "Future investors will look back on these three months as a turning point, and wonder why the effects of climate change on the economic underpinnings to our society were not more widely recognized at the time." Climate scientists may equivocate about the degree to which Global Warming is contributing to these fires until more detailed research is complete, but for an investor who is used to making decisions based on incomplete or ambiguous information, the warning signs are flashing red... there is no doubt in my mind that Global Warming's thumb rests on the scale of PG&E's decision to declare bankruptcy.
And the Wall Street Journal is already describing it as "the first climate-change bankruptcy, probably not the last," noting that it was a prolonged drought that "dried out much of the state and decimated forests, dramatically increasing the risk of fire." "This is a fairly new development," said Bruce Usher, a professor at Columbia University's business school who teaches a course on climate and finance. "If you are not already considering extreme weather and other climatic events as one of many risk factors affecting business today, you are not doing your job"...
In less than a decade, PG&E, which serves 16 million customers, saw the risk of catastrophic wildfires multiply greatly in its vast service area, which stretches from the Oregon border south to Bakersfield. Weather patterns that had been typical for Southern California -- such as the hot, dry Santa Ana winds that sweep across the region in autumn, stoking fires -- were now appearing hundreds of miles to the north. "The Santa Ana fire condition is now a Northern California fire reality, " said Ken Pimlott, who retired last month as director of the California Department of Forestry and Fire Protection, or Cal Fire. "In a perfect world, we would like to see all [of PG&E's] equipment upgraded, all of the vegetation removed from their lines. But I don't know anybody overnight who is going to catch up." PG&E scrambled to reduce fire risks by shoring up power lines and trimming millions of trees. But the company's equipment kept setting fires -- about 1,550 between mid-2014 through 2017, or more than one a day, according to data it filed with the state.
The global business community is recognizing the risks it faces from climate change. This week, a World Economic Forum survey of global business and thought leaders found extreme weather and other climate-related issues as top risks both by likelihood and impact.
Other factors besides climate change may also have pushed PG&E towards bankruptcy, according to the article. They're required by California state regulations to provide electrical service to the thousands of people moving into the state's forested areas, yet "an unusual California state law, known as 'inverse condemnation,' made PG&E liable if its equipment started a fire, regardless of whether it was negligent."
In declaring bankruptcy, PG&E cited an estimated $30 billion in liabilities -- plus 750 lawsuits from wildfires potentially caused by its power lines. -
Motorola's RAZR Is Returning As a $1,500 Folding Smartphone (theverge.com)
A new report from The Wall Street Journal says the Motorola RAZR might be making a comeback as a $1,500 foldable screen smartphone, and it could launch as early as February. The Verge reports: The original RAZR was one of the most iconic cellphones ever made, and it seems that Motorola's parent company Lenovo is looking to cash in on that branding with an updated foldable phone (similar to the one that Samsung has teased for later this year). Per the WSJ, the new RAZR will be exclusive to Verizon in the U.S. with a planned February launch, although the device is still in testing and details have yet to be finalized.
Also unknown is nearly any concrete information about the phone. There's no word yet on things like screen size, specifications, or even form factor. Will the revived RAZR just borrow the name but use a more traditional landscape folding display? Will Lenovo follow the original RAZR design and have some sort of super long vertically folding screen? According to the WSJ report, Lenovo is hoping to manufacture over 200,000 of the new RAZRs, which may seem optimistic for a $1,500 luxury smartphone. But considering that the (admittedly much cheaper) RAZR V3 model sold 130 million units over its lifespan, if lightning does manage to strike twice, that goal might not be so hard to hit. -
Michael Cohen Says He Tried To Rig Online Polls 'at the Direction' of Donald Trump (cnbc.com)
Dan Mangan, writing for CNBC: President Donald Trump's former personal lawyer and longtime fixer Michael Cohen on Thursday said he tried to rig online polls -- including one conducted by CNBC -- "at the direction and for the sole benefit of" Trump when he was thinking about making a run for the White House. "I truly regret my blind loyalty to a man who doesn't deserve it," Cohen said in a tweet copping to the electronic chicanery to have Trump's name rank higher in online polls than it otherwise would have.
Cohen's admission came shortly after The Wall Street Journal published a story detailing how he retained an information technology company to manipulate a 2014 CNBC online poll identifying the nation's top 100 business leaders to bolster Trump's chances of making that list. That effort failed. And Trump himself fumed in 2014 on Twitter about his absence from CNBC's poll results. -
Federal Prosecutors Are Investigating Huawei For Allegedly Stealing Trade Secrets, Says Report (thehill.com)
According to The Wall Street Journal, federal prosecutors have launched a criminal investigation to see if Huawei allegedly stole trade secrets from U.S. companies. The probe is reportedly built out of civil lawsuits against the telecommunications firm. The Hill reports: People familiar with the probe told the Journal that it is at an advanced stage and that an indictment could soon be coming. Huawei has long faced scrutiny from both lawmakers and national security officials, who have labeled the firm as a national security threat over its ties to the Chinese government. The company has denied that characterization, and China this week called for other countries to end âoethe groundless fabrications and unreasonable restrictionsâ on Huawei and other firms. -
Federal Prosecutors Pursuing Criminal Case Against Huawei for Alleged Theft of Trade Secrets: Report (wsj.com)
Federal prosecutors are pursuing a criminal investigation of China's Huawei for allegedly stealing trade secrets from U.S. business partners, including the technology behind a robotic device that T-Mobile used to test smartphones, WSJ reported Wednesday. From a report: The investigation grew in part out of civil lawsuits against Huawei, including one in which a Seattle jury found Huawei liable for misappropriating robotic technology from T-Mobile's Bellevue, Wash., lab, the people familiar with the matter said. The probe is at an advanced stage and could lead to an indictment soon, they said. The link to the source article may be paywalled; here's an alternative source. -
WeWork's CEO Makes Millions as Landlord To WeWork (wsj.com)
An anonymous reader shares a report: For more than two months after employees at IBM moved into a Manhattan building managed by office space giant WeWork, frequent elevator problems forced workers to climb the stairs of the 11-story building and prompted complaints to the company. One of the landlords behind the building was no ordinary owner: It was Adam Neumann, WeWork's chief executive, who leased the property to WeWork after buying it [Editor's note: the link may be paywalled; alternative source], according to people familiar with the situation.
Mr. Neumann has made millions of dollars by leasing multiple properties in which he has an ownership stake back to WeWork, one of the country's most valuable startups. Multiple investors of the privately held company said the arrangement concerned them as a potential conflict of interest in which the CEO could benefit on rents or other terms with the company. [...] WeWork, which was recently valued at $47 billion by investor SoftBank, signs long-term leases for office space with landlords, then subleases the space on a short-term basis to companies. Mr. Neumann, the 39-year-old executive who founded WeWork in 2010, is WeWork's largest individual shareholder and has voting control over the company. -
World's First Robot Hotel Fires Half of Its Robot Staff (theregister.co.uk)
An anonymous reader quotes a report from The Register: The world's first hotel "staffed by robots" has culled half of its steely eyed employees, because they're rubbish and annoy the guests. "Our hotel's advanced technologies, introduced with the aim of maximizing efficiency, also add to the fun and comfort of your stay," the Henn na Hotel boasted on its website. It's where multilingual female robots staff the reception desk. Guests are checked in using face recognition. Robot concierges carry your luggage. Robots cleaned and mixed drinks. A voice activated robot doll is on hand at night while you sleep.
The Wall Street Journal has reported that the room doll interpreted snoring as a request it couldn't understand, waking guests continually through the night to rephrase. "The two robot luggage carriers are out of use because they can reach only about two dozen of the more than 100 rooms in the hotel. They can travel only on flat surfaces and could malfunction if they get wet going outside to annex buildings," the paper reported. "They were really slow and noisy, and would get stuck trying to go past each other," lamented one guest. The concierge and the room doll have now been removed. -
Only Nuclear Energy Can Save the Planet (wsj.com)
Joshua S. Goldstein, a professor emeritus of international relations at American University, and Staffan A. Qvist, an energy engineer and consultant, writing for The Wall Street Journal: Climate scientists tell us that the world must drastically cut its fossil fuel use in the next 30 years to stave off a potentially catastrophic tipping point for the planet. Confronting this challenge is a moral issue, but it's also a math problem -- and a big part of the solution has to be nuclear power. Today, more than 80% of the world's energy comes from fossil fuels, which are used to generate electricity, to heat buildings and to power car and airplane engines. Worse for the planet, the consumption of fossil fuels is growing quickly as poorer countries climb out of poverty and increase their energy use. Improving energy efficiency can reduce some of the burden, but it's not nearly enough to offset growing demand.
Any serious effort to decarbonize the world economy will require, then, a great deal more clean energy, on the order of 100 trillion kilowatt-hours per year, by our calculations -- roughly equivalent to today's entire annual fossil-fuel usage. A key variable is speed. To reach the target within three decades, the world would have to add about 3.3 trillion more kilowatt-hours of clean energy every year. Solar and wind power alone can't scale up fast enough to generate the vast amounts of electricity that will be needed by midcentury, especially as we convert car engines and the like from fossil fuels to carbon-free energy sources. Even Germany's concerted recent effort to add renewables -- the most ambitious national effort so far -- was nowhere near fast enough. A global increase in renewables at a rate matching Germany's peak success would add about 0.7 trillion kilowatt-hours of clean electricity every year. That's just over a fifth of the necessary 3.3 trillion annual target. -
Only Nuclear Energy Can Save the Planet (wsj.com)
Joshua S. Goldstein, a professor emeritus of international relations at American University, and Staffan A. Qvist, an energy engineer and consultant, writing for The Wall Street Journal: Climate scientists tell us that the world must drastically cut its fossil fuel use in the next 30 years to stave off a potentially catastrophic tipping point for the planet. Confronting this challenge is a moral issue, but it's also a math problem -- and a big part of the solution has to be nuclear power. Today, more than 80% of the world's energy comes from fossil fuels, which are used to generate electricity, to heat buildings and to power car and airplane engines. Worse for the planet, the consumption of fossil fuels is growing quickly as poorer countries climb out of poverty and increase their energy use. Improving energy efficiency can reduce some of the burden, but it's not nearly enough to offset growing demand.
Any serious effort to decarbonize the world economy will require, then, a great deal more clean energy, on the order of 100 trillion kilowatt-hours per year, by our calculations -- roughly equivalent to today's entire annual fossil-fuel usage. A key variable is speed. To reach the target within three decades, the world would have to add about 3.3 trillion more kilowatt-hours of clean energy every year. Solar and wind power alone can't scale up fast enough to generate the vast amounts of electricity that will be needed by midcentury, especially as we convert car engines and the like from fossil fuels to carbon-free energy sources. Even Germany's concerted recent effort to add renewables -- the most ambitious national effort so far -- was nowhere near fast enough. A global increase in renewables at a rate matching Germany's peak success would add about 0.7 trillion kilowatt-hours of clean electricity every year. That's just over a fifth of the necessary 3.3 trillion annual target. -
The US Government Has Amassed Terabytes of Internal WikiLeaks Data (gizmodo.com)
An anonymous reader shares an excerpt from a Gizmodo report, written by national security reporter and transparency activist Emma Best: Late last year, the U.S. government accidentally revealed that a sealed complaint had been filed against Julian Assange, the founder of WikiLeaks. Shortly before this was made public, the FBI reconfirmed its investigation of WikiLeaks was ongoing, and the Wall Street Journal reported that the Department of Justice was optimistic that it would be able to extradite Assange. Soon after, portions of sealed transcripts leaked that implicate WikiLeaks and Assange in directing hackers to target governments and corporations. The charges against Assange have not been officially revealed, though it's plausible that the offenses are related to Russian hacking and the DNC emails. The alleged offenses in the complaint notwithstanding, the government has an abundance of data to work with: over a dozen WikiLeaks' computers, hard drives, and email accounts, including those of the organization's current and former editors-in-chief, along with messages exchanged with alleged Russian hackers about DNC emails. Through a series of search warrants, subpoenas, equipment seizures, and cooperating witnesses, the federal government has collected internal WikiLeaks data covering the majority of the organization's period of operations, from 2009 at least through 2017.
In some instances, the seized data has been returned and allegedly destroyed, such as in the case of David House, a technologist and friend of Chelsea Manning when she famously became a source for WikiLeaks. In others, the seized materials include communications between WikiLeaks and their sources. Some of these discussions show WikiLeaks discussing their other sources and specific identifying details about them. Other seizures gave authorities a deeper view of the internal workings of WikiLeaks, including one of the earliest known seizures of WikiLeaks-related data, executed on December 14, 2010, when the messages and user information of several WikiLeaks-linked Twitter accounts were ordered. This search-and-seizure order included direct messages associated with WikiLeaks and its founder, former Army private first class and WikiLeaks source Chelsea Manning, WikiLeaks editor Rop Gongrijp, former WikiLeaks associate Jacob Appelbaum, and former WikiLeaks associate and Icelandic MP Birgitta Jonsdottir, between November 1, 2009, and the order's execution.