Flying cars will be in the air within five years, CEO of Larry Page-backed firm says - CNBC News

12/2/2018

Flying cars will be in the air within five years, CEO of Larry Page-backed firm says

Flying cars could be in air space within five years, Sebastian Thrun, the CEO of Kitty Hawk, a company backed Alphabet Chief Executive Larry Page, told CNBC.

Thrun said flying cars are in the "science phase."

Arjun Kharpal | @ArjunKharpal

CNBC.com

Sebastian Thrun, co-founder of Udacity

Source: Udacity

Sebastian Thrun, co-founder of Udacity

Flying cars could be in the air within five years, the chief executive of Kitty Hawk, a company backed by Alphabet CEO Larry Page, told CNBC on Monday.

Sebastian Thrun added that an announcement is due in March about the next stages of the project.

Thrun was one of the founders of Google X, the search giant's moonshot lab, and also a pioneer of the company's driverless car project. He is now the chairman of an online education firm called Udacity and the CEO of flying car firm Kitty Hawk.

Kitty Hawk unveiled a demonstration video of its flying car in 2017. Thrun said Monday that the company is gearing up for an announcement next month.

When asked when the next version of the flying car will be ready, he said Kitty Hawk is "very very close."

"We are going to have a big announcement coming forward in March," Thrun told CNBC in an interview on Monday at the World Government Summit in Dubai.

"The reality is if you look at transportation as a whole, most of it stays on the ground. And the ground is very capacity limited… when you go in the air, the air is mostly free. And you are now at a point where we can make air-based transportation, like daily transpiration, safer, faster and also more cheaper actually, environmentally friendly, than on the ground."

Thrun described a situation in which people are able to hail flying cars via a smartphone app. He added that it's unlikely people will actually own a vehicle, describing ownership as "antiquated," and that people will share flying cars, much like Uber and Lyft with ground vehicles.

Thrun said the project is in the early stages at the moment, but given the rapid pace of technological development, it wouldn't be unreasonable to think that flying cars could be in the air in five years.

"We are at the science phase," he said. "However, given that society moves really fast, I wouldn't see why within five years' time we wouldn't be able to take a city like Dubai and really give them (a) massive system for people to use flying cars every day."

Robert De Niro on Donald Trump's America: I'm from 'backward' country suffering 'temporary insanity' - Independent

12/2/2018

Robert De Niro on Donald Trump's America: I'm from 'backward' country suffering 'temporary insanity'

The actor described America as a 'backward' country suffering 'temporary insanity'

Jack Shepherd @JackJShepherd

Robert De Niro’s feud with Donald Trump continues, the Hollywood actor once again mocking the President of the United States and the governing administration.

Speaking at Dubai’s World Government Summit, De Niro told a packed audience he was visiting from a “backward” country suffering from “temporary insanity.”

The actor said that, in the country he was describing, the head of the Environmental Protection Agency had recently suggested global warming may be a good thing for humanity.

“I am talking about my own country, the United States of America,” he said, according to AP. “We don’t’ like to say we are a ‘backward’ country so let’s just say we’re suffering from a case of temporary insanity.”

De Niro added that the country “will eventually cure itself by voting our dangerous leader” to applause and laughs from the audience.

The Oscar-winner has previously criticised Trump on numerous occasions, both before and after becoming President. Most recently, De Niro criticised Trump at the National Board of Review Annual Awards Gala, calling him “a f**ing fool” and “the jerkoff-in-chief”.

During the campaign trail - for which he endorsed Hillary Clinton - De Niro claimed he'd like to “...punch [Trump] in the face.”

The actor is currently filming new Martin Scorsese film The Irishman alongside Al Pacino and his Goodfellas and Casino co-star Joe Pesci.

Mike Pence raises prospect of U.S-North Korea talks - NBC News

FEB 12 2018, 4:09 AM ET

Mike Pence raises prospect of U.S-North Korea talks

by REUTERS

WASHINGTON — The U.S. and South Korea have agreed on terms for further diplomatic engagement with North Korea, which could potentially lead to direct talks with Washington without pre-conditions, according to Vice President Mike Pence.

Speaking to the Washington Post aboard Air Force Two while returning from the Winter Olympics in South Korea, Pence said the Trump administration would keep up its “maximum pressure campaign” against Pyongyang but would be open to possible talks at the same time.

Image: Mike Pence, Kim Yong Nam, Kim Yo Jong

Vice President Mike Pence (bottom right) watches the opening ceremony of the 2018 Winter Olympics in Pyeongchang, South Korea, on Friday. Kim Yo Jong (top right), sister of North Korean leader Kim Jong Un, was seated just a few feet away. Patrick Semansky / AP

“The point is, no pressure comes off until they are actually doing something that the alliance believes represents a meaningful step toward denuclearization,” Pence was quoted as saying. “So the maximum pressure campaign is going to continue and intensify. But if you want to talk, we’ll talk.”

The prospect of talks comes after months of tension between Pyongyang, Seoul and Washington over North Korea's pursuit of nuclear weapons, with President Donald Trump and North Korean leader Kim Jong Un trading insults and threats amid tightening sanctions from the United Nations.

Pence had traveled to the Olympics to counter what Washington said was the North's crude attempts to hijack the Games with a propaganda campaign.

Pence was reported to have said he reached the new understanding with South Korean President Moon Jae-in, who has been pushing for diplomatic solution to the standoff over North Korea’s nuclear and missile programs, in two substantive conversations during his visit to South Korea.

A North Korean delegation, the highest-ranking to visit the South and led by Kim's younger sister, concluded its visit on Sunday after charming and intriguing the South Korean public, but still faces deep scepticism over Pyongyang's sincerity towards improving relations.

North Korea leader's sister makes history at Olympics Play

North Korea leader's sister makes history at Olympics 0:44

Moon gave qualified consent to holding a future summit with Kim, the first between the two Koreas since 2007.

North Korea has made clear that it does not intend to negotiate away its nuclear and missile programs in return for relief from international sanctions.

During Pence’s visit, Moon assured the vice president he would tell the North Koreans clearly that they would not get economic or diplomatic concessions for just talking, only for taking concrete steps toward denuclearization, the newspaper said.

Based on that assurance, Pence was cited as saying he felt confident he could endorse post-Olympic engagement with Pyongyang.

Vice President Mike Pence takes a selfie with his wife Karen (center) and retired U.S figure skater Sarah Hughes (left) during a Winter Olympic event at Gangneung Ice Arena on Saturday. Carl Court / Getty Images

Pence was quoted as describing the approach as “maximum pressure and engagement at the same time.”

Pence added that the United States, South Korea and Japan were in complete agreement on isolating North Korea over its nuclear weapons program.

Trump said in early January after the first intra-Korean talks in over two years that the United States was willing to speak to North Korea "under the right circumstances," although it was far from clear whether this would pay dividends.

On Sunday, Defense Secretary Jim Mattis said it was too early to tell whether a diplomatic detente between the two Koreas at the games would lead to results, but the move had not driven a wedge between Washington and Seoul.

The two Koreas are still technically at war after the 1950-53 conflict on the Korean peninsula ended in a cease-fire and not a peace treaty.

North Korea has said in public statements that it wants an official end to the Korean War. It also wants nothing short of full normalization of relations with the U.S. and to be treated with respect and as an equal in the global arena.

Why is Australia investigating its banks? - BBC News

12/2/2018

Why is Australia investigating its banks?

Australia's banking and financial institutions have faced several scandals

Finance is Australia's biggest industry, and its banks are some of the most profitable in the world.

But now the nation's highest form of public inquiry is examining misconduct by the nation's banks and financial institutions.

The royal commission follows a decade of scandals that have rocked the sector.

How dominant are Australia's banks?

Australia's "Big Four" - Commonwealth Bank (CBA), ANZ, National Australia Bank (NAB) and Westpac - collectively have about 80% of the country's banking market.

A recent government-funded report found the sector was "unquestionably strong", but criticised levels of competition and transparency.

What have been the scandals?

All four major banks have faced misconduct allegations. They include:

Risky financial advice: Commonwealth Bank customers lost millions of dollars due to inappropriate advice from financial planners.

Dodgy mortgages: About 20 NAB bankers were sacked after issuing home loans based on incorrect or incomplete documentation.

Rate-rigging lawsuits: All four banks were accused of manipulating a key interest rate benchmark.

Alleged breaches of anti money laundering laws: Commonwealth Bank admitted it was late to disclose 53,000 suspect ATM transactions.

Analysts estimate that Australian banks have paid more than A$1bn (£550m; $780m) in penalties and compensation since the 2008 financial crisis.

Despite this, the banking giants have continued to post large profits, sometimes at record levels.

Why was an inquiry deemed necessary?

Momentum grew from continued public debate about whether banks were putting profits and shareholders ahead of customers.

Prime Minister Malcolm Turnbull had initially opposed an inquiry, but agreed in December that one was needed to restore confidence in the sector.

Malcolm Turnbull described the inquiry as "regrettable but necessary"

He said the royal commission would extend to the entire financial industry, including superannuation - or pension contributions - insurance and wealth management sectors.

The biggest banks said they welcomed the inquiry as a way to end "political uncertainty".

What will be investigated?

The catchily-titled 'Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry' will examine misconduct which has already been established in the sector - as well as allegations about other wrongdoing.

It also has the remit to look at possible gaps in how the industry is monitored and regulated.

Anyone can make submissions to the inquiry - with bank customers among those expected to give plenty of input.

How Australian bank customers are suffering

Australia's big rate-rigging scandal

The commissioners will have the power to examine documents, call witnesses and take evidence. The inquiry is scheduled to take 12 months.

The banks say they remain confident about the process, but some industry watchers have predicted further damaging revelations.

What could happen afterwards?

The inquiry can make recommendations to reform the industry, and even prosecutions, if it finds wrongdoing.

But it cannot award compensation for individual cases or even directly tell institutions to take action. But it can propose redress schemes.

Could the inquiry fall short?

Critics have said a year-long inquiry may not be able to sufficiently investigate all allegations.

The most recent royal commission, which covered child sexual abuse, ran for four years.

Harvey Weinstein: New York state sues Weinstein Company - BBC News

12/2/2018

Harvey Weinstein: New York state sues Weinstein Company

Harvey Weinstein is facing dozens of accusations of abuse

New York prosecutors have filed a lawsuit against the Weinstein Company, alleging that the studio failed to protect staff from Harvey Weinstein.

The film producer is facing dozens of allegations of sexual abuse, including rape, but denies non-consensual sex.

The lawsuit alleges Mr Weinstein abused female employees and made verbal threats to kill staff members.

A lawyer for Mr Weinstein said a "fair investigation" would show that many of the allegations were without merit.

The Weinstein Company is yet to comment.

Weinstein timeline: How the scandal unfolded

What is in the lawsuit?

New York Attorney General Eric Schneiderman said on Sunday that he had filed the suit against the Weinstein Company, as well as Mr Weinstein and his brother Robert, who co-founded the studio.

He is seeking an unspecified sum to cover damages, plus penalties, for victims of alleged abuse by Harvey Weinstein, 65.

The document alleges that Mr Weinstein sexually harassed and abused women employed by the studio for years.

It accuses senior executives at the company, including Robert Weinstein, of failing to prevent the mistreatment of staff despite being presented with evidence.

The lawsuit follows a four-month investigation and cites multiple examples of alleged misconduct by Mr Weinstein, including:

Verbal threats, such as telling employees "I will kill you" or "I will kill your family"

Employing female staff as "wing women" to "accompany [Mr Weinstein] to events and facilitate [his] sexual conquests"

Demanding sexual favours in return for career promotion at the studio

Requiring his drivers to "keep condoms and erectile dysfunction injections in the car at all times"

The requirement for his assistants to schedule "personals for sexual activity" both during office hours and after work

Belittling female members of staff with insults about their periods, and shouting at one member of staff that she should leave the company and make babies as that was all she was good for

The company is also accused of failing employees by:

Not investigating complaints or treating them confidentially, with one assistant saying she saw her email detailing Mr Weinstein's misconduct allegations had been forwarded directly to him

Creating a contract for Mr Weinstein which allegedly contained the proviso that mistreatment claims would result in a financial penalty, rather than be prohibited, which "effectively monetised" sexual harassment.

In response, Mr Weinstein's lawyer Ben Brafman said while his client's behaviour "was not without fault", there was "no criminality".

"At the end of the inquiry it will be clear that Harvey Weinstein promoted more women to key executive positions than any other industry leader and there was zero discrimination at either Miramax or [the Weinstein Company]," he said.

What does this mean for Weinstein Company?

The suit casts doubt over the sale of the Weinstein Company, which has been battling bankruptcy and is in talks with investors.

Image copyrightSIPA PRESS/REX/SHUTTERSTOCK

Image caption

Harvey Weinstein and his brother Robert, known as Bob (L), pictured in the 1980s

Mr Schneiderman said his investigation was continuing, but he had brought the suit out of concern that a possible sale would leave alleged victims without adequate compensation, and could benefit "perpetrators or enablers".

Who has accused Weinstein of what?

Weinstein 'derailed my career'

Hayek: He threatened to kill me

It is reported that businesswoman Maria Contreras-Sweet has led talks to buy the studio for $500m (£362m).

But after news of the suit emerged, negotiations are now said to be on hold.

Investors baulked at the prospect of the lawsuit adding conditions to the sale, Variety reported.

What is Mr Weinstein accused of?

In October last year, The New York Times published a story detailing decades of allegations of sexual harassment against Mr Weinstein.

Since then more than 50 women, among them some of the biggest names in Hollywood, have accused the film producer of sexual assault, harassment, abuse and rape.

Media captionAshley Judd: I was not frightened of Harvey Weinstein

In the wake of the allegations, Mr Weinstein was sacked by the board of his company.

He is under investigation by UK and US police but no charges have been brought.

Mr Weinstein, who was once among the most powerful men in Hollywood, has admitted that his behaviour has "caused a lot of pain" but has described many of the allegations against him as "patently false".

Amazon Might Be Getting Into the Delivery Business - TIME Business

Amazon Might Be Getting Into the Delivery Business

Posted: 10 Feb 2018 01:12 PM PST

Amazon has already shown that it can rattle the retail, grocery and health insurance industries, and now it is doing the same in the delivery business.
The online retailer is reportedly planning a new service to pick up packages from businesses and deliver them to consumers.
The service, called “Shipping With Amazon,” is expected to start in Los Angeles in the coming weeks and roll out more broadly as soon as this year, according to The Wall Street Journal , which cited anonymous sources.
Amazon, which has been edging into the delivery business for some time, would not confirm the report — but didn’t deny it either.

“We’re always innovating and experimenting on behalf of customers and the businesses that sell and grow on Amazon to create faster lower-cost delivery choices,” said Amazon spokeswoman Kristen Kish.
Shares of delivery giants UPS and FedEx slipped Friday, but so did Amazon’s stock as analysts expressed caution about the difficulty of building a competitive delivery network.
Amazon’s interest in the delivery business has been percolating ever since many Amazon packages were delivered late around Christmas in 2013. Amazon has helped fuel the boom in online shopping, but all those millions of packages are straining the networks of UPS and FedEx. Amazon also uses the U.S. Postal Service and smaller delivery companies.
UPS had a rocky holiday season late last year, as it underestimated the crush of online shopping during so-called cyber week right after Thanksgiving. The Atlanta-based company plans to spend a chunk of its tax-cut savings to improve its network.
Meanwhile, Amazon has leased 40 airplanes, begun arranging ocean freight shipments from China to the U.S., and built up a corps of delivery drivers.
Executives at UPS and FedEx have downplayed the Amazon threat before, saying that it would take a massive investment over a long time to build an air and ground network to rival theirs.
There is little doubt, however, that Seattle-based Amazon has the means to build a bigger network. It had $178 billion in sales and $3 billion in profit last year and is sitting on more than $20 billion in cash.
An Amazon entry would “send shivers down the spines of the traditional delivery companies,” said Neil Saunders, managing director of GlobalData Retail.
Saunders said the delivery companies are likely to lose business from Amazon — slowly at first, then more quickly as Amazon builds out its own operation. And if Amazon starts delivering to businesses, it may undercut the incumbents on rates, he said.
Analysts estimate that UPS gets up to 6 percent of revenue from Amazon deliveries compared to about 3 percent for FedEx. Several took a wait-and-see approach to the Amazon threat.
Deutsche Bank analysts wrote that “one pilot program, in one city, is being extrapolated as a clear and present risk to a global network” that delivers 33 million packages a day, more than 20 times Amazon’s estimated delivery volume. They were “highly skeptical” of much risk to UPS and FedEx.
Citi analyst Christian Weatherbee said Amazon hasn’t yet committed significant assets to a new delivery program.
“We don’t want to present the case that Amazon will never, or could never, compete directly with FedEx, UPS” and the post office, Weatherbee said, but there is no indication that the company has bought enough trucks and hired enough drivers to take on UPS and FedEx, which would be a “difficult task,” he said.
Amazon is likely to remain a major customer for UPS and FedEx for quite some time, complicating their relationship.
UBS Securities analyst Thomas Wadewitz said as “frenemy” Amazon expands on their turf, it could make sense for UPS and FedEx to significantly raise prices with Amazon, although there is no evidence to show they’ll do that.
Others think Amazon may be trying to talk down delivery rates and get better service. Stifel analyst David Ross said Amazon will grow its logistics business but won’t be able — and may not even want — to handle all of its own deliveries.
FedEx spokesman Patrick Fitzgerald said the Journal headline showed a “lack of basic understanding of the full scale of the global transportation industry.”
UPS spokesman Steve Gaut said in statement that the company “continues to support Amazon and many other customers,” and doesn’t comment about their business strategies or decisions on how they use UPS services. UPS declined to make an executive available for an interview.
Amazon’s muscle and influence beyond retailing have been very evident lately.
When Amazon, Warren Buffett and the CEO of JPMorgan Chase announced two weeks ago that they were forming a company to tackle employer health care costs, it triggered a sell-off in the shares of established health insurers.
This week Amazon launched two-hour grocery delivery for Prime members from Whole Foods, which it bought last summer for nearly $14 billion.
Amazon shares fell $10.90 to close at $1,339.60; United Parcel Service Inc. dropped $2.89, or 2.6 percent, to $106.39; and FedEx Corp. fell $3.95, or 1.7 percent, to $235.32.

U.S. Stocks Swing Back to Gains, Dow Up 330 on Turbulent Day - TIME Business

U.S. Stocks Swing Back to Gains, Dow Up 330 on Turbulent Day Posted: 09 Feb 2018 07:39 AM PST Wall Street capped a day of wild swings Friday with a late-afternoon rally that reversed steep early losses and sent the Dow Jones industrial average 330 points higher. Even with the rebound, this was the worst week for the market in about two years. Stocks struggled to stabilize much of the day as investors sent prices climbing, then slumping in unsteady trading a day after the market entered its first correction in two years. The up-and-down swings followed a drop of 10 percent from the latest record highs set by major U.S. indexes just two weeks ago. At midday, the market was on pace for its worst weekly decline since October 2008, at the height of the financial crisis. The Dow briefly sank 500 points in afternoon trading after surging more than 349 points earlier in the day. The blue chip average suffered its second 1,000-point drop in a week on Thursday. The Standard & Poor’s 500 index, the benchmark for many index funds, also wavered between gains and losses. As of Thursday, some $2.49 trillion in value had vanished from the index since its most recent peak on Jan. 26, according to S&P Dow Jones Indices. “Equities have traded in a roller coaster fashion all week and today is no exception,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “There’s a fair amount of volatility in the market, and our belief is the volatility is leaving investors riddled with stress and uncertainty, which is likely to continue.” The S&P 500 rose 38.55 points, or 1.5 percent, to 2,619.55. The Dow gained 330.44 points, or 1.4 percent, to 24,190.90. The Nasdaq composite added 97.33 points, or 1.4 percent, to 6,874.49. Technology companies accounted for most of the broad gains, outweighing losses in energy stocks, which slumped as U.S. crude prices declined, sending the price of oil below $60 a barrel for the first time this year. Bond prices fell. The yield on the 10-year Treasury rose to 2.85 percent from 2.83 percent late Thursday. Some companies rose after reporting quarterly results and outlooks that beat Wall Street’s forecasts. Skechers USA climbed $2.88, or 7.5 percent, to $41.06. Chipmaker Nvidia added $14.56, or 6.7 percent, to $232.08. Expedia slumped after its latest earnings fell short of analysts’ expectations. The travel website’s 2018 outlook also disappointed investors. Its shares sank $19.03, or 15.5 percent, to $104. The turbulence in U.S. stock indexes followed a broad slide in global markets. In Europe, Germany’s DAX fell 1.2 percent, while France’s CAC 40 lost 1.4 percent. Britain’s FTSE 100 shed 1.1 percent. Asian markets fell more sharply. Tokyo’s Nikkei 225 lost 2.3 percent and Hong Kong’s Hang Seng gave up 3.1 percent. U.S. stocks started to tumble last week after the Labor Department said workers’ wages grew at a fast rate in January. Investors worried that rising wages will hurt corporate profits and could signal an increase in inflation that could prompt the Federal Reserve to raise interest rates at a faster pace, putting a brake on the economy. On Wall Street, many companies that rose the most over the last year have borne the brunt of the selling. Facebook and Boeing have both fallen sharply. Financial analysts regard corrections as normal events but say the latest unusually abrupt plunge might have been triggered by a combination of events that rattled investors. Those include worries about a potential rise in U.S. inflation or interest rates and budget disputes in Washington. The market, currently in its second-longest bull run of all time, had not seen a correction for two years, an unusually long time. Many market watchers have been predicting a pullback, saying stock prices have become too expensive relative to company earnings. What many failed to predict, however, is the S&P 500’s blazing slide from a record high on Jan. 26 to a drop of 10 percent on Thursday. “The S&P 500 hasn’t moved into correction mode this quickly, ever,” said Lindsey Bell, investment strategist at CFRA Research. It’s taken nine days to go from the January 26 peak to where we are today.” American employers are hiring at a healthy pace, with unemployment at a 17-year low of 4.1 percent. The housing industry is solid, and manufacturing is rebounding. Major economies around the world are growing in tandem for the first time since the Great Recession, and corporate profits are on the rise. That combination usually carries stocks higher. But stock prices have climbed faster than profits in recent years. Many investors justified that by pointing out that interest rates were low and few alternatives looked like better investments. Fast rising interest rates would make that argument much less persuasive.