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New Group Joins the Political Fight Over Disinformation Online 2024-04-22 21:20:45+00:00 - Two years ago, Nina Jankowicz briefly led an agency at the Department of Homeland Security created to fight disinformation — the establishment of which provoked a political and legal battle over the government’s role in policing lies and other harmful content online that continues to reverberate. Now she has re-entered the fray with a new nonprofit organization intended to fight what she and others have described as a coordinated campaign by conservatives and others to undermine researchers, like her, who study the sources of disinformation. Already a lightning rod for critics of her work on the subject, Ms. Jankowicz inaugurated the organization with a letter accusing three Republican committee chairmen in the House of Representatives of abusing their subpoena powers to silence think tanks and universities that expose the sources of disinformation. “These tactics echo the dark days of McCarthyism, but with a frightening 21st-century twist,” she wrote in the letter on Monday with the organization’s co-founder Carlos Álvarez-Aranyos, a public-relations consultant who in 2020 was involved in efforts to defend the integrity of the American voting system.
California could ban Clear, which lets travelers pay to skip TSA lines 2024-04-22 21:09:00+00:00 - A new bill, the first of its kind in the U.S., would ban security screening company Clear from operating at California airports as lawmakers take aim at companies that let consumers pay to pass through security ahead of other travelers. Sen. Josh Newman, a California Democrat and the sponsor of the legislation, said Clear effectively lets wealthier people skip in front of passengers who have been waiting to be screened by Transportation Security Administration agents. "It's a basic equity issue when you see people subscribed to a concierge service being escorted in front of people who have waited a long time to get to the front of TSA line," Newman told CBS MoneyWatch. "Everyone is beaten down by the travel experience, and if Clear escorts a customer in front of you and tells TSA, 'Sorry, I have someone better,' it's really frustrating." If passed, the bill would bar Clear, a private security clearance company founded in 2010, from airports in California. Clear charges members $189 per year to verify passengers' identities at airports and escort them through security, allowing them to bypass TSA checkpoints. The service is in use at roughly 50 airports across the U.S., as well as at dozens of sports stadiums and other venues. California State Senator Josh Newman, seen here speaking at a ceremony in Orange County on Oct. 27, 2022, in Fullerton, California, said his bill to ban the travel screening service at airports in the state is "about dignity in the travel experience of people who don't have money to pay for upsell services." Irfan Khan/Los Angeles Times via Getty Images A media representative for Clear declined to comment on the proposal to ban the company's service in California. "We are proud to partner with nine airports across California — creating hundreds of jobs, sharing more than $13 million in annual revenue with our California airport partners and serving nearly 1 million Californians," the company said in a statement to CBS MoneyWatch. "We are always working with our airline and airport partners as well as local, state, and federal governments to ensure all travelers have a safer, easier checkpoint experience." Newman said his bill, SB-1372, doesn't seek to prohibit Clear from operating its own dedicated security lines separate from other passengers. "The bill doesn't seek to punish Clear or put it out of business. It wants to create a better traffic flow so customers aren't intersecting with the general public and causing a moment of friction that is so frustrating to the average traveller," he said. "All it does is up the tension in the line." "It's about dignity" The legislation has bipartisan support from Republican Sen. Janet Nguyen. The Association of Flight Attendants-CWA (AFA-CWA) also supports the bill, as does the union representing Transportation Security Officers in Oakland, Sacramento, and San Jose. In a letter to Senate Transportation Committee Chair Dave Cortese, AFA-CWA President Sara Nelson said the bill "would restore equal access and treatment at the airport security checkpoint by requiring companies like Clear to operate in a dedicated security lane, separate from general travelers and TSA PreCheck members." James Murdock, president of AFGE Local 1230, the TSA officer union's local chapter, also weighed in. "Clear is nothing more than the luxury resale of upcharge of space in the airport security queue, where those who pay can skip the line at the direct expense of every other traveler," he said in a letter to Cortese. "While Clear may save time for its paying customers, non-customers suffer from Clear's aggressive sales tactics and longer security queues while they enter an essential security screening process." The bill, which is set to come before the California State Senate's transportation committee on Tuesday, does have significant adversaries in the form of major airlines, including Alaska Airlines, Delta Air Lines, JetBlue, United and others. Carriers claim the measure threatens to restrict how airports manage security lines, which they say would worsen the experience for passengers and hurt business. Delta, United and Alaska each have partnerships with Clear. But Newman is undaunted, describing his bill as an effort to improve travel for the majority of passengers. "It's about dignity in the travel experience of people who don't have money to pay for upsell services," Newman said. "If you have money, by all means, but that business shouldn't be at the expense of the average traveller."
China is getting a head start on the flying car industry: report 2024-04-22 21:07:26+00:00 - China is pulling ahead in the flying car industry. Chinese regulators are fast-tracking approval for eVTOL vehicles. Chinese company AutoFlight received the world's first certification for an eVTOL over 1 tonne. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement China is leading the pack as the flying car industry tries to take off. Chinese regulators are racing to approve eVTOL (electric vertical take-off and landing) vehicles. These aircraft take off like helicopters but can also fly like planes at higher speeds. Kellen Xie, the vice president of Chinese eVTOL company AutoFlight Group, told the Financial Times that the Civil Aviation Administration of China (CAAC) has been "quite supportive" of the growing industry. Related stories Xie told FT that CAAC regulators "work longer hours" and "are determined to actually speed up the process of bringing this new technology into reality." Advertisement China became one step closer to that reality in March when the CAAC granted certification for AutoFlight's unmanned CaryAll aircraft, the first time regulators have approved an eVTOL over 1 metric ton for flight, FT reported. AutoFlight is still awaiting regulatory approval in Europe, according to FT. In the US, several smaller eVTOLS have already received the green light. In July, the Federal Aviation Administration granted the first-ever US approval for Alef Aeronautics' Model A flying car, which can actually drive on city streets like a car, as well as pick up and take flight. Advertisement As of March, the company had already received more than 2,850 reservations to purchase the $300,000 vehicle, which is expected to hit the streets (and the skies) as early as the end of 2025. A month later, California-based startup Aska became the second eVTOL company to earn FAA certification, but Aska's prototype is more like an aircraft than a car.
A major headwind for TikTok could be the ultimate tailwind for Meta's Facebook and Instagram 2024-04-22 21:02:00+00:00 - Congress is inching closer toward a TikTok ban in the U.S. – offering another reason to stay invested in Club holding Meta Platforms after a year-and-half of strong stock gains. Meta's Facebook and Instagram stand to gain if TikTok is cut off in the U.S. and users of the popular short-form video app are forced to redirect their attention elsewhere. That additional time spent on Meta's platforms – and potential advertising dollars that follow – would complement the company's artificial intelligence initiatives and commitment to efficient spending, which have propelled the stock's dramatic rebound from late 2022 lows. "Meta is all about the House bill and TikTok because…you have to put your ads on Reels if you can't get it on TikTok," Jim said Monday during the Club's Morning Meeting . Shares of Meta rose more than 1% Monday, as investors digested the latest out of Washington and prepared for its first-quarter earnings report due out Wednesday evening. META mountain 2022-11-03 Meta's stock performance since Nov. 3, 2022, which marked its lowest close during its dramatic sell-off that year. The House of Representatives on Saturday passed legislation that bans TikTok in the U.S. if its Chinese parent company, ByteDance, does not sell its stake in the app within nine months to a year. The measure – included in a broader foreign aid package for Ukraine, Israel and Taiwan – is now under consideration in the Senate. President Joe Biden has said he would sign if it reached his desk. Critics of TikTok say the app's ownership presents risks to U.S. national security, contending the Chinese government could compel ByteDance to hand over data on its roughly 170 million American users. TikTok CEO Shou Zi Chew has denied that the app shares data with the Chinese Communist Party. The company criticized Congress' latest bill targeting TikTok. "It is unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance to once again jam through a ban bill that would trample the free speech rights of 170 million Americans, devastate 7 million businesses, and shutter a platform that contributes $24 billion to the U.S. economy, annually," a TikTok spokesperson said in an email to CNBC. TikTok did not comment on whether it would sue if the legislation passed. However, other media reports suggest the company would embark on a legal fight against the measure. That could complicate the timelines around when the clock on a forced sale would start, if at all. Nevertheless, Wall Street projects that Meta – and, to a lesser extent, fellow Club holding Alphabet – would benefit from a potential TikTok ban. The two companies – already the dominant players in the digital advertising landscape – both have developed short-form video features in recent years to rival TikTok's explosive growth, with Meta's Reels and Alphabet's YouTube Shorts. Meta would be the "primary recipient of redistributed TikTok revenue should the company exit the U.S., with Google the likely number two beneficiary," Wedbush Securities analysts said in a note to clients Monday. In a recent Wedbush consumer survey, 60% of TikTok users who responded said either Facebook or Instagram were their top alternatives if TikTok were to be banned. That was followed by 19% of TikTok users who said they would go to YouTube. Meanwhile, Deutsche Bank said Meta's stock could see more upside in light of a potential TikTok ban. The bank's latest analysis shows that for every 10% of TikTok engagement in the U.S. that shifts to its competitors, Meta would see roughly $19 per share worth of additional value as more consumption is shifted to Instagram and Facebook. That represents about 4% of Meta's $481.07 closing price Friday. Looking ahead to fiscal 2025, the analysts projected that "for every 10% of TikTok's engagement minutes that go to Instagram and Facebook...the company would generate $3.8 billion in incremental revenue." That's about 2% upside to the firm's current estimates. This shift would also result in an additional $1.2 billion for Google's YouTube revenue growth, according to Deutsche Bank analysts. To be sure, they argue the impact to Alphabet's stock price would be "insignificant given the lower relative margins for YouTube, and the fact that the lion's share of the company's value is tied back to Google." Alphabet's companywide revenue in 2025 is projected to be $380 billion, according to consensus estimates compiled by FactSet. After initially being a drag on revenue, Meta has said Reels is now a positive contributor across its apps. More than 2 billion logged-in users watch Shorts each month and "monetization continues to progress nicely," Alphabet's chief business officer, Philipp Schindler, said earlier this year. Both Meta and Alphabet have made massive strides in using AI to optimize advertising performance to help increase engagements on their platforms, bolstering their attractiveness for ad buyers trying to reach a huge audience. We'll get an update on how their AI strategies are doing when Meta reports Wednesday and Alphabet delivers its report Thursday after the closing bell. We'll also look for an update from Meta on its growing business from China-based advertisers . (Jim Cramer's Charitable Trust is long META, GOOGL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Avishek Das | Lightrocket | Getty Images
Jury: BNSF Railway contributed to 2 deaths in Montana town where asbestos sickened thousands 2024-04-22 21:01:18+00:00 - HELENA, Mont. (AP) — A federal jury on Monday said BNSF Railway contributed to the deaths of two people who were exposed to asbestos decades ago when tainted mining material was shipped through a Montana town where thousands have been sickened. The jury awarded $4 million each in compensatory damages to the estates of the two plaintiffs, who died in 2020. Jurors said asbestos that spilled in the rail yard in the town of Libby, Montana was a substantial factor in the plaintiffs’ illnesses and death. The jury did not find that BNSF acted intentionally or with indifference so there will be no punitive damages awarded. Warren Buffett’s Berkshire Hathaway Inc. acquired BNSF in 2010, two decades after the vermiculite mine in Libby shut down and stopped shipping its contaminated product by rail. The pollution in Libby has been cleaned up, largely at public expense. Yet the long timeframe over which asbestos-related diseases develop means people previously exposed are likely to continue getting sick for years to come, health officials say. Attorneys for the estates of the two victims — Joyce Walder and Thomas Wells — had argued that the railroad knew the asbestos-tainted vermiculite was dangerous but failed to act. Her sister said after the jury returned its verdict that no amount of money could replace Walder. “I’d rather have her than all the money in the world,” Hemphill said. BNSF said its employees didn’t know the vermiculite was filled with hazardous microscopic asbestos fibers. The case in federal civil court over the two deaths was the first of numerous lawsuits against the Texas-based railroad corporation to reach trial over its past operations in Libby. Current and former residents of the small town near the U.S.-Canada border want BNSF held accountable, accusing it of playing a role in asbestos exposure that health officials say has killed several hundred people and sickened thousands. The railroad said it was obliged under law to ship the vermiculite, which was used in insulation and for other commercial purposes, and that W.R. Grace employees had concealed the health hazards from the railroad. BNSF attorney Chad Knight said the railroad could only be held liable if it could have foreseen the health hazards of asbestos based on information available decades ago when the alleged exposures happened. “In the 50s, 60s and 70s no one in the public suspected there might be health concerns,” Knight said Friday. The plaintiffs argued that BNSF higher-ups knew for decades that the vermiculite contained asbestos and that concerns about workers breathing asbestos dust had existed in medical journals since the late 1890s. The judge instructed the jury it could only find the railroad negligent based on its actions in the Libby Railyard, not for hauling the vermiculite. BNSF was formed in 1995 from the merger of Burlington Northern railroad, which operated in Libby for decades, and the Santa Fe Pacific Corporation. Berkshire Hathaway, based in Nebraska and chaired by Buffett, acquired BNSF in 2010. Looming over the proceedings was W.R. Grace, which operated a mountaintop vermiculite mine 7 miles (11 kilometers) outside of Libby until it closed in 1990. The Maryland-based company played a central role in Libby’s tragedy and has paid significant settlements to victims. U.S. District Court Judge Brian Morris referred to the the chemical company as “the elephant in the room” during the BNSF trial and reminded jurors repeatedly that the case was about the railroad’s conduct, not W.R. Grace’s separate liability. Federal prosecutors in 2005 indicted W. R. Grace and executives from the company on criminal charges over the contamination in Libby. A jury acquitted them following a 2009 trial. The Environmental Protection Agency descended on Libby after 1999 news reports of illnesses and deaths among mine workers and their families. In 2009 the agency declared in Libby the nation’s first ever public health emergency under the federal Superfund cleanup program. The seven-member federal jury had been instructed to decide if the railroad was at fault in the deaths and if so, the amount of damages to award to their estates. A separate proceeding would be needed to determine the amount of any punitive damages. A second trial against the railroad over the death of a Libby resident is scheduled for May in federal court in Missoula.
F.T.C. Sues to Block $8.5 Billion Fashion Merger 2024-04-22 20:53:52+00:00 - The Federal Trade Commission on Monday sued to block Tapestry’s $8.5 billion acquisition of Capri, a blockbuster fashion tie-up that would bring together Coach, Kate Spade, Michael Kors and Versace. The lawsuit is a rare move by the agency to block a fashion deal, given that the industry does not suffer from a lack of competition. In her time as the chair of the F.T.C., Lina Khan has prioritized taking on the power of big business in suits across industries. The agency has moved to block the supermarket merger between Kroger and Albertsons; Meta’s acquisition of the virtual reality start-up Within; and Microsoft’s bid for the gaming giant Activision. These efforts have come with mixed results: The F.T.C. failed to block Microsoft’s deal and Meta’s acquisition, both of which closed last year. “With the goal to become a serial acquirer, Tapestry seeks to acquire Capri to further entrench its stronghold in the fashion industry,” Henry Liu, director of the F.T.C.’s Bureau of Competition, said in a statement. “This deal threatens to deprive consumers of the competition for affordable handbags, while hourly workers stand to lose the benefits of higher wages and more favorable workplace conditions,” he said.
This small town in France is selling a house for 1 euro—applications are open, but there's a catch 2024-04-22 20:43:00+00:00 - For a few years now, countries all over the world have gone viral for selling off abandoned or dilapidated properties for around $1 dollar — an often symbolic price. The point of these schemes is to attract buyers and help reverse shrinking populations. Towns in Italy have done it several times and now a small town in France is taking a second run at their own $1 home program. The French town of Saint-Amand-Montrond is selling a 828-square-foot house for 1 euro or $1.07 USD. It's a two-level house with two bedrooms and one and a half bathrooms. The property also includes a courtyard and a garage, according to Ouest France, and is located in the city center of the small town. Much like with some of the other deals in Europe, this house needs serious work. It hasn't been lived in for 12 years, and the town estimates it will cost about $136,180 USD to renovate. Interested homebuyers should also be prepared to eventually relocate to Saint-Amand-Montrond. The town of around 9,000 people is looking for the new owner of the house to be "a serious candidate who has a life plan in Saint-Amand-Montrond, who really wants to settle there," Francis Blondieau, deputy in charge of Urban Planning, told Ouest France. "This system aims to encourage the renovation of old buildings, to reduce the number of vacant housing and above all to revitalize the city center," he said. Applications opened on April 1 and will be accepted until June 15. Those interested in applying must include renovation plans and detailed information about financing in their application packages.
Russia and China's 'unfriendly' space behavior is 'concerning' and could threaten US satellites, defense analysts say 2024-04-22 20:30:39+00:00 - Russia and China are investigating ways to disable US satellites, raising defense concerns. China is testing satellite grappling technology that can move objects in space without debris. Russia is believed to have tested projectile weapons for use in orbit. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement Russia and China appear to be actively looking into ways to watch and potentially incapacitate US satellites in space, and defense analysts are concerned. "China and Russia are both operating satellites that attempt to better understand high-value U.S. government satellites" and engaging in other alarming activities, analysts at the Washington-based Center for Strategic and International Studies said in the think tank's 2024 Space Threat Assessment report. "These developments are concerning and will likely continue in the coming years." "Both Russia and China routinely maneuver their satellites near Western government and commercial satellites, sometimes remaining close by for months at a time," the report's six expert authors said. China has been testing technology and mechanisms that allow satellites to grapple onto other satellites. Analysts at CSIS drew this conclusion after it was reported that China successfully used its SJ-21 satellite to grapple and direct an inoperative satellite to a new location in orbit. Advertisement The potential grappler satellites China could be testing have an "unfriendly" connotation as they are capable of hijacking and moving objects like satellites in space "without generating any debris." In a February hearing, US Space Command leader Gen. Stephen Whiting described the pace of China's space expansion as "breathtaking." Related stories Beijing, Whiting said, is "growing its military space and counterspace capabilities at breathtaking pace to deny American and Allied space capabilities when they so choose." Russia likely has at least two satellites conducting "an espionage mission but may also perform other functions." Experts also believe that at points within the past decade, Russia has tested projectile weapons to be used in Low Earth orbit. Advertisement "All of these unfriendly behaviors in space have become commonplace," the analysts wrote. And earlier this year, the White House sounded alarms about a Russian system that US officials told reporters involved putting some sort of nuclear capability into outer space. Security experts have often said that China and Russia would take down satellites as their first course of action in the event of war. The US currently has thousands of satellites in space. Some are capable of tracking ballistic missile threats, some serve commercial endeavors, others provide critical GPS services, and others gather intelligence. Advertisement These satellites serve US economic and national security interests, and in a great power conflict, these space assets are critical. But they're at risk as rivals China and Russia advance their respective counterspace capabilities. A senior Marine Corps officer in information, Lt. Gen. Matthew Glavy, warned last year that the US has to be ready for challenges in space. "I'm telling you right now: We don't win the space domain? Don't even bother," he said. "No space, no chance."
Without cameras to go live, the Trump trial is proving the potency of live blogs as news tools 2024-04-22 20:28:44+00:00 - NEW YORK (AP) — They watched from the courtroom or via closed-circuit television in an overflow room — roughly 140 reporters, most with laptops or other silenced electronic devices, serving up news at its most elemental and in rapid-fire fashion. There were utterances posted a few seconds after they left a lawyer’s mouth. Observations on how Donald Trump is reacting. Tidbits on what testimony is causing jurors to scribble notes. “Let me give you some quotes to make you feel like you’re inside the courtroom,” MSNBC’s Yasmin Vossoughian said before reading the reports of colleagues. Trump’s hush money trial is illustrating the potency of live blogs as a news tool — by necessity. Television and text journalism are normally two very different mediums. Yet because New York state rules forbid camera coverage of trials and the former president’s case has such high interest, blogs are emerging as the best way to communicate for both formats. PRESENTING LITTLE PIECES OF THE NEWS During opening arguments in the case on Monday, CNN used one-third of its television screen to display short printed updates of what was going on, written by its three journalists stationed at the Manhattan courthouse. MSNBC did something similar with onscreen “chyrons” — superimposed text. Traditional outlets like The New York Times, The Washington Post and The Associated Press use news blogs regularly, experience that proved helpful Monday. While such blogs often supplement traditional television coverage of big events like the Academy Awards or election nights — it’s known as a “second-screen” experience — this time consumers had no other option. Some 140 reporters watched from the courtroom or via closed-circuit television in an overflow room, feeding news to editors. They’re watched carefully themselves: Two reporters covering the trial were expelled on Monday for breaking rules prohibiting recording and photography in the overflow room, where reporters who can’t get into the courtroom watch the proceedings on large screens, according to court officials. Blog dispatches sometimes felt like bits and pieces of a print story in development, like this from The Washington Post’s Devlin Barrett: “They disguised what the payments were,” (prosecutor Matthew) Colangelo said, speaking clearly and calmly with his hands in his suit pockets.” Others try to set the scene: “All 18 jurors are looking directly at the veteran prosecutor, who stands at a lectern in the middle of the courtroom about halfway between them and Trump,” wrote AP’s Michael R. Sisak. The New York Post ‘s Kyle Schnitzer wrote that Trump attorney Todd Blanche wrapped up his opening statement with a hometown appeal, quoting him in saying, “use your common sense, you’re New Yorkers, that’s why we are here.” ANALYSIS AND DEBUNKING ARE ALSO STAPLES Other observances are more analytical or seek to correct the record. The Post’s Shayna Jacobs wrote that “in opening statements, prosecutors focused heavily on the circumstantial evidence that they argue will help prove that Donald Trump paid off Stormy Daniels in 2016 to keep her from going public about an alleged encounter with Trump a decade before.” The Times’ Maggie Haberman wrote as Trump’s attorney was delivering his opening statement that “Blanche is trying to portray the the National Enquirer’s practices as similar to how other news outlets operate, in terms of deciding when and how to publish a story. That is not correct.” For CNN and MSNBC, which covered opening arguments more extensively Monday than Trump-friendly outlets Fox News Channel and Newsmax, there were some growing pains in getting used to the new form of storytelling. MSNBC used text less frequently, occasionally relying on the awkwardness of correspondents trying to search through notes for the latest quotes. “Trump lawyer: Trump is not on the hook for what Cohen did,” read one MSNBC chyron. “Trump lawyer: Nothing wrong with trying to influence an election,” read another. A handful of times, CNN’s Jake Tapper interrupted speakers to read blog dispatches that viewers were also able to see for themselves on their screens. Still, the blog-like reports were often more helpful than on-screen analysts, particularly when they tried to predict what would take place next. One MSNBC pundit confidently predicted that Judge Juan Merchan would end the day’s proceedings before a first witness was called and a CNN analyst said that first witness would wrap his testimony with a juicy revelation. Neither happened. ___ David Bauder writes about media for The Associated Press. Follow him at http://twitter.com/dbauder.
High-speed rail system from Las Vegas to Southern California breaks ground 2024-04-22 20:26:00+00:00 - Officials broke ground Monday on a new high-speed rail system that will connect Southern California and Las Vegas. The Brightline West system will average speeds of about 115 miles per hour and reach a top speed of around 200 mph, comparable to other high-speed systems around the world. The Eurostar between London and Paris averages speeds of about 150 mph and tops out at around 200 mph. Amtrak's current Acela line from Boston to Washington, D.C., travels up to 150 mph, but averages speeds of just 70 mph. Acela has plans for a high-speed fleet that will reach 160 mph. The Brightline West system, touted as the "first true high-speed rail system" in the U.S., will run across a 218-mile route between Las Vegas and three California stops including Rancho Cucamonga, about 40 miles east of Los Angeles. The project received $3 billion in funding from the Bipartisan Infrastructure Law and the rest will be privately funded, according to the company. "I'm convinced that the first time Americans actually experience American high-speed rail on U.S. soil, there's going to be no going back and people are going to expect and demand it all across the country," Transportation Secretary Pete Buttigieg said in a CNBC interview on Monday. Brightline West aims to be operational in 2028, when Los Angeles hosts the Summer Olympics. The train will get passengers from Southern California to Las Vegas in about two hours, about half the driving time according to the company. The project is expected to have an over $10 billion economic impact and will create more than 35,000 jobs in Nevada and California during the construction, according to the release. "Through this visionary partnership, we are going to create thousands of jobs, bring critical transportation infrastructure to the West, and create an innovative, fast, and sustainable transportation solution," Nevada Gov. Joe Lombardo said in a statement Monday. Brightline's first rail system launched in Florida and the route spans between Miami and Orlando. Trains reach speeds of up to 125 mph, connecting the two cities in about 3.5 hours. "People have been dreaming of high-speed rail in America for decades — and now, with billions of dollars of support made possible by President Biden's historic infrastructure law, it's finally happening," Buttigieg said in the release.
Mark Zuckerberg did not see the GenAI wave coming. He prepared anyway. 2024-04-22 20:22:30+00:00 - When Mark Zuckerberg started amassing a large amount of GPUs in 2022, it was not for anything related to generative AI. Instead, the Meta CEO and co-founder was still focused on the metaverse and thought the graphics processing units, mostly from Nvidia, would be used for ranking content and a big change to its algorithmic system for Reels, Instagram, and Facebook. The algorithm went from one based on a user's following to one based on "unconnected content," or a system that shows a user content from all over an app, typically based on anything they've interacted with. It's an algorithmic style made famous by TikTok, which for a time was growing faster than Meta's apps. Related stories Zuckerberg started to buy up GPUs and change Meta's algorithms and related training infrastructure so Reels could "catch up to what TikTok was doing," he told the podcaster Dwarkesh Patel in an interview where the CEO promoted last week's expanded release of the Meta AI chatbot tool and Meta's Llama 3 model. Advertisement "Did I think then that it would be about AI, well, we thought it was going to be something that had to do with training large models, but at the time…I was so deep into just trying to get the recommendations working for Reels and other content," Zuckerberg said. "That's such a big unlock for Facebook and Instagram, being able to show people content that's interesting to them, from people they're not even following." Despite generative AI not being on Zuckerberg's mind until OpenAI's ChatGPT tool exploded onto the tech scene, he did what he could to be ready for the unexpected. Having been caught off guard amid other step changes in tech — the shift to mobile, political manipulation of content, short-form video — Zuckerberg did not want to be unpleasantly surprised, yet again. "I basically looked at [needing to catch up with TikTok] and I was like, 'Hey, we have to make sure that we're never in this situation again,'" Zuckerberg said. "'So let's order enough GPUs to do what we need to do on Reels and ranking content and feed, but let's double that.' Because again, our normal principle is there's going to be something on the horizon that we can't see yet." The CEO admitted that doubling Meta's investment in GPUs on the off chance the company would need them "was a good decision in retrospect," — one that he made because of so many perceived mistakes in the past. Advertisement "It came from being behind…it wasn't like, oh, I was so far ahead," Zuckerberg added. "Actually, most of the time, I think where we kind of make some decisions that end up seeming good is because we messed something up before and just do not want to repeat the mistake." Are you a Meta employee or someone with a tip or insight to share? Contact Kali Hays at khays@businessinsider.com or on secure messaging appSignal at 949-280-0267. Reach out using a non-work device.
How major US stock indexes fared Monday, 4/22/2024 2024-04-22 20:15:59+00:00 - U.S. stocks have clawed back some of their losses from last week. The S&P 500 rose 0.9% Monday to recover more than a quarter of last week’s rout. The Dow Jones Industrial Average added 0.7%, and the Nasdaq composite jumped 1.1%. Technology stocks led the way as yields stabilized in the bond market. Bank stocks were also strong following better profits than expected from Truist Financial and others. They helped offset a drop for Tesla, which announced more cuts to prices over the weekend. Tesla is one of roughly 150 companies in the S&P 500 set to report its earnings this week. On Monday: The S&P 500 rose 43.37 points, or 0.9%, to 5,010.60. The Dow Jones Industrial Average rose 253.58 points, or 0.7%, to 38,239.98. The Nasdaq composite rose 169.30 points, or 1.1%, to 15,451.31. The Russell 2000 index of smaller companies rose 19.82 points, or 1%, to 1,967.47. For the year: The S&P 500 is up 240.77 points, or 5%. The Dow is up 550.44 points, or 1.5%. The Nasdaq is up 439.95 points, or 2.9%. The Russell 2000 is down 59.60 points, or 2.9%.
Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale 2024-04-22 20:14:00+00:00 - Scott Ostfeld, managing partner and portfolio manager with JANA Partners LLC., speaks during the 13D Monitor's Active-Passive Investor Summit in New York City, U.S., October 17, 2023. Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Shares of Wolfspeed surged nearly 9% on news of Jana's position, which was first reported by Reuters. Still, the company's shares are down more than 70% from their 2021 highs. Jana called on the board to set and execute on metrics and key milestones for two of Wolfspeed's chip fabrication plants, in Mohawk Valley and Siler City, and identify a "clear funding path" for future expenses, including CHIPS Act funds. The activist noted that Wolfspeed has a 10-year total-shareholder return of -61%, compared with a 331% median TSR for its self-selected peer group. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. It also sells materials for producing those kinds of chips. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale. Jana cited multiple analyst notes that highlighted Wolfspeed's mergers and acquisitions potential, via either its subsidiary lines or the entire business. Jana was founded in 2001 by Barry Rosenstein. Scott Ostfeld became Jana's managing partner in 2023. The activist has had successful engagements at Freshpet, New Relic and Qualcomm. Jana has also taken positions at Trimble and telecommunications firm Frontier. — CNBC's Kif Leswing contributed to this report.
Insider Q&A: Trust and safety exec talks about AI and content moderation 2024-04-22 20:04:03+00:00 - Alex Popken was a longtime trust and safety executive at Twitter focusing on content moderation before leaving in 2023. She was the first employee there dedicated to moderating Twitter’s advertising business when she started in 2013. Now, she’s vice president of trust and safety at WebPurify, a content moderation service provider that works with businesses to help ensure the content people post on their sites follows the rules. Social media platforms are not the only ones that need policing. Any consumer-facing company — from retailers to dating apps to news sites — needs someone to weed out unwanted content, whether that’s hate speech, harassment or anything illegal. Companies are increasingly using artificial intelligence in their efforts, but Popken notes that humans remain essential to the process. Popken spoke recently with The Associated Press. The conversation has been edited for clarity and length. QUESTION: How did you see content moderation change in that decade you were at Twitter? ANSWER: When I joined Twitter, content moderation was in its nascent stages. I think even trust and safety was this concept that people were just starting to understand and grapple with. The need for content moderation escalated as we, as platforms saw them be weaponized in new ways. I can sort of recall some key milestones of my tenure at Twitter. For example, Russian interference in the 2016 U.S. presidential election, where we realized for the first time, realized in a meaningful way, that without content moderation we can have bad actors undermining democracy. The necessity for investing in this area became ever more important. Q: A lot of companies, the bigger social media companies are leaning on AI for content moderation. Do you think that AI is in a place yet where it’s possible to rely on it? A: Effective content moderation is a combination of humans and machines. AI, which has been used in moderation for years, solves for scale. And so you have machine learning models that are trained on different policies and can detect content. But ultimately, let’s say you have a machine learning model that is detecting the word ‘Nazi.’ There are a lot of posts that might be criticizing Nazis or providing educational material about Nazis versus like, white supremacy. And so it cannot solve for nuance and context. And that’s really where a human layer comes in. I do think that we’re starting to see really important advancements that are going to make a human’s job easier. And I think generative AI is a great example of that, where, unlike traditional. AI models, it can understand context and nuance much more so than its predecessor. But even still, we have entirely new use cases for our human moderators now around moderating generative AI outputs. And so the need for human moderation will remain for the foreseeable future, in my opinion. Q: Can you talk a little bit about the non-social media companies that you work with and what kind of content moderation they use? A: I mean, everything from like retail product customization, you know, imagine that you are allowing people to customize T-shirts, right? Obviously, you want to avoid use cases in which people abuse that and put harmful, hateful things on the T-shirt. Really, anything that has user-generated content, all the way to online dating — there, you’re looking for things like catfishing and scams and ensuring that people are who they say they are and preventing people from uploading inappropriate photos for example. It does span multiple industries. Q: What about the issues that you’re moderating, does that change? A: Content moderation is an ever-evolving landscape. And it’s influenced by what’s happening in the world. It’s influenced by new and evolving technologies. It’s influenced by bad actors who will attempt to get on these platforms in new and innovative ways. And so as a content moderation team, you’re trying to stay one step ahead and anticipate new risks. I think that there’s a little bit of catastrophic thinking in this role where you think about like, what are the worst case scenarios that can happen here. And certainly they evolve. I think misinformation is a great example where there’s so many facets to misinformation and it’s such a hard thing to moderate. It’s like boiling the ocean. I mean, you cannot fact check every single thing that someone says, right? And so typically platforms need to focus on misinformation not to cause the most real world harm. And that’s also always evolving. Q: In terms of generative AI there’s some doomsday thinking that it will ruin the internet, that it will just be, you know, fake AI stuff on it. Do you feel like that might be happening? A: I have concerns around AI-generated misinformation, especially during what is an extremely important election season globally. You know, we actively are seeing more deepfakes and harmful synthetic and manipulated media online, which is concerning because I think the average person probably has a hard time. discerning accurate versus not. I think medium to long term, if I can be properly regulated and if there are appropriate guardrails around it, I also think that it can create an opportunity for our trust and safety practitioners. I do. Imagine a world in which AI is an important tool in the tool belt of content moderation, for things like threat intelligence. You know, I think that it’s going to be extremely helpful tool, but it’s also going to be misused. And we’re we’re already seeing that.
Ozempic influencers are angry after TikTok's crackdown on weight loss content 2024-04-22 19:59:10+00:00 - Ozempic influencers could soon be extinct on TikTok. The video platform is cracking down on weight loss-related content in a new set of guidelines. The changes will restrict or outright ban certain types of weight loss videos. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized feed while you're on the go. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Advertisement TikTok is phasing out weight loss content, and thousands of creators will have to find a new niche to post about. The new guidelines, which will go into effect on May 17, prohibit content centered on "extreme" diets, the misuse of medications for weight loss, and more. Creators who post about restrictive diets, "using medication or supplements for weight loss or muscle gain," or promoting weight loss products will find the content restricted to users 18 years and older, according to the guidelines. This also applies to content related to anabolic steroid use. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
For years, a Michigan company has been the top pick to quickly personalize draftees’ new NFL jerseys 2024-04-22 19:46:54+00:00 - ST. CLAIR SHORES, Mich. (AP) — Employees of the company tasked each year with rapidly personalizing jerseys for each first-round NFL draft pick as they are announced don’t need to travel very far for this year’s player selections in Detroit. STAHLS’ headquarters in St. Clair Shores, Michigan, sits 17 miles (27 kilometers) from the stage where NFL commissioner Roger Goodell will inform players — and the world — that they have been selected by an NFL franchise. “The draft coming back to Detroit is extra special for us,” said Brent Kisha, the company’s vice president of strategic sales. The STAHLS’ team has under two minutes, from the moment each pick is made until Goodell greets him, to personalize the jerseys backstage in the Nike jersey room at the NFL Draft Theater. The draft gets underway Thursday at Campus Martius Park downtown. It marks the 13th year the apparel decoration technology, software and equipment manufacturer has worked behind the scenes at the draft. STAHLS’ took on heat-pressing duties in 2012, quickly affixing top pick Andrew Luck’s surname to an Indianapolis Colts jersey in New York. Since then, the company’s team has traveled to drafts held in Chicago, Philadelphia, Dallas, Nashville, Cleveland, Las Vegas, Kansas City and now its hometown. “Historically, the jerseys only had a ‘No. 1,’ so putting a person’s name on it was like magic to the fans,” Kisha said Monday. “‘Wow, this pick comes in, and we have literally less than two minutes to put the name on the back of the jersey. How do you do it?’ “The heat press is the secret sauce that enables us to be able to react to the actual pick itself,” he said. That “secret sauce” is a Hotronix Fusion IQ heat press, a machine that features a high-resolution touch screen controller and is used by custom apparel businesses. STAHLS’ personalizes two jerseys for each draft pick, including one handed to the player onstage and another that is used as part of his rookie playing card pack. STAHLS’ creates nameplates for every potential in-person first-round draftee in all 32 NFL teams’ fonts and colors. And it will have eight jerseys per team on hand, in case there are day-of trades. The company was born in the garage of A.C. Stahl and his wife, Ethel, in 1932. Initially known as Commercial Art Products, STAHLS’ now is a licensee and supplier to the NFL, NBA, NHL and MLB. The privately-held company has about 1,000 employees in North America, most of whom are based in Michigan. Four, including Kisha, will be on name-affixing duty come Thursday. “It sounds like, ‘Oh, man, that’s cool.’ And it is really cool. I’m very honored that I’ve been able to do it for Nike and the team for many years,” Kisha said. “But every year, in the beginning, until that first jersey goes on the stage, you’ve got butterflies.”
Tesla cuts prices around the globe amid slowing demand for its EVs 2024-04-22 19:28:00+00:00 - Tesla is slashing prices in the U.S., China and Germany as the electric vehicle maker battles slowing sales and an increasingly competitive market for EVs. In the U.S., the company on Friday cut the prices of three of its five models by $2,000. The new prices are: $42,990 for a new Model Y $72,990 for a Model S $77,990 for a Model X Prices for the Model 3 and Cybertruck are unchanged at $38,990 and $81,895, respectively. Tesla didn't immediately respond to a request for comment on Monday, but CEO Elon Musk addressed the price changes Sunday on social media. "Tesla prices must change frequently in order to match production with demand," he said on X, previously known as Twitter. The price cut in China — the Model 3 now sells for about $1,930 less — is particularly noteworthy given that Tesla faces stiff competition against more than a dozen electric vehicle rivals there, including Li Auto, Nio and BYD. BYD has been lowering its prices, in some cases by as much as 20%, this year to stay competitive in China's EV market, Reuters recently reported. Earlier this year, BYD toppled Tesla and became the world's biggest EV seller, Forbes reported. Tesla is also facing increasing competition in the U.S. as automakers seek to win over consumers with new electric vehicles. Companies including Ford and General Motors have invested billions to produce vehicles that retail for less than Tesla cars. Between 2018 and 2020, Tesla accounted for 80% of EV sales in the U.S., but that figure fell to 55% in 2023, according to Cox Automotive. "Tesla remains the market leader [in EV sales], but there are just better options out there now," John Vincent, senior editor for vehicle testing at U.S. News and World Report, told CBS MoneyWatch. In Germany, the Model 3 price fell from the equivalent of $43,670 to $42,990. Not the first price cuts for Tesla Last year, Tesla dramatically lowered prices by up to $20,000 for some models. In March, it temporarily knocked $1,000 off the Model Y, its top-selling vehicle. The reductions cut into the company's profit margins, which spooked investors. Tesla's stock price fell more than 3% in Monday afternoon trading to $142.20 a share. The stock shed more than 40% of its value since year start. Tesla's price cuts come at a time when the Texas-based company has faced recalls, layoffs and a sales slump. Tesla recalled some 4,000 Cybertrucks this month because they have faulty accelerator pedals that may be dislodged when high force is applied, according to the National Highway Traffic Safety Administration (NHTSA). The pedal could become trapped in the interior trim above it, which may increase the risk of collision, NHTSA said. Tesla is also planning to lay off more than 10% of its roughly 140,000 workers, Musk confirmed in a regulatory filing. That could result in layoffs for about 14,000 Tesla employees by year end. The company said this month it delivered 386,810 vehicles from January through March, almost 9% below the 423,000 it delivered during the same period last year. Tesla blamed the decline in part on phasing in an updated version of the Model 3 sedan at its Fremont, California factory. Plant shutdowns due to shipping diversions in the Red Sea and an arson attack that knocked out power to its German factory also resulted in fewer deliveries, it said. What those fewer deliveries mean to Tesla's bottom line isn't yet clear. Tesla is scheduled to report first quarter earnings on Tuesday. The next few months are a crucial period for Tesla because investors will be watching to see if Musk can turn around the business going into 2025, Wedbush Securities analyst Dan Ives said last week. "For Musk, this is a fork in the road time to get Tesla through this turbulent period otherwise dark days could be ahead," Ives said in an analyst's note.
EU threatens TikTok Lite with ban over reward-to-watch feature 2024-04-22 19:20:00+00:00 - The EU has said it will ban a new service launched by TikTok in Europe that it believes could be “as addictive as cigarettes” unless the company offers “compelling” fresh evidence that children are safeguarded. If the ban goes ahead, it would be the first time the EU has used sweeping new powers to impose sanctions on social media companies since its landmark Digital Service Act (DSA) came into force last August. The commission gave TikTok until Wednesday to “bring arguments in its defence which the commission will carefully assess” before it takes a final decision on enforcement steps. The digital commissioner, Thierry Breton, said the Chinese-owned video-sharing platform had “failed to prove” that TikTok Lite, which rewards users for watching clips, complied with obligations under the act, describing the service as “toxic”. The commission said the reward feature could be suspended in the bloc if TikTok did not provide a satisfactory response to regulators’ concerns about the impact on users’ mental health. Breton pointed out that the app was launched in France and Spain this month despite the fact there was an ongoing DSA investigation into the company launched in February over other concerns in regard to the safeguarding of children. He said TikTok was used by millions of children in Europe and the commission was “sparing no effort to protect them”. The new watch-and-get-rewarded application offers users prizes such as Amazon vouchers, gift cards via PayPal or TikTok’s Coins currency for points earned through “tasks”, which include watching videos, liking content, following creators or inviting friends to join. Breton told reporters that TikTok Lite “could be as toxic and addictive as cigarettes”. He said that while TikTok’s main app offered users “fun and a sense of connection”, it also “comes with considerable risk for our children: addiction, anxiety, depression, eating disorders, low attention spans.” TikTok was given a 24-hour deadline last week to provide a risk assessment over the new Lite new service amid concerns it could encourage children to become hooked on watching videos. On Monday the commission said it had not received satisfactory answers from TikTok over safeguards against addiction, despite already being under investigation in relation to other concerns about child safeguarding. “While this first case is ongoing, TikTok chose to launch TikTok Lite, which under the laudable promise of letting you watch videos … creates financial incentives for spending more time on your phone,” it said. Breton wrote on X: “Unless TikTok provides compelling proof of safety, which it has failed to do now, we stand ready to trigger DSA interim measures including the suspension of the TikTok Lite ‘reward programme’. skip past newsletter promotion Sign up to Business Today Free daily newsletter Get set for the working day – we'll point you to all the business news and analysis you need every morning Enter your email address Sign up Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy . We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply. after newsletter promotion 🚨We suspect #TikTokLite feature to be toxic & addictive, in particular for children. Unless TikTok provides compelling proof of safety —which it failed to do until now—we stand ready to trigger #DSA interim measures including the #suspension of the TikTokLite "reward programme" pic.twitter.com/71neLMrkYy — Thierry Breton (@ThierryBreton) April 22, 2024 A TikTok spokesperson said: “We are disappointed with this decision – the TikTok Lite rewards hub is not available to under-18s and there is a daily limit on video watch tasks. We will continue discussions with the commission.” The ultimatum comes as the future of the viral video platform’s US operation lies in doubt after lawmakers in Washington passed a bill over the weekend that could ban the app if TikTok’s Chinese owner, ByteDance, does not sell its stake in the American business. TikTok said on Monday it would fight any ban or forced sale in the courts. The investigation launched in February under the DSA looking into the safeguarding of children on TikTok includes the issues of age verification, advertising transparency and the risk management of addictive design and harmful content.
Tennessee’s GOP governor says Volkswagen plant workers made a mistake in union vote 2024-04-22 19:14:11+00:00 - GALLATIN, Tenn. (AP) — Tennessee Republican Gov. Bill Lee said Monday that he thinks workers at a Volkswagen plant in Chattanooga made a mistake by voting to unionize under the United Auto Workers in a landslide election but acknowledged the choice was ultimately up to them. Ahead of the vote, Lee and five other Southern Republican governors spoke out publicly against the UAW’s drive to organize workers at factories largely in the South, arguing that if autoworkers were to vote for union representation, it would jeopardize jobs. Instead, the union wound up pulling 73% of the vote at a facility whose workers had narrowly rejected the union in 2019 and 2014. The Volkswagen plant vote was the first to follow a series of strikes last fall against Detroit’s automakers that resulted in lucrative new contracts. Workers at Mercedes factories near Tuscaloosa, Alabama, will vote on UAW representation in May. Lee told reporters Monday that the Volkswagen vote was “a loss for workers.” He noted that he has a “long history with skilled workers” — workers are not unionized at his family’s business, Lee Company, which employs about 1,600 people in home, facilities and construction projects. “I think it’s unwise to put your future in somebody else’s hands,” Lee said at an event in Gallatin. “But those workers made that decision based on the individual circumstances of that plant. I think it was a mistake, but that’s their choice.” The Volkswagen win was the union’s first in a Southern assembly plant owned by a foreign automaker. President Joe Biden condemned the push by Lee and other Southern Republican governors to urge auto workers to vote against the union. The Democrat praised the success of unions representing autoworkers, Hollywood actors and writers, health care workers and others in gaining better contracts. “Let me be clear to the Republican governors that tried to undermine this vote: there is nothing to fear from American workers using their voice and their legal right to form a union if they so choose,” Biden said in a news release Friday.
Networks Covering Trump’s Trial Are Forced to Get Creative 2024-04-22 18:58:09+00:00 - A little after 10:30 a.m., just as a prosecutor began delivering his opening statement in Donald J. Trump’s Manhattan criminal trial, CNN’s chief legal correspondent, Paula Reid, had a live on-air update. “We’re learning that Trump is sitting back in his chair,” Ms. Reid said, “and not even looking at the prosecutor as he speaks.” This could make for a compelling visual, if only viewers could see Mr. Trump. Instead, CNN viewers saw Ms. Reid sitting on a blustery balcony somewhere outside the courthouse alongside the prime-time anchors Anderson Cooper and Kaitlan Collins. Together they tried to navigate a challenging assignment: how to cover a historic trial when network cameras aren’t allowed inside? Mr. Trump’s trial began in earnest on Monday, a remarkable event when a former president was being tried in a criminal case — and where television cameras are banned, forcing members of the TV and news media to figure out creative approaches to in-the-moment coverage.