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Hollywood's newest star is the Waymo robotaxi 2024-03-04 02:50:24+00:00 - Waymo can now operate its Waymo One service in Los Angeles. The driverless vehicle company faced opposition from city and county officials. The approval comes amid controversy and mistrust toward driverless rideshare companies. 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 Waymo is now approved to operate its driverless vehicles in Los Angeles and additional parts of the Bay Area. The California Public Utilities Commission approved the Alphabet-owned transportation company's bid to expand operations despite protests from major cities, including Los Angeles and San Francisco, as well as the County of San Mateo. "We're grateful to the CPUC for this vote of confidence in our operations, which paves the way for the deployment of our commercial Waymo One service in Los Angeles and the San Francisco Peninsula," Waymo spokesperson Julia Ilina told Business Insider in a statement. Waymo began testing its autonomous driving program in Los Angeles last year and petitioned the state in January of this year to approve its passenger safety plan. Advertisement During this process, the company was met with backlash from city and county officials. Los Angeles Mayor Karen Bass expressed concern about Waymo vehicles blocking the roads when emergency vehicles are trying to pass, which has happened several times in San Francisco. Ilina, the Waymo spokesperson, highlighted that despite the opposition from officials, the company also received 81 letters of support, many from advocacy groups, including anti-drunken driving and anti-street racing organizations, disability groups, and cycling and pedestrian groups. Waymo says data shows its vehicles are less likely to be involved in injury-causing crashes than human vehicles. Ilina said that Waymo would take a "careful and incremental approach" when expanding its robotaxi service and would work with "city officials, local communities, and our partners." Illina did not expand on the timeline of this expansion, but said that members of the public have taken over 15,000 rides in Los Angeles. Advertisement Waymo and other driverless rideshare companies like Cruise have faced controversy, especially in San Francisco — a hub for these startups. Waymo vehicles have been filmed cutting off road access and blocking public transport and emergency vehicles. There are also a few incidents of Waymo vehicles injuring people. San Francisco transportation officials have long called for a slower rollout of Cruise's autonomous taxis, citing insufficient testing data and a lack of record logs that keep track of incidents such as collisions. Tilly Chang, executive director of the San Francisco County Transportation Authority (SFCTA), previously told Business Insider that giving Cruise the ability to operate driverless taxis 24/7 was "premature." Advertisement Days after the company received the green light from the California Public Utilities Commission to operate 24/7, Cruise had its permits revoked by the DMV last year after an incident in which one of its vehicles dragged a woman underneath the car for 20 feet. The DMV said the company failed to disclose the video footage, Vice reported. Mistrust in these vehicles may have culminated in a community burning of a Waymo vehicle to a crisp during a February Lunar New Year celebration in San Francisco, videos of the incident show. Although motivations for the incident had not been determined, one of the onlookers in the crowd can be heard shouting, "Light that shit on fire!"
‘There’s No Way’ Russia Takes All Of Ukraine, Says GOP Senator Who Voted 'No' For Recent Military Aid Bills 2024-03-04 02:37:00+00:00 - Loading... Loading... Sen. Marco Rubio (R-Fla.) shared his predictions for the ongoing Russia-Ukraine conflict, asserting that neither side will “achieve victory as defined in the most idealistic terms." He also emphasized the need for the United States to support Ukraine. What Happened: Rubio, a member of the Senate Foreign Relations and Intelligence committees, appeared on “Fox News Sunday” and offered his insights into the Russia-Ukraine conflict. He stated that neither Russia nor Ukraine would achieve a clear victory. When asked about the level of pressure the U.S. and other international leaders should exert on Russia and Ukraine to find a solution, Rubio said "I'm not going to set parameters on what that looks like. It's not our place to do that; it's premature to do that." See Also: Jim Jordan Jumps In To Defend Trump’s Son-In-Law After Hunter Biden Raises Jared Kushner’s Saudi Deals "Here's what I do know, there is no way that the Russian Federation takes Ukraine, all of Ukraine, half of Ukraine and that was [Russian President Vladimir] Putin's goal from the beginning was to carve it up into half… at least half the country, including Kyiv, that's not going to happen," Rubio added. Rubio also acknowledged the reality of Ukraine’s size and capabilities compared to Russia, noting that Ukraine is smaller and less equipped to mobilize forces. Despite previously refraining from discussing this publicly, Rubio now believes it is essential to acknowledge this reality. “I want Ukraine to have the most amount of leverage possible when the time comes for those conversations to happen." Why It Matters: Despite the ongoing conflict, U.S. aid for Ukraine has been in limbo for nearly a year due to divisions among lawmakers. Rubio, along with most of the GOP conference, voted against a bipartisan border security deal last month, which would have unlocked aid for Ukraine. He also voted against a $95 billion emergency defense spending bill last month, which included about $60 billion in aid for Ukraine. The bill passed in the Senate and is now with the House, where Speaker Mike Johnson (R-La.) has indicated that he will not bring it to the floor. The situation has escalated in recent months, with Russian President Vladimir Putin threatening nuclear strikes if NATO troops aid Ukraine. This has further heightened tensions between the U.S. and Russia. Ukrainian President Volodymyr Zelensky has also equated losing the war against Russia to a fate as dire as death. Meanwhile, the U.K. has shown support for Ukraine by backing a plan to divert billions from frozen Russian assets to aid Ukraine. Photo by xbrchx on Shutterstock Read Next: From Dogecoin, Shiba Inu Ready To ‘Go Crazy’ To GOP’s CBDC Legislation And A Trader Making $3.25M With Trump-Related MAGA Memecoin: This Week In Cryptocurrency This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
The Russian pilot who defected to Ukraine was shot 5 times while less than 500 feet away from a police station: WSJ 2024-03-04 02:19:49+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Maksym Kuzminov, the 28-year-old Russian helicopter pilot who defected to Ukraine in August and later moved to Spain, was shot five times while less than 500 feet away from a local police station, The Wall Street Journal reported. Kuzminov met a harrowing fate in February when he was killed in the small coastal town of Villajoyosa, where he was living under a false identity. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Speaking with Kuzminov's neighbors, witnesses, and authorities, The Journal reported new details of the Russian pilot's defection last year and his death on February 13. According to the report, Kuzminov's body was found less than 500 feet away from a police station, and authorities could have responded within minutes. But by then, Kuzminov was likely already dead, witnesses told the newspaper. Advertisement "When I called the emergency phone number, I already knew that the man was dead," the building manager of the condominium where Kuzminov was staying told The Journal. A medic found five small-caliber shots, one of which directly hit his heart, revealing the accuracy with which the perpetrator killed Kuzminov, according to the report. A suspect has yet to be identified, but an official working on the investigation told The Journal that investigators believe the Kremlin was involved in the pilot's killing. Kuzminov's fate was widely seen as part of a string of mysterious Russian deaths that have sparked suspicions around the Kremlin's efforts to take out Russian leader Vladimir Putin's critics. Advertisement Yevgeny Prigozhin, the leader of the Wagner mercenary group who staged a mutiny against Russian military leadership, died in August in a plane crash outside a Moscow airport. Western intelligence officials and a former Russian intelligence officer told The Journal last year that Nikolai Patrushev, a close associate of Putin, orchestrated his death. Earlier in February, Alexey Navalny, one of Putin's most vocal political opponents, was found dead in the Arctic penal colony where he was serving a 19-year sentence. A medical report indicated that Navalny died of natural causes, but that has not stopped many, including Navalny's family and the Biden Administration, from believing foul play may have been involved. "Make no mistake, Putin is responsible for Navalny's death," President Joe Biden told reporters in a press conference on February 16. Advertisement Following reports of Kuzminov's death, Moscow's foreign intelligence chief Sergei Naryshkin appeared to support the Russian pilot's fate. "This traitor and criminal became a moral corpse at the very moment he planned his dirty and terrible crime," Naryshkin told the Russian state news agency TASS about a week after Kuzminov's death.
Edward Snowden Unnerved By Children's Screen Time, Reveals His Teen Internet Addiction: Would Peck Keyboard with Toes Rather Than 'Log Off' - Apple (NASDAQ:AAPL) 2024-03-04 01:54:00+00:00 - Loading... Loading... Edward Snowden, former NSA contractor and renowned whistleblower, recently shared his apprehensions regarding the influence of screens on children, specifically his own, through a thread on X, formerly Twitter. What Happened: On Sunday, Snowden expressed his unease about his child’s fascination with the digital world. “Nothing has ever unnerved me like witnessing my child’s first time totally ensorcelled by a glowing screen,” he tweeted. He also shared his personal challenges in managing his screen dependency, questioning the human ability to resist the allure of technology. In the same thread, Snowden further reflected on the issue, stating, “They want to do what the big people do. It’s a reflection of how utterly dependent we ourselves are on these screens.” Snowden cited his own example, which he said was best not emulated. He said his mind “developed” as it did because he was “addicted to the internet as a teen.” He said his carpal tunnel syndrome developed to such an extreme stage that it was “too painful to type” and that he would type with his toes rather than log off. See Also: Big Brother Knows Your Alerts? FBI’s Push Notification Tracking Raises Privacy Alarms Why It Matters: Snowden’s concerns come in the backdrop of his previous comments on the potential and pitfalls of technology. In a 2023 conference, he emphasized the need for AI models to be better than humans, not just mimic them, reflecting his belief in the transformative potential of technology. However, he has also been vocal about the risks, criticizing Google parent Alphabet and Apple for their ‘privacy-hostile design‘ and alleged data sharing with the Department of Justice. His recent tweets reflect a balance between recognizing the potential of technology and cautioning against its risks, especially for vulnerable populations like children. Photo via Wikimedia Check out more of Benzinga’s Consumer Tech coverage by following this link. Read Next: Elon Musk Sues Sam Altman And OpenAI For ‘Refining AGI’ To Maximize Profits For Microsoft: ‘Stark Betrayal Of Founding Agreement’ Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Nikki Haley Secures First 2024 Win In Washington GOP Primary, Defeating Trump 2024-03-04 01:48:00+00:00 - Loading... Loading... In a surprising turn of events, Nikki Haley secured her first victory in the 2024 Republican presidential nomination race, defeating former President Donald Trump in the Washington, D.C. primary. What Happened: Haley, the former governor of South Carolina, won the Washington, D.C. primary on Sunday, securing 63% of the GOP vote. This victory, her first in the 2024 race, has given her the district’s 19 delegates, NBC News reported. Despite Trump’s dominance in most states, Haley has pledged to continue her campaign through Super Tuesday, where 15 states and American Samoa will hold nominating contests. Washington’s Republican demographic, particularly the moderate faction, is distinct from that of other early states, such as South Carolina and Iowa. This unique dynamic provided Haley with a genuine opportunity to secure a victory. Patrick Mara, the district GOP chair, had predicted low voter turnout, creating a scenario where any candidate could win. Both Haley and Trump’s campaigns made efforts to inspire turnout through text messages, phone calls, and door-to-door canvassing. See Also: Jim Jordan Jumps In To Defend Trump’s Son-In-Law After Hunter Biden Raises Jared Kushner’s Saudi Deals Why It Matters: This victory comes as a significant development in the 2024 Republican presidential nomination race. Haley’s win in the Washington, D.C. primary, a state with a unique Republican demographic, could potentially shift the dynamics of the race. It is important to note that Trump has been maintaining a strong lead in the nomination race. He recently clinched victories in the Missouri, Michigan, and Idaho Republican caucuses, further widening the delegate gap between him and Haley. The wins bolster his delegate count and underscore his dominant position within the party. Last week, Trump was eliminated from the Illinois state ballot by a local judge, marking the third state to make such an attempt. The U.S. Supreme Court is currently considering Trump's appeal of the Colorado Supreme Court's decision, which also cited the 14th Amendment's Insurrection Clause to remove Trump from the ballot. The former president is currently facing various legal disputes encompassing both federal and state charges, spanning multiple locations such as New York City, Washington, Atlanta, Florida, and Georgia. Despite the accusations, the ex-president maintains his innocence, referring to the cases as a “witch hunt.” According to Real Clear Politics, at the national level, Trump held 78.7% support among GOP voters, While Haley trailed with 15.3% support. Photo Courtesy: Shutterstock.com Read Next: Biden Vs. Trump: Voters Pick One Candidate As Better Bet To Handle Most Election Issues In New Poll This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Macy's and Best Buy are banking on small-format stores to lower costs and boost consumer convenience amid an ever-shifting retail landscape 2024-03-04 01:43:31+00:00 - Small-format stores are becoming a significant part of the evolution of US retail. Macy's and Best Buy are two prominent retailers who are leaning into the shift. Amid larger department store closures, Macy's said it would expand its Bluemercury locations. 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 For decades, the American shopping experience was defined by department stores and big-box retailers, with consumers poring over vast amounts of products in untold numbers of large-scale buildings. But many retailers are scaling back their physical footprints to reduce costs and boost customer convenience as they look to open new locations, according to The Washington Post. Macy's and Best Buy are two of the latest retailers to embrace the strategy further. Both announced last week that they would open more small-format locations. Retailers like Nordstrom and Target have also opened more compact locations recently as consumers have increasingly embraced online shopping. For Macy's, the announcement comes as the company announced last week that it would close 150 underperforming stores — including 50 locations in 2024 alone — over the next three years. Advertisement During an analyst call last Tuesday, Macy's CEO Tony Spring said the company would need to "focus on having the best stores, not the largest number of stores," according to The New York Times. In recent years, Macy's opened eight small-format stores called Market by Macy's, the company's foray into off-mall boutique-sized locations, along with a small-format Bloomingdale's concept called Bloomie's. Last October, the company announced it was expanding its small-format stores, aiming to add 30 locations by the end of 2025. And Macy's will lean further into its luxury offerings, announcing last week that it would add 15 Bloomingdale's locations and 30 new locations of its beauty chain, Bluemercury. Meanwhile, Best Buy is set to overhaul its in-store experience for customers as it also eyes a retail landscape where small-format stores are becoming more prevalent. Advertisement "We are planning to open a few additional outlet centers and new formats to continue to test two important concepts," Best Buy CEO Corie Barry said during an earnings call last week. "First, we will open small locations in a couple outstate markets where we have no prior physical presence," she continued. "Second, we will test our ability to close a large-format store and open a small-format store nearby, thereby maximizing physical store retention through convenience."
Arkhouse and Brigade up Macy’s takeover offer to $6.6 billion following rejection of previous deal 2024-03-04 01:37:29+00:00 - NEW YORK (AP) — Arkhouse Management and Brigade Capital Management are upping their offer to acquire Macy’s in a deal now valued at $6.6 billion. The investment firms announced Sunday that they had submitted an all-cash proposal of $24 for each of the remaining shares in Macy’s they don’t already own — up from a earlier offer of $21 per share. Macy’s rejected the previous deal, which was valued at $5.8 billion, in January. At the time, the retailer said that its board reviewed the investment firms’ proposal and not only had concerns about the financing plan, but also felt there was a “lack of compelling value.” In a joint-statement Sunday, Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said that they “remain frustrated by the delay tactics” from Macy’s board and its “continued refusal to engage” — but were still committed to completing the transaction. Kahane and Blackwell added that they had repeatedly tried to address the company’s concerns, and were open to increasing the purchase price more “subject to the customary due diligence.” Macy’s on Sunday confirmed that it had received the “revised, unsolicited, non-binding” proposal. The New York-based company said that its board would carefully review the offer, and that it did not intend to comment further until the evaluation was complete. Last month, Arkhouse moved to nominate nine people for Macy’s board. At the time, Macy’s said it had been seeking additional financing information — but that Arkhouse instead sent a letter requesting that the company extend its director nomination window by 10 days. On Tuesday, Macy’s announced it would close 150 namesake stores over the next three years including 50 by year-end after posting a fourth-quarter loss and declining sales. As part of restructuring efforts, the department store chain also said it would upgrade its remaining 350 stores.
"Image Possibilities Coproduction Plan" Supported Works Garner International Attention 2024-03-04 01:34:00+00:00 - Loading... Loading... BEIJING, March 3, 2024 /PRNewswire/ -- In recent days, a collection of documentaries depicting Chinese stories has garnered widespread attention from international audiences and industry professionals. These documentaries are part of a initiative known as the "Image Possibilities Coproduction Plan" (IP PLAN), released by China Review Studio aimed at fostering collaboration among international directors to create documentaries focused on Chinese themes, thereby promoting increased interaction and exchange. The IP PLAN has captured enthusiastic attention and participation from the international film and television industry, including internationally renowned experts and emerging young directors. In an increasingly conservative atmosphere prevailing in the global film and news industry, the project conveys a message that Chinese film directors are eager to collaborate as partners and friends with colleagues from around the world, engaging in joint productions. Malcolm Clarke, a two-time Oscar winner, was invited to serve as a juror for the IP PLAN. He stated that this reflects China's desire to better understand the complexity of global communication. Clarke emphasized the importance of properly understanding and appreciating China, the Chinese people, and their achievements. Renowned British documentary filmmaker Michael Wood expressed that the IP PLAN helps diminish ignorance and counters the growing cultural biases worldwide. According to publicly available information, the IP PLAN aim to foster effective cultural exchange and enhance mutual understanding through international collaboration. It seeks to advocate global cultural initiatives while promoting a perspective on civilization that emphasizes equality, mutual learning, dialogue and inclusivity. SOURCE China Review Studio
Nikki Haley gets first 2024 win in the Washington, D.C., GOP primary 2024-03-04 01:34:00+00:00 - Former South Carolina Gov. Nikki Haley won her first GOP presidential nominating contest Sunday, notching a victory in the Washington, D.C., primary, NBC News projects — a win her campaign hopes will spark some momentum ahead of next week’s Super Tuesday contests. Haley, who won the primary over former President Donald Trump, has for weeks pledged to stay in the race through Super Tuesday, when 15 states and American Samoa will hold nominating contests. Trump is dominating in nearly all of those states in most public polling and is expected to extend his commanding delegate lead. Haley took 63% of the GOP primary vote to 33% for Trump. Just over 2,000 Washington Republicans cast ballots. Because Haley got more than half of the vote, she came away with the District's 19 delegates. Washington’s moderate set of Republicans, many of whom work in politics or government, are seen as vastly different from those in other early states, like South Carolina and Iowa, which set up a scenario in which Haley had her first legitimate chance to notch a victory. Trump got just 14% of the vote in Washington’s 2016 primary. And expectations for turnout were also low, which opened the door to a different scenario from every other contest so far because the margins were expected to be thin. “It could be anywhere between 2,000 and 6,000 voters,” Washington GOP chair Patrick Mara predicted in an interview last week. “So, quite frankly, there is an opportunity here for anyone to win. It just depends on voter turnout and what the campaigns are doing.” Sen. Marco Rubio of Florida won the GOP primary in 2016, when roughly 2,800 votes were cast. Sen. Mitt Romney of Utah, who became the party’s 2012 nominee, won the contest that year, when 5,200 votes were cast, and in 2008, roughly 6,200 votes were cast in a contest won by eventual Republican nominee John McCain. Mara said both Haley’s and Trump’s campaigns were sending text messages and making phone calls to inspire turnout, even having some volunteers go door to door. The primary is run by the local Republican Party, unlike nominating contests in states, and there was just one polling location, at the Madison Hotel. “It’s run by the party, which is a different experience, and we pay for it,” he said. “So it means that Washington Republicans had to be motivated to come to downtown D.C. to a hotel to vote." He said Trump’s dominance in early primary states and the perception that the Republican nominating process also affected low turnout. “The average Washington Republican is politically astute and more media-savvy. They have seen coverage telling people the race is over,” Mara said.
From Crypto Tech Debates To Dogwifhat Love: Raoul Pal Embraces 'Alt Season' Dominated By Dog With A Hat: 'Leave Your Brain Behind And Enjoy' - Emeren Group (NYSE:SOL) 2024-03-04 01:18:00+00:00 - Loading... Loading... Renowned cryptocurrency guru and Real Vision Group CEO, Raoul Pal, humorously captures the current altcoin season, touching on the trending cryptocurrency, Dogwifhat WIF/USD. What Happened: On Sunday, Pal tweeted about his changing perspective on cryptocurrencies, from deep debates about blockchain technology to a somewhat whimsical acceptance of the latest meme coin trends. He quipped, “My crypto timeline has gone from mid curve debates about what is the superior blockchain technology to ‘fuck it, it’s a dog with a hat!'”. Dogwifhat, the coin in question, has seen a staggering 361.59% increase in a single week. Pal’s endorsement of the coin reflects the current speculative nature of the crypto market and the massive popularity of meme coins. He advised his followers on X, formerly Twitter, to “Leave your brain behind and enjoy” the current exuberance but to exercise caution in the “alt season.” See Also: Pepe Coin Will Outperform Dogecoin, Shiba Inu, Floki, Expert Says: They Will ‘Bleed Against Pepe’ Why It Matters: Pal’s tweet comes in the wake of a prediction by BitMex’s co-founder, Arthur Hayes, who believes Dogwifhat could reach $2. This follows a profitable week for cryptocurrencies in general, with Bitcoin leading with a 19.5% weekly gain according to CoinMarketCap data. Analyst Bluntz Capital predicted on X that the Solana SOL/USD-based meme coin, Dogwifhat, would surpass at least two of its meme rivals. Dogwifhat briefly outpaced Bonk to become Solana’s top memecoin, with both tokens reaching a market cap of around $1.6 billion. Other traders, including Solana influencer Ansem and former Goldman Sachs executive Pal, echoed bullish sentiments, foreseeing a memecoin supercycle and the beginning of an “alt season” with increased liquidity flowing into smaller cryptocurrencies. The coin’s popularity surged even more after being listed on Robinhood’s European platform, pushing its value up by 27% in a day. Price Action: At the time of writing, WIF traded 5.3% higher at $1.57. Dogwihat 24-hour trading volumes were up 46.2% at $406.3. million. Photo Courtesy: Shutterstock.com Read Next: Welcome To The ‘Memecoin Supercycle:’ Mad Crypto Money With Ivan Engineered by Benzinga Neuro, Edited by Shivdeep Dhaliwal The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Jim Cramer Says Successful Reddit IPO Could Spell Trouble For Stocks: 'Those Who Want The Bull To Continue Must Root Against This Deal 2024-03-04 01:08:00+00:00 - Loading... Loading... Jim Cramer on Sunday expressed concerns about the potential impact of a successful Reddit IPO on the current bull market. What Happened: In a recent CNBC article, Cramer highlighted the unusual nature of Reddit’s IPO, which is expected to be valued at $7 billion, with shares priced between $31 and $34. Despite being in operation for 19 years, Reddit has never turned a profit, relying solely on adjusted EBITDA. “It's been around for 19 years and it still hasn't produced anything but adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization), an alternative measure of financial performance that I will not recognize because it has lost money for too many of us.” Despite this, the company’s $804 million revenue in 2023 has piqued the interest of institutional investors. The IPO is set to include employee stock sales, potentially attracting buyers from the GameStop era and Robinhood’s options trading community. Cramer noted that the success or failure of Reddit’s IPO could significantly impact the market’s supply and demand dynamics. He also drew comparisons between Reddit and other companies like Arm Holdings and Instacart, emphasizing the unique challenges Reddit faces due to its unconventional business model. “I do know this: If Reddit rallies, there will be others to follow. If it doesn't, we could see a continuation of the lack of share supply, which is a function of endless buybacks that drive down the natural supply.” He also expressed skepticism about Reddit’s ability to transition from a message board to a successful business, citing the platform’s “fractious and at times unruly readership of more than 70 million people.” “It needs to produce a nice pop but not a huge one or it will open at its high, trade a little higher midday, and then begin the sickening slide lower that is reserved for money-losing companies — adjusted EBITDA, or otherwise. Those who want the bull to continue must root against this deal and bet that it fails to hold the opening.” See Also: Dogecoin, Shiba Inu Left In The Dust As Robinhood Europe Listing Catapults Dogwifhat 28% Higher To Reach $1B Market Cap Why It Matters: Reddit’s IPO has been a topic of interest for some time. The company’s decision to reserve a portion of its IPO shares for its most active users was seen as a bold move to strengthen user loyalty. However, this strategy also posed unique risks. Reddit’s IPO valuation was also a point of discussion. The company aimed for a $7 billion valuation, a significant decrease from its previous $10 billion valuation. This decrease reflected a broader trend of investor skepticism towards unprofitable companies. Loading... Loading... Despite these concerns, Reddit’s IPO was seen as a milestone event for the tech industry, as it will be the year’s first significant tech IPO. The company’s 20% increase in annual revenue for 2023, primarily from its online advertising business, was also seen as a positive sign. However, Reddit’s revenue primarily stems from advertising, constituting a whopping 98% of its $804 million revenue in 2023. While the advertising model appears robust, red flags emerge when examining the penetration rate based on Daily Active Uniques (DAUq) and Weekly Active Uniques (WAUq). The challenge lies in reconciling these metrics to assess the platform's growth potential within and beyond the U.S. Read Next: Dogecoin, Shiba Inu Ready To ‘Go Crazy This Cycle’, Says Crypto Analyst, But Warns They ‘Will Never Experience The Same Insane Growth’ Photo via Shutterstock Engineered by Benzinga Neuro, Edited by Navdeep Yadav The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Activist Investor’s Group Raises Bid for Macy’s 2024-03-04 00:45:43+00:00 - The activist investor group that is seeking to buy Macy’s increased the pressure on the department store chain on Sunday, raising its offer and disclosing additional details about its financing plans. Arkhouse Management and Brigade Capital Management said in a news release that they were now offering $24 per share, valuing the retailer at $6.6 billion. The new offer is up from the $21 a share they last put forward and a 33.3 percent premium to Macy’s closing share price of at $18.01 on Friday. Arkhouse and Brigade named additional investors they had brought on as equity partners, Fortress Investment Group and One Investment Management. Arkhouse and Brigade also said, in an apparent response to Macy’s questions about its financing, that they had “identified large global institutional financing sources” that “represent 100 percent of the capital required to buy the shares in Macy’s we do not already own.” The retailer has been facing pressure from the investor group since December, when the group submitted a bid that would take Macy’s private at a value of $5.8 billion. Arkhouse said that unless the retailer began sharing nonpublic information, it might take its offer to shareholders. The investor has since nominated nine people to Macy’s board.
Investor group raises Macy’s buyout bid by nearly $1 billion 2024-03-03 23:59:00+00:00 - Arkhouse Management and Brigade Capital are raising their offer to buy Macy’s by almost $1 billion, in hopes of taking the department-store chain private. In a statement Sunday, the investor group said it was increasing its bid to acquire Macy’s M, +3.27% to $24 a share, or about $6.6 billion, up from a bid of $21 a share, or about $5.8 billion, that Macy’s board rejected in January, saying at the time that it lacked “compelling value.” Arkhouse and Brigade said their new offer is a 51.3% premium to Macy’s share price as of Nov. 30, 2023, when they submitted their original proposal. And they noted it’s a 33% premium to Macy’s stock price as of Friday, when it closed at $18.01 a share. “We remain frustrated by the delay tactics adopted by Macy’s Board of Directors and its continued refusal to engage with our credible buyer group,” Arkhouse managing partners Gavriel Kahane and Jonathon Blackwell said in a statement. “Nonetheless, we are steadfast in our commitment to execute this transaction.” In a statement Sunday, Macy’s confirmed it had received the offer and said it would “carefully review and evaluate the latest proposal consistent with the board’s fiduciary duties and in consultation with its financial and legal advisors.” A Macy’s spokesperson said there was no additional comment. Macy’s announced a restructuring plan last week that includes closing 150 stores, including its iconic flagship store in downtown San Francisco. Separately, the company also announced fourth-quarter earnings that beat expectations. “While the restructuring plan Macy’s unveiled last week failed to inspire investors, the fourth-quarter earnings and year-end results have given us further confidence in the long-term prospects of the company if redirected as a private company,” Kahane and Blackwell said Sunday. Macy’s shares are down about 10% year to date, and have fallen 21% over the past 12 months, compared to the S&P 500’s SPX 8% gain in 2024 and 27% gain over the past year.
OPEC+ production cuts deepen with extensions from Saudi Arabia, Russia and other oil giants 2024-03-03 23:54:28+00:00 - NEW YORK (AP) — Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organization noted Sunday. Saudi Arabia led the pack by extending its previously-implemented cut of 1 million barrels a day through the end of 2024’s second quarter. The extension, which was first shared by the state-owned Saudi Press Agency citing a Energy Ministry source, means the kingdom’s crude production will stand at about 9 million barrels a day through the end of June. Also on Sunday, Russia announced an additional voluntary cut of 471,000 barrels per day for the second quarter — across a blend of production and exports. Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman will be continuing reductions as well, according to OPEC’s secretariat, in smaller amounts. The OPEC+ countries participating in production cuts, which have gradually piled up since October 2022, have pointed to goals of balancing the oil market — noting that volumes will be gradually returned subject to market conditions. The price of Brent crude, the international benchmark, stood at about $83.55 per barrel at the end of last week, up from $77.33 seen a month ago. Despite the recent increase, Brent’s going price is still modest — notably far below the soaring oil prices following Russia’s invasion of Ukraine in 2022 — and in line with analysts’ previous expectations. Sunday’s latest extension of cuts are in addition to voluntary reductions that were announced in April 2023 and extend through December of this year — including 500,000 barrel-a-day cuts from both Saudi Arabia and Russia.
China might have a friendlier face now, but it's not giving up on its aggressive Wolf Warrior diplomacy, experts say 2024-03-03 23:42:01+00:00 - Recent shifts in China's foreign ministry and tone have fueled speculation that Wolf Warrior diplomacy may disappear. But experts told BI that it's unlikely we'll see Beijing's aggressive ways go for good. It's a mistake to think that China has deliberately highlighted aggression as its default strategy, they said. 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 Speaking in New York, veteran diplomat Liu Jianchao seemed to signal a reversal in how China wants to deal with the world. "I don't really believe that there has always been a kind of 'Wolf Warrior' diplomacy," said Liu, head of the Chinese Communist Party's International Department, at a Council of Foreign Relations talk on January 9. "And there's no talk about coming back to that diplomacy." His words raised questions in the West. China has been known for its haughty, often hostile brand of diplomacy, known colloquially as the "Wolf Warrior" style. But China, in the last year, also made major personnel changes to its foreign ministry, ejecting at least two Wolf Warrior diplomats. With its post-COVID economy struggling to get back on its feet, was Beijing sunsetting its aggressive ways? Advertisement That's unlikely, even if China's been adopting a friendlier tone, four experts on the country's foreign relations told Business Insider. Liu Jianchao (third from right), attending a meeting with US State Secretary Antony Blinken in January. ROBERTO SCHMIDT/AFP via Getty Images It's a misconception — and often a Western one — that Beijing has outlined a specific strategy to squabble and demean adversaries on the public stage, they said. "The aggressive style of diplomacy that the PRC sometimes undertakes is a tool, not an ideology, belief, or doctrine," said Ian Ja Chong, who teaches about Chinese foreign policy at the National University of Singapore. Beijing pulls out Wolf Warrior diplomacy whenever it feels the need to, sometimes to intimidate smaller countries, but often says its behavior is righteous anger instead of a bullying tactic, Chong said. Advertisement Named for the nationalistic 2017 Chinese film "Wolf Warrior 2," the term has come to encompass the litany of insults and wild claims made by Chinese diplomats in their defense of Beijing's interests. In one infamous example from 2020, Chinese spokesperson Zhao Lijian tweeted a photo that showed a soldier about to slit a child's throat against the backdrop of the Australian flag. "Shocked by the murder of Afghan civilians & prisoners by Australian soldiers," Zhao wrote. The manipulated image stunned Australian leaders, who condemned the post as a "false image and a terrible slur." Chinese Foreign Ministry spokesman Zhao Lijian would later be reassigned as deputy head of an ocean affairs bureau, widely seen as a demotion. The move has also fueled speculation about the end of Wolf Warrior diplomacy. VCG/VCG via Getty Images It's more about the home ground But a Wolf Warrior diplomat's specific behaviors and level of aggression are unlikely to come at the direct instruction of their superiors. Rather, it stems from an expectation for diplomats to protect Beijing's image fiercely, said Stanley Rosen, professor of political science and international relations at the University of Southern California's US-China Institute. Advertisement "Anybody who's a diplomat for China who wants to be promoted cannot take the soft line," Rosen said. "They have to be defending China at all times. So you'll get in a lot of trouble and not get promoted if you seem to be too sympathetic to the foreigners." On the other hand, a diplomat who gets too aggressive might be asked to tone it down, but would rarely be sacked or face severe consequences, Rosen added. Perceptions at home are key to China's diplomatic approach, Rosen said. "Number one, China's most concerned with its own domestic population, and they're playing to that population first," he said. Advertisement China's jingoistic nationalist crowd is extremely active on social media, and sometimes goes so far as to demand Beijing declares war over diplomatic slights. Zhao had been one of its most popular figures. He pushed conspiracy theories about the origins of COVID-19 coming from Maryland, and Russian disinformation about US bioweapon labs in Ukraine. When government representatives began boycotting the Beijing 2022 Winter Olympics, Zhao dismissively said, "No one cares." In return, he commands a strong, loyal following on Chinese social media, with 8.6 million followers on Weibo, China's version of X, Pro-China supporters protest against U.S. House of Representatives Speaker Nancy Pelosi's visit to Taiwan on August 11, 2022 in Hong Kong, China. Anthony Kwan/Getty Images Rosen said Beijing's secondary target audience is the Chinese diaspora, particularly Chinese students studying overseas, followed by the global South, which includes Beijing's potential and current partners in Africa, Southeast Asia, and the Middle East. Advertisement And coming in lower on China's priorities is the Western public, Rosen said, though it has a stake in opinions from the Western world. "The reason they care is they want the technology, they want the investment, they want to trade, they want to sell their goods," he said. The cost of tongue-lashing and knocking heads While it's true that China has shown signs of dialing back its rhetoric, that's more of a recalibration than an overhaul, the experts said. Pan Chengxin, who teaches international relations at Deakin University in Australia, said Beijing started using its Wolf Warrior style in light of a more hostile global environment, such as former President Donald Trump's loudly confrontational policies toward China. Advertisement "It takes two to tango in international relations," Pan said. Other mounting challenges for the West, like the wars in Gaza and Ukraine, mean confrontation with China is taking more of a backseat, said Dylan Loh, who teaches Chinese foreign policy and international relations at the Nanyang Technological University of Singapore. Meanwhile, Chinese leader Xi Jinping is likely refocusing on rescuing a struggling domestic economy and fixing internal issues, he said. "Both China and the US know that it would not be possible to get along happily all the time, but the focus will shift toward managing conflict and distrust," he said. Advertisement Biden and Xi met in person at the APEC 2023 summit, a positive note in US-China relations as both countries continually clashed in recent years. BRENDAN SMIALOWSKI/AFP via Getty Images China is also aware that the shock value of Wolf Warrior diplomacy brings diminishing returns. Countries would simply get used to its aggression. "I think the limits of wolf warrior diplomacy are apparent," Loh said. "No one country, not China or even the US, can completely bully or shout their way through every single time." "If Beijing wants the same effect, they will have to escalate," said Chong of the National University of Singapore. "That brings with it additional risks, situations getting out of control." The Wolf Warrior will be back That said, Wolf Warrior diplomacy will return, depending on the issue at hand, said Loh. Advertisement "The fact of the matter is that assertive diplomacy was present before even the term was coined, but it was certainly accelerated by Xi Jinping," Loh said. Former Chinese Foreign Minister Qin Gang, known for building up Wolf Warrior diplomacy, was fired from his post and disappeared from the public eye amid corruption and an affair scandal. HIs ejection prompted some suspicion that Wolf Warrior diplomacy was no longer China's strategy. LEAH MILLIS/Getty Images So why did Liu tell reporters and academics in New York that Wolf Warrior diplomacy would never return? For one, Rosen said, the West coined the term, and Beijing doesn't use it. And the name now carries so many negative connotations that China is likely pushing harder for the world to drop the concept, he said. Advertisement But it would just be the name that China tries to scrub away, not the behavior that created the Wolf Warrior reputation. To the Chinese government, "when something develops what I might call a bad smell, you try and change the wording," Rosen said. For example, China seems to have abandoned the name "Made in China 2025" for its plan to develop its advanced manufacturing sector, as Western countries grow more wary of its tech industry. But even without the name, Beijing is still driving hard to expand its AI and tech capabilities. "You may not change the behavior, but you change the wording," Rosen said.
Veteran CNN anchor Christiane Amanpour confronted execs about Israeli influence in Gaza war coverage 2024-03-03 23:13:11+00:00 - Renowned CNN anchor Christiane Amanpour reportedly challenged the company's Israel-Gaza coverage. The Intercept obtained a recording of an internal meeting with reporters and CNN executives Many news organizations are facing criticism and complaints that they favor Israel's point of view. 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 CNN international news correspondent Christiane Amanpour confronted executives about the network's coverage of the Israel-Gaza war, according to a report. During an internal meeting at the company's bureau in London, CNN employees, Amanpour among them, pushed network executives on the Israeli influence in the company's coverage of the war, according to The Intercept, which obtained a recording of the February 13 meeting. The company's coverage in the region relies on SecondEyes, its bureau in Jerusalem, The Intercept reported. Amanpour implied the bureau filtered coverage of the war, per the recording. "You've heard from me, you've heard my, you know, real distress with SecondEyes — changing copy, double standards, and all the rest," Amanpour said in the meeting, according to The Intercept. "So you've heard it, and I hear what your response is, and I hope it does go a long way." Advertisement A CNN press representative for Amanpour did not immediately respond to Business Insider's request for comment, nor did a communications spokesperson for CNN. Executives in the meeting assured employees that they were listening to their complaints while standing by the company's coverage, the Intercept reported. Among the present leadership was chief executive and chairman Mark Thompson, executive vice president Mike McCarthy, and executive editor Virginia Moseley, according to The Intercept's report. CNN, like many news organizations, has heard complaints over its coverage of the war in Gaza. Critics say coverage has favored a pro-Israel point of view, even as the reported Palestinian death toll in Gaza reached tragic heights.
Elon Musk claimed Teslas would appreciate in value post-purchase, but predictably, they've lost value 2024-03-03 23:04:01+00:00 - Elon Musk's claim that his Teslas would appreciate in value has flopped. Tesla Model 3 prices have fallen by $6,000 despite enjoying a brief, pandemic-era price surge. Tesla's attempts to drive up sales have stalled with its EV market share dropping from 80% to 56%. 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 Elon Musk once claimed his Teslas would climb in value post-purchase, a rare feat in the auto industry. Musk made the comments in 2019, arguing that his vehicles were "appreciating assets," Business Insider previously reported. "If you buy a Tesla today, I believe you are buying an appreciating asset, not a depreciating asset," Musk said during the 2019 interview, arguing the brand's self-driving features would set it apart in value by tens of thousands. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account? Log in .
The Zuckerbergs were all about 'loud luxury' at the Ambani family's opulent pre-wedding festivities in India 2024-03-03 22:49:54+00:00 - Mark Zuckerberg and Priscilla Chan attended the Ambani family's pre-wedding festivities. The couple broke away from their typical understated style and went all in with loud luxury. On Friday alone, Zuckerberg and Chan wore Alexander McQueen ensembles that cost $22,000. 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 The Zuckerbergs don't typically flaunt their riches. But the couple didn't hold back while attending the Ambani family's pre-wedding celebrations. The couple were among the celebrities and wealthy elite who gathered in Gujarat, India, to celebrate the upcoming nuptials between Anant Ambani and Radhika Merchant. Anant is the son of Mukesh Ambani, one of the richest men in Asia, who Bloomberg estimated is worth $113 billion. The three-day festivities have been nothing short of lavish, with a private concert by Rihanna and a communal dinner for 51,000 people. Guests were also given a nine-page dress code for the various events, which may have prompted Zuckerberg and Chan to try a new aesthetic: loud luxury. Loud luxury describes bold symbols of wealth meant to draw attention — as opposed to the also-buzzy but more subtle trend of quiet luxury items that don't necessarily scream their worth. Advertisement The Zuckerbergs tend to use subtle symbols of wealth but paid top dollar for their bold pre-wedding ensembles Fans familiar with Zuckerberg and Chan know they have a propensity toward quiet luxury. The trend is difficult to spot, but one example is Zuckerberg's habit of wearing basic gray t-shirts that cost between $300 and $400. However, the couple's weekend in India was full of loud luxury. Zuckerberg and Chan began the celebrations on Friday by wearing two black outfits designed by Alexander McQueen, according to Vogue. Zuckerberg's black shirt and matching pants were paired with the Alexander McQueen firefly-themed jacket, which is priced at $7,000. Chan's floor-length gown features bold gold floral accents and is available for $15,000. Advertisement The couple kicked their style up a notch the next day when Zuckerberg wore a shimmering tigress-themed shirt designed by Rahul Mishra, who shared photos on his Instagram account. The organza shirt is available on Mishra's website, but customers must request the official cost — suggesting a hefty price tag. That night, both Zuckerberg and Chan wore different outfits designed by Mishra, who shared photos of the occasion on his Instagram Stories. Chan wore a two-piece outfit decorated with nature-themed adornments like two gold birds. Zuckerberg's outfit was also modeled after wildlife with flowers and other foliage designs. Screenshot of Mark Zuckerberg and Priscilla Chan on Rahul Mishra's Instagram Story. Rahul Mishra Although the couple's outfits weren't immediately visible on Mishra's website, they no doubt cost a pretty penny. On his website, Lehenga sets for women can cost as much as $18,799, while a men's sherwani set is more than $7,000. The prices of many items on Mishra's website are only available upon request. Advertisement On Sunday, Chan shared her and Zuckerberg's most recent outfits in an Instagram post. Chan wore a purple saree with small floral designs sewn into the fabric, while Zuckerberg wore a beige-colored ensemble with leaf designs. It's unclear who designed the outfits.
Genex Power Gets Takeover Proposal From J-Power Worth A$0.275/Share in Cash 2024-03-03 21:47:00+00:00 - By David Winning SYDNEY--An Australian company that wants to repurpose two abandoned gold pits in eastern Australia as a renewable-energy generator has become a takeover target for one of Japan's largest electricity producers. Genex Power said on Monday that it has a received a indicative bid proposal from Japan's Electric Power Development, known as J-Power, that values its equity at some 380.9 million Australian dollars (US$248.6 million). Genex said it has agreed to let J-Power scrutinize its books to determine whether it will formalize its offer of A$0.275 a share in cash. J-Power has also pitched a back-up offer to gain control of the company in the event that not enough of Genex's shareholders vote in favor of the bid. It is offering a slightly lower amount of A$0.270 in cash that is conditional on support from Genex shareholders owning at least 50.1% of stock. Genex is one of several companies around the world betting that they can revive interest in a century-old technology known as pumped-storage hydropower as a way for countries to reduce their reliance on coal. The technology works like a giant battery, with water and gravity as the energy source. Water is pumped uphill to a reservoir when energy supply is plentiful. It is released and flows downhill through turbines generating hydroelectric power when electricity demand is high or there are shortages of other types of power. Finally, the water is captured to be pumped uphill again in a repeated cycle. Surface and underground mines hold potential as reservoirs for the water, and could be developed with a lower environmental impact and upfront costs than building such plants from scratch, experts say. Genex's effort involves linking two abandoned gold pits near Kidston in Queensland, which would be the first pumped-storage project to become operational in Australia in nearly 40 years. Genex hopes to plug the 250-megawatt facility, which aims to create enough energy to power roughly 143,000 homes for eight hours, into the grid in late 2024 to operate for 80 years. The total construction cost of the plant is expected to be about US$500 million. J-Power, which owns 7.72% of Genex's shares, was rebuffed in its approach to the company last month. J-Power made a headline offer of A$0.240-a-share in cash, but this was rejected by Genex as too low. The Japanese company is a joint development partner of Genex in its Kidston Stage 3 wind project and Bulli Creek solar and battery projects in Australia. It has also lent some A$35 million to Genex in the past to advance its pipeline of projects. Write to David Winning at david.winning@wsj.com
Telcos are barely done rolling out 5G networks — and they're already talking about '5.5G' 2024-03-03 21:02:00+00:00 - You probably remember mobile operators raving about the promise of 5G several years ago. Now, they're getting excited about a new upgrade: 5G Advanced. Angel Garcia | Bloomberg | Getty Images BARCELONA, Spain — Telecom operators haven't yet finished rolling out 5G wireless mobile networks. And yet bosses of major carriers are already talking about building something called "5.5G," or "5G Advanced." There was a lot of chatter about 5.5G at the Mobile World Congress tech trade show in Barcelona, Spain. MWC brought together thousands of people in the mobile industry, including from leading telecom companies like Deutsche Telekom , Orange , Telefonica, BT , and Vodafone . At the show, executives from some of these companies that they were working toward rolling out a new generation of mobile internet. That would enable even more advanced applications than the data-intensive apps we've all come to use today, such as Facebook , Instagram, YouTube , Netflix , and TikTok. These apps are already well served by the current mobile internet, but in the future 5.5G is expected to power more advanced applications. watch now That includes mixed reality headsets, which are getting more and more powerful with tech giants like Apple launching its Apple Vision Pro and Meta upgrading with its Meta Quest Pro headset last year. But it also means some of the things that 5G promised us years ago, such as self-driving cars, unpiloted air taxis, and smart manufacturing enabled via the so-called internet of things (IoT), will start to become a reality, too. What is 5G? 5G is the next generation of mobile internet after 4G, which promises superfast data speeds and better coverage. You probably remember mobile network operators raving about the promise of 5G several years ago. Carriers in China, South Korea, the United States, and Europe, properly got underway with launches of 5G networks in 2019. Now, nearly five years on, penetration of 5G among consumers remains low. The number of consumers with a 5G connection is increasing. But it's still well below "mainstream" levels. 5G has been the fastest mobile generation rollout to date, surpassing 1 billion connections by the end of 2022, rising to 1.6 billion connections at the end of 2023 and 5.5 billion by 2030. 5G connections are expected to represent more than half (51%) of mobile connections by 2029, though, and that is forecast to then rise 56% by 2030. Those numbers are up to date as of January 2024, GSMAi said. watch now 5G has been positioned by the telecoms industry not just as a consumer product for faster download speeds, but as a network that could underpin new technologies like driverless cars or unpiloted air taxis. That's because it has lower latency than 4G. That means the time it takes for devices to talk to each other is significantly reduced, a feature important in scenarios where data needs to be delivered quickly. However, after hundreds of billions of dollars of investment into 5G networks, carriers have struggled to see the return. Analysts say that the real potential to monetize 5G might be on the horizon. What's '5.5G,' and why are telcos talking about it? 5G Advanced, or the name for the next stage of 5G, is the next evolution of mobile networks. Telecommunications networks require standards. These are globally accepted technical rules that define how a technology works and its interoperability around the world — interoperability is the ability for two or more systems to work together. These standards take several years to come up with and finalize and involve several players from companies to academics and industry bodies. The standards-setting body 3GPP, which contributed to 5G, uses a system of parallel "releases" to provide developers with a platform to implement new features at a given point and then allow more functionality to come in further releases. In the 3GPP releases system, 5G is considered release 17. That means 5.5G is dubbed "release 18" by the industry. Release 19 is what will effectively be 6G, another major network upgrade. Work is also underway on 6G standards, but it's still in the early stages. watch now "Main priorities for developing 5G Advanced standards are to increase commercial relevance of 5G by expanding vertical markets, resolve deployment issues, and continue technology evolution to build a bridge towards 6G," Milind Kulkarni, vice president and head of InterDigital's wireless labs, told CNBC. "Research in standards have introduced, improved, and finalized several new enterprise-specific features for 5G Advanced, including network slicing, the integration of private and public networks, enhanced positioning, and even applications specific to each enterprise vertical." Howard Watson, the chief technology officer of British telco giant BT, said that 5.5G will promise faster uplink speeds, meaning you'll be able to stream video, post things online, and play multiplayer games, much faster than before. "My children's generation, or even dare I say it, my grandchild's generation ... that generation, they share a lot. And clearly, sharing requires quite a lot of upstream," Watson told CNBC on the sidelines of MWC. "There will probably be a doubling of upstream capacities coming in release 18." Further benefits to 5G Advanced over current 5G, telco execs say, is that it will make the networks themselves more "intelligent" through the application of AI and machine learning, while also boosting performance and reducing overall power consumption. watch now Mats Granryd, director general of the GSMA, told CNBC he hopes the industry can continue focusing on staying in a 5G environment for years to come, as there's still plenty of work to be done on monetization. "I hope that we can stay in 5G territory for long, because normally in the 4G environment, you and I were the consumers. And it's quite quick for us to just say, change a SIM card," Granryd told CNBC's Karen Tso. "In 5G, 5G is a technology standard that is predominantly towards business to business. And it takes a longer time for businesses to convert and use new technology." "This normal of 10 years between standards, I wonder if that's going to be enough," Granryd added. "We hope that we can stay in a 5G environment. 5G advanced — 5G standalone, that's absolutely fine. But push out the time and make sure that we have enough mileage to capitalize and monetize and show the world that 5G is a fantastic technology." With 5G Advanced, telecoms firms could start to make more money from their 5G rollouts by charging higher prices. And, with a key focus of 5G being enterprise applications, that could be a much more significant money maker for network operators than consumers. Telcos haven't yet revealed how much more a 5G Advanced data plan will cost compared with 5G. But analysts expect they'll look to make money from 5G Advanced by getting clever about subscriptions and using AI and other technologies to operate their networks more efficiently. With a key focus of 5G being enterprise applications, that could be a much more significant money maker for network operators than consumers. The telco industry has been awash with talk about so-called "private 5G" networks, nonpublic mobile networks that are installed on-premise at companies' work sites for example, in a smart factory, or remote surgery operation. When will 5G Advanced be here? Chinese telecommunications equipment supplier Huawei expects 2024 to be the year that commercial deployments of 5G Advanced officially begin. For Huawei, 5.5G is a network that will be capable of 10 Gbps downlink speeds — and in case you're wondering, yes, that is very fast. watch now Huawei revealed eight 5.5G "innovation practices" last week which it says will help operators build 5.5G networks across all frequency bands. The company is working with carriers in the Middle East, Europe, Asia Pacific, and Latin America to deploy 5.5G. It's going to take some convincing for consumers to go from 5G to 5G Advanced, given the little noticeable improvement they've seen from their phones upgrading to 5G in the past five years. But Philip Song, Huawei's chief marketing officer of the carrier business group, said that it's important telcos convey the use cases of 5G Advanced to consumers well. "The most important thing for us is how can we support the customers," he said at a press briefing last Tuesday, in response to a CNBC question. The "biggest success" for 5.5G will only arrive if carriers "acknowledge solutions" and bring that across to customers sufficiently. In some markets, operators are still working on deploying 4G, Song said — but he doesn't think that matters because different parts of the world "are at different stages." Watson told CNBC that he thinks 5G Advanced will arrive on the EE network later this year. That's because the 3GPP standard release 18, or 5.5G, is already open for experimentation and telcos have been working on trials. It is expected to conclude by June 2024, by which time the protocols that enable 5.5G should be stable. "Release 18 we will start to roll out this year," Watson told CNBC. "We also plan to launch 5G standalone this year as well." watch now