Author: Reuters

Musk says Tesla’s Full Self-Driving may enter China very soon

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla chief Elon Musk on Saturday said the electric-vehicle (EV) maker may make Full Self-Driving (FSD) available to customers in China very soon.

Musk said “It may be possible very soon” while replying to an X post by a user asking when the EV maker would launch FSD in China.

It may be possible very soon

— Elon Musk (@elonmusk) April 20, 2024

The Musk-led EV maker rolled out FSD four years ago but has yet to make it available in China despite customers urging it to do so.

Other Chinese automakers have been seeking to gain an advantage over Tesla by rolling out similar software.

In March, Chinese automaker Xpeng said it is upgrading its advanced driver assistance software and plans to make all of its functions available to drivers across China by 2024.

Xpeng’s XNGP Advanced Driver Assistance System (ADAS) is similar to Tesla’s FSD technology.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tesla cuts US prices of Models Y, X, S by $2,000

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Tesla cut the U.S. prices of its Model Y, Model X and Model S vehicles by $2,000 each on Friday, days after the first-quarter deliveries of the world’s most valuable automaker missed market expectations.

Elon Musk’s electric-vehicle (EV) maker lowered the prices for its Model Y base variant to $42,990, while the long-range and performance variants are now priced at $47,990 and $51,490, respectively, according to its website.

pic.twitter.com/Mkk4p5NAfM

— Elon Musk (@elonmusk) April 20, 2024

The basic version of the Model S now costs $72,990 and its plaid variant $87,990. The Model X base variant now costs $77,990 and its plaid variant is priced at $92,900.

Tesla North America also said in a post on X said it would end its referral program benefits in all markets after April 30.

Referral program allows buyers to get extra incentives through referrals from existing customers, a strategy long used by traditional automakers to boost sales.

Musk has postponed a planned trip to India where he was to meet Prime Minister Narendra Modi and announce plans to enter the South Asian market, Reuters reported on Saturday.

On Monday Reuters reported, citing an internal memo, that the EV maker was laying off more than 10% of its global workforce.

Earlier this month Reuters reported the EV maker had canceled a long-promised inexpensive car, expected to cost $25,000, that investors had been counting on to drive mass-market growth.

The EV maker reported this month that its global vehicle deliveries in the first quarter fell for the first time in nearly four years, as price cuts failed to stir demand.

Tesla is to report first-quarter earnings on Tuesday.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Ola Cabs plans $500 million IPO, to appoint banks soon, sources say

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Indian ride-hailing firm Ola Cabs is planning an initial public offering (IPO) to raise $500 million at a company valuation of about $5 billion, three sources with direct knowledge of the matter told Reuters on Friday.

SoftBank-backed Ola is India’s answer to Uber and plans to file papers for approval with the country’s market regulator within three months, said the sources, who declined to be named as the matter is confidential.

Ola declined to comment.

The company is in talks with investment banks including Goldman Sachs, Bank of America, Citi and India’s Kotak and Axis, and plans to appoint IPO advisers within a month, said two of the sources.

Citi and Bank of America declined to comment, while the others did not respond to requests for comment.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

UK regulator says Google’s ad-privacy changes fall short: Report

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The UK privacy regulator said Google’s proposed replacements for cookies need to do more to protect consumer privacy, the Wall Street Journal reported late Thursday, citing internal documents reviewed by them.

Google’s proposed technology, dubbed Privacy Sandbox, leaves gaps that can be exploited to undermine privacy and identify users who should be kept anonymous, the Information Commissioner’s Office (ICO) wrote in a draft report, according to WSJ.

Privacy Sandbox is an initiative that aims to phase out support for third-party cookies and reduce cross-site and cross-app tracking while keeping online content free for all.

Google plans to completely phase out the use of third-party cookies for users in the second half of 2024.

The ICO is trying to get Google to make changes and share its concerns with the UK’s Competition and Markets Authority (CMA), WSJ said. CMA, the UK’s competition regulator, has promised to consider ICO’s recommendations as it evaluates Google’s plans, the report said.

“We’ve been closely engaging with the ICO, and other privacy and competition regulators globally, and will continue to do that to reach an outcome that works for users and the entire ecosystem,” a Google spokesperson said in an emailed statement to Reuters.

CMA has been investigating Google’s plan to cut support for some cookies in the Chrome browser because the watchdog is worried it will impede competition in digital advertising.

ICO and CMA did not immediately respond to Reuters’ requests for comment.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

FBI says Chinese hackers preparing to attack US infrastructure

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Chinese government-linked hackers have burrowed into US critical infrastructure and are waiting “for just the right moment to deal a devastating blow,” FBI Director Christopher Wray said on Thursday.

An ongoing Chinese hacking campaign known as Volt Typhoon has successfully gained access to numerous American companies in telecommunications, energy, water and other critical sectors, with 23 pipeline operators targeted, Wray said in a speech at Vanderbilt University.

China is developing the “ability to physically wreak havoc on our critical infrastructure at a time of its choosing,” Wray said at the 2024 Vanderbilt Summit on Modern Conflict and Emerging Threats. “Its plan is to land low blows against civilian infrastructure to try to induce panic.”

Wray said it was difficult to determine the intent of this cyber pre-positioning which was aligned with China’s broader intent to deter the U.S. from defending Taiwan.

China claims democratically governed Taiwan as its own territory and has never renounced the use of force to bring the island under its control. Taiwan strongly objects to China’s sovereignty claims and says only the island’s people can decide their future.

Earlier this week, a Chinese Ministry of Foreign Affairs spokesperson said Volt Typhoon was in fact unrelated to China’s government, but is part of a criminal ransomware group.

In a statement, China’s Embassy in Washington referred back to the MFA spokesperson’s comment. “Some in the US have been using origin-tracing of cyberattacks as a tool to hit and frame China, claiming the US to be the victim while it’s the other way round, and politicising cybersecurity issues.”

Wray said China’s hackers operated a series of botnets – constellations of compromised personal computers and servers around the globe – to conceal their malicious cyber activities. Private sector American technology and cybersecurity companies previously attributed Volt Typhoon to China, including reports by security researchers with Microsoft and Google.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

US Congress moves ahead on bill to push TikTok’s Chinese owner to sell

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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An effort to force TikTok’s Chinese owner, ByteDance, to sell the social media app or face a ban in the US was gaining steam in Congress on Thursday, with the House of Representatives setting a vote for Saturday and a key Senate Democrat voicing support for the move.

The Republican-controlled House included the measure in a sweeping $95 billion legislative package that would provide aid to allies including Ukraine and Israel, a major step forward in a months-long push in Washington.

The new bill, which would give ByteDance a year to sell the short-video app, won the support of US Senate Commerce Committee chair Maria Cantwell, whose backing greatly increases the chances of the measure becoming law.

The prior bill passed by the House last month with strong bipartisan support would have allowed ByteDance only six months to sell.

Many lawmakers and President Joe Biden’s administration say TikTok poses national security risks because China could compel the company to share the data of its 170 million US users, while TikTok insists it has never shared US data and never would.

Cantwell had been lukewarm on the initial bill but expressed full-throated support for the version put forward as part of a package negotiated by House Speaker Mike Johnson.

“I’m very happy that Speaker Johnson and House leaders incorporated my recommendation to extend the Byte Dance divestment period from six months to a year,” Cantwell said in a statement. “Extending the divestment period is necessary to ensure there is enough time for a new buyer to get a deal done. I support this updated legislation.”

In a statement, a TikTok spokesperson said it was “unfortunate that the House of Representatives is using the cover of important foreign and humanitarian assistance” to push the bill through.

The company said that limits on the app would violate users’ right to free speech, protected by the First Amendment of the US Constitution, and affect seven million American businesses that it says use the app.

Cantwell in a March interview with Reuters said she wants legislation to address broad concerns about foreign apps that will hold up in court, adding that she wanted “the strongest possible tool, and we want it to be the most robust tool we can get.”

Also Read: US Senator says TikTok divestiture deadline could be extended to one year

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Taylor Swift surprises with extra tracks on ‘The Tortured Poets Department’ album

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Taylor Swift surprised fans with her new record “The Tortured Poets Department” on Friday, revealing it was a double album featuring songs about heartbreak and a period described as “the saddest story” of the singer’s life.

Swift’s 11th studio album, featuring 16 tracks, was officially released at midnight ET (O400 GMT) but two hours later, she revealed a second instalment with an extra 15 songs.

“I’d written so much tortured poetry in the past 2 years and wanted to share it all with you,” Swift wrote on Instagram.

It’s a 2am surprise: The Tortured Poets Department is a secret DOUBLE album. ✌️ I’d written so much tortured poetry in the past 2 years and wanted to share it all with you, so here’s the second installment of TTPD: The Anthology. 15 extra songs. And now the story isn’t mine… pic.twitter.com/y8pyDK8VTd

— Taylor Swift (@taylorswift13) April 19, 2024

“Poets” comes 18 months after 2022’s “Midnights“. Swift will also release a video for the new album’s first single, a collaboration with Post Malone called “Fortnight,” on Friday.

The 34-year-old has been crossing music industry milestones and boosting local economies with her record-breaking Eras Tour, which resumes in Paris in May. TIME magazine named Swift its 2023 Person of the Year, citing her musical accomplishments and influence on everything from pop culture to voter registration.

A description of “Poets” in a separate Instagram post said it was “an anthology of new works that reflect events, opinions and sentiments from a fleeting and fatalistic moment in time – one that was both sensational and sorrowful in equal measure.”

“This period of the author’s life is now over, the chapter closed and boarded up,” it added.

“There is nothing to avenge, no scores to settle once wounds have healed. And upon further reflection, a good number of them turned out to be self-inflicted.”

The Instagram post did not say which events Swift was referring to, but fans have speculated she was writing about her relationship with British actor Joe Alwyn. The pair split in April 2023 after six years of dating.

A representative for Alwyn could not immediately be reached for comment.

Swift stoked excitement earlier in the week by releasing clues such as a word of the day on Apple Music and snippets of lyrics at a library built at a Los Angeles shopping mall.

Fans dissected each tidbit, even noting that avowed cat lover Swift chose to release the album on National Cat Lady Day.

Swift announced “Poets” in February on stage at the Grammys, where she won a fourth Album of the Year award for “Midnights”.

Also Read: The Tortured Poets Department: Taylor Swift’s tale of heartbreak and healing

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Google implements job cuts, shifts roles abroad amid cost reduction drive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Alphabet-owned Google is laying off an unspecified number of employees, a company spokesperson said on Wednesday, marking the latest cuts at the technology giant as it cracks down on costs.

The Google spokesperson said the layoffs are not company-wide and that affected employees will be able to apply for internal roles, but did not specify the number of employees impacted nor the teams involved.

A small percentage of the impacted roles will move to hubs the company is investing in, including India, Chicago, Atlanta and Dublin.

Also read: Google terminates 28 employees amid protests on cloud contract with Israel and labour conditions

The layoffs follow a slew of job cuts across Google, and the tech and media industry this year, adding to fears that layoffs may continue as companies grapple with economic uncertainty.

“Throughout the second half of 2023 and into 2024, a number of our teams made changes to become more efficient and work better, remove layers and align their resources to their biggest product priorities,” the spokesperson added.

Employees across several of Google’ teams in its real estate and finance departments have been affected, according to a Business Insider report on Wednesday. The finance teams affected include Google’s treasury, business services, and revenue cash operations, it added.

Google’s finance chief, Ruth Porat, sent an email to staff saying the restructuring includes expanding growth to Bangalore, Mexico City, and Dublin, according to the Business Insider report.

Google let go of hundreds of workers across multiple teams in January including its engineering, hardware and assistant teams as the company ramps up investment and builds its artificial intelligence offerings.

Company CEO Sundar Pichai reportedly told employees at the start of the year to expect more job cuts.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Nokia sees stronger H2 after Q1 comparable profit grows less than expected

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Finnish telecom gear maker Nokia reported on Thursday a smaller rise than expected in first-quarter comparable operating profit as sales tumbled when operators reduced spending on 5G technology.

Operating profit excluding certain items of income and expenses grew to 597 million euros from a year-earlier 479 million, helped by cost cuts as constant-currency sales fell 19%.

Four analysts polled by LSEG had on average forecast a comparable profit of 663 million euros.

CEO Pekka Lundmark said continued improvement in order intake despite weak markets should boost the second half of 2024.

“We remain confident in a stronger second half and achieving our full-year outlook,” he said in a statement.

The company repeated an outlook announced in January for a comparable operating profit in 2024 of 2.3-2.9 billion euros.

Nokia in January forecast a demand recovery in the second half of 2024. Swedish rival Ericsson on Tuesday said its sales would normalise in the second half after a period of decline.

Both companies have shed thousands of jobs and are cutting costs in response to weak sales of 5G gear amid sluggish demand in North America and slowing investments in India.

Nokia’s comparable gross margin grew to 48.6% from 37.7% in the first quarter.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

TSMC outlook beats estimates as AI demand helps propel business

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Taiwan Semiconductor Manufacturing Co. expects revenue to rise as much as about 30% this quarter, reflecting a boom in AI development that’s boosting demand for the advanced chips it makes for the likes of Nvidia Corp.

The better-than-projected outlook follows its first profit rise in a year, after strong AI demand revived growth at the world’s biggest contract chipmaker. The main chipmaker to Nvidia and Apple Inc. expects revenue of $19.6 billion to $20.4 billion in the June quarter, versus estimates for about $19.1 billion.

Taiwan’s largest company last week disclosed its fastest sales growth since 2022, suggesting demand for the chips that accelerate artificial intelligence development is beginning to offset the fallout from a smartphone market slump. Apple, which accounted for about a quarter of its revenue in 2023, started the year with a deep decline in Chinese iPhone sales.

TSMC has gained about $340 billion of market value since an October 2022 trough, riding bets it will become one of the clearest winners of a global boom in AI development. The company set a 2024 capital expenditure budget of $28 billion to $32 billion at the start of the year. On Thursday, it recorded a better-than-projected 9% rise in net income to NT$225.5 billion ($7 billion) for the March quarter.

It said in January it expects revenue to grow by at least 20% this year as the broader semiconductor market recovers, though uncertainty persists given global macroeconomic volatility. Key supplier ASML Holding NV — the sole provider of the world’s most advanced chipmaking machines — reported a 22% miss on first-quarter bookings Wednesday.

Longer term, investors expect AI-focused chips to gradually take up a larger proportion of revenue. TSMC’s AI revenue is growing at a rate of 50% annually, the company said in January. Still, some investors have warned that the current level of AI chip demand is unsustainable over the long run. Others remain wary given the uncertainty hanging over the Taiwan Strait, the narrow body of water between China and an island it views as part of its territory.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow