Texas ransomware attacks show big gaps in cyber defenses — expect more like them

The ransomware attacks against more than 20 Texas towns this week are significant. That’s because local governments commonly share single service providers, making many vulnerable at once. Two Texas municipalities caught up in the recent spate of ransomware have now confirmed that an unnamed managed service provider was exploited. “Ransomware is a threat that basically everyone is facing,” Simonds said, including local governments and counties, large cities and utility providers. Two of the larg


The ransomware attacks against more than 20 Texas towns this week are significant. That’s because local governments commonly share single service providers, making many vulnerable at once. Two Texas municipalities caught up in the recent spate of ransomware have now confirmed that an unnamed managed service provider was exploited. “Ransomware is a threat that basically everyone is facing,” Simonds said, including local governments and counties, large cities and utility providers. Two of the larg
Texas ransomware attacks show big gaps in cyber defenses — expect more like them Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kate fazzini
Keywords: news, cnbc, companies, attacks, defenses, ransomware, expect, systems, providers, texas, cities, gaps, service, local, towns, big, infrastructure, cyber


Texas ransomware attacks show big gaps in cyber defenses — expect more like them

The ransomware attacks against more than 20 Texas towns this week are significant. Though little is known about the origins of the attacks, the spread of ransomware across small-town America has exposed a deep problem in how the country approaches cybersecurity. That’s because local governments commonly share single service providers, making many vulnerable at once. On top of this, ransomware has often been used to mask more targeted, malicious activity by nation-states, and there are clear indications this will happen again in the future. Ransomware, which is malicious software that spreads across networks and shuts down computers until a ransom is paid, can have a significant impact on the technology that runs local services, including water, power, wastewater treatment and emergency services.

Shared service providers, small towns

Small towns can’t afford significant information technology departments, so they frequently outsource those services to managed service providers, who in turn use the same software and same applications for all of the governments they serve, explains Chris Morales, head of security analytics for Vectra AI, a cyberthreat detection company. That ubiquity makes them vulnerable to one big attack and provides a big target to criminal hackers who want to increase their odds by hitting as many at once as possible, he said. Two Texas municipalities caught up in the recent spate of ransomware have now confirmed that an unnamed managed service provider was exploited. There is no quick, easy solution to this problem, said Morales. “They work off a tax budget,” Morales said. “Can you imagine telling taxpayers you are spending millions on cybersecurity when there are potholes in the roads?” In addition, small towns aren’t subject to wider initiatives to secure government infrastructure, such as the relatively recent designation of elections infrastructure as critical. Indeed, smaller towns and cities are “largely under-funded, and live on what we call the ‘edge of existence’ in terms of cyber,” said George Simonds, president of cybersecurity company InfraShield and founder of the International Critical Infrastructure Security Institute. “Ransomware is a threat that basically everyone is facing,” Simonds said, including local governments and counties, large cities and utility providers. Simonds agreed that there is no quick budgetary fix for the problem.

Ransomware as a cover story

This long-term, widespread budgetary issue is a problem, because while criminals may be exploiting cities in this latest round of attacks, hostile nation-states often use attacks like these as a convenient cover for more insidious activity. Two of the largest-ever single-incident ransomware attacks, known as WannaCry and NotPetya, took place in 2017. The attacks shut down health-care services by Britain’s NHS, hobbled the logistics operations of shipping giant AP Moeller-Maersk and stymied the production of the HPV vaccine by drugmaker Merck, among a slew of other case studies. But the attacks weren’t “ransomware” in the traditional sense. These attacks netted a relatively paltry profit for the instigators and are largely believed to have served as a way to spread chaos rather than obtain funds. WannaCry was ultimately attributed by the U.S. government to North Korea and NotPetya to the Russian military. The Texas attacks have not yet been attributed to any group, and investigating the origin of the attackers is taking a backseat — as it usually does — to containing the situation, according to the state’s Department of Information Resources. But if city systems are susceptible to this kind of damage, even if from simple criminals, they would be just as susceptible to an attack from other hostile forces. The DIR originally said 23 towns had been affected, then it lowered the number to 22 without explanation.

A worrisome connection to services

For years, government pundits have warned that nation-state attackers, whether from Iran, Russia or China, could directly take down one of the country’s critical industries, often through supposedly highly sophisticated processes and long-term hacks. But the ransomware incidents of 2017 and the relative ease ransomware criminals have had in attacking U.S. cities — including major hubs such as Baltimore, Atlanta, San Francisco and Albany — show the vulnerability of local government infrastructure is plenty worrisome. “The fact that we are seeing an acceleration of attacks that are reportedly successful tells me that we have not prepared,” said Eddie Habibi, CEO of industrial systems security company PAS Global. While many industrial systems are administered on unique systems that “require greater sophistication,” Habibi explained, “some of these [ransomware] attacks are made on the Windows operating system that is used to run the utilities that run power plants or water utilities. Consequences of attacks on the industrial sector can be a lot more serious than on data,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kate fazzini
Keywords: news, cnbc, companies, attacks, defenses, ransomware, expect, systems, providers, texas, cities, gaps, service, local, towns, big, infrastructure, cyber


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A top-performing hedge fund is making a big bet on gold

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions. The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recessio


Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions. The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recessio
A top-performing hedge fund is making a big bet on gold Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li
Keywords: news, cnbc, companies, nearly, big, hedge, global, long, investors, fund, return, york, regulatory, topperforming, bet, management, gold, making


A top-performing hedge fund is making a big bet on gold

Traders work after the closing bell at the New York Stock Exchange (NYSE) on August 7, 2019 in New York City. – Wall Street stocks finished little changed on August 7, 2019, following a choppy session as a plunge in treasury bond yields early in the day underscored worries about a weakening global economy.

A top-performing hedge fund is more than doubling its bet on gold and is ruling the industry with a nearly 30% return this year on its long positions.

Sandler Capital Management, with $2.1 billion in regulatory assets under management, is run by much smaller and lesser-known managers than star investors like David Einhorn and Bill Ackman. But it is one of the best stock-picking funds this year, almost doubling the year-to-date gains for the S&P 500, according to Symmetric.io, a hedge-fund tracking firm.

The nearly 30% return this year is Symmetric’s estimate based on the fund’s long positions, not its overall return.

Based on its latest regulatory filings, Sandler increased its stake in the SPDR Gold Trust by nearly 180% to $38 million by the end of the second quarter, making it the biggest position the fund holds. The ramped-up wager could be a defensive play against more market turbulence ahead.

The precious metal has become increasingly attractive in a world full of negative yielding debt. Gold prices topped $1,500 an ounce recently as investors fled to hard assets amid a global slowdown and fears of a recession. Its safe-haven status also drew a recommendation from hedge fund guru Ray Dalio, who lately advocated putting money into gold during the upcoming “paradigm shift” for global markets

Sandler declined to comment.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: yun li
Keywords: news, cnbc, companies, nearly, big, hedge, global, long, investors, fund, return, york, regulatory, topperforming, bet, management, gold, making


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‘A couple of dozen’ states are considering an antitrust probe of Big Tech, says DOJ official

A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum. The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement.


A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum. The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement.
‘A couple of dozen’ states are considering an antitrust probe of Big Tech, says DOJ official Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jesse pound, christina farr
Keywords: news, cnbc, companies, states, delrahim, big, review, department, dozen, considering, technology, doj, general, antitrust, justice, state, official, tech, couple, probe


'A couple of dozen' states are considering an antitrust probe of Big Tech, says DOJ official

U.S. Assistant Attorney General for Antitrust Makan Delrahim testifies before the Senate Judiciary Committee during an oversight hearing on the enforcement of antitrust laws in the Dirksen Senate Office Building on Capitol Hill October 03, 2018 in Washington, DC.

A top antitrust official at the Department of Justice said Tuesday that “a couple of dozen states” are interested in investigating Big Tech for antitrust concerns.

Makan Delrahim, the assistant attorney general for the antitrust division, said a large bipartisan group of state attorneys general spoke to the Justice Department about starting a joint investigation into technology companies.

“I think it’s probably safe to say more than a dozen. A couple of dozen state attorneys general have expressed an interest in the subject matter,” Delrahim said at the Technology Policy Institute’s Aspen Forum.

The Justice Department announced last month that it is opening a review into potential antitrust concerns in the major online platforms, saying the review will “consider the widespread concerns that consumers, businesses, and entrepreneurs have expressed about search, social media, and some retail services online.”

The Justice Department did not name specific companies that were under review, but shares of Amazon, Alphabet and Facebook all slumped immediately following the July announcement. The stocks of all three companies were roughly 1% on Tuesday, along with major market indices.

Delrahim said the Justice Department intends to work together with the states on their probe, adding that cooperation benefits all parties involved. There is not a set timeline for the investigation, Delrahim said.

Major technology companies have drawn scrutiny from federal lawmakers and regulators about how they handle user data and disseminate information. The skepticism has spread to new projects, with Facebook’s proposed cryptocurrency, Libra, receiving pushback from Washington soon after it was announced.

The Wall Street Journal first reported the news of the state effort. It is not clear which states would be part of the investigation.

WATCH: How US antitrust law works and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jesse pound, christina farr
Keywords: news, cnbc, companies, states, delrahim, big, review, department, dozen, considering, technology, doj, general, antitrust, justice, state, official, tech, couple, probe


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Why the ‘sober curious’ movement is big business for millennials

7 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Millennials are drinking less alcohol these days, whether it’s to break a bad habit, minimize hangovers or improve overall health. As the “Sober Curious” movement gains steam, it’s no surprise that alcohol-free cocktails are vying for a permanent spot on the bar scene. Alcohol-free cocktails aren’t cheap, averaging at $13 at places like Getaway Bar in


7 Hours AgoTo view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Millennials are drinking less alcohol these days, whether it’s to break a bad habit, minimize hangovers or improve overall health. As the “Sober Curious” movement gains steam, it’s no surprise that alcohol-free cocktails are vying for a permanent spot on the bar scene. Alcohol-free cocktails aren’t cheap, averaging at $13 at places like Getaway Bar in
Why the ‘sober curious’ movement is big business for millennials Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, movement, big, curious, alcoholfree, millennials, sober, enabled, willing, bar, flash, young, business, browser, view, vying, cocktails


Why the 'sober curious' movement is big business for millennials

7 Hours Ago

To view this site, you need to have JavaScript enabled in your browser, and either the Flash Plugin or an HTML5-Video enabled browser. Download the latest Flash player and try again.

Millennials are drinking less alcohol these days, whether it’s to break a bad habit, minimize hangovers or improve overall health. As the “Sober Curious” movement gains steam, it’s no surprise that alcohol-free cocktails are vying for a permanent spot on the bar scene. Alcohol-free cocktails aren’t cheap, averaging at $13 at places like Getaway Bar in NYC. And many young people are willing to pay the price.


Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, movement, big, curious, alcoholfree, millennials, sober, enabled, willing, bar, flash, young, business, browser, view, vying, cocktails


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Big Tech probe by state AGs could come as soon as next month, WSJ says

A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.” Now, state attorneys general could target an unspecified gro


A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.” Now, state attorneys general could target an unspecified gro
Big Tech probe by state AGs could come as soon as next month, WSJ says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, come, ags, big, companies, general, large, attorneys, tech, department, month, antitrust, states, probe, wsj, soon, justice, facebook, state


Big Tech probe by state AGs could come as soon as next month, WSJ says

Mark Zuckerberg, chief executive officer and founder of Facebook Inc. attends the Viva Tech start-up and technology gathering at Parc des Expositions Porte de Versailles on May 24, 2018 in Paris, France.

A state-led antitrust probe of Big Tech firms could come as soon as next month, The Wall Street Journal reported, citing sources familiar with the situation.

The investigation would put additional pressure on large technology companies that are already facing scrutiny on the federal level. The U.S. Department of Justice announced plans in July to open its own broad antitrust review of Big Tech, though it did not name the companies on which it would focus. The state-led effort could “dovetail” with that of the Justice Department, according to the Journal.

The DOJ declined to comment on the report. Justice Department antitrust chief Makan Delrahim said in an interview with CNBC on Tuesday that there has been communication between the department and “a couple of dozen states.”

News of the DOJ’s investigation came shortly after reports that the agency had divided oversight of four of the country’s largest tech firms with the Federal Trade Commission. Those companies reportedly included Facebook, Google, Apple and Amazon.

Amazon declined to comment. Google referred to economic policy director Adam Cohen’s testimony to Congress last month. “We have helped reduce prices and expand choice for consumers and merchants in the U.S. and around the world,” Cohen said then. “We have created new competition in many sectors, and new competitive pressures often lead to concerns from rivals. We have consistently shown how our business is designed and operated to benefit our customers.”

Representatives from Facebook and Apple did not immediately return a request for comment.

Now, state attorneys general could target an unspecified group of large tech companies with civil investigative demands, similar to subpoenas, according to the Journal.

States had already begun to take matters into their own hands by calling for tougher oversight and enforcement by the DOJ and FTC. In June, attorneys general from 39 states along with the District of Columbia, Guam and Puerto Rico signed a letter to the FTC urging the agency to consider a broad range of factors in determining consumer harm.

In July, AGs from eight states, including New York, Texas, Arizona and Louisiana, met with U.S. Attorney General William Barr to discuss their antitrust concerns about Big Tech, according to Politico. It’s unclear how many states will participate with the joint probe, but one person familiar with the effort told the Journal as many as 20 state attorneys general could join.

The office of North Carolina Attorney General Josh Stein told CNBC in a statement he “is participating in bipartisan conversations about this issue.”

A spokesperson from the office of New York Attorney General Letitia James said in a statement, “we continue to engage in bipartisan conversations about the unchecked power of large tech companies. We must ensure we protect competition, protect our economy, and protect consumers. The Attorneys General involved have concerns over the control of personal data by large tech companies and will hold them accountable for anticompetitive practices that endanger privacy and consumer data.”

In a statement, Mississippi Attorney General Jim Hood said states are addressing antitrust concerns through the recently-formed Tech Industry Working Group.

“I continue to be concerned with the aggregation of data in the hands of a few and am always watchful of any monopoly. As attorneys general, we need to evaluate and address specific conduct, utilizing our existing antitrust and consumer protection laws,” Hood said.

Representatives for attorneys general in D.C., Nebraska and California declined to comment on the report.

Even as some probes begin to reach their conclusions, it’s clear lawmakers and government officials are not ready to stop scrutinizing the rise to power of large technology companies. Last month, on the day that the FTC announced its record $5 billion settlement with Facebook over the company’s privacy policies, Facebook disclosed the agency had launched a new antitrust investigation into its business.

Several lawmakers and regulators, including two of the FTC’s dissenting commissioners, criticized the Facebook ruling as weak. Given that the $5 billion fine represented about 9% of Facebook’s 2018 revenue, Rep. David Cicilline, D-R.I., chairman of the House antitrust subcommittee, called the settlement “a slap on the wrist.”

State attorneys general have played an important role in past antitrust rulings, including the case against Microsoft, which was brought by a coalition of states alongside the Justice Department. The case, which was focused on a single company rather than a broad group, resulted in some concessions from Microsoft to make its software more open to third-party developers.

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Watch: How US antitrust law works, and what it means for Big Tech


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: lauren feiner
Keywords: news, cnbc, companies, come, ags, big, companies, general, large, attorneys, tech, department, month, antitrust, states, probe, wsj, soon, justice, facebook, state


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Home Depot is building up a big rally, says top technician

Last week’s wild market swings hit nearly everywhere on Wall Street. If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven? As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are. While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Even in periods where Home D


Last week’s wild market swings hit nearly everywhere on Wall Street. If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven? As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are. While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Even in periods where Home D
Home Depot is building up a big rally, says top technician Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: tyler bailey
Keywords: news, cnbc, companies, worth, homebuilder, rally, way, depot, technician, market, rate, weeks, big, thats, pointed, interest, building


Home Depot is building up a big rally, says top technician

Last week’s wild market swings hit nearly everywhere on Wall Street.

But how about over the last month? If you zoom out just a bit, are there any areas in the market that have provided a relative safe haven?

As Cornerstone Macro Head of Technical Analysis Carter Worth pointed out Friday on CNBC’s “Options Action” that yes, there are.

“We’re going to focus on Home Depot. We know that homebuilders, actually, as a group — while this is not a homebuilder — the actual builders have done nothing for three weeks, ” said Worth, “but that’s called outperformance compared to the market. That’s probably because of rates.”

While other stocks have struggled, the current interest rate environment has helped keep this group afloat as it gets easier to borrow money to build or renovate housing. Home Depot may not be a homebuilder in the way that a company like Lennar is, but in interest rate environments like this one, it’s a primary beneficiary of a consumer who’s willing to spend on their home.

Even in periods where Home Depot struggles, as Worth pointed out, the stock acts predictably during its sell-offs, which makes it easier to look for a bounce. He thinks another one is on the way.


Company: cnbc, Activity: cnbc, Date: 2019-08-19  Authors: tyler bailey
Keywords: news, cnbc, companies, worth, homebuilder, rally, way, depot, technician, market, rate, weeks, big, thats, pointed, interest, building


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Waymo’s self-driving tech needs one big thing to succeed: More humans

Alphabet’s self-driving car company Waymo has built the world’s smartest vehicles with access to the world’s best artificial intelligence, but there’s one barrier that it might have underestimated: people. Meanwhile, competitors like Uber, Tesla and General Motors subsidiary Cruise are all planning their own self-driving car technology in a market estimated to garner $556.67 billion by 2026. While analysts have valued Waymo at $70 billion, the Phoenix trip suggested the road to profitability wil


Alphabet’s self-driving car company Waymo has built the world’s smartest vehicles with access to the world’s best artificial intelligence, but there’s one barrier that it might have underestimated: people. Meanwhile, competitors like Uber, Tesla and General Motors subsidiary Cruise are all planning their own self-driving car technology in a market estimated to garner $556.67 billion by 2026. While analysts have valued Waymo at $70 billion, the Phoenix trip suggested the road to profitability wil
Waymo’s self-driving tech needs one big thing to succeed: More humans Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: jennifer elias
Keywords: news, cnbc, companies, drivers, cars, succeed, human, thing, phoenix, officials, tech, needs, company, selfdriving, waymo, big, humans, waymos, car


Waymo's self-driving tech needs one big thing to succeed: More humans

Alphabet’s self-driving car company Waymo has built the world’s smartest vehicles with access to the world’s best artificial intelligence, but there’s one barrier that it might have underestimated: people. In the last few months, the company has gained regulatory approvals, improved its driving systems using Alphabet’a AI assets and partnered with other auto manufacturers. Its cars have driven more miles than any other company’s. But the community closest to Waymo’s main testing grounds in Phoenix, Arizona, said that the human element remains complicated, from hiring more drivers and support staff to working with city officials and emergency response staff. CNBC visited Phoenix to check out Waymo’s progress earlier this month, weeks after the company launched its first actual business, Waymo One, a commercial robotaxi service in the Phoenix area. Meanwhile, competitors like Uber, Tesla and General Motors subsidiary Cruise are all planning their own self-driving car technology in a market estimated to garner $556.67 billion by 2026. While analysts have valued Waymo at $70 billion, the Phoenix trip suggested the road to profitability will require humans to get it there.

Community buy-in

Arizona officials said that they have engaged with Waymo routinely for the past several years. So far, the partnership has only worked because of buy-in from cities, which value citizens as first priorities. For Waymo to expand locations, it will have to duplicate those efforts on a larger scale. Officials of Chandler, Arizona, said the city is revamping some streets and parking lots with self-driving cars in mind. It is also working with police and fire departments — Chandler police chief Sean Duggan said his department worked with the company to identify emergency vehicle siren types so that Waymo could respond. “There were lots of questions with this technology when we started and there are still lots of questions,” Duggan said. “The dialogue is important,” he added. Duggan said the company has also had to work out details like who gets a citation, which required an overarching state-wide protocol in order for each jurisdiction to be uniform. The departments are also having to train staff for how to respond to collisions, which Duggan said have more complexities than the typical vehicle. Speed limits have been a point of contention for other human drivers on the road, officials and local residents told us, noting they drive slower than most other drivers. Local reports claim residents have taken out their anger on the cars in the form of harassing drivers, trying to run the cars off the road, and throwing rocks at them. “They function like a 15-year-old driver hoping to get a driver’s license and not really like a full-blown driver,” said author and mobility expert Dan Albert. Duggan said he and the fire chief have been fielding calls from police chiefs across the country with their concerns or curiosities about the technology, particularly after an Uber self-driving car struck and killed a pedestrian in nearby Tempe in March 2018.

Workforce

Waymo is preparing for a contingent workforce it will need to take care of its fleets. In the last two months, it posted dozens of jobs, including a new role, “Head of Contingent Workforce Management.” It also still needs safety drivers in each car, which Waymo trains. Phoenix passengers told us that sometimes drivers still needs to engage. Chris Ingle, a Waymo One Rider said while he’s had mostly positive experiences, one time, on the freeway, a police officer pulled over a car but the driver quickly grabbed the wheel because, according to him, the Waymo car didn’t stop in time for the extra vehicle that the police pulled over. That, however, was a one-time occurrence, he reiterated. The company also needs maintenance staff for each depot site, where it will do things like wash cars and change oil. “A lot of the business promise and hope for these is that they eliminate labor and eliminate the need for human beings to drive and be stuck in jobs like delivery pizzas,” said Albert “There’s a human interaction that’s still very much a part of that transportation service and we forget about the complete end-to-end user experience of a lot of these transportation functions.” Waymo also needs 24/7 operators to address rider support — at one point, we needed to call it in order for the door to open after it presumed the ride was over. Waymo also has a phone number that police officers can call 24/7 if they need to assign a ticket or other citation, officials told us.

More riders

Up to this point, the company has used human interaction and feedback from Waymo One riders to train its rider experience. In Phoenix, it incorporated rider feedback to display trees, pedestrians and bikes on its displays screens inside the vehicle. Despite larger technical advances, it still needs more riders to train them in Phoenix and in other geographies where weather is more severe. Waymo CEO John Krafcik also said in a recent auto industry podcast that the company needs as many miles as it can get despite having what a spokesperson described as an advanced driving simulator in-house. The need for more riders was the reason Waymo partnered with Lyft for a fleet of 10 cars in Phoenix, which the company announced last month. It was a way to get the testing in front of a wider array of people who may not already know who Waymo is or what they do, a spokesperson said. She added that the company hopes that fleet beyond the currently limited one. UBS, which values Waymo anywhere from $45 billion to $135 billion, said Alphabet’s self-driving car unit could generate as much as $114 billion in revenue by 2030 through ride-sharing services that allow customers to book a ride in one of its self-driving cars.

Mindset change


Company: cnbc, Activity: cnbc, Date: 2019-08-17  Authors: jennifer elias
Keywords: news, cnbc, companies, drivers, cars, succeed, human, thing, phoenix, officials, tech, needs, company, selfdriving, waymo, big, humans, waymos, car


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US antitrust law enforcers have Big Tech in their sights. Here’s what’s happening

KB Home CEO says confidence matters more than mortgage ratesMortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…Real Estateread more


KB Home CEO says confidence matters more than mortgage ratesMortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…Real Estateread more
US antitrust law enforcers have Big Tech in their sights. Here’s what’s happening Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: karin shedd
Keywords: news, cnbc, companies, rates, reaction, matters, enforcers, muted, months, sights, big, positive, mortgage, happening, whats, antitrust, market, law, ratesmortgage, heres, sharply, tech


US antitrust law enforcers have Big Tech in their sights. Here's what's happening

KB Home CEO says confidence matters more than mortgage rates

Mortgage rates have been falling sharply over the last three months, which should be incredibly positive for the housing market, but so far reaction has been muted in both…

Real Estate

read more


Company: cnbc, Activity: cnbc, Date: 2019-08-16  Authors: karin shedd
Keywords: news, cnbc, companies, rates, reaction, matters, enforcers, muted, months, sights, big, positive, mortgage, happening, whats, antitrust, market, law, ratesmortgage, heres, sharply, tech


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Alibaba is poised to report slower revenue growth, but analysts still see a big rally ahead

Michael Nagle | Bloomberg | Getty ImagesAlibaba is expected to show slowing revenue growth after years of blockbuster earnings when it reports fiscal first quarter earnings on Thursday. Here’s what the market expects for Alibaba’s June quarter: Revenue of 111.73 billion yuan ($15.93 billion), according to Refinitiv data. If realized, this would be a 38% year-on-year rise, but slower than the more than 61% growth seen in the same quarter last year. CloudOne of the most promising areas of Alibaba’


Michael Nagle | Bloomberg | Getty ImagesAlibaba is expected to show slowing revenue growth after years of blockbuster earnings when it reports fiscal first quarter earnings on Thursday. Here’s what the market expects for Alibaba’s June quarter: Revenue of 111.73 billion yuan ($15.93 billion), according to Refinitiv data. If realized, this would be a 38% year-on-year rise, but slower than the more than 61% growth seen in the same quarter last year. CloudOne of the most promising areas of Alibaba’
Alibaba is poised to report slower revenue growth, but analysts still see a big rally ahead Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: arjun kharpal
Keywords: news, cnbc, companies, growth, report, business, cloud, according, market, alibabas, quarter, slower, big, alibaba, ecommerce, revenue, ahead, analysts, rally, poised


Alibaba is poised to report slower revenue growth, but analysts still see a big rally ahead

A monitor displays Alibaba Group signage on the floor of the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 7, 2019. Michael Nagle | Bloomberg | Getty Images

Alibaba is expected to show slowing revenue growth after years of blockbuster earnings when it reports fiscal first quarter earnings on Thursday. Its profitability, however, is likely to be improved. Here’s what the market expects for Alibaba’s June quarter: Revenue of 111.73 billion yuan ($15.93 billion), according to Refinitiv data. If realized, this would be a 38% year-on-year rise, but slower than the more than 61% growth seen in the same quarter last year.

Non-GAAP diluted earnings per share (EPS) of 10.25 yuan, according to Refinitiv estimates. Alibaba’s core commerce business, which includes its Tmall and Taobao shopping platforms, is expected to be the biggest growth driver given it’s the company’s biggest division.

The Chinese giant has been expanding the core commerce business internationally through the Singapore-based e-commerce platform Lazada which it majority owns, and domestically by pushing its products into smaller cities. “We expect a solid June quarter for BABA, with e-commerce possibly beating revenue expectation thanks to Tmall’s strong GMV (gross merchandising value) growth,” Xiaoyan Wang, analyst at 86Research told CNBC. “We also anticipate continuous user growth even on such a large base, as Taobao and Tmall are successfully penetrating into low tier cities.”

New retail

Part of Alibaba’s core commerce business is its so-called new retail strategy which looks to fuse the various parts of its business from payments to bricks and mortar stores and food delivery together into one big ecosystem. Part of the push here has been investments in logistics, its Hema supermarkets and food delivery business Ele.me. Investors will be looking at the performance of these new areas — particularly food delivery, which faces stiff competition from Chinese rival Meituan.

Cloud

One of the most promising areas of Alibaba’s business, according to analysts, is cloud computing. The division saw 76% year-over-year revenue growth in the March quarter and has slowly been growing its share of Alibaba’s revenues. Though it is still only around 8% of revenues, analysts see a big opportunity for the technology giant. “Cloud remains the key asset we believe the Street is focused on. Given the penetration of cloud in China, BABA has a major green field opportunity over the coming years on this front,” Daniel Ives, managing director of equity research at Wedbush Securities, told CNBC. Alibaba is the largest cloud computing player in China by market share.

Headwinds

Alibaba’s investment into new areas has come at a price — falling margins. The company has signaled, however, that it will continue to invest, something that has so far not spooked the market. Investors will be watching the margin figure closely. Another worry is the effect of the U.S.-China trade war. “China e-commerce players have come under major pressure in light of worries around growth in the region and macro slowness. We believe … the bark is worse than bite at this point although this remains a major (‘prove me’) quarter for BABA,” Ives said. Alibaba’s shares are up nearly 20% this year, but Wall Street thinks they can go higher over the next year. The average price target on the stock is $218.09, according to Reuters data. That implies a 34.5% upside from Wednesday’s close. The Chinese e-commerce giant is also reportedly looking to hold an initial public offering in Hong Kong, which could raise as much as $20 billion. On Thursday, however, the New York Post reported that Alibaba was weighing whether to delay the listing, which was scheduled for September, amid the anti-China protests in Hong Kong. Alibaba declined to comment when contacted by CNBC about the matter. Despite some of the near-term headwinds, Alibaba’s various investments should set it up for growth over the next few years, according to Thomas Chong, equity analyst at Jefferies. “Alibaba has multiple growth drivers in the years ahead, in our view, with the core marketplace a strong cash cow enjoying secular momentum amid China’s ongoing consumption upgrade, thanks to solid execution and technological ability to digitalize the retail sector, thereby enhancing efficiency,” Chong wrote in a recent note. “Its highly synergistic ecosystem enables it to ramp up easily in lower tier cities and local services. It has clear market leadership in cloud computing, which is the backbone of digitalization across different industries.”


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: arjun kharpal
Keywords: news, cnbc, companies, growth, report, business, cloud, according, market, alibabas, quarter, slower, big, alibaba, ecommerce, revenue, ahead, analysts, rally, poised


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