Goldman is slashing employee pay as it ramps up new tech ventures like the Apple Card

That figure is calculated by dividing the bank’s compensation pool by the number of its workers. The drop in employee pay will continue as Goldman undergoes a fundamental shift: For most of its 150 years, its business model was essentially to pay top dollar for the best talent available. In its markets division, the bank recently committed $100 million to overhaul its stock trading technology to serve sophisticated quants who rely on trading systems over human operators. To be fair, talented tra


That figure is calculated by dividing the bank’s compensation pool by the number of its workers.
The drop in employee pay will continue as Goldman undergoes a fundamental shift: For most of its 150 years, its business model was essentially to pay top dollar for the best talent available.
In its markets division, the bank recently committed $100 million to overhaul its stock trading technology to serve sophisticated quants who rely on trading systems over human operators.
To be fair, talented tra
Goldman is slashing employee pay as it ramps up new tech ventures like the Apple Card Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: hugh son
Keywords: news, cnbc, companies, ramps, tech, apple, trading, pay, banks, technology, platform, card, compensation, goldman, firms, ventures, slashing, employee, traders, bank


Goldman is slashing employee pay as it ramps up new tech ventures like the Apple Card

Goldman Sachs is on track to pay its employees the lowest of any year in at least the past decade, and executives warned that the trend will continue as software consumes more of the firm’s businesses.

The bank set aside 35% of its revenue for staff compensation and benefits so far this year, the lowest that ratio has been since at least 2009, according to an analysis of New York-based Goldman’s data.

Put another way, the average Goldman employee earned $246,216 for the first nine months of 2019, less than half the $527,192 he or she earned at the same point in 2009. That figure is calculated by dividing the bank’s compensation pool by the number of its workers.

It’s just the latest sign of the times on Wall Street and Goldman in particular. Trading became far less lucrative for banks after financial crisis-era rules discouraged hedge-fund like bets and central banks drained volatility from markets. At the same time, human traders have been disrupted by electronic firms like Virtu and XTX, places that employ a few dozen coders to trade billions in stocks and currencies every day.

“We are in the midst of the biggest marriage of tech and finance in history,” said Mike Mayo, a veteran bank analyst at Wells Fargo. “It means more bots relative to bankers, more machines, more automation, more scale. The next decade will see the implementation of technology to a greater extent and in ways that have never been done before.”

The drop in employee pay will continue as Goldman undergoes a fundamental shift: For most of its 150 years, its business model was essentially to pay top dollar for the best talent available.

Now, as CEO David Solomon faces pressure to reinvent the bank and unearth new sources of revenue, Goldman has been working feverishly to create automated solutions in existing and nascent businesses. That means clients will increasingly interact with software instead of expensive humans.

“As we grow more platform-driven businesses, we expect compensation to decline as a proportion of total operating expenses,” CFO Stephen Scherr told analysts on Tuesday. “Platform businesses should carry higher marginal margins at scale and be less reliant on compensation.”

In fact, the firm spent $450 million so far this year on efforts to draw in new customers, including its launch of the Apple Card, the expansion of its Marcus retail brand and the creation of a payments platform for corporate clients.

In its markets division, the bank recently committed $100 million to overhaul its stock trading technology to serve sophisticated quants who rely on trading systems over human operators. And Goldman’s direct-to-client platform Marquee has recently seen “strong growth” to 50,000 monthly active users, Scherr said this week.

As the bank faces pressure on its overall returns and skepticism over its transformation, the money has to come from somewhere. Taking down employee compensation is one such lever, according to bank analyst Charlie Peabody.

To be fair, talented traders and bankers at top-tier firms like Goldman can still command multi-million dollar bonuses. Part of the downward shift of pay at Goldman represents the move to hire younger, cheaper workers, more engineers and support staff for new consumer ventures. Goldman had 37,800 workers as of September 30, compared with 31,700 ten years ago.

And the bank’s compensation accrual is merely its best estimate of what it will need to pay its people for their work in 2019; that figure can be adjusted up or down, depending on the final three months of the year.

But the trend is clear. Marty Chavez, a former Goldman technology chief who pushed to automate trading desks, told Bloomberg last month that for future traders, understanding how to code will be as important as “writing an English sentence.”


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: hugh son
Keywords: news, cnbc, companies, ramps, tech, apple, trading, pay, banks, technology, platform, card, compensation, goldman, firms, ventures, slashing, employee, traders, bank


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High-tech firms aim to upend the insurance market — how to find if they’re the right fit for you

You need insurance for all types of things, from your health and life to your home and car. The new firms include Root, which uses smartphone technology in its car insurance business, and life-insurance company Ethos, which uses predictive analytics and data technology. Meanwhile, Lemonade, which specializes in renters and homeowners insurance, has raised $480 million so far, according to Crunchbase. Buying insurance online is the most popular method used by 18- to 25-year-olds, according to a S


You need insurance for all types of things, from your health and life to your home and car.
The new firms include Root, which uses smartphone technology in its car insurance business, and life-insurance company Ethos, which uses predictive analytics and data technology.
Meanwhile, Lemonade, which specializes in renters and homeowners insurance, has raised $480 million so far, according to Crunchbase.
Buying insurance online is the most popular method used by 18- to 25-year-olds, according to a S
High-tech firms aim to upend the insurance market — how to find if they’re the right fit for you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: michelle fox
Keywords: news, cnbc, companies, seconds, theyre, technology, insurance, life, online, renters, uses, health, mobile, fit, upend, schreiber, aim, right, firms, market, hightech


High-tech firms aim to upend the insurance market — how to find if they're the right fit for you

You need insurance for all types of things, from your health and life to your home and car.

Yet wading through all your options could wind up leaving you thoroughly confused.

According to the National Association of Insurance Commissioners (NAIC) there were 5,964 insurers in the U.S. in 2018, with consumers paying $2.425 trillion in total premiums.

Among those insurers are new entrants, so-called disruptors — tech start-ups that have landed on the scene, promising an easier and faster process. The new firms include Root, which uses smartphone technology in its car insurance business, and life-insurance company Ethos, which uses predictive analytics and data technology. Both have both recently announced new rounds of funding.

Tech-centric Oscar Health, which started in 2012 and was No. 12 in CNBC’s 2018 Disruptor 50, has been slowly expanding offerings compliant with the Affordable Care Act. Meanwhile, Lemonade, which specializes in renters and homeowners insurance, has raised $480 million so far, according to Crunchbase.

“Consumers can buy insurance in a matter of seconds, on their smartphones, chatting to a chatbot,” Lemonade’s co-founder, Daniel Schreiber, told CNBC in May. The company, No. 37 on CNBC’s 2019 Disruptor 50 list, is powered by AI, chatbots and behavior economics.

“About a third of our claims are settled within about three or four seconds by a bot on your app,” Schreiber added.

It’s no surprise that more companies are going high-tech. Buying insurance online is the most popular method used by 18- to 25-year-olds, according to a September survey by Insurance.com.

Of the 500 people surveyed, 45% bought car insurance on a computer or mobile device, 59% went online to purchase health insurance, 54% got their renters insurance online and 46% bought life insurance on a computer or mobile device.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: michelle fox
Keywords: news, cnbc, companies, seconds, theyre, technology, insurance, life, online, renters, uses, health, mobile, fit, upend, schreiber, aim, right, firms, market, hightech


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NBA-China controversy shows why US needs to be careful about Huawei, FCC commissioner says

The recent NBA-China controversy illuminates why the U.S. must cautiously approach any decision to allow Huawei’s 5G technology into the country, FCC Commissioner Brendan Carr said Thursday on CNBC. Carr’s comments Thursday came one day after FCC Chairman Ajit Pai expressed similar concerns on Twitter about Huawei, the world’s largest telecom equipment maker. U.S. officials accuse Huawei of being a national security risk, alleging its equipment could facilitate the transfer of data to the Chines


The recent NBA-China controversy illuminates why the U.S. must cautiously approach any decision to allow Huawei’s 5G technology into the country, FCC Commissioner Brendan Carr said Thursday on CNBC.
Carr’s comments Thursday came one day after FCC Chairman Ajit Pai expressed similar concerns on Twitter about Huawei, the world’s largest telecom equipment maker.
U.S. officials accuse Huawei of being a national security risk, alleging its equipment could facilitate the transfer of data to the Chines
NBA-China controversy shows why US needs to be careful about Huawei, FCC commissioner says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, equipment, worlds, needs, careful, laws, shows, fcc, chinese, commissioner, technology, controversy, concerns, carr, huawei, nbachina, data


NBA-China controversy shows why US needs to be careful about Huawei, FCC commissioner says

The recent NBA-China controversy illuminates why the U.S. must cautiously approach any decision to allow Huawei’s 5G technology into the country, FCC Commissioner Brendan Carr said Thursday on CNBC.

“This NBA issue over the last couple weeks shows how China can leverage all sorts of different levers to exert and have people toe its own political line,” Carr said on “Squawk Alley.”

“So I think that is a threat that that same type of influence could be exerted through Chinese-owned equipment in the U.S. market, which is why we’re taking a very close look at the FCC about whether to do something about that,” he said.

Carr’s comments Thursday came one day after FCC Chairman Ajit Pai expressed similar concerns on Twitter about Huawei, the world’s largest telecom equipment maker. The Chinese company’s products are used by 45 of the world’s 50 largest phone carriers, according to The Associated Press.

The NBA found itself enmeshed in a geopolitical incident after Houston Rockets general manager Daryl Morey expressed his support for Hong Kong protesters. The Chinese government and some businesses in the country responded forcefully, severing ties with the league in various ways.

Earlier this year, the U.S. blacklisted Huawei, and prevented it from doing businesses with American companies — though it was granted a reprieve until November.

U.S. officials accuse Huawei of being a national security risk, alleging its equipment could facilitate the transfer of data to the Chinese government. Huawei has consistently denied the allegations.

Carr, who was nominated to the FCC by President Donald Trump in 2017, said the regulatory agency is invovled in a proceeding “looking at whether to allow funding of Huawei equipment.”

“And at my request we’re also looking closely at whether we need to take equipment out of the network,” Carr said.

Countries around the world are in a race to build out 5G systems, a mobile network that promises fast data speeds and other capabilities to support emerging technologies such as driverless cars.

The U.S. government isn’t the only one to express concerns about Huawei’s potential role in constructing the next-generation infrastructure. Australia and New Zealand have barred the company from their domestic networks.

Those concerns are due, in part, to China’s wide-ranging internet laws, which require technology companies to assist Beijing with loosely defined “intelligence work.”

Interpretations of the laws vary among experts, Carr said.

“There’s a lot of people that say the laws in China don’t expressly authorize them to use this Huawei equipment in the U.S. for spying or other nefarious purposes. There’s been some disagreement about that,” Carr said.

Huawei told CNBC in March that it has never been asked to hand over data to Beijing.


Company: cnbc, Activity: cnbc, Date: 2019-10-17  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, equipment, worlds, needs, careful, laws, shows, fcc, chinese, commissioner, technology, controversy, concerns, carr, huawei, nbachina, data


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Alibaba Group thwarts 300 million hack attempts per day, founder Jack Ma says

Chinese technology giant Alibaba Group is the target of some 300 million attempted cyber attacks per day, according to the company’s founder and former executive chairman, Jack Ma. “For Alibaba Group, we have over 300 million hacking attempts per day. We don’t have even one problem,” Ma said at the Forbes Global CEO Conference in Singapore on Tuesday. By way of contrast, embattled Chinese technology giant Huawei is subject to around 1 million daily cyberattacks, according to its security chief.


Chinese technology giant Alibaba Group is the target of some 300 million attempted cyber attacks per day, according to the company’s founder and former executive chairman, Jack Ma.
“For Alibaba Group, we have over 300 million hacking attempts per day.
We don’t have even one problem,” Ma said at the Forbes Global CEO Conference in Singapore on Tuesday.
By way of contrast, embattled Chinese technology giant Huawei is subject to around 1 million daily cyberattacks, according to its security chief.

Alibaba Group thwarts 300 million hack attempts per day, founder Jack Ma says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: karen gilchrist
Keywords: news, cnbc, companies, group, billion, technology, alibaba, million, thwarts, founder, hack, attempts, cyber, according, day, chinese, jack, giant


Alibaba Group thwarts 300 million hack attempts per day, founder Jack Ma says

Chinese technology giant Alibaba Group is the target of some 300 million attempted cyber attacks per day, according to the company’s founder and former executive chairman, Jack Ma.

Ma said he was “proud” that despite the tirade of subterfuge, Alipay — the group’s payments arm which reports close to 1 billion users and processes $50 billion worth of transactions per day — has yet to lose “one cent” to hackers.

“For Alibaba Group, we have over 300 million hacking attempts per day. Every day. But we deal (with) it. We don’t have even one problem,” Ma said at the Forbes Global CEO Conference in Singapore on Tuesday.

By way of contrast, embattled Chinese technology giant Huawei is subject to around 1 million daily cyberattacks, according to its security chief. Until now, other technology companies have been less forthcoming in revealing their cyber attack vulnerabilities.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: karen gilchrist
Keywords: news, cnbc, companies, group, billion, technology, alibaba, million, thwarts, founder, hack, attempts, cyber, according, day, chinese, jack, giant


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Intel spends $27 million on a new 5G push

The Intel logo is displayed outside of the Intel headquarters in Santa Clara, Calif.Intel has agreed to purchase a software business from Toronto-based Pivot Technology Solutions for $27 million, the U.S. chipmaker said on Tuesday. Intel said it would buy Smart Edge, a software that helps split up data and store it closer to users to make computing devices respond faster. Pivot, which has a market value of about $43 million, was issued a U.S. patent on Smart Edge’s technology in July. In 5G netw


The Intel logo is displayed outside of the Intel headquarters in Santa Clara, Calif.Intel has agreed to purchase a software business from Toronto-based Pivot Technology Solutions for $27 million, the U.S. chipmaker said on Tuesday.
Intel said it would buy Smart Edge, a software that helps split up data and store it closer to users to make computing devices respond faster.
Pivot, which has a market value of about $43 million, was issued a U.S. patent on Smart Edge’s technology in July.
In 5G netw
Intel spends $27 million on a new 5G push Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16
Keywords: news, cnbc, companies, technology, million, edge, smart, spends, computing, pivot, computers, intel, data, software, push


Intel spends $27 million on a new 5G push

The Intel logo is displayed outside of the Intel headquarters in Santa Clara, Calif.

Intel has agreed to purchase a software business from Toronto-based Pivot Technology Solutions for $27 million, the U.S. chipmaker said on Tuesday.

Intel said it would buy Smart Edge, a software that helps split up data and store it closer to users to make computing devices respond faster.

The software is designed to run on Intel’s chips, which are best known as the heart of most personal computers but which the company is aiming to sell into equipment for 5G, the next generation of wireless data networks that is being rolled out starting this year.

According to Pivot’s securities filings, Smart Edge did not generate significant revenue in the first six months of 2019, but made a loss of about $1 million before depreciation and amortization. Pivot, which has a market value of about $43 million, was issued a U.S. patent on Smart Edge’s technology in July.

Intel, which expects to close the Smart Edge deal in the fourth quarter, views 5G as a chance to expand its sales beyond personal computers and data centers, its two largest business segments.

In 5G networks, more data will be stored on computers scattered near cell towers and other network gear. Storing the data there, a practice called “edge computing” in the industry, is expected to help large files like videos show up more quickly on users’ screens than if they were stored in centralized data centers.

“We plan to take full advantage of our combined technologies and teams to accelerate the development of the edge computing market,” Dan Rodriguez, a general manager of the network compute division in Intel’s data center group, said in a statement.

Intel’s shares rose nearly 1% to $52.15 in morning trade, while of Pivot Technology stock gained 4.9% to C$0.70.


Company: cnbc, Activity: cnbc, Date: 2019-10-16
Keywords: news, cnbc, companies, technology, million, edge, smart, spends, computing, pivot, computers, intel, data, software, push


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NHL relies on ‘good judgment’ of players on social media as it expands in China, embraces sports betting

Bettman said he hopes the service will allow NHL fans to feel “comfortable if they are placing bets.” NHL China Games, sponsored by the Chinese company O.R.G. The Los Angeles Kings and Vancouver Canucks became the first to NHL teams to play in China in 2017. The feud between the NBA and China hasn’t had any blow back on the NHL so far. He said the NHL hasn’t has adopted a social media policy for its executives and players in light of the NBA’s plight in China, saying the NHL hasn’t issued a “mem


Bettman said he hopes the service will allow NHL fans to feel “comfortable if they are placing bets.”
NHL China Games, sponsored by the Chinese company O.R.G.
The Los Angeles Kings and Vancouver Canucks became the first to NHL teams to play in China in 2017.
The feud between the NBA and China hasn’t had any blow back on the NHL so far.
He said the NHL hasn’t has adopted a social media policy for its executives and players in light of the NBA’s plight in China, saying the NHL hasn’t issued a “mem
NHL relies on ‘good judgment’ of players on social media as it expands in China, embraces sports betting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jabari young
Keywords: news, cnbc, companies, nhl, media, good, social, nba, league, technology, players, morey, expands, embraces, fans, china, bettman, judgment, relies


NHL relies on 'good judgment' of players on social media as it expands in China, embraces sports betting

The National Hockey League is relying on the “good judgment” of its players as it expands overseas, particularly in China, and positions itself in the U.S. to profit from the newly legalized gambling here, Commissioner Gary Bettman said on CNBC’s “Power Lunch” on Wednesday.

Last week, the NHL announced an expansion with its partner SportsMEDIA Technology, or SMT, a privately-held company that will install new puck and player technology to monitor their every move on the ice by the 2020 postseason. The league also established data deals with Fan Duel, MGM Grand, and William Hill.

The new technology will give fans live, in-depth stats for so-called proposition bets, or side bets on a game. Bettman said he hopes the service will allow NHL fans to feel “comfortable if they are placing bets.”

“There’s an opportunity to create revenue streams, but as importantly, there’s an opportunity for fan engagement, and that’s what we’re first and foremost focused on,” Bettman said.

Since the federal ban on sports betting was lifted in 2017, more than $11 billion have been legally wagered, and according to Morgan Stanley, that number could grow to $216 billion by 2025. The NHL is hoping the growth of sports betting will assist with the league’s next TV deal, which is currently set to expire after the 2021-22 season.

NBC and NBC Sports, which are owned by Comcast, currently pays the NHL roughly $200 million per year to air its games, including the Stanley Cup Playoffs.

“When we start dealing with media companies in our next media negotiation, there will be opportunities to focus on what this will do to expand our viewership,” Bettman said.

The league is also expanding in China through the O.R.G. NHL China Games, sponsored by the Chinese company O.R.G. Packaging. The Los Angeles Kings and Vancouver Canucks became the first to NHL teams to play in China in 2017.

The feud between the NBA and China hasn’t had any blow back on the NHL so far. NBA players can’t seem to avoid offending fans or politicians, no matter what they say, with headlines erupting almost daily since Houston Rockets General Manager Daryl Morey tweeted support for anti-government protesters in Hong Kong. Los Angeles Lakers star LeBron James reignited the furor in Asia when he told reporters in the U.S. Tuesday that Morey was “misinformed,” adding the NBA exec was not “educated on the situation.”

James was criticized for his response to Morey, and fans in Hong Kong were seen burning the NBA star’s jerseys late Tuesday night.

Bettman was asked if it was a good idea to continue expanding in China, given the fragile relationship with the U.S. right now. Selecting his words carefully, the commissioner responded: “When you’re dealing in foreign countries, geopolitical issues can impact your business, and you have to be mindful of that.

“We probably have the most international player base of any of the sports,” Bettman added. “And to the extent we can do business internationally, we do it, and when there are impediments to it, we either pivot or choose another course. There are no hard and fast rules in terms of how you do it.”

He said the NHL hasn’t has adopted a social media policy for its executives and players in light of the NBA’s plight in China, saying the NHL hasn’t issued a “memoranda” on the matter.

“We rely on the good judgment of all of our on-ice and off-ice personnel to do what they think is sensible and responsible,” Bettman said, adding the league is “overwhelmingly proud” of the way players conduct themselves.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: jabari young
Keywords: news, cnbc, companies, nhl, media, good, social, nba, league, technology, players, morey, expands, embraces, fans, china, bettman, judgment, relies


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Almost two-thirds of workers say they would trust a robot over their manager

Much talk of workplace automation paints a picture of an apocalyptic stand-off between humans and their robot replacements. In fact, as many as 64% of workers say they would trust a robot over their manager, based on the joint study from U.S. technology company Oracle and research firm Future Workplace. Meanwhile, more than half say they have already turned to a robot for advice instead of their manager. The phenomenon is especially pronounced in Asia, where employees expressed a disproportionat


Much talk of workplace automation paints a picture of an apocalyptic stand-off between humans and their robot replacements. In fact, as many as 64% of workers say they would trust a robot over their manager, based on the joint study from U.S. technology company Oracle and research firm Future Workplace. Meanwhile, more than half say they have already turned to a robot for advice instead of their manager. The phenomenon is especially pronounced in Asia, where employees expressed a disproportionat
Almost two-thirds of workers say they would trust a robot over their manager Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: karen gilchrist
Keywords: news, cnbc, companies, trusting, say, employees, trust, technology, workplacein, robots, robot, zealand, manager, workers, workplace, twothirds


Almost two-thirds of workers say they would trust a robot over their manager

Much talk of workplace automation paints a picture of an apocalyptic stand-off between humans and their robot replacements.

But the ultimate relationship may be much more harmonious, according to a new report, which suggests that many employees are embracing artificial intelligence (AI) in the workplace.

In fact, as many as 64% of workers say they would trust a robot over their manager, based on the joint study from U.S. technology company Oracle and research firm Future Workplace. Meanwhile, more than half say they have already turned to a robot for advice instead of their manager.

The phenomenon is especially pronounced in Asia, where employees expressed a disproportionate distrust in their human colleagues when compared to technology. For example, 89% of workers in India and 88% of those in China admitted to trusting robots over their managers.

The two gargantuan labor forces were joined by workers in Singapore (83%), Brazil (78%), Japan (76%), Australia and New Zealand (58%), the U.S. (57%), the U.K. (54%) and France (56%) in trusting robots over their managers.


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: karen gilchrist
Keywords: news, cnbc, companies, trusting, say, employees, trust, technology, workplacein, robots, robot, zealand, manager, workers, workplace, twothirds


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Researchers develop ‘fully autonomous’ drones that can inspect and fix wind turbines

Researchers in the U.K. have developed autonomous drones that can inspect offshore energy sites. The drones were developed by the Offshore Robotics for the Certification of Assets (ORCA) Hub. In a statement Monday, Imperial College London’s Mirko Kovac said that drones were currently used to inspect offshore wind turbines, but that such inspections were “remotely controlled by people on-site at the offshore location.” Kovac explained that the autonomous drones could remove the need for humans to


Researchers in the U.K. have developed autonomous drones that can inspect offshore energy sites. The drones were developed by the Offshore Robotics for the Certification of Assets (ORCA) Hub. In a statement Monday, Imperial College London’s Mirko Kovac said that drones were currently used to inspect offshore wind turbines, but that such inspections were “remotely controlled by people on-site at the offshore location.” Kovac explained that the autonomous drones could remove the need for humans to
Researchers develop ‘fully autonomous’ drones that can inspect and fix wind turbines Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: anmar frangoul
Keywords: news, cnbc, companies, fix, wind, fully, drones, autonomous, university, used, inspect, turbines, drone, technology, energy, robotics, offshore, develop, researchers


Researchers develop 'fully autonomous' drones that can inspect and fix wind turbines

Researchers in the U.K. have developed autonomous drones that can inspect offshore energy sites.

The drones were developed by the Offshore Robotics for the Certification of Assets (ORCA) Hub.

Launched in 2017, the ORCA Hub is a consortium of five universities working with partners from industry sectors such as energy and technology.

It’s led by the Edinburgh Centre for Robotics, which is in itself a partnership between the University of Edinburgh and Heriot-Watt University. Imperial College London, the University of Liverpool and University of Oxford are also involved.

In a statement Monday, Imperial College London’s Mirko Kovac said that drones were currently used to inspect offshore wind turbines, but that such inspections were “remotely controlled by people on-site at the offshore location.”

“Should an area of concern be found, technicians are required to carry out further inspection, maintenance or repair, often at great heights and therefore in high-risk environments,” Kovac, who is director of Imperial’s aerial robotics laboratory, added.

“Our drones are fully autonomous. As well as visually inspecting a turbine for integrity concerns, ours make contact, placing sensors on the infrastructure, or acting as a sensor itself, to assess the health of each asset. Our technology could even deposit repair material for certain types of damage.”

Kovac explained that the autonomous drones could remove the need for humans to carry out dangerous and costly tasks such as abseiling down wind turbines and cut the number of ships going to and from wind farms.

As technology develops, drones are being deployed in a wide range of industries and locations. In the energy sector, Air Control Entech and the Oil & Gas Technology Centre launched three drones last year which can live stream offshore inspections and undertake three-dimensional laser scanning and ultrasonic testing.

Led by industry, the center describes itself as a “research and knowledge organisation” and is backed by the U.K. and Scottish governments.

In September 2019, autonomous drone technology was used to deliver diabetes medication to a location off the west coast of Ireland. The contents of the delivery were insulin and glucagon, while the drone also collected a patient’s blood sample.

The National University of Ireland in Galway said the drone’s journey between Connemara Airport and Inis Mór, which is part of the Aran Islands, showed “the possibility of future deliveries of this kind within planned drone corridors.”


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: anmar frangoul
Keywords: news, cnbc, companies, fix, wind, fully, drones, autonomous, university, used, inspect, turbines, drone, technology, energy, robotics, offshore, develop, researchers


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Fake videos could be the next big problem in the 2020 elections

“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa


“Deepfake” videos could be an even bigger problem in 2020. Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. 2020 electionsPaul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. Domestic disinformationIt currently is not a federal crime in the U.S. to create fa
Fake videos could be the next big problem in the 2020 elections Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


Fake videos could be the next big problem in the 2020 elections

A woman views a manipulated video of President Donald Trump and former president Barack Obama, illustrating how deepfake technology can deceive viewers. Rob Lever | AFP | Getty Images

Fake news was a big problem for the 2016 election. “Deepfake” videos could be an even bigger problem in 2020. Deepfake technology can be used to create videos that seem to show politicians saying things they never said, or doing things they never have done. The technology first gained widespread attention in April 2018, when comedian Jordan Peele created a video that pretended to show former President Barack Obama insulting President Donald Trump in a speech. The technology is a problem not only because the videos are fake and easy make, but also because like “fake news” articles on social media, they are likely to be shared. “Deepfakes can be made by anyone with a computer, internet access, and interest in influencing an election,” said John Villasenor, a professor at UCLA focusing on artificial intelligence and cybersecurity. He explained that “they are a powerful new tool for those who might want to (use) misinformation to influence an election.” Experts warn that deepfakes can weaponize false information and, because of the ease of creating fake content, videos can be made and distributed promptly, allowing fake videos to reach millions in seconds. The term “deepfakes” refers to manipulated videos or other digital representations produced by sophisticated artificial intelligence that yield seemingly realistic, but fabricated images and sounds.

2020 elections

Paul Barrett, adjunct professor of law at New York University, explained that there are two ways deepfake videos could affect elections. For one, Barrett said, “a skillfully made deepfake video could persuade voters that a particular candidate said or did something she didn’t say or do.”

What we are seeing now is that (cyberwar) has a twin called ‘likewar,’ the hacking of people on social networks, by driving ideas viral through likes, shares, and lies. Peter Singer senior fellow, New America

A video released on Facebook in June appeared to show House Speaker Nancy Pelosi stumbling through a speech when, in reality, she did not. Villasenor told CNBC that deepfakes can undermine the reputations of politicians and easily influence voter sentiment, making them very dangerous, yet “powerful.” “If there are a multitude of deepfakes over the course of an election campaign, voters could grow cynical about the ability to tell truth from falsehood. Cynicism could lead to apathy, low voter turnout, and disillusionment with the entire political system,” said NYU’s Barrett.

Domestic disinformation

It currently is not a federal crime in the U.S. to create fake videos. But “using a fake video to commit another crime — such as extortion or fraud or harassment — would be illegal under the laws covering the other crimes,” said Barrett. He added that the legality of creating deepfakes could change in the future, as a number of bills hoping to curb their use have been introduced in Congress. The first federal bill targeting deepfakes, the Malicious Deep Fake Prohibition Act, was introduced in December 2018. Meanwhile, states including California and Texas have enacted laws that make deepfakes illegal when they’re used to interfere with elections.

In June, the DEEPFAKES Accountability Act, short for “Defending Each and Every Person from False Appearances by Keeping Exploitation Subject to Accountability Act,” was introduced. If passed, it would require that creators of false videos to label them as such or face up to five years in prison. “Indeed, the technology can be used for both entertainment, business, and politics, so it is unlikely to be outlawed ever completely,” said Peter Singer, cybersecurity and defense focused strategist and senior fellow at policy think tank, New America. He added that although it is legal, deepfakes should be labeled to let viewers know what they’re seeing is a simulation. “Just as @realdonaldtrump has a small blue check on his account to let you now that it is him,” Singer wrote. Deepfake technology is on the rise as data shows most Americans are worried about fake news. Nearly seven-in-ten (68%) say made-up news and information greatly affect Americans’ confidence in government institutions, according to a 2019 survey conducted by Pew Research Center. About half (54%) of the 6,127 respondents said misinformation has impacted Americans’ confidence in each other. That survey also found that half of respondents see false news as a big problem for the country. That’s a bigger share than those who said they viewed terrorism (34%), illegal immigration (38%), racism (40%) and sexism (26%) as top issues in the U.S.

On the corporate side, social media behemoth Facebook was criticized for not being able to identify fake videos when the Pelosi video circulated. In response, Facebook and Microsoft promised to collaborate with top universities across the country and create a large database of fake videos to study detection methods.

‘Hostilities that never really happened’


Company: cnbc, Activity: cnbc, Date: 2019-10-15  Authors: grace shao
Keywords: news, cnbc, companies, videos, president, deepfake, fake, false, 2020, election, problem, elections, video, technology, deepfakes, big


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What ‘deepfakes’ are and how they may be dangerous

The technology used to create such digital content has quickly become accessible to the masses, and they are called “deepfakes.” Deepfakes refer to manipulated videos, or other digital representations produced by sophisticated artificial intelligence, that yield fabricated images and sounds that appear to be real. “Deepfakes are raising a set of challenging policy, technology, and legal issues.” In simplistic terms, deepfakes are falsified videos made by means of deep learning, said Paul Barrett


The technology used to create such digital content has quickly become accessible to the masses, and they are called “deepfakes.” Deepfakes refer to manipulated videos, or other digital representations produced by sophisticated artificial intelligence, that yield fabricated images and sounds that appear to be real. “Deepfakes are raising a set of challenging policy, technology, and legal issues.” In simplistic terms, deepfakes are falsified videos made by means of deep learning, said Paul Barrett
What ‘deepfakes’ are and how they may be dangerous Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: grace shao
Keywords: news, cnbc, companies, technology, create, used, videos, detection, deepfake, deepfakes, dangerous, detect, fake, villasenor


What 'deepfakes' are and how they may be dangerous

A comparison of an original and deepfake video of Facebook CEO Mark Zuckerberg. Elyse Samuels | The Washington Post | Getty Images

Camera apps have become increasingly sophisticated. Users can elongate legs, remove pimples, add on animal ears and now, some can even create false videos that look very real. The technology used to create such digital content has quickly become accessible to the masses, and they are called “deepfakes.” Deepfakes refer to manipulated videos, or other digital representations produced by sophisticated artificial intelligence, that yield fabricated images and sounds that appear to be real. Such videos are “becoming increasingly sophisticated and accessible,” wrote John Villasenor, nonresident senior fellow of governance studies at the Center for Technology Innovation at Washington-based public policy organization, the Brookings Institution. “Deepfakes are raising a set of challenging policy, technology, and legal issues.” In fact, anybody who has a computer and access to the internet can technically produce deepfake content, said Villasenor, who is also a professor of electrical engineering at the University of California, Los Angeles.

What are deepfakes?

The word deepfake combines the terms “deep learning” and “fake,” and is a form of artificial intelligence. In simplistic terms, deepfakes are falsified videos made by means of deep learning, said Paul Barrett, adjunct professor of law at New York University. Deep learning is “a subset of AI,” and refers to arrangements of algorithms that can learn and make intelligent decisions on their own. But the danger of that is “the technology can be used to make people believe something is real when it is not,” said Peter Singer, cybersecurity and defense-focused strategist and senior fellow at New America think tank.

Singer is not the only one who’s warned of the dangers of deepfakes. Villasenor told CNBC the technology “can be used to undermine the reputation of a political candidate by making the candidate appear to say or do things that never actually occurred.” “They are a powerful new tool for those who might want to (use) misinformation to influence an election,” said Villasenor.

How do deepfakes work?

A deep-learning system can produce a persuasive counterfeit by studying photographs and videos of a target person from multiple angles, and then mimicking its behavior and speech patterns. Barrett explained that “once a preliminary fake has been produced, a method known as GANs, or generative adversarial networks, makes it more believable. The GANs process seeks to detect flaws in the forgery, leading to improvements addressing the flaws.” And after multiple rounds of detection and improvement, the deepfake is completed, said the professor. According to a MIT technology report, a device that enables deepfakes can be “a perfect weapon for purveyors of fake news who want to influence everything from stock prices to elections.” In fact, “AI tools are already being used to put pictures of other people’s faces on the bodies of porn stars and put words in the mouths of politicians,” wrote Martin Giles, San Francisco bureau chief of MIT Technology Review in a report. He said GANs didn’t create this problem, but they’ll make it worse.

How to detect manipulated videos?

While AI can be used to make deepfakes, it can also be used to detect them, Brookings’ Villasenor wrote in February. With the technology becoming accessible to any computer user, more and more researchers are focusing on deepfake detection and looking for a way of regulating it. Large corporations such as Facebook and Microsoft have taken initiatives to detect and remove deepfake videos. The two companies announced earlier this year that they will be collaborating with top universities across the U.S. to create a large database of fake videos for research, according to Reuters. “Presently, there are slight visual aspects that are off if you look closer, anything from the ears or eyes not matching to fuzzy borders of the face or too smooth skin to lighting and shadows,” said Singer from New America. But he said that detecting the “tells” is getting harder and harder as the deepfake technology becomes more advanced and videos look more realistic. Even as the technology continues to evolve, Villasenor warned that detection techniques “often lag behind the most advanced creation methods.” So the better question is: “Will people be more likely to believe a deepfake or a detection algorithm that flags the video as fabricated?”

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Company: cnbc, Activity: cnbc, Date: 2019-10-14  Authors: grace shao
Keywords: news, cnbc, companies, technology, create, used, videos, detection, deepfake, deepfakes, dangerous, detect, fake, villasenor


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