Gini Olom

Selasa, 07 Mei 2019

GM Cruise autonomous car company gets $1.15 billion investment ahead of 2019 launch - Fox News

General Motors’ autonomous car operation is blowing up … in a good way.

The automaker announced on Tuesday the completion of a $1.15 billion investment round in its self-driving car subsidiary, GM Cruise LLC, that valued the company at $19 billion, or more than one-third the market capitalization of GM itself.

GM reportedly paid $1 billion or less in 2016 to take over the then-startup tech firm, which got a $2.75 billion investment from Honda in October and a total of $7.25 billion from various sources over the past year.

Honda has proposed a more futuristic version of the self-driving car. (Honda)

The company is currently focused on developing a self-driving version of the Chevrolet Bolt electric car, which will initially be deployed in a ride-hailing scheme.

"Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation," Cruise CEO Dan Ammann said in a release announcing the news.

"Having deep resources to draw on as we pursue our mission is a critical competitive advantage."

Cruise is currently testing vehicles on the road in California that it plans to put into commercial use by the end of 2019 as it looks to compete with similar efforts from Waymo, Uber and Tesla. The company has petitioned the federal government to allow it to deploy cars without steering wheels or brakes, but has not yet received approval to do so.

The Associated Press contributed to this report

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https://www.foxnews.com/auto/gm-cruise-autonomous-car-company-gets-1-15-billion-investment-ahead-of-2019-launch

2019-05-07 15:16:52Z
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GM’s self-driving division Cruise raises another $1.15 billion - The Verge

Cruise Automation, the self-driving division of General Motors, announced on Tuesday that it has secured a $1.15 billion investment, raising its post-money valuation to an eye-popping $19 billion.

The money was raised from a “group comprising institutional investors, including funds and accounts advised by T. Rowe Price Associates, Inc., and existing partners General Motors, SoftBank Vision Fund and Honda,” Cruise said in a statement.

It’s another enormous boost for GM’s Cruise. Last May, it announced a $2.25 billion investment from the SoftBank Vision Fund, a major venture investment effort that was started by the Japanese tech giant in 2016. Then, in October, GM said it would team up with Honda to design a purpose-built self-driving car. The Japanese automaker said it would devote $2 billion to the effort over 12 years, including a $750 million equity investment in Cruise.

GM bought Cruise in 2016 for $1 billion to jump-start its self-driving efforts. The company has said it plans to deploy its fully driverless cars, without steering wheel or pedals, for commercial ride-hailing use as early as 2019.

By committing to rolling out fully driverless cars in a shortened time frame, GM is seeking to outmaneuver rivals both old and new in the increasingly hyper-competitive race to build and deploy robot cars. Ford has said it will build an autonomous car without a steering wheel or pedals by 2021, while Waymo launched its first commercial ride-hailing service in Phoenix (albeit in a more scaled-back fashion than originally anticipated).

There was a flurry of partnerships and investments around self-driving cars in 2016 and 2017, but that activity has since mostly died down, leading some critics to claim that the technology now finds itself in the “trough of disillusionment.”

To be sure, there are still huge sums of money exchanging hands despite this lull. There was the Cruise-SoftBank deal in May and the Cruise-Honda deal in October. In August, Toyota and Uber said they would join forces to build self-driving cars in a deal that involved the Japanese automaker committing $500 million to the ride-hailing giant. In April 2019, Uber secured another $1 billion from SoftBank, Toyota, and Denso.

There may be disillusionment in this trough, but there are huge piles of money, too.

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https://www.theverge.com/2019/5/7/18535194/gm-cruise-self-driving-car-investment-valuation

2019-05-07 13:04:26Z
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GM Cruise raises $1.15B at a $19B valuation from Softbank and Honda - TechCrunch

GM Cruise has raised another $1.15 billion in new equity from a group of investors that includes T. Rowe Price Associates, Honda, Softbank Vision Fund and its parent company GM as the self-driving vehicle company pushes to launch a commercial autonomous ride-hailing service this year.

This investment increases Cruise’s post-money valuation to $19 billion, inclusive of SoftBank’s previously announced investment commitment. Cruise has secured capital commitments totaling $7.25 billion in the past year, according to the company.

“Developing and deploying self-driving vehicles at massive scale is the engineering challenge of our generation,” said Cruise CEO Dan Ammann . “Having deep resources to draw on as we pursue our mission is a critical competitive advantage.”

GM Cruise has one of the most aggressive timelines among companies hoping to deploy a commercial self-driving vehicle service. GM’s self-driving unit has stuck to its previously stated timeline to launch a commercial service “sometime in 2019.”

Cruise has grown from a small startup with 40 employees to more than 1,000 today at its San Francisco headquarters.

And Cruise isn’t curtailing that rate of growth; it’s accelerating it.

Cruise announced in November plans to expand to Seattle, in pursuit of more engineering talent to develop its technology. GM Cruise aimed to hire between 100 to 200 engineers by the end of 2019. The company, now led by Ammann, who left his post as president of GM to take the job, plans to hire at least 1,000 more engineers and other personnel by the end of the year. (Kyle Vogt, a Cruise co-founder who was CEO and also unofficially handled the chief technology officer position, is now president and CTO.)

Arden Hoffman, who helped scale Dropbox, left the file-sharing and storage company to head up human resources at Cruise and help the company scale quickly.

The GM subsidiary is expanding its office space in San Francisco to accommodate the growth. GM Cruise will keep its headquarters at 1201 Bryant Street in San Francisco. The company will also take over Dropbox headquarters at 333 Brannan Street some time this year, a move that will triple Cruise’s office space in San Francisco.

GM Cruise received a $2.25 billion investment by SoftBank’s vision fund in May 2018. That first Softbank investment was cut into two parts with the first tranche of $900 million made at the closing of the transaction. Once Cruise’s autonomous vehicles are ready for commercial deployment, Softbank will complete the second investment of $1.35 billion, the companies said at the time.

A few months later, Honda committed $2.75 billion as part of an exclusive agreement with GM and Cruise to develop and produce a new kind of autonomous vehicle.

As part of that agreement, Honda will invest $2 billion into the effort over the next 12 years. At the time, Honda made an immediate and direct equity investment of $750 million into Cruise. Honda’s investment gives the automaker a 5.7 percent stake in Cruise.

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https://techcrunch.com/2019/05/07/gm-cruise-raises-1-5b-at-a-19b-valuation-from-softbank-and-honda/

2019-05-07 13:00:08Z
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Gold, Silver Prices Down As Greenback Up - Kitco News

Gold and silver prices are modestly lower in early-morning U.S. trading Tuesday. The metals are pressured in part by a firmer U.S. dollar index today that is trading not far below last week’s two-year high. Also, the bearish chart postures for both gold and silver continue to invite the technical sellers. June gold futures were last down $2.80 an ounce at $1,281.00. July Comex silver was last down $0.092 at $14.835 an ounce.

World stock markets were mixed in cautious trading overnight. U.S. stock indexes are pointed toward weaker openings when the New York day session begins.

The stock, financial and commodity markets are trying to recover from the surprise developments on the U.S.-China trade front that saw President Trump threaten new tariffs on imported Chinese products. However, the marketplace is somewhat assuaged Tuesday morning as the Chinese trade delegation is still headed for Washington, D.C. for talks this week, including their chief negotiator. Also, upon reflection, many traders and investors are wondering if Trump’s threatening tweets on Sunday were just a negotiating tactic. Still, Trump’s trade advisors said Monday that the Chinese commitments on trade had seen “erosion.”

Trump tweeted that some degree of a trade deal with China needs to happen by the end of this week, or new tariffs go into effect. It’s a very hard read on the outcome of this matter. Thus, the keener uncertainty among traders and investors will play better into the hands of market bears.

Gold and silver markets bulls have been disappointed their safe-haven metals did not see more demand amid the heightened geopolitical uncertainty that includes the potential U.S.-China trade war escalation but also increased U.S.-Iran tensions. However, reports say demand from major gold-consuming country India is expected to be significantly higher on the geopolitical tensions, especially as this is the time of stronger seasonal demand for gold.

The other key “outside market” today sees Nymex crude oil prices weaker and trading around $61.50 a barrel. There are now chart clues that the oil market has put in a price top.

U.S. economic data due for release Tuesday includes the weekly Goldman Sachs and Johnson Redbook retail sales reports, the IDB/TIPP economic optimism index, and consumer credit.

Technically, the gold bears have the overall near-term technical advantage. A 2.5-month-old downtrend is in place on the daily bar chart. Bulls’ next upside price objective is to produce a close in June futures above solid resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00. First resistance is seen at Monday’s high of $1,287.40 and then at $1,290.90. First support is seen at $1,275.00 and then at last week’s low of $1,267.30. Wyckoff's Market Rating: 3.5

July silver futures bears have the overall near-term technical advantage. Prices are in a 2.5-month-old downtrend on the daily bar chart. Silver bulls' next upside price breakout objective is closing prices above solid technical resistance at $15.25 an ounce. The next downside price breakout objective for the bears is closing prices below solid support at $14.50. First resistance is seen at $15.00 and then at $15.15. Next support is seen at last week’s low of $14.57 and then at $14.50. Wyckoff's Market Rating: 3.0.

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https://www.kitco.com/news/2019-05-07/Gold-Silver-Prices-Down-As-Greenback-Up.html

2019-05-07 12:19:00Z
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Amazon's New York Go store is the first to accept cash - Engadget

Uber Drivers to Strike Before I.P.O. - The New York Times

[Want to get New York Today by email? Here’s the sign-up.]

It’s Tuesday. Hold on to your wallets. The Amazon Go store opening today in Lower Manhattan will accept cash, the first of its kind to do so.

Weather: There’s a chance of rain this afternoon and thunderstorms tonight. But it’s May, so at least it’ll be warm. Temperatures will start in the mid-50s and reach a high in the low 70s by late afternoon.

Alternate-side parking: In effect until May 27 (Memorial Day).

CreditJeenah Moon for The New York Times

When Uber starts selling its shares to the public for the first time on Thursday, the ride-hailing app could be worth as much as $91 billion. Those who already have a stake in the company could become very, very rich.

But the drivers who rely on the app for income won’t.

Drivers in New York and other cities have complaints about the company, and they’re planning a strike tomorrow morning to raise awareness about their grievances.

How will drivers strike?

Drivers who work for Uber and similar ride-hailing apps, like Lyft, Juno and Via, plan to sign off the apps from 7 to 9 tomorrow morning. Customers will be able to log on to the apps, but they may not find many drivers nearby.

After 9, drivers will resume picking up passengers.

What are the drivers protesting?

In short, they want better pay and working conditions.

The drivers’ demands were outlined in a statement from the New York Taxi Workers Alliance. One request is a limit on how much money drivers have to share with the apps per ride. The group also opposes what it says is Uber’s practice of arbitrarily removing drivers from the app, effectively terminating them.

Do the drivers work for Uber?

It’s complicated.

Initially, Uber called the drivers who use its app independent “driver-partners.” But in 2017, the State Department of Labor ruled that the drivers in New York were, in fact, employees.

Didn’t New York City already do something to help drivers?

Last year, city lawmakers limited the number of for-hire-vehicle licenses they would dispense, capping the number of drivers who could flood the market and congest the streets.

The lawmakers also guaranteed that full-time drivers would earn at least $17 an hour, and that the city would provide financial and mental health resources after several for-hire drivers killed themselves.

Uber declined to comment about the strike but pointed to perks it is offering some drivers, including cash bonuses, reimbursement for gas, and tuition for online undergraduate courses administered by Arizona State University.

Will the protest affect my commute?

Possibly.

Most people in New York City take mass transit, but a significant number of people rely on for-hire vehicles for rides into areas that are underserved by trains and buses. If you’re one of those commuters — or if you’re trying to get a ride to the airport or need to make an unexpected trip — you might want to plan ahead.

Yellow and green taxis will still be around, and they use several apps, including Waave, Curb, Myle and Wapanda.

See the celebrity arrivals at the Met Gala

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CreditKarsten Moran for The New York Times

In the opening minutes of the Met Gala, Lady Gaga — a native New Yorker and one of five hosts of the event this year — may have stolen the show, wrote The Times’s Valeriya Safronova and Jonah Engel Bromwich.

The theme was “Camp: Notes on Fashion.” Lady Gaga arrived in a fuchsia dress with an enormous train, but then she morphed, revealing two additional dresses and, finally, her undergarments.

But was she the campiest of them all?

See more photographs from the Met Gala red carpet.

From The Times

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An escalator being repaired at the Hudson Yards subway station. CreditGabby Jones for The New York Times

Another way the subway fails riders: broken escalators.

Jail guards performed illegal strip searches on women, prosecutors said.

Ethics clouds hang over Mayor de Blasio as he weighs a presidential run.

A burning car with doors chained shut, and a 3-year-old victim, in Queens.

[Want more news from New York and around the region? Check out our full coverage.]

The Mini Crossword: Here is today’s puzzle.

What we’re reading

New York lawmakers are remembering former City Councilman Lew Fidler of Brooklyn, who died over the weekend. [Politico NY]

Ron Darling, an announcer and former pitcher for the Mets, announced that he has thyroid cancer. He said that it was treatable and that he hoped to return to work soon. [Daily News]

A Staten Island newspaper is trying to identify every speed camera in the borough. (The city’s Transportation Department wouldn’t confirm locations, the paper said.) [SILive]

A “Game of Thrones” producer confirmed to WNYC that, yes, there was a misplaced Starbucks coffee cup in the show’s latest episode. [WNYC]

Coming up today

The Frick Collection in Manhattan hosts a screening and panel discussion of “Citizen Lane,” a documentary about the art collector Hugh Lane. 5 p.m. [$15]

Polish your résumé at a workshop at the Macomb’s Bridge Library in Manhattan. 11 a.m. [Free with R.S.V.P.]

Enjoy board games, networking and music at 333 Lounge’s Afro-Caribbean Tuesdays event in Brooklyn. 6 p.m. [Free with R.S.V.P.]

— Ana Fota

Events are subject to change, so double-check before heading out. For more events, see the going-out guides from The Times’s culture pages.

And finally: On your way to prison, a store that ‘feels like a five-star hotel’

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CreditNate Schweber

Nate Schweber and The Times’s Corey Kilgannon report:

Michael Cohen, the president’s former personal lawyer, arrived yesterday at the federal prison in Otisville, N.Y., to begin his three-year sentence on fraud charges, and a good vantage point to see him enter the grounds was a nearby Sunoco gas station and convenience store — a go-to stop for people entering and leaving the facility.

“Everyone stops there, especially after getting released,” said Lawrence Dressler, a former inmate at Otisville, which is 75 miles northwest of New York City. “It’s the first place you can go to get some food or a cold drink or use the bathroom.”

Mr. Cohen did not stop at the Sunoco, but other prominent prisoners and visitors have. The boxer Mike Tyson got some change before visiting a friend, said Donna Simpson, who works at the store’s deli.

When the Iowa meatpacking executive Sholom Rubashkin was released in 2017 — his 27-year prison sentence was commuted by President Trump — a video posted on YouTube showed some of his supporters holding an impromptu dance party in the parking lot.

Other newly freed inmates head straight inside to devour a sandwich, grab cigarettes and change into street clothes in the store’s bathroom. They sometimes throw their prison garb into a donation bin on the premises.

Some visitors also use the bathroom to change after being told by prison officials that their clothing is inappropriate under the visiting guidelines.

[Read more about the Otisville prison, where the Fyre Festival organizer Billy McFarland and “The Situation” of “Jersey Shore” fame are also incarcerated.]

The store features a modest but diverse assortment of goods: fishing reels, Dinty Moore stew, diapers, candy bars and lottery tickets.

The store’s owner, Sneha Patel, said the last purchase many people make before reporting to prison is cigarettes. They generally don’t buy beer.

Upon their release, longtime inmates are often bewildered by the price increases.

Mr. Dressler recalled leaving prison and entering the store. “You’re wide-eyed and looking around at all this food, and drinks. You can’t believe you’re really out of prison,” he said. “You can actually use the bathroom and lock the door. It feels like a five-star hotel.”

It’s Tuesday — appreciate your local stores.

Metropolitan Diary: Familiar sound

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Dear Diary:

I live in a small town in western Massachusetts. Last summer, a good friend of mine was lamenting how her daughter, a recent college graduate, was going off to live in Manhattan.

“I told her she’s never going to run into anyone she knows,” my friend said. “It will be full of strangers all the time.”

Imagine my surprise when, walking on the Upper East Side one evening last fall with a friend who lives in New York, I heard someone call my name. It was my friend’s daughter. She was rushing to ballet class and had thought she heard my voice.

— Catherine Sanderson

New York Today is published weekdays around 6 a.m. Sign up here to get it by email. You can also find it at nytoday.com.

We’re experimenting with the format of New York Today. What would you like to see more (or less) of? Post a comment or email us: nytoday@nytimes.com.

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https://www.nytimes.com/2019/05/07/nyregion/newyorktoday/nyc-news-uber-lyft-drivers-strike.html

2019-05-07 09:40:07Z
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Gini Olom

Selasa, 07 Mei 2019

GM Cruise autonomous car company gets $1.15 billion investment ahead of 2019 launch - Fox News

GM’s self-driving division Cruise raises another $1.15 billion - The Verge

GM Cruise raises $1.15B at a $19B valuation from Softbank and Honda - TechCrunch

Gold, Silver Prices Down As Greenback Up - Kitco News

Amazon's New York Go store is the first to accept cash - Engadget

Sponsored Links

Amazon's New York Go store is the first to accept cash - Engadget

Sponsored Links

Uber Drivers to Strike Before I.P.O. - The New York Times

See the celebrity arrivals at the Met Gala

From The Times

What we’re reading

Coming up today

And finally: On your way to prison, a store that ‘feels like a five-star hotel’

Metropolitan Diary: Familiar sound