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Read Next Don’t miss out on the latest news and information. LATEST STORIES Brace for potentially devastating typhoon approaching PH – NDRRMC Fire hits houses in Mandaluyong City The veteran forward was shipped to Meralco Monday, marking the end of a colorful nine-year run with the Talk ‘N Text franchise.“He fits us perfectly and he’s with us at the right time,” Black told INQUIRER.net Tuesday. “Ranidel is not only a talented and experienced player, he’s also very, very smart.”FEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe 6-foot-6 de Ocampo addresses the Bolts’ lack of big men and he gives the team another knock down shooter and reliable post player.“The reason why we wanted him at Meralco it’s because he gives us another floor spacer, somebody who can stretch the floor,” said Black, who won four titles with de Ocampo at TNT. WATCH: Streetboys show off slick dance moves in Vhong Navarro’s wedding ‘Bato’ to be ‘most effective’ CHR head? It’s for public to decide – Gascon PLAY LIST 01:38‘Bato’ to be ‘most effective’ CHR head? It’s for public to decide – Gascon00:50Trending Articles02:26Friends, relatives of inmates detained at NBP want visitation rights restored01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games Frontrow holds fun run to raise funds for young cancer patients E.T. returns to earth, reunites with grown-up Elliott in new ad “Our team is built around Durham and we want to surround him with guys who can shoot from the outside,” he added, referring to import Allen Durham, who is a menacing force in the paint.Black hopes de Ocampo is Meralco’s missing piece of the puzzle to finally get over the hump.The Bolts are currently among the top teams in the 2017 Governors’ Cup with a 6-2 record just half a game out of first place held by Barangay Ginebra and NLEX, who own similar 7-2 slates.“We’re aiming to win a championship and we need him right now,” said Black, who has nothing but praise for the 35-year-old de Ocampo.“Ranidel is still the best, if not one of the best stretch fours in the league today.”ADVERTISEMENT MOST READ LOOK: Loisa Andalio, Ronnie Alonte unwind in Amanpulo for 3rd anniversary Just over 2 years left, intense work at Tokyo stadium site BSP sees higher prices in November, but expects stronger peso, low rice costs to put up fight Nonong Araneta re-elected as PFF president Meralco head coach Norman Black believes Ranidel de Ocampo is a perfect addition to the Bolts and his arrival couldn’t have come at a better time.ADVERTISEMENT View comments
Kammuri turning to super typhoon less likely but possible — Pagasa Typhoon Kammuri accelerates, gains strength en route to PH San Sebastian moves up the stepladder, sets date vs San Beda Read Next Stronger peso trims PH debt value to P7.9 trillion Don’t miss out on the latest news and information. LATEST STORIES Kin of Misamis Oriental hero cop to get death benefits, award — PNP View comments Japan ex-PM Nakasone who boosted ties with US dies at 101 DTI to cemetery goers: Buy candles and bottled waters in grocery stores, supermarkets PLAY LIST 01:17DTI to cemetery goers: Buy candles and bottled waters in grocery stores, supermarkets00:50Trending Articles00:48No ceasefire on 2020 budget? Sotto says Senate would prefer it01:37Protesters burn down Iran consulate in Najaf01:47Panelo casts doubts on Robredo’s drug war ‘discoveries’01:29Police teams find crossbows, bows in HK university01:35Panelo suggests discounted SEA Games tickets for students02:49Robredo: True leaders perform well despite having ‘uninspiring’ boss02:42PH underwater hockey team aims to make waves in SEA Games It’s just that the Picanto are looking for more seasoned players, according to the legendary coach.READ: Kia pleads for understanding: ‘Give us a chance to prove our philosophy’“Everybody that will come from draft might not have the necessary experience that we’ll be needing in molding a competitive team. Besides, I always believe that players that make it to the PBA are talented to make it to the pros.”Lipa said that the decision to trade the pick to San Miguel for a number of veterans fits more with what the Picanto’s wants to be “unconventional type of basketball” this season.ADVERTISEMENT Brace for potentially devastating typhoon approaching PH – NDRRMC New Kia team manager Joe Lipa and team governor Bobby Rosales. Photo by Randolph B. Leongson/ INQUIRER.netNewly appointed Kia team manager Joe Lipa is well aware of the talent his team will miss out on as the controversial trade involving the top pick in the 2017 PBA Rookie Draft pushed through on Friday.But Lipa said he doesn’t mind losing one top-flight player if that means Kia will acquire veterans who will all embrace the mentality they are trying to inculcate going forward.ADVERTISEMENT CPP denies ‘Ka Diego’ arrest caused ‘mass panic’ among S. Tagalog NPA QC cops nab robbery gang leader, cohort “One man cannot spell the difference from a team winning a championship. But for us to have three to four veteran players who we believe isn’t only talented but can also contribute to the development of the younger players, we believe that we can be very competitive,” said Lipa Friday during a small chat with reporters at Azure Residences in Bicutan hours before the trade was approved.READ: PBA approves Kia-San Miguel tradeFEATURED STORIESSPORTSWATCH: Drones light up sky in final leg of SEA Games torch runSPORTSSEA Games: Philippines picks up 1st win in men’s water poloSPORTSMalditas save PH from shutoutThe Picanto acquired Ronald Tubid, JayR Reyes, Rashawn McCarthy, and a 2019 first round pick in exchange for their top pick this year, which is expected to be Christian Standhardinger.“Don’t get me wrong, Christian Standhardinger is a great player. I’ve seen him play and the boy has a big potential,” he said MOST READ
Karl Yulo scoops up five gymnastics golds; Buhayan is fastest man SEA Games hosting troubles anger Duterte PH underwater hockey team aims to make waves in SEA Games PLAY LIST 02:42PH underwater hockey team aims to make waves in SEA Games01:44Philippines marks anniversary of massacre with calls for justice01:19Fire erupts in Barangay Tatalon in Quezon City01:07Trump talks impeachment while meeting NCAA athletes02:49World-class track facilities installed at NCC for SEA Games02:11Trump awards medals to Jon Voight, Alison Krauss Hontiveros presses for security audit of national power grid MOST READ Panelo: Duterte ‘angry’ with SEA Games hosting hassles LATEST STORIES Philippine Arena Interchange inaugurated Cayetano: Senate, Drilon to be blamed for SEA Games mess Don’t miss out on the latest news and information. Ethel Booba twits Mocha over 2 toilets in one cubicle at SEA Games venue Sports Related Videospowered by AdSparcRead Next YANGON—Ceres-Negros star Stephan Schrock feels his club is poised for a deeper run in the AFC Cup after the Busmen punched their ticket to the KO stage with a game to spare.Armed with more experience from previous campaigns, the Busmen qualified as the top team in Group G, which was considered as the toughest group in the Asean zone.ADVERTISEMENT Private companies step in to help SEA Games hosting DA eyes importing ‘galunggong’ anew But Schrock has noticed more positive changes in the way the team has played this year after losing in the Asean zonal final last year to Home United of Singapore.“I think we’re more composed in the way we play,” said Schrock. “It’s more on picking and choosing what to do with the situations.”FEATURED STORIESSPORTSPrivate companies step in to help SEA Games hostingSPORTSPalace wants Cayetano’s PHISGOC Foundation probed over corruption chargesSPORTSSingapore latest to raise issue on SEA Games food, logisticsIt will mark the fourth straight season that Ceres will appear in the knockout phase of the competition—a historic feat for a Philippine club.“It shows how well the club is organized and is functioning. All of us can be very proud,” said Schrock. View comments
About the authorPaul VegasShare the loveHave your say Man Utd U21 coach Wood hails Chong attitude for Lincoln winby Paul Vegas22 days agoSend to a friendShare the loveManchester United U21 coach Neil Wood has praised the attitude of Tahith Chong.The winger turned out for the EFL Trophy win over Lincoln City.Wood explained what the 19-year-old brings to his team.”I think it was good for him to be out there. He needed some game time and he did really well for the goal, got in between the lines and drove at the guy and went and had a good hand in the first goal,” Wood said.”He’s got great experience and he talks to the lads a lot on the pitch so we’re happy to have him with us.”
87654321abcdefgh Back to Monday’s chess: On his 13th move, Carlsen pushed his black pawn forward to a5. Pieces were exchanged on that square over the next few moves, and the queenside became wide open — a vast Wild West of squares marauded by rooks and queens. Game 3 of the World Chess Championship in London, like the two games that came before it, ended in a draw — 49 moves and a touch more than four hours. The best-of-12 championship is currently level at 1.5 points apiece in a race to 6.5 points and the game’s most important prize.1Wins are worth 1 point, draws 0.5 points and losses 0 points.Magnus Carlsen of Norway, the three-time defending world champ and world No. 1, is looking for a fourth crown. Fabiano Caruana, the U.S. challenger and world No. 2, is trying to become the first American to claim the world title since Bobby Fischer in 1972. It’s the first time since 1990 that the world’s two top-rated grandmasters have met in this match — but it’s been a bloodless battle thus far.On Monday, Caruana controlled the white pieces and Carlsen the black. The pair began Game 3 with an opening called the Sicilian Defence, specifically its Rossolimo Variation. It was the same opening they played in Game 1 — which ended in an epic seven-hour draw — and the first five moves exactly matched those from that earlier game. But they deviated dramatically from this familiar ground on move 6, when Carlsen moved his queen to the c7 square. Caruana glanced around the soundproof glass room in which they played, looking slightly befuddled.But Caruana responded quickly, and after his move (rook to e1), the position on the world championship board had cropped up only once before in a high-level game, according to ChessBase — an otherwise forgotten game played in Hanoi in 1995. That rare position looked like this: A quick word on this opening’s eponymous Rossolimo himself seems warranted, given that Monday’s game was lacking in fireworks and Rossolimo’s name has figured more prominently thus far in this world championship than any but Caruana and Carlsen. He was Nicolas Rossolimo, Renaissance man: one of the U.S.’s 12 grandmasters at the time, fluent in Russian, Greek, French and English, and the “proprietor of a chess studio,” which became a second home to some players. He was also a judo master and a New York City cab driver and recorded an album of Russian folk songs, according to The New York Times. He died in 1975 after a fall near the storied Marshall Chess Club in Manhattan. Magnus Carlsen ponders his next move against Fabiano Caruana during Game 3 of the 2018 World Chess Championship. World Chess
All newsletters See more college football predictions Oh, and don’t forgetKasparov with the jokes We’re launching a sports newsletter. 🏆 Join the squad. Subscribe Things That Caught My EyeOhtani narrows it to sevenJapanese pitcher Shohei Ohtani has narrowed his search for a MLB team down to seven, with New York and Boston notably absent from the list. Right now Ohtani looks to be 20 percent higher than the league average in ERA and on-base-plus-slugging, which is nuts. Only a few dozen players each year beat the 20 percent above average benchmark in either stat, it’d be crazy to hit both. [FiveThirtyEight]Russia’s bannedRussia was banned from competing in the 2018 Pyeongchang Winter Olympics in light of the complex doping regime the nation operated throughout the Sochi games. So far 11 medals have been stripped from Russians. But with the nation out of the 2018 games, it’s worth looking at which nations may stand to gain. Had Russia not competed in Sochi, and its 33 medals been reallocated, China would have left with five more, Norway four, Germany, Canada, France, Italy and the U.S. three. [FiveThirtyEight]African players making gains in the NFLNative-born and first-generation African players are all over the NFL, with 30 teams having at least one African on their roster. Cleveland has the league high, with B.J. Bello, David Njoku, Emmanuel Ogbah, Larry Ogunjobi, and Victor Salako. African players have been making steady gains in the NFL since Howard Simon Mwikuta played for the Cowboys in a 1970 preseason game, and players who have returned home to start development programs have accelerated that progress. [The Undefeated]A Jonas testifies in soccer corruption trialKevin Jonas, one of the Jonas Brothers, testified in Brooklyn that yes, he had gone to a Paul McCartney concert in Buenos Aires in 2010. The circumstances surrounding the testimony have to do with the trial of Juan Angel Napout for money laundering, racketeering and wire fraud. Napout allegedly used his FIFA influence to score tickets to that concert. His lawyers refused to concede there even was a Paul McCartney concert, so prosecutors called on a celeb to solve the problem. Soccer is weird. [Vice Sports]Try out our fun new interactive, Which World Cup Team Should You Root For?LeBron remains the bestLeBron James remains as good as ever, notching career highs in true shooting percentage, three point percentage, assist percentage, block percentage, and the second highest free throw percentage of his career. While his defense is slightly off his peak performance, James hasn’t really missed much of a step. [FiveThirtyEight]They did it!The New York Giants are cleaning house, firing GM Jerry Reese and coach Ben McAdoo after a disastrous season. The team is in the capable hands of defensive coordinator, a man who is 10-38 as a head coach. [NorthJersey.com]Make sure to try your hand at our fun NFL can you beat the FiveThirtyEight predictions? game!Big Number284 kgCongratulations to Sarah Robles, who won the 2017 IWF World Weightlifting Championships, becoming the first U.S. woman to take gold since 1994. Robles lifted 126 kg in the snatch and 158 kg in the clean and jerk (three kilograms shy of the record) for a total of 284 kilograms. [Team USA]Leaks from Slack: emily : See more NBA predictions College Football emily :!! that means the two biggest buildings at nike HQ will be named after Serena Williams and Mia Hamm. hell yeah !!(also cause I guess the new big WHQ buildings are getting athlete names.. so the whole “She’s the only one!!!” isn’t exactly true)Predictions NFL NBA See more NFL predictions
Sophomore running back Curtis Samuel (4), junior H-back Dontre Wilson (2) and redshirt-sophomore H-back Jalin Marshall (17) are all working as receivers this spring after playing other positions in high school. Credit: Mark Batke / Photo editorDontre Wilson arrived at Ohio State as a highly rated running back, but Carlos Hyde stood in the way of his playing time at the position.Wilson finished his freshman year with 31 carries for 250 yards and a touchdown, but perhaps made an even more significant impact by catching 22 passes for 210 yards and two more scores. After proving his worth, Wilson still wasn’t in line to start ahead of then-sophomore Ezekiel Elliott at running back last season, so the coaching staff found a way to get him playing time.“Dontre was in that situation with Carlos Hyde and then Zeke came in,” OSU wide receivers coach Zach Smith said Tuesday. “We weren’t gonna keep him off the field, so we moved him to receiver.”The DeSoto, Texas, native responded by racking up 300 receiving yards and three touchdowns through the air, and he still managed to tally 18 carries for another 100 yards on the ground. But Wilson’s final contributions of the season came when he broke his foot on a key touchdown catch against Michigan State.That injury still has Wilson sidelined this spring, but Smith said the rising junior has been working on his ball skills even though he can’t run just yet.Even before Wilson’s injury, he was splitting time at H-back with now-redshirt-sophomore Jalin Marshall, who finished second on the team with 38 catches last year. Marshall added 983 all purpose yards in the process, finishing behind only Elliott and Wilson.Like Wilson, Marshall wasn’t a slot receiver in high school. Instead, he made the switch after playing quarterback at Middletown High School. But another spring has brought another slight change for Marshall as well, as Smith said he’s practicing as an outside receiver.With Wilson out and Marshall working on the outside, sophomore running back Curtis Samuel has transitioned to the receivers’ room for spring, much like Wilson did a year ago.“He had a full year at running back to really work those skills, so we took him this spring and said we’re gonna give him a full spring at wide receiver so we can try to develop that skill set,” Smith said of Samuel. “Hopefully he becomes more multi-talented and we can use him in more ways.”Smith said switching positions is like going to a “different world,” and added that the Buckeyes simply want to get the best players on the field. He noted that OSU has had success moving players to new positions in the past, but said the key is to do it with time to learn.“Guys don’t understand the position coming from a different one,” Smith said. “Jalin Marshall went through it when he came from quarterback to receiver. Dontre went through it, Curtis is going through it. That’s why we’re trying to saturate him now, as opposed to fall camp and saying, ‘Shoot, we need to get him on the field, let’s put him at receiver a little bit.’”At least for the spring, Samuel is making the switch after finishing third on the team with 383 rushing yards and six touchdowns on the ground last season. He added another 11 receptions and 95 receiving yards in limited playing time behind Elliott in the backfield.Now after nine practices as an H-back, Smith said Samuel won’t necessarily stay in his room but will be contributing in whatever way he can come the regular season.“In an ideal world, he’s gonna play both, the ability to go into the backfield when Zeke’s not in, or play in the slot when Zeke is in,” Smith said. “And so we’re developing that skill set. Does he stay there? I don’t think so, but I guess nobody has a crystal ball, so we’ll see.”Buckeye fans will get their first chance to see Samuel at H-back when OSU plays its annual Spring Game on April 18 at Ohio Stadium. The Buckeyes are scheduled to open their regular season on Sept. 7 against Virginia Tech in Blacksburg, Va.
Queen ElizabethMillions of pounds from the private estate of Britain’s Queen Elizabeth II have been invested in offshore tax haven funds, a huge new leak of financial documents revealed on Sunday.Around £10 million ($13 million, EUR11.3 million) of the Queen’s private money was placed in funds held in the Cayman Islands and Bermuda, according to the leaked papers, which were first reported in Britain by the BBC and the Guardian newspaper.They said the funds reinvested the money in an array of businesses, including controversial rent-to-own retailer, BrightHouse, which has been accused of exploiting the poor, and a chain of alcohol stores which later went bankrupt.The investments, which were entirely legal, were made through the Duchy of Lancaster, which provides the monarch with an income and handles investments of her vast estate and remain current, the media outlets said.There is no suggestion that the Queen’s private estate acted illegally or failed to pay any taxes due.But the leaks may raise questions over whether it is appropriate for the British head of state to invest in offshore tax havens.‘One rule for the super-rich’A spokeswoman for the Duchy of Lancaster said: “All of our investments are fully audited and legitimate.”“We operate a number of investments and a few of these are with overseas funds.”She added: “the Queen voluntarily pays tax on any income she receives from the Duchy.”The spokeswoman noted that one of the fund investments represents only 0.3 percent of the total value of the Duchy.Meanwhile the money put into BrightHouse “is through a third party”, and equates to just 0.0006 percent of the Duchy’s value, she added.The investments emerged as part of a new mass leak-dubbed the Paradise Papers-by the US-based International Consortium of Investigative Journalists (ICIJ), which was behind the 2016 Panama Papers release.The latest haul contains 13.4 million documents mainly from Appleby, an offshore law firm with offices in Bermuda and beyond, which were first obtained by the German newspaper Süddeutsche Zeitung, and shared with the ICIJ and partner media outlets.A spokesman for the British government’s taxation department on Sunday defended its efforts to tackle avoidance, noting it had secured an additional £160 billion ($209 billion, EUR180 billion) in taxes since 2010.“This includes more than £2.8 billion from those trying to hide money abroad to avoid paying what they owe,” he said in a statement.The spokesman added the department has 26,000 staff working on tax avoidance and evasion, while the government has provided an extra £800 million ($1 billion, EUR900 million) to fund their efforts.Jeremy Corbyn, the left-leaning leader of Britain’s opposition Labour Party, reacted to the leaks on Twitter, linking to a video in which he had challenged the government on the issue in Parliament.“There’s one rule for the super-rich and another for the rest when it comes to paying tax,” he wrote.
In a tight 25-26 vote, lawmakers on Monday afternoon voted in a first round of debate against the proposed national budget for next year in a hectic session marked by controversy and heated exchanges.Then, Legislative Assembly President Henry Mora announced that he had approved the ₡7.9 trillion ($14.5 billion) budget proposal submitted by the administration of President Luis Guillermo Solís in September, and that a second and final round of debate would be held on Thursday.To justify the move, Mora cited Article 178 of Costa Rica’s Constitution, which he claimed mandated the budget’s approval. He also said that because lawmakers voted against all three plans to cut spending last Thursday, the proposal is the only one remaining and must be approved.“The theory I stand by is that the budget proposal submitted by the government should be approved,” Mora said before a full Assembly, setting off vocal protests across the room.Several lawmakers took issue with Mora’s move and requested the floor in protest. The Libertarian Movement Party’s top lawmaker, Otto Guevara, said he would file a complaint with the Constitutional Chamber of the Supreme Court, or Sala IV, accusing Mora of violating the legislative process.Guevara said legislative procedure provides two options: pass the executive branch’s proposal or approve the same budget that is in force this year. The Christian Democratic Alliance’s (ADC) Mario Redondo and the National Liberation Party’s Rolando González said they would support Guevara’s consultation with the Sala IV.The discussion dragged on as at least six more lawmakers addressed the full Assembly to either request recesses or to voice complaints and appeals against the Assembly president’s ruling. Nevertheless, Mora ended discussion at about 7 p.m.Extraordinary budget approvedFollowing the tense discussion lawmakers took a last recess and returned to vote on the administration’s Second Extraordinary Budget for 2014, which totals ₡21 billion ($39 million).The bill was approved at about 8 p.m. with 39 votes in favor and Guevara, Natalia Díaz and Redondo voting against.That approval in a first round of debate followed an agreement by ruling Citizen Action Party legislators to create a commission to investigate alleged political persecution against public employees linked to the National Liberation Party.The additional expenditure plan provides funds for Christmas bonuses, pensions and operating costs for various government agencies. The first Extraordinary Budget 2014 was approved by the previous legislature back in April at ₡59 billion ($109 million). Facebook Comments Related posts:Budget talks extend to Saturday after lawmakers fail to reach deal Costa Rican lawmakers pass 2015 budget without a single cut in spending Legislative Assembly reverses order restricting access to information Lawmakers approve 2016 national budget at ₡8 trillion
European net TV advertising revenues will increase by 5.4% in 2012 to US$40.7 billion (€32.4 billion), according to new research from Informa Telecoms & Media. The uptick follows a 3% increase in TV advertising revenues in 2011 and one of 9.9% in 2010. The big increase in 2010 was boosted by improving consumer and corporate confidence along with that summer’s World Cup finals in South Africa. The 2012 increase is also being driven by the Euro 2012 soccer tournament in Poland and the Ukraine, which starts today.“While economic growth for Europe looks likely to be flat in 2012, our research has found that most European broadcasters expect to post some strong 2Q and 3Q advertising numbers due to the Euros and then the Olympics,” said Adam Thomas, Informa’s media research manager. “A drop-off is expected in 4Q12 but the mid-year boost will be sufficient to ensure that TV advertising comfortably outperforms GDP growth.”Revenues from countries in Western Europe will account for US$30.1 billion of the total and those from Eastern Europe US$10.6 billion.The Informa figures are for net advertising after agency commissions, production costs and discounts have been taken into account.
North American Nickel’s latest news from our 100% owned Post Creek property in the Sudbury mining camp is what geologists always hope for….a large, clearly defined, un-tested target close to surface in a known camp with excellent infrastructure advantages for mining. Drilling is scheduled to begin in September. In this case it’s an EM anomaly 200 m long, that has been interpreted as the electromagnetic signature of ‘near-massive to massive sulphide.’ It’s located approximately 55 m below surface and the trend of the anomaly corresponds, in part, to both the CJ#1 dyke and the Whistle Offset Structure to the south. Please visit our website to read the full news release and learn more about North American Nickel. Sponsor Advertisement Today we get the eagerly anticipated Commitment of Traders Report for positions held at the close of Comex trading on Tuesday.It was a nothing sort of day on Thursday. The low price tick [around $1,586 spot] came shortly after 11:00 a.m. in London…and from there the price rallied to its high of the day…$1,603.10 spot…which came at the London p.m. gold fix at 10:00 a.m. Eastern time right on the button. From there it got sold off into the close. It was obvious, at least to me, that gold would have closed well above the $1,600 mark if it had been left to its own devices…which it wasn’t.Gold finished the Thursday trading session at $1,593.40 spot…down $4.00 from Wednesday’s close. Net volume was around 114,000 contracts…a 60% decline from Wednesday.Silver’s price in Far East trading was more ‘volatile’…but had recovered to just above unchanged by the London open. Then minutes after 9:00 a.m. BST, silver got sold down to it’s low of the day…which came shortly after 11:00 a.m. BST…the same as gold’s low price tick.Then, also like gold, it rallied to its high of the day [$29.58 spot] at the London p.m. gold fix at precisely 3:00 p.m. local time…10:00 a.m. in New York. From there it got sold off hard into the close of electronic trading at 5:15 p.m. Eastern time. Silver, too, would have closed significantly higher if it hadn’t run into selling pressure after the London p.m. fix.As it was, silver closed at $29.04 spot…down 23 cents from Thursday’s close. Net volume was only 31,000 contracts.The dollar index didn’t do much of anything…spending almost all of the Thursday trading day barely above the 80.00 mark.Not surprisingly, the precious metal shares peaked shortly after the highs at the London p.m. gold fix at 10:00 a.m. Eastern time. From there they fell all the way back into negative territory…and basically traded sideways into the close, but the HUI managed to finished slightly in the black…up 0.33% on the day.The silver stocks were mixed once again…but finished marginally higher. Despite that, Nick Laird’s Silver Sentiment Index closed down a smallish 0.15%.(Click on image to enlarge)The CME’s Daily Delivery Report showed that 21 gold and 47 silver contracts were posted for delivery on Monday…and the link to the Issuers and Stoppers Report is here.The GLD ETF reported that an authorized participant deposited 67,961 troy ounces of gold yesterday…and there were no reported changed in SLV.The U.S. Mint had a small sales report yesterday. They sold 1,000 ounces of gold eagles…and another 75,000 silver eagles. Month-to-date the mint has sold 31,500 ounces of gold eagles…1,000 one-ounce 24K gold buffaloes…and 435,000 silver eagles. I’m underwhelmed.Over at the Comex-approved depositories on Wednesday they reported receiving 101,993 troy ounces of silver…and shipped 801,311 ounces of the stuff out the door. The link to that action is here.Nick Laird, who lives on the edge of the tropical jungle near the coast in north central Australia, sent me these two photos from around his yard. Creepy-crawlies like this Green Tree Snake…and this Bat Flower are pretty standard fare in his location.(Click on image to enlarge)(Click on image to enlarge)While on the subject of Nick Laird, here’s his “Gold Price Oscillator” chart that he sent me in the wee hours of this morning…and he’s not at all happy with what it shows…and this is what he had to say about it…”This indicator over the last five years has given some of the most brilliant buy signals of all the charts I have. On each of the buy signals the markets ended up considerably higher many months later. Now it has just given a sell signal.”“I don’t know what will follow, but I think we’ll find out soon enough. New lows won’t surprise me now. Sub $1,500 is a good possibility.”“But I want to add the caveat that we could still bottom between here and the low in December…and if we bottom in the next $30 and then move higher then the low in December…that will validate it as the low. If we break that low, then yes, it could get ugly.”(Click on image to enlarge)I have the usual number of stories for you today. The final edit is up to you.If I asked you to leave something for your great grandkids in a package to be opened one hundred years from now, would you leave them a wad of hundred dollar bills or one hundred gold coins? If you had any brains you would pick the gold coins. I’d venture that Warren Buffet would also pick the coins. Why? Because we know that one hundred years from now the gold coins would represent value and purchasing power and the dollar might not exist. End of story. – Richard Russell…04 May 2012There’s not a lot to talk about with yesterday’s price action in either gold or silver. It’s obvious from the charts of both metals, that the rallies that began at 11:00 a.m. in London got smacked once the London gold fix was in.Here are the 3-year charts for all four of the precious metals. As you can see from the RSI plot, we are at…or approaching…the most oversold conditions of the last three years in all these metals…and as I said yesterday, one has to wonder how much more downside price action there is left.(Click on image to enlarge)(Click on image to enlarge)(Click on image to enlarge)(Click on image to enlarge)In Far East trading on Friday, not much happened until 9:00 a.m. Hong Kong time. Then the high-frequency traders showed up and began moving the price lower…tripping sell stops along the way. As I write this paragraph [and the next] at 4:04 a.m. Eastern time, silver has once again hit new lows for this move down…and is currently down 50 cents from Thursday’s close. It was precisely the same price pattern in gold, starting at precisely the same time. The gold price has hit new lows for this move down as well…and at the moment, gold is down about seventeen bucks from Thursday’s closing price in New York.Volume, which had been reasonably light right up until about an hour before the London open, has now picked up substantially in both metals. The dollar index is up about 6 basis points at the moment, so this engineered sell-off has nothing to do with whatever may be going on in the currency markets in late Far East or early London trading.Today we get the eagerly anticipated Commitment of Traders Report for positions held at the close of Comex trading on Tuesday…and whatever improvements in the Commercial net short position it shows in both silver and gold, it’s already out of date. With the new lows set on Wednesday, plus these new lows set so far during the Friday trading session, it’s a sure bet that the internal structure of the COT Report has improved further. It’s just a matter of how much of that improvement has come from technical fund long liquidation…and further shorting by these same technical funds.And as I hit the ‘send’ button at 5:20 a.m. Eastern time, gold has recovered off its earlier 8:30 a.m. London low…as has palladium and silver…but platinum has just set a new low in the last few minutes. Gold volume is up about 25 percent in the last hour or so…and silver’s net volume has almost doubled…and is well north of 8,000 contracts.Needless to say, I’m rather apprehensive about what the Comex trading session will bring when it begins at 8:20 a.m. Eastern time this morning. From what’s been happening so far this Friday in the Far East and London markets…it could, as Nick Laird said, “get ugly”.Have a good weekend…and I’ll see you here on Saturday sometime.
By Doug Casey, founder, Casey Research In this article, I’d like to explain how I learned to love Bitcoin. Why it’s a wonderful thing. Its potential as a speculation. How the government is going to co-opt it. And how this is all likely to end.I was first introduced to Bitcoin several years ago in Cafayate, Argentina. A young Belgian guy came to visit, I bought him lunch, and we discussed Bitcoin. He was a very early enthusiast, and he gave me a physical Bitcoin as a souvenir. They’re now collectibles, but the digital codes are inscribed on them. I still have that Bitcoin. It was worth $13 at the time.I wish I had listened to his argument more carefully, because I could have made millions. Over 600-1 in just a few years… that’s rare indeed. I was inclined towards it philosophically, but outsmarted myself on an investment level. Because Bitcoin was pitched to me as an alternative currency, and I failed to see all of its advantages in that role.My original objection was that Bitcoin isn’t backed by anything. It’s really a private fiat currency. It’s very much like the Zambian Kwacha, the Argentine peso, the US dollar, or any of the other 150-plus currencies in today’s world. It’s a floating abstraction. Unlike state currencies, though, its acceptance isn’t enforced by laws. But, on the other hand, its quantity is limited. Would that be enough to get large amounts of people to use it as a currency?I missed something when I said, back then, that it had no value. It’s a fiat currency, yes, but it has much more practical value than any other.A currency has to be a good medium of exchange, and a store of value. I’ll have more to say about this in a few paragraphs, but Bitcoin’s big fault is that it’s so volatile. In other words, it’s nice to see your savings perhaps double in value over a few weeks. But few want to risk them losing value the way Bitcoin did in the recent crypto winter, when it went from about $20,000 to about $3,000 in 15 months. That said, as more people adopt Bitcoin, it should stabilize. But Bitcoin has already gone from being a wild speculation to a useful monetary tool. I believe it will keep improving, rapidly.Why? Analyze the situation rationally, using Aristotle’s five characteristics of a good money. Aristotle defined the five characteristics of good money in the 4th century BC. His analysis is as accurate now as it was then.A good money must be durable, divisible, convenient, consistent, and have use value in and of itself. Based on that, Aristotle believed gold and silver were best suited for use as money. How does Bitcoin compare using these five criteria?Durable. Bitcoin and other cryptocurrencies are definitely durable – unless we have a major electromagnetic pulse (EMP) or a significant solar flare that wipes out all the computers. Bitcoins are not as durable as the metals, but they’re adequate, barring a veritable collapse of civilization.Divisible. Bitcoin is infinitely divisible. Better than the physical metals, actually – although the metals can be accounted in tiny fractions too.Convenient. Yes – as long as you have a smartphone, Bitcoin is very convenient. But your smartphone, or something like it, may not always be with you. And your counterparty also has to have one. And it’s not very convenient if someone doesn’t know or trust Bitcoin. Right now, that’s still probably 98% of humanity.Consistent. Absolutely. Every Bitcoin is exactly like another one. It’s at least as good as .999 fine gold that way.The problem I had with Bitcoin was the fifth point: Does it have use value in itself, so you can’t get stuck holding the bag?If you have a million US paper dollars, and nobody accepts them, they have no use in and of themselves – except as wall decorations or kindling. They’re just unsecured liabilities of a bankrupt government. In essence no better than a million Zimbabwe dollars, although there’s obviously a continuum. Fiat currencies can be easily destroyed by their issuers. The things are burning matches. They have half-lives, like radioactive elements.Sure, there were advantages to Bitcoin being a privately issued fiat currency. But I didn’t see its real use value; that’s where I went wrong.Bitcoin is certainly a fiat currency like the dollar or the Kwacha. But it’s also an excellent transfer device. You can move wealth from one country to another, or to another person, quickly and privately. I’d say secretly, but you’re not supposed to say “secret” anymore, you can only say “private.” Part of the politically correct corruption of language, I might add.Better yet, you can do so outside of the banking system, which is increasingly important. If you use Bitcoin, you don’t need a bank to store your money.Cryptocurrencies, like Bitcoins, are just the first, and most obvious, application of blockchain technology. Hopefully, among other things, blockchain and Bitcoin are going to destroy the SWIFT system, the vehicle for wiring money from one bank to another. SWIFT is expensive (typically $50-100 per transaction), slow (generally a day or two, sometimes a week or more), and insecure (who trusts either big banks or the US Government?). And SWIFT requires that all dollars clear through New York; non-Americans don’t care for that. SWIFT is used by thousands of banks around the world to send payment instructions worth trillions of dollars each day.So, this is one big use value of Bitcoin. It allows you to transfer something that is accepted as money outside of the banking system, privately, and outside of government fiat currencies.Bitcoin is well on the way to being accepted as money. I think it will succeed. Remember, money is just a medium of exchange and a store of value. Almost anything can be used as money. Some things are just much better than others.Salt, seashells, and cows have all historically been used as money. After all, the word “pecuniary” comes from the Latin pecus, which means cow; cows were used as money. And “salary” comes from the Latin sal, which is salt, which was also a money. Wampum were seashells. Cigarettes are money in prisons and war zones. Giant Yap island discs were used as money.Bitcoin is becoming more and more accepted as a medium of exchange, while most government fiat currencies approach their intrinsic values – essentially zero.Bitcoin is a bit more problematic as a store of value. Once again, let’s get back to the basics. You’ve got two kinds of currencies: commodity currencies and fiat currencies.The commodity currencies are actual physical commodities. You know they have use value. Fiat currencies, on the other hand, are just made up. They’re totally arbitrary and political.It’s like that old joke about sardines. You’ve got eating sardines and trading sardines. Commodity currencies are eating sardines. Fiat currencies are trading sardines. Of course, there’s no guarantee that Bitcoin is going to be accepted a year or two from now. It’s a high tech innovation, and maybe a Version 2.0 will collapse the value of the current version. So in a few years, we may find that Bitcoin fails the store of value test. But it’s accepted at the moment. And its acceptance is growing at a crazy rate – unlike fiat currencies, which have almost all been falling against real goods and services at about 5-10% a year. Incidentally, I don’t put much faith in the accuracy of government inflation figures.Bitcoin has been a great speculation so far. But is it a store of value? Bitcoin is a technological innovation. There likely will be Bitcoin 2.0 and 3.0, not to mention other, even more advanced cryptos. What will the current Bitcoin then be worth? There’s a reason the expression “High tech, big wreck” is true. Just because it’s been a great speculation, doesn’t mean it’s a good store of value. Technology, a solar flare, or even government action could wipe it out.The bottom line? Bitcoin passes the medium of exchange test for the moment and store of value test for the moment. So you can definitely say it’s money – for the moment. But so does the Argentine peso – for the moment. I have little confidence, however, Bitcoin will be here, say, five years from now. Buying cryptos is not like socking away gold coins.The $64 question is: Where are we in the market cycle for cryptos? Clearly, we’re no longer early in the game. It’s like getting into the Internet stocks back in 1998 – they weren’t cheap, but the bubble got much, much bigger. And the Internet – contrary to what people like Paul Krugman thought – was not itself a bubble. Up till now, the main way to play this has been tokens, like Bitcoin. There are perhaps two thousand of them out there now, and most of them are garbage.Because I think the crypto bubble will be reinflated now that the crypto winter that started in December 2017 is over, I’m getting involved in these cryptocurrencies on several levels. I’m trying to make the trend my friend. But cautiously.Regards,Doug Casey Founder, Casey ResearchEditor’s note: Our resident crypto expert, Marco Wutzer, has been following digital currencies for decades. He was an early investor in bitcoin. And like Doug, he’s truly an “international man.” He made so much money from cryptos, he dropped everything and traveled the world for five years.And now, he’s ready to share the details on his latest discovery…A new and exciting tech opportunity that could make early investors a fortune.You haven’t heard anything like this before. Marco just released an urgent video with all the details. Go here to get the full story.
Cities and local governments in several states say they will continue to use a Canadian company to offer employees prescription drugs at a highly reduced price, even though officials from the U.S. Food and Drug Administration have raised safety concerns about the practice.The municipalities use CanaRx, which connects their employees with brick-and-mortar pharmacies in Canada, Great Britain and Australia to fill prescriptions.In a letter sent last week to CanaRx, the FDA said the company has sent “unapproved” and “misbranded” drugs to U.S. consumers, jeopardizing patient safety.The FDA also urged consumers not to use any medicines from CanaRx, which works with about 500 cities, counties, school districts and private employers in the United States to arrange drug purchases. Some of these employers started using the service as far back as 2004.Prices of drugs from overseas pharmacies can be as much as 70 percent lower than what people pay in the U.S. because the costs are regulated by the foreign governments.FDA officials would not explain why they waited more than a decade to act. They acknowledged the agency had no reports of anyone harmed by drugs received through CanaRx.The FDA made its warning as Congress and the Trump administration look into ways to lower drug prices. Last month, Florida Republican Gov. Ron DeSantis said he has President Donald Trump’s backing to start a program to begin importing drugs from Canada for state residents.After DeSantis’ comments, White House officials stressed that any such plan must get state and federal approvals.The FDA says that in most cases importing drugs for personal use is illegal, although it very rarely has tried to stop Americans from bringing drugs across the Canadian border. It has not stopped retail stores in Florida that have helped consumers buy drugs from Canada since 2003. Nine storefronts were raided by FDA officials in 2017, although the FDA has allowed them to continue operating.Schenectady County in New York, which has worked with CanaRx since 2004, defended its relationship and has no immediate plans to end it, according to Chris Gardner, the county attorney. “We will wait to see how this plays out, but right now it’s status quo,” Gardner says.He says CanaRx, which is headquartered in Windsor, Ontario, helped the county save $500,000 on drug costs in 2018. About 25 percent of the county’s 1,200 workers use the program and get their drugs with no out-of-pocket costs. If they use American pharmacies, they generally have a copayment.”This is a good program, and on the merits it looks lawful, and they are not doing the terrible things that the FDA is suggesting,” Gardner says.CanaRx officials deny they have been breaking any laws or putting Americans’ health at risk. They say they are not an online pharmacy but a broker between U.S. employees and brick-and-mortar pharmacies in Canada, Australia and Great Britain. People can buy drugs via CanaRx only with a prescription from their doctor.The company says it has no plans to stop distributing drugs.”The FDA’s characterizations of the CanaRx business model and operating protocols are completely wrong,” says Joseph Morris, a Chicago-based lawyer for the company. “It is not possible to place an order via any CanaRx website; the websites are informational only.”Morris says the FDA notice has prompted calls from many municipalities; but so far all say they plan to stick with the company.The FDA warning says online pharmacies that purport to sell drugs from Canada, Britain and Australia may actually get their drugs from other countries, which would increase the risk consumers are dealing with counterfeit drugs.CanaRx says that “it contracts with government-licensed physicians, pharmacists and pharmacies in Canada, the United Kingdom, and Australia … to supply brand name medications, packaged and sealed by the original manufacturer, for direct delivery to all participants.”Gabriel Levitt is president of pharmacychecker.com, an independent website for U.S. consumers that verifies international pharmacies offering drugs online. He notes that the FDA’s warning letter offered no evidence CanaRx has distributed any counterfeit drugs since it began business almost 20 years ago.Columbia County, N.Y., has been using CanaRx for about a decade and says the savings allows it to offer employees drugs with no out-of-pocket costs, instead of requiring them to pay as much as a $40 copay in local pharmacies.”This is bull,” Stephen Acciani, an insurance broker who works with the county, says of the FDA crackdown. “They are not selling unsafe medications.” His recommendation would be for the county, which has more than 600 employees on its health plan, to continue using CanaRx.Acciani notes that employees receive the medicine through the mail in its original packaging from the manufacturer.”It will give some clients pause,” says Kate Sharry, a benefits consultant to the city of Fall River, Mass., and more than 100 other municipalities in the state. “How can you not pay attention to this from the FDA?” But she expects the local governments to stay with CanaRx.Federal health officials under both Republican and Democratic administrations have blocked efforts to legalize importing medication, saying it’s too risky.”Sometimes a bargain is too expensive,” says Peter Pitts, a former FDA associate commissioner (from 2000 to 2004)who is now president of the Center for Medicine in the Public Interest, a New York-based nonprofit that receives some of its funding from drugmakers.Pitts, who applauds the FDA action, says it’s difficult for consumers to know when their pills from foreign pharmacies don’t have the correct potency or ingredients. He says doctors may also not realize a patient’s problem stems from issues with the medicine. Instead, the physicians may just change the medication’s dosage. He says it is not safe for Americans to buy drugs that are imported through foreign pharmacies.Levitt says CanaRx is one of the safest ways for Americans to get drugs from legitimate pharmacies in Canada and other industrialized counties.The FDA is likely trying to intimidate CanaRx and its clients in local government, Levitt says.”My biggest fear is they will scare consumers, [who then] won’t take their very safe and effective medications because they hear about this bogus warning,” says Levitt.”The FDA’s action,” he says, “which appears to try and make those programs look unsafe and sinister, seems to have a political and public relations purpose — one that is perfectly allied with the lobbying agenda of drug companies.”Levitt points to testimony FDA Commissioner Scott Gottlieb gave to a House subcommittee last week — just a day before the CanaRx warning, and ahead of his announcement that he will be leaving the FDA next month.When asked about importing Canadian drugs, Gottlieb did not mention CanaRx, but did say that people going to a “brick and mortar” pharmacy in Canada “are getting a safe and effective drug. I have confidence in the Canadian drug regulatory system.” He added that his concerns are with online pharmacies.The Pharmaceutical Research and Manufacturers of America, the industry trade and lobbying group, has cheered the FDA action but denies it had any role in it, says spokeswoman Nicole Longo.”PhRMA supports the FDA’s efforts to crack down on organizations that are circumventing its robust safety and efficacy requirements,” Longo says. “Drug importation schemes expose Americans to potentially unsafe, counterfeit or adulterated medicines.”Kaiser Health News is a nonprofit news service and editorially independent program of the Kaiser Family Foundation that is not affiliated with Kaiser Permanente. Copyright 2019 Kaiser Health News. To see more, visit Kaiser Health News.
This year has brought an unprecedented wave of new state laws that only allow abortions to be performed early in pregnancy — if at all.Most of the new laws — known as early abortion bans — explicitly outlaw abortion when performed after a certain point early in the pregnancy. The laws vary, with some forbidding abortion after six weeks of pregnancy, and some after eight weeks. Alabama’s law is the most extreme: It aims to outlaw abortion at any point, except if the woman’s health is at serious risk. So far in 2019, nine U.S. states have passed laws of this type, and more states are considering similar legislation.Don’t see the graphic above? Click here.None of the laws passed this year are actually in effect, either because they have a future enactment date or because judges have put them on hold in response to lawsuits, or both.These new bans are a direct challenge to the precedent set by the 1973 Supreme Court ruling Roe v. Wade, which affirmed that a woman has a right to seek an abortion up until the point that the fetus could be “viable” outside of the uterus. Viability must be determined on an individual basis but is generally between 24 and 28 weeks of pregnancy.”We want to stop abortion of unborn children. And the only way we can do that is to go back and revisit the Roe decision,” Eric Johnston, the president of the Alabama Pro-Life Coalition, told NPR’s Ari Shapiro. Johnston helped write the Alabama law that outlaws almost all abortions.”This law is, in effect, a vehicle to do that,” he added.A few states already have existing laws that outlaw abortion earlier in pregnancy than the standard sent by Roe, banning the procedure as early as 18 or 20 weeks. When challenged, bans on abortion at this stage of pregnancy have consistently been struck down in court, according to the Guttmacher Institute. But not all of those laws have been challenged in court, so they remain on the books. There is no state law currently in effect that bans abortion before 20 weeks.Two states, New York and Vermont, have moved in the other direction. Both states passed laws this year that affirm the legal right to an abortion in each state, even if the Supreme Court overturns Roe v. Wade.These early abortion bans differ from another common type of state regulation known as a TRAP law — for Targeted Regulation of Abortion Providers. TRAP laws place particular restrictions on the doctors or health clinics that provide abortions, and the Supreme Court has allowed some of these laws to go into effect, while striking down others.Don’t see the graphic above? Click here.Here’s some details on the newest bans, by state.*Important note: Supporters of reproductive rights have filed multiple lawsuits against this type of law. None of these early abortion bans are currently in effect or are being enforced.Alabama – No abortion after 0 weeks. Allows exceptions if the woman’s life is threatened. No exceptions for rape or incest. Arkansas — No abortion after 18 weeks. Allows exceptions for rape, incest or medical emergencies.Georgia – No abortion after 6 weeks. Allows exceptions if the woman’s life is endangered, if the pregnancy is deemed “medically futile” and in cases of rape or incest if the woman files a police report.Kentucky – No abortion after 6 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered.Louisiana – No abortion after 6 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered or if the pregnancy is deemed “medically futile.”Mississippi – No abortion after 6 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered.Missouri – No abortion after 8 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered.Ohio – No abortion after 6 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered.Utah – No abortion after 18 weeks. No exceptions for rape or incest. Allows exceptions if the woman’s life is endangered.NPR’s Carrie Feibel, Sarah McCammon and Carmel Wroth contributed to this report. Copyright 2019 NPR. To see more, visit https://www.npr.org.
Elon Musk Next Article The SpaceX and Tesla CEO shares his views on the future of transportation. May 3, 2017 Add to Queue Watch and Read the Transcript of Elon Musk’s ‘Boring’ TED Talk Learn how to successfully navigate family business dynamics and build businesses that excel. Free Webinar | July 31: Secrets to Running a Successful Family Business Entrepreneur Staff Register Now » 15+ min read Entrepreneur Staff Elon Musk leads Tesla, SpaceX, Neuralink and now The Boring Company, giving him a guiding hand on the future of transportation and the survival of the humanity. On Friday, April 28, he sat down with TED’s head curator, Chris Anderson, to discuss his new side project — digging tunnels — and his grand ambitions for the next decades. Below is the full transcript of the conversation.Chris Anderson: Elon, hey, welcome back to TED. It’s great to have you here.Elon Musk: Thanks for having me.CA: So, in the next half hour or so, we’re going to spend some time exploring your vision for what an exciting future might look like, which I guess makes the first question a little ironic: Why are you boring?EM: Yeah. I ask myself that frequently. We’re trying to dig a hole under LA, and this is to create the beginning of what will hopefully be a 3D network of tunnels to alleviate congestion. So right now, one of the most soul-destroying things is traffic. It affects people in every part of the world. It takes away so much of your life. It’s horrible. It’s particularly horrible in LA.CA: I think you’ve brought with you the first visualization that’s been shown of this. Can I show this?EM: Yeah, absolutely. So this is the first time — just to show what we’re talking about. So a couple of key things that are important in having a 3D tunnel network. First of all, you have to be able to integrate the entrance and exit of the tunnel seamlessly into the fabric of the city. So by having an elevator, sort of a car skate, that’s on an elevator, you can integrate the entrance and exits to the tunnel network just by using two parking spaces. And then the car gets on a skate. There’s no speed limit here, so we’re designing this to be able to operate at 200 kilometers an hour.CA: How much?EM: 200 kilometers an hour, or about 130 miles per hour. So you should be able to get from, say, Westwood to LAX in six minutes — five, six minutes.CA: So possibly, initially done, it’s like on a sort of toll road-type basis.EM: Yeah.CA: Which, I guess, alleviates some traffic from the surface streets as well.EM: So, I don’t know if people noticed it in the video, but there’s no real limit to how many levels of tunnel you can have. You can go much further deep than you can go up. The deepest mines are much deeper than the tallest buildings are tall, so you can alleviate any arbitrary level of urban congestion with a 3D tunnel network. This is a very important point. So a key rebuttal to the tunnels is that if you add one layer of tunnels, that will simply alleviate congestion, it will get used up, and then you’ll be back where you started, back with congestion. But you can go to any arbitrary number of tunnels, any number of levels.CA: But people — seen traditionally, it’s incredibly expensive to dig, and that would block this idea.EM: Yeah. Well, they’re right. To give you an example, the LA subway extension, which is — I think it’s a two-and-a-half mile extension that was just completed for $2 billion. So it’s roughly a billion dollars a mile to do the subway extension in LA. And this is not the highest utility subway in the world. So yeah, it’s quite difficult to dig tunnels normally. I think we need to have at least a tenfold improvement in the cost per mile of tunneling.CA: And how could you achieve that?EM: Actually, if you just do two things, you can get to approximately an order of magnitude improvement,and I think you can go beyond that. So the first thing to do is to cut the tunnel diameter by a factor of two or more. So a single road lane tunnel according to regulations has to be 26 feet, maybe 28 feet in diameter to allow for crashes and emergency vehicles and sufficient ventilation for combustion engine cars. But if you shrink that diameter to what we’re attempting, which is 12 feet, which is plenty to get an electric skate through, you drop the diameter by a factor of two and the cross-sectional area by a factor of four, and the tunneling cost scales with the cross-sectional area. So that’s roughly a half-order of magnitude improvement right there. Then tunneling machines currently tunnel for half the time, then they stop, and then the rest of the time is putting in reinforcements for the tunnel wall. So if you design the machine instead to do continuous tunneling and reinforcing, that will give you a factor of two improvement. Combine that and that’s a factor of eight. Also these machines are far from being at their power or thermal limits, so you can jack up the power to the machine substantially. I think you can get at least a factor of two, maybe a factor of four or five improvement on top of that. So I think there’s a fairly straightforward series of steps to get somewhere in excess of an order of magnitude improvement in the cost per mile, and our target actually is — we’ve got a pet snail called Gary, this is from Gary the snail from South Park, I mean, sorry, SpongeBob SquarePants. So Gary is capable of — currently he’s capable of going 14 times faster than a tunnel-boring machine.CA: You want to beat Gary.EM: We want to beat Gary. He’s not a patient little fellow, and that will be victory. Victory is beating the snail.CA: But a lot of people imagining, dreaming about future cities, they imagine that actually the solution is flying cars, drones, etc. You go aboveground. Why isn’t that a better solution? You save all that tunneling cost.EM: Right. I’m in favor of flying things. Obviously, I do rockets, so I like things that fly. This is not some inherent bias against flying things, but there is a challenge with flying cars in that they’ll be quite noisy, the wind force generated will be very high. Let’s just say that if something’s flying over your head, a whole bunch of flying cars going all over the place, that is not an anxiety-reducing situation. You don’t think to yourself, “Well, I feel better about today.” You’re thinking, “Did they service their hubcap, or is it going to come off and guillotine me?” Things like that.CA: So you’ve got this vision of future cities with these rich, 3D networks of tunnels underneath. Is there a tie-in here with Hyperloop? Could you apply these tunnels to use for this Hyperloop idea you released a few years ago.EM: Yeah, so we’ve been sort of puttering around with the Hyperloop stuff for a while. We built a Hyperloop test track adjacent to SpaceX, just for a student competition, to encourage innovative ideas in transport. And it actually ends up being the biggest vacuum chamber in the world after the Large Hadron Collider, by volume. So it was quite fun to do that, but it was kind of a hobby thing, and then we think we might — so we’ve built a little pusher car to push the student pods, but we’re going to try seeing how fast we can make the pusher go if it’s not pushing something. So we’re cautiously optimistic we’ll be able to be faster than the world’s fastest bullet train even in a .8-mile stretch.CA: Whoa. Good brakes.EM: Yeah, I mean, it’s — yeah. It’s either going to smash into tiny pieces or go quite fast.CA: But you can picture, then, a Hyperloop in a tunnel running quite long distances.EM: Exactly. And looking at tunneling technology, it turns out that in order to make a tunnel, you have to — in order to seal against the water table, you’ve got to typically design a tunnel wall to be good to about five or six atmospheres. So to go to vacuum is only one atmosphere, or near-vacuum. So actually, it sort of turns out that automatically, if you build a tunnel that is good enough to resist the water table, it is automatically capable of holding vacuum.CA: Huh.EM: So, yeah.CA: And so you could actually picture, what kind of length tunnel is in Elon’s future to running Hyperloop?EM: I think there’s no real length limit. You could dig as much as you want. I think if you were to do something like a D.C.-to-New York Hyperloop, I think you’d probably want to go underground the entire way because it’s a high-density area. You’re going under a lot of buildings and houses, and if you go deep enough, you cannot detect the tunnel. Sometimes people think, well, it’s going to be pretty annoying to have a tunnel dug under my house. Like, if that tunnel is dug more than about three or four tunnel diameters beneath your house, you will not be able to detect it being dug at all. In fact, if you’re able to detect the tunnel being dug, whatever device you are using, you can get a lot of money for that device from the Israeli military, who is trying to detect tunnels from Hamas, and from the U.S. Customs and Border patrol that try and detect drug tunnels. So the reality is that earth is incredibly good at absorbing vibrations, and once the tunnel depth is below a certain level, it is undetectable. Maybe if you have a very sensitive seismic instrument, you might be able to detect it.CA: So you’ve started a new company to do this called The Boring Company. Very nice. Very funny.EM: What’s funny about that?CA: How much of your time is this?EM: It’s maybe … 2 or 3 percent.CA: You’ve bought a hobby. This is what an Elon Musk hobby looks like.EM: I mean, it really is, like — this is basically interns and people doing it part time. We bought some second-hand machinery. It’s kind of puttering along, but it’s making good progress, so –CA: So an even bigger part of your time is being spent on electrifying cars and transport through Tesla. Is one of the motivations for the tunneling project the realization that actually, in a world where cars are electric and where they’re self-driving, there may end up being more cars on the roads on any given hour than there are now?EM: Yeah, exactly. A lot of people think that when you make cars autonomous, they’ll be able to go faster and that will alleviate congestion. And to some degree that will be true, but once you have shared autonomy where it’s much cheaper to go by car and you can go point to point, the affordability of going in a car will be better than that of a bus. Like, it will cost less than a bus ticket. So the amount of driving that will occur will be much greater with shared autonomy, and actually traffic will get far worse.CA: You started Tesla with the goal of persuading the world that electrification was the future of cars, and a few years ago, people were laughing at you. Now, not so much.EM: OK. I don’t know. I don’t know.CA: But isn’t it true that pretty much every auto manufacturer has announced serious electrification plansfor the short- to medium-term future?EM: Yeah. Yeah. I think almost every automaker has some electric vehicle program. They vary in seriousness. Some are very serious about transitioning entirely to electric, and some are just dabbling in it. And some, amazingly, are still pursuing fuel cells, but I think that won’t last much longer.CA: But isn’t there a sense, though, Elon, where you can now just declare victory and say, you know, “We did it.” Let the world electrify, and you go on and focus on other stuff?EM: Yeah. I intend to stay with Tesla as far into the future as I can imagine, and there are a lot of exciting things that we have coming. Obviously the Model 3 is coming soon. We’ll be unveiling the Tesla Semi truck.CA: OK, we’re going to come to this. So Model 3, it’s supposed to be coming in July-ish.EM: Yeah, it’s looking quite good for starting production in July.CA: Wow. One of the things that people are so excited about is the fact that it’s got autopilot. And you put out this video a while back showing what that technology would look like.EM: Yeah. There’s obviously autopilot in Model S right now. What are we seeing here? Yeah, so this is using only cameras and GPS. So there’s no LIDAR or radar being used here. This is just using passive optical, which is essentially what a person uses. The whole road system is meant to be navigated with passive optical, or cameras, and so once you solve cameras or vision, then autonomy is solved. If you don’t solve vision, it’s not solved. So that’s why our focus is so heavily on having a vision neural net that’s very effective for road conditions.CA: Right. Many other people are going the LIDAR route. You want cameras plus radar is most of it.EM: You can absolutely be superhuman with just cameras. Like, you can probably do it ten times better than humans would, just cameras.CA: So the new cars being sold right now have eight cameras in them. They can’t yet do what that showed. When will they be able to?EM: I think we’re still on track for being able to go cross-country from LA to New York by the end of the year, fully autonomous.CA: OK, so by the end of the year, you’re saying, someone’s going to sit in a Tesla without touching the steering wheel, tap in “New York,” off it goes.EM: Yeah.CA: Won’t ever have to touch the wheel — by the end of 2017.EM: Yeah. Essentially, November or December of this year, we should be able to go all the way from a parking lot in California to a parking lot in New York, no controls touched at any point during the entire journey.CA: Amazing. But part of that is possible because you’ve already got a fleet of Teslas driving all these roads. You’re accumulating a huge amount of data of that national road system.EM: Yes, but the thing that will be interesting is that I’m actually fairly confident it will be able to do that route even if you change the route dynamically. So, it’s fairly easy — If you say I’m going to be really good at one specific route, that’s one thing, but it should be able to go, really be very good, certainly once you enter a highway, to go anywhere on the highway system in a given country. So it’s not sort of limited to LA to New York. We could change it and make it Seattle-Florida, that day, in real time. So you were going from LA to New York. Now go from LA to Toronto.CA: So leaving aside regulation for a second, in terms of the technology alone, the time when someone will be able to buy one of your cars and literally just take the hands off the wheel and go to sleep and wake up and find that they’ve arrived, how far away is that, to do that safely?EM: I think that’s about two years. So the real trick of it is not how do you make it work say 99.9 percent of the time, because, like, if a car crashes one in a thousand times, then you’re probably still not going to be comfortable falling asleep. You shouldn’t be, certainly.It’s never going to be perfect. No system is going to be perfect, but if you say it’s perhaps the car is unlikely to crash in a hundred lifetimes, or a thousand lifetimes, then people are like, OK, wow, if I were to live a thousand lives, I would still most likely never experience a crash, then that’s probably OK.CA: To sleep. I guess the big concern of yours is that people may actually get seduced too early to think that this is safe, and that you’ll have some horrible incident happen that puts things back.EM: Well, I think that the autonomy system is likely to at least mitigate the crash, except in rare circumstances. The thing to appreciate about vehicle safety is this is probabilistic. I mean, there’s some chance that any time a human driver gets in a car, that they will have an accident that is their fault. It’s never zero. So really the key threshold for autonomy is how much better does autonomy need to be than a person before you can rely on it?CA: But once you get literally safe hands-off driving, the power to disrupt the whole industry seems massive, because at that point you’ve spoken of people being able to buy a car, drops you off at work and then you let it go and provide a sort of Uber-like service to other people, earn you money, maybe even cover the cost of your lease of that car, so you can kind of get a car for free. Is that really likely?EM: Yeah. Absolutely this is what will happen. So there will be a shared autonomy fleet where you buy your car and you can choose to use that car exclusively, you could choose to have it be used only by friends and family, only by other drivers who are rated five star, you can choose to share it sometimes but not other times. That’s 100 percent what will occur. It’s just a question of when.CA: Wow. So you mentioned the Semi and I think you’re planning to announce this in September, but I’m curious whether there’s anything you could show us today?EM: I will show you a teaser shot of the truck. It’s alive.CA: OK.EM: That’s definitely a case where we want to be cautious about the autonomy features. Yeah.CA: We can’t see that much of it, but it doesn’t look like just a little friendly neighborhood truck. It looks kind of badass. What sort of semi is this?EM: So this is a heavy duty, long-range semitruck. So it’s the highest weight capability and with long range. So essentially it’s meant to alleviate the heavy-duty trucking loads. And this is something which people do not today think is possible. They think the truck doesn’t have enough power or it doesn’t have enough range, and then with the Tesla Semi we want to show that no, an electric truck actually can out-torque any diesel semi. And if you had a tug-of-war competition, the Tesla Semi will tug the diesel semi uphill.CA: That’s pretty cool. And short term, these aren’t driverless. These are going to be trucks that truck drivers want to drive.EM: Yes. So what will be really fun about this is you have a flat torque RPM curve with an electric motor, whereas with a diesel motor or any kind of internal combustion engine car, you’ve got a torque RPM curve that looks like a hill. So this will be a very spry truck. You can drive this around like a sports car. There’s no gears. It’s, like, single speed.CA: There’s a great movie to be made here somewhere. I don’t know what it is and I don’t know that it ends well, but it’s a great movie.EM: It’s quite bizarre test-driving. When I was driving the test prototype for the first truck. It’s really weird, because you’re driving around and you’re just so nimble, and you’re in this giant truck.CA: Wait, you’ve already driven a prototype?EM: Yeah, I drove it around the parking lot, and I was like, this is crazy.CA: Wow. This is no vaporware.EM: It’s just like, driving this giant truck and making these mad maneuvers.CA: This is cool. OK, from a really badass picture to a kind of less badass picture. This is just a cute house from Desperate Housewives or something. What on earth is going on here?EM: Well, this illustrates the picture of the future that I think is how things will evolve. You’ve got an electric car in the driveway. If you look in between the electric car and the house, there are actually three Powerwalls stacked up against the side of the house, and then that house roof is a solar roof. So that’s an actual solar glass roof.CA: OK.EM: That’s a picture of a real — well, admittedly, it’s a real fake house. That’s a real fake house.CA: So these roof tiles, some of them have in them basically solar power, the ability to –EM: Yeah. Solar glass tiles where you can adjust the texture and the color to a very fine-grained level,and then there’s sort of microlouvers in the glass, such that when you’re looking at the roof from street level or close to street level, all the tiles look the same whether there is a solar cell behind it or not. So you have an even color from the ground level. If you were to look at it from a helicopter, you would be actually able to look through and see that some of the glass tiles have a solar cell behind them and some do not. You can’t tell from street level.CA: You put them in the ones that are likely to see a lot of sun, and that makes these roofs super affordable, right? They’re not that much more expensive than just tiling the roof.EM: Yeah. We’re very confident that the cost of the roof plus the cost of electricity — a solar glass roof will be less than the cost of a normal roof plus the cost of electricity. So in other words, this will be economically a no-brainer, we think it will look great, and it will last — we thought about having the warranty be infinity, but then people thought, well, that might sound like were just talking rubbish, but actually this is toughened glass. Well after the house has collapsed and there’s nothing there, the glass tiles will still be there.CA: I mean, this is cool. So you’re rolling this out in a couple week’s time, I think, with four different roofing types.EM: Yeah, we’re starting off with two, two initially, and the second two will be introduced early next year.CA: And what’s the scale of ambition here? How many houses do you believe could end up having this type of roofing?EM: I think eventually almost all houses will have a solar roof. The thing is to consider the time scale here to be probably on the order of 40 or 50 years. So on average, a roof is replaced every 20 to 25 years. But you don’t start replacing all roofs immediately. But eventually, if you say were to fast-forward to say 15 years from now, it will be unusual to have a roof that does not have solar.CA: Is there a mental model thing that people don’t get here that because of the shift in the cost, the economics of solar power, most houses actually have enough sunlight on their roof pretty much to power all of their needs. If you could capture the power, it could pretty much power all their needs. You could go off-grid, kind of.EM: It depends on where you are and what the house size is relative to the roof area, but it’s a fair statement to say that most houses in the U.S. have enough roof area to power all the needs of the house.CA: So the key to the economics of the cars, the semi, of these houses is the falling price of lithium-ion batteries, which you’ve made a huge bet on as Tesla. In many ways, that’s almost the core competency. And you’ve decided that to really, like, own that competency, you just have to build the world’s largest manufacturing plant to double the world’s supply of lithium-ion batteries, with this guy. What is this?EM: Yeah, so that’s the Gigafactory, progress so far on the Gigafactory. Eventually, you can sort of roughly see that there’s sort of a diamond shape overall, and when it’s fully done, it’ll look like a giant diamond, or that’s the idea behind it, and it’s aligned on true north. It’s a small detail.CA: And capable of producing, eventually, like a hundred gigawatt hours of batteries a year.EM: A hundred gigawatt hours. We think probably more, but yeah.CA: And they’re actually being produced right now.EM: They’re in production already.CA: You guys put out this video. I mean, is that sped up?EM: That’s the slowed down version.CA: How fast does it actually go?EM: Well, when it’s running at full speed, you can’t actually see the cells without a strobe light. It’s just blur.CA: One of your core ideas, Elon, about what makes an exciting future is a future where we no longer feel guilty about energy. Help us picture this. How many Gigafactories, if you like, does it take to get us there?EM: It’s about a hundred, roughly. It’s not 10, it’s not a thousand. Most likely a hundred.CA: See, I find this amazing. You can picture what it would take to move the world off this vast fossil fuel thing. It’s like you’re building one, it costs $5 billion, or whatever, $5 to $10 billion. Like, it’s kind of cool that you can picture that project. And you’re planning to do, at Tesla — announce another two this year.EM: I think we’ll announce locations for somewhere between two and four Gigafactories later this year. Yeah, probably four.CA: Whoa. No more teasing from you for here? Like — where, continent? You can say no.EM: We need to address a global market.CA: OK. This is cool. I think we should talk for — actually, double mark it. I’m going to ask you one question about politics, only one. I’m kind of sick of politics, but I do want to ask you this. You’re on a body now giving advice to a guy –EM: Who?CA: Who has said he doesn’t really believe in climate change, and there’s a lot of people out there who think you shouldn’t be doing that. They’d like you to walk away from that. What would you say to them?EM: Well, I think that first of all, I’m just on two advisory councils where the format consists of going around the room and asking people’s opinion on things, and so there’s like a meeting every month or two. That’s the sum total of my contribution. But I think to the degree that there are people in the room who are arguing in favor of doing something about climate change, or social issues, I’ve used the meetings I’ve had thus far to argue in favor of immigration and in favor of climate change. And if I hadn’t done that, that wasn’t on the agenda before. So maybe nothing will happen, but at least the words were said.CA: OK. So let’s talk SpaceX and Mars. Last time you were here, you spoke about what seemed like a kind of incredibly ambitious dream to develop rockets that were actually reusable. And you’ve only gone and done it.EM: Finally. It took a long time.CA: Talk us through this. What are we looking at here?EM: So this is one of our rocket boosters coming back from very high and fast in space. So just delivered the upper stage at high velocity. I think this might have been at sort of Mach 7 or so, delivery of the upper stage.CA: So that was a sped-up –EM: That was the slowed down version.CA: I thought that was the sped-up version. But I mean, that’s amazing, and several of these failed before you finally figured out how to do it, but now you’ve done this, what, five or six times?EM: We’re at eight or nine.CA: And for the first time, you’ve actually reflown one of the rockets that landed.EM: Yeah, so we landed the rocket booster and then prepped it for flight again and flew it again, so it’s the first reflight of an orbital booster where that reflight is relevant. So it’s important to appreciate that reusability is only relevant if it is rapid and complete. So like an aircraft or a car, the reusability is rapid and complete. You do not send your aircraft to Boeing in-between flights.CA: Right. So this is allowing you to dream of this really ambitious idea of sending many, many, many people to Mars in, what, 10 or 20 years time, I guess.EM: Yeah.CA: And you’ve designed this outrageous rocket to do it. Help us understand the scale of this thing.EM: Well, visually you can see that’s a person. Yeah, and that’s the vehicle.CA: So if that was a skyscraper, that’s like, did I read that, a 40-story skyscraper?EM: Probably a little more, yeah. The thrust level of this is really — this configuration is about four times the thrust of the Saturn V moon rocket.CA: Four times the thrust of the biggest rocket humanity ever created before.EM: Yeah. Yeah.CA: As one does.EM: Yeah. In units of 747, a 747 is only about a quarter of a million pounds of thrust, so for every 10 million pounds of thrust, there’s 40 747s. So this would be the thrust equivalent of 120 747s, with all engines blazing.CA: And so even with a machine designed to escape Earth’s gravity, I think you told me last time this thing could actually take a fully loaded 747, people, cargo, everything, into orbit.EM: Exactly. This can take a fully loaded 747 with maximum fuel, maximum passengers, maximum cargo on the 747 — this can take it as cargo.CA: So based on this, you presented recently this Interplanetary Transport System which is visualized this way. This is a scene you picture in, what, 30 years time? Twenty years time? People walking into this rocket.EM: I’m hopeful it’s sort of an eight- to 10-year time frame. Aspirationally, that’s our target. Our internal targets are more aggressive, but I think –CA: OK.EM: While vehicle seems quite large and is large by comparison with other rockets, I think the future spacecraft will make this look like a rowboat. The future spaceships will be truly enormous.CA: Why, Elon? Why do we need to build a city on Mars with a million people on it in your lifetime, which I think is kind of what you’ve said you’d love to do?EM: I think it’s important to have a future that is inspiring and appealing. I just think there have to be reasons that you get up in the morning and you want to live. Like, why do you want to live? What’s the point? What inspires you? What do you love about the future? And if we’re not out there, if the future does not include being out there among the stars and being a multiplanet species, I find that it’s incredibly depressing if that’s not the future that we’re going to have.CA: People want to position this as an either or, that there are so many desperate things happening on the planet now from climate to poverty to, you know, you pick your issue. And this feels like a distraction.You shouldn’t be thinking about this. You should be solving what’s here and now. And to be fair, you’ve done a fair old bit to actually do that with your work on sustainable energy. But why not just do that?EM: I think there’s — I look at the future from the standpoint of probabilities. It’s like a branching stream of probabilities, and there are actions that we can take that affect those probabilities or that accelerate one thing or slow down another thing. I may introduce something new to the probability stream. Sustainable energy will happen no matter what. If there was no Tesla, if Tesla never existed, it would have to happen out of necessity. It’s tautological. If you don’t have sustainable energy, it means you have unsustainable energy. Eventually you will run out, and the laws of economics will drive civilization towards sustainable energy, inevitably. The fundamental value of a company like Tesla is the degree to which it accelerates the advent of sustainable energy, faster than it would otherwise occur.So when I think, like, what is the fundamental good of a company like Tesla, I would say, hopefully, if it accelerated that by a decade, potentially more than a decade, that would be quite a good thing to occur. That’s what I consider to be the fundamental aspirational good of Tesla.Then there’s becoming a multiplanet species and space-faring civilization. This is not inevitable. It’s very important to appreciate this is not inevitable. The sustainable energy future I think is largely inevitable, but being a space-faring civilization is definitely not inevitable. If you look at the progress in space, in 1969 you were able to send somebody to the moon. 1969. Then we had the Space Shuttle. The Space Shuttle could only take people to low Earth orbit. Then the Space Shuttle retired, and the United States could take no one to orbit. So that’s the trend. The trend is like down to nothing. People are mistaken when they think that technology just automatically improves. It does not automatically improve. It only improves if a lot of people work very hard to make it better, and actually it will, I think, by itself degrade, actually. You look at great civilizations like ancient Egypt, and they were able to make the pyramids, and they forgot how to do that. And then the Romans, they built these incredible aqueducts. They forgot how to do it.CA: Elon, it almost seems, listening to you and looking at the different things you’ve done, that you’ve got this unique double motivation on everything that I find so interesting. One is this desire to work for humanity’s long-term good. The other is the desire to do something exciting. And often it feels like you feel like you need the one to drive the other. With Tesla, you want to have sustainable energy, so you made these super sexy, exciting cars to do it. Solar energy, we need to get there, so we need to make these beautiful roofs. We haven’t even spoken about your newest thing, which we don’t have time to do, but you want to save humanity from bad AI, and so you’re going to create this really cool brain-machine interface to give us all infinite memory and telepathy and so forth. And on Mars, it feels like what you’re saying is, yeah, we need to save humanity and have a backup plan, but also we need to inspire humanity, and this is a way to inspire.EM: I think the value of beauty and inspiration is very much underrated, no question. But I want to be clear. I’m not trying to be anyone’s savior. That is not the — I’m just trying to think about the future and not be sad.CA: Beautiful statement. I think everyone here would agree that it is not — none of this is going to happen inevitably. The fact that in your mind, you dream this stuff, you dream stuff that no one else would dare dream, or no one else would be capable of dreaming at the level of complexity that you do. The fact that you do that, Elon Musk, is a really remarkable thing. Thank you for helping us all to dream a bit bigger.EM: But you’ll tell me if it ever starts getting genuinely insane, right?CA: Thank you, Elon Musk. That was really, really fantastic. That was really fantastic. –shares
August 30, 2018 –shares 5 min read Taxes Next Article Add to Queue Learn how to successfully navigate family business dynamics and build businesses that excel. Free Webinar | July 31: Secrets to Running a Successful Family Business New York Gov. Andrew Cuomo brought up Nixon’s corporation as a means of insinuating that she accepts corporate campaign donations. Image credit: Pool | Getty Images Register Now » Lydia Belanger Cynthia Nixon Has a Corporation, and That’s Totally Normal for Professionals Like Her During yesterday’s New York State Democratic gubernatorial debate, incumbent Gov. Andrew Cuomo told challenger Cynthia Nixon in an accusatory tone, “you are a corporation.”He was referring to The Fickle Mermaid Corporation, an S corp the former Sex and the City star turned political candidate formed in 1999, according to the New York Department of State Corporations and Business Entity database.Like many in the entertainment industry, Nixon’s S corp facilitates finances related to her acting services. Cuomo brought up Nixon’s corporation as a means of insinuating that she accepts corporate campaign donations. Nixon has positioned herself as a progressive who is not beholden to corporate interests.Related: Cynthia Nixon’s Thermostat Request Is One Many Working Women Can Relate toIn a press release earlier this month, Nixon’s campaign stated that it has received $2 million in contributions — 98 percent of which were below $200 — and had $441,000 in cash on hand as of Aug. 14. The Cuomo re-election campaign, on the other hand, has $24 million in its coffers as of Aug. 30. From 2015 through 2017, more than 99 percent of Cuomo’s campaign donations exceeded $1,000, according to a New York Times analysis.“I am a person,” Nixon retorted initially to Cuomo’s characterization of her as a corporation. Then, when the issue of her corporation arose again during the last few minutes of the debate, Nixon clarified that many actors incorporate for tax purposes.Why do actors form corporations?“Due to tax codes,” said Craig Manzino, CPA, head of entertainment and partner at Prager Metis. “They’re typically S corps, and they’re called loan-out corps. Their sole purpose is to loan out the acting services of that person. These aren’t corporations like a GE or IBM corporate structure.”Typically, a professional who sells their services making $250,000 or more a year would consider going the S corp route, once they get to the income level where the costs of doing so aren’t a burden.“We always tell people, these aren’t toys,” Manzino said. “They’re serious. You want to do it right.”Athletes are another example of individuals who form S corps. However, the law states that they must be paid as employees by the team that they play for, so they can only use S corps for aspects such as their endorsement deals and merchandise or autograph sales.Nixon grossed $5 million between 2013 and 2017, according to reports on her tax returns. Of that money, she paid herself $2.1 million, and the remaining $3 million went to retirement savings, a salary for her wife, Christine Marinoni, assistants, taxes and expenses related to “professional development” (acting coaches, hair and makeup for performances, etc.), according to Politico.“These are the typical things that would be itemized deductions, for an individual,” Manzino said. “But definitely under our current tax code, those things are no longer allowed to be deducted, which is why actors use corporations.”Actors are considered employees by say, the networks they work for, but they’re not eligible for benefits, Manzino explained. They’re on their own for professional development, retirement savings and more. Tax laws have changed to limit deductions of these sorts of expenses over time, but currently, individuals are not allowed to deduct these things. Only corporations can.“She is using the tax code legally to reduce her tax bill, no different than any other business owner,” Manzino said of Nixon. “She’s not doing anything aggressive or out of the ordinary.”So, why an S corp and not an LLC or sole proprietorship?Well, for one, LLCs aren’t part of the tax code. They’re legal entities. A single-member LLC would file on their personal tax return, whereas an S corp files taxes as a corporation. Entertainers, specifically, form S corps because then they’re their own employees. They pay their own payroll and taxes.If an actor doesn’t have an S corp, a media company might refuse to work with them. The IRS or state might sense that payroll taxes and unemployment insurance haven’t been paid otherwise and come after them.For those below the millionaire actor level, such as freelance writers or graphic designers offering their services, chances are they’d file as sole proprietors. But you have to consider your needs in terms of both legal protection and tax planning to decide what’s right for you, Manzino said.“It really is a very direct and personal decision based on facts and circumstances,” Manzino said, explaining that individuals must weigh how their entity’s ownership will be structured, whether they expect profits or losses and other factors.“There’s no real rule of thumb. I sort of equate it to therapy — you can’t take the advice that someone’s giving your neighbor.”
Director of the Entrepreneur Partner Studio Technology July 12, 2011 –shares Add to Queue Next Article Register Now » Entrepreneur Staff Swiss Group Wants to Banish PowerPoint Jason Fell min read While most people might not love using Microsoft’s PowerPoint to create presentations, at least one person is taking his distaste for the software to a global level.Matthias Poehm, a former software engineer-turned-public speaking trainer has started — yes — the Anti-PowerPoint Party (APPP) earlier this month. Headquartered in Bonstetten, Switzerland, the APPP calls itself an “international movement” that intends to “decrease the number of boring presentations worldwide.” The goal is to make it so that people who don’t want to use PowerPoint “will not have to justify themselves in the future,” it says.Right. Here’s the real kicker: The APPP says people who attend “futile” PowerPoint presentations result in almost $500 billion in hourly wage losses for employers worldwide. Instead, APPP says people should consider using flip charts, which it claims are 95 percent more effective than using presentation software. Here’s a video of Poehm explaining his reasoning: Learn how to successfully navigate family business dynamics and build businesses that excel. While an APPP representative didn’t immediately return an email seeking comment, the statistics above seem to originate from Poehm’s book, “The PowerPoint Fallacy.” Coincidentally, Poehm is offering the book at a 37 percent discount to APPP members.If this doesn’t seem wacky enough, the group says it also wants to participate in the Swiss national elections in October and become the country’s fourth-largest political party.In the meantime, for those of us who either like using presentation software or just don’t want to use a flip chart, business strategist, entrepreneur and venture capitalist Guy Kawasaki — who’s seen his fair share of PowerPoint pitches over the years — suggests abiding by a “10/20/30” rule when putting them together. Here are his tips:Keep it short. It shouldn’t take you more than 10 PowerPoint slides to explain your project or business, Kawasaki says. “A normal human being cannot comprehend more than 10 concepts in a meeting,” he says.Don’t be long-winded. You should be able to present your 10 slides in no more than 20 minutes. “In a perfect business world, you would give your pitch in 20 minutes and then have 40 minutes remaining for discussion,” Kawasaki says.Make it readable. Kawasaki suggests using a font no smaller than 30 points and to use only the content that most convincingly communicates your points. “I guarantee it will make your presentations better because it will require you to find the most salient points and then know how to explain each of them well,” he says.How have you spiced up your presentations? Leave a comment below and let us know. Free Webinar | July 31: Secrets to Running a Successful Family Business
Image credit: Youtube Check Out This Amazing Drone Footage of Apple’s Future Campus The building will reportedly have room for 13,000 employees. Free Webinar | July 31: Secrets to Running a Successful Family Business Entrepreneur Staff –shares Entrepreneur Staff Construction looks like it’s steadily progressing on Apple’s “Spaceship” campus in Cupertino, Calif.Related: A Drone’s-Eye View of Apple’s ‘Spaceship’ CampusCheck out the latest footage in the video below, courtesy of Matthew Roberts. 1 min read November 1, 2016 Learn how to successfully navigate family business dynamics and build businesses that excel. Add to Queue Next Article Apple Register Now »
Arkose LabsArkose Labs systemBugcrowdfraud prevention technologyMarketing Technology NewsNews Previous ArticleMediaRadar Study: Number of Companies Placing Native Ads Programmatically Increases YoYNext ArticleMonetate Recognized as A Leader in the 2019 Gartner Magic Quadrant for Personalization Engines for the Second Consecutive Year Arkose Labs Announces Private Bug Bounty Program with Bugcrowd to Strengthen Fraud Prevention System MTS Staff Writer12 hours agoJuly 23, 2019 Private Bounty Program Leverages Bugcrowd’s Crowdsourced Research Team for More Robust Security TestingArkose Labs, the leading provider of advanced fraud prevention technology for the world’s most targeted enterprises, announced an exclusive private bug bounty program with Bugcrowd, the #1 crowdsourced security platform. The program will enable a continuous assurance of the stability and strength of the various product features that make up the Arkose Labs system.With a private bounty program, Arkose Labs will gain access to Bugcrowd’s Elite Crowd, and is able to tailor its testing pool based on specific skill sets to help eliminate account takeover attacks, fake user registrations, and other types of fraud and application abuse. Arkose Labs will now have more direct communication with a smaller group of testers, and can harness the power of the crowdsourced model while retaining more control to test and introduce new challenges to market faster.“As a security company in the fraud prevention space with an end-user facing product, we are lucrative targets for a wide range of attackers using innovative methods, such as Single Request Attacks,” said Anna Westelius, senior director of engineering at Arkose Labs. “Compromising our proprietary challenge—response mechanism, Enforcement, requires a very specific skill set and partnering with Bugcrowd ensures we have a more informed path forward to stay ahead of attackers.”Marketing Technology News: OpenText Automates Invoicing for Rosneft DeutschlandFollowing the launch of the public bounty program in 2018, Arkose Labs saw significant value in crowdsourced cybersecurity, specifically in the development process. Utilizing crowdsourced testing as an additional validation step during development enables Arkose Labs to test features against “real world” attackers and gain insight into how attackers approach an attack on the company’s system. The new private program empowers Arkose Labs with the knowledge on what is still good enforcement technology for a more informed path forward.Bugcrowd connects organizations with hundreds of highly skilled and diverse whitehat hackers, and a team of security experts helping triage vulnerability submissions as they come in to manage crowdsourced security programs. Bugcrowd’s Elite Crowd is comprised of the top researchers, measured in two key areas:Skill: A standard of high-impact submissions, averaging only high and critical submissions across a range of specific attack surface areas.Trust: Proven trust through ID verification and success working on private programs for top customers.Marketing Technology News: Gartner Survey Shows Inside Sales Organizations Risk Losing 24% of Employees This Year“Arkose Labs is unique in its approach to fighting online fraud and abuse, led by the sophisticated challenge mechanics it deploys through Enforcement,” said Ashish Gupta, CEO of Bugcrowd. “By partnering with us on a private bounty program, Arkose Labs is demonstrating its commitment to protecting the world’s largest enterprises from increasingly sophisticated attacks, and will continue to stay ahead with a more informed approach.”The Arkose Labs system exclusively stops abuse before it occurs with zero impact to user conversion, and Arkose Labs is the only provider to offer a service-level agreement to back the efficacy and accuracy of proprietary defenses.Marketing Technology News: James Liu Appointed to Board of Directors of Opera Limited
Professor Mariana Mazzucato said: “The diagnosis looks bleak for the health innovation system; it’s expensive and unproductive and requires a complete transformation. We have a situation now where the NHS is a huge buyer of drugs and the UK government is a significant investor in the development of new treatments, yet big pharmaceutical companies are calling the shots.”In the year of the 70th anniversary of the NHS, this is an ideal time to take stock and rethink the system with a move towards a model that prioritizes long-term public value above short-term corporate profits.”As an immediate policy action, the report calls on governments to pursue their legal right to procure affordable generic versions of patented medicines if companies refuse to drop their prices to levels affordable to national health systems such as the NHS. These legal rights are known as Flexibilities within the World Trade Organisation’s TRIPS rules (Agreement on Trade-Related Aspects of Intellectual Property Rights). This could mean huge savings for the NHS. For example, evidence shows that the prices the UK pays for some cancer medicines could be reduced by between 75% and 99.6% if they could be procured as generics.Related StoriesAlcohol reduction associated with improved viral suppression in women living with HIVResearch sheds light on sun-induced DNA damage and repairSugary drinks linked to cancer finds studyIntellectual property rules should also be reformed to make vital medicines more affordable and open to innovation, with patents only issued to truly innovative technology.Long-term recommendations include: Research and development priorities are not determined by public health needs. The system ignores diseases – such as tuberculosis – that are most prevalent in developing countries. Meanwhile, more than half of approved medicines in recent years offered no additional health benefits. The number of new drugs approved against research and development (R & D) spend has declined from around 40 drugs per $1bn of R & D in the 1950s to less than 0.65 drugs per $1bn spend this century, representing a huge drop in innovation and productivity. Pharmaceutical companies are increasingly focused on maximizing short-term financial returns to shareholders, rather than funding health advances in the public interest. The 19 pharmaceutical companies included in the S&P 500 Index in January 2017 (and listed 2006-15) spent $297bn on repurchasing their own shares between 2007-16–61% of their combined R&D expenditures in this period. Reviewed by James Ives, M.Psych. (Editor)Oct 15 2018NHS patients are being let down by a global health innovation system which fails to deliver the treatments they need at prices that government can afford, according to a new report led by Professor Mariana Mazzucato, Director of the UCL Institute for Innovation and Public Purpose (IIPP), in collaboration with STOPAIDS, Global Justice Now and Just Treatment.The report, The People’s Prescription: Re-imagining health innovation to deliver public value, warns that health innovation is being hampered by a drive for profit and calls for a major overhaul of the system to ensure that more drugs and treatments are developed for critical health needs. Crucially it addresses both the rate and the direction of innovation.Although innovation in health is vital for the development of drugs used by the NHS and healthcare systems around the world, the report finds that the current system for developing drugs incentivizes high prices and delivers short-term returns to shareholders, rather than focusing on riskier, longer-term research which leads to critically needed therapeutic advances.The authors warn that the high prices of medicines are causing severe patient access problems worldwide with damaging consequences for health and wellbeing. The solution is not as simple as demanding lower prices but to understand how the characteristics of the system must be overhauled, from the dynamics of patents which are hurting transparency and collaboration to the ways in which corporate governance hurt innovation.With the system ‘fundamentally broken’, the report maps out fault lines and recommends new concrete policy actions to deliver public value for the greatest health need.Last year, NHS England spent £1bn on medicines that had received public investment, while spending on drugs is rising at five times the rate its budget is rising.Key points include: Conditionality would also prevent the public from paying twice for medicines. A treatment for prostate cancer – Abiraterone – was discovered by the Institute for Cancer Research (ICR), which receives 38 per cent of its funding from charities and the UK Medical Research Council, and 14 per cent from other government funding. The NHS then spent £172 million on the drug between 2014 and 2016, following five years of negotiations when the price was set just below NICE’s upper limit of acceptable costs. By the end of 2017, Johnson & Johnson had made around £1.9 billion in sales and the ICR had earned just £137 million.Mission-oriented research and innovation involves strategic decision making in both governments and business through purpose-led missions. This approach focuses on problem-specific challenges, which many different sectors interact to solve. The focus on problems, and new types of collaborations between public and private actors to solve them, creates the potential for greater spillovers than a sectoral approach. It was this approach that put a man on the moon, and lay behind the creation of the internet and entire new sectors like biotechnology.Heidi Chow, Senior Campaigns Manager, Global Justice Now, said: “A pharmaceutical industry that makes billions in profits without providing the affordable medicines that people need is one of the scandals of our time. It’s easy to feel that there is no alternative, but in fact there are a whole host of alternatives that are already working in a number of countries. It is time to scale up what’s working, and drop what’s not so that people here in the UK and around the world can access the effective treatments they need.”Saoirse Fitzpatrick, Senior Advocacy Adviser, STOPAIDS, added: “We have to face the reality that our current system for developing medicines is not matching people’s health needs. If we carry on with business as usual then we are going to end up bankrupting patients and health services with high priced drugs and wasting precious financial resources on copycat medicines which do nothing but add to the pharmaceutical industry’s profits.”We know there are other models out there, we need governments to work from this evidence base and build an alternative system for health innovation that gives us the medicines people need at prices we can all afford.”Diarmaid McDonald, Lead Organiser, Just Treatment, said: “NHS patients, like those who lead Just Treatment, have had their access to vital medicines delayed or denied because of the unaffordable prices charged by the industry. Sadly these high prices are not going away – they lie at the heart of our current medical innovation system. Until governments follow the recommendations in this report and set about creating a pharmaceutical system that puts patients and public health at its core, our health and our health systems will continue to suffer as pharmaceutical profits continue to soar.” Source:https://www.ucl.ac.uk/ A mission-oriented approach to improving health outcomes, where governments can set the direction of health innovation by focusing the energy of state, civil society and the private sector on clearly articulated public health goals. Changing how corporate governance works; rethinking the role of the public sector and improving the structure of the private sector. Better deals through conditionality; governments should be able to negotiate better deals as the main investors in new treatments, instead of rewards being disproportionately shared with the private sector.