ReportWire

Tag: Corporate news

  • How the Fed fights zombie firms

    How the Fed fights zombie firms

    [ad_1]

    Share

    Some firms sustain their businesses by taking on more debt that they can repay. Economists call them zombie companies. When compared to their peers, zombies are smaller in size and deliver lower returns to investors. These companies distort markets, keeping resources from their fundamentally sound competitors. Banks and governments keep zombie firms alive with bailout loans. As the Federal Reserve resets the economy with higher interest rates, many zombie firms are filing for bankruptcy.

    10:01

    Tue, Oct 31 20236:00 AM EDT

    [ad_2]

    Source link

  • Alibaba CEO warns of being ‘displaced’ if the Chinese tech giant doesn’t keep up in AI

    Alibaba CEO warns of being ‘displaced’ if the Chinese tech giant doesn’t keep up in AI

    [ad_1]

    Signage at the Alibaba Group Holding Ltd. booth at the Smart China Expo in Chongqing, China, on Monday, Sept. 4, 2023.

    Qilai Shen | Bloomberg | Getty Images

    Alibaba needs to be “user first” and “AI-driven,” new CEO Eddie Wu told employees on Tuesday, as he laid out the strategic priorities for the Chinese tech giant.

    Wu, who is just three days into the job as Alibaba chief executive, called for the e-commerce firm to “adopt a start-up mindset” as he looks to steer the company back to growth following one of the most tumultuous times in its 24-year history.

    “Times are changing, and so must Alibaba! As the world progresses, Alibaba needs to evolve even faster!,” Wu said in a letter to employees that was seen by CNBC.

    Wu, one of Alibaba founder Jack Ma’s close confidants, started as CEO on Sept. 10, taking over from Daniel Zhang, who stepped down from the role to focus on heading up the cloud computing business. However, in a surprise move, Zhang this week quit as CEO of the cloud business with Wu taking over in the interim.

    It comes months after Alibaba split its company into six different business groups, the biggest shakeup in its history.

    Wu said Alibaba’s two main strategic focuses will be “user first” and “AI-driven.” The company will “reinforce” its strategic investments in three areas.

    The first it calls “technology-driven internet platforms.” Wu said that Alibaba’s business should “seek out the most open and collaborative relationships,” even with competitors. This is a different approach from Alibaba which has tended to try to keep users within its ecosystem of products.

    Wu also touted the need to invest in artificial intelligence. Alibaba’s cloud unit has tried to position itself as a leader in AI inside China as it looks to reignite growth in the business.

    “Each of our businesses generates massive numbers of use cases; therefore, we must transform these use cases into applications for AI technology, driving breakthrough user experience and business models through technology innovation,” Wu said.

    “If we don’t keep up with the changes of the AI era, we will be displaced.”

    Alibaba Cloud has its large language model called Tongyi Qianwen, released earlier this year. An LLM is an AI model trained on huge amounts of data and underpins chatbot applications. It’s the same type of model that OpenAI’s ChatGPT is based on.

    Wu also said Alibaba needs to continue to invest in “globalization.”

    Alibaba will also look to promote younger talent. Within the next four years, the company will promote those born after 1985 and the 1990s “to form the core of our business management teams,” Wu said.

    [ad_2]

    Source link

  • Holmes’ former partner faces sentencing in Theranos case

    Holmes’ former partner faces sentencing in Theranos case

    [ad_1]

    A former Theranos executive learns Wednesday whether he will be punished as severely as his former lover and business partner for peddling the company’s bogus blood-testing technology that duped investors and endangered patients.

    The sentencing for Ramesh “Sunny” Balwani, who was convicted in July of fraud and conspiracy, comes less than three weeks after Elizabeth Holmes, the company’s founder and CEO, received more than 11 years in prison for her role in the scheme. The scandal revolved around the company’s false claims to have developed a medical device that could scan for hundreds of diseases and other potential problems with just a few drops of blood taken with a finger prick.

    The case threw a bright light on Silicon Valley’s dark side, exposing how its culture of hype and boundless ambition could veer into lies.

    Holmes, 38, could have gotten up to 20 years in prison — a penalty that U.S. District Judge Edward Davila could now impose on Balwani, who spent six years as Theranos’ chief operating officer while remaining romantically involved with Holmes until a bitter split in 2016.

    While on the witness stand in her trial, Holmes accused Balwani, 57, of manipulating her through years of emotional and sexual abuse. Balwani’s attorney has denied the allegations.

    The two trials had somewhat different outcomes. Unlike Balwani, Holmes was acquitted on several charges of defrauding and conspiring against people who paid for Theranos blood tests that produced misleading results and could have pointed patients toward the wrong treatment. The jury in Holmes’ trial also deadlocked on three charges.

    Balwani was convicted on all 12 felony counts, and his lawyers contend he deserves a far more lenient sentence of just four to 10 months in prison, preferably in home confinement. Prosecutors for the Justice Department are seeking 15 years. A probation report recommends nine years.

    Duncan Levin, a former federal prosecutor who is now a defense attorney, described Balwani’s bid for a light sentence as “utterly unrealistic.” Levin suspects the judge may give greater weight to the Justice Department and the probation office recommendations, which mirror the sentences those agencies sought for Holmes.

    The judge ultimately gave her 11 1/4 years in prison and recommended that the sentence be served in a low-security facility in Byran, Texas.

    The Justice Department “has now conceded that both defendants deserve the same sentence, even though Balwani was convicted for far more counts,” Levin said. Since Holmes got an 11-year sentence, “it follows logically that he will get the same sentence.”

    Federal prosecutors also want the judge to order Balwani to pay $804 million in restitution to defrauded investors — the same amount sought from Holmes. Davila deferred a decision on restitution during Holmes’ Nov. 18 sentencing until an unspecified future date.

    In court documents, Balwani’s lawyers painted him as a hardworking immigrant who moved from India to the U.S. during the 1980s to become the first member of his family to attend college. He graduated from the University of Texas in 1990 with a degree in information systems.

    He later moved to Silicon Valley, where he first worked as a computer programmer for Microsoft before founding an online startup that he sold for millions of dollars during the dot-com boom of the 1990s.

    Balwani and Holmes met around the same time she dropped out of Stanford University to start Theranos in 2003. He became enthralled with her and her quest to revolutionize health care.

    Balwani’s lawyers said he eventually invested about $5 million in a stake in Theranos that eventually became worth about $500 million on paper — a fraction of Holmes’ one-time fortune of of $4.5 billion.

    That wealth evaporated after Theranos began to unravel in 2015 amid revelations that its blood-testing technology never worked as Holmes had boasted in glowing magazine articles that likened her to Silicon Valley visionaries such as Apple co-founder Steve Jobs.

    Before Theranos’ downfall, Holmes teamed up with Balwani to raise nearly $1 billion from deep-pocketed investors that included software mogul Larry Ellison and media magnate Rupert Murdoch.

    “Mr. Balwani is not the same as Elizabeth Holmes,” his lawyers wrote in a memo to the judge. “”He actually invested millions of dollars of his own money; he never sought fame or recognition; and he has a long history of quietly giving to those less fortunate.” Balwani’s lawyers also asserted that Holmes “was dramatically more culpable” for the Theranos fraud.

    Echoing similar claims made by Holmes’s lawyers before her sentencing, Balwani’s attorneys also argued that he has been adequately punished by the intense media coverage of Theranos, which has been the subject of a book, documentary and award-winning TV series.

    Balwani “has lost his career, his reputation and his ability to meaningfully work again,” his lawyers wrote.

    Federal prosecutors cast Balwani as a ruthless, power-hungry accomplice in crimes that ripped off investors and imperiled people who received flawed results. The blood tests were to be available in a partnership with Walgreen’s that Balwani helped engineer.

    “Balwani presented a fake story about Theranos’ technology and financial stability day after day in meeting after meeting,” the prosecutors wrote in their memo to the judge. “Balwani maintained this façade of accomplishments, after making the calculated decision that honesty would destroy Theranos.”

    [ad_2]

    Source link

  • Mississippi grain company’s ex-CEO indicted on fraud charges

    Mississippi grain company’s ex-CEO indicted on fraud charges

    [ad_1]

    GREENVILLE, Miss. — The former leader of a Mississippi grain storage and processing company has been indicted on federal and state charges, more than a year after the company filed for bankruptcy, prosecutors said Tuesday.

    John R. Coleman, 46, of Greenwood, Mississippi, is the former CEO of Express Grain Terminals, LLC.

    A federal grand jury indicted Coleman on charges of defrauding farmers, banks and the Mississippi Department of Agriculture, U.S. Attorney Clay Joyner and Mississippi Attorney General Lynn Fitch said in a news release.

    Coleman made his initial appearance Tuesday before U.S. Magistrate Judge Jane M. Virden in Greenville. Federal court records did not list an attorney for him.

    Federal court documents say that from June 2018 to October 2022, Coleman altered Express Grain’s audited financial statements to receive a state warehouse license and lied about the amount of debt he owed on corn, wheat, soybeans or other crops held at the facility.

    The federal indictment said farmers delivered grain to Express Grain throughout the 2021 harvest season but did not receive payment.

    The indictment said that Express Grain sent an email to customers on Sept. 28, 2021, with wording approved by Coleman. The message said the company was in good financial shape.

    “We have funding from multiple sources to make sure everyone gets paid on time,” the company email said. “Stay safe out there and keep those combines rolling!”

    The next day, Express Grain eventually filed for Chapter 11 bankruptcy.

    “Coleman’s fraud caused widespread financial hardship and suffering throughout the Mississippi Delta and elsewhere,” the federal indictment said.

    In September 2021, Express Grain had $70 million in outstanding loans from UMB Bank in Kansas City, Missouri.

    If convicted on the federal charges, Coleman would face up to 180 years in prison.

    Fitch also said a Leflore County grand jury has indicted Coleman on five counts of making false representations to defraud government and one count of false pretenses.

    The FBI, the Mississippi Attorney General’s Office, the U.S. Department of Agriculture Office of Inspector General and the Internal Revenue Service are investigating the case.

    Law enforcement agents raided the Express Grain offices and Coleman’s home in February, days before the company’s properties were sold at auction, the Greenwood Commonwealth reported. A legal battle over Express Grain’s proceeds was settled earlier this year. Farmers who chose to participate in the settlement were able to claim a share of $9 million.

    [ad_2]

    Source link

  • BuzzFeed cuts 12% of staff citing worsening econ conditions

    BuzzFeed cuts 12% of staff citing worsening econ conditions

    [ad_1]

    NEW YORK — Digital media company BuzzFeed is cutting 12% of its workforce, citing worsening economic conditions.

    The New York company, which made the announcement in a regulatory filing on Tuesday, did not disclose how many workers it was letting go. According to the data firm FactSet, BuzzFeed has 1,522 employees, which would mean roughly 180 of them would be laid off.

    Advertisers, on which BuzzFeed relies, have broadly pulled back spending to address rising costs. Spending on advertising is typically among the most elastic items in a company’s budget and is often the first place to see cuts.

    “In order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,” Jonah Peretti, co-founder and CEO, wrote in a letter to staff.

    Social media and other companies who rely on digital advertising have also recently announced layoffs, including Facebook parent Meta, Twitter, Snap and Gannett.

    In addition to economic conditions BuzzFeed on Tuesday cited redundancies in its workforce related to the integration of Complex Networks, a youth entertainment company, which it acquired last year from Verizon and Hearst for $300 million.

    The job cuts are expected to be completed by the end of the first quarter of 2023, BuzzFeed said, and expects charges related to the job cuts of between $8 million and $12 million. Those would be booked in the fourth quarter of this year.

    Shares of BuzzFeed fell more than 4% in midday trading, to $1.09 each. They traded close to $10 less than two years ago, when the company went public via a merger with a special purpose acquisition company (SPAC).

    BuzzFeed, founded by Peretti in 2006 and initially known for listicles and online quizzes, has established itself as a serious contender in the news business, winning a Pulitzer last year for international reporting. Its other brands include Tasty, the world’s largest social food network.

    It has been buying up competitors, including HuffPost, the media outlet founded in 2005 as The Huffington Post, from Verizon Media in 2020.

    [ad_2]

    Source link

  • Closing prices for crude oil, gold and other commodities

    Closing prices for crude oil, gold and other commodities

    [ad_1]

    Benchmark U.S. crude oil for January delivery fell $3.05 to $76.93 a barrel Monday. Brent crude for February delivery fell $2.89 to $82.68 a barrel.

    Wholesale gasoline for January delivery fell 8 cents to $2.20 a gallon. January heating oil fell 17 cents to $3 a gallon. January natural gas fell 70 cents to $5.58 per 1,000 cubic feet.

    Gold for February delivery fell $28.30 to $1,781.30 an ounce. Silver for March delivery fell 83 cents to $22.42 an ounce and March copper fell 5 cents to $3.80 a pound.

    The dollar rose to 136.69 Japanese yen from 134.44 yen. The euro fell to $1.0493 from $1.0534.

    [ad_2]

    Source link

  • ‘Wakanda Forever’ is No. 1 for 4th straight weekend

    ‘Wakanda Forever’ is No. 1 for 4th straight weekend

    [ad_1]

    NEW YORK — “Black Panther: Wakanda Forever” kept the box-office crown for the fourth straight weekend, and the comic holiday thriller “Violent Night” debuted with $13.3 million, according to studio estimates Sunday. But the biggest talking point on the weekend was a movie conspicuously absent from theaters.

    Had Netflix kept Rian Johnson’s whodunit sequel “Glass Onion: A Knives Out Mystery” in theaters, it would have been one of the weekend’s top draws. Last weekend, the streamer — in its first such pact with North America’s top chains — released “Glass Onion” in about 600 theaters. While significantly less than the 4,000-plus theaters most big movies open in, the Netflix film reportedly grossed about $15 million — an enviable total for a medium scaled release.

    Netflix declined to release ticket sales and pulled “Glass Onion” on Tuesday, preferring to keep its release limited to a one-week sneak-peak theatrical run before debuting on the streaming service Dec. 23. Netflix’s focus, its executives have said, is driving subscribers to its streaming service. On Wednesday, Reed Hastings, chief executive of Netflix, acknowledged the company left “lots” of money on the table in the move.

    So instead of feasting on “Glass Onion,” as ticket buyers did after Thanksgiving in 2019 when Lionsgate released “Knives Out,” moviegoers were fed mostly leftovers this weekend.

    For four weeks, the Walt Disney Co.’s “Wakanda Forever” has ruled the box office. Ryan Coogler’s Marvel movie has totaled $733 million globally, including $339 million in overseas sales.

    “Violent Night” was the only new wide release in cinemas. Starring David Harbour as a not-so-saintly Saint Nick, the Universal release got off to a good start. “Violent Night,” which earned a B+ CinemaScore from audiences, cost about $20 million to make.

    Though “Avatar: The Way of Water” and other holiday releases like “Puss in Boots 2,” “Babylon” and “I Wanna Dance With Somebody” loom in the coming weeks, theaters continue to see fewer films in wide release than they did pre-pandemic. David A. Gross, who publishes the box-office subscription newsletter FranchiseRe, says that while there were 58 franchise films released in 2019, there have been only 32 in 2022.

    There’s also been a dearth of family releases in theaters. After a muted debut last weekend, Disney’s big-budget animated fantasy adventure “Strange World” dipped to third place with a mere $4.9 million in its second week. Some of the season’s notable kid-friendly movies are streaming, instead.

    The Roald Dahl adaptation “Matilda the Musical,” starring Emma Thompson, was made jointly by Netflix, Sony Pictures and Working Title Films. Netflix has worldwide distribution rights to the film except for the United Kingdom and Ireland, where Sony put the film into theaters last weekend. For two weeks, “Matilda” has been the top film at the U.K. box office, grossing $9.7 million over that stretch. In the U.S., “Matilda” begins steaming on Christmas.

    Estimated ticket sales for Friday through Sunday at U.S. and Canadian theaters, according to Comscore. Final domestic figures will be released Monday.

    1. “Wakanda Forever,” $17.6 million.

    2. “Violent Night,” $13.3 million.

    3. “Strange World,” $4.9 million.

    4. “The Menu,” $3.6 million.

    5. “Devotion,” $2.8 million.

    6. “I Heard the Bells,” $1.8 million.

    7. “Black Adam,” $1.7 million.

    8. “The Fabelmans,” $1.3 million.

    9. “Bones and All,” $1.2 million.

    10. “Ticket to Paradise,” $850,000.

    ———

    Follow AP Film Writer Jake Coyle on Twitter at: http://twitter.com/jakecoyleAP

    [ad_2]

    Source link

  • Los Angeles City Council votes to ban oil and gas drilling

    Los Angeles City Council votes to ban oil and gas drilling

    [ad_1]

    __

    The Los Angeles City Council voted unanimously on Friday to ban drilling of new oil and gas wells and phase out existing ones over the next 20 years.

    The vote comes after more than a decade of complaints from city residents that pollution drifting from wells was affecting their health.

    “Hundreds of thousands of Angelenos have had to raise their kids, go to work, prepare their meals (and) go to neighborhood parks in the shadows of oil and gas production,” said Los Angeles City Council president Paul Krekorian, one of the councilmembers who introduced this measure. “The time has come …. when we end oil and gas production in the city of Los Angeles.”

    Two engineers with Yorke Engineering, a California-based company that does air quality and environmental compliance review, spoke in opposition to the ordinance. They said a ban and phase out will have a negative effect because oil and gas operators will abandon wells. They said this is being underestimated by the city. If they walk away, that will mean increased air pollution and greenhouse gas emissions, they said.

    But Los Angeles City Attorney Mike Feuer said these claims are “not credible,” citing a review by Impact Sciences, another California-based firm that performed an environmental analysis of the ordinance for the city.

    Los Angeles was once a booming oil town. Many of its oilfields are now played out but it still has several productive ones.

    According to the city controller’s office there were 780 active and 287 idle wells within city boundaries in 2018. An idle well is one that is not operating, but neither has it been permanently sealed, so it could be brought back into production.

    Near Long Beach there’s the very prolific Wilmington oil field, which yielded more than 10 million barrels of crude oil in 2019, according to state records.

    Hundreds of the still active wells in that field are concentrated in Wilmington, a predominantly Latino part of Los Angeles. Several clusters of the active wells, located near homes, ballfields and childcare facilities, are operated by companies like E&B Natural Resources Management Corporation and Warren Resources.

    Warren Resources CEO and president James A. Watt said in a statement to The Associated Press that the company has invested $400 million in its oil and gas operations. “We intend to use all available legal resources to protect our major investment from this unlawful taking,” he said.

    Many more wells lie just outside Los Angeles city limits, in Carson, Inglewood and Long Beach.

    Some studies look at the possible effects of pollution emanating from the city’s existing oil and gas wells.

    Researchers from the University of Southern California in a study in 2021 found that people living near wells in two Los Angeles neighborhoods — University Park and Jefferson Park — reported significantly higher rates of wheezing, eye and nose irritation, sore throat and dizziness than neighbors living farther away. Both of those communities are predominantly non-white with large Black and Latino communities, according to the U.S. Census.

    The push to ban drilling in the City of Los Angeles is part of a region-wide effort to shut down oil and gas extraction throughout the county of Los Angeles, with similar measures covering Culver City and unincorporated parts of Los Angeles County passed in 2021.

    “In Los Angeles, we sit on the largest urban oil deposit in the world,” said councilmember Marqueece Harris-Dawson ahead of the vote. “So if Los Angeles can do it, cities around the world can do it.”

    ———

    This story has been edited to correct the amount Warren Resources CEO and president James A. Watt said his company has invested in its oil and gas operations. It is $400 million, not $44 million.

    ———

    Follow Drew Costley on Twitter: @drewcostley.

    ———

    The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

    [ad_2]

    Source link

  • Iranian state media: Construction begins on nuclear plant

    Iranian state media: Construction begins on nuclear plant

    [ad_1]

    CAIRO — Iran on Saturday began construction on a new nuclear power plant in the country’s southwest, Iranian state TV announced, amid tensions with the U.S. over sweeping sanctions imposed after Washington pulled out of the Islamic Republic’s nuclear deal with world powers.

    The announcement also comes as Iran has been rocked by nationwide anti-government protests that began after the death of a young woman in police custody and have challenged the country’s theocratic government.

    The new 300-megawatt plant, known as Karoon, will take eight years to build and cost around $2 billion, the country’s state television and radio agency reported. The plant will be located in Iran’s oil-rich Khuzestan province, near its western border with Iraq, it said.

    The construction site’s inauguration ceremony was attended by Mohammed Eslami, head of Iran’s civilian Atomic Energy Organization, who first unveiled construction plans for Karoon in April.

    Iran has one nuclear power plant at its southern port of Bushehr that went online in 2011 with help from Russia, but also several underground nuclear facilities.

    The announcement of Karoon’s construction came less than two weeks after Iran said it had begun producing enriched uranium at 60% purity at the country’s underground Fordo nuclear facility. The move is seen as a significant addition to the country’s nuclear program.

    Enrichment to 60% purity is one short, technical step away from weapons-grade levels of 90%. Non-proliferation experts have warned in recent months that Iran now has enough 60%-enriched uranium to reprocess into fuel for at least one nuclear bomb.

    The move was condemned by Germany, France and Britain, the three Western European nations that remain in the Iran nuclear deal. Recent attempts to revive Iran’s 2015 nuclear deal, which eased sanctions on Iran in exchange for curbs on its nuclear program, have stalled.

    Since September, Iran has been roiled by nationwide protests that have come to mark one of the greatest challenges to its theocracy since the chaotic years after its 1979 Islamic Revolution. The protests were sparked when Mahsa Amini, 22, died in custody on Sept. 16, three days after her arrest by Iran’s morality police for violating the Islamic Republic’s strict dress code for women. Iran’s government insists Amini was not mistreated, but her family says her body showed bruises and other signs of beating after she was detained

    In a statement issued by Iran’s state-run IRNA news agency on Saturday, the country’s national security council announced that some 200 people have been killed during the protests, the body’s first official word on the casualties. Last week, Iranian Gen. Amir Ali Hajizadeh tallied the death toll at more than 300.

    The contradictory tolls are lower than the toll reported by Human Rights Activists in Iran, a U.S.-based organization that has been closely monitoring the protest since the outbreak. In its most recent update, the group says that 469 people have been killed and 18,210 others detained in the protests and the violent security force crackdown that followed.

    Iranian state media also announced Saturday that the family home of Elnaz Rekabi, an Iranian female rock climber who competed abroad with her hair untied, had been demolished. Iran’s official judiciary news agency, Mizan, said the destruction of her brother’s home was due to its ”unauthorized construction and use of land” and that demolition took place months before Rekabi competed. Antigovernment activists say it was a targeted demolition.

    Rekabi became a symbol of the antigovernment movement in October after competing in a rock climbing competition in South Korea without wearing a mandatory headscarf required of female athletes from the Islamic Republic. In an Instagram post the following day, Rekabi described her not wearing a hijab as “unintentional,” however it remains unclear whether she wrote the post or what condition she was in at the time.

    Separately, the U.S. Navy said Saturday it intercepted a fishing vessel in the Gulf of Oman on Thursday attempting to smuggle 50 tons of ammunition and a key component for missiles from Iran to Yemen.

    Experts have accused the Iranian government of continually conducting Illicit weapons smuggling operations to supply Yemen’s Houthi rebels. The shipments have included rifles, rocket-propelled grenades and missiles. Last month, the U.S. seized 70 tons of a missile fuel component hidden among fertilizer bags aboard a ship bound for Yemen from Iran.

    “This significant interdiction (on Thursday) clearly shows that Iran’s unlawful transfer of lethal aid and destabilizing behavior continues,” said Vice Adm. Brad Cooper, commander of the Bahrain-based U.S. 5th Fleet, in a statement.

    There was no immediate comment from Iran on the seizure.

    Iran has been the Houthis’ major backer since the rebel force swept down from Yemen’s northern mountains in 2014 and seized the capital, Sanaa, forcing the internationally recognized government into exile. In the following year, a Saudi-led coalition armed with U.S. weaponry and intelligence intervened to try to restore the internationally recognized government to power. Since 2014, the United Nations has enforced an arms embargo prohibiting weapons transfers to the Houthis.

    The United States unilaterally pulled out of the Iran nuclear deal — formally known as the Joint Comprehensive Plan of Action, or JCPOA — in 2018, under then-President Donald Trump. It reimposed sanctions on Iran, prompting Tehran to start backing away from the deal’s terms. Iran has long denied ever seeking nuclear weapons, insisting its nuclear program is peaceful.

    [ad_2]

    Source link

  • Nevada toad in geothermal power fight gets endangered status

    Nevada toad in geothermal power fight gets endangered status

    [ad_1]

    RENO, Nev. — A tiny Nevada toad at the center of a legal battle over a geothermal power project has officially been declared an endangered species, after U.S. wildlife officials temporarily listed it on a rarely used emergency basis last spring.

    “This ruling makes final the listing of the Dixie Valley toad, ” the U.S. Fish and Wildlife Service said in a formal rule published Friday in the Federal Register.

    The spectacled, quarter-sized amphibian “is currently at risk of extinction throughout its range primarily due to the approval and commencement of geothermal development,” the service said.

    Other threats to the toad include groundwater pumping, agriculture, climate change, disease and predation from bullfrogs.

    The temporary listing in April marked only the second time in 20 years the agency had taken such emergency action.

    Environmentalists who first petitioned for the listing in 2017 filed a lawsuit in January to block construction of the geothermal power plant on the edge of the wetlands where the toad lives about 100 miles (160 kilometers) east of Reno — the only place it’s known to exist on earth.

    “We’re pleased that the Biden administration is taking this essential step to prevent the extinction of an irreplaceable piece of Nevada’s special biodiversity,” said Patrick Donnelly, Great Basin regional director for the Center for Biological Diversity.

    The center and a tribe fighting the project say pumping hot water from beneath the earth’s surface to generate carbon-free power would adversely affect levels and temperatures of surface water critical to the toad’s survival and sacred to the Fallon Paiute-Shoshone Tribe.

    The Fish and Wildlife Service cited those concerns in the final listing rule.

    “The best available information indicates that a complete reduction in spring flow and significant reduction of water temperature are plausible outcomes of the geothermal project, and these conditions could result in the species no longer persisting,” the agency said.

    “Because the species occurs in only one spring system and has not experienced habitat changes of the magnitude or pace projected, it may have low potential to adapt to a fast-changing environment,” it said. “We find that threatened species status is not appropriate because the threat of extinction is imminent.”

    Officials for the Reno-based developer, Ormat Technology, said the service’s decision was “not unexpected” given the emergency listing in April. In recent months, the company has been working with the agency and the U.S. Bureau of Land Management to modify the project to increase mitigation for the toad and reduce any threat to its survival.

    The lawsuit over the original plan to build two power plants capable of producing 60MW of electricity is currently before U.S. District Judge Robert Jones in Reno. It’s already has made one trip to the 9th U.S. Circuit Court of Appeals, which refused in August to grant a temporary injunction blocking construction of the power plant the bureau approved in December 2021.

    But just hours after that ruling, Ormat announced it had agreed to temporarily suspend all work on the project until next year. Then in late October, the bureau and Ormat asked the judge to put the case on hold while Ormat submitted a new plan to build just one geothermal plant, at least for now, that would produce only 12MW of power.

    Ormat Vice President Paul Thomsen said in an email to The Associated Press on Thursday that the company disagrees with the wildlife service’s “characterization of the potential impacts” of its project as a basis for the listing decision. He said it doesn’t change the ongoing coordination and consultation already under way to minimize and mitigate any of those impacts “regardless of its status under the Endangered Species Act.”

    “Following the emergency listing decision, BLM began consultation with the FWS, and Ormat has sought approval of a smaller project authorization that would provide additional assurances that the species will not be jeopardized by geothermal development,” he said.

    “As a zero-emissions, renewable energy facility, the project will further the Biden administration’s clean energy initiatives and support the fight against climate change,” Thomsen said.

    Donnelly agreed renewable energy is “essential to combating the climate emergency.”

    “But it can’t come at the cost of extinction,” he said.

    The last time endangered species protection first was initiated on an emergency basis was in 2011, when the Obama administration took action on the Miami blue butterfly in southern Florida. Before that, an emergency listing was granted for the California tiger salamander under the Bush administration in 2002.

    Other species listed as endangered on an emergency basis over the years include the California bighorn sheep in the Sierra Nevada in 1999, Steller sea lions in 1990, and the Sacramento River winter migration run of chinook salmon and Mojave desert tortoise, both in 1989.

    [ad_2]

    Source link

  • Nevada toad in geothermal power fight gets endangered status

    Nevada toad in geothermal power fight gets endangered status

    [ad_1]

    RENO, Nev. — A tiny Nevada toad at the center of a legal battle over a geothermal power project has officially been declared an endangered species, after U.S. wildlife officials temporarily listed it on a rarely used emergency basis last spring.

    “This ruling makes final the listing of the Dixie Valley toad, ” the U.S. Fish and Wildlife Service said in a formal rule published Friday in the Federal Register.

    The spectacled, quarter-sized amphibian “is currently at risk of extinction throughout its range primarily due to the approval and commencement of geothermal development,” the service said.

    Other threats to the toad include groundwater pumping, agriculture, climate change, disease and predation from bullfrogs.

    The temporary listing in April marked only the second time in 20 years the agency had taken such emergency action.

    Environmentalists who first petitioned for the listing in 2017 filed a lawsuit in January to block construction of the geothermal power plant on the edge of the wetlands where the toad lives about 100 miles (160 kilometers) east of Reno — the only place it’s known to exist on earth.

    “We’re pleased that the Biden administration is taking this essential step to prevent the extinction of an irreplaceable piece of Nevada’s special biodiversity,” said Patrick Donnelly, Great Basin regional director for the Center for Biological Diversity.

    The center and a tribe fighting the project say pumping hot water from beneath the earth’s surface to generate carbon-free power would adversely affect levels and temperatures of surface water critical to the toad’s survival and sacred to the Fallon Paiute-Shoshone Tribe.

    The Fish and Wildlife Service cited those concerns in the final listing rule.

    “The best available information indicates that a complete reduction in spring flow and significant reduction of water temperature are plausible outcomes of the geothermal project, and these conditions could result in the species no longer persisting,” the agency said.

    “Because the species occurs in only one spring system and has not experienced habitat changes of the magnitude or pace projected, it may have low potential to adapt to a fast-changing environment,” it said. “We find that threatened species status is not appropriate because the threat of extinction is imminent.”

    Officials for the Reno-based developer, Ormat Technology, said the service’s decision was “not unexpected” given the emergency listing in April. In recent months, the company has been working with the agency and the U.S. Bureau of Land Management to modify the project to increase mitigation for the toad and reduce any threat to its survival.

    The lawsuit over the original plan to build two power plants capable of producing 60MW of electricity is currently before U.S. District Judge Robert Jones in Reno. It’s already has made one trip to the 9th U.S. Circuit Court of Appeals, which refused in August to grant a temporary injunction blocking construction of the power plant the bureau approved in December 2021.

    But just hours after that ruling, Ormat announced it had agreed to temporarily suspend all work on the project until next year. Then in late October, the bureau and Ormat asked the judge to put the case on hold while Ormat submitted a new plan to build just one geothermal plant, at least for now, that would produce only 12MW of power.

    Ormat Vice President Paul Thomsen said in an email to The Associated Press on Thursday that the company disagrees with the wildlife service’s “characterization of the potential impacts” of its project as a basis for the listing decision. He said it doesn’t change the ongoing coordination and consultation already under way to minimize and mitigate any of those impacts “regardless of its status under the Endangered Species Act.”

    “Following the emergency listing decision, BLM began consultation with the FWS, and Ormat has sought approval of a smaller project authorization that would provide additional assurances that the species will not be jeopardized by geothermal development,” he said.

    “As a zero-emissions, renewable energy facility, the project will further the Biden administration’s clean energy initiatives and support the fight against climate change,” Thomsen said.

    Donnelly agreed renewable energy is “essential to combating the climate emergency.”

    “But it can’t come at the cost of extinction,” he said.

    The last time endangered species protection first was initiated on an emergency basis was in 2011, when the Obama administration took action on the Miami blue butterfly in southern Florida. Before that, an emergency listing was granted for the California tiger salamander under the Bush administration in 2002.

    Other species listed as endangered on an emergency basis over the years include the California bighorn sheep in the Sierra Nevada in 1999, Steller sea lions in 1990, and the Sacramento River winter migration run of chinook salmon and Mojave desert tortoise, both in 1989.

    [ad_2]

    Source link

  • Endangered listing for Nevada toad in geothermal power fight

    Endangered listing for Nevada toad in geothermal power fight

    [ad_1]

    RENO, Nev. — A tiny Nevada toad at the center of a legal battle over a geothermal power project has officially been declared an endangered species after U.S. wildlife officials temporarily listed it on a rarely-used emergency basis last spring.

    “This ruling makes final the listing of the Dixie Valley toad,” the U.S. Fish and Wildlife Service said in a formal rule published Friday in the Federal Register.

    The spectacled, quarter-sized amphibian “is currently at risk of extinction throughout its range primarily due to the approval and commencement of geothermal development,” the service said.

    Other threats to the toad include groundwater pumping, agriculture, climate change, disease and predation from bullfrogs.

    The temporary listing in April marked only the second time in 20 years the agency had taken such emergency action.

    Environmentalists who first petitioned for the listing in 2017 filed a lawsuit in January to block construction of the geothermal power plant on the edge of the wetlands where the toad lives about 100 miles (160 kilometers) east of Reno — the only place it’s known to exist on earth.

    “We’re pleased that the Biden administration is taking this essential step to prevent the extinction of an irreplaceable piece of Nevada’s special biodiversity,” said Patrick Donnelly, Great Basin regional director for the Center for Biological Diversity.

    The center and a tribe fighting the project say pumping hot water from beneath the earth’s surface to generate carbon-free power would adversely affect levels and temperatures of surface water critical to the toad’s survival and sacred to the Fallon Paiute-Shoshone Tribe.

    The Fish and Wildlife Service cited those concerns in the final listing rule.

    “The best available information indicates that a complete reduction in spring flow and significant reduction of water temperature are plausible outcomes of the geothermal project, and these conditions could result in the species no longer persisting,” the agency said.

    “Because the species occurs in only one spring system and has not experienced habitat changes of the magnitude or pace projected, it may have low potential to adapt to a fast-changing environment,” it said. “We find that threatened species status is not appropriate because the threat of extinction is imminent.”

    Officials for the Reno-based developer, Ormat Technology, said the service’s decision was “not unexpected” given the emergency listing in April. In recent months, the company has been been working with the agency and the U.S. Bureau of Land Management to modify the project to increase mitigation for the toad and reduce any threat to its survival.

    The lawsuit over the original plan to build two power plants capable of producing 60MW of electricity is currently before U.S. District Judge Robert Jones in Reno. It’s already has made one trip to the 9th U.S. Circuit Court of Appeals, which refused in August to grant a temporary injunction blocking construction of the power plant the bureau approved in December 2021.

    But just hours after that ruling, Ormat announced it had agreed to temporarily suspend all work on the project until next year. Then in late October, the bureau and Ormat asked the judge to put the case on hold while Ormat submitted a new plan to build just one geothermal plant, at least for now, that would produce only 12MW of power.

    Ormat Vice President Paul Thomsen said in an email to The Associated Press on Thursday that the company disagrees with the wildlife service’s “characterization of the potential impacts” of its project as a basis for the listing decision. He said it doesn’t change the ongoing coordination and consultation already under way to minimize and mitigate any of those impacts “regardless of its status under the Endangered Species Act.”

    “Following the emergency listing decision, BLM began consultation with the FWS, and Ormat has sought approval of a smaller project authorization that would provide additional assurances that the species will not be jeopardized by geothermal development,” he said.

    “As a zero-emissions, renewable energy facility, the project will further the Biden administration’s clean energy initiatives and support the fight against climate change,” Thomsen said.

    Donnelly agreed renewable energy is “essential to combating the climate emergency.”

    “But it can’t come at the cost of extinction,” he said.

    [ad_2]

    Source link

  • GM venture to invest additional $275M at Tennessee plant

    GM venture to invest additional $275M at Tennessee plant

    [ad_1]

    NASHVILLE, Tenn. — A joint venture between General Motors and South Korean battery company LG Energy Solution announced Friday that it will invest an additional $275 million to expand a Tennessee battery cell factory for electric vehicles.

    Officials with the companies had already pledged to spend $2.3 billion to build a battery plant in Spring Hill, Tennessee. The additional investment is anticipated to result in 40% more battery cell output when the plant is fully operational. Production at the 2.8-million-square-foot facility is expected to begin in late 2023.

    The Tennessee plant is one of three lithium-ion battery factories being built by the joint venture, Ultium Cells LLC. The other two are in Michigan and Ohio. A fourth is also expected, but the site has not yet been named.

    “We’re here because we know we can be successful with your partnership,” said Tom Gallagher, Ultium Cells vice president for operations, noting that GM already has employees training in Poland to start at the plant. “It’s an exciting journey that we’re on.”

    Overall the three plants are expected to create up to 6,000 construction jobs and 5,100 operations jobs when completed.

    U.S. Energy Secretary Jennifer Granholm has said the plants will help strengthen the nation’s energy independence and support President Joe Biden’s goal of having electric vehicles make up half of all vehicle sales in the United States by 2030. The Department of Energy has also made a conditional commitment to lend $2.5 billion to Ultium Cells to help build the plants.

    Last year Toyota announced it would build a $1.3 billion battery plant in North Carolina. Stellantis, formerly Fiat Chrysler, has said it will build two battery plants in North America. Ford is currently building three plants in Kentucky and Tennessee.

    Tennessee officials announced plans last month to invest $3.2 billion to develop a cathode materials plant for electric vehicle batteries.

    The manufacturing facility will be built in Clarksville and create more than 850 jobs, according to a memorandum of understanding signed by the state of Tennessee and South Korea-based LG Chem.

    Republican Gov. Bill Lee touted the investments in Tennessee, saying, “We are now a state that’s the center of future of the automotive industry.”

    GM has set a goal of selling only electric passenger vehicles by 2035. The company plans to roll out 30 electric vehicles globally by 2025 and has pledged to invest $35 billion in electric and autonomous vehicles through that same year.

    [ad_2]

    Source link

  • GM venture to invest additional $275M at Tennessee plant

    GM venture to invest additional $275M at Tennessee plant

    [ad_1]

    NASHVILLE, Tenn. — A joint venture between General Motors and South Korean battery company LG Energy Solution announced Friday that it will invest an additional $275 million to expand a Tennessee battery cell factory for electric vehicles.

    Officials with the companies had already pledged to spend $2.3 billion to build a battery plant in Spring Hill, Tennessee. The additional investment is anticipated to result in 40% more battery cell output when the plant is fully operational. Production at the 2.8-million-square-foot facility is expected to begin in late 2023.

    The Tennessee plant is one of three lithium-ion battery factories being built by the joint venture, Ultium Cells LLC. The other two are in Michigan and Ohio. A fourth is also expected, but the site has not yet been named.

    “We’re here because we know we can be successful with your partnership,” said Tom Gallagher, Ultium Cells vice president for operations, noting that GM already has employees training in Poland to start at the plant. “It’s an exciting journey that we’re on.”

    Overall the three plants are expected to create up to 6,000 construction jobs and 5,100 operations jobs when completed.

    U.S. Energy Secretary Jennifer Granholm has said the plants will help strengthen the nation’s energy independence and support President Joe Biden’s goal of having electric vehicles make up half of all vehicle sales in the United States by 2030. The Department of Energy has also made a conditional commitment to lend $2.5 billion to Ultium Cells to help build the plants.

    Last year Toyota announced it would build a $1.3 billion battery plant in North Carolina. Stellantis, formerly Fiat Chrysler, has said it will build two battery plants in North America. Ford is currently building three plants in Kentucky and Tennessee.

    Tennessee officials announced plans last month to invest $3.2 billion to develop a cathode materials plant for electric vehicle batteries.

    The manufacturing facility will be built in Clarksville and create more than 850 jobs, according to a memorandum of understanding signed by the state of Tennessee and South Korea-based LG Chem.

    Republican Gov. Bill Lee touted the investments in Tennessee, saying, “We are now a state that’s the center of future of the automotive industry.”

    GM has set a goal of selling only electric passenger vehicles by 2035. The company plans to roll out 30 electric vehicles globally by 2025 and has pledged to invest $35 billion in electric and autonomous vehicles through that same year.

    [ad_2]

    Source link

  • Coal-fired power plant in NJ to be imploded for clean power

    Coal-fired power plant in NJ to be imploded for clean power

    [ad_1]

    SWEDESBORO, N.J. — A former coal-fired power plant in New Jersey will be imploded Friday, and its owners are expected to announce plans for a new clean energy venture on the site.

    Starwood Energy will demolish the former Logan Generating Plant, with the head of New Jersey’s Board of Public Utilities pushing the button that triggers explosives used in bringing the structure down.

    Logan is one of two former coal-fired power plants that the company agreed in March to shut down. They were the last two coal-fired power plants operating in the state.

    Environmental and public interest groups including the Sierra Club pushed Atlantic City Electric to end an agreement that locked rate-payers into what the Sierra Club termed above-market electricity rates, and to end the operation of the plants.

    “The implosion will end a decades-long history of polluting air and worsening public health in the Swedesboro and surrounding Gloucester County communities,” the Sierra Club said in a statement.

    The utility estimates that termination of the agreement will save ratepayers $30 million through 2024.

    The other power plant shuttered under the agreement is the former Chambers Cogeneration Plant in Carneys Point.

    The move comes as New Jersey is moving aggressively to adopt clean energy, including its push to be the East Coast leader in offshore wind energy.

    ———

    Follow Wayne Parry on Twitter at www.twitter.com/WayneParryAC

    [ad_2]

    Source link

  • Today in History: December 2, Senate condemns McCarthy

    Today in History: December 2, Senate condemns McCarthy

    [ad_1]

    Today in History

    Today is Friday, Dec. 2, the 336th day of 2022. There are 29 days left in the year.

    Today’s Highlight in History:

    On Dec. 2, 1954, the U.S. Senate passed, 67-22, a resolution condemning Republican Sen. Joseph R. McCarthy of Wisconsin, saying he had “acted contrary to senatorial ethics and tended to bring the Senate into dishonor and disrepute.”

    On this date:

    In 1823, President James Monroe outlined his doctrine opposing European expansion in the Western Hemisphere.

    In 1859, militant abolitionist John Brown was hanged for his raid on Harpers Ferry the previous October.

    In 1942, an artificially created, self-sustaining nuclear chain reaction was demonstrated for the first time at the University of Chicago.

    In 1957, the Shippingport Atomic Power Station in Pennsylvania, the first full-scale commercial nuclear facility in the U.S., began operations. (The reactor ceased operating in 1982.)

    In 1980, four American churchwomen were raped and murdered in El Salvador. (Five national guardsmen were convicted in the killings.)

    In 1982, in the first operation of its kind, doctors at the University of Utah Medical Center implanted a permanent artificial heart in the chest of retired dentist Dr. Barney Clark, who lived 112 days with the device.

    In 1993, Colombian drug lord Pablo Escobar was shot to death by security forces in Medellin (meh-deh-YEEN’).

    In 2000, Al Gore sought a recount in South Florida, while George W. Bush flatly asserted, “I’m soon to be the president” and met with GOP congressional leaders.

    In 2001, in one of the largest corporate bankruptcies in U.S. history, Enron filed for Chapter 11 protection.

    In 2015, a couple loyal to the Islamic State group opened fire at a holiday banquet for public employees in San Bernardino, California, killing 14 people and wounding 21 others before dying in a shootout with police.

    In 2016, a fire that raced through an illegally converted warehouse in Oakland, California, during a dance party killed 36 people.

    In 2020, in a video released on social media, President Donald Trump stood before a White House lectern and delivered a 46-minute diatribe against the election results that produced a win for Democrat Joe Biden, unspooling one misstatement after another to back his baseless claim that he really won. Britain became the first country in the world to authorize a rigorously tested COVID-19 vaccine, giving the go-ahead for emergency use of the vaccine developed by American drugmaker Pfizer and Germany’s BioNTech.

    Ten years ago: Hundreds of concrete slabs, each weighing more than a ton, fell from the roof of a highway tunnel west of Tokyo, crushing vehicles below and killing nine people. Dustin Hoffman, David Letterman, Led Zeppelin, Chicago bluesman Buddy Guy and ballerina Natalia Makarova received Kennedy Center Honors.

    Five years ago: President Donald Trump changed his story on why he fired Michael Flynn as his national security adviser, now suggesting that he knew at the time that Flynn had lied to the FBI about his contacts with Russians. ABC News suspended investigative reporter Brian Ross for four weeks without pay for an erroneous report about Flynn. (Ross had reported that then-candidate Trump had directed Flynn to make contact with the Russians; Ross clarified the report hours later, saying that his source now said Trump had not done so as a candidate, but as president-elect.)

    One year ago: Nevada’s Supreme Court ruled unanimously that gun manufacturers could not be held responsible for the deaths in the 2017 mass shooting on the Las Vegas Strip because a state law shielded them from liability unless the weapon malfunctioned. Jason Meade, the Ohio sheriff’s deputy who shot Casey Goodson Jr. in the back five times as the Black man entered his grandmother’s house, was charged with murder, as Goodson’s family also filed a federal civil rights lawsuit. (Meade has pleaded not guilty.) Major League Baseball plunged into its first work stoppage in a quarter-century when the sport’s collective bargaining agreement expired and owners immediately locked out players.(An agreement would end the lockout after 99 days; the start of the season was delayed by about a week.)

    Today’s Birthdays: Former Attorney General Edwin Meese III is 91. Actor Cathy Lee Crosby is 78. Movie director Penelope Spheeris is 77. Actor Ron Raines is 73. Country singer John Wesley Ryles is 72. Actor Keith Szarabajka is 70. Actor Dan Butler is 68. Broadcast journalist Stone Phillips is 68. Actor Dennis Christopher is 67. Actor Steven Bauer is 66. Country singer Joe Henry is 62. Rock musician Rick Savage (Def Leppard) is 62. Actor Brendan Coyle is 59. Rock musician Nate Mendel (Foo Fighters) is 54. Actor Suzy Nakamura is 54. Actor Rena Sofer is 54. Rock singer Jimi (cq) HaHa (Jimmie’s Chicken Shack) is 54. Actor Lucy Liu (loo) is 54. U.S. Veterans Affairs Secretary Denis McDonough is 53. Rapper Treach (Naughty By Nature) is 52. Actor Joe Lo Truglio is 52. International Tennis Hall of Famer Monica Seles is 49. Singer Nelly Furtado is 44. Pop singer Britney Spears is 41. Actor-singer Jana Kramer is 39. Actor Yvonne Orji is 39. Actor Daniela Ruah (roo-ah) is 39. NFL quarterback Aaron Rodgers is 39. Actor Alfred Enoch is 34. Pop singer-songwriter Charlie Puth is 31.

    [ad_2]

    Source link

  • EPA proposes restrictions to block proposed Alaska mine

    EPA proposes restrictions to block proposed Alaska mine

    [ad_1]

    ANCHORAGE, Alaska — The U.S. Environmental Protection Agency on Thursday proposed restrictions that would block plans for a copper and gold mine in Alaska’s Bristol Bay region that is home to the world’s largest sockeye salmon run.

    A statement from the regional EPA office said discharges of dredged or fill material into the waters of the U.S. within the proposed Pebble Mine footprint in southwest Alaska would “result in unacceptable adverse effects on salmon fishery areas.”

    “This action would help protect salmon fishery areas that support world-class commercial and recreational fisheries, and that have sustained Alaska Native communities for thousands of years, supporting a subsistence-based way of life for one of the last intact wild salmon-based cultures in the world,” regional EPA administrator Casey Sixkiller said in a statement.

    The decision will now be forwarded to the EPA Office of Water for the final determination. That office has 60 days to affirm, modify or rescind the recommendation.

    The EPA regional office also proposed to restrict the discharge of dredged or fill material with any future proposal for Pebble Mine that would be similar in size or bigger than what is currently proposed.

    Mine developer Pebble Limited Partnership, owned by Canada-based Northern Dynasty Minerals Ltd., called the EPA’s decision a preemptive veto. It described the decision as political and without legal, environmental or technical merit.

    “We still firmly believe that the proposed determination should have been withdrawn as it is based on indefensible legal and non-scientific assumptions,” Pebble CEO John Shively said in a statement.

    “Congress did not give the EPA broad authority to act as it has in the Pebble case. This is clearly a massive regulatory overreach by the EPA and well outside what Congress intended for the agency when it passed the Clean Water Act,” Shively said.

    The debate over the proposed mine in an area of southwest Alaska known for its salmon runs has spanned several presidential administrations. The EPA has said the Bristol Bay region also contains significant mineral resources.

    “After twenty years of Pebble hanging over our heads, the Biden Administration has the opportunity to follow through on its commitments by finalizing comprehensive, durable protections for our region as soon as possible,” Alannah Hurley, executive director for the United Tribes of Bristol Bay, said in a statement.

    [ad_2]

    Source link

  • Musk’s company aims to soon test brain implant in people

    Musk’s company aims to soon test brain implant in people

    [ad_1]

    Tech billionaire Elon Musk said his Neuralink company is seeking permission to test its brain implant in people soon.

    In a “show and tell” presentation livestreamed Wednesday night, Musk said his team is in the process of asking U.S. regulators to allow them to test the device. He said he thinks the company should be able to put the implant in a human brain as part of a clinical trial in about six months, though that timeline is far from certain.

    Musk’s Neuralink is one of many groups working on linking brains to computers, efforts aimed at helping treat brain disorders, overcoming brain injuries and other applications.

    The field dates back to the 1960s, said Rajesh Rao, co-director of the Center for Neurotechnology at the University of Washington. “But it really took off in the 90s. And more recently we’ve seen lots of advances, especially in the area of communication brain computer interfaces.”

    Rao, who watched Musk’s presentation online, said he doesn’t think Neuralink is ahead of the pack in terms of brain-computer interface achievements. “But … they are quite ahead in terms of the actual hardware in the devices,” he said.

    The Neuralink device is about the size of a large coin and is designed to be implanted in the skull, with ultra-thin wires going directly into the brain. Musk said the first two applications in people would be restoring vision and helping people with little or no ability to operate their muscles rapidly use digital devices.

    He said he also envisions that in someone with a broken neck, signals from the brain could be bridged to Neuralink devices in the spinal cord.

    “We’re confident there are no physical limitations to enabling full body functionality,” said Musk, who recently took over Twitter and is the CEO of Tesla and SpaceX.

    In experiments by other teams, implanted sensors have let paralyzed people use brain signals to operate computers and move robotic arms. In a 2018 study in the journal PLOS ONE, three participants with paralysis below the neck affecting all of their limbs used an experimental brain-computer interface being tested by the consortium BrainGate. The interface records neural activity from a small sensor in the brain to navigate things like email and apps.

    A r ecent study in the journal Nature, by scientists at the Swiss research center NeuroRestore, identified a type of neuron activated by electrical stimulation of the spinal cord, allowing nine patients with chronic spinal cord injury to walk again.

    Researchers have also been working on brain and machine interfaces for restoring vision. Rao said some companies have developed retinal implants, but Musk’s announcement suggested his team would use signals directly targeting the brain’s visual cortex, an approach that some academic groups are also pursuing, “with limited success.”

    Neuralink spokespeople did not immediately respond to an email to the press office. Dr. Jaimie Henderson, a neurosurgery professor at Stanford University who is an adviser for Neuralink, said one way Neuralink is different than some other devices is that it has the ability to reach into deeper layers of the brain. But he added: “There are lots of different systems that have lots of different advantages.”

    ———

    The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group. The AP is solely responsible for all content.

    [ad_2]

    Source link

  • Lordstown Motors shipping out first batch of electric trucks

    Lordstown Motors shipping out first batch of electric trucks

    [ad_1]

    LORDSTOWN, Ohio — Commercial electric vehicle startup Lordstown Motors has received approval to ship the first batch of its first model, the Endurance pickup.

    The company announced Tuesday that the first units of the initial batch of 500 trucks were leaving the plant after they passed safety tests and hit several key benchmarks needed to be sold. It did not state how many of the pickups have been made.

    The trucks were built in an old General Motors small-car assembly plant in Lordstown, Ohio, near Cleveland, that was purchased last year by Taiwan’s Foxconn Technology Group, the world’s largest electronics maker.

    “I am very proud of the Lordstown Motors and Foxconn EV Ohio team for their hard work, grit and tenacity in achieving this milestone,” said Edward Hightower, the company’s president and CEO. Production of the vehicles remains slow, though, but the company reiterated that “volume will accelerate as we resolve supply-chain constraints.”

    Earlier this year, Lordstown said it expected to produce 3,000 of its flagship Endurance electric trucks before the end of 2023.

    [ad_2]

    Source link

  • Lawsuits claim negligence in Massachusetts Apple store crash

    Lawsuits claim negligence in Massachusetts Apple store crash

    [ad_1]

    BOSTON — The family of a man who was badly hurt when an SUV crashed into an Apple store in Massachusetts, killing one person and injuring 20, sued the company, the driver and the property owners Tuesday in one of the first lawsuits filed over the crash.

    Matthew Timberger, of Falmouth, suffered broken bones and other serious injuries when the vehicle drove into the store in Hingham on Nov. 21, the lawsuit said. He and his family accuse the driver of negligently operating the vehicle, and Apple and the property owners of negligently failing to place barriers that might have prevented a car from entering the store.

    “The frontage of the Apple Store features tall glass windows and doors, reaching all the way to the ground. These glass windows and doors are not designed or engineered or reinforced in such a way where they would act as an effective barrier against a moving motor vehicle,” the lawsuit said.

    Neither Apple nor property owners and managers WS Development immediately responded to messages seeking comment.

    Doug Sheff, an attorney for the family, said that while there were no protective barriers in front of the store, the shopping plaza did have them in front of electrical fixtures and trash receptacles behind the building.

    Two store employees have also sued over the crash, though they did not name Apple as a defendant.

    Driver Bradley Rein has pleaded not guilty to charges that he was reckless when the SUV crashed through the window.

    Rein told police he was looking for an eyeglass store at the shopping center when his right foot became stuck on the accelerator, according to court documents. He said he used his left foot to try to brake but couldn’t stop the vehicle.

    A phone number could not be located for Rein, who was being represented by a public defender on the criminal charges. It wasn’t immediately clear if he had a lawyer representing him in the lawsuits.

    The Timberger family, including Timberger’s wife, Christina, and their two children, are seeking damages that include compensation for his injuries, lost earnings and harm to their family relationships.

    [ad_2]

    Source link