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Elon Musk’s Tesla Recalls Two Million Cars Over Autopilot Defect

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12 months ago

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Tesla recalls over two million vehicles after a US regulator discovered that its driver assistance technology, Autopilot, was partially flawed.

It comes after a two-year examination into crashes while the technology was used.

The recall affects nearly every Tesla sold in the United States since the Autopilot feature was introduced in 2015.

Elon Musk’s Tesla said it would send a software update “over the air” to solve the problem.

The update occurs automatically and does not require a visit to a dealership or garage, but the US regulator still refers to it as a recall.

The BBC has contacted the UK Driver and Vehicle Standards Agency to inquire about the impact on Tesla drivers in the UK.

Although Autopilot is designed to assist with steering, acceleration, and braking, the automobile still requires human input.

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Elon Musk’s Tesla Recalls Two Million Cars In US Over Autopilot Defect

Tesla’s software is designed to ensure drivers pay attention and that the feature is only used in appropriate circumstances, like highway driving.

However, the National Highway Traffic Safety Administration (NHTSA) in the United States found that “the prominence and scope of the feature’s controls may not be sufficient to prevent driver misuse” after a two-year review of 956 Tesla crashes.

“Automated technology holds great promise for improving safety, but only when responsibly deployed,” the NHTSA noted, adding that it would continue to monitor the software after it was upgraded.

A request for comment from Tesla still needs to be returned.

According to the recall notice, the business did not agree with the agency’s conclusion but promised to install new features to address the issues, including additional checks before turning on the self-driving functions.

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The recall comes just a week after a former Tesla employee told the BBC that the technology was dangerous.

After receiving the Blueprint Prize for whistleblowers, Lukasz Krupski told the BBC, “I don’t think the hardware and software are ready.”

“It affects all of us because we are essentially experiments in public roads”, he said.

Mr Krupski told the BBC that the recall was “a step in the right direction,” but that the problem was not limited to the United States.

“The hardware is the same in all the Teslas in the US, China etc.”, he went on to say

Metrics of security
In reaction to a Washington Post report, Tesla defended the safety of Autopilot in a post on X (previously Twitter) on Tuesday.

“Safety metrics are emphatically stronger when Autopilot is engaged than when not engaged,” the company noted, citing figures indicating fewer crashes when the technology was activated.

Jack Stilgoe, an associate professor of robotics at University College London, believes Tesla should have spent more time building the system in the first place.

tesla

Elon Musk’s Tesla Recalls Two Million Cars In US Over Autopilot Defect

“The conventional way of ensuring safety is to check that a car is safe when it leaves the factory”, he was quoted as saying by the BBC.

Even though this is Tesla’s second recall this year, Susannah Streeter of investment firm Hargreaves Lansdown believes it will not have a significant impact on the company’s momentum:

“On its own, a recall of 2 million cars is unlikely to dampen enthusiasm.” The stock price has fallen marginally, but it does not appear to be in danger of falling further.

“After all, recalls in the car industry are far from unusual and the group also has the financial ability to invest in fixes”, she said.

Tesla has actively pushed the technology in its vehicles and claims that staying on the bleeding edge of self-driving technology is critical to its future success.

Goldman Sachs analysts projected this month that Tesla’s most advanced Autopilot service, complete self-driving, could generate more than $50 billion in revenue per year by 2030, up from $1 billion to $3 billion.

The self-driving package costs $12,000 in the United States, plus a $199 monthly subscription fee.

“Autonomy is really where it’s at,” Mr Musk said this summer to investors.

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Additional warnings
The recall is focused on Autosteer, a feature of Autopilot.

In conjunction with “traffic-aware cruise control,” which adapts the automobile’s speed to that of the surrounding traffic, autosteer assists in keeping a car in the correct lane.

The driver is supposed to keep their hands on the steering wheel and be ready to take over from the assistive system if necessary.

When Autosteer is activated, the car’s systems assess whether the driver is paying attention. There are warning warnings if it senses the driver is not present. There are also warnings if the driver tries to utilize Autosteer in an improper situation.

The NHTSA recall report states that the “over-the-air update” will contain extra notifications and monitoring “to encourage the driver to adhere to their continuous driving responsibility whenever Autosteer is engaged.”

SOURCE – BBC

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Trudeau Accelerates Bond Selloff Over Mass Spending Fears

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4 hours ago

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2024-11-23

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Trudeau, Bond Market
Trudeau accelerated a bond selloff due to expectations of faster growth and a deeper deficit

Prime Minister Justin Trudeau has accelerated bond selloffs, citing fears of a larger deficit over his GST giveaway. Investors were concerned he was returning to his free-spending strategy as an election loom.

On Thursday, Trudeau unveiled a C$6.3 billion ($4.5 billion) tax relief and rebate program. It includes a two-month moratorium on federal sales tax on various commodities such as Christmas trees, wine, toys, and books and a C$250 check for almost 19 million Canadians, or over half of the population.

The declaration looked to mark the end of a brief period of fiscal restraint, as Finance Minister Chrystia Freeland committed to contain budget deficits to prevent stoking inflationary pressures.

Now that inflation has returned to the Bank of Canada’s 2% target, policymakers have reduced the benchmark interest rate by 125 basis points since June.

Trudeau’s Liberal government sees an opportunity to dig deeper into the public purse, but some analysts believe investors are keeping a careful eye on the country’s debt.

Bonds continued to fall on Thursday following the announcement, as the 10-year benchmark yield rose 7 basis points to 3.457%. After retail data showed a rise in consumer spending on Friday, it increased by up to 3.488%.

As the Trudeau government considers additional fiscal spending, concerns about Canada’s financial situation persist.

Budget Shortfall

Freeland has yet to publish final spending and income figures for the fiscal year that ended in October. Parliamentary Budget Officer Yves Giroux predicts a deficit of C$46.8 billion, much exceeding Freeland’s self-imposed aim of a C$40 billion shortfall.

Despite promises to reduce deficits, the Trudeau government continues to increase expenditure. This year’s budget includes a new capital gains tax inclusion rate to balance the cost of new housing and social initiatives.

This sparked anger from investors and entrepreneurs but allowed Freeland to present a consistent deficit despite significant spending.

The recent declaration indicates that Trudeau’s government no longer feels restrained in its capacity to use economic stimulus to restore favor.

Pierre Poilievre’s Conservatives have led most surveys by roughly 20 points for over a year. They have pounded the prime minister on affordability and promised to reduce taxes, especially income taxes. An election is expected in late October 2025.

The sales tax break will run from December 14 to February 15. The left-wing New Democratic Party intends to support it but has stated that it will continue to advocate for its permanent implementation and expansion to include additional items.

Let the Bankers Worry

Following Trudeau’s announcement, traders in overnight swap markets reduced their bets that the Bank of Canada will drop interest rates by 50 basis points for the second time in December, lowering the odds to fewer than 25% by the end of Thursday. As of late Friday morning, the odds were less than 17%.

The announcement also encouraged several experts to improve their short-term projections for Canada’s GDP. Analysts at the Bank of Montreal predict that the country’s GDP will increase at a 2.5% annualized rate in the first three months of 2025, up from 1.7%.

Speaking to reporters on Friday, Trudeau praised his government’s approach to program expenditure, claiming it fosters optimism and possibilities for families and the middle class.

“We’re focusing on Canadians. “Let the bankers worry about the economy,” Trudeau stated.

Related:

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

Canada’s Budgetary Watchdog Warns Over Trudeau’s Spending

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Forced Sale Google Chrome Could Fetch $20 Billion

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1 day ago

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2024-11-21

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Sale Google Chrome

Antitrust officials in the US could force the sale of Google’s Chrome browser for up to $20 billion, demonstrating the tremendous worth of the world’s most popular web browser.

Bloomberg Intelligence attributes Chrome’s projected worth to its more than 3 billion monthly active users. The US Department of Justice is preparing to request a federal judge order the browser’s separation from Google’s parent company, Alphabet.

Chrome’s worth comes from its overwhelming 61% market share and its crucial role in Google’s advertising ecosystem. User data enables businesses to better target adverts, and the browser also acts as an important distribution mechanism for Google’s AI technologies.

Industry analysts think it may be difficult to find a suitable buyer. While tech behemoths like Amazon could finance the purchase, they would likely face regulatory scrutiny.

AI businesses, such as OpenAI, may emerge as more viable contenders. They could potentially leverage Chrome to broaden their reach and develop an advertising business.

“It’s not directly monetizable,” one analyst told Bloomberg. “It functions as a gateway to other things. It’s unclear how you would assess that in terms of pure revenue generation.”

Google opposes prospective sales, claiming that they will hamper innovation. The firm does not break out Chrome’s revenue individually in its financial filings, even though the browser’s user data plays an important part in the company’s principal revenue stream, advertising.

The DOJ’s suggestion follows Judge Amit Mehta’s August decision that Google had illegally monopolized the search industry. The judge will consider the recommended remedies at a two-week hearing in April 2024, with a final judgment due in August 2025.

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Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

Appeals Court Delays Order For Google To Open Its App Store In Antitrust Case

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Bitcoin Has Set a New Record And Is Approaching $100,000.

Published

2 days ago

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2024-11-21

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Bitcoin

(VOR News) – Bitcoin broke beyond the $98,000 mark for the first time on Thursday as investors awaited Donald Trump’s second term as president. All of this happened during the day. As such, cryptocurrency has reached a significant turning point.

According to Coin Metrics, the top cryptocurrency was trading at $97,541.61 during the most recent trading session. Merchants provided this information. This suggests a price gain of more than three percent during the previous trading session.

When the period began, Bitcoin peaked at $98,367.00.

During the premarket trading session, MicroStrategy, a platform that facilitates cryptocurrency foreign exchange trading and serves as a bitcoin proxy, saw a 13% gain. Coinbase, on the other hand, had a 2% rise during that period. Furthermore, all of these increases occurred simultaneously.

The market value of Mara Holdings increased by 9%, which helped raise the valuation of mining companies overall. This was among the factors that led to the total rise.

Because of the widespread belief that President Trump will usher in a new era of prosperity for cryptocurrencies, one marked by more favorable laws and the possible creation of a national strategic bitcoin reserve, the price of Bitcoin has been rising steadily this month.

The most recent change brought about by the increase was the consequence of higher financing rates and more open interest in the futures market during Asian trading hours. The rise was the catalyst for this change. This action was prompted by the ensuing rush.

Throughout its lifespan, this legislation was the catalyst for this change for a variety of reasons. At the same time, spot market premiums decreased, according to CryptoQuant statistics. All of this happened at the same time.

Furthermore, a number of short liquidations have been sparked by the recent spikes in Bitcoin’s price, which has caused the price to rise overnight. As a result, the price has gone up much more. As a result, the total number of short liquidations has increased.

According to CoinGlass, these liquidations have effectively produced more than $88 million in capital during the last 24 hours.

Rob Ginsberg, an analyst at Wolfe Research, noted in a study released on Wednesday that “historically, following previous movements of this magnitude, Bitcoin has either entered a consolidation phase or disregarded the overbought condition as investors accumulate.” This phrase relates to the fact that this particular move has happened before.

Ginsberg stated this in reference to the evolution of Bitcoin over time.

Ginsberg’s answer makes reference to Bitcoin’s propensity to go through a period of consolidation. The comment also made reference to this.

He said, “Considering we are emerging from an extended consolidation phase and the price has reached a new high, it suggests that the pursuit is underway.”

The crucial psychological milestone of $100,000 is expected to be reached in the upcoming weeks, and this breakthrough could happen as early as Thursday. It seems likely that this level will be reached. There is a chance that this new development will take place.

This task will be carried out against the backdrop of this historical era. In addition, if Trump were to win a second term, federal budget deficits would increase, inflation would likely increase, and the dollar’s position in international affairs would change.

The administration that Trump would run during his presidency would be responsible for these consequences. All of these characteristics would positively impact the value of Bitcoin as a currency if they were taken into account in the order that they are presented.

The price of bitcoin had risen by more than 130% by the beginning of 2024.

SOUREC: CNBC

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PayPal’s Technical Challenges Are Affecting Thousands Of Customers Globally.

NVIDIA’s Earnings: The Leader In AI Chips Demonstrates Relentless Growth.

 

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