Tesla Inc Chief Executive Officer Elon Musk on Tuesday landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the United States, that would double the size of the electric car maker’s global manufacturing.

The deal was announced as Tesla raised prices on U.S.-made vehicles it sells in China to offset the cost of new tariffs imposed by the Chinese government in retaliation for U.S. President Donald Trump’s move to slap heavier duties on Chinese goods.

Musk was in Shanghai Tuesday, and the Shanghai government in a statement said it welcomed Tesla’s move to invest not only in a new factory in the city, a center of the Chinese auto industry, but in research and development, as well. China has long pushed to capture more of the talent and capital invested by global automakers in advanced electric vehicle technology.

Tesla plans to producing the first cars about two years after construction begins on its Shanghai factory, ramping up to as many as 500,000 vehicles a year about two to three years after that, the company said.

That would make Tesla’s Shanghai plant large by auto industry standards, where most factories are tooled to build 200,000 to 300,000 vehicles a year, and roughly equivalent to the planned annual production at Tesla’s plant in Fremont, California.

Tesla shares rose 1.5 percent in early U.S. trading, even as some analysts questioned where the money-losing company will get the capital required to build and staff such a large plant.

Musk has said Tesla will be cash-flow positive this year.

Analysts have predicted the company will raise capital to fund a list of new projects, including launching an electric semi truck, a pickup truck, a compact SUV and new battery and vehicle production facilities that Musk has proposed for China and Europe.

“I am sure that Tesla needs fresh money at the latest next year,” said Frank Schwope, an analyst with NORD/LB.

In its statement, the Shanghai government suggested it could help with some of the capital costs. “The Shanghai municipal government will fully support the construction of the Tesla factory,” the statement said.

Tuesday’s announcement will not impact U.S. manufacturing operations, which continue to grow, Tesla said.

Musk was talking about building a Chinese factory long before the Trump administration proposed punitive tariffs on Chinese goods. China until recently levied 25-percent tariffs on imported cars, and for decades automakers have been moving to build more vehicles in the markets where they will be sold to neutralize the risk of currency shifts and trade policy

reversals.

China is the largest market for electric vehicles, and most forecasters predict that electric vehicle sales in the country will accelerate rapidly as government regulation drives toward a goal of 100 percent electric vehicles by 2030.

China is the world’s largest auto market overall, with more than 28 million vehicles sold last year, and annual sales are forecast to top 35 million by 2025. That level would be more than double the current U.S. market, where new light vehicle sales run at about 17 million vehicles a year.

Still, the Chinese authorities’ decision to grant Tesla permission to move forward lands as President Trump is fighting to stop U.S. manufacturers from responding to his trade policy by shifting production overseas, as U.S. motorcycle maker Harley-Davidson said it would do last month.

Tesla did not immediately respond to requests for comment.

The signing was held at Shanghai’s Fairmont Peace Hotel but media attendance was limited, a Shanghai government official who declined to give his name told Reuters. Tesla’s Chief Executive Elon Musk attended the signing, according to a Reuters witness.

Bloomberg reported on Monday that Musk will visit Beijing on Wednesday and Thursday.

Tesla has been in protracted negotiations to open its own factory in China to help bolster its position in the country’s fast-growing market for electric cars and to avoid high import tariffs.

Tesla hiked prices in China over the weekend to a level more than 70 percent higher than in the United States amid mounting trade frictions between Washington and Beijing that have seen several U.S. imports, including cars, become subjected to retaliatory tariffs of 25 percent.

Musk had previously criticized China’s tough auto rules for foreign businesses, which would have required it to cede a 50-percent share in the factory. The company was keen to maintain control of its plant and protect its technology.

It registered a new electric car firm in Shanghai in May after China announced that it planned to scrap rules on capping foreign ownership of new-energy vehicle (NEV) ventures by 2022.
…

From: MeNeedIt

The Cuban government will allow new restaurants, bed-and-breakfasts and transportation businesses by the end of the year, reopening the most vibrant sectors of the private economy after freezing growth for more than a year.

The government is unveiling a set of new regulations Tuesday meant to control the growth of tourism-related private businesses and collect more tax revenue from them. Private restaurants and bed-and-breakfasts boomed after U.S.-Cuba normalization in 2014 prompted rapid growth in tourism to Cuba.

Tax evasion and purchase of stolen state materials also boomed in the mostly cash-based private hospitality sector. Among other measures, the new regulations announced Tuesday require private businesses to move all their revenue through state-run bank accounts. Cuba froze new licenses for restaurants, bed-and-breakfasts and other key business in August 2017.
…

From: MeNeedIt

The Cuban government will allow new restaurants, bed-and-breakfasts and transportation businesses by the end of the year, reopening the most vibrant sectors of the private economy after freezing growth for more than a year.

The government is unveiling a set of new regulations Tuesday meant to control the growth of tourism-related private businesses and collect more tax revenue from them. Private restaurants and bed-and-breakfasts boomed after U.S.-Cuba normalization in 2014 prompted rapid growth in tourism to Cuba.

Tax evasion and purchase of stolen state materials also boomed in the mostly cash-based private hospitality sector. Among other measures, the new regulations announced Tuesday require private businesses to move all their revenue through state-run bank accounts. Cuba froze new licenses for restaurants, bed-and-breakfasts and other key business in August 2017.
…

From: MeNeedIt

BMW Group and the biggest Chinese SUV brand, Great Wall Motor, announced a partnership Tuesday to produce electric MINI vehicles in China as global automakers ramp up development under pressure from Beijing.

The companies said they signed an agreement Monday during an event in Berlin attended by Chinese Premier Li Keqiang and German Chancellor Angela Merkel.

BMW and Great Wall said their venture, Spotlight Automotive Ltd., also will make electrics for the Chinese partner’s brand. Great Wall put total investment in the venture at 5.1 billion yuan ($770 million) and said it is aiming for annual production of 160,000 vehicles.

Automakers are pouring billions of dollars into creating electric models for China, the biggest market for the technology.

Beijing is using access to its market as leverage to induce global automakers to help Chinese brands develop battery and other technology.

Auto brands in China are required to make electric vehicles at least 10 percent of their sales starting next year or buy credits from competitors that exceed their quotas. Later, they face pressure to raise those sales in order to satisfy fuel efficiency requirements that increase annually.

Sales of pure-electric passenger vehicles in China rose 82 percent last year to 468,000, according to an industry group, the China Association of Automobile Manufacturers. That was more than double the U.S. level of just under 200,000.

Other automakers including General Motors Co., Volkswagen AG and Nissan Motor Co. have announced similar plans with Chinese partners to produce dozens of electric models.

Great Wall, headquartered in Baoding, southwest of Beijing, sells more than 1 million SUVs a year.

“With our joint approach, we can quickly scale up production and increase efficiency,” said Klaus Frolich, a BMW board member, in a statement.

MINI’s first battery electric model is due to be produced at its main British factory in Oxford in 2019, according to BMW.

China is BMW’s biggest market. The Munich-based automaker said about 560,000 BMW brand vehicles were delivered to Chinese customers in 2017, more than its next two markets – the United States and Germany – combined.

China was MINI’s fourth-largest market in 2017, with 35,000 vehicles delivered, the company said.

The electrics venture with BMW is an important boost for Great Wall, which industry analysts warned would struggle to satisfy Beijing’s sales quotas due to its fuel-guzzling vehicle lineup and had yet to announce any significant electric plans.
…

From: MeNeedIt

Twitter shares tumbled Monday on concerns the social media’s efforts to crack down on fake accounts would affect its user base, and potentially its finances.

At 1810 GMT, shares of the social media company were down 6.0 percent at $43.89 after earlier shedding almost 10 percent.

The decline follows a report late Friday in the Washington Post that described how Twitter’s greater scrutiny of user data had resulted in more than 70 million account suspensions in May and June.

The efforts are a response to criticism that social media companies have done too little to confront the spread of disinformation and fake news.

CFRA analyst Scott Kessler on Monday downgraded Twitter to “sell” from “hold,” citing the Washington Post article, which raised concerns about its official active user count and “about potential negative impacts on pricing and revenue.”

Twitter shares are “overvalued,” Kessler added.

Shares of the company rallied somewhat from session lows after chief financial officer Ned Segal said most of the accounts removed were not in the company’s official metrics since they were not on the platform for at least 30 days.

He said the company would provide user numbers when it reports earnings on July 27.

“This article reflects us getting better at improving the health of the service,” Segal said in a post that included the Post article. “Look forward to talking more on our earnings call July 27!”

The impact on Twitter’s user base was unclear. Twitter said last week it had “identified and challenged more than 9.9 million potentially spammy or automated accounts per week,” up from 6.4 million in December 2017.
…

From: MeNeedIt

Twitter shares tumbled Monday on concerns the social media’s efforts to crack down on fake accounts would affect its user base, and potentially its finances.

At 1810 GMT, shares of the social media company were down 6.0 percent at $43.89 after earlier shedding almost 10 percent.

The decline follows a report late Friday in the Washington Post that described how Twitter’s greater scrutiny of user data had resulted in more than 70 million account suspensions in May and June.

The efforts are a response to criticism that social media companies have done too little to confront the spread of disinformation and fake news.

CFRA analyst Scott Kessler on Monday downgraded Twitter to “sell” from “hold,” citing the Washington Post article, which raised concerns about its official active user count and “about potential negative impacts on pricing and revenue.”

Twitter shares are “overvalued,” Kessler added.

Shares of the company rallied somewhat from session lows after chief financial officer Ned Segal said most of the accounts removed were not in the company’s official metrics since they were not on the platform for at least 30 days.

He said the company would provide user numbers when it reports earnings on July 27.

“This article reflects us getting better at improving the health of the service,” Segal said in a post that included the Post article. “Look forward to talking more on our earnings call July 27!”

The impact on Twitter’s user base was unclear. Twitter said last week it had “identified and challenged more than 9.9 million potentially spammy or automated accounts per week,” up from 6.4 million in December 2017.
…

From: MeNeedIt

Bradford Smith, a NASA astronomer who acted as planetary tour guide to the public with his interpretations of stunning images beamed back from Voyager missions, has died.

Smith’s wife, Diane McGregor, said he died Tuesday at his home in Santa Fe, New Mexico, of complications from myasthenia gravis, an autoimmune disorder. He was 86.

Smith led the NASA team that interpreted pictures taken by Voyager space probes as they passed Jupiter, Saturn, Uranus and Neptune and then presented the images to the public. He was a retired professor of planetary sciences and astronomy at the University of Arizona and research astronomer at the University of Hawaii in Manoa.

At NASA press conferences on Voyager discoveries following their launch in 1977, Smith was a star, and known for a certain dry wit. At a press conference showing a multicolored, pockmarked moon of Jupiter called Io, Smith quipped, “I’ve seen better looking pizzas than this.”

A video of the conference ran on national broadcast news and his quote was on front pages around the world, said Ellen Hale, a former Associated Press communications director and friend of Smith’s.

A 1981 People magazine profile called Smith “the nation’s tour guide” who showed the public active volcanoes on Io, violent hurricanes on Jupiter, thousands of complex rings around Saturn and other space oddities that constituted “a very bizarre world,” as Smith put it, “that goes beyond the imagination of science fiction writers.”

Planetary scientist Carolyn Porco who worked with Smith at NASA called him a “visionary” who pushed for changes in optics on Voyager cameras and the hiring of scientists with expertise in geology and planetary rings.

“Brad was one of few who had the foresight to recognize the satellites and, later, the rings of the outer planets would be as fascinating as the planets themselves, and the need for a high-resolution imaging capability to address both,” Porco recalled in tribute to Smith on Facebook.

Smith is survived by McGregor, his wife of 34 years, three children, five grandchildren and five great-grandchildren.
…

From: MeNeedIt

Bradford Smith, a NASA astronomer who acted as planetary tour guide to the public with his interpretations of stunning images beamed back from Voyager missions, has died.

Smith’s wife, Diane McGregor, said he died Tuesday at his home in Santa Fe, New Mexico, of complications from myasthenia gravis, an autoimmune disorder. He was 86.

Smith led the NASA team that interpreted pictures taken by Voyager space probes as they passed Jupiter, Saturn, Uranus and Neptune and then presented the images to the public. He was a retired professor of planetary sciences and astronomy at the University of Arizona and research astronomer at the University of Hawaii in Manoa.

At NASA press conferences on Voyager discoveries following their launch in 1977, Smith was a star, and known for a certain dry wit. At a press conference showing a multicolored, pockmarked moon of Jupiter called Io, Smith quipped, “I’ve seen better looking pizzas than this.”

A video of the conference ran on national broadcast news and his quote was on front pages around the world, said Ellen Hale, a former Associated Press communications director and friend of Smith’s.

A 1981 People magazine profile called Smith “the nation’s tour guide” who showed the public active volcanoes on Io, violent hurricanes on Jupiter, thousands of complex rings around Saturn and other space oddities that constituted “a very bizarre world,” as Smith put it, “that goes beyond the imagination of science fiction writers.”

Planetary scientist Carolyn Porco who worked with Smith at NASA called him a “visionary” who pushed for changes in optics on Voyager cameras and the hiring of scientists with expertise in geology and planetary rings.

“Brad was one of few who had the foresight to recognize the satellites and, later, the rings of the outer planets would be as fascinating as the planets themselves, and the need for a high-resolution imaging capability to address both,” Porco recalled in tribute to Smith on Facebook.

Smith is survived by McGregor, his wife of 34 years, three children, five grandchildren and five great-grandchildren.
…

From: MeNeedIt

A report in a prominent U.S. newspaper Sunday said the United States bullied and threatened nations in an effort to water down a World Health Assembly resolution supporting breastfeeding.

The New York Times said the U.S. delegation at the assembly in Geneva this spring embraced “the interest of infant formula manufacturers” and “upended the deliberations.”

The resolution had been expected to be approved “quickly and easily,” the newspaper said. Instead, the U.S. delegation “sought to wear down the other participants through procedural maneuvers in a series of meetings that stretched on for two days, an unexpectedly long period.”

Ecuador was slated to introduce the breastfeeding resolution, but after the U.S. threatened to “unleash punishing trade measures and withdraw crucial military aid,” according to the newspaper, Ecuador “quickly acquiesced.”

The Times said more than a dozen participants from different countries at the assembly confirmed the “showdown over the issue.” Many of them, however, asked to remain anonymous because they fear U.S. retaliation.

Health advocates had trouble finding another sponsor who did not fear U.S. “retaliation.”

Patti Rundall, the policy director of the British advocacy group Baby Milk Action told the newspaper, “What happened was tantamount to blackmail, with the U.S. holding the world hostage and trying to overturn nearly 40 years of consensus on the best way to protect infant and young child health.”

Finally, the Russian delegation stepped in as the resolution’s sponsor. The newspaper said that “the Americans did not threaten them.”

The Trump administration’s contentious behavior at the health assembly was seen as similar to approaches it has taken with other long-standing international alliances and blocs such as NATO and the G-7.
…

From: MeNeedIt

The Trump administration said Saturday it’s freezing payments under an “Obamacare” program that protects insurers with sicker patients from financial losses, a move expected to add to premium increases next year.

At stake are billions in payments to insurers with sicker customers.

In a weekend announcement, the Centers for Medicare and Medicaid Services said the administration is acting because of conflicting court ruling in lawsuits filed by some smaller insurers who question whether they are being fairly treated under the program.

Risk adjustment

The so-called risk adjustment program takes payments from insurers with healthier customers and redistributes that money to companies with sicker enrollees. Payments for 2017 are $10.4 billion. No taxpayer subsidies are involved.

The idea behind the program is to remove the financial incentive for insurers to cherry pick healthier customers. The government uses a similar approach with Medicare private insurance plans and the Medicare prescription drug benefit.

Major insurer groups said Saturday the administration’s action interferes with a program that’s working well.

The Blue Cross Blue Shield Association, whose members are a mainstay of Affordable Care Act coverage said it was “extremely disappointed” with the administration’s action.

The Trump administration’s move “will significantly increase 2019 premiums for millions of individuals and small business owners and could result in far fewer health plan choices,” association president Scott Serota said in a statement. “It will undermine Americans’ access to affordable coverage, particularly those who need medical care the most.”

Serota noted that the payments are required by law, and said he believes the administration has the legal authority to continue making them despite the court cases. He warned of turmoil as insurers finalize their rates for 2019.

America’s Health Insurance Plans, the main health insurance industry trade group, said in a statement that it is “very discouraged” by the Trump administration’s decision to freeze payments.

“Costs for taxpayers will rise as the federal government spends more on premium subsidies,” the group said.

Conflicting rulings

Rumors that the Trump administration would freeze payments were circulating late last week. But the Saturday announcement via email was unusual for such a major step.

The administration argued in its announcement that its hands were tied by conflicting court rulings in New Mexico and Massachusetts.

Medicare and Medicaid Administrator Seema Verma said the Trump administration was disappointed by a New Mexico court ruling that questioned the workings of the risk program for insurers.

The administration “has asked the court to reconsider its ruling, and hopes for a prompt resolution that allows (the government) to prevent more adverse impacts on Americans who receive their insurance in the individual and small group markets,” she said.

More than 10 million people currently buy individual health insurance plans through HealthCare.gov and state insurance marketplaces. The vast majority of those customers receive taxpayer subsidies under the Obama-era health law and would be shielded from premium increases next year.

The brunt of higher prices would fall on solid middle-class consumers who are not eligible for the income-based subsidies. Many of those are self-employed people and small business owners, generally seen as a Republican constituency.

The latest “Obamacare” flare-up does not affect most people with employer coverage.
…

From: MeNeedIt

The Trump administration said Saturday it’s freezing payments under an “Obamacare” program that protects insurers with sicker patients from financial losses, a move expected to add to premium increases next year.

At stake are billions in payments to insurers with sicker customers.

In a weekend announcement, the Centers for Medicare and Medicaid Services said the administration is acting because of conflicting court ruling in lawsuits filed by some smaller insurers who question whether they are being fairly treated under the program.

Risk adjustment

The so-called risk adjustment program takes payments from insurers with healthier customers and redistributes that money to companies with sicker enrollees. Payments for 2017 are $10.4 billion. No taxpayer subsidies are involved.

The idea behind the program is to remove the financial incentive for insurers to cherry pick healthier customers. The government uses a similar approach with Medicare private insurance plans and the Medicare prescription drug benefit.

Major insurer groups said Saturday the administration’s action interferes with a program that’s working well.

The Blue Cross Blue Shield Association, whose members are a mainstay of Affordable Care Act coverage said it was “extremely disappointed” with the administration’s action.

The Trump administration’s move “will significantly increase 2019 premiums for millions of individuals and small business owners and could result in far fewer health plan choices,” association president Scott Serota said in a statement. “It will undermine Americans’ access to affordable coverage, particularly those who need medical care the most.”

Serota noted that the payments are required by law, and said he believes the administration has the legal authority to continue making them despite the court cases. He warned of turmoil as insurers finalize their rates for 2019.

America’s Health Insurance Plans, the main health insurance industry trade group, said in a statement that it is “very discouraged” by the Trump administration’s decision to freeze payments.

“Costs for taxpayers will rise as the federal government spends more on premium subsidies,” the group said.

Conflicting rulings

Rumors that the Trump administration would freeze payments were circulating late last week. But the Saturday announcement via email was unusual for such a major step.

The administration argued in its announcement that its hands were tied by conflicting court rulings in New Mexico and Massachusetts.

Medicare and Medicaid Administrator Seema Verma said the Trump administration was disappointed by a New Mexico court ruling that questioned the workings of the risk program for insurers.

The administration “has asked the court to reconsider its ruling, and hopes for a prompt resolution that allows (the government) to prevent more adverse impacts on Americans who receive their insurance in the individual and small group markets,” she said.

More than 10 million people currently buy individual health insurance plans through HealthCare.gov and state insurance marketplaces. The vast majority of those customers receive taxpayer subsidies under the Obama-era health law and would be shielded from premium increases next year.

The brunt of higher prices would fall on solid middle-class consumers who are not eligible for the income-based subsidies. Many of those are self-employed people and small business owners, generally seen as a Republican constituency.

The latest “Obamacare” flare-up does not affect most people with employer coverage.
…

From: MeNeedIt

Nano technology researchers at the University of Cambridge are developing an intelligent toilet that might change the nature of medicine. It automatically analyzes a user’s urine to capture valuable medical data. VOA Correspondent Mariama Diallo reports.
…

From: MeNeedIt