As controversy swirls around the death of a Model X driver last month, the head of Alphabet’s self-driving car unit is drawing distinctions between his company’s technology and Tesla Inc.’s Autopilot.
Wei Huang, 38, died March 23 when his sport utility vehicle using the driver-assistance system Autopilot collided with a highway barrier in Mountain View, California, and caught fire. Computer logs recovered from the vehicle showed he didn’t have his hands on the steering wheel for six seconds before the crash, according to a Tesla blog post.
Autopilot isn’t comparable to the fully self-driving technology Waymo has been developing for a decade, said John Krafcik, the chief executive of the former Google driverless car unit. Tesla’s system requires the human driver to remain alert and regularly put a hand on the wheel, while Waymo has been developing technology that requires no human input. Waymo’s tech is already in Chrysler minivans and on the road in pilot testing, with a paid driverless-taxi service coming later this year.
“Tesla has driver-assist technology and that’s very different from our approach,” Mr Krafcik said last week, before Tesla revealed that Autopilot was engaged during the Model X crash. “If there’s an accident in a Tesla, the human in the driver’s seat is ultimately responsible for paying attention. We don’t know what happened here, but there was no self-driving.”
A Tesla spokesman didn’t immediately comment. The National Transportation Safety Board is looking into all aspects of the Model X crash, including reports that the driver had previously raised concerns about Autopilot.
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Waymo announced a deal last week to install its self-driving system in 20,000 Jaguar I-Pace electric SUVs that will be deployed as ride-hailing taxis in 2020. Krafcik is actively seeking other partnerships with automakers, including two where he worked as a top engineer and executive: Ford and Hyundai. He said he’s closest to reaching another alliance with Honda to compete in the $164 billion delivery and logistics market.
Autonomous technology aimed at saving lives has come under greater scrutiny following the Tesla crash and the death of a woman who was struck and killed by a self-driving Uber Technologies SUV in Tempe, Arizona, last month. The state’s governor banned Uber from operating autonomous cars there indefinitely. Companies including Toyota also have suspended self-driving tests on public roads.
Waymo, which has logged millions of miles in on-road tests, hasn’t backed off its ambitious plans to deploy its technology commercially by the end of the year. The company has made the case for years to media and lawmakers that its full-autonomy-or-else approach is safer than leaving the driver in the loop like Tesla, which has far more cars on the road collecting data.
CEO Elon Musk has updated Autopilot regularly via software updates and has said Tesla’s electric cars are being built with the hardware necessary for full self-driving capability eventually.
Mr Krafcik said earlier that Waymo’s technology likely would have detected the pedestrian killed in Tempe by Uber’s SUV and avoided the crash, if faced with a similar situation.
“We have a lot of confidence that our technology would be robust and would be able to handle situations like that one,” he told the crowd at the National Automobile Dealers Association convention on March 24, six days after the Uber crash.
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Power: 400hp
Torque: 560Nm
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In numbers: PKK’s money network in Europe
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Spare
Profile
Company name: Spare
Started: March 2018
Co-founders: Dalal Alrayes and Saurabh Shah
Based: UAE
Sector: FinTech
Investment: Own savings. Going for first round of fund-raising in March 2019
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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Fuel economy, combined: 10.9L / 100km
Yahya Al Ghassani's bio
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Playing position: Winger
Clubs: 2015-2017 – Al Ahli Dubai; March-June 2018 – Paris FC; August – Al Wahda
AGL AWARDS
Golden Ball - best Emirati player: Khalfan Mubarak (Al Jazira)
Golden Ball - best foreign player: Igor Coronado (Sharjah)
Golden Glove - best goalkeeper: Adel Al Hosani (Sharjah)
Best Coach - the leader: Abdulaziz Al Anbari (Sharjah)
Fans' Player of the Year: Driss Fetouhi (Dibba)
Golden Boy - best young player: Ali Saleh (Al Wasl)
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Group B: Bangladesh, Serbia, Korea
Group C: Bharat, Denmark, Kenya, USA
Group D: Oman, Austria, Rwanda
Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”