Musk Takes the Blame
Elon Musk said Tesla’s over-reliance on robots has caused the Model 3’s production delays.
Editor’s Remarks: “Humans are underrated,” said Elon Musk on his Twitter page in reference to what he calls an over-automation in Tesla’s Model 3 production line. The statement is quite the U-turn for Musk, considering that this time last year he believed that his legions of robots would grant Tesla a significant competitive advantage over rival automakers. The concession is a vindication for analysts at Sanford C. Bernstein, who said from the outset that the robotic production line would end in disaster since it had previously been unsuccessfully attempted by both Volkswagen and General Motors.
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Russia to Ban Telegram
A Moscow court ordered telecoms companies to block Russian access to Telegram.
Editor’s Remarks: The decision was made after Telegram refused to allow Russian intelligence agencies to access the app’s encrypted messages. Pavel Durov, Telegram’s Russian founder, has said that Telegram will rely on inbuilt software to bypass the Russian block. Furthermore, the company can afford to incur the wrath of the Russian government because it has, as Durov put it, the “luxury of not caring about revenue streams or ad sales”. Of Telegram’s 200 million users, around 9.5 million are based in Russia; the company also recently saw a spike in user growth following its record $1.7bn ICO last month.
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Sorrell Steps Down from WPP
A legend of British business has stepped down after 33 years at the helm.
Editor’s Remarks: Sorrell’s decision to step down comes after increasing pressure from Facebook and Google, as well as a recent financial misconduct allegation made against him, which WPP has refused to comment on. During his multi-decade tenure at the top, Sorrell turned WPP into the world’s largest advertising company, and counts names such as Ogilvy & Mather and J Walter Thompson among its subsidiaries. Alongside competition from tech companies, WPP is also under threat from the likes of Accenture and Deloitte, as digital strategy increasingly encroaches on marketing territory.
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SpaceX Launches TESS
The company will today launch NASA’s newest planet-hunter aboard a Falcon 9 rocket.
Editor’s Remarks: TESS, short for the Transit Exoplanet Survey Satellite, is an ultra-wide-angle lens capable of watching the entire sky in its search for as yet undiscovered planets. TESS will operate in the same way as NASA’s previous telescope, Kepler, by looking for brief flickers as planets orbit the millions of stars in the sky. But whereas Kepler focused on just a relatively small patch of the sky, and nevertheless located 1,284 new planets, TESS will be scanning a much broader area. The launch is another victory for SpaceX, which is rapidly eating away at United Launch Alliance’s market share.
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May’s Commonwealth Summit
Theresa May is today hosting a Commonwealth summit in London for the first time in 20 years.
Editor’s Remarks: The three-day meeting will focus on post-Brexit trade opportunities and putting the Commonwealth at the heart of the UK’s new foreign policy. Many are questioning what economic benefit increased trade with the Commonwealth will yield; British trade with the EU is currently six times greater than that with the ten Commonwealth countries for which there is data. However, trade with the EU and the Commonwealth is not an either-or proposition and therein lies the EU’s dilemma: allowing the UK to trade freely with the EU and third countries will undoubtedly cause other member states to question why they cannot do the same.
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Have We Forgotten Atticus Finch?
Hundreds of years of criminal law were spent developing a measured system to identify guilt – and to ensure that...
Australia Embraces Cryptocurrencies and Blockchain
The rise of bitcoin and similar cryptocurrencies is creating a revolution in financial markets all across the globe. It has...
The London Startup Scene: How Can It Rival Silicon Valley?
Much to the frustration of former prime minister David Cameron and chancellor George Osborne, the UK is yet to produce...
Deutsche Bank Mistakenly Wired a $35bn Payment
Germany’s largest bank has admitted to an embarrassing mistake. While the candour should be appreciated, it is still alarming that...