Dorian Winds Weaken but Storm Remains `Extremely Dangerous’

Hurricane Dorian is continuing to bash the Bahamas but its winds are weakening as the storm widens out, and forecasters are looking for signs it’s ready to turn north on a run up the U.S. East Coast rather than slamming head on into Florida. Dorian is continuing to move forward at just 1 mile per hour, according to a 2 p.m. advisory by the U.S. inflicting colossal damage to property and infrastructure in the Bahamas. Located about 25 miles (56 kilometers) from Freeport, Dorian has Dorian will cause In a briefing, Florida Governor Ron DeSantis said Florida utilities have assembled 17,000 personnel to help restore power quickly as needed. He said 72 nursing homes and assisted living centers along the …

Deutsche Bank CEO Investing 15% of Monthly Pay in Bet on Shares

Photographer: Alex Kraus/Bloomberg where his mouth is. The chief executive officer will invest 15% of his monthly net salary in the lender’s shares, starting with a 22,144 euro ($24,303) investment on Aug. 30, Deutsche Bank filings show. That goes beyond standard practice at German companies, where senior executives are frequently awarded stock as part of their bonuses. Sewing kicked off Deutsche Bank’s biggest overhaul in recent memory earlier this year after attempts by his predecessors failed to restore the globally-important lender to profitability. The bank has yet to convince investors that it can meet goals for raising revenue in businesses it wants to keep, while exiting stock trading and firing staff across the firm. The stock purchase program runs from …

British Airways pilots to strike for three days in September

Airline says industrial action over pay will disrupt plans of tens of thousands of passengers Pilots at British Airways will go on strike for three days in September after talks failed to settle a long-running pay dispute, the union has announced. The pilots will take industrial action on 9, 10 and 27 September in a move that BA said was likely to disrupt the plans of tens of thousands of passengers. The British Airline Pilots Association (Balpa) said the airline had rejected its proposals to resolve the standoff and it had no choice but to call this action. The airline said it had offered a three-year deal of 11.5% that had been accepted by other BA employees, and it would …

Global trade disruption is a symptom of a deeper malaise | Mohamed El-Erian

Resolving US-China trade war is not enough to ward off what many fear is a looming worldwide recession It is only a matter of time until the escalating tensions between China and the US prompt many more economists to warn of an impending global economic recession coupled with financial instability. On 5 August, Bloomberg News Larry Summers, a former US treasury secretary who was also closely involved in crisis-management efforts in 2008-09, recently The Only Game in Town, all of these recent developments and also, of course, the growing US-China tensions are related in a meaningful way to two basic and persistent features of the global economy since the 2008 financial crisis. The first is the prolonged period in which …

One Free Press Coalition Spotlights Journalists Under Attack

In May 2019, WIRED joined the One Free Press Coalition, a united group of preeminent editors and publishers using their global reach and social platforms to spotlight journalists under attack worldwide. Today, the coalition is issuing its sixth monthly “10 Most Urgent” list of journalists whose press freedoms are being suppressed or whose cases demand justice. Paul Chouta, the Cameroon Web reporter who was arrested in May, denied bail, and charged with defamation and spreading false news. His case has been delayed until August 13 and he remains in a maximum-security prison. Aasif Sultan, a reporter for Kashmir Narrator, was arrested on “anti-state” charges and will have been imprisoned for one year on August 27. He has been repeatedly interrogated …

High-end retailer Barneys files for bankruptcy

New York (CNN Business)Barneys, an icon of America’s luxury clothing world for decades, has filed for bankruptcy. The company said it will continue to operate five flagship locations in New York, Los Angeles, San Francisco and Boston, as well as Barneys.com and BarneysWarehouse.com. However, it said it is shutting down stores in Chicago, Las Vegas and Seattle. The company is also shutting down five “concept stores” and seven of its nine Barneys Warehouse stores. The move was not unexpected. Reuters reported last month that filing for bankruptcy protection could help alleviate the pressure of expensive leases. The company traces its history to 1923, according to its website, when Barney Pressman pawned his wife’s engagement ring. The company indicated he used …

To End Student Debt, Tie Tuition to Post-Graduation Salaries

Every year, people as young as 17 accrue tens of thousands of dollars in debt in order to get an education. Students assume massive risk, with no guarantee of success. At $1.6 trillion, student debt is the second-highest consumer debt category, behind only mortgage debt; the national total for student loan debt is higher than that of both credit cards and auto loans. When I went to college, nobody talked about student debt. Nobody talked about trade-offs. Everybody lived by one credo: Go to the best school you can, study the thing that you love, and it will work out on the other side. Frankly, for Boomers, that’s what happened. If you got a degree, you could expect to land a decent job with a …

US Treasury Secretary Steven Mnuchin says Amazon has ‘destroyed’ retail

New York (CNN Business)Treasury Secretary Steven Mnuchin said he supports the Justice Department’s formal antitrust review of the country’s largest tech companies, particularly Amazon, which he said has ruined retail. “The Department’s review will consider the widespread concerns that consumers, businesses, and entrepreneurs have expressed about search, social media, and some retail services online,” it said in the press release. Mnuchin said Amazon’s dominance is different from Walmart (WMT) because the latter company has “developed a business where small businesses could continue to compete with them.” In response to Mnuchin’s comment, Amazon said small and medium-sized businesses are “thriving” on the platform. “Today, independent sellers make up more than 58% of physical gross merchandise sales on Amazon, and their sales …

China’s new tech market has already made three billionaires

Hong Kong (CNN Business)China’s new Nasdaq-style market has already propelled three tech executives to billionaire status. Cao Ji, the 67-year-old chairman and general manager of Zhejiang Hangke Technology, holds shares that are now worth about 13.45 billion yuan ($2 billion). That company, which he founded in 2011, makes testing equipment for lithium batteries used in electric cars. Shares surged 4.1% Wednesday, and the stock is up nearly 70% from its offer price. And Hui Deng, the founder and chairman of ArcSoft, has a fortune worth 7.2 billion yuan ($1.1 billion) based on the value of his stake in that company. ArcSoft is an imaging software company using AI technology, and its shares advanced 2% Wednesday. It’s now up more than …

Congress Is Pissed at Facebook and the FTC

Republican and Democratic lawmakers alike are furious over reports that the Federal Trade Commission is prepared to settle with Facebook over widespread privacy violations for just $5 billion. But that doesn’t mean there’s currently an acceptable bipartisan solution floating around the marble halls of the Capitol. “The terrible message sent by this tap on the wrist is that enforcement of privacy protections is a hollow paper tiger in our nation,” senator Richard Blumenthal (D-Connecticut) told WIRED Wednesday. “It has to be structural and behavioral and not just monetary, and this amount of money is way too low.” Blumenthal teamed up with senators Josh Hawley (R-Missouri) and Ed Markey (D-Massachusetts) in penning a strongly worded exploratory letter to the FTC earlier …

Was Bitcoin Created by This International Drug Dealer? Maybe!

This is where things started to get weird. The defendant in the lawsuit is an Australian computer scientist named Craig Wright. As followers of the Satoshi saga will know, Wright was the man outed in late 2015 by WIRED and Gizmodo as a likely candidate to himself be Satoshi Nakamoto. Both publications later walked back the stories after it appeared that documents they’d relied upon had been faked and manipulated. Wright at first declined to address whether he was Satoshi, then attempted to prove he was. He failed to con­vince most of the bitcoin community, which came to view him as a fraud, pointing to easily discredited proofs he offered in a PR-staged coming-out ceremony. Today he aggressively asserts that …

The Hard-Luck Texas Town That Bet on Bitcoinand Lost

In 1952, The Saturday Evening Post christened Rockdale, Texas, “The Town Where It Rains Money.” An estimated 100 million tons of lignite coal lay buried a few miles south of the city limits, and Alcoa had just swooped in to build a $100 million smelter that would use the cheap energy source to produce aluminum for fighter planes, skyscrapers, auto­mobiles, and more. “At the mere mention of somebody blowing into town with $100,000,000 to spend, many citi­zens were seized by attacks of vertigo,” wrote local author George Sessions-Perry. “Others merely went off and lay down in an effort to regain their composure. Then things began to happen.” Seemingly overnight, Rockdale’s population doubled to 5,000. A photo accompanying the Post story …

Can India kick its coal addiction?

Singrauli, India (CNN Business)A thick dark haze fills the sky above Singrauli, northeast India. Known as the country’s coal capital, the district is home to eight coal-fired power plants, producing enough electricity daily to power 16 million homes. Ruta Kaur lives in Singrauli with her husband and three children. She says coal pollution is creating problems for her family. “We have problems drinking water,” she tells CNN Business. “We have stomach complications; children are impacted too because of the coal. The coal dust gets into the house, it gets deposited on our food; there is a lot of difficulty.” To mitigate these problems, Singrauli coal mining company Northern Coalfields has introduced measures such as spraying water on coalfields to decrease …

FTC Reportedly Hits Facebook With Record $5 Billion Settlement

After months of negotiations, the Federal Trade Commission fined Facebook a record-setting $5 billion on Friday for privacy violations, according to multiple reports. The penalty comes after an investigation that lasted over a year, and marks the largest in the agency’s history by an order of magnitude. If approved by the Justice Department's civil division, it will also be the first substantive punishment for Facebook in the US, where the tech industry has gone largely unregulated. But Washington has taken a harsher stance toward Silicon Valley lately, and Friday’s announcement marks its most aggressive action yet to curb its privacy overreaches. Full details of the settlement were unavailable Friday afternoon, and the FTC and Facebook both declined to comment. The …

Surprise! Huawei Can Actually Innovateand Win Fans

Huawei doesn’t leap to mind as an innovative company. In the US, the Chinese telecom giant is best known for the government’s national security concerns—and allegations that it stole intellectual property from companies like Cisco and Motorola. Yet Huawei was the fifth-biggest research and development spender in the world in 2017, according to a European Union report. Its €11.3 billion ($12.9 billion) R&D spend that year outpaced Intel (€10.9 billion), Apple (€9.7 billion), and Nokia (€4.9 billion). Huawei claims its investments over the years have paid off in the form of 87,805 patents—11,152 of which were granted in the US. Now Huawei is trying to turn those patents into cash. This month Reuters reported that Huawei wants Verizon to pay …

Greed Is to Blame for the Radicalization of Social Media

Last week, Reddit quarantined "r/The_Donald," a pro-Trump message board, after the company determined that the subgroup had encouraged and threatened violence. Likewise, Twitter is signaling that it will flag—but not remove—posts by government officials who violate its rules. As with YouTube’s demonetization (rather than deletion) of anti-gay videos, these are welcome, but insufficient measures. Until recently, social media platforms could feign ignorance about the scope and impact of harmful content on their sites. Now bigotry and conspiracy theorizing, which could once be dismissed as the rants of outliers, have hijacked mainstream discourse—including on media produced by President Trump and his allies. As such posts have become some of the most popular, moneymaking content being viewed and shared, social media executives …