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Updated: 26 min 15 sec ago

EPA Reverses Course on Ozone Rule

Thu, 08/03/2017 - 18:40
The Trump administration said late Wednesday that it would not delay an Obama-era regulation on smog-forming pollutants from smokestacks and tailpipes (Editor's note: the link could be paywalled; alternative source), a move that environmental groups hailed as a victory. From a report: The Environmental Protection Agency decision came a day after 16 state attorneys general, all Democrats, filed a lawsuit challenging the delay with the United States Court of Appeals for the District of Columbia. It reversed a decision that Scott Pruitt, the E.P.A. administrator, made in June to put off an Oct. 1 deadline for designating which areas of the country met new ozone standards. In announcing the ozone policy change, the agency appeared to leave the door open to extending the deadline again. But, officials said, the agency will work with states to help them deliver the needed information.

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Private Valuations Aren't Grounded in Reality, Study Finds

Thu, 08/03/2017 - 18:00
Unicorns aren't real, and neither are the valuations ascribed to many of the startups that say they're worth $1 billion or more, study finds. From a report: About half of private companies with valuations exceeding $1 billion, known as unicorns, wouldn't have earned the mythical title without the use of complex stock mechanics, according to a study by business professors at the University of British Columbia and Stanford University. The tools used to negotiate a higher share price with investors often come at the expense of employees and early shareholders, sometimes drastically reducing the actual value of their stock. The chasm between public and private valuations is a topic of increasing prominence following several disappointing listings. Among them is Blue Apron Holdings, which is trading well below the price venture capitalists paid in the last fundraising round. An often-overlooked explanation for the divide is buried in investor contracts. Blue Apron, which delivers meal kits to customers, gave stock preferences to Fidelity Investments and other backers in 2015 in exchange for a $2 billion valuation. The shares included a provision to receive additional equity if an initial public offering is set below a target price. Investors took advantage of the mechanism after Blue Apron's mediocre IPO.

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Thousands Show Up For Jobs at Amazon Warehouses in US Cities

Thu, 08/03/2017 - 17:20
Thousands of people showed up Wednesday for a chance to pack and ship products to Amazon customers, as the e-commerce company held a giant job fair at nearly a dozen U.S. warehouses. From a report on Associated Press: Although the wages offered will make it hard for some to make ends meet, many of the candidates were excited by the prospect of health insurance and other benefits, as well as advancement opportunities. It's common for Amazon to ramp up its shipping center staff in August to prepare for holiday shopping. But the magnitude of its current hiring spree underscores Amazon's growth when traditional retailers are closing stores -- and blaming Amazon for a shift to buying goods online. Amazon said it received "a record-breaking 20,000 applications" and hired thousands of people on the spot, and will hire more in the coming days. That number represented fewer than half of the 50,000 people it had said it planned to hire.

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Tesla Burns Through Record Cash To Bring the Model 3 To Market

Thu, 08/03/2017 - 16:42
Dana Hull, reporting for Bloomberg: Tesla's Elon Musk keeps getting the green light to do what it takes to bring electric cars to the masses, regardless of how much it's going to cost. The company burned through $1.16 billion in cash in the second quarter by spending on capacity for its cheapest model yet and boosting battery output. Investors fixated instead on what Musk said is coming next: Hundreds of thousands of Model 3 sedan deliveries, installations of solar roofs and an all-new semi truck to add to the lineup. "This is the best I've ever felt about Tesla's future," Musk said on a conference call. The stock surged as much as 7.4 percent to $349.94 as of 9:45 a.m. Thursday in New York, the biggest intraday gain in four months. The chief executive officer has built a fanatical following of Tesla shareholders who continue to throw their support behind his clean-energy vision. It helps that consumers keep opening their wallets: The Model 3, which starts at $35,000, has racked up almost half a million reservations and is drawing more deposits by the day. The record negative free cash flow Tesla reported for the three months ended in June was almost double the $622 million it went through in the first quarter. With a little more than $3 billion in cash on hand, Musk told analysts the company is thinking about raising money through a debt offering.

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Mozilla's Send is Basically the Snapchat of File Sharing

Thu, 08/03/2017 - 16:02
Mozilla has launched a new website that makes it really easy to send a file from one person to another. From a report: The site is called Send, and it's basically the Snapchat of file sharing: after a file has been downloaded once, it disappears for good. That might sound like a gimmick, but it underscores what the site is meant for. It's designed for quick and private sharing between two people -- not for long-term hosting or distributing files to a large group. It supports files up to 1GB, and after uploading something, it'll give you a link to send to someone else. That link will expire once they've downloaded it or once 24 hours have passed.

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China Is Perfecting a New Method For Suppressing Dissent On the Internet

Thu, 08/03/2017 - 15:00
An anonymous reader quotes a report from Vox: The art of suppressing dissent has been perfected over the years by authoritarian governments. For most of human history, the solution was simple: force. Punish people severely enough when they step out of line and you deter potential protesters. But in the age of the internet and "fake news," there are easier ways to tame dissent. A new study by Gary King of Harvard University, Jennifer Pan of Stanford University, and Margaret Roberts of the University of California San Diego suggests that China is the leading innovator on this front. Their paper, titled "How the Chinese Government Fabricates Social Media Posts for Strategic Distraction, Not Engaged Argument," shows how Beijing, with the help of a massive army of government-backed internet commentators, floods the web in China with pro-regime propaganda. What's different about China's approach is the content of the propaganda. The government doesn't refute critics or defend policies; instead, it overwhelms the population with positive news (what the researchers call "cheerleading" content) in order to eclipse bad news and divert attention away from actual problems. This has allowed the Chinese government to manipulate citizens without appearing to do so. It permits just enough criticism to maintain the illusion of dissent and only acts overtly when fears of mass protest or collective action arise.

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