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[Misc] 2018 Reuters News - May 28 ~ June 01
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Elon Musk brings technology charm offensive to high tech tunnel plan
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Elon Musk led a public pep rally in Los Angeles on Thursday night... He's trying to reassure his neighbors about a high-tech experiment to beat the city's notorious traffic. But it's not Tesla- instead, he wants to dig huge tunnels under L.A's surface to test designs for a high-speed transportation network. "This is the only way that we can think of to address chronic traffic issues in major cities." But Musk¡¯s plans for "The Boring Company"- as in, boring tunnels have met resistance from two neighborhood groups. Musk put forward a view of future cities that are only going to get more congested on the surface. His solution for that is to go straight down. "You really need a very small footprint to enter the tunnel network, not much bigger than a parking space and then you can interlink these entrances and exits throughout the city." Traffic's a huge issue in big global cities like L.A. Even getting to Thursday's event was a challenge. "I live 13 miles away from here, it took me 90 minutes to get here, on that treacherous 405 freeway uh in the middle of rush hour. But according to Elon Musk, his vision of the future includes getting from downtown Los Angeles to a specific terminal at LAX in 8 minutes at 150 mph for one dollar." Musk says the tunnel system would rapidly move individual cars and small groups of people from place to place. L.A's city council has already given a thumbs-up last month. It's letting the project skip a long environmental review under California law- that would have tied it up in red tape. 

Royalty meets showbiz as Harry and Meghan wed
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A marriage of royal tradition and Hollywood glamour, Prince Harry and Meghan Markle entering St George's chapel to tie the knot. For many watching around the world this is the fairytale wedding they've waited months for, of a couple they hope will recast the thousand-year-old monarchy for the 21st century. Though there was no shortage of traditional pomp on display in Windsor on Saturday. Markle, a television star, is a divorcee of mixed African-American heritage. But she is a duchess from today, after Queen Elizabeth bestowed the title Duke of Sussex on her grandson hours before the ceremony. And it was the heir to the throne, Prince Charles, who gave her away, after her own father pulled out from ill health. Prince William, Harry's older brother, served as best man. His two older children, Prince George and Princess Charlotte, leading the numerous page girls and boys up the aisle. Among the star-studded congregation: Oprah Winfrey, footballer David Beckham and his wife Victoria and George and Amal Clooney. Politicians are thin on the ground. And this was the hotly anticipated first glimpse of the dress. After the vows, a reward for the some 100,000 spectators with a procession around the historic town of Windsor. A spectacle some have camped out for four days to see.

YouTube launches music service
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YouTube is launching a $10 a month music subscription service called YouTube Music Premium. It will allow users to listen to ad-free music, download files, and watch YouTube Originals, including recent hits like the Karate Kid-inspired series, "Cobra Kai." With Music Premium, YouTube is taking aim at streaming music giants, Spotify and Apple Music. Morningstar's Ali Mogharabi: "A couple of things to keep in mind. One is, again, the huge user base, or viewer, or listener base they have. Two is the more aggressive strategies that they're pursuing in terms of actually monetizing the users. So, besides advertising, implementing subscription models. And, three, course, you know they've got, I don't know if you're aware, but they've got Leeor Cohen and he's got a lot of knowledge within the entire music space, a lot of connections, a lot of respect out there by the artists and record labels. So, I do think the overall strategy and the market that they're trying to tap into further looks pretty attractive." Streaming services are a cash cow for the music industry according to the 2018 IFPI's Global Music Report. Last year, total recording music revenues rose to $17 billion, up eight percent from 2016. 

Xerox scraps $6.1 bln Fujifilm deal
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Photocopy giant Xerox has ditched a controversial plan to sell itself to Japan's Fujifilm for $6.1 billion dollars, bowing instead to activist investors Carl Ichan and Darwin Deason. Those two had opposed a deal with Fujifilm and by abandoning the plan Xerox will hand control to new management. It's the latest turn in months of back-and-forth over the future of the U.S. company that also saw a major clearout of the company's board. Both sides had agreed in January to a complex deal that would have merged Xerox into their Asia joint venture, Fuji Xerox, and then handed Fujifilm the reins. Icahn and Deason have a 15 percent stake in Xerox and the January deal pushed them to pick a fight for a better deal, because they say Xerox was being undervalued. Now the company is expected to go up for auction at a higher price. However Fujifilm was quick to dispute Xerox's right to terminate the deal and may seek damages. Analysts also told Reuters they believe the two firms are too intertwined to be separated. Fujifilm handles all of Xerox's global contracts and the U.S. firm no longer even makes its own office copiers, relying on Fuji Xerox instead.

Apple nears $1 trillion valuation mark
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Apple is getting closer to becoming the first $1 trillion U.S. public company. The stock market values it at $964 billion. The iPhone maker's shares recently surged after it unveiled its budget to buy back $100 billion worth of shares. Also adding fuel: the move by Warren Buffett's Berkshire Hathaway to significantly boost its stake in the company. Around a dozen Wall Street analysts have set price targets that would catapult Apple's stock past the $1 trillion mark. But if Apple gets there, it could soon get eclipsed. Amazon is number 2 with a market capitalization exceeding $780 billion. Its stock is hotter, surging 70 percent over the last 12 months, compared to Apple's 24 percent rise during that period. If Apple's stock keeps growing at last year's pace, the company's valuation would hit $1 trillion in September. But Amazon would reach that mark the following month and soon overtake Apple. Boosting Amazon's momentum: more consumers keep flocking online to do their shopping and more businesses keep moving their IT departments to the cloud.