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Ueda, a 71-year-old former Bank of Japan (BOJ) policy board member, will succeed incumbent Haruhiko Kuroda, whose second, five-year term ends on April 8, according to documents presented to parliament on Tuesday. Analysts expect Ueda, who had warned of the dangers of premature interest rate hikes in the past, to hold off on tightening monetary policy. "Ueda is likely to focus on theory and empirical analysis in guiding monetary policy," said Naomi Muguruma, senior market economist at Mitsubishi UFJ Morgan Stanley Securities. Upon parliament's approval, Ueda will chair his first BOJ policy meeting on April 27-28. A soft-spoken academic with a PhD from the Massachusetts Institute of Technology, Ueda is seen as a pragmatist who can adjust his views on monetary policy flexibly.

☆ The Pentagon once hid 10 giant red balloons across the US — and offered $40,000 to the first people to find them all
▼ + stars: | 2023-02-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

The Pentagon's DARPA group once challenged people to find 10 giant red balloons across the US. Those locations included Union Square in San Francisco, Collins Avenue in Miami, Lee Park in Memphis, Tennessee, and Katy Park in Katy, Texas, Popular Science reported. MIT Media Lab Postdoctoral Human Dynamics researcher Riley Crane, who led MIT's successful group, told Popular Science. Twitter also proved to be useful for the challenge, allowing quick and widespread conversation about the possible locations of the balloons, Popular Science reported. But Crane told Popular Science that MIT's strategy focused more on creating a trusted team with goals of helping themselves, science, and charity.

"His style is to discuss monetary policy based on facts and evidence," Inoue told Reuters in an interview on Monday. "Unlike Kuroda, Ueda won't immediately turn things around after assuming the post. "He'll likely let economic data guide policy decisions." If he were to become governor, Ueda could introduce a new monetary policy framework that could include a revamped type of forward guidance, Inoue said. "If he were to become governor, Ueda will likely put emphasis on maintaining financial system stability," he added.

☆ Jerry Cox Pioneered Use of Computers in Biomedical Research
▼ + stars: | 2023-02-12 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

As a teenager in Indiana in the late 1930s, Jerry Cox took apart a radio, figured out how it worked, and decided he wanted to be an electrical engineer. A decade later, after serving in the Army in Italy during World War II, he got a job at an acoustics laboratory to help pay for his electrical engineering studies at the Massachusetts Institute of Technology. Those studies led to a job at the Central Institute for the Deaf in St. Louis, where he helped build a device to detect deafness in newborns and facilitate early treatment.

☆ Factbox: Kazuo Ueda: Who is the new Bank of Japan governor and what can we expect from him?
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +4 min

TOKYO, Feb 10 (Reuters) - Japan's government is likely to appoint Kazuo Ueda, an academic and a former member of the Bank of Japan's policy board, as the next central bank governor, two government officials told Reuters on Friday. The 71-year-old is widely seen as an expert on monetary policy, but is seen as a surprise appointment by analysts. The following are some key questions and answers about the next central bank governor in the world's third-largest economy and the challenges he faces. He is an external director at JGC Holdings Corp (1963.T), an engineering company and at the state-owned Development Bank of Japan. In a 2016 article, Ueda wrote that the BOJ's ultra-easy policy seemed to be "reaching its limits".

☆ Would you rather have 3 roommates or 4 jobs? What it takes to afford rent on minimum wage
▼ + stars: | 2023-02-09 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +2 min

Given the federal minimum wage sits at $7.25 and hasn't risen since 2009, it's increasingly difficult for minimum wage earners to afford rent. In fact, it would take four full-time minimum wage workers to reasonably afford a two-bedroom apartment, according to new Zillow research. The real estate company gathered minimum wage and rent data in the 50 largest U.S. cities to see what it takes to make rent on some of the lowest legal salaries. It concluded that a renter earing minimum wage has two options: find three roommates (and assign two people per bedroom) or work four full-time jobs on their own to keep their housing costs below the recommended 30% of their income. Even in places like San Francisco where the $16.99 minimum wage is more than double the federal wage, sky-high rents leave workers without a lot of comfortable options — you'd still need wages from three full-time jobs to afford a two-bedroom there.

☆ Microsoft and ArcelorMittal back MIT spinout trying to green the $1.6 trillion steel industry
▼ + stars: | 2023-01-27 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

The $1.6 trillion steel industry is the backbone of the modern world. That's why massive global businesses, including international steel giant ArcelorMittal and tech stalwart Microsoft , are investing in Boston Metal, a company that spun out of Massachusetts Institute of Technology and developed a new way of making clean steel. "There is no economy, there is no infrastructure without steel," Boston Metal CEO Tadeu Carneiro told CNBC in a video call on Wednesday. The same year they launched a company, Boston Electrometallurgical Corp., to scale and commercialize that technology. He is a veteran of 40 years career in the steel industry, mostly at Brazilian metals giant CBMM.

☆ The Numbers Show That MIT Has a Free-Speech Problem
▼ + stars: | 2023-01-24 | by ( Daryl Morey | ) www.wsj.com time to read: 1 min

Twenty-one years as an executive in the National Basketball Association has taught me to start with the data when confronted with a problem. Now, I am asking my alma mater to do the same on the important issue of free expression. The Massachusetts Institute of Technology has suffered several embarrassing incidents regarding free speech in recent years. These include the cancellation of Prof. Dorian Abbot ’s John Carlson Lecture on climate change in October 2021 and the institution of a March 2022 policy that students may not ask others to wear masks.

☆ Union ranks had a very good 2022. It’s not for the reason you think
▼ + stars: | 2023-01-20 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

(Some workers at unionized workplaces choose not to belong to the union, accounting for the different totals.) Stephanie Keith/Getty ImagesBut there’s no denying 2022 was a very good year for union organizing. The attention that each company’s campaign is getting is important for generating “momentum” for union organizing activity. The other unionized jobs added in the leisure and hospitality sector were in hotels and other accommodations, as travel rebounded strongly during the year. Overall the public sector lost a combined 12,000 unionized jobs last year due to declines in unionized jobs at the federal and local government levels.

☆ Tesla-induced pileup involved driver-assist tech, government data reveals
▼ + stars: | 2023-01-17 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

The Tesla’s driver told authorities that the vehicle’s “full self-driving” software braked unexpectedly and triggered the pileup on Thanksgiving day. The National Highway Traffic Safety Administration then announced that it was sending a special crash investigation team to examine the incident. It’s delighted some Tesla drivers but also alarmed others with its flaws. The benefit and promise of Autopilot is clear from the Vehicle Safety Report data that we have been sharing for 4 years,” Tesla said this month in an update to its vehicle safety data. Reimer said it remains to be seen if there’s a recall of any Tesla driver-assist features, and what it means for the automaker’s future.

☆ ChatGPT used by mental health tech app in AI experiment with users
▼ + stars: | 2023-01-14 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +11 min

But for a few thousand people, the mental health support they received wasn’t entirely human. About 4,000 people got responses from Koko at least partly written by AI, Koko co-founder Robert Morris said. Academics, journalists and fellow technologists accused him of acting unethically and tricking people into becoming test subjects without their knowledge or consent when they were in the vulnerable spot of needing mental health support. “There are millions of people online who are struggling for help.”There’s a nationwide shortage of professionals trained to provide mental health support, even as symptoms of anxiety and depression have surged during the coronavirus pandemic. In June, the World Health Organization included informed consent in one of its six “guiding principles” for AI design and use.

Reuters GraphicsThe U.S. central bank is already adjusting to one unanticipated set of changes - an outbreak of inflation coupled with stalled growth in the U.S. labor force. "You have to identify the regime change ... Then you have to understand the transition dynamics ... and have a clear vision and insight into all of those ... "Markets calibrated to ... Chinese growth and low interest rates may prove fragile." Like recessions, which are typically identified only well after they have started, other economic turning points aren't always apparent in the moment. But as evidence of that accumulated following the 2007-2009 recession, it was only embodied into Fed policy in 2020 under a new approach that leaned against premature interest rate increases.

☆ Scientists chip away at how ancient Roman concrete stood test of time
▼ + stars: | 2023-01-09 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

Roman concrete was introduced in the 3rd century BC, proving revolutionary. Many of these structures have endured for two millennia while modern concrete counterparts sometimes crumble in mere years or decades. Roman concrete contains white bits called "lime clasts," remnants of the lime used in the concrete. Some viewed the lime clasts, absent in modern concrete, as an accidental byproduct of sloppy preparation or poor-quality materials. Masic is a co-founder of a company called DMAT, based in the United States and Italy, that is commercializing concrete inspired by the ancient Roman version.

☆ Analysis: Bankman-Fried fraud charges sidestep debate over how U.S. law sees crypto
▼ + stars: | 2023-01-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +5 min

"It's a pretty simple deception," said Shane Stansbury, a professor at Duke University School of Law and former Manhattan federal prosecutor. The debate matters to cryptocurrency companies because it could determine which agency regulates the trading of digital assets. Both have pleaded not guilty and argued the charges should be dismissed because insider trading charges must involve securities or commodities. In bringing wire fraud charges in both cases, prosecutors avoided taking a position on how cryptocurrencies or NFTs should be classified. It is unlikely Bankman-Fried's lawyers will attempt a similar argument because the wire fraud charges are more straightforward, Kasten said.

☆ New Biden Law Won’t Kill Drug Cures. It Will Reshape Them.
▼ + stars: | 2023-01-06 | by ( David Wainer | ) www.wsj.com time to read: 1 min

Big pharma loves to bemoan the impact on future drug research when lawmakers get tougher on the industry. The truth is usually a lot more complicated. In a 2021 study, for instance, three academics including Massachusetts Institute of Technology finance professor Andrew Lo looked at what happened to innovation when drug companies were no longer able to resort to one of their favorite tactics: paying generic makers to stay off the market, known as “pay-for-delay.” A 2013 Supreme Court ruling had essentially barred such agreements. What the researchers found was that companies actually responded by increasing their research and development spending to find new drugs.

☆ What long Covid patients need to know about health insurance
▼ + stars: | 2023-01-05 | by ( Annie Nova | ) www.cnbc.com time to read: +4 min

Halfpoint Images | Moment | Getty ImagesNavigating the health insurance system is often difficult and overwhelming, even in the best of times. For patients with long Covid, a relatively new condition that frequently leaves patients with a lengthy and unpredictable list of debilitating symptoms, it can be especially nightmarish. Here's what you need to know about navigating health insurance with the condition. Long Covid patients, for example, often seek physical therapy and mental health services, she said. Clinical trials are 'worth investigating'Clinical trials, many of which are covered by health insurance plans, can be a great option for long Covid patients, Donovan said.

While the majority party has elected their nominee on the first ballot over the past century, this year could be different. Members vote "viva voice," meaning they stand when their names are called by a reading clerk and verbally announce who they are voting for. Members can vote for anyone (even people who are not members of the House), vote present, or not vote at all. If every member doesn't show up, or if some vote present instead of supporting a candidate, that decreases what the majority vote needs to be. Political parties are much stronger now than they were then, when House members were often more loyal to their region.

He is scheduled to appear at 2 p.m. EST (1900 GMT) before U.S. District Judge Lewis Kaplan in Manhattan. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates. Caroline Ellison, who was Alameda's chief executive, and Gary Wang, FTX's former chief technology officer, pleaded guilty to seven and four criminal charges, respectively, and agreed to cooperate with prosecutors. Bankman-Fried, Ellison and Wang were also sued by the U.S. Securities & Exchange Commission and Commodity Futures Trading Commission.

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. It is not unusual for criminal defendants to initially plead not guilty. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. The prosecution case was strengthened by last month's guilty pleas of two of Bankman-Fried's closest associates.

☆ Bankman-Fried set to enter initial not guilty plea in FTX fraud case -source
▼ + stars: | 2022-12-30 | by ( Jack Queen | Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | ) www.reuters.com time to read: +1 min

Bankman-Fried is accused of illegally using FTX customer deposits to support his Alameda Research hedge fund, buy real estate and make millions of dollars in political contributions. He is scheduled to appear at 2 p.m. EST (1900 GMT) on Tuesday before U.S. District Judge Lewis Kaplan in Manhattan to enter a plea. The Massachusetts Institute of Technology graduate has been charged with two counts of wire fraud and six conspiracy counts, including to launder money and commit campaign finance violations. Bankman-Fried has admitted to making mistakes running FTX but said he did not believe he was criminally liable. Reporting by Jack Queen; Editing by Noeleen Walder and Daniel WallisOur Standards: The Thomson Reuters Trust Principles.

Founders in their 20s get a lot of media attention, but research suggests most founders are older. But the data on successful entrepreneurs says otherwise: The average age of business founders is around 40 years old, according to research by Pierre Azoulay, a professor at the Massachusetts Institute of Technology. And a 50-year-old founder is approximately twice as likely to experience a successful exit, meaning the startup is acquired or goes public, compared with a founder at age 30, according to Azoulay's analysis of 2.7 million founders between 2007 and 2014. What's more, the average age of a unicorn founder is 34, according to venture capital partner Ali Tamaseb's 2021 book Super Founders: What Data Reveals About Billion-Dollar Startups. Here are other successful people who found success later in life.

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - Sam Bankman-Fried was released on a $250 million bond package on Thursday while he awaits trial over the collapse of the FTX crypto exchange, which a U.S. prosecutor called a "fraud of epic proportions." His defense lawyer, Mark Cohen, declined to comment after the hearing in Manhattan federal court. U.S. Magistrate Judge Gabriel Gorenstein set Bankman-Fried's next court date for Jan. 3, 2023, before U.S. District Judge Ronnie Abrams, who will handle the case. The bond is meant to ensure that if Bankman-Fried flees, the government could confiscate the family's assets - including their Palo Alto home - up to $250 million. Details of their cooperation were kept under wraps until Bankman-Fried left the Bahamas, according to court papers filed on Thursday.

☆ Quiet Platforms Pushes Toward Full Next-Day Delivery With New Fulfillment Centers
▼ + stars: | 2022-12-22 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Quiet Platforms, the logistics subsidiary of apparel retailer American Eagle Outfitters Inc., is planning to open warehouses in dozens of markets across the U.S. as it works to offer next-day delivery nationally within three years. The warehouses will serve the retailers using Quiet Platforms’ supply-chain network, which include sports goods retailer Fanatics Inc., shoe brand Steve Madden Ltd. and discount outlet Saks Off Fifth. Shekar Natarajan, president of Quiet Platforms Photo: Brittainy Newman/Associated PressThe company already has nine distribution centers in seven markets, but the new sites will likely include smaller facilities close to population centers and dedicated to specific tasks such as sorting packages or consolidating goods, said Shekar Natarajan, president of Quiet Platforms. He said Quiet Platforms currently delivers about 70% of packages next day and around 38% on the same day. “Everyone in retail says we want to be in the right place at the right time with the right quantities,” Mr. Natarajan said.

☆ FTX founder Bankman-Fried to make U.S. court appearance after extradition
▼ + stars: | 2022-12-22 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

Companies Ledgerx LLC FollowNEW YORK, Dec 22 (Reuters) - FTX founder Sam Bankman-Fried is expected to appear before a U.S. court on Thursday after being extradited from The Bahamas, where he had remained since the collapse of his now-bankrupt cryptocurrency exchange. "If you participated in misconduct at FTX or Alameda, now is the time to get ahead of it," Williams said. At his U.S. court appearance, known as an arraignment, Bankman-Fried is expected to be asked to enter a plea. Bankman-Fried has acknowledged risk-management failures at FTX, but has said he does not believe he has criminal liability. Since his arrest on Monday, Bankman-Fried was detained at the Bahamas Department of Corrections prison, known as Fox Hill.

Dec 22 (Reuters) - FTX founder and former Chief Executive Sam Bankman-Fried, who faces U.S. fraud charges over the collapse of FTX, ran his crypto empire with a number of associates. GARY WANGGary Wang co-founded FTX and Alameda Research with Bankman-Fried, and served as FTX's chief technology officer. He and Bankman-Fried met at a math camp in high school and became college roommates, Bankman-Fried wrote in a now-unavailable FTX blog. Wang worked as a software engineer at Google before co-founding FTX and Alameda, according to an archived webpage for the FTX Future Fund, the company's charitable effort. NISHAD SINGHNishad Singh was a best friend of Bankman-Fried's brother in high school, Bankman-Fried wrote in the deleted blog post.

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