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☆ 10 Things in Tech: Hype House for generative AI developers, why Apple is jumping into the metaverse, and a long-range, electric Toyota
▼ + stars: | 2023-06-02 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Like my fully-remote colleague Rebecca Knight, I miss sharing random thoughts with my colleagues. My colleague Darius Rafieyan breaks down the novel setup that's helping unprofitable startups raise money. In other news:Hacker Fellowship Zero is cultivating batches of tech developers, many who are jumping into the generative AI wave, per a New York Times report. Welcome home: A Hype House for generative AI developers. Generative AI has a Digital Blackface problem.

Persons: It's, I'm, Siu, Rebecca Knight, Rebecca, Rebecca Zisser, Darius Rafieyan, Simon McGill, Marc Benioff, Sam Altman, Altman, Mark Zuckerberg, Alistair Barr, GirlfriendGPT, bro, Putin, Diamond Naga Siu, Nathan Rennolds Organizations: Bank of America, New York Times, Getty, San, Toyota, Ryanair, Patryk, Software, VMware, Employees Locations: New Jersey, San Francisco, techies, New York, San Diego, London

☆ Japan slammed by torrential rain as tropical storm nears
▼ + stars: | 2023-06-02 | by ( Elaine Lies | ) www.reuters.com time to read: +3 min

TOKYO, June 2 (Reuters) - Parts of Japan were slammed by torrential rain on Friday as Tropical Storm Mawar neared, with authorities advising more than a million people to evacuate, many flights and other transport cancelled and power outages in thousands of homes. Mawar, which wreaked havoc on Guam earlier this week, has weakened to a tropical storm from its earlier super typhoon status. Shinkansen bullet train service was halted from Tokyo to Osaka, western Japan, as well as some other parts of the nation, NHK public broadcaster reported. Similar weather patterns have caused flooding and landslides in the past, most notably in the summer of 2018, when more than 200 people were killed in western Japan. Though heavy summer rains are not uncommon in Japan, June is unusually early for a typhoon-type storm to near the islands.

Persons: Mawar, Hirokazu Matsuno, Elaine Lies, Mayu Sakoda, Kaori Kaneko, Shri Navaratnam, Lincoln, Frances Kerry Organizations: Disaster Management Agency, Transport Ministry, NHK, Toyota, JMA, Japan Meteorological Agency, Thomson Locations: TOKYO, Japan, Okinawa, Guam, Honshu, Wakayama prefecture, Tokyo, Osaka, Aichi prefecture, Shizuoka prefecture, Shikoku

One of them, Glass Lewis, recommended shareholders vote against re-electing Toyoda, citing what it said was his responsibility for the lack of a sufficiently independent board. CalPERS, which declined to comment, is the largest U.S. public pension fund with some $450 billion in assets under management. The New York City pension funds held 6.7 million shares in Toyota Group companies, including Toyota Boshoku (3116.T) and Toyota Tsusho (8015.T) as of end March. BOARD INDEPENDENCENew York City Comptroller Brad Lander said the Toyota board was not adequately independent, in a statement explaining the vote by the funds it oversees. The New York pension system has also urged both Ford (F.N) and General Motors (GM.N) to move rapidly toward electrification and to disclose more about their lobbying on vehicle standards.

Persons: Akio Toyoda, Glass Lewis, Toyoda, CalPERS, Brad Lander, Daniel Leussink, David Dolan, Maki Shiraki, Kevin Krolicki, Jamie Freed, Christopher Cushing Organizations: Toyota Motor Corp, California Public Employees, New York, Toyota, Tokyo Stock Exchange, The, New, Toyota Group, Nikkei, Ford, General Motors, Lexus, Thomson Locations: TOKYO, New York City, York, Tokyo

☆ Knocked-down EQT pet buyout will get over the line
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +2 min

Private equity firm EQT (EQTAB.ST) on Friday announced a new deal that values the Cheshire-based company at 4.9 billion pounds ($6.1 billion) including debt. The offer took a 5% bite out of the original bid from April, mainly because Dechra subsequently released a poor trading update. Shares in the target, led by company veteran Ian Page, shot up on Friday but are 6% below the EQT takeout price. For starters, board directors have backed the deal and committed to tender their, admittedly small, slither of shares. Breakingviews calculated in April that the buyer would earn a so-so 17% gross return at the original price, even using very generous growth assumptions.

Persons: Dechra, Ian Page, Liam Proud, Aimee Donellan, Streisand Neto Organizations: Reuters, Dechra Pharmaceuticals, RBC, Twitter, Toyota, Thomson Locations: Cheshire, Saudi, East

☆ A Toyota EV drove 1,200 miles without stopping to charge thanks to electric roads with wireless charging
▼ + stars: | 2023-06-01 | by ( Tim Levin | ) www.businessinsider.com time to read: +4 min

An innovative wireless charging system embedded under the asphalt. To demonstrate the tech's potential, Electreon drove an electric Toyota for 1,206 miles straight on a test track that had its wireless charging coils embedded under the asphalt. The impressive feat shows how wireless charging can revolutionize EV ownership, Oren Ezer, Electreon's CEO and cofounder, told Insider. But Ezer thinks wireless electric roads could work wonders for personal EV ownership, too. The firm plans to open a mile-long stretch of electric road in Detroit.

Persons: Electreon, Oren Ezer, Rav4, Ezer, EVs Organizations: Toyota, EV, — Locations: Germany, Detroit

Companies Toyota Motor Corp FollowTOKYO, May 31 (Reuters) - Toyota Motor Corp (7203.T) said on Wednesday that information on customers in some countries in Oceana and Asia, excluding Japan, may have been left publicly accessible from October 2016 to May 2023. Toyota is investigating the issue based on the laws and regulations of each country, a company spokesperson said. Toyota did not say how many customers were affected by the incident, in which countries they are located exactly, and whether customers of its luxury Lexus brand were affected. Only part of customers' information may have been externally accessible, the company said. The company initially uncovered the incident announced this month by chance, during inspections that started on April 7, the spokesperson said.

Persons: Daniel Leussink, Tom Hogue, Jacqueline Wong, Gerry Doyle Organizations: Toyota Motor Corp, Toyota Connected Corp, Toyota, Lexus, Thomson Locations: Oceana, Asia, Japan

☆ Debt deal sacrifices $140 bln return on investment
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

The budget deal agreed to by President Joe Biden and top congressional Republican Kevin McCarthy would move $20 billion away from the Internal Revenue Service over the next two years. The change shores up cash for other agencies, but projections suggest the IRS funding would’ve made a significant step toward closing the government’s $925 billion budget gap. Biden approved $80 billion of new cash for the IRS in 2021, arguing the funding would strengthen enforcement and increase revenue collected by Uncle Sam. The CBO estimated in 2021 that for every $1 increase to IRS funding the government would recoup $6.40 to $7.10. The $20 billion being diverted from the agency could therefore raise as much as $142 billion through 2031.

Persons: Joe Biden, Kevin McCarthy, would’ve, Biden, Uncle Sam, Ben Winck, Lauren Silva Laughlin, Sharon Lam Organizations: Reuters, U.S, Internal Revenue Service, Office, CBO, IRS, White, Twitter, Toyota, Lufthansa, Thomson Locations: Saudi, East, Italy

☆ Pru CFO exit adds urgent task to new CEO’s agenda
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, May 31 (Reuters Breakingviews) - Anil Wadhwani's honeymoon period as Prudential’s (PRU.L) boss has ended abruptly. Just as he prepares to mark 100 days in the role, his Chief Financial Officer James Turner has unexpectedly resigned after an investigation into “a recent recruitment situation”. Worse, Turner’s previous assignment was as Prudential’s chief risk and compliance offer, a position he held for more than four years. Following China’s reopening, mainland visitors purchasing insurance products in Hong Kong helped boost its quarterly annual premium equivalent, a measure of new sales, by 35% year-on-year in the three months to March. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Anil Wadhwani's, James Turner, Turner, Katrina Hamlin, Robyn Mak, Streisand Neto Organizations: Reuters, Prudential, Twitter, Toyota, Lufthansa, Thomson Locations: HONG KONG, Hong Kong, London, Saudi, East, Italy

☆ These are the 7 most loved brands in America—Apple and Amazon just missed the cut
▼ + stars: | 2023-05-31 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

They then asked respondents to rank those brands across nine reputation-gauging categories. 1 among all listed companies in the "trust," "culture" and "growth" categories. John Deere rounded out the top three, ranking second among all listed companies in the "products and service" and "culture" categories. Tech giants Amazon and Apple barely missed the cut, respectively ranking eighth and 10th — but both still obtained an "excellent" overall score, the highest tier possible on the report. Apple rose 11 spots, most significantly improving in the "culture" and "trust" categories.

Persons: Joe's, Axios Harris, pollsters, Yvon Chouinard, Richard Galanti, John Deere, Tim Cook, Cook, Kelly Evans Organizations: Costco, Patagonia Costco, Deere, Toyota Motor Corporation Samsung Quality, Patagonia Purpose Trust, Holdfast, Tech, Amazon, Apple, CNBC Locations: U.S, Patagonia

[1/2] The logo of Chinese carmaker Geely Auto is pictured at the second media day for the Shanghai auto show in Shanghai, China April 17, 2019. Thailand's Board of Investment held discussions with five major Chinese EV makers including Geely during a roadshow to China in April, its Secretary-General Narit Therdsteerasukdi said. "All expressed keen interest in Thailand's policy to develop a regional EV production base and an integrated EV supply chain," Narit said, without providing more details of the talks with Geely. BYD and China's Great Wall Motor Co Ltd (601633.SS) are already working on building local EV production in Thailand. China's Great Wall Motor has said it is considering a research and development centre in Thailand that could work on battery-powered pickup trucks.

Persons: Aly Song BANGKOK, Geely, Narit Therdsteerasukdi, JAC Motors, Narit, Aston Martin, China's, Devjyot Ghoshal, Zhang Yan, Jamie Freed Organizations: Shanghai, REUTERS, Reuters, of Investment, BYD Co, Chongqing Changan Automobile Co, Jiangling Motors Corp Ltd, EV, Wall Motor Co, Volvo, Aston, Malaysian carmaker Proton, Toyota Motor Corp, Isuzu Motors, Thomson Locations: Shanghai, China, Thailand, Chongqing, Geely, Swedish, Southeast Asia

The Hebei-based company is also considering establishing a research and development centre in Thailand that could work on battery powered pickup trucks, Narong Sritalayon, managing director of Great Wall Motor Thailand said in an interview. "I think there is a lot of things we can learn from Thailand's unique market for pickup trucks," Narong said. Great Wall launched its Ora Good Cat compact EV in Thailand in late 2021. Great Wall entered Thailand in 2020 after taking over a former General Motors Co (GM.N) plant that currently makes two of its Haval hybrid vehicles for sale in the country. But the facility could be upgraded for battery cell production with additional investment depending on demand and Thai government support, Great Wall added.

☆ Toyota, Daimler in deal to combine Japan truck operations
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +1 min

Daimler Truck Holding and Toyota Motor Corp said on Tuesday they had entered a non-binding agreement to combine the businesses of their truck units in Japan. Under the memorandum of understanding (MOU), the businesses of Daimler-owned Mitsubishi Fuso Truck and Bus Corp and Toyota subsidiary Hino Motors Ltd would be combined under a holding company, they said in a statement. Daimler Truck and Toyota will invest in the company equally and cooperate on the development of hydrogen and other technologies in areas such as connectivity and autonomous driving, the statement said. Last year, a committee tasked with investigating an emissions scandal at Hino, which became a Toyota subsidiary in 2001, found that the truck and bus maker had falsified emissions data going back to 2003. The heads of the four companies will hold a joint news conference in Tokyo at 4:30 p.m. (0730 GMT).

☆ Toyota's April global sales rise on stronger demand in Japan, China
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +1 min

Companies Toyota Motor Corp FollowTOKYO, May 30 (Reuters) - Toyota Motor Corp's (7203.T) global sales rose by nearly 5% in April from a year earlier, boosted by stronger demand for hybrids and gasoline-powered cars in Japan and China. The Japanese automaker also reported better overseas sales of battery electric vehicles (EVs), bringing the total number of battery-powered units it sold in the first four months of the year above last year's level. In China, Toyota saw sales jump 46.3% to 162,554 units in April compared to the same month a year earlier, rebounding from the previous year's pandemic-related hit. In April, the automaker sold 8,584 battery EVs worldwide, including its Lexus brand, accounting for more than 1% of its global sales in a single month for the first time. That brought the total number of battery-powered vehicles it sold in January-April to 26,057 units, higher than the 24,466 battery EVs the company sold in 2022.

☆ Toyota governance fight gets stuck in traffic
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, May 30 (Reuters Breakingviews) - Governance campaigns against Japanese companies have a hard enough time gaining traction as it is. ValueAct Capital’s two-year campaign against Seven & i (3382.T) culminated last week with at best just a third of shareholders backing its four board candidates. Glass Lewis asserts just three of Toyota’s 10 board candidates are unaffiliated, fewer than the one-third the advisory sets as a floor. Toyota insists its board meets the Tokyo Stock Exchange’s independence standards. He should go in any event: having the former CEO of 14 years lead the board is bad governance.

TOKYO, May 28 (Reuters) - Proxy adviser Institutional Shareholder Services (ISS) has recommended that shareholders of Toyota Motor Corp (7203.T) vote in favour of a resolution urging the automaker to improve disclosure of its lobbying related to climate change. ISS in a report also said it regarded three of Toyota's four outside board director nominees as not truly independent. Toyota's board said the fluidity of such disclosure made the proposal unsuitable for enshrining in the articles of incorporation. A spokesperson previously said few firms globally have made climate policy engagement-related disclosure to the extent of Toyota. "Toyota does not provide shareholders with enough information to evaluate its lobbying activities," ISS said.

A man appeared on a budgeting podcast to seek help and raise awareness for mental health issues. A man struggling with huge debts appeared on a budgeting podcast last week, saying he was an example of how ignoring mental health can lead to financial problems. "It's been a really, really bad situation I've been in for the past couple of years," Duncan said. "I wanted to be on here to specifically platform how not treating your mental health issues can lead to massive financial strain that I'm in," he said. "Guys, if you have anything with mental health that you need to deal with, anxiety, depression, bipolar disorder, trauma, PTSD, etc.

☆ Japan stocks are on fire this year. Here are 3 reasons why the rally could have 'staying power'
▼ + stars: | 2023-05-27 | by ( Sarah Min | ) www.cnbc.com time to read: +8 min

Since then, Japanese equities have rallied. Even so, Strategas Securities' Chris Verrone has remained optimistic on Japanese equities, saying this week that the rally is not yet overbought. Meanwhile, JPMorgan chief market strategist Marko Kolanovic said in a note, also on Tuesday, that the rally in Japan still has "staying power." For international investors, those remarks signaled that Japanese companies may be more transparent with shareholders in the future. Investors can also take a company-specific approach, according to Diamond Hill's Mohanraj, who favors Japanese companies that boast differentiated products.

☆ Tesla had the world's top-selling car for the first time
▼ + stars: | 2023-05-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +2 min

Tesla's Model Y outsold all other vehicles in the first quarter this year. For the first time, an electric car was the top-selling vehicle around the world in the first quarter, and there's no surprise it was a Tesla. The EV market leader's Model Y outsold all other vehicles in Q1, according to estimates from JATO Dynamics published by the enthusiast publication Motor1. Tesla CEO Elon Musk predicted his midsize SUV would outpace all other vehicles this year back in August 2022. Tesla has been caught in consumer crossfires as the company has cut prices of its vehicles, including the Model Y.

Persons: there's, Motor1, Elon Musk, Musk, Tesla, Sam Fiorani, JATO Organizations: JATO Dynamics, Elon Musk's, EV, Morning, AutoForecast Solutions, Tesla, Toyota Corolla, Toyota

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ She’s Out to Save Rare Wildflowers, but First She Has to Find Them
▼ + stars: | 2023-05-22 | by ( Jill Cowan | Daniel Dorsa | ) www.nytimes.com time to read: 1 min

The white Toyota Tacoma bumped along the dirt path, up and down hills, brush scratching the sides of the truck with a high-pitched whine. Naomi Fraga, her hair in pigtail braids under a ball cap, drove like a slightly more cautious Indiana Jones guided by an ancient map. She stopped the vehicle on a perch overlooking an expanse of boulders and Joshua trees in eastern Kern County, about 170 miles northeast of Los Angeles. “This is right where they’re supposed to be,” she said. Dr. Fraga, 43, was on a treasure hunt, but not for gold or jewels.

☆ Ford, GM and Toyota push into midsize pickup trucks, the latest battleground for U.S. automakers
▼ + stars: | 2023-05-20 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

Midsize pickup trucks are following the lead of their larger, full-size counterparts such as the Ford F-150, Chevrolet Silverado and Toyota Tundra. While the Detroit automakers dominate large pickup truck sales, Toyota Motor is the clear leader in midsize pickup truck sales with its Tacoma. Toyota has commanded a roughly 40% share of the American midsize pickup truck segment since 2019, when Ford and Jeep reentered the market, Edmunds reports. Edmunds reports the Detroit automaker's share of the U.S. midsize pickup segment last year was about 19%, followed by Stellantis ' Jeep Gladiator at 12.8% and the Nissan Frontier at 12.5%. Varying strategiesAutomakers' sales volumes speak to their diverging strategies in the midsize pickup truck segment.

☆ Japan's Hitachi Astemo flags lapses in quality tests over decades
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +3 min

The comments come in the wake of news last month that Toyota affiliate Daihatsu rigged safety tests for 88,000 small cars. Hitachi Astemo, which makes car and railway parts ranging from brake and damping systems to powertrains, worked with customers to redo tests on nearly 24 affected products following an investigation, Chief Executive Brice Koch told reporters. "We have now taken all the relevant measures to improve, to increase the robustness of our system and our company," Koch said, saying he did not expect any impact on growth or costs. The issues included reporting periodic test results to customers without running the actual tests on some products. Employees also ran tests on suspension systems at incorrect temperatures, a spokesperson said.

☆ America’s favorite mid-size pickup, the Toyota Tacoma, unveils 2024 lineup
▼ + stars: | 2023-05-19 | by ( ) edition.cnn.com time to read: 1 min

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☆ Toyota redesigns bestselling Tacoma pickup amid increased midsize competition
▼ + stars: | 2023-05-19 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

The Tacoma has led the midsize pickup segment in sales for nearly 20 years, as competitors such as Ford, Jeep and Chevrolet have come, gone and returned to the segment. Midsize pickup trucks represented 4.4% of total U.S. vehicle sales in 2022, according to auto research firm Edmunds. Toyota has commanded a roughly 40% share of the American midsize pickup truck segment since 2019 when Ford Motor and Jeep reentered market, according to Edmunds. 2024 Toyota Tacoma Limited ToyotaTrailing Toyota is General Motors , which sells the Chevy Colorado and GMC Canyon. Tacoma is available in SR, SR5, TRD PreRunner, TRD Sport, TRD Off Road, Limited, TRD Pro, and Trailhunter.

Global supply chains grew overwhelmed as they struggled to deliver. But Prange said most of his supply chain had stabilized - meaning he was able to get most of what he needed - by the end of 2021. "One of the headwinds is inflation," said Kevin Austin, the supply chain chief for Toyota Motor North America. Meanwhile, the global supply chain snarls of the pandemic have diminished. The New York Fed's Global Supply Chain Pressure Index ticked down to a reading of -1.32 in April, compared to a revised -1.15 in March.

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