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The Very Real Health Dangers Of Virtual Reality

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Is the magical world of virtual reality arriving in your home in the very near future?

If so, you’re not alone. Statistics show that more than a million VR headsets were shipped during the third quarter of 2017. That number is expected to rise rapidly in 2018 as more manufacturers enter the market.
But before you or your children try out your shiny new VR gadgets, be sure you’re fully aware of the potential health risks of this technology.

Clear The Playing Field

A quick glance at the safety warnings for the major manufacturers in this space makes it clear: Playing VR without supervision and in a crowded space is risky business.

“While wearing the product’s headset you are blind to the world around you,” says the safety information page for HTC’s Vive. “Do not rely on the product’s chaperone system for protection.”

“I see more falling than anything else,” said Marientina Gotsis, an associate professor of research at the Interactive Media and Games Division of the University of Southern California. “You can trip and hit your head or break a limb and get seriously hurt, so someone needs to watch over you when you are using VR. That’s mandatory.”
That includes keeping pets, small children and other obstacles — like ceiling fans — out of the area. Facebook’s Oculus Rift includes an infographic with the product and has an online safety center with video explanations to illustrate the safety issues.

Keep An Eye On It

One of the major health concerns about virtual reality involves the eye.
“There are a variety of potential issues,” said University of California, Berkeley optometry Professor Martin Banks, who studies visual perception in virtual environments. “One is how we affect the growth of the eye, which can lead to myopia or nearsightedness.”

Myopia is a growing problem around the world. In the United States, studies show, nearsightedness rose from only 25% of the population in the 1970s to over 40% by 2000. About 10 million American adults are considered “severely nearsighted.”

“Looking at tablets, phones and the like, there’s pretty good evidence that doing near work can cause lengthening of the eye and increase risk for myopia,” Banks said. “We’re all worried that virtual reality might make things worse.”

Virtual reality can confuse the eye-brain connection.

Add ‘Motion Sickness’

A good many people who use virtual reality complain of eye strain, headaches and, in some cases, nausea. Experts say that’s due to the way VR affects the eye-brain connection.
In real life, our eyes naturally converge and focus on a point in space, and our brain is so used to this that it’s coupled the two responses together. Virtual reality separates those, confusing the brain.

“In a virtual environment, the way we look and interact is changed because we may be projecting onto the eyes something that looks far away, but in reality, it’s only a few centimeters from the eye,” said Walter Greenleaf, a behavioral neuroscientist who has studied VR in medical settings for over 30 years.

Science calls that the “vergence-accommodation conflict” and isn’t quite sure how serious it might be. “We’re tricking the brain,” said Greenleaf, who works with Stanford University’s Virtual Human Interaction Lab, “and we don’t know the long-term effect of this.”
Most of us look at cell phones and tablets for a short time before looking up, which minimizes their negative effect on the eye. But with VR, it’s all too easy to become immersed in that out-of-body experience.

How long is too long to use virtual reality in one sitting? Manufacturers like Oculus suggest a “10 to 15 minute break every 30 minutes, even if you don’t think you need it.” But Gotsis says that’s not based on much science.

“Most of what is on the market right now has little research behind it,” she says. “Cumulative exposure without us really knowing what is going on is an issue.”
Gotsis says the quality of the virtual reality game also plays a role in how we react.
“A lot of content is not well-made, with a lot of flickering things and objects that come at you too fast or too close, and that can produce eye strain,” she said She insists that any eyestrain be considered a signal to cease playing.

“Damage from eye strain can sometimes be very sudden, so if something is uncomfortable, just stop, take it off and stop looking at it,” Gotsis warned. “Don’t feel trapped and mesmerized in the content. Just stop.”

Pre-existing Conditions

It’s not just the eyes that might be harmed. “Listening to sound at high volumes can cause irreparable damage to your hearing,” states Oculus Rift.

“Over time, increasingly loud audio may start to sound normal but can actually be damaging your hearing,” Sony’s PlayStation adds, suggesting that a user lower the volume if they can’t hear people speaking around them while they’re playing.

Most devices also include a warning to see a doctor before use if you are “pregnant, elderly, or have pre-existing conditions that may affect your virtual reality experience such as vision abnormalities, psychiatric disorders, heart conditions, or other serious medical conditions.”

That warning includes implanted medical devices, such as cardiac pacemakers, hearing aids and defibrillators, as well as anyone with epilepsy or a history of seizures and blackouts. But manufacturers say some people can seize even without a history of blackouts, especially those younger than 20, so manufacturers suggest keeping an eye out for involuntary muscle twitches and loss of balance as a signal of a potential problem.

Daydream also suggests avoiding play entirely if you’re “intoxicated, overly tired, or are suffering from a cold, headache, upset stomach, or other sickness” because the experience of virtual reality might make you feel worse.
And if that’s not enough, Daydream View warns that sharing the device could spread contagious diseases and infections and even cause skin irritation.

Little research has been done on the effects of VR on children.

Children At Greatest Risk

Gotsis believes that families with younger children should be especially cautious with virtual reality, even if they purchased the game for teens or young adults.
“It’s almost impossible to hold up something shiny in front of a young child and then say ‘no, you can’t have this,’ ” she said. “So parents have to tell the older child that part of your responsibility is to take care of their younger siblings, to help them understand they shouldn’t use it.”

If they do try it, Gotsis adds, the younger the child, the shorter the exposure should be.
“Children may not know how to communicate discomfort of any sort, such as visual discomfort or motion sickness, so you don’t want prolonged exposure on screen,” she said.
Jeremy Bailenson, director of Stanford’s Virtual Human Interaction Lab, uses VR himself and on subjects in his lab daily. Yet he has let his 6-year-old daughter use it only four times in her life, each time for a duration of only five minutes.

“We read a lot of new studies in our work,” he said, “but what we are seeing is a ton of studies on medical applications and not many with young kids, and not really any with really young kids.”
Berkeley’s Banks agrees. “The research has been done primarily in young adults … so we don’t really know what is going to happen to a young child.”

Most major manufacturers have set a cutoff age: no use of the device for children under the age of 13. Playstation VR set the age limit at 12; HTC’s Vive doesn’t mention an age, only that it is not “designed to be used by children.”

Google Cardboard has no age restriction but says it should not be used without adult supervision.
Stanford’s Greenleaf believes that until research catches up, parents, “and in fact everyone, should be very judicious” about use.
“I would be concerned for everyone who uses this,” he said. “You don’t have to have a young brain to have an impact.”

Content Is Key

Virtual reality content can also affect your perception of reality.
“VR can be stored in the brain’s memory center in ways that are strikingly similar to real-world physical experiences,” said Stanford’s Bailenson, author of the forthcoming book “Experience on Demand,” about his two decades of research on the psychological effects of virtual reality. “When VR is done well, the brain believes it is real.”

That’s great if the content is fun, educational or inspirational. For example, research shows that adults can be taught to recycle, increase their physical activity or become more empathetic to those of different races if they see themselves doing so virtually.

But what if the content is scary or combative? Some of today’s popular VR games allow you to fight off bloody zombies, get a “virtual tour of hell,” battle “endless waves of combatants” and kill as many as you can in “survival horror.” In one game, you can even shoot yourself in the head.

The health and safety page for Google’s Daydream View says it straight out:
“If the content is frightening, violent, or anxiety provoking, it can cause your body to react physically, including increasing your heart rate and blood pressure. It can also, in some individuals, cause psychological reactions, including anxiety, fear, or even Post Traumatic Stress Disorder.”

“If you were to do this in the real world, how would it affect you? That’s the way to think about virtual reality,” Bailenson said, adding that research shows becoming someone else in VR produces greater changes in real-life attitudes and behavior than watching video or doing role playing.
“So don’t think of VR as a ‘media experience,’ because the brain sees it as similar to an actual experience,” he said. “If it’s an activity that you’re ethically not comfortable with in real life, don’t do it. If you think of it that way, the guidelines on what you want to do in VR become very clear.”

Content And Kids

It should come as no surprise that studies show children may be even more susceptible to confusing virtual reality with the real thing, with the youngest at most risk. In a 2009 study, young elementary children watched their virtual doppelgänger swimming with orcas. When these kids were questioned a week later, they said they believed their virtual experience to be real.

In a recent study by Jakki Bailey of the University of Texas, funded by the nonprofit Sesame Workshop, 55 children between the ages of 4 and 6 played the game Simon Says with the furry blue monster Grover, a popular character. Half of the children played in virtual reality; the other half played with Grover’s character on a TV. The games lasted five minutes.

The good news, says Bailenson, is that none of the children in the VR experience became dizzy or had unpleasant physical reactions to their short exposure.
“But the children who saw Grover in VR saw him as more real,” he said. “Grover was more influential in immersive VR than on TV, and it was harder for the children to inhibit their actions and not do what Grover did.”
It’s not just little ones that might internalize a VR scenario. Older adolescents were also found to be painfully sensitive to being socially excluded in a virtual environment.

This means parents need to be careful about the type of VR content they allow their children to view, experts say.

“A spider can be a fun spider or a scary spider. I don’t know what it’s like until I actually try it,” Gotsis said. “So I find that nothing will replace the parent doing the experience themselves and saying ‘OK, this is fine for my child.’ And then do it with them. Walk them through it. There’s a huge difference between experiencing something alone or with others.”

And as long as parents do their job, Bailenson believes, future research will show that virtual reality can be enjoyed by children without harm.
“I’m not worried about kids using VR. I’m worried about kids using any media uncontrolled,” he said. “Parents need to be careful, active and participating, because the VR medium is more powerful than traditional media. But with proper adult supervision, using it infrequently, I think it’s going to turn out to be just fine.”

Planetary Resources A Step Closer To Mining Asteroids With Spacecraft Launch

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The Arkyd-6 spacecraft buckled up and ready for launch onboard PSLV-C40

US-based Planetary Resources is now a step closer to begin mining asteroids as it successfully launched its Arkyd-6 spacecraft on the evening of January 11, 2018, the company’s second technology for celestial bodies-observing tests.

The Redmond, Washington-based firm had been working on its Arkyd-6 imaging satellite for years with the goal of developing a tool able to deliver affordable, on-demand intelligence of natural resources available at near-Earth asteroids.

Planetary Resources’ first spacecraft of this kind — the Arkyd3 Reflight (A3R) — was launched from the International Space Station in early 2015 aboard the SpaceX Falcon 9.

Asteroid Mining: Who Wants to Be A Trillionaire?

The Arkyd-6 is twice as big, and is expected to provide Earth imagery in the midwave infrared slice of the electromagnetic spectrum. It contains core technology that will be used in the company’s asteroid exploration program, including a mid-wave infrared sensor, second-generation avionics, power systems, communications, and attitude determination and control systems.

The team has already begun to receive telemetry from the spacecraft, Planetary Resources said. It added that data obtained from the Arkyd-6 would be valuable in the development of the Arkyd-301, its next spacecraft platform and the beginning of its space resource exploration program.

Image result for mining asteroids

“The success of the Arykd-6 will validate and inform the design and engineering philosophies we have embraced since the beginning of this innovative project,” Chris Lewicki, President and CEO of Planetary Resources, said in the statement. “We will continue to employ these methods through the development of the Arkyd-301 and beyond as we progress toward our Space Resource Exploration Mission.”

Many consider asteroid mining a first and key step to the eventual colonization of outer space, something similar to what California’s Gold Rush was, but out of this planet.

Nearly 9,000 asteroids larger than 36 meters (150 feet) in diameter orbit near Earth. Geologists believe they are packed with iron ore, nickel and precious metals at much higher concentrations than those found on Earth, making up a market valued in the trillions of dollars.

Asteroids are also a prime source for water in space, essential for interplanetary outpost.

Lithium Soars, What Does It Mean For The Future?

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Lithium has lived up to it’s label as the “Next Big Thing”.

Prices are going stratospheric, junior miners are rushing to stake claims on future supply and investment websites are glowing red hot with speculation about the metal’s prospects.

The Global X lithium fund, one of the very few ways to get in on the action, has gained 25% over the past three months with assets under management leaping from $41 million to $68 million since the start of the year.

It’s a far cry from the 1990s, when the U.S. Department of Energy was selling surplus stocks and mines were closing as the nuclear arms race wound down, reducing demand for one of the materials used in hydrogen bombs.

But the fortunes of this most versatile of metals were transformed in 1991 when Sony commercialized the lithium-ion battery, now an integral part of just about every electronic device.

Now, however, it looks set to scale even greater heights as carmakers, led by Tesla, step up efforts to mass produce electric vehicles using an enhanced version of that same technology.

Lithium could become the key material in the coming green revolution of storable energy.

But the lightest of metals in the periodic table is shrouded in darkness when it comes to its pricing mechanics.

If lithium is going to become an integral part of the global energy supply chain, its market opacity is a big problem.

WHAT’S THE PRICE?

Start with the most basic of questions. What is the price of lithium?

More than $20,000 a ton on the Chinese spot market for battery grade material, according to research house CRU.

It’s about $7,000 for Chinese imports of carbonate — the most traded form of the metal — but only $5,000 for U.S. imports, analysts at Macquarie Bank said.

Whichever measure you use, prices are on the up. CRU estimates that the Chinese spot price has almost tripled from $7,000 the middle of last year. Macquarie, meanwhile, notes that Chinese import prices for Chinese carbonate and export prices for hydroxide have hit record highs.

It’s a bit confusing, isn’t it?

There are two problems here. The first is the bewildering number of products that can be made from lithium, ranging from lithium stearate (industrial grease) to lithium fluoride (aluminum smelting) to butyllithium (organic compounds).

All are normally converted for pricing into lithium carbonate, largely used for battery manufacture.

But even then the picture is complex.

There are different types of carbonate, with lower-grade material for the ceramics and glass industries, for instance, while higher-grade material used in batteries. Nor are lithium-ion batteries themselves homogenous. There are five major types, each using a different lithium compound.

Things become even murkier because the second problem with lithium pricing is that most trade is conducted between a small number of producers and their customers.

There is no exchange trading, no terminal storage market and only an extremely limited spot market.

This means that price assessments such as those from CRU and Macquarie rely first and foremost on published trade volumes and trade values, a statistical sleuthing exercise made more difficult by the complexity of the lithium product chain.

The (highly variable) bottom line is that lithium pricing is extraordinarily opaque.

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OLIGOPOLY

That opacity is a direct result of the way the lithium market is structured. Only four producers control about 85% of supply, Macquarie says.

Chile’s SQM and U.S. companies FMC Corp and Albemarle Corp dominate the production landscape, extracting lithium from salt lakes in Chile and Argentina. Albemarle also operates a brine operation in Nevada.

The fourth producer is Australia’s Talison, which produces lithium at the Greenbushes mine in Western Australia. But it is hardly an independent, being 49%-owned by Albemarle and 51% by China’s Tianqi Lithium, which takes almost all of the mine’s output for processing in China.

This oligopoly poses a real challenge for Tesla, will need about 27,000 tons of lithium carbonate a year to reach its sales target of 500,000 vehicles a year by the end of 2018. That equates to 16% of global consumption last year, Macquarie estimates.

Tesla seems to be placing its faith in a new generation of producers, signing prospective off-take agreements with Bacanora Minerals, owner of the Sonora project in Mexico, and with Pure Energy Minerals, which is working on the Clayton Valley project in Nevada.

Interestingly, in announcing these deals, both miners said that material would be supplied at a predetermined level below current market pricing in alignment with Tesla’s goal to reduce the cost of its batteries.

FUTURE UNCERTAIN

There is no shortage of other companies staking their claims to profit from the expected lithium rush.

But does the world actually need more lithium?

It seems obvious that it will, given the limited number of suppliers and the forecast rise of the electric car.

That’s why prices are so strong, isn’t it?

Well, not necessarily.

Macquarie Bank argues that one of the reasons the price is so strong is because the oligopoly is running well below capacity.

Hard production figures are difficult to come by since none of the major operators publishes them.

But based on Australian exports of lithium concentrate, Macquarie suggests that Talison was last year operating its Greenbushes mine at only 60% of capacity.

“We believe existing producers will be forced to lift volumes to protect market share and keep new entrants out,” the bank said in a report last week, adding that it expects prices to peak in late-2017 and then start heading lower.

It’s a sobering assessment for a metal that is creating such a buzz in the blogosphere.

There is an obvious analogy with the rare earths mania of a few years ago, when excitement about the demand outlook for esoteric metals such as neodymium boosted prices only for investor exuberance to be dashed by a realization that there was more than ample supply to feed that demand.

Might lithium go the same way?

Should we be worried by a future supply squeeze or is supply already being squeezed by dominant producers?

Lithium’s market dynamics are so dark it is almost impossible to say with any degree of uncertainty.

That’s a problem for investors.

It’s also a big problem for the likes of Tesla, who will be at the mercy of those market mechanics, at least until some bright spark invents a new type of battery.

 

Zinc Price Hits Fresh Decade High

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Zinc hit fresh highs above $3,400 a tonne on Friday, 1/12/18, the best level since August 2007 as supply worries intensify and the base metal complex finds support from a robust outlook for global growth.

“From the macro point of view, this is not an environment where you’d want to be shorting metals,” Michael Widmer, head of metals research at Bank of America Merrill Lynch, told Bloomberg News from London.

Low treatment charges for concentrates, high physical delivery premiums for refined metal and low stockpiles all point to a tight market, Widmer said. LME inventories fell for a 13th week, reaching the lowest level since October 2008. Shanghai exchange stocks have more than halved over the past year.

Image result for zinc mining

China’s zinc and zinc alloy production dropped by 1.5% in 2017 to 4.73 million tonnes due to low processing fees, inadequate concentrate supply and the impact of strict environmental inspections, Beijing research house Antaike said on Friday.

Market is “confused” about post-winter consumption outlook in China but historically low zinc concentrate and ingot inventories are set to support prices Antaike told Reuters.

China’s 2018 zinc output seen rising as more smelters come on stream, with Baiyin Nonferrous Group having already launched new capacity in the fourth quarter of last year according to the report.

Image result for zinc mining

The metal has more than doubled since hitting multi-year lows in January 2016 when top producer Glencore curtailed production to shore up prices.

In December, Glencore said it would restart its Lady Loretta mine in the first half of this year, but added that it still expects zinc output to decrease slightly in 2018 to a shade under 1.1 million tonnes. In 2019, Glencore sees its zinc output creeping back up to 1.16 million tonnes.

Overall global zinc supply is to increase next year with the addition of capacity coming online in Australia (MMG’s Dugald River project) and South Africa (Vedanta’s Gamsberg mine).

Today’s price for zinc, used mainly to galvanize steel, compares to an all-time high of $4,580 struck in November 2006. During the depth of the global financial crisis zinc came close to falling into triple digits.

We’ve Seen An 82 Percent Jump In Bitcoin-Related Jobs, Says Employment Website CEO

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Bitcoin-related jobs are the fastest growing category of role on international employment marketplace Freelancer, the company said Wednesday.

With 82 percent growth in the third quarter, work related to cryptocurrency is skyrocketing, the data showed. The company’s periodic report tracks top trends in online jobs based on the listings on its Freelancer.com platform.

“People are getting freelancers to design new types of cryptocurrencies,” Matt Barrie, CEO of Freelancer, told CNBC. One of the main skills for which companies are looking is the ability to manage an initial coin offering — when a new digital token is first sold to outside speculators in a bid to raise money.


According to Freelancer, employers were also looking for people to create new cryptocurrencies and to write proposal plans for technologies employing blockchain — the data structure pioneered by bitcoin.

The related field of cryptography saw the number of job listings rise 59 percent in the third quarter, according to Freelancer.

Bitcoin’s popularity has seen ups and downs in recent years, but the cryptocurrency has enjoyed repeated record highs in recent months, breaking above the $6,250 mark on Sunday.

Freelancer.com listed more than 480,000 new jobs in the third quarter and has over 12 million jobs to date with 25 million users, according to the company.

The top employee abilities that companies sought were: Adobe InDesign, 3D design, creative design, web language HTML5 and e-commerce platform WooCommerce.

In social media, Facebook, Instagram and Snapchat dominated the platforms — surpassing the likes of Twitter, Pinterest and Google Plus.

Walmart Is Killing Target And Making Amazon Sweat

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Many retailers are in a world of pain because of Amazon. Walmart is not one of them.
It beat Wall Street forecasts for sales and profit on Thursday and improved its forecast for holiday shopping. The stock rose nearly 11% to an all-time high.
What’s most impressive about this is that Walmart (WMT) is doing it the Amazon way — with sizzling online growth.

Walmart, which owns Jet.com, ModCloth, Bonobos, Moosejaw and several other shopping sites, said its digital sales rose a stunning 50% in the United States during the third quarter.
That’s more than double the growth rate that Target (TGT) just posted for online sales. It’s higher than Amazon’s growth rate for revenue, too.
Walmart has made a big bet on digital.
It recently bought Parcel, a logistics startup that will allow Walmart to launch same-day delivery services for online purchases in New York City.

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It’s working with the smart-lock company August Home on a test program that will let you order food from Walmart and have the delivery people come and put it away in your fridge.
And Jet recently launched a line of household products targeted at millennial shoppers called Uniquely J.
Walmart also revamped its return policy to make it easier and faster for customers to start the return process using the Walmart app.
And Walmart is taking a page from Amazon’s book by selling other retailers’ products on its own site. Walmart recently announced that it will sell clothes from Lord & Taylor.
The company is thriving in China as well. Sales from Walmart and Sam’s club locations there are solid, and online growth is robust thanks to a partnership with the Chinese e-commerce firm JD.com (JD), the top rival to Alibaba (BABA).

This and other initiatives are helping boost traffic and sales at Walmart’s physical stores, not just its digital sites. And Wall Street has noticed.
Shares of Walmart are up about 45% this year, while other big retailers like Target, JCPenney (JCP), Macy’s (M) and Sears (SHLD) have plunged.
It seems investors and shoppers alike are increasingly viewing the online mass-merchandise battle as one with two winners — Walmart and Amazon (AMZN, Tech30) — and many losers. Amazon’s stock has soared more than 50% this year.
Walmart is also holding its own in the supermarket business, posting solid sales growth, particularly online. That’s despite an increased threat from Amazon, which now owns Whole Foods and has been cutting that chain’s prices.

There may be room for some other specialty retailers to thrive.
Best Buy (BBY) disappointed Wall Street on Thursday with sales that missed forecasts and a tepid outlook, but its stock is still up nearly 30% this year.
Home Depot (HD) is benefiting from the housing boom, partly because homebuilders and do-it-yourself customers want to see its products in a brick-and-mortar store. Kiddie apparel company Children’s Place (PLCE) has enjoyed solid sales, too.

China Electric Vehicle Startup Launches First Model At Half The Price Of Tesla’s Model X

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NIO founder: For sure, Tesla is our rival
China’s electric vehicle start-up Nio launched its first mass-produced model over the weekend, in a home market marked by competition with companies such as Tesla.

The ES8, which starts at 448,000 Chinese yuan ($67,765) is half the starting price of Tesla’s 836,000 yuan ($126,470) Model X in China.

Nio also enjoys the advantage of Beijing’s state subsidies for electric vehicles.

“It’s hard to assume” how this will affect Tesla’s sales in China, Nio Founder and Chairman William Li told CNBC over the weekend. “Maybe Tesla will sell less … after our product is out. Or probably, because the whole market is growing, they will still maintain growth in sales. It’s hard to say.”

“But we do have lots of customers that turned to us from Tesla, and many who have bought buy products from both,” said Li, who spoke to CNBC on the sidelines of the ES8 launch event.

What is clear is that the two are competitors.

“For sure I think Tesla is our rival in that consumers will choose between our products. But I wouldn’t say we are the Chinese Tesla, or they are the American Nio,” Li said.

A seven-seat electric vehicle, the ES8 is made to order, customizable and equipped with an artificial intelligence system. The car will be able to accelerate to 100 km per hour (62 miles per hour) in 4.4 seconds.

Orders can be placed through an app.

The fierce battle for electric vehicle market share in China is backed by an aggressive drive by Beijing to cut severe – and politically-sensitive – air pollution in the country.

Beijing also provides generous subsidies and state investment in the sector, including building a battery charging network.

At its launch on Saturday, Nio introduced a battery charging plan with a rental subscription set at 128,000 yuan ($19,366) a month.

Owners of the ES8 can charge their cars at stations that allow their batteries to be swapped in three minutes, Nio said in a press release. A mobile service also travels to car owners who need to charge their vehicles.

Nio plans to build over 1,100 “Power Swap” charging stations and deploy over 1,200 “Power Mobile” vehicles by 2020, it added.

IPO on the way?

China’s state-backed fervor to push the EV market and its technology has attracted international giants such as BMW and Volkswagen to join the frayalongside Chinese tech titans Baidu, Alibaba and Tencent.

Tesla also has plans to start production in China, which is the world’s largest market for electric vehicles. Sales of new-energy vehicles jumped 51.4 percent from January to November this year, Reuters reported, citing the country’s auto industry association.

Founded in 2014 and formerly known as NextEV, Nio is in fact backed by investment holding conglomerate Tencent.

Nio is considering a U.S. Initial Public Offering next year, Bloomberg reported on Friday, citing sources with knowledge of the matter. But Li said there’s no hard date in place for an IPO.

“The plan of entering capital markets is just a necessary process during the development of the company. We will not set a specific deadline for an IPO, rather it will depend on the development of the company. Right now we don’t have information to share on that,” Li told CNBC.

A Little-known Digital Currency Surges 70% After Teaming Up With Firms Like Microsoft

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A digital currency has added more than $3 billion to its market value after the firm behind it said it was teaming up with a number of big tech firms, including Microsoft and Samsung on a “data marketplace.”

Called IOTA, the cryptocurrency saw a spike on Sunday evening, rallying just over 70 percent in the last 24 hours, according to data from industry website Coinmarketcap. Its price soared to an all-time high of $2.54 at 8:29 a.m. London time, up 71 percent from Sunday’s price of $1.48. It is now the fifth-largest digital asset by market capitalization, dethroning altcoin Dash.

The rally followed an announcement by the IOTA Foundation, a German non-profit firm that oversees the virtual currency, last Tuesday, that it had partnered with the likes of Microsoft, Samsung and Fujitsu on a blockchain-based marketplace that lets them sell data.

David Sonstebo, IOTA’s co-founder and CEO, said data is “the new oil,” and that the marketplace project is letting firms sell data to incentivize them to share this data that would otherwise be wasted.

“At present, up to 99 percent of this precious data gathered is lost to the void,” he told CNBC in an email. “IOTA incentivize sharing of data through its zero fee transactions and by ensuring data integrity for free on the decentralized distributed ledger.”

He added that the marketplace is currently a pilot project, and that examples of data being shared included weather and air quality data.

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IOTA ‘a sleeping giant’

Sonstebo said that the cryptocurrency’s surge in price was due to its approach to blockchain technology and partnerships with established firms.

“IOTA’s seemingly ‘out of nowhere’ explosive growth can be traced back to the fact that it has been somewhat of a sleeping giant,” Sonstebo said.

“IOTA has resolved the three major issues of blockchain — fees, scaling limitations and centralization — and built up real-world partnerships and projects with world-leading companies since 2015.”

Sonstebo added that the cryptocurrency’s growth was also owed to its increased publicity.

“Unlike the overwhelming majority of projects in this space, IOTA has not done any paid promo, so now that there’s a steady stream of these large news stories the major technological advantages become known to the wider audience,” he said.

“I believe this is the reason for the rally, as well as the fact that IOTA just entered China and Korea, which are naturally huge markets, meaning a lot of new people buying.”

‘Blockless’ blockchain

A blockchain is a massive, decentralized database that records cryptocurrency transactions. Its original use-case was as the ledger for all bitcoin transactions.

But IOTA’s open-source blockchain platform differs to mainstream blockchain networks which use encrypted “blocks” to record those transactions.

Instead the firm’s digital ledger, inspired by internet of things technology, is “blockless,” and allows users to make transactions on the network for free.

Bitcoin, the world’s largest cryptocurrency, has been faced with several splits this year due to frustration over the speed and cost of transactions. Users currently have to pay bitcoin miners a transaction fee to add transactions to the blockchain.

People within the bitcoin community have been pushing for an upgrade to the blockchain to increase block size and speed up the process of mining.

Although the upgrade was shelved in November, some went ahead with the creation of a new bitcoin offshoot called bitcoin diamond.

Ready To Fly Around In A Drone? Passenger Drone Maker Forecasts Profitability Within 2 Years

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China’s EHang, which is developing a passenger drone, claims it will become profitable within the next two years, its co-founder told CNBC.

EHang drew worldwide attention last year at the Consumer Electronics Show in Las Vegas, where it showcased a drone that has the capacity to carry a human passenger over short-to-medium distances.

The electricity-powered drone, called EHang 184, can carry up to 220 pounds (100 kilograms) of weight for 25 minutes. It has an average cruising speed of 62 miles per hour (100 kilometers per hour) and has a ceiling of 3,000 meters above sea level.

The vehicle is being considered as a mode of transport for the future in places like Dubai.

“This EHang 184 product is so unique that we need to put a lot of money in it, and we need to put a lot of engineers,” Derrick Xiong, co-founder at EHang, told CNBC at the sidelines of the Fortune Global Forum in Guangzhou, China. “We do not make a single profit from that product yet, but all the other product lines are making a profit.”

But the company’s target is to become profitable in the “next two years for sure,” Xiong said.

Drones, or unmanned aerial vehicles, started off as cheaper, safer alternatives for manned military aircraft. But their use has broadened. Compact, personal drones that are fitted with cameras have become popular for aerial photography.

The drone market is expected to generate more than $11.2 billion in revenue by 2020, according to a February prediction from research firm Gartner.

EHang is trying to tap into more commercial applications for drones, according to Xiong. “This year, we (shifted) a lot of the focus from the consumer level to the application, to explore more applications for drones,” he said.

In October, EHang said it will design and build an intelligent drone monitoring and command & control center for the Shaoguan government to aid in responding to emergencies. Shaoguan is a city in northern Guangdong province in the mainland.

Target’s Big Buyout Disrupts E-commerce Delivery

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Target wants to offer same-day delivery service for online purchases.
The traditional brick-and-mortar retailer announced a $550 million purchase of Shipt, which it said will bring same-day delivery to about half of its stores by early 2018. By next year’s holiday shopping season, Target (TGT) expects to offer same-day delivery from a majority of its stores and in all major markets.

Shipt uses a network of over 20,000 personal shoppers to fulfill orders from various retailers, delivering them within hours in more than 72 markets. Until now, the company has been focused on delivering online grocery purchases, competing with Instacart, which offers shopping services from a variety of grocery chains. Shipt will continue to serve the retailers it already works with, some of which compete with Target’s grocery business.

Wall Street, New York, NY, United States of America

With Target, Shipt will expand into a broader range of products. At launch, Target says it will offer same-day delivery of groceries, essentials, home, electronics and other products. But by the end of 2019 Target expects to offer same-day delivery in all major product categories.

Target and other traditional store-based retailers have traditionally had one advantage over online retailers in that they can immediately meet a shopper’s needs. But Amazon (AMZN), with an expanded network of fulfillment warehouses, is making a push into same-day delivery in major markets.

So this move is Target’s response.

“The fact that Target will have this service in place during 2018 will significantly improve its online competitive position,” said Charlie O’Shea, chief retail analyst for Moody’s. “This is yet another example of a brick-and-mortar retailer leveraging its physical assets to improve its online offerings.”

Target said this is part of its strategy, announced earlier this year, to improve convenience for its customers.

“With Shipt’s network of local shoppers and their current market penetration, we will move from days to hours, dramatically accelerating our ability to bring affordable same-day delivery to guests across the country,” said John Mulligan, Target’s chief operating officer.

Walmart (WMT) is also experimenting with a same-day delivery for online purchases.

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