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Daily Archives: July 25, 2017
Seagate Technology’s stock plunges after profit and sales miss, CEO change – MarketWatch
Posted: July 25, 2017 at 12:05 pm
Shares of Seagate Technology PLC STX, -14.50% plummeted 17% in premarket trade Tuesday toward an eight month low, after the data storage products maker reported fiscal fourth-quarter results that were well below expectations and announced a leadership transition. Net profit for the quarter to June 30 rose to $114 million, or 38 cents a share, from $70 million, or 23 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came to 65 cents, missing the FactSet consensus of 98 cents. Revenue fell to $2.41 billion from $2.65 billion, below the FactSet consensus of $2.56 billion. "Although the near-term dynamics of technology shifts present demand variations for the storage industry from time to time, we continue to see growing storage demand in the long-run driven by the proliferation of data growth from new technologies, emerging industries, and growing businesses," said Chief Executive Steve Luczo. Separately, the company said Luczo will transition to executive chairman on Oct. 1, and will be replaced as CEO by Dave Mosley, currently Seagate's chief operating officer. The stock has plunged 21% over the past three months through Monday, while the S&P 500 SPX, +0.44% has gained 3.4%.
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Google enters race for nuclear fusion technology – The Guardian
Posted: at 12:05 pm
The new algorithm will help cut down the research time involved in developing fusion reactor technology to create plasma. Photograph: Dino Fracchia/Alamy
Google and a leading nuclear fusion company have developed a new computer algorithm which has significantly speeded up experiments on plasmas, the ultra-hot balls of gas at the heart of the energy technology.
Tri Alpha Energy, which is backed by Microsoft co-founder Paul Allen, has raised over $500m (383m) in investment. It has worked with Google Research to create what they call the Optometrist algorithm. This enables high-powered computation to be combined with human judgement to find new and better solutions to complex problems.
Nuclear fusion, in which atoms are combined at extreme temperatures to release huge amounts of energy is exceptionally complex. The physics of nuclear fusion involves non-linear phenomena, where small changes can produce large outcomes, making the engineering needed to suspend the plasma very challenging.
The whole thing is beyond what we know how to do even with Google-scale computer resources, said Ted Baltz, at the Google Accelerated Science Team. So the scientists combined computer learning approaches with human input by presenting researchers with choices. The researchers choose the option they instinctively feel is more promising, akin to choosing the clearer text during an eye test.
We boiled the problem down to lets find plasma behaviours that an expert human plasma physicist thinks are interesting, and lets not break the machine when were doing it, said Baltz.
This was a classic case of humans and computers doing a better job together than either could have separately.
Working with Google enabled experiments on Tri Alpha Energys machine to progress much faster, with operations that took a month speeded up to just a few hours. The algorithm revealed unexpected ways of operating the plasma, with the research published on Tuesday in the journal Scientific Reports. The team achieved a 50% reduction in energy losses from the system and a resulting increase in total plasma energy, which must reach a critical threshold for fusion to occur.
Results like this might take years to solve without the power of advanced computation, said Michl Binderbauer, president and chief technology officer at Tri Alpha Energy. He said the company was aiming to produce electricity within a decade.
Tri Alpha Energy recently added former US energy secretary Ernest Moniz to its board of directors, and announced early in July that its new $100m generator had produced its first plasma.
Nuclear fusion has long held the hope of clean, safe and limitless energy and interest has increased as the challenge of climate change and the need to cut carbon emissions has become clear. But despite 60 years and billions of dollars of research, it has yet to be achieved and commercial scale nuclear fusion is still likely to be decades away.
But numerous other groups are chasing the nuclear fusion dream, with the largest by far the publicly funded Iter project in southern France. The 18bn (16bn) project is a partnership of the US, the European Union, China, India, South Korea, Russia and Japan, and is building a seven-storey facility.
Iter uses a conventional tokamak, or doughnut-shaped, reactor and aims to create its first plasma in 2025, scaling up to its maximum power output by 2035. If successful, Iter could be the foundation of the first fusion power plants.
Other groups are experimenting with different fusion reactor designs that might be better and, in particular, smaller. A 1bn reactor opened in Germany in 2016 uses a stellarator in which the plasma ring is shaped like a Mobius strip, giving it the potential to operate continuously, rather than in pulses as in a tokamak.
There are also a series of private companies, staffed by experienced fusion researchers, including General Fusion, which uses a vortex of molten lead and lithium to contain the plasma and is backed by Amazons Jeff Bezos.
Lockheed Martins famous Skunk Works team said in 2014 they would produce a truck-sized fusion plant within a decade but attracted criticism for providing few details. The UKs Tokamak Energy is aiming to harness particle accelerator technology and high-temperature superconductors and other firms include Helion Energy and First Light Fusion
David Kingham, chief of Tokamak Energy said the Tri Alpha Energy was exciting progress: While publicly funded laboratories excel at fundamental research, the private sector can innovate and adopt new technologies much more rapidly. In April, Tokamak Energy achieved first plasma in a new reactor, its third in five years, and aims to reach the 100m degrees centigrade needed for fusion in 2018.
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Norovirus Outbreak Undoes Progress at Chipotle – Wall Street Journal (subscription)
Posted: at 12:05 pm
Wall Street Journal (subscription) | Norovirus Outbreak Undoes Progress at Chipotle Wall Street Journal (subscription) The norovirus outbreak at a Chipotle restaurant in Virginia comes at a difficult time for the beleaguered burrito maker. Chipotle Mexican Grill Inc. has been struggling to convince customers to return to its stores after a series of food-safety crises ... |
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UK Brexit minister: progress made in talks on citizen rights – ABC News
Posted: at 12:05 pm
Britain's Brexit minister said Tuesday that progress has been made in talks with the European Union on the rights of citizens living in each other's nations once the country leaves the bloc.
But after meeting Czech Foreign Minister Lubomir Zaoralek, David Davis said disagreements remain over the role of the European Court of Justice. The EU wants the court to be the final arbiter on many issues after a Brexit agreement, something Britain rejects.
Davis said his government wants a quick deal on the rights of one million U.K. citizens living in the EU, and three million EU citizens living in Britain.
"We want to do this quickly as a moral imperative because we want to take away the anxiety of all of those four million people and give them some certainty in the future," he said.
He noted that other top issues in negotiations "are making progress."
Those issues include how much Britain will pay to meet its obligations as part of any Brexit deal, and how to manage the border with Ireland.
But he said Britain was not willing to give the right to the EU court to become an ultimate arbiter.
"When, for example, we strike a deal, let's say, with the United States we don't give the United States' Supreme Court rights in Britain to enforce that. And the same with any other foreign power."
He said that "any future arrangements will be subject ... to U.K. Parliament's approval."
In a statement in support of the European Court of Justice, the European Parliament said on Tuesday it wants Britain's Brexit deal to be directly enforceable and to "include a mechanism in which the European Court of Justice can play its full role."
The European Parliament, which has the right to veto any future Brexit deal, said progress on one issue is not enough.
Mike Corder in Brussels contributed to this report.
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Thune: Progress being made on Medicaid ‘wraparound’ | TheHill – The Hill
Posted: at 12:05 pm
Sen. John ThuneJohn ThuneMcCain returning to Senate in time for health vote Overnight Healthcare: Trump pressures GOP ahead of vote | McConnell urges Senate to start debate | Cornyn floats conference on House, Senate bills | Thune sees progress on Medicaid GOP seeks to meet referees rules on healthcare repeal MORE (R-N.D.), a member of GOP leadership, said progress is being made on a change to the GOP health bill that could unlock the support of key moderates.
The Medicaid "wraparound" would allow some states to use additional funds to help low-income people who are likely to lose Medicaid coverage afford the premiums and deductibles for private insurance.
Thune wouldn't say how much money would be attached to the proposal, but leaders have about $200 billion to play with.
"I don't think it would necessarily be $200 billion, but there would have to be some allocation," he said.
But a new study says that figure would not be enough to fund private coverage for people who would lose insurance because of a halted Medicaid expansion.
Republicans are expected to voteTuesdayon a motion to begin debate on a healthcare bill, but leaders don't yet know which bill it will be.
It will either be a clean repeal bill passed by Congress in 2015 or the repeal-and-replace bill Senate Republicans have been working on recently.
The latter proposal currently lacks the support to pass, with several moderates worrying about how it could impact those who gained coverage through ObamaCare's Medicaid expansion.
The "wraparound" proposal is a way to try to get the support of moderates such as Sens. Lisa MurkowskiLisa MurkowskiManchin on GOP lawmakers suggestion for a duel with female senators: Ill step outside with him Unhappy senators complain about healthcare process Thune: Progress being made on Medicaid 'wraparound' MORE (Alaska), Rob PortmanRob PortmanMcConnell to pin down colleagues on healthcare Unhappy senators complain about healthcare process Thune: Progress being made on Medicaid 'wraparound' MORE (Ohio), Dean HellerDean HellerThune: Progress being made on Medicaid 'wraparound' Trump slams 'sad' Republicans who won't 'protect' him Trump backers eye GOP primary challenges for Flake, Heller MORE (Nev.) and Shelley Moore CapitoShelley Moore CapitoManchin on GOP lawmakers suggestion for a duel with female senators: Ill step outside with him Trump cuts loose in front of massive crowd at Boy Scouts' Jamboree Thune: Progress being made on Medicaid 'wraparound' MORE (W.Va.)
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Trump’s Quiet Progress on Veterans Affairs – Bloomberg – Bloomberg
Posted: at 12:05 pm
Moving in the right direction.
For all the tweeting he does about repealing Obamacare, defeating Islamic State and building a wall along the Mexican border, President Donald Trump has precious little progress to show. By contrast, he has probably achieved the most in an area he mentions rarely: reforming the Department of Veterans Affairs.
This special edition of the Trump Twitter Filter (whats that? see here) steps back to take a look at the presidents activity since he took office in January -- to which campaign promises he has paid the most attention, and how much ofthat attention reflects movement toward the goals he set out (for further explanation, see footnote ).
Despite the distractions of a developing investigation into his administrations contacts with Russia, Trump hasnt lost sight of the platform on which he was elected. Since Monday, Jan. 23 (his first full weekday in office), about 40 percent of all his tweets have mentioned one or more of the items on his campaign agenda. Heres a chart showing the weekly percentage:
Source: Trump Twitter Archive, author's calculations
In terms of the sheer number of mentions, three topics stand out: defense, immigration and health care -- a reflection of the presidents preoccupation with terrorism, his efforts to impose a travel ban from certain Muslim-majority countries and the protracted wrangling in Congress to repeal and replace Obamacare. He tweeted about defense-related topics 98 times, immigration 92 times and health care 88 times. Heres a chart:
Source: Trump Twitter Archive, author's calculations
Most of that tweeting, though, has had little to do with actual movement toward Trumps stated goals. Its hard to say whether his actions, on net, have helped or hindered the fight against Islamic State. The travel ban is incomplete and the wall remains a promise. Republicans havent been able to agree on a viable replacement for Obamacare.
That said, in one area, Veterans Affairs, there actually has been progress. Since the Senate approved his appointment unanimously in February, Secretary David Shulkin has sought to improve accountability at hospitals by publicly posting wait times and care-quality data, and has extended much-needed mental health services to veterans with less-than-honorable discharges. Even Congress has made a contribution, passing a bill to streamline the agencys hiring and firing processes -- legislation that Trump signed and tweeted about three times.
As a result, most of the presidents 10 tweets on Veterans Affairs reflected movement toward his goal of reforming the agency. Specifically, they garnered a total of 7.5 movement points, for an effectiveness ratio of 75 percent. Heres how that compares with other agenda items:
Source: Trump Twitter Archive, author's calculations
Although taking better care of veterans is far from the biggest item on Trumps agenda, its certainly a goal that mostAmericans would support. Its also a rare area in which the presidents penchant for taking credit appears to be more or lessin line with his achievements.
This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.
To contact the author of this story: Mark Whitehouse at mwhitehouse1@bloomberg.net
To contact the editor responsible for this story: James Greiff at jgreiff@bloomberg.net
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Turkey’s Erdogan ends tour with no sign of Qatar progress – Reuters
Posted: at 12:05 pm
DOHA (Reuters) - Turkey's President Tayyip Erdogan left Qatar on Monday after two days in the Gulf trying to mediate in the worst row among Arab states for years but there was no sign he had made any progress.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt severed diplomatic and travel ties with Qatar in June, accusing it of supporting Islamist militants. Doha denies the claims.
Turkey has been Qatar's most powerful ally in the dispute, rushing through legislation to send more troops to its base in Doha as a sign of support.
Kuwaiti and Western efforts to end the crisis have yielded little so far. The four Arab states want Qatar to reduce ties with their arch-foe Iran, close down the Turkish military base and shut the Al Jazeera TV channel, which they view as critical of their governments.
Qatari state news agency QNA said that Qatar's ruler, Sheikh Tamim bin Hamad al-Thani, had "reviewed regional developments, specifically the Gulf crisis and efforts to contain it and to resolve it through diplomatic means..." in talks with Erdogan.
The agency said the talks also covered joint efforts to combat terrorism and reviewed defense and economic cooperation.
UAE Minister of State for Foreign Affairs Anwar Gargash said Qatar would achieve more by reconsidering its position.
"The Turkish president's visit did not carry anything new, and the hasty stand his country had taken made neutrality as the best option for Ankara" Gargash wrote on his Twitter account. "A Qatari review will achieve more than repeated visits."
Erdogan was the latest senior official to tour the region to try to resolve the crisis. U.S. Secretary of State Rex Tillerson and foreign ministers from France, Britain and Germany also toured the area in recent weeks.
Several contingents of Turkish troops with columns of armored vehicles have arrived in Doha since the crisis erupted on June 5.
Under a 2014 agreement, Ankara could send in as many as 1,000 troops.
Turkey and Qatar have been important backers of the Muslim Brotherhood movement that has challenged entrenched Arab rulers and Erdogan has his roots in an Islamist political party.
Saudi Arabia and the UAE have designated the Brotherhood a terrorist organization.
Before he arrived in Qatar, Erdogan visited Saudi Arabia and Kuwait. In Saudi Arabia, he discussed with King Salman "efforts to combat terrorism and its sources of funding", state news agency SPA said, without elaborating.
Reporting by Aziz El Yaakoubi in Doha and Ali Abdelaty in Cairo; Editing by Louise Ireland and Andrew Hay
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Freeport says Indonesia mine talks progress, profit falls short – Reuters
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TORONTO (Reuters) - Freeport-McMoRan Inc said on Tuesday that it was encouraged by recent progress in talks with Indonesia to resolve a lengthy permit dispute for its massive Grasberg mine, but will pursue arbitration if a long-term deal cannot be reached.
Arizona-based Freeport, the world's biggest publicly listed copper miner, reported second-quarter profit and production that fell short of expectations, reflecting an ongoing strike at Grasberg.
As tight global copper supplies helped lift the price of copper to five-month highs, Freeport shares surged more than 8 percent in early trade, mirroring gains by other producers of the metal.
Investors were looking past "yet another rough quarter and yet another guide down," to focus on sturdy copper prices and Freeport's positive comments on Indonesian talks, said Clarksons Platou Securities analyst Jeremy Sussman.
Freeport resumed copper concentrate exports in April from Grasberg, the world's second-largest copper mine, after a 15-week outage related to the licensing row.
A temporary license allowing concentrate exports expires on Oct. 10 and a permanent solution is yet to be found.
"We are encouraged by recent progress in our active negotiations with the Indonesian government to resolve issues involving our contractual rights," Chief Executive Richard Adkerson said in a statement.
Without a permit, Freeport said it will pursue arbitration and "significantly" reduce or defer spending on a major underground mine development plan at Grasberg. Some $700 million of the forecast 2017 capital expenditure of $1.6 billion is earmarked for the mine.
Revised rules in Indonesia require miners to divest a 51 percent stake, relinquish arbitration rights and pay new taxes and royalties. Freeport says it requires the fiscal and legal protection in its current contract.
Freeport cut about 10 percent of its Grasberg workforce of 32,000 earlier this year to reduce costs. Last week, some 5,000 unionized workers extended their strike for a fourth month to the end of August.
To mitigate that impact, Freeport used existing mine and mill stockpiles for second-quarter production and sold concentrate from inventories.
Freeport's adjusted profit of 17 cents a share trailed the consensus of 20 cents, according to Thomson Reuters I/B/E/S, while revenue of $3.7 billion topped the view of $3.3 billion.
Freeport again cut its 2017 sales forecast to 3.7 billion pounds of copper, from 3.9 billion pounds, and 1.6 million ounces of gold, from 1.9 million ounces.
In April it cut annual guidance from 4.1 billion pounds of copper and 2.2 million ounces of gold.
Reporting by Susan Taylor; Editing by W Simon and Meredith Mazzilli
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Cocke County finance committee makes little budget progress – Citizentribune
Posted: at 12:05 pm
Members of the Cocke County Finance Committee spent 90 minutes Monday evening discussing a new budget and came away with no progress.
Finance Manager Anne Bryant-Hurst told the committee last week the budget requests total $1.8 million more than the anticipated revenue, and that a 34 cent increase will be necessary to fund the current requests.
Mayor Crystal Ottinger said fees from whitewater rafting are down by $47,000 for July.
Chair of the committee Andy Tritt reported that state officials say the county needs a serious fix but have no recommendation.
The committee expressed concern that a major property tax increase would have a significant impact on large industry in the area.
Bryant-Hurst said the new budget is beginning with a very low balance in the general fund. Legal fees paid to outside law firms were up last year, as were jail medical costs, and the state has hiked the audit fee by 20 percent.
She said in years past, revenues have done significantly better than had been projected, but not last year.
This year we are just barely doing better than we projected, with the ending fund balance just about $250,000, she said. I dont think you will get there without a property tax increase. I dont think you will be able to take out enough of the requests to balance the budget.
She said in the past, the committee always was looking for a way to again have a budget without a tax increase, but this year, the fund balance wont allow that.
Bryant-Hurst suggested the committee first balance the budget, then set priorities and targets for looming expenditures including an industrial park and a jail, as part of long-term planning. She also pointed out that roads, recreation and schools have needs.
Sheriff Armando Fontes argued that a jail is needed to reduce the liability of the county, and he pointed to recent assaults in the jail which he said is partially due to overcrowding. He also said his administration has brought in more revenue through seizures.
Several commissioners again suggested that problem inmates be released from jail and monitored through an ankle GPS program.
Commissioner Calvin Ball said his constituents want a wheel tax over a property tax hike. However, a wheel tax likely could not be implemented in time to bring in revenue this fiscal year, because tax payers may decide to challenge such a tax.
Commissioner Clayton Skip Ellison again argued for an industrial park and Tritt said employees of the Partnership should not be employed by a non-profit but should be employees of the city or county.
The committee agreed to meet again the evening of July 31 and to invite other commissioners and department heads, in an effort to develop a budget.
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Asheboro makes progress on city’s first community center – myfox8.com
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ASHEBORO, N.C. -- The City of Asheboro is making progress on turning the Acme-McCrary & Sapona Fitness Center into the citys first community center.
The Acme-McCrary & Sapona Foundation, Inc. gifted the facility to the City of Asheboro.
It was built in 1948.
Over the last several weeks, city crews have started working on some interior issues.
[Theyve] been taking out some of the old stuff that couldn't be reused, the old bleachers, some old carpeting. It has been quite a process. So far, they have done a great job [to get] a lot of these things out of the way so this new equipment new material can be brought in," said Jody Maness, assistant recreation superintendent.
There are three floors that house a variety of useful amenities including a swimming pool, weight room, a gymnasium, a kitchen and potential office space.
Our staff people are already trying to determine what kind of classes, educational classes that the public might want and I think were talking about health and wellness education, healthy eating, maybe a cooking class or two, Mayor David Smith said.
Moving forward, the city says the top priority is a new roof.
The hope is to have a grand opening for the community center in early 2018.
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