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Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Comcast's Mike Cavanagh said the company will explore ditching its cable networks.</li><li>The company may also look to partner Peacock with a rival streaming service.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/comcast-split-cable-tv-cnbc-bravo-nbc-peacock-2024-10">Comcast</a> said this week it might separate from its cable networks and marry off its streaming service. Several media analysts worry that those moves might only end in heartbreak.Mike Cavanagh, Comcast's president, floated the idea Thursday of spinning out cable networks like CNBC and MSNBC into a new firm while holding on to NBC. If this sounds familiar, it's because rival <a target="_blank" href="https://www.businessinsider.com/disneys-sale-abc-bob-iger-grand-plan-tv-streaming-espn-2023-9">Disney</a> considered a similar move last summer — floating a sale of its broadcast network, ABC — <a target="_blank" href="https://www.businessinsider.com/disney-not-selling-abc-networks-bob-iger-insists-2023-11">before later backtracking</a>.Cavanagh also said Comcast "would consider partnerships in streaming, despite their complexities" — even after reporting that morning that its streaming service, Peacock, added an impressive 3 million subscribers in the most recent quarter.These comments come after Bank of America media analyst Jessica Reif Ehrlich opined over the summer that fellow firm Warner Bros. Discovery <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-wbd-zaslav-struggles-streaming-media-strategy-analysis-2024-7">should find a streaming partner</a> or <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-split-plan-hbo-max-reaction-2024-7">consider splitting up its business</a>, given that <a target="_blank" href="https://www.businessinsider.com/cable-tv-subscriber-losses-q2-venu-moffettnathanson-2024-9">the pay-TV business is severely challenged</a>.<h2 id="3f451567-2f24-4735-848c-f6eb697ba23d">Why Wall Street isn't sold on a network spinoff</h2>At first, Wall Street seemed to celebrate Comcast's potential strategic shift, as its stock spiked 6% in early trading after Cavanagh's comments and its strong earnings report.However, shares shed much of those gains within a few hours before ending the day up 2.4%. Investors may want Comcast to exit the challenging media business altogether.Several industry analysts said that Comcast could increase its valuation by divorcing itself from its declining cable networks, as it would help emphasize its burgeoning streaming business."We believe a spin would help isolate the value of its growth areas," UBS media analyst John Hodulik wrote in an October 31 note.Craig Moffett of MoffettNathanson agreed, telling Business Insider via email that "it would be a welcome development to shed an albatross business and leave in its wake a cleaner and simpler growth story.""Investors have yearned for exactly this, or at least something close to it, for years," Moffett wrote in a note to clients.While that move may make sense on paper, it could prove to be difficult in practice.There's an obvious issue with such a spin-off, as Business Insider's Peter Kafka noted: <a target="_blank" href="https://www.businessinsider.com/comcast-split-cable-tv-cnbc-bravo-nbc-peacock-2024-10">Who would want to buy these less desirable assets</a>, at least at a price that Comcast could stomach?"Carving out the US cable networks, which include USA, CNBC, and E!, without Peacock or the NBC broadcast network would be odd," wrote Michael Hodel, a media analyst at Morningstar. "The cable networks likely have little value on their own. A spinoff would have to be part of a larger strategic move, like merging with another firm."Macquarie's Tim Nollen agreed, writing on Friday morning that "we question how valuable cable networks would be stand-alone, without ties to NBCU's studio and streaming capability, and lacking advertising tie-ins."Rich Greenfield of Lightshed Partners went further, reasoning <a target="_blank" href="https://lightshedtmt.com/2024/10/31/comcast-all-dressed-up-nowhere-to-go-the-struggle-of-being-open-to-possibilities/">in his note to clients</a> that there isn't a logical partner out there. Starz is a minnow relative to its peers, and Greenfield said it's "certainly not strong enough to protect a weak basic cable network portfolio."And while combining with WBD's TV networks could lead to significant cost savings, Greenfield suspects David Zaslav and company actually have the upper hand on Comcast. Although many thought WBD would be toast without the NBA, Greenfield believes the company <a target="_blank" href="https://www.businessinsider.com/wbd-charter-deal-david-zaslav-nba-comcast-nbc-negotiations-tv-2024-9">could come out ahead</a> by saving money while <a target="_blank" href="https://lightshedtmt.com/2024/10/29/david-vs-brian-are-investors-underestimating-warner-bros-discovery/">maintaining their networks' carriage fees</a>."There would be no urgency to such a combination," Greenfield wrote. "If we were in Zaslav's shoes, you would wait for NBCU to suffer and be opportunistic versus rushing into a merger to help Comcast."<h2 id="41cd4c2c-1365-4685-b790-9c8f8e798e6c">The Peacock partnership puzzle</h2>Comcast's streamer has made steady progress, but it can't truly compete with its larger rivals, analysts said."Even though Peacock has enjoyed some very consistent growth in recent years, it is still very clearly subscale," said Brandon Katz, a senior entertainment industry strategist at Parrot Analytics, in an interview. "It doesn't have the penetration needed to offset what has been back-to-back years of very significant losses."Joining forces with other subscale streamers like Max and Paramount+ may seem like a sound strategy, but Greenfield explained that the logistics would be tough.Peacock only operates in the US, while Max and Paramount+ have global aspirations. Comcast could keep licensing out Peacock's content abroad, though that may not be efficient.Another concern would be subscriber cannibalization. Greenfield estimated that a substantial number of Max and Paramount+ customers already have Peacock. A combined service would cost more, though it may not offset the overlap from ensuing cancellations.And then there's the question of whether Peacock would absorb Max or Paramount+, or vice versa. One of the biggest benefits of building a direct-to-consumer business is owning the customer relationship, so it's unclear which media giant would sacrifice that at this point.Even still, Katz said a Peacock-Max combination could be potent, given that the two services would garner a formidable share of on-platform demand, according to Parrot Analytics.But a Paramount+ tie-up could prove to be a safer option, given that its ownership structure seems more settled now that <a target="_blank" href="https://www.businessinsider.com/david-ellison-paramount-ceo-skydance-larry-ellison-son-2024-7">the Ellisons are backing it</a>.Either streaming partner would require Comcast to sort through a litany of logistics, though doing so may be their best option."Once you find the partnership you like, how do you distribute that most effectively to consumers, and what do you price it as?" Katz said. "It's a lot of unknowns, but a very tantalizing possibility for the industry."

Why Wall Street is skeptical about Comcast's proposal to ditch its cable networks and pair Peacock with a competitor

<ul class="summary-list"><li>US military and defense leaders talked about connectivity hurdles and solutions at MWC Las Vegas.</li><li><a target="_blank" class="" href="https://www.businessinsider.com/5g-and-connectivity-playbook">5G</a> and Open RAN are some networking technologies they highlighted.</li></ul>5G networks are opening up new possibilities for many industries, and <a target="_blank" class="" href="https://www.businessinsider.com/photographer-nikita-teryoshin-offers-look-into-global-defense-industry-2024-5">military and defense</a> are no exception.US military and defense leaders spoke at the <a target="_blank" class="" href="https://www.businessinsider.com/mwc-las-vegas-2024-5g-ai-mobile-communications-conference-2024-10">mobile communications trade show MWC Las Vegas 2024</a> last week about how technologies like 5G and Open Radio Access Network, or Open RAN as it's more commonly known, offer critical support for their operations."It's not just what we consider critical infrastructure — your water, power, fuel, gas," said Venice Goodwine, the chief information officer for the Department of the Air Force. "We're now expanding that definition to mean critical infrastructure is the network as well because no planes take off from any installation to do any mission without IT.""That is why 5G is important to us, because it's global," she added."It allows me to move throughout the enterprise, whether that's at home, whether that's in the office, whether that's in a hotel, whether that's 'barracks to the battlefield' is what we like to say. We need multimodal transport wherever, and that is what this gives us.Goodwine also talked about the significance of secure, resilient connectivity for the Air Force's 180 installations."Resiliency for me is, under attack in a contested environment, do I have the ability to still operate my mission?" she said. "And what 5G gives me and these different capabilities is I no longer have to think about just one type of mode. I now have diversity in my transport mechanisms so it doesn't matter to me what the signal looks like. If it allows me to transmit 1s and 0s and get data from point A to point B and to allow command and control for my combatant commanders, mission done."According to Juan Ramirez, the director of the 5G cross-functional team for the Department of Defense, the agency aims to deploy 5G at all of its installations by the end of 2028 and sees many use cases for the technology."5G networks will enable automated guided vehicles, port and airfield operations, and cutting-edge telemedicine such as remote access to specialists and rapid creation of field hospitals," Ramirez said.Tom Rondeau, the Department of Defense's principal director for FutureG, also spoke of the department's investments in Open RAN, an industry initiative to create greater flexibility and interoperability than traditional RAN architecture."We need to be part of that edge compute. We need to be part of the integration of the network and the application," said Rondeau. "So looking at this from the perspective of how do we actually manipulate these systems internally, we've gone 100% in on Open RAN as our solution. We have a perspective of how Open RAN is the basis for taking advantage of these technologies and pushing us into the 6G era."The Department of Defense is working with academic and industry leaders on Open RAN to bring its communications systems into a new era, he said."When we look at the wireless networks and how important communication is to this ability to fight wars and to be relevant and to advance our capabilities and concepts, we have to be more innovative," said Rondeau. "We have to be more adaptive."

Military and defense leaders explain how 5G and Open RAN are helping solve networking challenges

In the age of satellite-powered communication, low-Earth orbit (LEO) satellites have rapidly grown into a crucial backbone for global <keyword id="21088925" type="General" weightage="20" keywordseo="internet-access" source="keywords">internet access</keyword> and communication networks. Companies like <keyword id="19905255" type="General" weightage="20" keywordseo="SpaceX" source="keywords" meta.keywordsubtype="org" meta.entityname="SpaceX" meta.hostid="261" meta.entityid="SpaceX">SpaceX</keyword> and <keyword id="19904608" type="General" weightage="20" keywordseo="Amazon" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon" meta.hostid="261" meta.entityid="Amazon">Amazon</keyword> are racing to launch <keyword id="23169958" type="General" weightage="20" keywordseo="satellite-constellations" source="keywords">satellite constellations</keyword> to bring high-speed connectivity to millions of people across the world, particularly in remote regions. However, as the number of satellites in orbit rises, a pressing question emerges: do we really need so many? Low-orbit satellites offer remarkable potential. Positioned just 100 to 1,200 miles above the Earth, these satellites can deliver fast, reliable communications by bouncing data from space to ground, circumventing the limitations of traditional infrastructure like cell towers. SpaceX’s Starlink, for example, currently operates more than 6,000 LEO satellites, with plans to add tens of thousands more. But why so many? The answer lies in a fundamental technological limitation: each satellite's antenna can only handle signals from one user at a time. To serve millions of users worldwide, companies like SpaceX have had to launch entire constellations of satellites, constantly orbiting the planet to provide continuous coverage. Each satellite is responsible for just a small patch of Earth, handing off signals from user to user, like a relay race across the skies. The result is a crowded, expensive race to space as constellations are technically complex, costly to launch and maintain and increasingly contribute to the risk of overcrowded orbits and <keyword id="20715750" type="General" weightage="100" keywordseo="space-debris" source="keywords">space debris</keyword>. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">Overcrowded orbits </h2>Space, despite its vastness, is becoming a bit cramped — at least in the low-orbit band where these satellites reside. As companies deploy hundreds or even thousands of satellites, the risk of collisions grows. When satellites crash, they can break apart, generating debris that orbits the Earth at high speeds, threatening other satellites or spacecraft. The implications for future space travel, satellite operations, and even human exploration are serious. Each piece of debris could trigger a cascade of collisions, further cluttering space with hazardous fragments. While the possibility of debris crashing down to Earth remains slim, the growing risks in space have sparked discussions about the long-term sustainability of the satellite boom. <div type="Article" hostid="261" msid="112780639" title="Space startup GalaxEye, started by IIT Madras alumni, eyes private satellite launch in 2025" mstype="2" mssubtype="0"></div> <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">A breakthrough: Fewer satellites, more efficiency </h2>But what if we didn't need so many satellites? A recent breakthrough in <keyword id="20354487" type="General" weightage="20" keywordseo="satellite-technology" source="keywords">satellite technology</keyword> could dramatically reduce the number of satellites required to provide global coverage. Researchers at Princeton University and Yang Ming Chiao Tung University in Taiwan have developed a technique that allows a single satellite antenna to manage signals for multiple users simultaneously — something previously thought impossible for fast-moving, low-orbit satellites. Their method, described in a paper titled "Physical Beam Sharing for Communications with Multiple Low Earth Orbit Satellites," allows satellite antennas to split their signal beams without requiring additional hardware. This could mean fewer satellites are necessary to provide the same level of coverage, leading to smaller constellations and less crowded orbits. In practical terms, a conventional LEO satellite network may require around 70 to 80 satellites just to cover the United States. With this new technique, that number could drop to as few as 16, greatly reducing costs, complexity, and the likelihood of space debris. <h2 style="margin-bottom: 0.7em; line-height: 1.3; color: rgb(0, 0, 0); font-size: 24px; background: 0px 0px; text-rendering: optimizelegibility;">The future of space </h2>While the technology is still in its early stages, the potential is clear: fewer satellites, fewer risks, and less debris cluttering our atmosphere. This development doesn’t just offer cost savings — it also provides a more sustainable approach to the rapidly expanding satellite industry. Instead of the current approach, where the more satellites launched, the better, we might be entering a new era where the goal is to make satellite technology smarter and more efficient. By designing satellites capable of handling more tasks with less hardware, companies could still provide the coverage and connectivity the world needs, without overwhelming low-Earth orbit with debris. The answer to whether we do need these many satellites, thanks to new research, may soon be no. As satellite technology evolves, we could see the need for massive constellations decrease, ensuring a future where global communication needs are met without overcrowding the sky. As the world increasingly relies on space for essential services, from internet access to GPS navigation, finding a balance between technological innovation and environmental stewardship will be critical. We may not need more satellites — just better ones. <div type="Article" hostid="261" msid="111747705" title="20 Starlink satellites rained down on Earth yesterday; turbulent space weather doomed mission recovery" mstype="2" mssubtype="0"></div>

Do we really need so many satellites?

<ul class="summary-list"><li>Reddit saw a 50% increase in daily active users in the second quarter, outpacing competitors.</li><li>The platform's growth contrasts with X's 1.6% and Meta's 7% increases in the same period.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/reddit-cofounder-top-4-tips-startup-success-alexis-ohanian-masterclass-2024-6">Reddit</a> may be one of the only social media companies seeing tons of new people sign up.The forum-based platform saw a 51% increase in daily active users globally and a 59% increase in the US in the second quarter of the year, a stark difference from some of its competitors.X said daily active users<a target="_blank" class="" href="https://www.ft.com/content/1829abb6-d8d0-4d67-9b1b-628f583b3291"> grew 1.6%</a> in the same period, the FT reported. <a target="_blank" class="" href="https://www.businessinsider.com/social-media-dead-instagram-tiktok-bereal-replaced-group-chats-messaging-2023-8">Meta's platforms ,</a>which include Facebook, Instagram, and Threads, reported an increase of 7%, per the company's second-quarter earnings. Even TikTok, which dominated the social media race since 2018, <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-growth-collapsed-life-getting-in-way-2024-3">saw user growth collapse</a> to 0% at the end of 2023 — and the privately-held company has not reported user numbers since then.Reddit is growing fast — but it's comparatively small. The platform had 342 million active users, while Meta had 3.3 billion users, the companies said in their earnings reports this quarter.Daily active users are a measure of how much people want to engage with a platform. It's an important metric for social media companies because more users typically translates to <a target="_blank" class="" href="https://www.businessinsider.com/uber-ads-reaches-1-billion-annual-revenue-run-rate-2024-8">more advertising money.</a>Reddit, which went public in March, reported its second round of earnings as a listed company on Tuesday. The company made $281 million in revenue, a 54% year-on-year increase, which it attributed to advertising revenue growth and licensing deals with OpenAI and Google."User growth has continued to climb," said Steve Huffman, Reddit's co-Founder and CEO, on a Tuesday earnings call. "More and more people are coming to Reddit to explore their interests, engage in conversations and find their communities."<h2 id="613bd80b-6dac-475e-96d1-68e34c6bffc8">User-generated push</h2>One of the drivers of Reddit's success, while the rest of Big Tech <a target="_blank" class="" href="https://www.businessinsider.com/tiktok-growth-collapsed-life-getting-in-way-2024-3">struggles to win user attention</a>, is that people are treating the platform like a search engine."Users run over 1 billion search queries a month on Reddit today," Huffman said in the earnings call.Reddit also <a target="_blank" class="" href="https://www.businessinsider.com/reddit-traffic-surges-from-google-search-2024-6">beat every other social media platform</a> in terms of monthly traffic in the past year. Reddit's desktop and mobile website visits shot up by 39% year-over-year in May, while Facebook had an 8% decline.Reddit's licensing partnership with OpenAI is expected to encourage more Reddit content on ChatGPT as well.And existing search engines' Reddit links are also driving user growth.In August, <a target="_blank" class="" href="https://www.businessinsider.com/why-reddit-is-taking-over-google-right-now-2024-4">Google rolled out a big search</a> update that seemed to propel user-generated content, after years of noticing users add "Reddit" to the end of their search words. The update gave Reddit, and another forum-based platform Quora, more visibility on Google."Our research has shown that people often want to learn from others' experiences with a topic, so we've continued to make it easier to find helpful perspectives on Search when it's relevant to a query," a Google spokesperson <a target="_blank" class="" href="https://www.businessinsider.com/why-reddit-is-taking-over-google-right-now-2024-4">previously told Business Insider.</a>In February, Google and Reddit also signed a licensing deal allowing the search giant to train its AI models based on the forum's content.

People are still piling into at least one social media network

<ul class="summary-list"><li>Russia is proposing alternative payment systems and commodity centers.</li><li>The proposal aims to strengthen BRICS economies' sovereignty and reduce dollar reliance.</li></ul>Russia has released new details on how it could move away from the dollar, part of a long-running effort to buoy trade amid Western sanctions.Earlier this month, Russia's Finance Ministry, its central bank, and Moscow-based consultancy Yakov &amp; Partners outlined the country's vision of what the country is aiming for in a <a target="_blank" class="" href="https://www.yakovpartners.com/publications/imfs/">report.</a>Other than championing <a target="_blank" class="" href="https://www.businessinsider.com/dedollarization-russia-actively-working-brics-local-currencies-platform-us-dollar-2024-6">alternative payment</a> systems based in non-dollar currencies, Russia is also pitching the set-up of centers for mutual trade in commodity resources.Russia is a commodity giant and a major producer of oil, natural gas, gold, and grains. However, the country has been heavily sanctioned by the US following its full-scale invasion of Ukraine, which has impacted its oil and gas trade.The report proposed setting up foundations for commodity trading centers but did not provide details. However, it explained why it was a good idea."This measure will ensure independent pricing and strengthen the sovereignty of the BRICS economies," the report said, referring to Brazil, Russia, India, China, and South Africa — the anchor members of the BRICS emerging markets group.Such a measure would add to what Russia is already doing to keep trade humming amid sweeping sanctions, such as those that block banks from dealing with <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">payment transactions</a> involving Russian companies.Another offbeat way Russia is beating sanctions is <a target="_blank" class="" href="https://www.businessinsider.com/russia-barter-pakistan-mounting-sanctions-western-war-allies-international-trade-2024-10">barter trade. </a>One Russian company struck an agreement to trade chickpeas and lentils for tangerines, rice, and potatoes from Pakistan, according to Tass state news agency earlier this month.Such alternative payment systems and bartering "are based on a notion that any involved institutions, even if faced with extraterritorial restrictions, will retain unchallenged access to their domestic market that will allow them to effectively facilitate domestic and cross-border transactions," the report said.Moving BRICS trade to trading centers within the bloc would also involve the use of local currencies and facilitate a move away from using the dollar for trade, according to the document.Russia's report on alternative payments and trading systems came weeks before the annual BRICS summit, which will be held in the Russian city of Kazan from October 22 to October 24.The proposal also came months after Russia proposed a grain-trading exchange for BRICS members, as <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/101594/">Interfax</a> news agency reported in April.BRICS member countries are <a target="_blank" class="" href="https://www.usda.gov/oce/commodity/wasde/wasde1024.pdf">major producers and exporters</a> of grains in the world market, with Russia accounting for about one-quarter of the world's wheat exports. Meanwhile, Brazil accounts for about 60% of the world's soybean exports, and India accounts for about 40% of the world's rice shipments.Most global grain prices are set on the Chicago Mercantile Exchange and are dominated by the US dollar."The BRICS countries, being key participants in the global grain market, cannot fully participate in the formation of prices for economically fundamental and food security-essential products as wheat, barley and corn, world prices for which are formed, and often manipulated, in third countries," Russia's Union of Grain Exporters wrote in a letter to the country's Agriculture Ministry in December when it proposed a BRICS grain exchange.Russia faces an uphill battle in changing the basics of dollar-dependent financial trading systems. Right now, dollar-based trade participants can easily enter and exit their positions, whereas bartering or using other currencies could reduce liquidity and flexibility.Since there's already heavy trading in CME's grain markets, it would be challenging for new exchanges and their products to lure participants over en masse.Brent crude oil futures, for example, are still the world's benchmark and are actively traded. However, their namesake <a target="_blank" href="https://www.shell.co.uk/about-us/sustainability/decommissioning/brent-field-decommissioning/brent-field-decommissioning-programme.html">Brent oil fields</a> in Scotland are being decommissioned due to resource depletion.As the <a target="_blank" class="" href="https://www.imf.org/External/Pubs/FT/GFSR/2015/02/pdf/c2_v2.pdf">International Monetary Fund</a> explained in a 2021 report, "because of the network nature of markets, effects tend to be self-reinforcing— high market liquidity tends to attract more traders and so forth."

Russia pitches trading centers in a widening plan to move away from the US-dominated global financial order 

<ul class="summary-list"><li>Tesla dissolved its charging-station team, <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">BI previously reported</a>.</li><li>Following the cuts, Musk said that Tesla would be growing its charger network "at a slower pace."</li></ul>Shortly after news broke that <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">Tesla would be laying off another round of employees</a>, including the team behind the company's Supercharger charging-station network, <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">CEO Elon Musk</a> took to social media to reassure owners and investors that the stations aren't going anywhere."<a target="_blank" href="https://www.businessinsider.com/tesla">Tesla</a> still plans to grow the Supercharger network, just at a slower pace for new locations and more focus on 100% uptime and expansion of existing locations," Musk <a target="_blank" href="https://twitter.com/elonmusk/status/1785406795814510785">wrote in a post on X</a>.Despite Musk's assurances, Tesla has already begun pulling out of leases for upcoming stations in New York, the EV news site <a target="_blank" href="https://electrek.co/2024/04/30/tesla-pulling-back-supercharger-plans-firing-team/">Electrek</a> reported.The company currently operates 57,579 Superchargers at 6,249 locations globally, the outlet said.Even the most die-hard Tesla fans were disheartened by the news. Commenters on Musk's post called his announcement "kinda lame" and urged him to reconsider, saying that a large charging network is key to promoting widespread adoption of electric vehicles nationwide."This is a goddamn disaster. Superchargers need to be Tesla's second top growing sector outside of FSD," Troy Meekhof, whose site, The Cybertruck Guy, covers Teslas and <a target="_blank" href="https://www.businessinsider.com/tesla-models">other EVs</a>, wrote in response to Musk's post. "You're opening up the network to practically every EV driver on the continent without building with urgency? I'm honestly floored at this decision."Meekhof told Business Insider that, as an owner of two Tesla vehicles, he's very familiar with Superchargers and called them "damn near magical," saying they've worked for him every time and the stations he visits are rarely full. However, entire sections of the country and his home state of Michigan are mostly off-limits to him and his vehicles, he said, "simply because of the lack of charging options.""I'm generally apt to trust Musk's maniacal whims because they're indicative of a more complex longer-term plan, but destroying the division responsible for what I believe is their single greatest achievement in North America is simultaneously shocking and bewildering," Meekhof told BI. He's "certainly looking forward to seeing what this broader plan is, but at face value, I'm alarmed," he added.The <a target="_blank" href="https://www.businessinsider.com/elon-musk-tesla-hardcore-layoffs-report-2024-4">latest round of Tesla layoffs</a>, which were announced by Musk via email late Monday, included Rebecca Tinucci, a senior director of the company's Supercharger group, and Daniel Ho, the head of new products. Though some employees on the Supercharger team may be reassigned, the team, which had about 500 employees, was dissolved.The cuts come after Tesla's lukewarm <a target="_blank" href="https://www.businessinsider.com/tesla-stock-tsla-quarterly-earnings-call-report-live-updates-2024-4">earnings report</a> last week, which included an 8.7% year-over-year first-quarter revenue drop, its earnings per share missing consensus forecasts, and the company's free cash flow dropping 674% year-over-year to negative $2.5 billion.Representatives for Tesla did not immediately respond to a request for comment from Business Insider.Correction: May 1, 2024 — An earlier version of this story misstated the name of Tesla's charging stations. They are Supercharger stations, not Supercharging stations.

Elon Musk says Tesla still plans to grow Supercharger network after eliminating global team, but 'at a slower pace'

<keyword id="20253141" type="General" weightage="20" keywordseo="Bharti-Global" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Global" meta.hostid="268" meta.entityid="Bharti Global">Bharti Global</keyword>, the international <keyword id="19895437" type="General" weightage="20" keywordseo="investment" source="keywords">investment</keyword> arm of Bharti Enterprises, will acquire about 24.5 per cent stake in <keyword id="20115879" type="General" weightage="20" keywordseo="BT-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="BT Group" meta.hostid="268" meta.entityid="BT Group">BT Group</keyword>, Britain's largest broadband and mobile company, from <keyword id="22756191" type="General" weightage="20" keywordseo="Altice-UK" source="keywords" meta.keywordsubtype="org" meta.entityname="Altice UK" meta.hostid="268" meta.entityid="Altice UK">Altice UK</keyword>, a release said on Monday. Although it did not divulge the size of the deal, market watchers say that at BT's valuation of roughly USD 15 billion dollars, the deal could be in the ballpark of USD 4 billion. The shares will be purchased through Bharti Televentures UK, which is wholly-owned by Bharti Global. Bharti Televentures UK has inked an agreement with Altice UK to acquire about 9.99 per cent stake of BT Group's issued capital imminently with the rest about 14.51 per cent of BT's share capital is to be acquired post regulatory clearances. Telecom billionaire Patrick Drahi's Altice UK, the largest shareholder in BT, has been struggling with high debt. "Bharti Global, the international investment arm of Bharti Enterprises, a leading Indian business group with world-class companies in telecoms, digital infrastructure and space communications, has reached an agreement to acquire an interest in 24.5 per cent of the issued share capital of BT Group plc from Altice UK," Bharti said in a release. Bharti hopes the investment will further help create new synergies in the telecom sector between India and UK in the areas of AI and <keyword id="19916120" type="General" weightage="20" keywordseo="5G" source="keywords">5G</keyword> R&amp;D and core engineering among others, "offering great potential to collaborate on industry best practices and emerging technologies". It is pertinent to mention here that Bharti and BT have a relationship going back more than two decades. In 1997, BT acquired a 21 per cent stake in Bharti Airtel, and hence Bharti's latest move to acquire a 24.5 per cent chunk in the iconic British company marks a defining moment for the Indian telecom conglomerate. Sunil Bharti Mittal, Chairman of Bharti Enterprises said: "Bharti and British Telecom (BT) have an enduring relationship going back more than two decades wherein BT owned 21 per cent stake along with two board seats in Bharti Airtel Limited from 1997-2001. Today marks a significant milestone in Bharti Group's history as we invest in BT - an iconic British company". Bharti's investment in BT aims to support the commitment of Prime Minister Narendra Modi towards his vision in elevating and broadening the India-UK ties, the release said. It noted that during the recently concluded visit of UK Foreign Secretary, David Lammy to India, the UK-India Technology Security Initiative was announced to expand collaboration in critical and emerging technologies across priority sectors including telecom. Sunil Mittal said: "This investment in BT aims to support the commitment of our Prime Minister towards his vision in elevating and broadening the India-UK ties. Bharti's own record of owning and operating telecom and broadband networks around the world is underpinned by placing customers, digital innovation and operational efficiency at the heart of its business". Shravin Bharti Mittal, Managing Director of Bharti Global said: "We review global investment opportunities in the world of technology from digital infrastructure to software. BT is well known to us from the long association with Bharti, so we are pleased to have this opportunity to acquire a significant stake in the company." Bharti believes that BT is poised for leadership in the telecom arena, especially home broadband services, he added. Meanwhile, BT Group, in a separate statement said the investment from Bharti is a strong vote of confidence in the future of the British telecom carrier and its strategy. Allison Kirkby, Chief Executive of BT said: "We welcome investors who recognise the long-term value of our business, and this scale of investment from Bharti Global is a great vote of confidence in the future of BT Group and our strategy". "BT has enjoyed a long association with Bharti Enterprises, and I'm pleased that they share our ambition and vision for the future of our business. They have a strong track record of success in the sector, and I look forward to ongoing and positive engagement with them in the months and years to come," Kirkby said. Barclays Bank PLC, acting through its Investment Bank served as the sole financial advisor and Linklaters LLP served as legal advisor to Bharti Global in connection with the transaction. 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Bharti to acquire about 24.5% stake in BT Group from Altice UK; deal estimated at $4 bn

<ul class="summary-list"><li>Nvidia's stock rally has another 12-18 months left to go, according to S&amp;P Global's Andrew Chang.</li><li>The stock has at least another year of "strong runaway" amid big demand for its chips, Chang said.</li></ul>Nvidia stock has a lot more room to climb — and shares of the market's <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-stock-price-earnings-party-investors-cult-investing-memes-2024-9">most popular chip maker</a> are bound to soar for at least another year, according to Andrew Chang, a technology director at S&amp;P Global Ratings.The banking veteran pointed to recent <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-taiwan-tsmc-jensen-huang-china-disruption-2024-9">comments from Jensen Huang</a>, who sparked a sharp rally in NVDA shares this week after speaking at a Goldman Sachs conference in San Francisco. The Nvidia CEO issued more guidance on consumer demand and, in particular, demand for Blackwell, the company's next-gen GPU.His comments bolster predictions of continued upside for Nvidia, Chang said in an interview with <a target="_blank" class="" href="https://www.youtube.com/watch?v=3FnQmDld9gA">Schwab Network</a> on Friday."It just confirms our view that we have strong runway for at least the next 12 months," Chang said.Nvidia's partners are also showing signs of strong chip demand. Oracle, which has an ongoing partnership with Nvidia, bumped up its revenue forecasts after beating earnings for the first quarter. The software firm also doubled its planned capital expenditures for the fiscal year — which are all bullish signs for Nvidia."All of these are great data points that, at least for the next 12 to 18 months, things look great," Chang said of the Jensen Huang-led firm.Still, he acknowledged some concerns investors have been airing. Some have floated worries that Nvidia's growth is unsustainable, given the stock's monster 2,514% gain over the last five years.Some analysts have warned demand for Nvidia's chips may not hold strong in the coming years, as <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-prediction-artificial-intelligence-chips-gpu-earnings-report-2024-5">the firm's largest customers could eventually turn into competitors</a>. <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/apple-working-on-its-own-ai-chip-for-data-centers-wsj-1033340339?utm_medium=ingest&amp;utm_source=markets">Apple</a> and <a target="_blank" class="" href="https://www.businessinsider.com/microsoft-making-ai-chips-to-compete-with-aws-documents-confirm-2023-6?utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*13d1ns4*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTcyNjI0ODk5Ni4zNDEuMS4xNzI2MjQ5Mzk1LjMyLjAuMA..">Microsoft</a>, two huge customers of Nvidia's GPUs, are reportedly working on their own AI chips."Ultimately, if Oracle, if Microsoft, if Amazon don't see the ROI that they expect, they're going to cut orders. So hyperscale, demand volatility is something that really concerns us," Chang said. "But, you know, these data center players have been known to order a bunch and then pause for several quarters. That's what we're looking out for."Investors will also need to be on the lookout for tighter regulation of AI. <a target="_blank" class="" href="https://www.businessinsider.com/doj-subpoena-nvidia-antitrust-investigation-heats-up-report-2024-9">Nvidia was recently targeted</a> by the Department of Justice in a fresh antitrust probe, Bloomberg reported, and it's just a "matter of time" before other countries follow suit and try to regulate the technology, Chang said.Nvidia stock sold off in the weeks following its earnings report at the end of August, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/oracle-nvidia-help-revive-stock-markets-ai-trade-this-week-2024-9">but the stock staged a fresh rally this week</a> alongside other tech stalwarts including Oracle and Super Micro Computer. Wall Street remains generally bullish on Nvidia. According to Nasdaq data, analysts have issued an average price target of $153 a share, implying a 29% upside from current levels.

Nvidia stock can climb for the next 12 months, S&P Global analyst says

<ul class="summary-list"><li>The West's sanctions are pushing Russia to develop alternative payment systems with its trade partners.</li><li>Russia's SPFS and Mir systems, China's CIPS, and India's UPI help aim to challenge SWIFT's dominance.</li></ul>The West's tightening sanctions are driving Russia nearly up against the wall — but <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-how-moscow-pays-war-economy-afloat-sanctions-ukraine-2024-2">Moscow keeps finding ways</a> to keep the country's economy going.Russia's trade partners, too, are looking for ways to continue doing business with the country via alternative systems to rival the Western-led, US dollar-dominated global financial order.Discussions about <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/de-dollarization-reasons-why-countries-move-away-us-dollar-2023-7">de-dollarization</a> have been gaining traction in recent years as Western-led sanctions against Russia related to its invasion of Ukraine are making other countries wary of the potential consequences of crossing Washington.There's been some success, with trade between Russia and China, as well as Russia and India, chugging along until recently. Now, even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">Chinese banks</a> — buckling under the pressure of tightening US sanctions — are pushing back on processing transactions for Russian companies.But Russia and its partners have been looking at other ways to do business outside the Western-led order, in part because technology is making it easier to process payments and get around the US-dollar-dominated global financial order.As <a target="_blank" class="" href="https://www.brookings.edu/articles/the-changing-role-of-the-us-dollar/">Brookings researchers</a> Sam Boocker and David Wessel explained in an August post, "innovations in payment technology could reduce the dollar's role in the global economy."To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/currencies/king-dollar-reign-supreme-3-reasons-dedollarization-fears-yuan-euro-2023-5">king dollar</a> is entrenched in the world's financial system, so it's unlikely to be dethroned, most experts say. However, new platforms are coming up that could chip away at its dominance.These are some of the alternative trading and payment systems that are trying to crack the US-led trade and payments order:<h2 id="e3db2e40-91e6-40ce-8ea6-bd2555a945d0">Russia set up SPFS and Mir years ago, citing 'risks'</h2>Russia prepared for even more sanctions years ago, following trade restrictions after it annexed Crimea in 2014."There are risks in using the global financial networks," Elvira Nabiullina, governor of Russia's central bank, told <a target="_blank" class="" href="https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html">CNBC in 2018.</a> "Therefore, since back in 2014, we have been developing our own systems."Some Russian banks were banned from the SWIFT messaging system for banking transactions following Russia's full-scale invasion of Ukraine. Moscow has been touting its homegrown ruble-based payment system — the System for Transfer of Financial Messages, or SPFS — that was set up in 2014.<div type="image" title="Russian President Vladimir Putin meets with Central Bank chief Elvira Nabiullina" height="3605" width="5408" msid="112978409" hostid="261" sizebytes="1587422"></div>At the end of 2023, users of SPFS included 556 organizations from 20 countries. Of these, 159 — about a quarter of total participants — were foreign and their use of the messaging system more than doubled from 2022, according to Russia's central bank, per <a target="_blank" class="" href="https://interfax.com/newsroom/top-stories/103040/">Interfax</a>.In July, Russia and Iran — another heavily-sanctioned country — finalized details to connect the banking systems of the two countries, Iran's <a target="_blank" class="" href="https://en.mehrnews.com/news/217372/Iran-Russia-finalize-integration-of-national-payment-systems">Mehr news agency</a> reported.This means that Russia's Mir payment system would work with Iran's Shetab banking system, allowing for both pariah states to trade more smoothly.<h2 id="dc8236fe-da57-4f21-8a5f-0a2f6f46c77a">China's CIPS is growing quickly</h2>China's Cross-Border Interbank Payment System, or CIPS, is an alternative system that processes payments in Chinese yuan.Launched in 2015, CIPS has about <a target="_blank" class="" href="https://www.cips.com.cn/en/2024-08/01/article_2024080115043180408.html">2,000 participants as of July,</a> compared to <a target="_blank" class="" href="https://www.swift.com/about-us">11,000 for SWIFT.</a>CIPS "has been growing rapidly in recent years," the Brookings researchers wrote.In 2023, CIPS processed over 6.6 million transactions, totaling 123 trillion Chinese yuan, or $17.3 trillion — up nearly 30% by value from a year ago, according to <a target="_blank" class="" href="http://www.pbc.gov.cn/en/3688110/3688172/5188125/5327700/2024041216580199504.pdf">China's central bank.</a><h2 id="a578a224-e5df-4b31-8404-e02cff739d93">India's UPI is already used extensively</h2>India — now a key trading part of Russia — also has its own system.The country's <a target="_blank" class="" href="https://www.npci.org.in/what-we-do/upi/product-overview">Unified Payments Interface,</a> or UPI, was developed in 2016 and is <a target="_blank" class="" href="https://edition.cnn.com/2024/04/29/tech/india-digital-payments-upi-growth-hnk-intl/index.html">used extensively</a> in India today, even among everyday consumers.The payment system has gotten so big that it's not just limited to India. The National Payments Corporation of India, which runs the platform, has partnered with financial institutions in other countries, including France, the United Arab Emirates, and Singapore.<div type="image" title="A man behind piles of fruits at his stall in India that features a QR payment code." height="701" width="1024" msid="112978412" hostid="261" sizebytes="98408"></div>If the UPI's footprint expands to more countries, it could be a way to bypass the SWIFT banking system, wrote Evan Freidin, an international relations analyst, for the <a target="_blank" class="" href="https://www.lowyinstitute.org/the-interpreter/india-s-plan-world-without-cash">Lowy Institute,</a> an Australian think tank."It is significant that UPI can also be used to bypass the SWIFT banking system, enabling payments with sanctioned countries such as Russia, thereby weakening US financial hegemony," Freidin wrote in July.<h2 id="48c27799-0d46-40f6-b4b7-e9225b102131">Central banks are looking at digital currencies</h2>Countries are also increasingly looking to build central bank digital currencies, or CBDCs. These currencies are similar to cryptocurrencies but are <a target="_blank" rel=" nofollow" href="https://www.weforum.org/agenda/2023/11/cbdcs-how-different-cryptocurrency-stablecoin/">issued and backed by central banks</a>.The <a target="_blank" rel="" href="https://markets.businessinsider.com/news/currencies/cbdcs-crypto-central-banks-bis-digital-currencies-bitcoin-stablecoins-tether-2021-9">Bank for International Settlements,</a> an organization of central banks, is overseeing the trial of a CBDC platform for wholesale cross-border payment.Participants of the project, called <a target="_blank" class="" href="https://www.reuters.com/technology/saudi-arabia-joins-bis-led-central-bank-digital-currency-trial-2024-06-05/">mBridge,</a> include China, Hong Kong, Thailand, the United Arab Emirates, and Saudi Arabia. It's dominated by Beijing, which has already rolled out the digital Chinese yuan.<div type="image" title="Woman with a face mask using a touch screen at an exhibition booth for the e-renminbi." height="746" width="1024" msid="112978411" hostid="261" sizebytes="54016"></div>The Brookings researchers wrote that these CBDCs could "upend the dollar's role as a currency 'middleman' by reducing settlement times, making it cheaper and easier to trade non-dollar currencies."The CBDCs integrate messaging and payments, unlike current systems like SWIFT and major US dollar clearing system CHIPS.<h2 id="67caf2a1-65f8-470a-8a88-3f2e381242e9">Russia rushes into crypto</h2>As doors to transact in fiat money close, Russia is now looking to trade in cryptocurrencies.It's in such a rush to get the system up and running that it plans to start crypto exchange trials as soon as September 1, anonymous sources told <a target="_blank" rel=" nofollow" href="https://www.bloomberg.com/news/articles/2024-08-26/russia-close-to-starting-trials-of-crypto-payments-exchanges?srnd=homepage-americas">Bloomberg in late August.</a>Creating this mode of payment has gotten more pressing because even <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-all-china-banks-refuse-yuan-ruble-transfers-sanctions-2024-8">banks from China</a> are rejecting most transactions with Russian entities.<a target="_blank" rel=" nofollow" class="" href="http://www.kremlin.ru/events/president/news/74566">Russian President Vladimir Putin</a> himself said in July that Russia had to <a target="_blank" rel=" nofollow" class="" href="https://tass.com/economy/1818055">"seize the moment"</a> to create a legal framework for digital assets, as they are being increasingly used to settle international payments.<h2 id="15b13f44-3051-4887-85cf-66563ce70c10">Going back to barter trade</h2>If all else fails, there's also the age-old method of barter trade.In August, <a target="_blank" rel=" nofollow" class="" href="https://www.reuters.com/markets/first-russia-china-barter-trade-may-come-this-autumn-sources-say-2024-08-08/">Reuters</a> reported that Russia and China are planning to revive the practice of <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-russia-china-barter-trade-us-secondary-sanctions-payments-2024-8">barter trade</a> to get around Western sanctions.The deals could involve agriculture and could come as soon as this fall, the news agency reported, citing anonymous trade and payments sources.The two countries are no strangers to barter.It was practiced during the <a target="_blank" rel=" nofollow" href="https://www.joc.com/maritime-news/soviet-union-allows-return-barter-some-trading-deals-partners-former-e-bloc_19910708.html">Soviet era</a> and <a target="_blank" rel=" nofollow" href="https://www.nytimes.com/1998/09/06/world/as-ruble-withers-russians-survive-on-barter.html">in the years following the bloc's collapse.</a> At the time, China was a key trading partner.In August 2022, the <a target="_blank" rel="" class="" href="https://www.businessinsider.com/taliban-import-russia-oil-barter-exchange-afghanistan-raisin-minerals-medicine-2022-8">Taliban regime in Afghanistan</a> also discussed barter trade with Russia that could involve trading Russian crude oil products in exchange for raisins, minerals, and medicinal herbs, according to RIA Novosti, a Russian state-owned news agency.Last year, cash-strapped <a target="_blank" rel=" nofollow" class="" href="https://www.voanews.com/a/pakistan-allows-barter-trade-with-iran-afghanistan-russia-/7120806.html">Pakistan</a> authorized the barter trade of specific goods with Russia.In 2019, China <a target="_blank" href="https://www.reuters.com/article/markets/currencies/china-in-barter-deal-for-200000-tonnes-of-malaysian-palm-oil-report-idUSKCN1T22W0/">traded $150 million worth of palm oil</a> from Malaysia for a range of products and services, including natural resources and defense equipment.

Countries from Russia to China are building payments systems that could threaten the dollar's global dominance

Italian <keyword id="19946118" type="General" weightage="20" keywordseo="luxury" source="keywords">luxury</keyword> carmaker <keyword id="20673655" type="General" weightage="100" keywordseo="Maserati" source="keywords" meta.keywordsubtype="org" meta.entityname="Maserati" meta.hostid="153" meta.entityid="Maserati">Maserati</keyword> believes <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> has the potential to be among its top ten global markets in the mid term with the country's <keyword id="20041662" type="General" weightage="20" keywordseo="entrepreneurs" source="keywords">entrepreneurs</keyword> driving its sales, according to the company's Head of Overseas Markets, <keyword id="22976712" type="General" weightage="20" keywordseo="philippe-claverol" source="keywords">Philippe Claverol</keyword>. The company, which on Friday launched its <keyword id="22975850" type="General" weightage="20" keywordseo="granturismo" source="keywords">GranTurismo</keyword> model with prices starting at Rs 2.72 crore, is also studying the feasibility of introducing its <keyword id="19906970" type="General" weightage="20" keywordseo="electric-vehicle" source="keywords">electric vehicle</keyword> range in India. "Maserati is a luxury brand, so we don't look at huge volume for us. A big market for us is a market where we sell 500 cars a year... but I think in mid term, in few years, I think in India, we can reach this kind of 500 (units a year)," Claverol told PTI here on the sidelines of the launch. He, however, said volume isn't "an objective in itself" for Maserati. He further said,"I know who are the top markets of Maserati worldwide. I think India can become one of the top 10 markets for Maserati in the mid term." Currently, North America, Italy, Switzerland, China, Japan, Australia, Taiwan and the UAE are the top global markets for Maserati and India with less than 50 units sold last year is still a small market, he added. Yet, Claverol said, India is an important market for Maserati. "It is a land of entrepreneurs. A vast majority, 80 per cent of our customers in India are entrepreneurs," he said. Also, India is a country with a lot of appreciation for luxury products, he said, adding "we feel that there is a good match". In order to enhance its presence in India, Maserati is expanding sales network, he said. Maserati already has a <keyword id="20400384" type="General" weightage="20" keywordseo="dealership" source="keywords">dealership</keyword> in Mumbai and opened a new one on Friday here in the national capital and will open one in Bengaluru later this year, Claverol said. "We see that the North India market is bigger actually than the Mumbai market and we also think that Bengaluru is the third pillar. This dealership expansion is also because we want to go where the markets are in terms of volume," he said. Asked about plans for launching electric vehicles in India, Claverol said Maserati has the electric version of the conventional engine models under the Folgore range globally and the company will study the feasibility of bringing it in India. "We will, with our partners, start to look at how is the market, how to train our people, how to train the technicians, how to analyse, how to build the right offer, the pricing, the charging solution, and so on, and then, once we will be ready, we will look at the pricing, and we will obviously try to launch the Folgore range as well," he said. Asked about the timeline for a possible launch of the electric range, he said,"The sooner, the better. The cars are available."

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