<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Vasily Fedosenko</span></p><p class="caption">Military enthusiasts dressed as Nazi troops take part in a re-enactment of a World War II battle at the Hero fortress as they mark the 75th anniversary of the Nazi Germany invasion, in Brest, Belarus June 22, 2016.</p></div><p></p></div></div>Hello! Here's what you need to know on Thursday.</p><p><strong>1. <a href="http://uk.businessinsider.com/eu-referendum-live-brexit-voting-polls-analysis-reasons-remain-leave-2016-6">Britons are voting on whether the United Kingdom will "Remain" or "Leave" the European Union</a>.</strong> The latest polls showed "Remain" narrowly in the lead.</p><p><strong>2. <a href="http://www.businessinsider.com/house-democrats-shouted-down-paul-ryan-during-house-floor-sit-in-2016-6">US House Democrats are holding an unprecedented sit-in protest on the House floor</a>.</strong> Democrats are trying to force a vote on gun-control legislation.</p><p><strong>3. <a href="http://www.businessinsider.com/wall-street-is-turning-its-back-on-elon-musk-2016-6">Wall Street is turning its back on Elon Musk</a>.</strong> Musk's electric-car company, Tesla, made an offer to buy Musk's solar-power company, SolarCity.</p><p><strong>4. <a href="http://www.businessinsider.com/venezuelas-opposition-is-one-step-closer-to-ousting-maduro-2016-6">Venezuela's opposition is one step closer to ousting President Nicolas Maduro</a>.</strong> The opposition appears to have the signatures to move forward with a recall referendum.</p><p><strong>5. <a href="http://www.businessinsider.com/colombia-and-farc-rebels-reach-ceasefire-deal-2016-6">One of the world's longest wars is on the verge of ending</a>.</strong> The Colombian government and the left-wing Revolutionary Armed Forces of Colombia announced an agreement on a bilateral and final ceasefire.</p><p><strong>6. <a href="http://www.businessinsider.com/bernie-sanders-democratic-nominee-2016-6">Bernie Sanders acknowledged for the first time that "it doesn't appear" he'll be the US Democratic presidential nominee</a>.</strong> "I won't be determining the scope of the convention," he said.</p><p><strong>7. <a href="http://www.businessinsider.com/marco-rubio-reelection-donald-trump-2016-6">Former Republican presidential candidate Marco Rubio announced his plan to run for reelection in the US Senate in Florida</a>.</strong> "The prospect of a Trump presidency is ... worrisome to me," he said.</p><p><strong>8. <a href="http://www.businessinsider.com/burger-king-debuts-mac-n-cheetos-2016-6">Burger King has unleashed a wild new weapon in the fast-food wars</a>,</strong> Mac n' Cheetos - creamy mac n' cheese deep fried into Cheeto-shaped sticks and covered with crispy Cheetos flavoring.</p><p><a href="http://www.businessinsider.com/donors-break-record-raising-funds-for-orlando-2016-6"></a><strong>9. <a href="http://www.businessinsider.com/google-cloud-business-2016-6">One analyst doesn't think Google is getting enough credit in the market</a>,</strong> arguing the company's cloud business could cause the stock to soar to over $900.</p><p><strong>10. <a href="http://www.businessinsider.com/palantir-lets-employees-sell-stock-if-they-dont-talk-to-reporters-2016-6">Secretive $20 billion startup Palantir is buying $225 million of stock back from employees</a>,</strong> in exchange for their silence.</p><p><strong>And finally ...</strong></p><p><strong><a href="http://www.businessinsider.com/gselevator-trump-rally-nothing-expected-2016-6">I went to a Donald Trump rally, and it was nothing like what I expected</a>.</strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/movie-theater-concession-prices-markups-2016-6">Movie theater soda is a rip-off - but it's not the highest marked up item out there</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="V1bThrdDoJ32fIHxsgn2rDMxX4Pe-bJ7" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

The 10 most important things in the world right now

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>©BAE Systems plc</span></p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Thursday.</p><p><a href="http://uk.businessinsider.com/eu-referendum-live-brexit-voting-polls-analysis-reasons-remain-leave-2016-6"><strong>It is finally referendum day.</strong></a> Brits go to the polls today to vote on whether or not the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword> should vote to stay in the European Union. Polls suggest that the race is too close to call, although the Remain camp appears to have a small lead.</p><p><a href="http://uk.businessinsider.com/goldman-sachs-says-brexit-would-not-be-anywhere-near-as-bad-as-lehman-2016-6"><strong>Britain leaving the EU would not be as bad for the markets as the Lehman Brothers collapse. </strong></a><span>Britain leaving the European Union would have a strong negative on European equity markets, but the impact would be nowhere near as bad as the fallout following the collapse of Lehman Brothers in 2008, according to Goldman Sachs.</span></p><p><span><a href="http://www.ft.com/cms/s/2/c26ab49e-37c4-11e6-a780-b48ed7b6126f.html#axzz4C5zGzVuC"><strong>British high street banks are stockpiling cash.</strong></a> <span>High-street banks are building their cash reserves  for Friday under orders of the financial regulator, in case a </span>vote to leave the EU<span> prompts mass withdrawals, the Financial Times reports.</span></span></p><p><span><span><strong><a href="http://www.businessinsider.com/r-oil-rises-as-markets-on-tenterhooks-ahead-of-brexit-vote-2016-6">Oil prices are gaining. </a></strong>Oil prices rose in Asian trading on Thursday, shrugging off a smaller-than-expected decline in U.S. stockpiles, as the market nervously awaited the result of Britain's "Brexit" vote. Both benchmarks are up around 0.7% this morning.</span></span></p><p><strong><a href="http://www.businessinsider.com/wall-street-is-turning-its-back-on-elon-musk-2016-6">Wall Street is turning its back on Elon Musk</a>.</strong><span> Musk's electric-car company, Tesla, made an offer to buy Musk's solar-power company, SolarCity.</span></p><p><span><span><a href="http://www.businessinsider.com/r-japans-june-flash-manufacturing-pmi-contracts-for-fourth-straight-month-2016-6"><strong>Japan's manufacturing sector is shrinking.</strong> </a>Japanese manufacturing activity contracted in June at roughly the same pace as the previous month, a preliminary survey showed, but concerns remain due to supply chain disruptions from an earthquake in April and falling exports.</span></span></p><p><span><strong><a href="http://www.businessinsider.com/venezuelas-opposition-is-one-step-closer-to-ousting-maduro-2016-6">Venezuela's opposition is one step closer to ousting President Nicolas Maduro</a>.</strong><span>The opposition appears to have the signatures to move forward with a recall referendum.</span></span></p><p><span><span><strong><a href="http://www.businessinsider.com/google-cloud-business-2016-6">One analyst doesn't think Google is getting enough credit in the market</a>,</strong><span> arguing the company's cloud business could cause the stock to soar to over $900.</span></span></span></p><p><span><span><span><strong><a href="http://www.businessinsider.com/palantir-lets-employees-sell-stock-if-they-dont-talk-to-reporters-2016-6">Secretive $20 billion startup Palantir is buying $225 million of stock back from employees</a>,</strong><span> in exchange for their silence.</span></span></span></span></p><p><a href="http://uk.businessinsider.com/bitcoin-payment-app-circle-raises-60-million-expands-to-china-and-the-euro-2016-6"><strong>Goldman Sachs-backed bitcoin payment app Circle just raised $60 million.</strong></a> Bitcoin-based payment app Circle has raised $60 million (£40.8 million) as payments over its app hit $1 billion (£680 million) a year. Circle on Thursday also announced the launch of a Chinese venture and plans to offer euro transfers as part of European expansion.</p><p> </p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

10 things you need to know in markets today

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Associated Press</span></p><p class="caption">Bernie Sanders addresses a rally in North Charleston, S.C., Thursday, March 14, 2019. South Carolina gave Bernie Sanders the cold shoulder in 2016. Four years and several visits later, Sanders hopes the state is ready to warm to him. (Lauren Petracca/The Post And Courier via AP)</p></div><p></p></div></div></p><ul class="summary-list"><li>Sen. Bernie Sanders told NPR it's "nonsense" when people on the political right attempt to characterize democratic socialism as "authoritarianism and communism and Venezuela."</li><li>Socialism remains a divisive term in US politics, and the presidential hopeful signaled he needs to do a "better job" explaining what it really means. </li><li>The Vermont senator is a self-described Democratic socialist. </li><li>President Donald Trump has sought to tap into the historically negative sentiments many Americans have toward socialism as the 2020 campaign season picks up steam.</li><li>Younger voters have complicated views toward both capitalism and socialism, especially when it comes to the specifics of each.</li></ul><p>Sen. Bernie Sanders said it's "nonsense" when his "right-wing colleagues" seek to "paint" democratic socialism as "authoritarianism and communism and Venezuela."</p><p>But the Vermont senator and presidential hopeful also suggested he needs to do a "better job" explaining what he means by "socialism" and "democratic socialism." </p><p>"I think what we have to do, and I will be doing it, is to do a better job maybe in explaining what we mean by socialism - democratic socialism," <a href="https://www.npr.org/2019/03/18/702708256/bernie-sanders-pledges-to-do-a-better-job-of-explaining-socialism">Sanders said on NPR's "Morning Edition"</a> on Monday. "Obviously, my right-wing colleagues here want to paint that as authoritarianism and communism and Venezuela, and that's nonsense."</p><p>Sanders said that when he calls himself a "democratic socialist" he simply means that he wants "a vibrant democracy." </p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/difference-between-socialist-and-democratic-socialist-2018-6">Here's the difference between a 'socialist' and a 'Democratic socialist'</a></em></p><p>"I find it interesting that people who criticize me are busy actively involved in voter suppression trying to keep people of color or low-income people from voting, because they don't want a vibrant democracy. I do," Sanders added.</p><p>Sanders then broke down what democratic socialism means to him from a policy standpoint. </p><p>"What it means ... is that in the wealthiest country in the history of the world we can provide a decent standard of living for all about people ... That's not Utopian dreaming; that is a reality. Health care for all can be done, and we can save money in doing it," Sanders said.</p><p>"We can have a minimum wage which is a living wage, and I'm delighted to see that ... five states already passed $15 an hour minimum wage," the senator added. "The House of Representatives is gonna do it. We have got to do that."</p><p>President Donald Trump has sought to tap into the historically negative sentiments many Americans have toward socialism as the 2020 campaign season picks up steam. Just <a href="https://news.gallup.com/poll/240725/democrats-positive-socialism-capitalism.aspx">16% of Republicans</a> have a positive view of socialism, according to an August 2018 Gallup poll, while 71% view capitalism favorably. The president is seemingly looking to take advantage of this by <a href="https://www.businessinsider.com/trump-socialism-focus-line-of-attack-against-2020-democrats-2019-2">tying Democratic candidates to Venezuela-style socialism.</a>  </p><p>After Sanders announced he's running for president again last month, Trump's campaign said, <span>"Bernie Sanders has already won the debate in the Democrat primary, because every candidate is embracing his brand of socialism."</span></p><p><span>"But the American people will reject an agenda of sky-high tax rates, government-run health care and coddling dictators like those in Venezuela," the campaign's statement on Sanders' added. "Only President Trump will keep America free, prosperous and safe."</span></p><p><span>The policies of Venezuela's authoritarian socialist leader, Nicolas Maduro, have driven the country into utter chaos. The president has essentially contended that if Americans elect someone like Sanders, they will see similar conditions arise in the US. </span></p><p><span>"We stand with the Venezuelan people in their noble quest for freedom - and we condemn the brutality of the Maduro regime, whose socialist policies have turned that nation from being the wealthiest in South America into a state of abject poverty and despair," Trump said during his State of the Union address in February. </span></p><p><em><strong>Read more:</strong> <a href="https://www.businessinsider.com/trump-socialism-focus-line-of-attack-against-2020-democrats-2019-2">Trump's latest line of attack against 2020 Democrats is to tie them to socialism</a></em></p><p><span>Trump added, "Here, in the United States, we are alarmed by new calls to adopt socialism in our country. America was founded on liberty and independence - not government coercion, domination, and control. We are born free, and we will stay free. Tonight, we renew our resolve that America will never be a socialist country."</span></p><p><span>While this message might resonate well with Republican voters, Democrats have a more favorable view of socialism. Gallup's poll from August showed 57% of Democrats have a positive view of socialism, compared to 47% who said the same about capitalism. </span></p><p><span>Meanwhile, <a href="https://www.axios.com/exclusive-poll-young-americans-embracing-socialism-b051907a-87a8-4f61-9e6e-0db75f7edc4a.html">recent polling</a> shows Millennial and Generation Z voters have overwhelmingly positive views of socialist-associated policies such as universal healthcare and tuition-free college. Correspondingly, a <a href="https://www.axios.com/socialism-capitalism-poll-generation-z-preference-1ffb8800-0ce5-4368-8a6f-de3b82662347.html">January 2019 poll from Axios</a> showed 61% of Americans between 18 and 24 have a positive reaction to the word "socialism," compared to 58% who responded the same way to "capitalism." </span></p><p>Polling also suggests young voters are still strongly in favor of entrepreneurship and free enterprise, but aren't as enthusiastic about big business, highlighting the complexities of their views.</p><p>A <a href="https://news.gallup.com/poll/191354/americans-views-socialism-capitalism-little-changed.aspx">2016 Gallup poll</a>, for example, found 98% of Millennials have a positive image of small business, while 90% said the same of entrepreneurs. The poll showed 78% of Millennials held a positive view of free enterprise compared to 57% who felt the same way about capitalism and 57% about big business. The same poll found 55% of Millennials had a positive view of socialism. Comparatively, just 24% of people 65 and older said they had a positive view of socialism. </p><p>In short, there's both a partisan and generational divide on how Americans view and define socialism, which could have a major impact on the ultimate result of the 2020 election. At the same time, while younger voters are warming up to socialistic policies, they don't necessarily endorse an economic model that sees government take control of all industry. </p>     <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/elon-musk-tesla-roadster-space-spacex-orbit-2019-2">Elon Musk sent a $100K Tesla Roadster to space a year ago. It has now traveled farther than any other car in history.</a></h3>        <div>                    </div>    </div>

Bernie Sanders says it's 'nonsense' to 'paint' democratic socialism as 'Venezuela' and 'authoritarianism'

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>REUTERS/Ibraheem Abu Mustafa</span></p><p class="caption">Palestinians fly kites during an event organised by the Palestinian Center For Human Perseverance-Fata in Khan Younis in the southern Gaza Strip October 26, 2016.</p></div><p></p></div></div>Hello! Here's what you need to know on Thursday.</p><p><strong>1. <a href="http://www.businessinsider.com/prominent-poll-shows-hillary-clinton-dominating-early-voting-and-on-likely-on-the-cusp-of-victory-2016-10">US Democratic presidential nominee Hillary Clinton appears on the cusp of a potentially commanding victory over Republican rival Donald Trump</a>,</strong> fueled by solid Democratic turnout in early voting, massive operational advantages, and increasing enthusiasm among her supporters.</p><p><strong>2. <a href="http://www.businessinsider.com/democratic-national-committee-sues-republican-national-committee-donald-trump-rigged-election-2016-10">The US Democratic National Committee is suing the Republican Party</a>.</strong> The DNC asked a US judge to hold the RNC in contempt of court over allegations that Donald Trump encouraged his supporters to intimidate minority voters.</p><p><strong>3. <a href="http://www.businessinsider.com/afp-22-children-killed-in-air-raid-on-syria-school-unicef-2016-10">Air strikes that hit a school in rebel-held Idlib province in Syria killed 22 children and six teachers</a>,</strong> according to UN children's agency UNICEF.</p><p><strong>4. <a href="http://www.businessinsider.com/afp-tough-road-ahead-spain-pm-warns-before-return-to-power-2016-10">Spain's acting Prime Minister Mariano Rajoy is preparing to take power again at the head of a minority government with little support</a>.</strong> Until last weekend, Spain was heading towards unprecedented third elections in less than a year.</p><p><strong>5. <a href="http://www.businessinsider.com/tesla-third-quarter-earnings-2016-10">Tesla shares rose as much as 7% after better than expected Q3 results</a>,</strong> which cap off a period during which the company struck a multi-billion takeover and reported a substantial ramp-up in deliveries.</p><p><strong>6. <a href="http://www.businessinsider.com/r-russia-says-its-planes-and-syrias-have-not-flown-over-aleppo-for-nine-days-2016-10">Russian and Syrian warplanes have not flown closer than 10 kilometres of Syria's Aleppo for nine days, according to the Russian defence ministry</a>.</strong> Rescue workers and a monitoring group have said air strikes by Syrian or Russian warplanes on Wednesday killed at least 26 people in a village in the rebel-held province of Idlib.</p><p><strong>7. <a href="http://www.businessinsider.com/afp-more-than-20-hurt-39-detained-at-venezuela-protests-rights-group-2016-10">More than 20 people were injured and 39 were detained at anti-government protests in Venezuela</a>.</strong> The injuries included three people who were shot on a day of nationwide protests against leftist President Nicolas Maduro's handling of a devastating economic crisis.</p><p><strong>8. <a href="http://www.businessinsider.com/r-japan-us-south-korea-agree-to-put-more-pressure-on-north-korea-japan-official-2016-10">Japan, the US, and South Korea agreed to work together to put more pressure on North Korea to get it to abandon its nuclear and missile programs</a>,</strong> according to Japan's Foreign Ministry.</p><p><strong>9. <a href="http://www.businessinsider.com/trump-ad-indian-american-vote-2016-10">Donald Trump's campaign is reaching out to Indian-American voters with a series of new television ads</a>.</strong> The ad prominently features an image of Indian Prime Minister Narendra Modi, as well as Trump's take on Modi's popular campaign slogan: "Abki Bar Trump Sarkar" - or, "This Time, We're With Trump's Government."</p><p><strong>10. <a href="http://www.businessinsider.com/wow-air-ceo-made-iceland-irresistible-2016-10">A tiny budget airline single-handedly turned Iceland into America's favorite vacation spot</a>.</strong> WOW air has managed to become one of the most talked-about airlines in the business.</p><p><strong>And finally ...</strong></p><p><strong><a href="http://www.businessinsider.com/photo-shiny-legs-illusion-2016-10">This photo of someone's shiny legs is an illusion, and we're freaking out</a>.</strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/ryan-blair-rock-bottom-rock-star-business-skills-learned-from-being-in-a-gang-2016-10">These are the business skills you learn from being in a gang</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="xheXFzNjE6YraVZXLbXP1KkC2qrP4JKw" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Reuters/Mark Kauzlarich</span></p><p class="caption">The sun sets over Manhattan, aligned exactly with the streets in a phenomenon known as "Manhattanhenge", in New York City, July 11, 2016. REUTERS/Mark Kauzlarich</p></div><p></p></div></div>Good morning! Here's what you need to know in markets on Tuesday.</p><p><strong><a href="http://www.businessinsider.com/stock-market-update-july-11-2016-7">US stocks are at all-time highs</a>.</strong> The benchmark S&amp;P 500 index crossed the previous intraday record of <span>2,134.72, which it touched on May 20, 2015. T<span>ech, industrials, and materials led gains. <span> </span><span>"With the economy averaging a little over 2% growth per year on average since the recession ended in 2009 a combination of modest growth, low interest rates and improvements in jobs, housing and autos could help keep the stock market grinding higher," John Stoltzfus, Oppenheimer chief investment strategist, wrote in a note on Monday.</span></span></span></p><p><span><span><span><strong><a href="http://uk.businessinsider.com/ftse-100-bull-market-european-stocks-on-monday-july-11-2016-7">The FTSE 100 entered a bull market.</a> </strong><span>European stocks opened the week strongly, with Britain's blue-chip FTSE 100 entering a bull market on the day, up more than 20% from its recent low in February. </span></span></span></span>The index - which is now at an 11-month high - was higher by 1.4% at the close of trade on Monday at 6,682 points, and is now almost 350 points higher than it was prior to the referendum.</p><p><strong><a href="http://uk.businessinsider.com/dutch-10-year-yields-negative-first-time-2016-7">Dutch bonds did something never seen in their 499 year history.</a></strong> Dutch 10-year government bond yields dropped below zero for the first time ever on Monday, making them the latest to join the <a href="http://www.businessinsider.com/negative-government-bond-yields-are-taking-over-2016-7">negative yield club</a>. The Netherlands' 10-year dipped by 0.08 percentage points to as low as -0.007%. It has <a href="http://finance.yahoo.com/news/dutch-10-bond-yields-turns-080119239.html">fallen</a> by about 30 basis points since the June <a href="http://www.businessinsider.com/category/brexit">Brexit vote</a>.</p><p><span><a href="http://www.businessinsider.com/r-china-second-quarter-economic-growth-seen-cooling-to-66-percent-weakest-in-seven-years-2016-7?IR=T"><strong>Chinese economic growth is set to slow.</strong> </a>China's economic growth likely cooled to a fresh seven-year low of 6.6% in the second quarter as the industrial sector loses steam and a boost from financial services fades, according to a Reuters poll of 61 economists. <span>Analysts expect the world's second-largest economy to lose further momentum in the second half of the year.</span></span></p><p><strong><a href="http://www.businessinsider.com/r-asian-shares-firm-on-stimulus-hopes-wall-st-record-2016-7?IR=T">Asian shares are higher.</a> </strong>Asian stocks held firm around a two and a half month peak on Tuesday, a day after U.S. shares hit a record high thanks to a combination of upbeat U.S. data and expectations of more stimulus around the world. Around 6:45 a.m. BST (1:45 a.m. ET( MSCI's broadest index of Asia-Pacific shares outside Japan rose slightly to hit its highest level since late April in early trade. Japan's Nikkei  jumped 2.5%.</p><p><span><span><strong><a href="http://www.businessinsider.com/theresa-may-next-prime-minister-andrea-leadsom-quits-2016-7">Theresa May will become the next prime minister of the United Kingdom on Wednesday</a>.</strong><span> The Home Secretary will become just the second female prime minister in the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s history after Margaret Thatcher.</span></span></span></p><p><span><span><span><strong><a href="http://www.businessinsider.com/sec-investigating-tesla-possible-violation-securities-law-2016-7">The US Securities and Exchange Commission is investigating Tesla for a possible securities-law violation, according to the Wall Street Journal</a>.</strong><span> The inquiry is reportedly in connection to Tesla's failure to disclose a fatal crash involving one of the company's Autopilot-equipped cars to investors.</span></span></span></span></p><p><span><span><span><span><strong><a href="http://www.businessinsider.com/r-citibank-to-close-venezuela-government-accounts-maduro-2016-7">Venezuelan President Nicolas Maduro said that Citibank planned to shut his government's foreign currency accounts within a month</a>.</strong><span> "Do you think they're going to stop us with a financial blockade? No, gentlemen," Maduro said in a speech.</span></span></span></span></span></p><p><strong><a href="http://uk.businessinsider.com/burberry-new-ceo-marco-gobbetti-christopher-bailey-stays-on-as-president-2016-7">Burberry replaced its CEO and reshuffled its top management.</a> </strong>Marco Gobbetti, head of French brand Celine, will replace Christopher Bailey as CEO of Burberry, <a href="http://www.investegate.co.uk/burberry-group-plc--brby-/rns/directorate-change/201607111350428401D/">the company said on Monday.</a> Burberry also hired Julie Brown from Smith and Nephew to replace Carol Fairweather as chief financial officer.</p><p><a href="http://uk.businessinsider.com/music-startup-crowdmix-going-into-administration-london-2016-7"><strong>London startup Crowdmix is going into administration.</strong></a> The music startup that has been building a social network for music and sports fans, told staff on Monday that it will go into administration, leaving 130 jobs uncertain. Staff won't receive their wages for June, which have been delayed up until this point. <span>The company had been waiting to try to secure emergency funding over the weekend in order to continue operating, but that deal has seemingly fallen through.</span></p><p> </p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/most-interesting-men-world-watches-rolex-breitling-jorg-gray-2015-8">These are the watches worn by the smartest and most powerful men in the world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="N3NGJ0djpb_DdQzkXVopAvbq5AmmiuOx" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

<p><div class="KonaFilter image-container display-table float_right click-to-enlarge"><div><div class="image on-image"><a title_source="Screenshot via YouTube" title_caption="The driver walked away." class="zoomin" href="https://static-ssl.businessinsider.com/image/541723feeab8eade6c0c3935-960/screen shot 2014-09-15 at 1.32.58 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Screenshot via YouTube</span></p><p class="caption">The driver walked away.</p></div><p></p></div></div>Formula 1-style racing with electric cars started off with a bang this past weekend in China.</p>
<p>On the last lap, Nick Heidfeld and Nicolas Prost collided in their <a href="http://www.fiaformulae.com/en/calendar.aspx">Formula E</a> cars. Heidfeld then got briefly airborne before crashing into a wall and ending up inverted.</p>
<p><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p>
<p>Neither driver was injured, and on Twitter Prost took responsibility for the crash - although he and Heidfeld got into an argument as they left the track. Lucas di Grassi's win was overshadowed by all the drama.</p>
<p><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Screenshot via Twitter" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54172445ecad0464433a4129-960/screen shot 2014-09-15 at 1.29.59 pm.png"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Screenshot via Twitter</span></p></div><p></p></div></div></p>
<p>At <a href="http://www.autoblog.com/2014/09/13/formula-e-crash-heidfeld-prost-video/">Autoblog</a>, Chris Bruce out his finger on something critical:</p>

<p><span>For whatever reason, prior to the race, there was something of a benign vibe around Formula E, which is operating with the backing of the International Automotive Federation (FIA) and with $100 million in funding. Big names are backing teams: Leonardo di Caprio, Richard Branson, and Formula 1 veteran Alain Prost - whose son Nicolas was leading the Beijing race until Saturday's crash. <em><br /></em></span></p>
<p>In fact, Heidfeld was driving for <a href="http://www.fiaformulae.com/en/teams/venturi.aspx">di Caprio's Venturi team</a>.</p>
<p><span>However, the series is pitching itself as a promotional platform for electric cars and the benefits they can deliver to a polluted planet. This makes it seem less like "real" racing - although it obviously <em>is </em>real racing, as the final lap this weekend demonstrates, and Autoblog's Bruce stresses.</span></p>
<p><span>The debate now is whether a crash really <em>is </em>a good thing for the fledgling Formula E. It certainly <em>looks</em> a lot more like real racing now. One potential problem for the future is that while high-performance brands such as Ferrari and McLaren benefit from the inherent risks associated with competing in Formula 1, electric cars have theoretically higher ideals than simply going fast around a race course. </span></p>
<p><span>However, the world's so-far most successful stand-along electric car company, Tesla, decisively changed our impressions of electric cars with the introduction of its first vehicle, the very fast Roadster. Speed was part of the argument in favor of EVs. </span></p>
<p><span>One thing's for sure: We'll be looking at the next Formula E race, in Malaysia in November, with an expectation for some extremely spirited competition.</span></p>
<p><span>Here are some photos from race day:</span><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Kevin Frayer/Getty Images" title_caption="The race took place in the shadow of the Bird's Nest Olympic Stadium." class="zoomin" href="https://static-ssl.businessinsider.com/image/541725b46da8115e3306f4b1-960/455385544.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Kevin Frayer/Getty Images</span></p><p class="caption">The race took place in the shadow of the Bird's Nest Olympic Stadium.</p></div><p></p></div></div></p>
<p><span> </span><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Kevin Frayer/Getty Images" title_caption="These cars can do 0-60 in 3 seconds." class="zoomin" href="https://static-ssl.businessinsider.com/image/541725fe69bedd3a291a57ad-960/455365754.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Kevin Frayer/Getty Images</span></p><p class="caption">These cars can do 0-60 in 3 seconds.</p></div><p></p></div></div></p>
<p><span> </span><div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Kevin Frayer/Getty Images" title_caption="No quite as loud as Formula 1." class="zoomin" href="https://static-ssl.businessinsider.com/image/5417263b6bb3f7b07f3a4129-960/455363120.jpg"><span class="sprites click-to-enlarge-icon" title="Click to enlarge"></span></a><p class="source"><span>Kevin Frayer/Getty Images</span></p><p class="caption">No quite as loud as Formula 1.</p></div><p></p></div></div></p>
<p><span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div><br /></span></p>
<p><span></span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p>
<p><span> </span><div class="KonaFilter image-container display-table"><div><div class="image"></div><p></p></div></div></p>
<p><span>And here's video of the crash:</span></p>
<p></p>

A Spectacular Crash Could Boost Interest In Electric Car Racing

<br /><br /><ul><li>Most countries are still trying to catch up to legislation needed to govern <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> (AI) — including India. </li><li>In the absence of laws and limited self-regulation, companies are flouting AI ethics in a race to the finish line, according to Capgemini Research Institute.</li><li>Machines are making decisions without the banking sector being aware of it, data is being collected without user consent. And, when it comes to health, AI-based results can sometimes be biased.</li></ul>Most leading companies in the world are working with artificial intelligence (AI) in one way or another. When some of them, including tech giants like Google and Facebook, develop AI that <a href="https://www.independent.co.uk/life-style/gadgets-and-tech/news/facebook-artificial-intelligence-ai-chatbot-new-language-research-openai-google-a7869706.html">comes up with its own language</a> or can <a href="https://www.businessinsider.in/A-Google-AI-program-just-beat-a-human-champion-at-the-most-complex-game-ever-devised/articleshow/50748728.cms">think independently</a> — one can’t help but imagine <em>Terminator 2</em> or <em>The Matrix</em> playing out in the near future. <br /><br />AI, or artificial intelligence, is intelligence showcased by machines. Any piece of technology that comes with the tagline ‘smart’ is probably some type of AI. <br /><br /><br />
	
	
	
	
	
  
  
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<br />The most prominent example of AI we already use is digital assistants, like Apple’s Siri. If you take it a step forward and integrate that digital assistant with a speaker, you get Amazon Alexa on Echo or Google Assistant on Google Home. And, they’ve already been accused of being used to <a href="https://www.businessinsider.in/google-had-to-disable-a-feature-on-its-new-50-smart-speaker-after-the-gadget-listened-in-on-some-users/amp_articleshow/61030015.cms">spy on users</a>.<br /><br />It’s not only science-fiction stories like Isaac Asimov’s <em>I, Robot </em>that have warned us about machines taking over the world, but industry leaders as well. The late theoretical physicist <a href="https://www.businessinsider.in/the-most-famous-physicist-in-the-world-is-worried-about-artificial-intelligence-wiping-out-humanity/amp_articleshow/34695125.cms">Stephen Hawking</a> said, "We are facing potentially the best or worst thing to happen to humanity in history."<br /><br />
	
	
	
	
	
  
  
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<br />The CEO of Tesla and SpaceX Elon Musk also echoes Hawking’s concerns. According to him, AI isn’t handled properly it could result in <a href="https://www.businessinsider.com/elon-musk-ai-could-turn-humans-into-endangered-species-2018-11?r=US&amp;IR=T&amp;_ga=2.156618173.740421659.1576534920-1939244137.1567495136">humans becoming an endangered species</a>. "When a species of primate, homo sapiens, became much smarter than other primates, it pushed all the other ones into a very small habitat... So there are very few mountain gorillas and orangutans and chimpanzees — monkeys in general," he said.<br /><br />
	
	
	
	
	
  
  
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<br />Industry leaders feel that instances of overdependence on AI-led technology have already <a href="https://www.businessinsider.in/There-are-no-laws-regulating-the-use-of-AI-in-the-hiring-process-and-its-setting-back-how-companies-recruit-Here-are-the-people-trying-to-change-that-/articleshow/71352664.cms">started to emerge</a>. In fact, it’s one of the top 10 ethical issues resulting from the use of the AI.<br /><br />In India, more than 85% of companies have come to face with such issues, according to Capgemini’s <em>Towards Ethical AI </em>report.<br /><br />
  
  
  
  
  
  
  
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<br />Without ethical guidelines to keep AI algorithms in check, one of the biggest concerns is the disregard for user consent. In addition, Capgemini finds that a lack of diversity can also lead to a biased AI — preferring one particular gender or race to another. And, the ease with which it can be employed leaves loopholes for the misuse of mass surveillance if not regulated carefully.<br /><br /><strong>The rush for AI<br /></strong><br />For most, AI’s ethical considerations get thrown out the window because they’re being rushed to get to the finish line, in many instances without enough manpower. Something that Alphabet and Google CEO, Sundar Pichai, <a href="https://www.businessinsider.in/googles-ceo-sundar-pichai-warns-against-rushing-into-regulating-ai-which-happens-to-be-vital-to-googles-future-growth/articleshow/71258785.cms">specifically warned against</a>.<br /><br />For others, it simply didn’t ‘occur’ to them to consider the ethical requirements despite popular examples of how it can all go wrong in a heartbeat, like in <em>I, Robot</em> or <em>X-Men: Days of Future Past. </em><br /><br />
  
  
  
  
  
  
  
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<br />According to Musk, the ethics are already being disregarded as <a href="https://www.businessinsider.in/elon-musk-has-warned-that-advanced-ai-could-poison-social-media/articleshow/71311516.cms">‘advance AI’ manipulates social media</a>. He implied that the technology is being to make basic spambots more convincing and effective. And that’s already started to come true in the form of deep-fakes and robotic calls.<br /><br /><strong>There shouldn’t be an ‘oops’ moment when it comes to your data, identity and health<br /></strong><br />Propagators of AI argue that it doesn’t really pose that big a threat. Even if it’s going to make some tasks obsolete, new job opportunities will emerge simultaneously. It’s also going to processes more efficient since they will all be ‘smart’ systems that learn as they go. And, it leaves zero room for error.<br /><br />"One of the biggest misconceptions of AI is that there is super-intelligent being, or what we call generalised AI, that knows-all, can do-all, and is smarter than all of us put together… AI built on us, it’s mimicking our thought process — it’s an emulation of us," explained Ayanna Howards, a roboticist, in the YouTube documentary series <em>How Far is Too Far? The Age of AI.</em><br /><br />If AI is truly an ‘emulation’ of humans, that means it also inherits the same prejudices and biases. The underlying attempt to eliminate those biases could be interpreted as one of the many ways that developers do want AI to be more competent than humans.<br /><br />Which is why Capgemini’s report warns that there is a need for <a href="https://www.businessinsider.in/tech/news/india-wants-to-be-on-the-cusp-of-artificial-intelligence-but-lacks-the-laws-to-back-it-up/articleshow/72349825.cms">values and laws that govern AI</a>. Machines are making money-related decisions without the <a href="https://www.businessinsider.in/a-fintech-executive-at-jpmorgan-explains-why-ai-isnt-all-its-cracked-up-to-be-when-it-comes-to-helping-people-manage-money/articleshow/67544100.cms">banking sector knowing about it</a>, personal data is being processed without user consent, and while an AI without bias would be superior — a biased AI is dangerous when it comes to healthcare.<br /><br />Those are three pretty important aspects — value, identity and health — that shouldn’t be put at risk.<br /><br />
	
	
	
	
	
  
  
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<br />"Algorithmic systems are amoral… they do not have a moral compass. Yet, they can make decisions that have pervasive moral consequences," said Nicolas Economou, CEO of H5, an informational retrieval company. <br /><strong><br />Where does the buck stop?<br /></strong><br />Ethics are subjective. There is no one definition of what is right and what is wrong, which is why <a href="https://www.businessinsider.in/experts-say-these-7-emerging-technologies-should-concern-us/amp_articleshow/71340469.cms">laws are updated </a>and revolutions take place. The point of having ethical guidelines is that those principles encompass what society at large believes is ‘the right thing to do’. <br /><br />"In the case of ethics, this is not something where responsibility lies with any particular individual in the company. It is a shared responsibility for all of us," said Michael Natusch, the global head of AI at Prudential Plc, a British insurance company.<br /><br />The issue with ethics around AI most government’s around the world are still trying to catch up to kind of laws that are required to prevent its misuse. It’s hard to predict what could go wrong with technology that is being <a href="https://www.businessinsider.in/inside-facebooks-suicide-algorithm-heres-how-the-company-uses-artificial-intelligence-to-predict-your-mental-state-from-your-posts/articleshow/67409957.cms">implemented in new ways</a> on a regular basis.<br /><br />"More conversations about the best legislation should start now… We need both self-regulation and legislation as they are complementary tools," said Luciano Floridi, professor of ethics and philosophy at the University of Oxford.<br /><br />
  
  
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<br /><br />In isolated incidents, this may not pose much of a threat, but instances of <a href="https://www.businessinsider.in/india-plans-for-facial-recognition-without-law-in-place-to-regulate/articleshow/70201128.cms">mass surveillance</a> and personal data being collected without consent are problems that don’t take long to steamroll into something bigger — the most glaring example being <a href="https://www.businessinsider.in/china-is-building-a-vast-civilian-surveillance-network-here-are-10-ways-it-could-be-feeding-its-creepy-social-credit-system/amp_articleshow/63959324.cms">China’s constant monitoring of its citizens.</a><br /><br />"Organizations or individuals may not be inherently evil, but we as a society need to develop a way in which we can systematically evaluate the ethical impact of AI to account for negligence," said Marija Slavkokik, an associate professor at the Univesity of Bergen. <br /><br /><strong>Asking the right questions<br /></strong><br />"The first step is to define a process," according to Economou and the Institute of Electrical and Electronics Engineers (IEEE) has released the ‘General Principles of Ethically Aligned Design’ to help serve as a guideline. Most people think it’s <a href="https://www.businessinsider.in/these-malfunctioning-ai-incidents-show-the-need-for-stronger-user-privacy-measures/articleshow/67347124.cms">about time to bring in these laws</a> to govern AI. <br /><br />
  
  
  
  
  
  
  
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<br />"We need to ensure that AI is acting in such a way that we can hold it accountable and also respond if we determine it is acting in a way that we don’t believe to be consistent with our values and/or laws," said Ryan Budish, Assistant Direct for Research at Harvard University. <br /><br />It’s a pretty good first step considering that breaking those ethical requirements is what usually puts the world in trouble. In most hypothetical ‘<a href="https://www.businessinsider.in/The-10-best-TED-talks-of-2016-according-to-the-head-of-TED/Can-we-build-AI-without-losing-control-over-it-by-Sam-Harris/slideshow/56024845.cms">AI takeovers</a>’ where ethical requirements aren’t considered and automation is used to ‘make lives easier’, automation takes over the workforce.<br /><br />While not having to perform menial tasks is a win, giving AI access without the right controls ends can give birth to superintelligent-AI — and all it really takes is one bad apple to turn them all. <br /><br />Before you start preparing for the apocalypse and buying property in the middle of nowhere, you should also know that similar concerns were raised when the computer was first invented. Now, we use them every day — and we’re still here. AI may be the inevitable future but so are the laws that will govern it.<br /><br /><strong>See also:<br /></strong><br /><a href="https://www.businessinsider.in/tech/news/india-wants-to-be-on-the-cusp-of-artificial-intelligence-but-lacks-the-laws-to-back-it-up/articleshow/72349825.cms">India wants to be on the cusp of artificial intelligence but lacks the laws to back it up</a><br /><br /><a href="https://www.businessinsider.in/ai-is-threatening-small-jobs-but-indian-workers-are-oblivious/articleshow/69523532.cms">AI is threatening small jobs but Indian workers are oblivious</a><br /><br /><a href="https://www.businessinsider.in/facebook-ai-wipes-1-million-accounts-ahead-of-lok-sabha-election/articleshow/68778975.cms">Facebook's AI is deleting one million accounts every day as the Indian election heats up</a><br /><br /><br />

Rise of the machines: 2020 will be a good year for India to teach AI some ethics

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Stocks tanked after we saw a massive jump in the trade deficit, and global bonds sold off on new concerns about Greece's debt crisis.</p><p>First, the scoreboard:</p><ul><li><strong>Dow:</strong> 17,921.49, -148.91, (-0.82%)</li><li><span style="color: #222222; line-height: 1.5em;"><strong>S&amp;P 500:</strong> </span><span style="color: #222222; line-height: 1.5em;">2,089.43, -25.06, (-1.19%)</span></li><li><span style="color: #222222; line-height: 1.5em;"><strong>Nasdaq:</strong> </span><span style="color: #222222; line-height: 1.5em;">4,938.58, -78.35, (-1.56%)</span></li></ul><p><span style="color: #222222; line-height: 1.5em;">And now, the top stories on Tuesday:</span></p><ol><li><a href="http://www.businessinsider.com/us-trade-balance-march-2015-5">The US trade deficit ballooned to $51.4 billion in March</a>. This was<span style="color: #222222; line-height: 1.5em;"> an unprecedented jump on a couple of fronts: it was a six-year high, much more than the $41.7 billion forecast, and was the biggest deficit since October 2008. It was a 43.1% increase from last month, the largest jump in 18 years. The surge in the deficit - <span>the gap between imports and exports -</span> has been largely blamed on the nine-month slowdown at West Coast ports, and on the strong US dollar.</span></li><li><span style="color: #222222; line-height: 1.5em;"><a href="http://www.businessinsider.com/march-trade-deficit-turned-q1-gdp-negative-2015-5">This means the economy likely contracted in the first quarter</a>. Many economists downgraded their estimates for Q1 Gross Domestic Product into negative territory. "Guess you can kiss the positive 0.2% rise in first quarter real GDP good-bye," wrote Chris Rupkey at Bank of Tokyo-Mitsubishi. TD Securities estimates that the jump in the deficit could erase between 0.2 and 0.3 percentage points from first-quarter GDP. Pantheon Macroeconomics' Ian Shepherdson had this <a href="https://twitter.com/IanShepherdson/status/595588895129128960">take</a>: "Barring a miracle in other data, the March trade numbers mean Q1 GDP growth will be revised to less than zero. Recession!* *Not really." So there's some relief.</span></li><li><span style="color: #222222; line-height: 1.5em;"><a href="http://www.businessinsider.com/crude-oil-price-2015-5">West Texas Intermediate crude oil crossed the $60 per barrel mark for the first time since December.</a> Reuters reported that protests in the eastern Libyan oil port of Zueitina stopped crude flows, and blocked exports. Also, Saudi Arabia raised its official selling price for crude oil to the US and Northwest Europe, <a href="http://www.reuters.com/article/2015/05/05/us-markets-oil-idUSKBN0NQ05T20150505">Reuters</a> reported. Still, </span><span style="color: #222222; line-height: 1.5em;">Saudi Arabia's oil minister told CNBC in a morning interview, "No one can set the price of oil - it's <a href="http://www.businessinsider.com/al-naimi-says-oil-price-is-up-to-allah-2015-5">up to Allah</a>."</span></li><li><span style="color: #222222; line-height: 1.5em;">Global bond yields spiked and European stocks got smoked. The Stoxx Europe 600 closed down 1.5%, and the Dax closed 2.6% lower. Long-term US Treasury yields rose to five-month highs, and the German bund fell to a record low at 0.05%. Investors were concerned about Greece. The European Union slashed its forecast of the country's growth in 2015 to 0.5% from 2.5%.</span></li><li><span style="color: #222222; line-height: 1.5em;"><span style="color: #222222; line-height: 1.5em;"><span style="color: #222222; line-height: 1.5em;">Disney posted earnings per share above analysts' forecasts, <a href="http://www.businessinsider.com/disney-q2-earnings-2015-5">and the stock rose to an all-time high in pre-market trading.</a> The company saw diluted earnings per share of $1.23 (vs $1.10 forecast,) and revenues of <span>$12.46 billion (vs $12.25 billion.)</span> Disney has beaten EPS estimates in every quarter for four years. It's revenues were boosted by theme park sales and continued demand for "Frozen" merchandise. Income from cable networks fell. </span></span></span></li><li><span style="color: #222222; line-height: 1.5em;"><span style="color: #222222; line-height: 1.5em;"><a href="http://www.businessinsider.com/microsoft-might-want-salesforce-2015-5">Microsoft is thinking about buying Salesforce</a>. Salesforce has been approached by another suitor about a possible acquisition, sources told Bloomberg. Additionally, a deal with Microsoft is not yet in the works though <span>Salesforce has reportedly hired two investment banks to respond to offers. </span></span></span></li><li><a href="http://www.businessinsider.com/avon-business-unit-sale-report-2015-5">Avon shares tanked by more than 11% following a report</a> that it's struggling to sell its North American business. In March, the Wall Street Journal reported that Avon is considering strategic alternatives for the unit, which could include selling parts or all of it. And late Monday, t<span style="color: #222222; line-height: 1.5em;">he New York Post reported that companies interested in buying out Avon are struggling to finance an offer. Avon's North American revenues fell 18% in Q1.</span></li><li><a href="http://www.businessinsider.com/markit-services-pmi-april-2015-5">The service sector expanded in April</a><span style="color: #222222; line-height: 1.5em;">. Markit Economics' latest services PMI came in at 57.4, just below expectations. ISM's non-manufacturing index also indicated expansion last month, rising to 57.8 from 56.5 in March while topping expectations for a reading of 56.2.</span></li><li><span style="color: #222222; line-height: 1.5em;"><a href="http://www.businessinsider.com/alibaba-share-price-may-5-2015-5">Alibaba shares fell to an all-time low ahead of its earnings release on Thursday.</a> The stock fell by up to 3% to as low as $77.77 per share. In an earnings preview, Morgan Stanley analysts noted that in a speech on April 23, Alibaba CEO Jack Ma said he expects a headcount freeze in 2015. That could be interpreted to mean earnings will come under pressure in the near term, the firm noted.</span></li><li><span style="color: #222222; line-height: 1.5em;"><a href="http://www.businessinsider.com/jefferies-tesla-price-target-2015-5">Jefferies has a big new call for Tesla: $350</a>. Jefferies initiated research coverage on the stock with a "Buy" rating and $350 price target for Tesla, which saw shares rally by up to 3% to around $239 per share. A recent survey of 700 people suggested that </span><span style="color: #222222; line-height: 1.5em;">Tesla could sell "at least" 500,000 cars a year by 2020. According to Bloomberg data, only Stifel, which has a price target of $400, is projecting more upside for Tesla shares.</span></li></ol><p><strong><span style="color: #222222; line-height: 1.5em;">DON'T MISS: <a href="http://www.businessinsider.com/gallup-us-economic-confidence-falls-2015-5">Americans are losing confidence in the economy »</a></span></strong></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/smartest-high-schools-america-education-2015-5">Here are the 11 smartest high schools in America</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="kyYnNwdDrfIeIKMarWvsQHMhfrz-qK9T" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

STOCKS TUMBLE: Here's what you need to know

<p></p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"></div><p></p></div></div>Tunepics, the London-based photo and music sharing app founded by the former chief marketing officer&#xa0;of Topshop has shut down, alongside <a href="http://www.marketingweek.com/2013/09/05/topshop-cmo-leaves-to-form-own-agency/">the Innovate7 consultancy he left the retailer to start up in 2013</a>.<p>Justin Cooke, the founder and CEO of both companies, confirmed to Business Insider he left late last year after being approached to work on "a huge artificial intelligence program that is highly disruptive in the automotive space and will be announced later this year."</p><p><a href="https://www.instagram.com/jc7777/">Cooke's&#xa0;Instagram profile</a> shows he has been visiting the offices of the likes of Audi, Tesla, BMW, Ford, Lockheed Martin, Faraday Future, and Google within the past month.</p><h2>"The reality was the long-term costs exceeded the likely growth potential"</h2><p>The Tunepics app allowed users to share a picture on their smartphone to display alongside a 30-second music clip&#xa0;from their iTunes library, alongside an array of colored emotions to share their current mood. Think Instagram meets Spotify.</p><p><div></div></p><p class="embed-spacer">At launch, <a href="http://www.thedrum.com/news/2014/05/22/we-believe-will-define-generation-states-justin-cooke-new-social-media-app-tunepics">Tunepics founder and CEO Justin Cooke told The Drum</a> he believed the app would "define a generation" and <a href="http://www.standard.co.uk/lifestyle/esmagazine/sound-vision-meet-justin-cooke-the-creator-of-tunepics-9739008.html">The Evening Standard pondered whether he was "London's answer to Mark Zuckerberg."&#xa0;</a></p><p>The app had 5 million users as of October 2015, <a href="http://www.thedrum.com/news/2015/10/30/tunepics-app-celebrates-hitting-5m-users-themed-halloween-filters">The Drum reported</a>, which included celebrity members such as popstars Adele and Will.i.am, fashion designer Paul Smith, celebrity chef Jamie Oliver, and actress and model Kate Bosworth.</p><p>The company had also raised $2 million in equity funding from angel investors, <a href="https://www.crunchbase.com/organization/tunepics#/entity">according to Crunchbase.</a>&#xa0;Digital agency AKQA was a seed investor with a 19.9% stake in the business, <a href="http://www.campaignlive.co.uk/article/wpps-akqa-takes-20-stake-tunepics/1295852">Campaign reported in May 2014.</a>&#xa0;</p><p>Baroness Joanna Shields OBE, the UK minister for internet safety and security and former Facebook VP for Europe, the Middle East, and Africa was listed as an advisor to the company on Crunchbase.</p><p><div></div></p><p>In November, Tunepics made an announcement to its users on the app and via email that the app was closing. It can no longer be downloaded on Apple's App Store. However, there was no public announcement on Tunepics' website, Twitter, or Facebook pages.</p><p>A source close to the company suggested Tunepics' growth was held back by music licensing issues. Once it hit scale, it was difficult to pay the licensing fees demanded by labels unless the company raised considerable investment or was acquired.</p><p>We put this to Cooke, who responded:</p><p style="padding-left: 30px;">We worked very closely with all the labels who were highly supportive of the business and tried to help us build a model. The reality was the long-term costs exceeded the likely growth potential and therefore the chances of success were highly limited because the funds required to grow the business at scale would have far outweighed the long-term opportunity. One thing I'm very proud of is the work we did in the emotion space. We organised music by emotion and used emotional reactions to express people's feelings beyond the standard like button. [This is] something I believe we will be widely copied for and hopefully remembered as the pioneers. This has recently been added to Facebook in the from of moods - something we put in place a few years ago :)</p><h2>Innovate7 dissolves</h2><p>On March 1, Innovate7, the marketing consultancy founded by Cooke, was dissolved, <a href="https://s3-eu-west-1.amazonaws.com/document-api-images-prod/docs/pIuwOi9AX33wQO-lh3US2s-f-WbppMm0zbRClFv5kJ8/application-pdf?AWSAccessKeyId=ASIAIQ7TJVSCMURVJN4A&amp;Expires=1458572790&amp;Signature=OhoMJW7PjeKqGqV%2F7JcoGzYpf3k%3D&amp;x-amz-security-token=AQoDYXdzEO7%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEa4ANbjeff4fPuRj%2FrvUNNdralkJYGJHneDuomQbOEyYAobxXFFCPjvw5o5%2Ftc9QKpjApZmQO0qOo5LZX9coIatV5JmIbTddLzF6ZorD3r48mjUp4BoWoQ81W2gWirHIOAC1dUa5Swgi7SmrJVC2MKN8sPCsog9gk35s8gJM77Tjaqt6MbymJmoqCYQeyIfdbtBCeHkoMzLrIGt5Fw5RIlC8CfMVLm4aBtHcGdtDO%2BPW%2BBA%2FXNRe0ciJJJsErymycY1ex2mBsy4UYfuwdUPxjcDfOTbRFDzokUwT5m8Fkma7QMhWgZONS5r%2B0Zybg2l8f3f51cjB63uATeqyJnT0QTn4uS3S75hKeyN%2FxdU0sRHvYiwwLXJFB03Y8HVZ4F83PrlTVdkUCnRDhK80ag9BWNiusqiQ4dc9feLwdxNX0FCIl8YsDZmfAp31PQEdJ3R1h38pNAQETxkertzxmu6GR5Z%2FtE%2By6Ajk7XIeomdlxAwxtRdLJBpNgAUtiAW3G74IjX9LFY2uc59NhB7oczCHB%2FSlk%2BYeep8%2BLi2I4PN2FEPL%2FQc8qHmJOpYvMuxllz0yYYmQsBjJI5uFA1VXuIXPRp63si9hIDwGYShg0qL5WABGLlRAWchw3VIkl7MAmov22wnJIgyOq%2FtwU%3D">according to documents filed with Companies House.</a></p><p>Innovate7, according to its website, "partner[ed] with brands to understand their heritage and define their future, embracing modern thinking and technologies to shape emotive experiences and disrupt industries."&#xa0;The consultancy worked with clients including Will.i.am, Coca-Cola, Nike, and Chelsea Football Club, according to <a href="http://www.standard.co.uk/lifestyle/esmagazine/sound-vision-meet-justin-cooke-the-creator-of-tunepics-9739008.html">The Evening Standard.</a></p><p>Disregarding interns, a LinkedIn search found Innovate7 and TunePics had 10 people saying they worked for one of the two companies in November 2015 (of course, not everyone keeps their LinkedIn profiles up to date.)</p><p>Tunepics cofounder Nicola Peters has not yet updated her LinkedIn profile. She was not immediately available for comment.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/sex-expert-helen-fisher-casual-sex-does-not-exist-2016-3">A sex expert reveals something surprising about casual sex</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Zraml3MTE6XF1y2MCatd7VFmF0DxS2t6" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

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