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Rivian investors explain why the startup's tech, Amazon deal, and management team make it a serious contender to become the next Tesla

<ul class="summary-list"><li>Rihanna's ex-boyfriend, Hassan Jameel, has invested in the world's leading flying taxi start up.</li><li>Jameel's family company, Abdul Latif Jameel, <a href="https://www.alj.com/en/news/abdul-latif-jameel-invests-in-joby-aviation/">said on Sunday</a> it had invested in a Series C round of funding for Joby Aviation, which has now raised $720 million.</li><li>It didn't disclose the sum, but it was part of a $590 million investment <a href="https://www.bizjournals.com/sanjose/news/2020/01/15/joby-aviation-air-taxi-toyota-funding.html">by Toyota</a>, investment manager Baillie Gifford, and Abdul Latif Jameel.</li><li>The all-electric flying taxi is a five-seat aircraft that can travel more than 150 miles on a single charge, and reach speeds of 200 miles-per-hour.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>Rihanna's ex-boyfriend, Hassan Jameel, has invested in the world's leading flying taxi start up.Joby Aviation has now <a href="https://news.jobyaviation.com/2020/01/15/joby-aviation-raises-590-million-in-series-c-financing-to-launch-air-taxi-service/">raised $720 million</a> after Series C funding, which included an undisclosed sum from the investment arm of Abdul Latif Jameel, Jameel's family business, of which he serves as deputy president.<a href="https://www.businessinsider.com/rihanna-billionaire-boyfriend-saudi-businessman-hassan-jameel-2019-8?r=US&amp;IR=T">Jameel started dating Rihanna in 2017</a>, but <a href="https://www.businessinsider.com/rihanna-billionaire-boyfriend-saudi-businessman-hassan-jameel-2019-8?r=US&amp;IR=T">it was reported on January 17</a> that their relationship had come to an end."Air taxi service is still in the early stages of commercialization's, but one that has the potential to completely transform the future of mobility," <a href="https://www.alj.com/en/news/abdul-latif-jameel-invests-in-joby-aviation/">Jameel said in a press release, distributed on Sunday.</a>"We are excited to be a part of this new chapter for the sector, bringing fast, affordable, and zero-emissions air mobility to Saudi Arabia and the wider MENA region.""Improving daily transportation in line with environmental sustainability is a mission we share with all our partners in business, and one which we are committed to delivering on."The all-electric flying taxi at the centre of Joby Aviation's plans is a five-seat aircraft that can travel more than 150 miles on a single charge, and reach speeds of 200 miles-per-hour.Joby Aviation say they expect the cost of air-taxi to "approach the cost of ground transportation" in the future."We are very pleased to have Abdul Latif Jameel as new backers in our recent Series C financing round," Paul Sciarra, executive chairman of Joby Aviation, <a href="https://www.alj.com/en/news/abdul-latif-jameel-invests-in-joby-aviation/">said</a>.

Rihanna's ex-boyfriend Hassan Jameel has invested in the world's best-funded flying taxi start up

<ul class="summary-list"><li>Google is co-funding a $2.8 million guaranteed income pilot in California's Bay Area.</li><li>The program will give $12,000 over a year to 225 families to help them secure long-term housing.</li></ul><a target="_blank" href="https://www.businessinsider.com/alphabet-google-company-list-2017-4">Alphabet</a>-owned Google is co-funding a <a target="_blank" href="https://localhousingsolutions.org/housing-solutions-lab/bay-area-thriving-families-study/">pilot program</a> that will give $2.8 million to 450 California families on the verge of homelessness to test whether the cash helps them secure long-term housing.Google.org, the search giant's philanthropic arm, will help provide 225 families with $1,000 a month in guaranteed basic income for 12 months, on a rolling basis over five years. Another 225 families will serve as a control group and receive $50 a month over the same period.Google's funding partner is J-PAL North America, a regional office of the Abdul Latif Jameel Poverty Action Lab, a global research center based at MIT.The "<a target="_blank" href="https://www.italladdsupsf.org/the-pilot">It All Adds Up</a>" program will hand the no-strings-attached cash to families that have recently taken part in housing programs provided by non-profits, and are one to three months away from losing their housing subsidies.The program's website says that more than 70% of the families enrolled in the pilot are headed by single mothers of color with children under five.NYU's Housing Solutions Lab will analyze the pilot's results to gauge how effective the payments are in helping families remain in long-term housing. The university's researchers will also assess the impact on participants' health and financial outcomes.Google's financing role is part of its <a target="_blank" href="https://blog.google/inside-google/company-announcements/1-billion-investment-bay-area-housing/">$1 billion pledge</a> to fight the housing crisis in San Francisco and surrounding areas. Basic income projects have <a target="_blank" href="https://www.businessinsider.com/guaranteed-basic-income-ubi-michigan-ann-arbor-entrepreneurs-gig-workers-2024-5">surged</a> in <a target="_blank" href="https://www.businessinsider.com/universal-basic-income-works-red-state-blue-state-2023-10">popularity</a> in recent years, in part because data shows they're an effective tool in combating poverty, and participants <a target="_blank" href="https://www.businessinsider.com/how-people-spend-universal-basic-income-ubi-food-housing-transportation-2024-4">overwhelmingly spend the money</a> on essentials such as food, housing, and transportation.Google is known for the <a target="_blank" href="https://www.businessinsider.com/google-perks-benefits-staff-workers-layoffs-cutting-back-employees-socials-2023-4">generous perks</a> it provides employees, including free food, transportation, and a discounted on-campus hotel.While it has cut back on perks in recent years, there's a stark contrast between the immense wealth of California's biggest tech companies and their well-remunerated employees, and the many locals struggling to afford basic living expenses.Alphabet's stock price has jumped 20% this year as investors bet it will be a <a target="_blank" href="https://www.businessinsider.com/microsoft-alphabet-quarterly-earnings-profits-ai-investment-payoff-2024-4">massive winner</a> from the AI revolution. Revenues surged 15% to $80.5 billion <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-today-google-alphabet-microsoft-earnings-ai-chatgpt-futures-2024-4">last quarter</a>, driving net income up 57% to about $23.7 billion.

Google is co-funding a guaranteed basic income trial that gives families $12,000 a year to help keep them housed

<ul><li><keyword id="7067009" type="UNKNOWN" weightage="60" keywordseo="rivian" source="Orion">Rivian</keyword>'s $77 billion <keyword id="6354763" type="UNKNOWN" weightage="60" keywordseo="ipo" source="Orion">IPO</keyword> on Wednesday will make it the sixth biggest public debut of all time.</li><li>The company is set to raise nearly $12 billion after pricing its IPO well above the expected range.</li><li>Big winners from the <keyword id="11964801" type="UNKNOWN" weightage="60" keywordseo="rivian-ipo" source="Orion">Rivian IPO</keyword> include Amazon, Ford, and a Saudi investor that sells gasoline-powered cars.</li></ul>The <a href="https://markets.businessinsider.com/stocks/rivn-stock">Rivian IPO</a> on Wednesday <a href="https://markets.businessinsider.com/news/stocks/rivian-ipo-valuation-value-amazon-ev-startup-66-billion-trading-debut-tesla">will raise $11.9 billion</a>, making it the sixth largest public debut on a US exchange - and the EV startup's early investors stand to gain billions.Rivian priced its IPO at $78 per share Tuesday evening, well above its expected range of $72 to $74, which was already raised from a prior range of $57 to $62. That values the company at nearly $77 billion on a fully diluted basis, nearly triple the $27.6 billion valuation it received earlier this year from the private market.The winning investors of Rivian's IPO include <a href="https://markets.businessinsider.com/stocks/amzn-stock">Amazon</a>, <a href="https://markets.businessinsider.com/stocks/f-stock">Ford</a>, and an investor that built its fortune on selling gasoline-powered cars in Saudi Arabia, according to <a href="https://news.crunchbase.com/news/rivian-ipo-biggest-winners-rivn-amzn-ford-t-rowe-price/">data from CrunchBase.</a>1. AmazonThe e-commerce giant made waves when it invested in Rivian in 2019 and ordered <a href="https://www.businessinsider.com/amazon-creating-fleet-of-electric-delivery-vehicles-rivian-2020-2">up to 100,000 electric delivery vans</a> from the EV startup. Amazon initially invested $700 million in the company in 2019, but subsequent funding rounds led by Amazon brought its total private market investment to $1.8 billion. Those investments secured Amazon more than 160 million shares of Rivian, or 22% of the company before the IPO. That makes Amazon the largest shareholder of Rivian, with a stake worth $12.5 billion at its IPO price of $78 per share.2. T. Rowe Price<a href="https://markets.businessinsider.com/stocks/trow-stock">T. Rowe Price</a> invested in Rivian four separate times while it was private, leading three rounds and co-leading a fourth. The investment firm now owns a near 19% stake, which equates to more than 133 million shares worth $10.4 billion at the Rivian IPO price of $78. 3. Oryx Global/Abdul Latif JameelOryx Global, a subsidiary of Abdul Latif Jameel, built its fortune by distributing Toyota cars in Saudi Arabia since 1955. The family clearly saw the need to electrify autos, having invested in Rivian years ago. An investment unit of Abdul Latif Jameel, Oryx Global, acquired warrants for Rivian stock in 2018 after <a href="https://www.bloomberg.com/news/articles/2021-11-10/rivian-s-ipo-delivers-near-9-billion-fortune-for-saudi-investor?srnd=premium">loaning the company</a> more than $300 million. Abdul Latif Jameel now owns about 16% of Rivian, or 114 million shares worth $8.9 billion based on the company's IPO price.4. FordFord led Rivian's $500 million investment round in 2019, and has since invested in subsequent private funding rounds. The 118-year-old automaker has bet big on <keyword id="11897958" type="UNKNOWN" weightage="60" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> in recent years, having recently revealed its electric F-150 lighting and Mustang Mach E. Ford's Rivian investment gave the firm a more than 14% stake in Rivian, worth about $8 billion at the company's IPO price.

The big winners in Rivian's $77 billion IPO include Amazon, Ford, and a Saudi investor that sells gas-fueled cars

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Rihanna and Saudi businessman Hassan Jameel were spotted out on two occasions in August 2019, according to <a href="https://www.elle.com/culture/celebrities/a28746034/rihanna-outfit-hassan-jameel-wallys-date-night-details/">ELLE</a>.</li><li>The two have, according to <a href="https://www.elle.com/culture/celebrities/a28746034/rihanna-outfit-hassan-jameel-wallys-date-night-details/">reports</a>, been quietly dating since 2017 and have kept a very low profile.</li><li>Here's everything we know about the billionaire businessman reported to be Rihanna's boyfriend.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>Rihanna's love life has been a media obsession for years - which may account for why she's kept her current relationship so private.The singer has been dating Saudi billionaire and Toyota heir Hassan Jameel for over two years, according to <a href="https://www.elle.com/culture/celebrities/a28746034/rihanna-outfit-hassan-jameel-wallys-date-night-details/">ELLE</a>.&#xa0;Despite Rihanna's high celebrity status, the two are rarely, if ever, pictured in public together. But recently, they've been <a href="https://www.elle.com/culture/celebrities/a28746034/rihanna-outfit-hassan-jameel-wallys-date-night-details/">spotted out together on two separate outings</a>. That - paired with the news that the singer has, at long last, <a href="https://uproxx.com/music/rihanna-registered-new-song-private-loving/">finally registered a new song called "Private Loving"</a> after a long wait between albums - seems to suggest that things may be getting even more serious between the two.Read more: <a href="https://www.businessinsider.com/rihannas-secrets-to-work-life-balance-2019-6">Rihanna's simple calendar hack is her new key to work-life balance</a>Business Insider reached out to Jameel's family-owned company, Abdul Latif Jameel, and to a representative for Rihanna's company, Fenty, to confirm the status of their relationship. Neither party responded to the request for comment.Here's everything we know about Rihanna's billionaire boyfriend.<div> </div>

Rihanna has reportedly been quietly dating a Saudi billionaire for 2 years. Here's what we know about him.

Indian-American <keyword id="370528" type="PERSON" weightage="20" keywordseo="Abhijit-Banerjee">Abhijit Banerjee</keyword>, who won the 2019 Nobel Prize for Economics jointly with his wife <keyword id="246805" type="PERSON" weightage="20" keywordseo="Esther-Duflo">Esther Duflo</keyword> and another economist <keyword id="8215232" type="PERSON" weightage="20" keywordseo="Michael-Kremer">Michael Kremer</keyword>, is currently the Ford Foundation International Professor of Economics at the US-based <keyword id="50375" type="COMPANY" weightage="20" keywordseo="Massachusetts-Institute-of-Technology">Massachusetts Institute of Technology</keyword> (MIT). Banerjee, born in 1961 in <keyword id="6358070" type="LOCATION" weightage="20" keywordseo="mumbai">Mumbai</keyword>, bagged the award for his "experimental approach to alleviating global poverty". The 58-year-old economist received his PhD in 1988 from <keyword id="97117" type="COMPANY" weightage="20" keywordseo="Harvard-University">Harvard University</keyword>. He also studied at the University of Calcutta and Delhi's Jawaharlal Nehru University. In 2003, he founded the Abdul Latif Jameel Poverty Action Lab (J-PAL), along with his French-American wife Duflo, who is also a MIT professor, and Sendhil Mullainathan.. He remains one of the lab's directors, according to the MIT website.

Indian-American MIT Prof Abhijit Banerjee and wife Esther Duflo win Nobel prize in Economics

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.reutersconnect.com/all?id=tag%3Areuters.com%2C2019%3Anewsml_RC1A454385F0%3A571356202&amp;search=all%3Aesther%20duflo">Reuters</a>Esther Duflo and Abhijit Banerjee at a news conference after their Nobel Prize announcement.</div></div></div><ul class="summary-list"><li>Esther Duflo is only the second woman to be awarded the Nobel Prize in economics.</li><li>Duflo was honored along with her husband and MIT colleague Abhijit Banerjee and Harvard's Michael Kremer for their work on poverty.</li><li>This year's honorees were also notable as their work focuses on developmental economics and the poor - topics not typically recognized by global prize committees - and by their methodology of using randomized controlled trials.</li><li>At a news conference convened by MIT, where Duflo and Banerjee are professors, Duflo said that the funnel for women in economics is not big enough and the number of African American economists is even smaller.</li></ul>On Monday the Nobel Prize in economics was awarded to a woman for only the second time in the award's 50-year history.Esther Duflo shared the prize with Abhijit Banerjee, her husband, and Michael Kremer.Duflo and Banerjee are professors at MIT and cofounders of the Abdul Latif Jameel Poverty Action Lab, aka J-PAL. Kremer is a Harvard professor.The trio, whose scientific approach represents a point of differentiation for this year's honorees, were recognized for their work in helping the world's poorest people.<h2>A scientific approach to the immunization problem</h2>The three have joined scientific methodology with social science, using a system of randomized controlled trials to test theories in real communities.At a news conference, Duflo explained the basic principles of the approach, using the example of low rates of immunization of children in remote regions of India. Most believed that lack of access to services was the primary factor, but further study indicated that immunizations were not being prioritized over competing demands of people's lives and in comparative cost with other things.The team field-tested a system of incentives that offered small benefits to people who went to clinics to immunize their children, and this included a bonus for completing the course. Rates of immunization climbed from 5% to 37% in the locations with the incentives."It's actually cheaper to give the incentive than not to give the incentive," Duflo said, speaking about how this testing approach puts more rigor around the process of setting policy."There is progress on these important issues, not based on intuition, with more rigor in what really helps the poor," she said. "It gives a better understanding about how the poor live, why they make the choices they do, what traps hold them back, and what levers to press to unlock those traps."<h2>More women needed to expand the economist funnel</h2>In recognizing the Nobel honor, Duflo reflected that fewer prizes go to women in the field of economics because the pipeline of talent is lacking."There are not enough women in the economic profession at all levels, not enough undergraduates, not enough graduate students, not enough assistant professors, not enough tenured faculty," she said.Duflo and Banerjee said their area of development economics is better represented by women than other fields within the science. But Duflo added that the culture of economics has contributed to its lack of gender balance."The climate is a bit tough and aggressive, and it doesn't work for everybody," she said. "The profession is starting to reckon with it, though, and that is wonderful. People are aware that it is an issue."Duflo said that the low numbers of African Americans in the economic profession is even more problematic. "It makes women look quite numerous," she said.

2 reasons to pay attention to this year's Nobel Prize in economics: One of the honorees is only the 2nd woman ever to win it, and the team's work focuses on helping the world's poorest people

Associated PressPresident Donald Trump speaks during a briefing about the coronavirus.<ul class="summary-list"><li>President Donald Trump's decision to take the <a href="https://www.businessinsider.com/china-virus-everything-we-know-deadly-2019-ncov-wuhan-spread-2020-1">coronavirus</a> <a href="https://www.businessinsider.com/coronavirus-trump-us-hoping-return-to-normal-by-july-august-2020-3">outbreak more seriously</a> <a href="https://www.nytimes.com/2020/03/16/us/coronavirus-fatality-rate-white-house.html">reportedly came after reading a report</a> that suggested that without action to suppress cases, 2.2 million Americans could die. </li><li>Trump on Monday suggested people <a href="https://www.businessinsider.com/trump-encourages-people-avoid-gatherings-10-people-coronavirus-2020-3">limit social gatherings to less than 10 people</a> and said he hopes to keep the death toll low enough so <a href="https://www.businessinsider.com/coronavirus-trump-us-hoping-return-to-normal-by-july-august-2020-3">life can return to normal in July or August.</a></li><li>The report, published Monday by the <a href="https://www.imperial.ac.uk/media/imperial-college/medicine/sph/ide/gida-fellowships/Imperial-College-COVID19-NPI-modelling-16-03-2020.pdf">Imperial College COVID-19 Response Team</a>, models out different scenarios of responses to the coronavirus pandemic for the UK and the US. </li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>On Monday, President Donald Trump noticeably changed his tune about the novel coronavirus. Trump appeared to be taking the pandemic more seriously, encouraging <a href="https://www.businessinsider.com/trump-encourages-people-avoid-gatherings-10-people-coronavirus-2020-3">people to limit social gatherings to less than 10 people,</a> adding that they should avoid bars and restaurants and stop nonessential travel."We'd much rather be ahead of the curve than behind it," Trump <a href="https://www.businessinsider.com/trump-encourages-people-avoid-gatherings-10-people-coronavirus-2020-3">said at a White House press briefing</a>. The change in tone from the Trump administration, <a href="https://www.nytimes.com/2020/03/16/us/coronavirus-fatality-rate-white-house.html">The New York Times reports,</a> appears to have a connection to a report out Monday from the <a href="https://www.imperial.ac.uk/media/imperial-college/medicine/sph/ide/gida-fellowships/Imperial-College-COVID19-NPI-modelling-16-03-2020.pdf">Imperial College COVID-19 Response Team</a>. The report models out different scenarios of responses to the coronavirus pandemic for the UK and the US.Never miss out on healthcare news. <a href="http://newsletter.businessinsider.com/join/health-insider">Subscribe to Dispensed,</a> Business Insider's weekly newsletter on pharma, biotech, and healthcare.<h2>'The only viable strategy'</h2>The team included representatives from the World Health Organization Collaborating Centre for Infectious Disease Modelling, the <a href="https://www.imperial.ac.uk/mrc-global-infectious-disease-analysis/about-us/">MRC Centre for Global Infectious Disease Analysis,</a> and the Abdul Latif Jameel Institute for Disease and Emergency Analytics via the Imperial College of London. As part of it, the group suggested that without action to suppress cases, 2.2 million Americans could die as a result of the coronavirus pandemic, along with half a million people in the UK. The report comes to the conclusion that we might need interventions, like <a href="https://www.businessinsider.com/us-one-week-enforce-social-distancing-flatten-curve-coronavirus-2020-3">social distancing and closing schools</a>, to last many more months than initially expected to suppress transmission of the disease. "We therefore conclude that epidemic suppression is the only viable strategy at the current time," the researchers wrote.Samantha Lee/Business InsiderRead more: <a href="https://www.businessinsider.com/coronavirus-protective-measures-keep-outbreak-from-overwhelming-hospitals-2020-3">O</a><a href="https://www.businessinsider.com/coronavirus-protective-measures-keep-outbreak-from-overwhelming-hospitals-2020-3">ne chart explains why Disneyland, Broadway, and sports arenas are all going dark to stop the coronavirus epidemic</a><h2>Quarantines and social distancing could reduce the number of cases by half</h2>The researchers modeled a number of different scenarios of how the COVID-19 coronavirus pandemic might play out. In the absence of pharmaceutical <a href="https://www.businessinsider.com/wuhan-coronavirus-treatments-vaccine-jj-regeneron-gilead-2020-2">treatments</a> or a <a href="https://www.businessinsider.com/coronavirus-vaccine-timeline-what-to-watch-leading-research-2020-3">preventive vaccine</a> for the virus, and without any social distancing measures that could slow its spread, they anticipate 81% of the populations in the UK and US will get infected. That in turn, could lead to half a million deaths in the UK and 2.2 million in the US. Under "mitigation" techniques scenario, which combines home isolation of suspect cases, home quarantine of those living in the same household as suspect cases, and social distancing of the elderly and others at most risk of severe disease, the two countries might reduce demand on the healthcare systems by two-thirds and deaths by half. Even so, the researchers noted, they'd expect the limits of hospital beds to be exceeded by 8-times their capacity. That'd translate to 250,000 deaths in the UK, and 1.1 to 1.2 million in the US.Those mitigation strategies they said, would likely be in place for three months, with social distancing for those over 70 staying in place a month longer. The modeling, even with mitigation in place is more extreme than estimates by other experts. In a February presentation <a href="https://www.businessinsider.com/presentation-how-hospitals-are-preparing-for-us-coronavirus-outbreak-2020-3?r=corona-lp" target="_blank" rel="noopener noreferrer">hosted by the American Hospital Association,</a> which represents thousands of hospitals and health systems, one expert projected there could be as many as 96 million cases in the US, 4.8 million hospitalizations, and 480,000 deaths associated with the novel coronavirus.The American Hospital Association said the webinar reflects the views of the experts who spoke on it, not its own. <h2>The researchers say stronger measures are needed to halt the virus</h2>The dire scenarios in the UK report are why the researchers are prioritizing "suppression," which, like mitigation uses social distancing for the whole population, home isolation for those infected, and household quarantines for those living with someone who has contracted COVID-19. It also might require school and university closures. The aim would be to stop the virus, which is <a href="https://www.businessinsider.com/coronavirus-contagious-r-naught-average-patient-spread-2020-3">highly contagious</a>, from infecting more people.Under the suppression scenario, the social distancing policies would need to be in place for 5 months or longer. Those tactics would need to be in place on and off <a href="https://www.businessinsider.com/coronavirus-vaccine-first-dose-administered-in-clinical-trial-2020-3">until a vaccine becomes available,</a> which could take up to 18 months. To be sure, following a suppression protocol wouldn't be easy. "Suppression, while successful to date in China and South Korea, carries with it enormous social and economic costs which may themselves have significant impact on health and well-being in the short and longer-term," the researchers said in the report. <ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com/coronavirus-advice-from-italian-doctor-to-us-doctors-and-hospitals-2020-3">An Italian doctor at the epicenter of the coronavirus response shares his best advice for the US to avoid being overwhelmed by the pandemic</a></li><li><a href="https://www.businessinsider.com/coronavirus-how-urgent-care-centers-are-treating-covid-19-2020-3">'We're underprepared:' Urgent care centers find themselves on the front lines of a pandemic, but few have tests to treat the crowds coming in</a></li><li><a href="https://www.businessinsider.com/coronavirus-pandemic-hospitals-postpone-elective-procedures-2020-3">Hospitals across the US are canceling procedures to make room for a potential surge of coronavirus patients</a></li><li><a href="https://www.businessinsider.com/coronavirus-ny-governor-worried-hospitals-will-run-out-of-beds-2020-3">'We're going to have a real problem': New York's governor warns that the coronavirus pandemic could overwhelm hospitals</a></li></ul><a href="/intelligence/digital-health?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_subscription&amp;itm_content=health&amp;itm_campaign=digital-health"></a>Featured Digital Health Articles: - <a href="/telehealth-industry-explained">Telehealth Industry: Benefits, Services &amp; Examples</a> - <a href="/value-based-care-pay-for-performance-healthcare-model">Value-Based Care Model: Pay-for-Performance Healthcare</a> - <a href="/senior-care-market-trends">Senior Care &amp; Assisted Living Market Trends</a> - <a href="/wearable-technology-healthcare-medical-devices">Smart Medical Devices: Wearable Tech in Healthcare</a> - <a href="/artificial-intelligence-healthcare">AI in Healthcare</a> - <a href="/remote-patient-monitoring-industry-explained">Remote Patient Monitoring Industry: Devices &amp; Market Trends</a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/coronavirus-myths-debunked-wuhan-china-2020-2">Pathologists debunk 13 myths about the coronavirus, including why masks won't help</a></h3>

A UK report that helped convince Trump to take coronavirus seriously projected that 2.2 million people could die in the US if we don't act

<div class="KonaFilter image-container display-table float_right"><div><div class="image">ReutersA woman drives a car in <keyword id="50996" type="COUNTRY" weightage="60" keywordseo="Saudi-Arabia">Saudi Arabia</keyword> October 22, 2013. A conservative Saudi Arabian cleric has said women who drive risk damaging their ovaries and bearing children with clinical problems, countering activists who are trying to end the Islamic kingdom's male-only driving rules.</div></div></div>Saudis are internationally renowned for their lavish lifestyles and their taste for luxury goods. Yet in recent years the country has also seen an increasing demand for less expensive goods. In the auto sector in particular, cheaper Chinese car brands are now posing a serious threat to established carmakers from Japan, Korea &amp; the US.
Most prominent of these is Geely, the owner of Sweden's Volvo Cars and one of China's biggest carmakers. With four own-brand models in its portfolio (the LC Panda, GX2, EC7 &amp; EC8), Geely sold 13,000 units in Saudi Arabia in 2012, earning a market share of 1.7%. Now with the addition of Emgrand X7 SUV model, the brand is confident it can top 2%.
Geely's success is partly down to its choice of partner, after it teamed up with experienced Saudi dealer Haji Hussein &amp; Alireza Group. The latter has followed its success by securing the rights to sell another Chinese brand, this time a commercial vehicle maker. Maxus offers two variants of its V80 model: one a 15-seater passenger van and the other a cargo van. Both vehicles come with 2.5L diesel turbocharged engine with direct fuel injection system.
Great Wall, another Chinese carmaker, is also making inroads, bringing in its medium weight pick-ups to the market. Meanwhile JAC Motors is racking up market share, thanks to its dealers in Saudi Arabia, Al-Jedaie Motors (owned by Al-Jedaie Group).
Price is right
The Saudi auto market is used to waves of new competitors. Until recently, the market was dominated by Japanese brands, which had moved in during the 1980s to take sales off their US and European rivals. Toyota now holds a 40% market share, followed by Nissan on 9.5% share. US and European brands make up 6.5% and 18% respectively.
Only a few years ago, however, South Korean automotive brands, notably Hyundai and its sister company Kia, started capturing market share for both passenger car range and, to a lesser extent, commercial vehicles. Helped by a reputation of value for money, South Korea has now become the second highest source of car imports in Saudi Arabia, although its share is now under threat fro the Chinese.
The main attraction of Chinese cars, in Saudi Arabia as elsewhere, is price. Rising inflation has made the Saudi middle class far more careful with their money, and keen to snap up a new car with decent features and usually backed by a good service and maintenance plan. The low-cost car market is also helped by a ban on imports of second-hand cars over five years old. Chinese cars are particularly popular with expatriate buyers, fleet buyers and as a second car for school runs.
Demand could get an extra fillip if Saudi women ever gain the right to drive. Even without that, <keyword id="425741" type="UNKNOWN" weightage="60" keywordseo="The-Economist">the Economist</keyword> Intelligence Unit expects sales to rise by around 6.5% a year, reaching 1m by 2017. Chinese carmakers should continue to profit from that.
Nevertheless, overhauling Toyota's market lead will not be easy. The Japanese carmaker is backed by the by far the biggest local distributor, the giant Abdul Latif Jameel, which has the clout to offer great financing deals. The Chinese will also have to cope with the launch of a joint Saudi-South Korean project to build low-cost cars in the kingdom.
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Saudi Arabia: Paradigm Shift

<div class="KonaFilter image-container display-table float_right"><div><div class="image">REUTERS/Parivartan Sharma</div></div></div>IT ALL began with a white envelope. Inside, a letter from the provost of the Massachusetts Institute of Technology offered three young <keyword id="69568" type="PERSON" weightage="60" keywordseo="Economists">economists</keyword> at MIT $100,000 to spend as they wanted (those were the days).
Two of them, Esther Duflo and Abhijit Banerjee, used the money to set up an organisation to run "randomised control trials" (RCTs), an experimental technique a bit like drugs trials, but for economics. To test if, say, boosting teachers' pay improved educational outcomes, an RCT would take a collection of comparable schools, randomly assign higher wages to some teachers but not others, and see what happens. The organisation, called J-PAL (to give it its full title, the Abdul Latif Jameel Poverty Action Lab), has just celebrated its tenth anniversary. Its methods have transformed development economics.
When J-PAL started in 2003, RCTs were regarded as wacky. Critics said that doing a trial was like putting people in a cage and experimenting on them. They pointed out that you cannot conduct randomised trials for big macroeconomic questions ("What happens if we devalue the currency by 50%?") because there can be no control group. They conceded RCTs might generate useful nuggets of evidence (raising teachers' wages in <keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>, for example, did surprisingly little to improve learning). But they argued that evidence from such trials would always remain small-scale, tied to a specific context and not be useful beyond it.
Ten years on, few of those criticisms have stood up to scrutiny. RCTs have entered the mainstream. J-PAL has conducted 440 of them (it started with five). The World Bank runs RCTs. So do regional bodies like the Inter-American Development Bank. Even governments deploy them: Indonesia used one to test whether identity cards would improve the delivery of subsidised rice to the poor, the largest anti-poverty programme in the country (they did). Techniques for designing and doing trials have improved, with more accurate measurements and more reliable ways of ensuring that samples are random and not merely arbitrary. Trials are bigger. A recent one took place throughout the Indian state of Andhra Pradesh, which has a larger population than Germany. Trials are now investigating questions previously thought off-limits to RCTs, such as labour-market policies or policing. J-PAL did a trial in half the cities in France to determine whether job-training encouraged employment growth overall or just boosted the prospects of trainees at the expense of the untrained. (Answer: before 2007, it helped everyone; afterwards, it redistributed jobs rather than creating them.)
As the number and scope of trials have grown, the accumulation of detail has started to generate broader insights. Take education. J-PAL ran trials on many questions, from the effect of remedial classes in India and Ghana (enormous) to what happens if you double the number of teachers in Kenya (not much). One conclusion kept cropping up: the biggest improvements to educational outcomes occur when you teach children things they are capable of learning. That sounds like a statement of the obvious. But it is quite different from the view of (say) the OECD, a club mainly of rich countries, which runs influential studies on mathematics and literacy among its members. The OECD thinks the quality of teachers matters most. J-PAL's finding also goes against the grain of what many parents believe: that the focus should be on the quality of the curriculum.
In other areas, RCTs have revealed as much about what is not known as what is known. Microfinance, for example, does not turn the poor into entrepreneurs, as was hoped, but does make them better off: many use the tiny loans to buy television sets. It is not clear why. Poor people also buy too little preventive health care for themselves, even though the benefits are huge. RCTs show that if you charge a pittance for simple products such as bednets treated to combat malaria or water purification tablets, people do not buy them; the products have to be free.
<h3>Development economics on trial</h3>
The common conclusion from such trials is that the poor's own decisions matter much more than was once thought. Even the poorest of the poor have tiny amounts of discretionary cash and their decisions about what to spend it on (bednets, for example) make a huge difference to development. This view of the poor is at odds with the one espoused by "Big Push" economists, such as Jeffrey Sachs of Columbia University, who argue that people are stuck in poverty, can do little for themselves and that development should therefore consist of providing the poor with benefits--like irrigation, roads and hospitals--that spring the poverty trap. But it is also at odds with critics of Big Push thinking. J-PAL's trials show not only that the poor's decisions are important but that they are sometimes bad (for example, their underinvestment in health). Critics of the Big Push, such as William Easterly of New York University, say the best way to help the poor is to stand back and stop messing up their lives. In contrast, J-PAL's trials imply that there is a role for outsiders to improve the decision-making of the poor by, say, improving information or incentives.
Over the past ten years, randomised trials have changed hugely. They began as ways to provide hard evidence about what was actually happening. Now they have become techniques for testing ideas that cannot be investigated in any other way. (Are teachers or trained volunteers better at providing simple remedial lessons? Do a trial.) Over the next ten years they will change again. They are likely to get more ambitious still, use "big data", engage even more with governments and probably measure things that cannot now be tested (RCTs are already measuring cortisol levels as a way of judging how policies affect people's happiness). Who knows, their proponents might even find a way to apply them to the sweeping assertions of macroeconomists.
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