Jerome Powell says cyberattacks are the number-one threat to the global financial system

By Brian Fung, CNN Business 4/12/2021

Cyberattacks are now the foremost risk to the global financial system, even more so than the lending and liquidity risks that led to the 2008 financial crisis, according to Federal Reserve Chairman Jerome Powell.

The assessment by one of the world's leading banking officials underscores how the threat of hacking has become a top concern in the highest reaches of government.

In an interview that aired on CBS's "60 Minutes" on Sunday, Powell said the world has changed substantially since the days of the Great Recession.

"I would say that the risk that we keep our eyes on the most now is cyber risk," Powell told CBS. "So you would worry about a cyber event. That's something that many, many government agencies, including the Fed and all large private businesses and all large private financial companies in particular, monitor very carefully, invest heavily in. And that's really where the risk I would say is now, rather than something that looked like the global financial crisis."

One nightmare scenario, Powell said, would be if hackers managed to shut down a major payment processor — hamstringing the flow of money from one financial institution to another. That could shut down sectors or even broad swaths of the financial system, he said.

Governments and private businesses are increasingly on guard for those types of threats, Powell said. "We spend so much time and energy and money guarding against these things. There are cyber-attacks every day on all major institutions now. And the government is working hard on that. So are all the private sector companies. There's a lot of effort going in to deal with those threats. That's a big part of the threat picture in today's world."

Digital dollars?

Asked whether the United States plans to launch a digital US currency in response to moves by China to do the same, Powell demurred. Officials are thinking about the issue, he said, and there are studies taking place all around the country. But no decision has been made, he said, because it is not clear whether digital dollars would help serve Americans.

"Really, the fundamental question for us is if we add this new digital currency to trusted money that we're counted on to provide to the public, will that help the public?" Powell said. "Will the public be better off? And will there be any negatives too? Will that have perhaps unexpected effects in other parts of the financial system that we need to consider in weighing the costs and benefits of this? We're the world's reserve currency. The dollar is so important. We need to get this right. We do not need to be the first ones to do this. We want to get it right. And that's what we're going to

Domino's pizzas now delivered with autonomous cars in Houston

Sean Szymkowski 

ROADSHOW

4/12/2021

Other companies may soak up more of the limelight, but Nuro's been a quiet, busy bee. In fact, Nuro's R2 self-driving car is the only vehicle to receive an exemption from the US Department of Transportation to operate despite having no human controls. Now, this robo pod is getting in on the pizza delivery business.

© Provided by Roadshow The future is now. Domino's

Domino's and Nuro announced Monday that the latter's autonomous car will report for pizza delivery duty this week. It's only for customers in the vicinity of a single pizza shop in the Houston area, but still -- this is wild. On certain days and in blocked-out periods of time, customers can request their pizza for delivery via a Nuro R2 if they place a prepaid order online. Domino's will select a customer at random to carry out the delivery order, and the customer will receive text message notifications saying where the little robocar is. They'll also get a PIN that'll let them access their order when it arrives. No pizza thievery allowed, guys

.

© Provided by Roadshow Enter the PIN and grab your grub. Domino's

Once the R2 pulls up to the destination, the customer enters the PIN on the touchscreen and the doors retract to reveal the food inside.

© Domino's

Nuro actually announced this program all the way back in 2019 and said it planned to work with Domino's to use its latest R2 self-driving car. Back then, it was still working with what it called the R1. With the R2 roadworthy in the US these days, the program's ready to roll. Nuro also partnered with Kroger to deliver groceries from select stores in Arizona in the past, so it's got experience.

Digit is a robot that wants to put parcels on your porch















Digit is the creation of Agility Robotics. The company is working with Ford to investigate the use of this robot as a last-mile delivery worker
1/14 SLIDES © Provided by Roadshow

Digit is the creation of Agility Robotics. The company is working with Ford to investigate the use of this robot as a last-mile delivery worker.

This was originally published on Roadshow.

 PROVINCE OPPOSED TO CARBON TAX

Saskatchewan electric vehicle owners hold rally opposing new provincial tax

Kelly Skjerven

GLOBAL NEWS 
4/12/2021

Correction: An earlier version of this article stated that there were 70,000 electric vehicles in California when an electric vehicle tax was introduced to the state. This is incorrect, there were 700,000 electric vehicles when the tax was introduced.

© Brady Ratzlaff / Global News Saskatchewan electric vehicle owners held a rally on Saturday expressing their disappointment with the provincial government's recent decision to impose an annual tax on owners.

The Saskatchewan government’s recent decision to tax electric vehicles prompted a rally in Saskatoon on Saturday.


In the 2021-22 budget, the government introduced a new road use fee of $150 paid annually for electric vehicle owners. In their reasoning, the government stated this will ensure all road users contribute to road maintenance and replacement.

The government added that this tax is an effort to improve "tax fairness" noting that electric vehicles "contribute to wear and tear on provincial roadways, but because they do not consume traditional fuels, they are not contributing to highway maintenance through the provincial fuel tax."

Read more: Saskatchewan’s incoming electric vehicle tax sends ‘wrong message,’ advocates say

Electric vehicle owners and advocacy group SaskEV's board members gathered in a Rotary Park parking lot before a procession through downtown Saskatoon. Roughly a dozen electric vehicle car owners took part in the rally.

Jason Cruickshank, president of SaskEV, said owners don’t understand why the province wants to tax electric vehicles at a time when other provinces and the federal government are offering incentives to increase electric vehicle ownership.

Cruickshank said there are currently 403 electric vehicles in Saskatchewan.

“It’s only going to raise $60,000 (a year),” Cruickshank said about the tax.

He added that the provincial government compared its new tax to one that was introduced in California last year, but that state had nearly 700,000 electric vehicles when the tax was introduced and “significant” charging stations on the road.

“Here, we really only have charging infrastructure on the Trans Canada Highway,” Cruickshank said.

He said rally members were also hoping to raise awareness about electric vehicles.

"We're concerned about the signal that this is sending to drivers in the province," he said.

Cruickshank said at the same time an electric vehicle tax was introduced in California, a study came out that found these types of fees can potentially reduce sales of electric vehicles by 10 to 24 per cent.

Read more: $830M budget for Saskatchewan highway system: provincial government

"We're really nervous about this, adding another headwind for people to consider electric vehicles in the province," Cruickshank said.

The new fee comes into effect Oct. 1 and will be payable through SGI at the time of registration.

--with files from Roberta Bell

Segway's slick Tron-style motorcycle runs on hydrogen
Sean Szymkowski 

ROADSHOW, 4/12/2021

Americans know Segway as the transportation of choice for tourists and mall cops. But ever since the company became part of China's Ninebot, it's been hard at work rolling out more futuristic scooters and associated mobility gear. That includes the radical new motorcycle seen here, called the Apex H2. Revealed last week, Segway promises to put it into production.

© Provided by Roadshow So, yeah, this looks cool. Segway

It's not just you: The Tron vibes are strong, and it's really wonderful to look at. Now, the challenge will be bringing the looks, and likely enormous engineering challenges associated with them, to production. Also, it runs on a hydrogen fuel-cell powertrain -- yet another big promise for a motorcycle. The details are pretty slim for now on what we can consider a concept, but they also sound realistic for the powertrain. Segway said it targets 80 horsepower with a top speed of around 90 mph. How the company manages to make the suspension work and make the trick, hidden steering system viable remains a mystery.

The wildest thing about the Apex H2 is the company's promised price. At current exchange rates, Segway's talking about roughly $10,700, which is incredibly cheap for a motorcycle with this kind of promised technology. Hopefully the company can swing it, and if it does, we need to get our resident motorcycle man, News and Features Editor Kyle Hyatt, on this bike as soon as possible.

Segway Ninebot KickScooter Max

















a close up of a knife

1/19 SLIDES © Provided by Roadshow

Ducati backs away from electric motorcycle production plans

Steve Dent 

After saying in 2019 that it was "not far from starting production" on an electric motorcyle, Ducati is doing a U-turn on those plans — at least for now. "Will we produce an electric Ducati soon? No. We think that for the kind of machine we produce now, an electric motorcycle cannot guarantee the pleasure, the range, the weight etc. that Ducati riders expect," Ducati VP of sales Francesco Milicia told MCN.

Now, Ducati is exploring electric fuels as a zero emissions option, borrowing the idea from Porsche (both companies are owned by Volkswagen AG). "We are also looking carefully at other solutions for zero or minimal emissions, such as synthetic fuel. Other brands in our group such as Porsche are looking at it and it’s something we are looking at in the medium term," Milicia said.

E-motorcycles are still more expensive than gasoline-powered bikes, but performance is comparable and range is getting close in some models, as Electrek reported. Synthetic fuels, meanwhile, are largely experimental and not widely available. Also, eFuel vehicles are not completely pollution-free and are highly inefficient compared to battery-electric vehicles.


Ducati might be kicking the electric motorbike can down the road, but it hasn't given up on them yet. "We are thinking and working on electric," Milicia said. "We are part of a group that’s going quickly towards electrification and it’s a good opportunity for Ducati.

Magna founder Frank Stronach is back with big plans for a small electric vehicle

Driving 4/12/2021


Frank Stronach made his name and his fortune in auto parts. Now, the 88-year-old founder of Magna International thinks he has another blockbuster idea in the transportation space.

© Provided by Driving.ca Frank Stronach, the man who brought a piece of the global auto industry to rural Ontario, wants to get back in the car business with a tiny electric vehicle he says will revolutionize the industry.

Pending a provincial land-zoning amendment, Stronach says he is hoping to break ground as soon as this month on the construction of a 60,000-square-foot facility north of Toronto, where he plans to research, produce and assemble his latest invention — a three-wheel electric single-seat vehicle slightly wider than a standard doorway.

The 88-year-old envisions the SARIT — an acronym for “Safe Affordable Reliable Innovative Transport” — as a revolutionary product.

The three-foot-by-six-foot vehicle can reach a maximum speed of 32 kilometres per hour, travels 100 kilometres on a single charge, and features a trunk that fits a standard piece of luggage.

“This is my crowning piece, the SARIT,” Stronach said in an interview with the Financial Post this week. “Magna builds a lot of cars. But sometimes something small (like the SARIT) is more difficult to build than something big.”

The self-financed project — he declined to reveal the expected cost — will thrust him into the increasingly competitive global electric vehicle market, but Stronach believes the SARIT will fill a niche as drivers abandon standard or large vehicles for alternatives that are cleaner, cheaper and more compact.

“You have millions of people who drive every morning who are stuck in traffic to get from home to the workplace and back,” he said. “I saw the traffic jams and most cars had only a driver, no other passengers.”

Stronach’s move comes as global automakers are pouring into the electric vehicle space, and tiny, compact cars are gaining traction in markets overseas. In July, General Motors started selling a US$4,000 two-seat mini electric car in China with a maximum speed of 100 kilometres per hour.

Canadian companies are vying to break into the industry, too. British Columbia-based ElectraMeccanica is developing a three-wheel, single-seat EV that reaches a top speed of 80 kilometres per hour and looks like a mini-sedan.

© Postmedia The original Electrameccanica Solo, pictured for Driving’s first drive session back in 2017.

These new products can face several hurdles before they can hit the road, including persuading governments to amend road safety and traffic regulations to permit them on roadways and attracting a consumer base big enough to keep costs down and sway legislators, according to Tyler Hamilton, a cleantech expert at the Toronto-based MaRS Discovery District.

“You’d have to convince Transport Canada (the federal department that regulates transportation) to alter existing legislation to allow these things to be on streets of certain speed limits,” Hamilton said. “It’s a Titanic to move, and is the market large enough to move that Titanic?”

Stronach thinks it is.

RELATED

© Provided by Driving.ca Motor Mouth:

 The politics of building pickups in Oshawa
David Booth

He says the inspiration for the SARIT struck after Ontario Premier Doug Ford called him a few years ago to discuss GM’s plan to shutter its assembly plant in Oshawa and cut more than 2,500 jobs. (GM announced in November that it is reopening the plant this summer to address increasing demand for pickup trucks.)

“(The premier) said, ‘Frank, I’ve got a problem. General Motors is closing. I’d like to have your advice,’” Stronach said. “He was saying that’s a lot of workers, is there another source of creating jobs? … I told him there would be a need for one-seat electric cars. He was encouraging.”

The facility could create as many as 200 jobs in the region, and thousands if more factories across the country are eventually built, Stronach said. As a research facility, the plant would have the capacity to produce and assemble 30,000 electric vehicles each year, which he estimates will be built at a production cost of $2,500 per vehicle and will retail at $4,000

.

The proposed site is a five-minute drive east of Magna’s headquarters in Aurora, the town where Stronach grew the business from a garage studio into one of the world’s largest auto-parts companies.

While Stronach is best known for Magna, he’s no stranger to chasing bucket-list pursuits, including restaurants, thoroughbred racetracks, a magazine, electric bikes, and an energy drink named after him. Some of those ventures have succeeded, other haven’t.

U.S., European consumers warm up to electric vehicles, but remain wary of price: survey

The share of consumers eyeing the purchase of a fully electric vehicle has grown significantly, according to an annual survey 

© Reuters/MATTHIAS RIETSCHEL FILE PHOTO: FILE PHOTO: FILE PHOTO:

 German automaker Volkswagen delivers its ID.4 SUV new electric car, in Dresden

(Reuters) - European and U.S. buyers are warming up to the idea of purchasing a battery-powered vehicle, but continue to have concerns over the price of the technology, a survey showed, underscoring the need for government subsidies to reach EV sales and environmental goals.

The share of consumers eyeing the purchase of a fully electric vehicle has grown significantly, according to an annual survey by OC&C Strategy Consultants, released on Monday exclusively to Reuters. 

http://bit.ly/BatteryLateThanNever

It surveyed more than 7,500 global consumers between December and January. OC&C did not receive external funding for the study, its lead author Felicity Latcham said.

The shift in attitudes comes at a crucial time for the auto industry, which is releasing a growing number of electric models in a race to comply with stricter CO2 emission targets and catch up with Tesla Inc, which has captured the EV market.

In the UK, France and Italy, more than half of consumers said they would consider a battery-powered vehicle as their next purchase, while in Germany and the U.S. nearly half of respondents said so, the survey showed. That represents a marked increase from last year, particularly in the UK and the U.S., where willingness to buy electric increased 81 and 61 percent, respectively.

Study reveals why Canadians reluctant to buy electric vehicles

But consumers remain wary about the price of battery-powered cars, which are generally more expensive than their combustion engine counterparts.

While concerns over EV range and charging infrastructure have decreased compared to last year, the overall cost of EVs represents the largest barrier to consumers considering a battery-powered car, according to the survey.

Of the consumers likely to buy an EV, 69% said they would not pay more than a $500 premium compared to a gasoline-powered car - an unlikely scenario without government subsidies.

Countries with purchase incentives have seen a faster uptick in EV sales and European countries have introduced several generous incentives.

Boosting EV ownership is also at the heart of the U.S. administration's infrastructure plan, which would provide $100 billion in additional EV rebates and $15 billion to build 500,000 new charging stations.

(Reporting by Tina Bellon; editing by Diane Craft)
4/12/2021

Unleashing an American-led clean energy economy to reach net-zero emissions

Rep. Kathy Castor (D-Fla.), opinion contributor 

THE HILL, 4/122021


It's often said that nothing is more powerful than an idea whose time has come. In 2021, that idea is powerfully simple: We can reach net-zero emissions in the United States by the middle of the century, all while creating millions of jobs, ensuring justice for vulnerable Americans, protecting our public health and our national security, and strengthening communities against more frequent and costly extreme weather events. By the time we reach 2050, we'll be able to look back knowing we saved countless lives, reduced pollution across the board and met our science-based deadline to protect families and businesses from climate-fueled risks.

© Greg Nash Unleashing an American-led clean energy economy to reach net-zero emissions

We have a long road ahead of us, and there are hundreds of policies and solutions that can help get us to net zero. In fact, I've counted at least 700 of them. Last Congress, I was tasked with putting together a comprehensive framework of policies to solve the climate crisis, as the chair of the newly formed House Select Committee on the Climate Crisis. With the help of my colleagues - and with the valued advice of scientists, environmental justice champions, farmers, tribal leaders, union members and countless other experts - I led our select committee as we drafted the Climate Crisis Action Plan, which includes hundreds of policy recommendations to help the United States reach net-zero emissions by 2050, or earlier, and net-negative emissions thereafter. When we released the plan last summer, one journalist called it "the most detailed and well-thought-out plan for addressing climate change that has ever been a part of U.S. politics." This Congress, we're building on that progress by helping turn our recommendations into legislation, including ambitious bills like the wide-ranging Climate Leadership and Environmental Action for our Nation's (CLEAN) Future Act.

Introduced by Energy and Commerce Committee Chairman Frank Pallone Jr. (D-N.J.), along with subcommittee chairs Paul Tonko (D-N.Y.) and Bobby Rush (D-Ill.), the CLEAN Future Act would significantly reduce pollution in the United States by decarbonizing the power sector, the building sector, the transportation sector and the industrial sector. As a longtime member of the Energy and Commerce Committee, I'm amazed by the breadth of this legislative effort; if passed, this bill alone would help get America to net zero by 2050. The CLEAN Future Act will ensure American families can power their homes with 100 percent clean electricity by creating a nationwide clean electricity goal. It also will make our buildings more energy efficient, reduce pollution from surface transportation and construction, and put environmental justice at the center of our nation's environmental laws. Most importantly, the CLEAN Future Act will put millions of Americans to work. It will allow us to hire utility workers to bring cleaner, cheaper energy to millions of homes and businesses, as well as welders, roofers, plumbers, engineers and auto workers. And it will ensure our progress in the years ahead won't leave behind Black, brown and tribal communities, or the low-income Americans whose lives have been further upended by the economic impacts of the COVID-19 pandemic.


Video: LafargeHolcim CEO says sustainability will be key amid 'huge demand' for infrastructure projects (CNBC)


Before the pandemic, the clean energy sector was already the fastest growing job creator in America. And as we invest in building the infrastructure needed for more energy efficient homes and electric vehicles, we can put millions of Americans to work in blue-collar jobs that don't require a college degree. Solving the climate crisis means rebuilding our nation in a way that makes our economy stronger, our way of life more sustainable and our society more just. Take solar and wind energy: By investing in these clean sources of electricity, we can save families money on their utility bills, bring union jobs to communities across the nation, reduce our dependence on foreign oil and drive down pollution to help us meet our emissions goals. The same goes for infrastructure spending: Every $1 we spend on resilience and mitigation saves us $6 in reduced costs and risks, as we make every penny go toward protecting communities instead of waiting for the next disaster to strike.

There has never been a more crucial time to act on climate. It's incredible to think of the many challenges our nation can tackle at once by working to unleash an American-led clean energy economy, whether it's through advancing renewable technologies or making our infrastructure more resilient. It's time we make the right investments that will power our 21st century economy, putting Americans to work and helping us reach net zero as fast as the science requires.

Castor is chairwoman of the House Select Committee on the Climate Crisis.

New York pension fund divests $7 million

from Canadian oil sands firms

©

 Reuters/Dan Riedlhuber FILE PHOTO: 

Canadian Natural Resources Limited's Primrose Lake oil sands project is seen near Cold Lake, Alberta

CALGARY, Alberta (Reuters) -New York's state pension fund is restricting investment in six Canadian oil sands companies because they have not shown they are prepared for a transition to a low-carbon future, the fund's Comptroller Thomas DiNapoli said on Monday.

The New York State Common Retirement Fund will divest more than $7 million in securities already held in the companies, and not make any further investments in them, DiNapoli said in a statement.

Canada's oil sands hold the world's third-largest crude reserves and have some of the highest emissions intensity per barrel, due to the carbon-intensive production process of extracting tar-like bitumen from the ground.

Climate-focused investors are putting increasing pressure on the companies to reduce their greenhouse gas emissions or face divestment.

In December, the fund said it would help curb climate change by transitioning its investments to net-zero greenhouse gas emissions by 2040, making it the first U.S. pension fund to set the goal by that date.

"We have carefully reviewed companies in the oil sands industry and are restricting investments in those that do not have viable plans to adapt to the low-carbon future," DiNapoli said. "Companies responsible for large greenhouse gas emissions like those in this industry, pose significant risks for investors."

The companies are Imperial Oil, Canadian Natural Resources Ltd, MEG Energy Corp, Athabasca Oil Corp, Japan Petroleum Exploration Ltd, and Cenovus Energy Inc. A seventh company mentioned in DiNapoli's statement, Husky Energy, was acquired by Cenovus in January.

New York State continues to invest in oil sands producer Suncor Energy.

The fund is the third-largest pension fund in the United States with an estimated valuation of about $248 billion.

"The smart money, led by New York, is headed away from the climate-damaging energy sectors of the past, and into the future with clean, safe renewable energy," said Richard Brooks, Climate Finance Director at Stand.Earth.

(Reporting by Nia WilliamsEditing by Bill Berkrot and Marguerita Choy

TC Energy requests info on renewable energy proposals for its U.S. pipeline

© Reuters/TODD KOROL A TC Energy pump station sits behind mounds of dirt from the Keystone XL crude oil pipeline as it lies idle near Oyen

CALGARY, Alberta (Reuters) - Canada's TC Energy on Monday requested information from around 100 renewable development companies to identify wind energy investment opportunities that would generate 620 megawatts of electricity for its U.S. pipeline business.

The capital investment could total about $1 billion, analysts at BMO Capital Markets said in a note.

Calgary-based TC Energy owns North America's largest natural gas pipeline network and operates the Keystone oil pipeline. The company also has a Canadian power business with a 4,200-megawatt capacity, and cited opportunities to grow in that business.

The request for projects in the central United States and Texas is open for four weeks from April 10. TC Energy will invite a shortlist of companies to submit requests for proposal.

"Ultimately, our goal is to leverage our existing asset base to add more renewable generation into our portfolio and the broader market, resulting in a net reduction of emissions across our North American footprint," said Corey Hessen, TC Energy's president of power and storage.

TC Energy is also looking at ways to invest directly in renewable projects, he added.

BMO Capital Markets analyst Ben Pham said TC Energy's intent to procure wind energy to electrify part of its U.S. pipeline business supports its long-term growth targets, and would reduce energy costs.

TC Energy's $9 billion Keystone XL pipeline, which would have been under construction this year, was blocked when U.S. President Joe Biden revoked a key permit on his first day in office.

(Reporting by Nia Williams; Editing by Richard Chang)