Philippines Won’t Use Water Cannons in Maritime Standoff With China, Marcos Says – The Diplomat
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Japan, Germany may hold 1st joint land force exercise next year


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Ethnic Resistance Group Claims Capture of Hundreds of Soldiers in Western Myanmar – The Diplomat


Wayve, an A.I. Start-Up for Autonomous Driving, Raises $1 Billion

Wayve, a London maker of artificial intelligence systems for autonomous vehicles, said on Tuesday that it had raised $1 billion, an eye-popping sum for a European start-up and an illustration of investor optimism about A.I.’s ability to reshape industries.

SoftBank, the Japanese conglomerate that backed Uber and other tech companies, was the lead investor, along with Microsoft and Nvidia. Previous investors in Wayve include Yann LeCun, Meta’s chief A.I. scientist.

Wayve, which had previously raised about $300 million, did not disclose its valuation after the investment.

Wayve was co-founded in 2017 by Alex Kendall, a Cambridge University doctorate student focused on computer vision and robotics. Unlike generative A.I. models, which create humanlike text and images and are being developed by OpenAI, Google and Anthropic, the so-called embodied A.I. systems made by Wayve serve as the brains for physical objects, be they cars, robots or manufacturing systems. The A.I. allows a machine to make real-time decisions on its own.

“The full potential of A.I. is when we have machines that are in the physical world that we can trust,” Mr. Kendall said.

Companies focused on autonomous driving are facing a bumpy period. The technology is expensive and difficult to build and faces intense regulatory scrutiny. Cruise, the General Motors self-driving subsidiary, removed its driverless cars from the road last year amid safety and legal concerns. Apple recently abandoned its self-driving car efforts after years of development.

Wayve, which has about 300 employees, has tested its technology on British roads since 2018 and will soon expand elsewhere. The software takes advantage of cameras, sensors and other modern car technology to see and react to different driving environments. Data collected as the car navigates a town or city is fed back into the A.I. system to help cars learn.

The approach differs from other autonomous vehicle developers like Waymo, owned by Google’s parent company Alphabet. Wayve said its technology doesn’t rely as heavily on high-definition maps or lidar sensors, a laser tool used for measuring distance and detecting objects. Tesla has used an approach similar to Wayve in recent years.

Wayve has been building software to explain in plain English why a car made a certain driving decision — like why it stopped suddenly or slowed down — a layer of transparency to help win over regulators.

The amount raised by Wayve is among the largest recent start-up investments in Europe, which has historically lagged behind the United States for venture capital and tech financing. In December, Mistral, a French A.I. developer, raised 385 million euros, or about $415 million.

“I’m incredibly proud that the U.K. is the home for pioneers like Wayve who are breaking ground as they develop the next generation of A.I. models for self-driving cars,” Prime Minister Rishi Sunak of Britain said in a statement.

Mr. Kendall, who is from New Zealand, said the investment from SoftBank and others would allow the company to turn its research into a full commercial product. He said Wayve was negotiating with several large automobile manufacturers to get its software in cars available to purchase, but declined to name them.

Palestinians report tanks have entered East Rafah after War Cabinet gives operation go-ahead


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/r/WorldNews Live Thread for Israel-Hamas War (Thread #48)


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/r/WorldNews Live Thread for Israel-Hamas War (Thread #48)


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European Oil Giants Consider Shifting Their Listings to the U.S.

Two European energy giants, TotalEnergies of France and Shell of Britain, are considering moving their stock listings to New York, as pressure mounts for them to improve their valuations, which lag their American counterparts.

Shifting their listings to the United States would be a blow to European exchanges, where they are among the largest listed companies.

In the past, it would have been almost unthinkable for TotalEnergies, one of France’s most prominent companies, to consider moving its primary share listing from Paris. But the company’s chief executive, Patrick Pouyanné, discussed considering such a shift to analysts recently.

“There was a discussion with the board,” Mr. Pouyanné said on a recent call to discuss earnings. “We all agreed that we have to seriously look at it.”

Shell, Europe’s largest energy company, has said it might consider a similar move. But a shift is not currently on the table, said Wael Sawan, chief executive of the company, which recently moved its headquarters from The Hague in the Netherlands to London, where it is the largest listed company by market value.

Any move would reflect the almost irresistible lure of the United States as a center of energy production and innovation as well as investment.

The United States has become the world’s leading oil producer and exporter of liquefied natural gas. Europe’s petroleum production, by contrast, is in decline and many European governments are skeptical about the oil and gas industry, which remains crucial to global energy supplies despite concerns over climate change. The Biden administration’s Inflation Reduction Act may also confer an advantage to the United States in cleaner energy technologies like hydrogen and electric vehicles.

A key factor in making these companies restless is the large differential in the valuation that investors are willing to pay for the energy giants based in the United States compared with their European counterparts.

The two largest American energy companies, Exxon Mobil and Chevron, enjoy share price to earnings ratios, a valuation metric, that are at least a third higher than those of European rivals, according to a recent study by Giacomo Romeo, an analyst at the investment bank Jefferies. The debate over listing in New York is “becoming a key topic” among investors, he said in a note to clients.

A lower stock valuation is not only ego deflating for executives, it also puts these companies at a disadvantage in using their shares to participate in a wave of industry consolidation. ExxonMobil, for instance, recently bought Pioneer Natural Resources, a major shale drilling company, for $60 billion, while Chevron reached a deal to pay $53 billion for Hess, though legal issues over Guyana are complicating the sale. Their European peers have largely been left on the sidelines.

The European companies have come to view steps like listings in the United States as a potential way to bolster their valuation and close the gap with rivals. Mr. Pouyanné, for instance, said that the number of North American shareholders in TotalEnergies was growing, but large investors faced hurdles in putting money into the French company’s shares, including time differences with the European markets and fluctuating foreign-exchange rates.

But any move could face pushback. Already France’s finance minister, Bruno Le Maire, has vowed to fight a move by TotalEnergies. “I’m here to make sure that doesn’t happen,” he said.

It would be hard to overstate the importance of TotalEnergies to France. The company is a key domestic energy supplier and a major overseas investor, and it is leading France’s transition to lower carbon energy through investments in solar and wind power and other cleaner technologies.

A move by Shell seems more logical in some respects. It is one of the largest foreign investors in the United States, with more capital there than in any other country.

Shell has suffered a series of setbacks in Europe in recent years, including a court ruling that said it needed to speed up its climate change efforts. There are also questions about whether the London Stock Exchange, which has lost favor since Brexit, is the right place for a large company like Shell, which has a market value of about $232 billion.

How effective a move to the United States would be in closing the valuation gap is also open to question. Mr. Romeo of Jefferies said that shifting primary listings alone might not be enough to eliminate the differential, adding that companies might also need to move their headquarters to be included in U.S. index funds, something Mr. Pouyanné has said he would not do.

Mr. Sawan has said that he thinks Shell shares are cheaper than they should be. Yet he is focusing on efforts to bolster the shares through better financial performance and higher rewards for investors. If that effort does not pay off, Shell might look at a move.

“We have a duty of care to look at all opportunities to bridge that valuation,” he told analysts on May 2.

Cotton Campaign Urges Uzbekistan to Investigate Harassment of Activists – The Diplomat