GPS-enabled Phanton Quadracopter

DJI Innovations unveiled its GPS-enabled Phanton Quadcopter less than a year ago, and since then it has become perhaps the go-to aerial platform for the GoPro HERO actioncam. In April, the company provided us with a sneak peek at the next model in the line, the Phantom 2 Vision. While there weren't many details available at the time, that's changed as of today, with the Vision's official commercial release. Among its new features are improved battery life, a video-stabilizing platform and most significant of all, an included HD video camera that allows for first-person-view via a mobile device.

The DJI-specific camera is slung underneath the aircraft, in the same place that the user-supplied GoPro would ordinarily sit. It's mounted in such a way that the only thing directly linking it to the quadcopter are four soft rubber plugs, as is the case with the third-party anti-vibration mounts currently available for the regular Phantom. This is definitely a welcome addition, as the so-called "Jell-O effect" (distorted video caused by motor/propeller vibrations) has been a problem with that model.

The 14-megapixel camera has a field of view of up to 140 degrees (depending on shooting mode), and records at a maximum resolution of 1080p/30fps, onto an included 4GB microSD card.

Using a custom app on a compatible iOS or Android device, users can not only view real-time output from that camera, but they can also tilt it up and down, start and stop recording, or capture stills. That app also lets them view flight parameters such as altitude, speed and remaining battery life, plus it makes it possible to instantly share images online.

As with the previous Phantom, the quadcopter itself is controlled using physical toggles on a dedicated control unit. A built-in brace holds a smartphone or iPod touch in place right above that unit, so users don't have to juggle both devices at once. An included Wi-Fi range extender, also attached to the controller, lets the Vision travel up to 300 meters (984 ft) away from its user without losing video contact.

The Vision's 5,200-mAh, 11.1-volt lithium-polymer battery reportedly allows for approximately 25 minutes of flight time per charge.

The Phantom 2 Vision quadcopter can be purchased starting November 1st, at an official list price of US$1,199.

Source: Gizmag

EU to fine Deutsche, JPMorgan and others in rate probe

EU antitrust regulators are set to fine six global banks including Deutsche Bank, JPMorgan and HSBC after an investigation into the rigging of benchmark euro zone interest rates, a person familiar with the matter said on Tuesday.

The penalties, which will also target Royal Bank of Scotland (RBS), Credit Agricole and Societe Generale, represent the first punishments from Brussels as a result of its inquiry and are the latest costly payouts for an industry struggling to draw a line under past misdeeds.

The move comes two years after the European Commission, the EU's antitrust authority, raided a number of banks for suspected fixing of Euribor, a benchmark used as the basis for pricing 250 trillion euros ($338 trillion) of financial contracts, ranging from Spanish mortgages to complex derivatives.

Barclays, which alerted the European Commission to the suspected wrongdoing, will not be fined, the source said.

The penalties relate only to manipulation of Euribor. Banks suspected of rigging the London interbank offered rate, or Libor, could be fined next month when the Euribor penalties are announced, the source said.

Some of the banks have agreed a settlement with the Commission that would bring a 10 percent reduction in their fines, the source added.

Such settlements, which can prevent cases from dragging on for several years, typically involve companies admitting to wrongdoing.

Several of the banks will not be fined immediately because they are contesting the size of the proposed penalties. HSBC, Europe's largest bank, is one of those, two sources said. In these cases, the banks are likely to face formal charges next month, followed by fines next year, one of the people said.

Source: Reuters

Lockheed Martin developing successor to the SR-71 Blackbird

When the last SR-71 Blackbird was grounded in 1998 it was a double blow. Not only did aviation lose one of the most advanced aircraft ever built, but also one of the most beautiful. Lockheed Martin’s Skunk Works has now revealed that it is building a successor to the Blackbird: the SR-72. Using a new hypersonic engine design that combines turbines and ramjets, the company says that the unmanned SR-72 will be twice as fast as its predecessor with a cruising speed of Mach 6.
The SR-71 Blackbird is one of history’s great aircraft. It was built during the Cold War in the early 1960s by Lockheed at its secret Skunk Works facility and flew from 1966 to 1998. With black paint covering its unprecedented titanium fuselage, it was designed as a reconnaissance platform capable of flying 2,900 nautical miles (5,400 km) at sustained supersonic speeds at an altitude of 80,000 ft (24,000 m).
The Blackbird could fly so fast and so high that it could literally outrun enemy missiles, and routinely did. Needless to say, it left interceptors far behind and of the 32 that were built, not one was lost to enemy action. It even grew stronger over the years because the heat generated in flight was so great that the titanium hull annealed.
The SR-71 was also famous for holding a raft of records. It was the world's fastest and highest-flying operational manned aircraft, reaching 85,069 feet (25,929 m) in sustained flight, and it still holds the speed record. On September 1, 1976, a US Air Force SR-71 Blackbird flew from New York to London in 1 hour 54 minutes and 56.4 seconds at a peak velocity of about Mach 3.2 (2,436 mph, 3920 km/h). To this day, no aircraft exists that can match its performance.
The idea of a hypersonic replacement has been kicked around for years, and now Lockheed is working on the SR-72. Unlike its predecessor, the SR-72 will be unmanned, but it will be twice as fast with a cruising speed of Mach 6 (4,567 mph, 7,350 km/h).

The SR-72’s purpose is to provide the United States with not only a hypersonic recon platform, but also a strike aircraft as well. "Hypersonic aircraft, coupled with hypersonic missiles, could penetrate denied airspace and strike at nearly any location across a continent in less than an hour," says Brad Leland, Lockheed Martin program manager, Hypersonics. "Speed is the next aviation advancement to counter emerging threats in the next several decades. The technology would be a game-changer in theater, similar to how stealth is changing the battle space today."

According to Leland, a Mach 6 platform would not only leave very little time for an enemy to respond, but it also be a very effective way to launch hypersonic missiles. Since these wouldn't need a booster rocket when launched at six times the speed of sound, they can be of much lighter and simpler construction.

The key to the SR-72 is what Lockheed calls Turbine-Based Combined Cycle Propulsion, which incorporates Lockheed’s experience in building the HTV-2 hypersonic demonstrator that flew at Mach 20 (15,224 mph, 24,501 km/h) in tests. In this new system, the twin engines of the SR-72 are actually two engines in one. Each engine shares combined inlets and nozzles connected to two very different powerplants as a way to significantly reduce drag.

According to Leland, no new technologies needed to be invented for the SR-72 so a demonstration aircraft could fly by 2018, and the plane could be operational by 2030. “The demonstrator is about the size of the F-22, single-engined and could fly for several minutes at Mach 6,” says Leland. “It will be about the size of the SR-71 and have the same range, but have twice the speed.”

Source: Gizmag

Chinese investments in US hit $12 bln dollars in first 9 months of 2013

The United States has emerged as the shinning spot for overseas Chinese investment in recent years. According to a US consultancy, in the first nine months this year, Chinese firms spent over 12 billion US dollars on greenfield projects and acquisitions in America.

From a hefty stake in New York’s iconic General Motors Building to pork giant, Smithfield Foods, lately China has been buying America in a big way. Chinese investment in the U.S. is at an all-time high. And, experts predict strong growth in the next few years. Attorney Robert Profusek says Shanghui International’s 5 billion dollar purchase of Smithfield will be a catalyst when approved.

Doing deals on the merits resulted in Chinese investment in the U.S. hitting a record 6 billion dollars last year. Just 5 years earlier, the number was a mere 360 million dollars. What’s behind the recent acceleration Professor David DeNoon says China, in part, needs to slim down it’s ample holdings of U.S. Treasuries.

“They recognize as almost all economists do that interest rates are eventually going to go up and they’re going to take some kind of hit on those Treasuries. And, they want to balance it with assets that are going to yield a higher return. So diversification makes a lot of sense.” DeNoon said.

China’s State Administration Foreign Exchange or SAFE has reportedly opened an office in New York City with the express purpose of sniffing out good places for China to park its cash. China experts say last year’s purchase of AMC Loews movie theaters by China’s Dalian Wanda is a good model for future deals because of its non-controversial nature.

Experts predict China will focus future investments on U.S. infrastructure as well as agriculture and manufacturing companies.

Source: CNTV

Pollution affecting nature of China's energy market

Recent days of heavy air pollution, particularly in China's north, have once again turned the spotlight on the energy use in China. A solution is to look at alternate sources of energy that are non-polluting and sustainable. This is what energy experts are debating about at the latest China Mining Exhibition in Tianjin.

China’s energy demand is growing at over 4 percent per year in the current decade, but the serious air pollution problem is changing the country’s energy market.

Reporter: “China now gets 70% of its energy from coal. But, it’s believed to be one of the major contributers to air pollution in the country. And, businesses relying on coal may have a hard time in the future.”

The iron and steel industry also causes air pollution. The industries have been affected by low profits and over capacity in recent years, but they are still expanding in China. Around 2 million tons of steel are produced every day.

“The State Council has clarified the country’s roadmap to resolve excess production capacity in the iron and steel industry. It is tightening new projects and environmental protection standards. The iron and steel industries are really hurting, as many are running at a low profit, and require a large investment in order to reduce emissions. And the worst is yet to come.” Professor Wang Yingsheng from Market Research Development of China Iron & Steel Association, said.

Source: CNTV

China Mobile Invests over US$ 2 billion in Pakistan

 Gu Bin, a 38-year-old Chinese from east China's Jiangsu Province, came to Faisalabad this June as a region sales director of China Mobile Pakistan. Now he manages a team of more than 80 Pakistani workers and runs a big market of over 2 million users. "Telecom market here is very competitive due to the early introduction of foreign capital", Gu Bin said "that's why I keep on channelling my team into better marketing instead of just selling". "Although I miss my hometown and family very much, It's good to be working here because I benefited a lot from collaborating with these Pakistani colleagues." Up to October 2013, China Mobile Pakistan has already invested over 2 billion US dollars in Pakistan and provided employment for more than 200,000 local residents.

Japan: Popular figures encourage overseas study

An Olympic medalist, an astronaut and other professionals have talked about their experiences of studying abroad to encourage more Japanese students to go overseas.

The education ministry held an event on Monday at Tokyo's Haneda Airport as part of a campaign to double the number of people studying abroad.Speakers included London Olympics fencing silver medalist Yuki Ota, freelance announcer Christel Takigawa and astronaut Soichi Noguchi.
Ota went to Germany as a university student to brush up his fencing skills. He said he learned a lot by communicating with other students.

Source: NewsOnJapan

Korean president says talks with Japan would 'serve no purpose'

President Park Geun-Hye has painted a bleak picture of South Korea's current and future ties with Japan - a key ally in efforts to rein in North Korea's nuclear programme.

In an interview with the BBC, Park suggested a summit with Japanese Prime Minister Shinzo Abe would be pointless given Tokyo's refusal to apologise for Japan's "past wrongdoings".

Abuses carried out during Japan's repressive 1910-45 colonial rule remain a source of deep anger and resentment in South Korea, particularly the treatment of women forced to work as "comfort women" in wartime Japanese military brothels.

Outrage at Japan's perceived reluctance to show sincere remorse and offer adequate reparations has been compounded by a territorial rift over a crop of rocky islets in the Sea of Japan (East Sea).

"None of these cases have been resolved or addressed," Park said in the interview broadcast on Monday ahead of an forthcoming state visit to Britain.

Source: NewsOnJapan

China maintains prudent monetary policy

The People's Bank of China (PBOC), the central bank, reported on Tuesday that monetary policy will remain prudent.

The report pointed out the importance of stable monetary and financial circumstances to reform. Use of different monetary instruments will build mature, prudent macro policy where liquidity and social financing are effective, the PBOC said. China will manage and adjust the liquidity of the banking system, and strengthen communication between the market and public, while guiding commercial banks towards better management of assets, liabilities and risk.

Monetary policy will integrate resources, helping small and micro businesses and enhancing credit support for rural development.

Job opportunities, poverty relief, education and housing prices also need financial policy support, as well as mitigating over-production capacity.

Source: Xinhua

New probe casts shadow over Deutsche Bank revamp

Deutsche Bank's struggle to break with the past and achieve a "cultural transformation" has suffered another setback after co-CEO Juergen Fitschen was implicated in a criminal investigation.

The bank set out an ambitious agenda last year to create a leaner, safer lender - exiting risky business lines, abandoning proprietary trading and implementing a "red card" system for staff meant to raise the standard for behaviour.

But the list of costly scandals and legal complications keeps getting longer with Fitschen, a principal architect of Deutsche's makeover, named on Monday as a suspect in a investigation into falsifying evidence.

"This shakes the very foundations of trust in the bank," said one Germany-based shareholder.

EU antitrust regulators landed a fresh blow when they included Deutsche on a list of big banks to be fined multi-million euro sums for suspected rigging of benchmark interest rates, a source told Reuters on Tuesday.

Deutsche Bank stands by Fitschen, whose contract was extended until 2017 only last week, saying it was "absolutely convinced" that he would be cleared in the latest investigation.

Munich prosecutors seek to determine whether Fitschen gave misleading evidence in a decade-old civil suit brought by the heirs of late media mogul Leo Kirch, who accuse the bank of undermining the business.

The bank set aside 1.2 billion euros for potential legal charges in the third quarter, wiping out profit and raising the total amount of legal reserves to 4.1 billion euros.

"Only something greater than 6 billion euros will take the bank to the safe side," the shareholder said.

The list of complications keeps lengthening and includes a probe into whether its traders helped rig reference interest rates including Libor.

Fitschen and fellow co-CEO Anshu Jain proposed sweeping reforms last year designed to set behavioural benchmarks for staff and management, saying that a cultural transformation was needed to get the bank back on a solid, sustainable footing.

"The sins of the past, of which there were many, are still being uncovered and retribution exacted," said a chief investment officer at one of Deutsche Bank's 30 largest shareholders.

Source: Reuters

Barclays' chief UK economist to head Bank of England forecast team

The Bank of England said on Tuesday that it had appointed Barclays' chief UK economist, Simon Hayes, to head its economic forecasting team.

Hayes, who worked at the BoE for eight years before joining Barclays, will be responsible for drafting the central bank's quarterly economic forecasts and will report to BoE chief economist Spencer Dale.

No official start date has been set for Hayes, but the current incumbent, Robert Woods, is due to complete his secondment at the BoE and return to Britain's finance ministry in the spring of 2014, the BoE said.

The BoE's forecasts have come in for regular criticism from British politicians and some economists since the start of the financial crisis for not predicting the persistence of inflation and the weakness of growth - though many other forecasts have shown similar errors.

The BoE is due to publish its next set of quarterly forecasts on November 13. There is particular interest in its forecast for unemployment, as the central bank has pledged not to raise interest rates before the jobless rate falls to 7 percent - something it forecasts will take at least three years.

Source: Reuters

Pentagon chief warns against over reliance on military power

Defense Secretary Chuck Hagel said on Tuesday the United States must effectively use all instruments of power, not just military might, to successfully lead the world after a dozen years of war that have strained it physically and financially.

The Pentagon chief told a leading Washington think tank that Americans should not "fall prey to the false notion of American decline," and must also resist the post-war urge to retreat from foreign entanglements.

"No other nation has the will, the power, the capacity, the capability and the network of alliances to lead the international community ... However, sustaining our leadership will increasingly depend not only on the extent of our great power, but an appreciation of its limits and a wise deployment of our influence," he said.

Hagel's remarks come as the Defense Department is winding down a 12-year-old war in Afghanistan and is struggling to meet demands to cut nearly a trillion dollars from its budgets over the next decade.

The speech underscored the administration's shift toward a more cautious approach to military force and a desire for greater reliance on diplomacy. Hagel pointed to U.S. engagement with Iran Iand Syria as examples where combined use of diplomatic, economic and military power are creating opportunities to advance U.S. interests.

The cuts in U.S. defense spending have eroded military training and readiness, and Pentagon officials have warned that the spending reductions would eventually force the department to reassess the global military strategy it outlined two years ago.

"These cuts are too fast, too much, too abrupt and too irresponsible," Hagel told the forum. The Defense Department "cannot responsibly, efficiently and effectively plan, strategize and implement national security policies with this cloud of uncertainty continuing to hang over it."

Source: Reuters

Euro zone turns corner but growth, inflation subdued - EU

The euro zone will expand slightly more slowly next year than expected because of weaker private demand and investment, while inflation will stay well below the central bank target over the next two years.

The European Commission forecasts, published on Tuesday, are likely to add to arguments for an interest rate cut by the European Central Bank, which is to discuss its next policy move on Thursday.

The Commission forecast that the economy of the 18 countries that will share the euro from next year will expand 1.1 percent in 2014 after a 0.4 percent contraction this year. In 2015, the euro zone is to accelerate to growth of 1.7 percent.

The last Commission forecast in May saw euro zone growth of 1.2 percent in 2014. But recession is behind the euro zone and the pace of recovery will slowly accelerate quarter-on-quarter.

"There are increasing signs that the European economy has reached a turning point," said EU Economic and Monetary Affairs Commissioner Olli Rehn. "The fiscal consolidation and structural reforms undertaken in Europe have created the basis for recovery."

Source: Reuters

US: ISM Manufacturing Index rose to 55.4

Prior strength in new orders is giving an increasing boost to current conditions for ISM's non-manufacturing sample where composite growth rose to 55.4 in October vs an already solid 54.4 in September. The business activity component shows special strength, at 59.7 vs September's 55.1. And in a boost for the outlook on Friday's jobs report, this report's employment index rose to 56.2 from 52.7 in what is one of the better readings of the year. Growth in new orders backed off but not much, with the index down from the near 60 level to 56.8 but this index had been very strong in the prior 3 months and peaked just over 60 in August. Other readings are mostly steady including prices which show easing pressure, at 56.1 for a more than 1 point decline. The ISM non-manufacturing report is pointing to building momentum in ongoing activity in what will boost expectations for fourth-quarter GDP. The government's first report on the third quarter will be posted on the Econoday calendar on Thursday morning. The Dow is moving off opening lows following today's report.

Market Consensus before announcement The composite index from the ISM non-manufacturing survey slipped in September to 54.4 from 58.6 in August and 56.0 in July to indicate sizable slowing in composite activity. This slowing follows a recovery best in August and a near recovery best in July and despite the slowing the rate of monthly growth is still very respectable. But activity may be improving in coming months. Growth in new orders was more than respectable, at 59.6 which aside from August's 60.5 was the best rate since the easy comparisons early in the recovery. New export orders were also very strong, at 57.5 for a big 7 point jump.

Gallup's Economic Confidence Index tumbled 16 percentage points to average minus 35 in October

Gallup's Economic Confidence Index tumbled 16 percentage points to average minus 35 in October, the sharpest monthly drop since Gallup began tracking economic confidence daily in 2008. Confidence did pick up near the end of the month.

Americans' confidence in the U.S. economy sank for the month of October amid the partial U.S. government shutdown impasse over the federal debt limit. For the entire month, Gallup's Economic Confidence Index was down 16 points, the sharpest monthly drop since Gallup began tracking economic confidence daily in 2008. Confidence improved after leaders in Washington reached a deal to end the shutdown, but it has not yet returned to pre-shutdown levels.

The index in October is the lowest for an entire month since it registered minus 38 in December 2011, as Americans' confidence slowly recovered from the 2011 U.S. federal debt crisis and subsequent downgrading of the nation's credit rating. Confidence is significantly worse than it was in May of this year, when it reached minus 7, its monthly peak.

The Economic Confidence Index began to decline in mid-September, as the fiscal negotiations and partisan brinkmanship intensified. It plummeted to minus 34 in the first week of October as the partial government shutdown began on October 1, registering the sharpest weekly decline since Lehman Brothers collapsed in September 2008, and grew worse the following week. Confidence slowly inched up after the government shutdown ended on October 17, finishing at minus 29 for the week ending November 3, but has not yet recovered to mid-September levels.

Gallup's Economic Confidence Index is based on two components: Americans' assessments of current economic conditions in the United States and their perceptions of whether the economy is getting better or worse. Both components soured last month during the shutdown, but Americans' economic outlook declined more than twice as much as their views of the current economic situation.

In October, 68 percent of Americans said the economy is getting worse-the highest such percentage in nearly two years- while 28 percent said it is getting better. This results in a net economic outlook score of minus 40, down 22 points from September.

By contrast, October's minus 29 net current conditions score-based on 15% of Americans saying the economy is in excellent or good shape, and 44 percent saying it is poor-is down 10 points from the prior month.

Source: Bloomberg

Abacus nominated for World Intangible Cultural Heritage

China’s Zhusuan or the knowledge and practice of arithmetic calculation using an abacus, has been nominated by UNSECO for competition to be listed as World Intangible Cultural Heritage. The final result will be announced early next month. The time honored invention has been slowly fading away from peoples’ lives, but some are calling to preserve it.

"Before the age of calculators, this is what Chinese people used to do their sums. They’d move the beads on the abacus following certain rules. Each bead in the upper deck equals five, those in the lower deck equals one. For example, if I do 5 plus 1, this is 6. And if I plus 12, this is 18," CCTV reporter Wu Guoxiu said.

Calculating with beads...

Zhusuan, or the knowledge and practice of arithmetic calculation using an abacus, has a history of over 1800 years. The Chinese invention is considered as the world’s most ancient computer.

"The abacus can perform addition, subtraction, division and multiplication, and can obtain square roots, cubic roots and Gauss equation," said Su Jinxiu, deputy director of Chinese Abacus & Mental Calculation Dev’t. Assoc.

For centuries, the abacus was a major calculating device. It even helped to make calculations when China developed its first nuclear bomb in the 1960s.

But now, only some banks and shops used them as supplements to computers.

"But very few people learn how to use the abacus now," Su Jinxiu said.

Until the 1990s, abacus lessons were compulsory in primary schools; later they became a selective subject. And then it was totally removed from the curriculum.

But, abacus operation has developed into mental calculation. Some children learn this as an interest. Learners figure out results with an abacus in mind. And there are national contests.

Advocates of the practice say mental calculation can help improve children’s intelligence.

Today, the abacus is still an auspicious symbol of wisdom and wealth. In 2008, it was listed as a national intangible cultural heritage. People in the abacus association hope the valuable heritage won’t die.

Source: CCTV

India starts countdown for Mars mission

India has started the clock on its most ambitious space project to date. On Sunday at 6:08 IST, the Indian Space Research Organisation (ISRO) began the countdown for its Mars Orbiter Mission (MOM). If all goes to schedule, the unmanned probe will lift off on Tuesday from the First Launch Pad at the Satish Dhawan Space Centre (SHAR), on the island of Sriharikota at 2:38 pm IST atop a Polar Satellite Launch Vehicle (PSLV-C25), marking the point where India hopes to launch itself into the space-faring big leagues.

Once launched, the MOM probe will act as a technology demonstrator to show that India can design, build, launch, and execute an interplanetary exploration mission. In this case, a mission to Mars, which will involve a 300-day passage followed by studies lasting six to ten months from the spacecraft's elliptical orbit.

For studying the Red Planet, MOM is equipped with 15 kg (33 lb) of instruments. These include a Lyman-Alpha Photometer (LAP), which is an absorption cell photometer that measures the relative abundance of deuterium and hydrogen in the Martian upper atmosphere and will be used to determine the rate that Mars loses water to space. There is also a Methane Sensor for Mars (MSM), which measures methane in the Martian atmosphere in parts per billion – an experiment that has drawn considerable interest after NASA’s Curiosity rover failed to detect any trace of the gas.

The other three instruments are the Mars Exospheric Neutral Composition Analyzer (MENCA), which is a quadrupole mass analyzer to study the composition of the upper atmosphere, a Thermal Infrared Imaging Spectrometer (TIS) that will map the temperature of the Martian surface, and the Mars Colour Camera (MCC) that will be used to study the surface features and composition of Mars and its moons Phobos and Deimos.

"Bilateral" adaptive cruise control could help reduce traffic jams

In 2007, mathematicians from the University of Exeter showed that the freeway traffic jams that appear to occur for no reason are actually the result of a "backward traveling wave" initiated when a driver slows below a critical speed. This sets off a chain reaction that ultimately results in traffic further down the line coming to a complete standstill. An MIT professor has now developed an algorithm that could be applied to a modified Adaptive Cruise Control (ACC) system to help eliminate such traffic jams.

Last year Honda started to conduct public-road testing of technology that detects whether a person's driving style is likely to create traffic jams and encourages them to adopt a driving style that would avoid this. At the time, Honda said it would be possible to further improve this system by connecting it to cloud servers that would allow a vehicle's ACC system to automatically sync with the driving patterns of vehicles further up the road.

Berthold Horn, a professor in MIT’s Department of Electrical Engineering and Computer Science, has come up with a somewhat similar approach that would also rely on a vehicle's ACC system, but without the need for the system to connect to the cloud. However, it would require current ACC systems, which only monitor the speed and distance of vehicles in front, to be modified to also take into account the speed and distance of the vehicle traveling directly behind.

Horn describes this system as "bilateral control," as it looks both forward and backward at the same time. By gathering this information, the ACC system is able to keep the car at roughly the midpoint between the vehicle in front and the vehicle behind. In this way, the system is able to avoid slamming on the brakes too hard if the car in front brakes, thereby avoiding causing a large disruption to the car behind that is then amplified as it is passed onto vehicles following behind.

The major problem facing the implementation of the algorithm is the technology required. Currently, ACC systems are generally only available as an option on high-end vehicles as they rely on relatively expensive sensors such as radar or laser rangefinders. Additionally, these only monitor the speed and distance of the vehicle in front, so Horn's system would require a second system to be installed to monitor vehicles traveling behind the car.

However, Horn does suggest that alternative cheaper technologies, such as digital cameras, could be employed to bring his algorithm to the roads. But these have their own drawbacks.

“There are several techniques,” Horn says. “One is using binocular stereo, where you have two cameras, and that allows you to get distance as well as relative velocity. The disadvantage of that is, well, two cameras, plus alignment. If they ever get out of alignment, you have to recalibrate them.”

Horn's system would also only be effective if a large percentage of vehicles on the road were using it, meaning it probably won't be helping to cut traffic jams anytime soon.

Horn presented his algorithm at the IEEE Conference on Intelligent Transport Systems held earlier this month.

Source: MIT,University of Exeter

Rebels in Colombia Hit Energy Sector Hard in 'Black October'

According to an article published on the Wall Street Journal,

"Colombia's energy sector, the main driver of its economy, is limping away from "Black October," a term coined by Marxist rebels who set forth on a month-long blitzkrieg, attacking oil pipelines, coal trains, electricity plants and transmission towers in a show of strength during peace talks with the government.

There were roughly two dozen attacks during October on high-profile targets like oil pipelines, according to security analysts and companies. That was more than double the number of attacks in September and by far the highest for any month this year, according to analysts. The Colombian government usually comes out with a count months later. Colombia's army declined to comment.

Few parts of Colombia's energy infrastructure escaped unscathed. State-controlled power-grid company ISA said 19 of its transmission towers that dot the countryside were blown up in October, compared with 11 such attacks in the previous nine months combined.

Colombia's second-longest oil pipeline, the Cano Limon, was attacked at least three times last month, bringing pumping to a halt and leading locals to again start calling it "the flute" due to all the holes the rebels have blasted in the above-ground pipeline over the past 20 years.

The Cano Limon attacks have also forced the delay of a much-anticipated grand opening of Colombia's newest oil pipeline, the $1.6 billion Bicentennial pipeline, because it can't operate if the Cano Limon line isn't also pumping oil.

The timing of the rebel assault comes as Colombia's economy struggles with up-and-down growth rates and a widening gap between the rich and the poor that has led this year to a wave of violent, sometimes deadly protests by farmers and other low-income workers. In some cases, the protesters' demands run parallel with those of the FARC, mainly seeking better conditions for agrarian workers and criticizing foreign companies' influence in Colombia, Latin America's fourth-largest economy.

The peace talks were supposed to "last for months, not years," President Juan Manuel Santos promised when the talks were launched in October 2012. But the talks are now beginning their second year and rebel and government negotiators have so far only come to agreement on one of five talking points, that of land reform. The two sides are reportedly still far apart on important issues such as integrating rebels into the political arena once they would lay down their arms".

Pentagon Expects to Build a Bomber on a Budget

   According to an article published today on the Wall Street Journal,"the plane of the future, dubbed the "Long-Range Strike Bomber," is the first weapon system to be designed in the new age of military austerity. Flight range, firepower and technological prowess are no longer the only features that matter. The Pentagon says it now gives equal weight to a far more pedestrian point: cost".

"After a decade of rapidly rising defense spending, Congress capped the Pentagon budget, forcing nearly a trillion dollars in cuts by 2023.

Defense officials worry that those cuts could threaten many modernization programs, like the bomber.

Air Force leaders believe the new aircraft is critical to America's ability to project force in far-flung parts of the world, particularly in Asia, where China is investing heavily in its military and long distances between U.S. bases diminish the effectiveness of its short-range fighters.

The Air Force hopes to get the new nuclear-capable bomber airborne in the middle of the next decade—a daunting task considering the history of such ambitions.

Delays, technical glitches and cost overruns have beset nearly every Air Force project in the past three decades.

Aging and expensive to maintain now, only 16 B-2s are combat ready (at $135,000 per hour of flight), and many of the remaining 138 B-52 and B-1 bombers are heading for retirement.

The military fears being stuck with a small fleet, as many in the service believe future conflicts will require lightning quick responses, with the ability to strike newly identified targets in distant lands within hours while at the same time penetrating a bristling range of air-defenses.

For supporters of the new bomber, only a long-range stealthy aircraft offers that capability.

"In the future, what our president is going to need is options, options to project power anywhere in the world within hours," said Major Gen. Steve Kwast, who is charged with helping shape the Air Force's long-term strategy. "This Long-Range Strike Bomber is going to be that option the president can use when there are no other option".

UK Monday Newspaper Round-up

A string of oil and gas firms is expected to float on the junior stock market in the coming months as they tap in to a growing appetite for IPO's). Accountancy firm EY's latest report on the sector's smaller companies shows flotation activity has already propelled business confidence to its highest level in 18 months, although the feel-good factor is so far confined to a small number of players, The Scotsman explains. 

BT is today accused of making profits of almost £5bn over and above the level deemed acceptable under regulator Ofcom's own rules. The damning accusation comes in a report written by research firm Frontier Economics and commissioned by Vodafone. It states that since 2005 British consumers and businesses have lost out as BT's returns for regulated services overall have been consistently above a benchmark rate, The Daily Mail says. 

Britain's business leaders have raised their forecasts for the country's economic growth through to 2016 today, lending further weight to claims that the recovery is gaining momentum. On the eve of its annual conference, the Confederation of British Industry said it had upped its growth forecast for 2013 to 1.4%, from 1.2% in August, and expected output to build steadily. While growth is expected to slow in the fourth quarter of this year, the CBI said the economic recovery would gather pace over the next two years, upping its 2014 forecast to 2.4% from 2.3% in August, while predicting that growth would hit 2.6% in 2015, according to The Daily Mail.

Public investment in the US has hit its lowest level since demobilisation after the Second World War because of Republican success in stymieing President Barack Obama's push for more spending on infrastructure,science and education. Gross capital investment by the public sector has dropped to just 3.6% of US output compared with a postwar average of 5%, according to figures compiled by the Financial Times, as austerity bites in the world's largest economy.

Britain's membership of the EU brings a net benefit of 3,000 pounds a year to every household, employers' organisation the CBI will say on Monday as it begins a three-year campaign to stop the country sliding towards the exit. The largest  business group, which is holding its annual conference in London, will attempt to rally corporate Britain around remaining in the EU and reforming it from within, the Financial Times explains. 

Source: LiveCharts

Fitch revised Spain outlook to Stable from Negative

Fitch Ratings has revised its outlook on Spain to stable from negative, due to its recent policy track record with regard to fiscal consolidation, the country's economic recovery, its banking sector restructuring and improving financing conditions. 

The credit agency announced the revision in a report published on Friday after the European market close and affirmed Spain's rating at 'BBB'. 

"Spain has improved its policy track record in 2012-13," Fitch said, commenting that the general government deficit/gross domestic product ratio has been reduced by 2.5% despite cyclical headwinds. 

Fitch also mentioned that the banking sector restructuring has "advanced well" since 2012 and noted that Spain exited the recession sooner than the agency had expected. 

Though Fitch does forecast that the Spanish economy will begin to recover in 2014, it noted that performance to "remain very weak" with an estimate of 0.5% real GDP growth in 2014. 

According to the report, the stable outlook reflects the fact that Fitch believes "upside and downside risks to the ratings are balanced", that Spain will retain market access and that the risk of fragmentation of the Eurozone "remains low". 

Source: LiveCharts

HSBC Registered 10% rise profits before tax

FTSE 100-listed global banking giant HSBC registered a 10 per cent rise in underlying profits before tax in the third quarter of 2013 to reach 5,056m dollars (3.14bn pounds). 

During the same period underlying revenue was broadly unchanged, at $15,588m (£9,682m), versus the $15,661m achieved in 2012. 

'Clean' underlying revenue came in at $15,571m, ahead of the consensus estimate of $15,335m and Nomura's forecast of $15,145m. Meanwhile, the clean underlying profit before tax was $5,809m (consensus: $5,535m, Nomura: $5,509m).

In regards to the most current trading conditions, HSBC said that they were "in line with the trends we experienced during the first nine months of the year". It also confirmed that it is one of a number of firms being investigated by the FCA and other regulators in relation with its dealings in the foreign exchange market. 

Net interest margin down

Net interest margins decreased in the nine months to September 30th when compared with the same period in 2012 as a result of significantly lower gross yields on customer lending, including balances within 'Assets held for sale', the lender explained. 

HSBC added $400m of additional "sustainable cost savings" across all regions, taking the annualised total to $4.5bn since the start of 2011. That already exceeds the bank's target for the end of 2013.

The cost-efficiency ratio, which compares overheads with income, fell back to 57%.

Operating expenses higher

Underlying operating expenses in the latest quarter fell by 4% to $9,572m. 

However, excluding notable items, operating expenses increased reflecting higher investment expenditure, wage inflation and litigation and regulatory-related costs.

The bank's core tier-1 ratio stood at 13.3% at the quarter-end, while its annualised return on equity (RoE) improved by 1.5 percentage points in the latest nine-month period to 10.4%, compared with 8.9% in the equivalent period in 2012.

Reasons for optimism on outlook for global growth 

Regarding the outlook, management referenced "reasons for optimism" with some evidence of a broadening recovery. HSBC was positive on China, the US and the UK, although Latin America was expected to remain slow. Nevertheless, at one point in its statement HSBC added that "regulatory uncertainty remains".

HSBC's forecasts for global growth remained constant at 2.0% in 2013 and 2.6% in 2014.

Eurozone Investor Sentiment hit a two-and-a-half year high in November

Eurozone investor sentiment hit a two-and-a-half year high in November after registering the largest increase amidst all regions, according to data reported on Monday by Sentix GmbH. 

Specifically, the Sentix investor confidence for the euro area rose 3.2 points to 9.3. That was its highest reading since May 2011. 

"Investors have become especially upbeat concerning the economic situation," Sentix said in the report. 

Also worth noting, the six-month expectations gauge for Germany reached its highest level since the survey began in 2009. Sentix did mention that the US and Japan made negative contributions, although sentiment in the emerging markets remains positive. 

Source: LiveCharts

Eurozone Manufacturing PMI Shows 'Frustratingly Slow' Recovery, MARKIT SAYS

The modest and fragile Eurozone manufacturing recovery continued at the start of the fourth quarter, although it remained "by all measures frustratingly slow", according to Markit chief economist Chris Williamson. 

Thus, the final Eurozone manufacturing purchasing managers' index (PMI) for October edged up to 51.3, from September's reading of 51.1. 

Although Markit noted that the growth was "modest overall", it pointed out that only two of the nations covered by the survey, France and Greece, saw deteriorating conditions. 

At the individual country level, Ireland climbed to the top of the list, surpassing the Netherlands. Growth hit a near two-and-a-half year peak in Austria and also moved higher in Germany and Spain. However, the rates of contraction in France and Greece were the sharpest seen in four and three months, respectively. 

New export orders rose for the fourth consecutive month - and remained near August's 27-month high - despite which employment in the Eurozone´s manufacturing sector declined for the 21st month in a row. 

Williamson noted that despite the somewhat "disappointing" lack of a steeper pick-up in the last two months, "the recent growth revealed by the survey indicates a marked turnaround in the health of the manufacturing economy". 
However, Markit's chief economist seemed daunted by the slow pace of the stabilization. "While the recovery goes on, it is by all measures frustratingly slow. 

"In particular, the modest gains in output and new orders remain insufficient to encourage firms to take on more staff," Williamson said. 

Source:  LiveCharts