Wednesday, January 31, 2018

China's Leshi Internet flags $1.8 billion loss for 2017, citing LeEco cash crunch

HONG KONG (Reuters) - Chinese video-streaming firm Leshi Internet Information & Technology said it expects a net loss of 11.6 billion yuan ($1.83 billion) for 2017, citing a cash crunch at embattled technology conglomerate LeEco that hurt its revenues.

Leshi had reported a profit of 554.8 million yuan in 2016.

It was once the main listed unit of LeEco which was founded by Jia Yueting. Last year, property developer Sunac China became Leshi’s second-largest shareholder and Jia subsequently resigned as chairman and CEO from the company but remains its largest shareholder.

Leshi is trying to recover debt owed by Jia. It said last week it is seeking equity stakes in the car businesses of Jia for debt owed by him and his companies amounting to as much as 7.5 billion yuan ($1.17 billion).

Leshi flagged the expected loss for 2017 in a statement to the Shenzhen stock exchange on Tuesday evening.

The announcement sent Leshi’s shares plunging by the daily limit of 10 percent on Wednesday, the sixth consecutive day they have tumbled the maximum allowed since resuming trading a week ago following a 9-month suspension.

(This version of the story corrects fifth paragraph to show announcement was made to Shenzhen stock exchange, not Hong Kong stock exchange)

Reporting by Sijia Jiang; Editing by Anne Marie Roantree and Muralikumar Anantharaman

'Jackpotting' hackers steal over $1 million from ATMs across U.S.: Secret Service

WASHINGTON (Reuters) - A coordinated group of hackers likely tied to international criminal syndicates has pilfered more than $1 million by hijacking ATM machines across the United States and forcing them to spit out bills like slot machines dispensing a jackpot, a senior U.S. Secret Service official said on Monday.

Within the past few days there have been about a half-dozen successful “jackpotting” attacks, the official said.

The heists, which involve hacking ATMs to rapidly shoot out torrents of cash, have been observed across the United States spanning from the Gulf Coast in the southern part of the country to the New England region in the northeast, Matthew O‘Neill, a special agent in the criminal investigations division, told Reuters in an interview.

The spate of attacks represented the first widespread jackpotting activity in the United States, O‘Neill said. Previous campaigns have been spotted in parts of Europe and Latin America in recent years.

“It was just a matter of time until it hit our shores,” O‘Neill said.

Diebold Nixdorf Incand NCR Corp, two of the world’s largest ATM makers, warned last week that cyber criminals are targeting ATMs with tools needed to carry out jackpotting schemes.

The Diebold Nixdorf alert described steps that criminals had used to compromise ATMs. They include gaining physical access, replacing the hard drive and using an industrial endoscope to depress an internal button required to reset the device.

A confidential U.S. Secret Service alert seen by Reuters and sent to banks on Friday said machines running XP were more vulnerable and encouraged ATM operators to update to Windows 7 to protect against the attack, which appeared to be targeting ATMs typically located in pharmacies, big box retailers and drive-thrus.

While initial intelligence suggested only ATMs running on outdated Windows XP software were being targeted, the Secret Service has seen successful attacks within the past 48 hours on machines running updated Windows 7, O‘Neil said.

“There isn’t one magic solution to solve the problem,” he said.

A local electronic crimes task force in the Washington, D.C., metropolitan area first reported an unsuccessful jackpotting attempt last week, O‘Neill said.

A few days later another local partner witnessed similar activity and “developed intelligence” that indicated a sustained, coordinated attack was likely to occur over the next two weeks, O‘Neill said. He declined to say where that partner was located.

Jackpotting has been rising worldwide in recent years, though it is unclear how much cash has been stolen because victims and police often do not disclose details.

Reporting by Dustin Volz in Washington, D.C.; Editing by David Gregorio

The #1 Lesson Cryptocurrency Investors Can Learn from the Dot-com Bubble

Life as we once knew it drastically changed in the mid-90s. The Internet"s popularity was on the rise, and many savvy businesses and companies saw the potential of a hyper-connected, digital world. This lead to the dot-com bubble--a sharp rise, and fall, in stock prices that was fueled by investments in Internet-based companies.


With experts predicting we are now in a cryptocurrency bubble, it seems as if history is at risk of repeating itself.  


While we"ve moved far past the early stages of Internet start-ups and e-commerce companies, digital is continuing to change our everyday lives--from how we work, live, and play to the future of money itself. Interest in cryptocurrency, similar to the frenzy we saw in the early days of the dot-com bubble, is reaching a crescendo--yet many experts are already predicting its demise.


Warren Buffet has gone on the record saying that crypto will come to a bad ending. Jamie Dimon, J.P. Morgan"s CEO, called Bitcoin a fraud before later admitting that he regretted making that statement.


Meanwhile, other big-name investors and companies are going out of their way to invest in crypto--from Richard Branson to Microsoft .


But are the naysayers right? Are we headed toward a catastrophic implosion of dot-com level proportions?


Yes, the crypto market is volatile. There are too many unknowns to be certain, but if we look at the histories of companies like Amazon, eBay, Priceline, and Shutterfly, then maybe we can gain some clarity.


These e-commerce companies were born during the dot-com era, and they weathered the storm and emerged as some of the most successful and stable companies in history. The dot-com crash didn"t destroy the concept of e-commerce or the fact that consumers want to buy airline tickets, antiques, or pet food online--there was simply a gold rush in the early development stages. Once the dust settled, however, the strong survived.  


Don"t call it a comeback


In the end, the dot-com bubble was a movement. Smart investors saw the future of digital-based commerce and, as they invested, the movement snowballed into madness. Many of the companies that popped up during that time were run by people who were in over their heads, or they didn"t have the technology to keep up with the demand. When the crash happened, it thinned the herd.


Mona El Isa, the chief executive and co-founder of Melonport, summed this notion up at a recent TechCrunch conference when she said, "The dot-com bubble was messy, but if we look at some of the largest companies that exist today they are a result of the dot-com bubble and they are part of our everyday lives."


Which leads us back to what we"re seeing with cryptocurrency today. Even if this bubble bursts, the concept of digital currency will not go away. It may wipe out 90% of today"s existing startup currencies, but the strong will survive. Companies, like Kodak, who try to create a currency without providing real customer value may see efforts go to waste. And this will pave the way for the Amazon of cryptocurrency to make its mark on the world.


To further the power of this movement, it"s important to remember that cryptocurrency isn"t a company. It doesn"t have shareholders. It isn"t VC-backed. Which means this movement extends beyond any other economic bubble we"ve seen--it"s happening in an arena that"s removed from the stock markets. So, when, and if, the bubble bursts, it won"t go quietly into that good night. The parameters may change drastically from what we are seeing today, but digital currency--in one form or another--is the future.


How to invest in a movement


So, if cryptocurrency is the future--how do you invest? From a business standpoint, it"s important to look at crypto through a risk-management lens. Business leaders and board members should be learning everything they can about this new trend so they can determine how, where, and why it might affect or fit into the business. Is there a way to offer customers value through cryptocurrency? Is the time right to execute? Is there a long-term strategy in place that will take advantage of the crypto movement when the stormy waters calm down?


These are the types of questions you need to consider. Do what"s best for your business and what"s best for your customer. As with any digital movement, you need to be aware of the trends and aware of how it could change your business. This is the only way to defend your company from possible disruption.


Final word


For anyone who is considering investing in cryptocurrency, it"s important to remember that this is a long-term movement. Our world is becoming increasingly smaller and more reliant on digital means--currency transformation is inevitable.


It"s the smart investors who understand that this isn"t a fragile economic trend. Digital currency will continue to adapt and change over the next few years--and the companies and entrepreneurs who pay close attention now will have the best chance at deftly navigating the troubled waters.

The #1 Lesson Cryptocurrency Investors Can Learn from the Dot-com Bubble

Life as we once knew it drastically changed in the mid-90s. The Internet"s popularity was on the rise, and many savvy businesses and companies saw the potential of a hyper-connected, digital world. This lead to the dot-com bubble--a sharp rise, and fall, in stock prices that was fueled by investments in Internet-based companies.


With experts predicting we are now in a cryptocurrency bubble, it seems as if history is at risk of repeating itself.  


While we"ve moved far past the early stages of Internet start-ups and e-commerce companies, digital is continuing to change our everyday lives--from how we work, live, and play to the future of money itself. Interest in cryptocurrency, similar to the frenzy we saw in the early days of the dot-com bubble, is reaching a crescendo--yet many experts are already predicting its demise.


Warren Buffet has gone on the record saying that crypto will come to a bad ending. Jamie Dimon, J.P. Morgan"s CEO, called Bitcoin a fraud before later admitting that he regretted making that statement.


Meanwhile, other big-name investors and companies are going out of their way to invest in crypto--from Richard Branson to Microsoft .


But are the naysayers right? Are we headed toward a catastrophic implosion of dot-com level proportions?


Yes, the crypto market is volatile. There are too many unknowns to be certain, but if we look at the histories of companies like Amazon, eBay, Priceline, and Shutterfly, then maybe we can gain some clarity.


These e-commerce companies were born during the dot-com era, and they weathered the storm and emerged as some of the most successful and stable companies in history. The dot-com crash didn"t destroy the concept of e-commerce or the fact that consumers want to buy airline tickets, antiques, or pet food online--there was simply a gold rush in the early development stages. Once the dust settled, however, the strong survived.  


Don"t call it a comeback


In the end, the dot-com bubble was a movement. Smart investors saw the future of digital-based commerce and, as they invested, the movement snowballed into madness. Many of the companies that popped up during that time were run by people who were in over their heads, or they didn"t have the technology to keep up with the demand. When the crash happened, it thinned the herd.


Mona El Isa, the chief executive and co-founder of Melonport, summed this notion up at a recent TechCrunch conference when she said, "The dot-com bubble was messy, but if we look at some of the largest companies that exist today they are a result of the dot-com bubble and they are part of our everyday lives."


Which leads us back to what we"re seeing with cryptocurrency today. Even if this bubble bursts, the concept of digital currency will not go away. It may wipe out 90% of today"s existing startup currencies, but the strong will survive. Companies, like Kodak, who try to create a currency without providing real customer value may see efforts go to waste. And this will pave the way for the Amazon of cryptocurrency to make its mark on the world.


To further the power of this movement, it"s important to remember that cryptocurrency isn"t a company. It doesn"t have shareholders. It isn"t VC-backed. Which means this movement extends beyond any other economic bubble we"ve seen--it"s happening in an arena that"s removed from the stock markets. So, when, and if, the bubble bursts, it won"t go quietly into that good night. The parameters may change drastically from what we are seeing today, but digital currency--in one form or another--is the future.


How to invest in a movement


So, if cryptocurrency is the future--how do you invest? From a business standpoint, it"s important to look at crypto through a risk-management lens. Business leaders and board members should be learning everything they can about this new trend so they can determine how, where, and why it might affect or fit into the business. Is there a way to offer customers value through cryptocurrency? Is the time right to execute? Is there a long-term strategy in place that will take advantage of the crypto movement when the stormy waters calm down?


These are the types of questions you need to consider. Do what"s best for your business and what"s best for your customer. As with any digital movement, you need to be aware of the trends and aware of how it could change your business. This is the only way to defend your company from possible disruption.


Final word


For anyone who is considering investing in cryptocurrency, it"s important to remember that this is a long-term movement. Our world is becoming increasingly smaller and more reliant on digital means--currency transformation is inevitable.


It"s the smart investors who understand that this isn"t a fragile economic trend. Digital currency will continue to adapt and change over the next few years--and the companies and entrepreneurs who pay close attention now will have the best chance at deftly navigating the troubled waters.

The #1 Lesson Cryptocurrency Investors Can Learn from the Dot-com Bubble

Life as we once knew it drastically changed in the mid-90s. The Internet"s popularity was on the rise, and many savvy businesses and companies saw the potential of a hyper-connected, digital world. This lead to the dot-com bubble--a sharp rise, and fall, in stock prices that was fueled by investments in Internet-based companies.


With experts predicting we are now in a cryptocurrency bubble, it seems as if history is at risk of repeating itself.  


While we"ve moved far past the early stages of Internet start-ups and e-commerce companies, digital is continuing to change our everyday lives--from how we work, live, and play to the future of money itself. Interest in cryptocurrency, similar to the frenzy we saw in the early days of the dot-com bubble, is reaching a crescendo--yet many experts are already predicting its demise.


Warren Buffet has gone on the record saying that crypto will come to a bad ending. Jamie Dimon, J.P. Morgan"s CEO, called Bitcoin a fraud before later admitting that he regretted making that statement.


Meanwhile, other big-name investors and companies are going out of their way to invest in crypto--from Richard Branson to Microsoft .


But are the naysayers right? Are we headed toward a catastrophic implosion of dot-com level proportions?


Yes, the crypto market is volatile. There are too many unknowns to be certain, but if we look at the histories of companies like Amazon, eBay, Priceline, and Shutterfly, then maybe we can gain some clarity.


These e-commerce companies were born during the dot-com era, and they weathered the storm and emerged as some of the most successful and stable companies in history. The dot-com crash didn"t destroy the concept of e-commerce or the fact that consumers want to buy airline tickets, antiques, or pet food online--there was simply a gold rush in the early development stages. Once the dust settled, however, the strong survived.  


Don"t call it a comeback


In the end, the dot-com bubble was a movement. Smart investors saw the future of digital-based commerce and, as they invested, the movement snowballed into madness. Many of the companies that popped up during that time were run by people who were in over their heads, or they didn"t have the technology to keep up with the demand. When the crash happened, it thinned the herd.


Mona El Isa, the chief executive and co-founder of Melonport, summed this notion up at a recent TechCrunch conference when she said, "The dot-com bubble was messy, but if we look at some of the largest companies that exist today they are a result of the dot-com bubble and they are part of our everyday lives."


Which leads us back to what we"re seeing with cryptocurrency today. Even if this bubble bursts, the concept of digital currency will not go away. It may wipe out 90% of today"s existing startup currencies, but the strong will survive. Companies, like Kodak, who try to create a currency without providing real customer value may see efforts go to waste. And this will pave the way for the Amazon of cryptocurrency to make its mark on the world.


To further the power of this movement, it"s important to remember that cryptocurrency isn"t a company. It doesn"t have shareholders. It isn"t VC-backed. Which means this movement extends beyond any other economic bubble we"ve seen--it"s happening in an arena that"s removed from the stock markets. So, when, and if, the bubble bursts, it won"t go quietly into that good night. The parameters may change drastically from what we are seeing today, but digital currency--in one form or another--is the future.


How to invest in a movement


So, if cryptocurrency is the future--how do you invest? From a business standpoint, it"s important to look at crypto through a risk-management lens. Business leaders and board members should be learning everything they can about this new trend so they can determine how, where, and why it might affect or fit into the business. Is there a way to offer customers value through cryptocurrency? Is the time right to execute? Is there a long-term strategy in place that will take advantage of the crypto movement when the stormy waters calm down?


These are the types of questions you need to consider. Do what"s best for your business and what"s best for your customer. As with any digital movement, you need to be aware of the trends and aware of how it could change your business. This is the only way to defend your company from possible disruption.


Final word


For anyone who is considering investing in cryptocurrency, it"s important to remember that this is a long-term movement. Our world is becoming increasingly smaller and more reliant on digital means--currency transformation is inevitable.


It"s the smart investors who understand that this isn"t a fragile economic trend. Digital currency will continue to adapt and change over the next few years--and the companies and entrepreneurs who pay close attention now will have the best chance at deftly navigating the troubled waters.

Yale University's New Class on Happiness Is the Most Popular Course in Its 316 Year History. Here's What It's About

How unhappy are students at Yale University?


It"s arguably the toughest college in the country to get into--and more than half of its students wind up seeking mental health care while they"re there.


That might not be a coincidence. A Yale professor says that"s likely because if you get into Yale, you probably had to spend years of your life doing things that made you really unhappy.


Striving. Getting good grades. Ensuring that you beat the next person behind you on your high school honors list by a zillionth of a grade point average.


I give sincere credit to students for seeking help when they need it, but the state of affairs amounts to a "crisis," in the words of Yale psychology professor Laurie Santos.


So she decided to do something about it--introducing a course that I like to call Happiness 101 for short.


Technically, its name is "Psyc 157, Psychology and the Good Life," covering positive psychology and behavioral change. 


Regardless, the question of (lack of) happiness has made it into a monster hit.


On Day 1, 300 students signed up. Within a week, its enrollment grew to a record-breaking 1,200 students--about 25 percent of the entire undergraduate student body.


"A lot of us are anxious, stressed, unhappy, numb," Alannah Maynez, 19, a Yale freshman, told the New York Times, adding her fellow students are "tired ... of numbing their emotions -- both positive and negative -- so they can focus on their work, the next step, the next accomplishment."


That isn"t going to be a shock to regular readers of this column, or perhaps to anyone with a high-achieving kid in this first quarter of the 21st century. A continent away, former Stanford"s dean of freshmen made a similar point in her book, "How to Raise an Adult." 


It seems to hits hardest with the kids we expect the most of. As the Times put it, Yale students are taking the class because 



in high school, they had to deprioritize their happiness to gain admission to the school, adopting harmful life habits that have led to what Dr. Santos calls "the mental health crises we"re seeing at places like Yale."



Teaching such a gigantically popular class brought with it logistical challenges--and apparently, jealousy.


First, they had to hire enough teaching fellows at the last minute (24 of them), and find a big enough room on campus.


They live-streamed for half the class during the first few weeks, they finally settled on Woolsey Hall, a 2,650-seat auditorium usually used for things like symphony performances.


Then, Santos had to combat the quick reputation the class gained for being easy--even though she refers to it as "hardest class at Yale." 


Santos encouraged students to reduce stress by taking it pass/fail, and and doesn"t monitor whether students do homework assignments.


"With one in four students at Yale taking it, if we see good habits, things like students showing more gratitude, procrastinating less, increasing social connections, we"re actually seeding change in the school"s culture," Santos said.


Only one problem: So many students took Happiness 101 that it left other professors" classes empty--or at least emptier than they would have been.


And that means the happiness course left other people at Yale feeling unhappy.


"It wouldn"t be fair to other courses and departments to take all of their students away," Woo-Kyoung Ahn, director of undergraduate studies in psychology at Yale, told the Times. "It causes conflict."


So if you missed out on Happiness 101, you"ve missed out forever.


They"re not planning to teach it again. 
 

Facebook hires prominent artificial-intelligence expert to open Montreal lab

TORONTO (Reuters) - Facebook Inc plans to open an artificial-intelligence laboratory in Montreal, which will be run by prominent AI researcher Joelle Pineau, two people familiar with the plan said on Friday.
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