Tesla chief executive Elon Musk used an opportunity to speak to an audience in China to strenuously deny the electric carmaker would ever use a vehicle’s technology for spying.
Appearing on Saturday at the China Development Forum, a conference organised by a unit of the country’s State Council, Mr Musk said that if Tesla ever used its cars to spy in China, or anywhere, we would get “shut down everywhere”.
“If a commercial company did engage in spying, the negative effects to that company would be extremely bad,” said Mr Musk, who was beamed in remotely from America, where it was late in the evening.
“For example, if Telsa used the cars to spy in China — or anywhere, any country — we will get shut down everywhere. So there’s a very strong incentive for us to be very confidential with any information.”
His comments came less than 24 hours after news broke that Tesla’s cars have been banned from Chinese military complexes and housing compounds because of concerns about sensitive data being collected by cameras built into the vehicles. China, the world’s biggest market for EVs, is key to Mr Musk’s global growth ambitions. The company sold more than 130,000 locally-built Model 3 cars last year in the nation, now its second-largest market after the US.
The ban, relayed to residents of military housing and others this week, was triggered by concerns that Tesla is collecting sensitive data via cars’ in-built cameras in a way the Chinese government can’t see or control, a person familiar with the matter said.
Mr Musk, wearing a smart black suit with white shirt and black tie and seated in front of shelves displaying plaques and trophies, also said it was fortunate that ByteDance’s TikTok wasn’t shut down in the US, even though there were a lot of people concerned that China was spying via the popular app.
“Of course, on TikTok, people are mostly just doing silly dances,” he said. “So I’m not sure if there’s anything to learn from that. Just in general, I think it’s worth thinking through, even if there was spying, what would the other country learn and would it actually matter? In the vast majority of cases, it doesn’t even matter.”
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Tesla Model S
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The mega-billionaire, who is also the chief executive of SpaceX and The Boring Company, which specialises in tunnel construction projects, also spoke about how he thinks physics should be taught, the need for cities to become “3D” using underground passageways to ease traffic congestion, and the importance of having regulatory oversight with regard to artificial intelligence.
“I think dealing with AI is one of the most important challenges that humanity faces, it could potentially be the most” important, he said. “We have never faced a situation where something could be more intelligent than us.”
Mr Musk said that considering there are regulatory agencies governing things like food, drugs, automobiles and aircraft, there should also be an agency that oversees AI safety.
And he agreed with Xue Qikun, president of Southern University of Science & Technology and member of the Chinese Academy of Sciences, that physics should be taught with emotion to make the subject more compelling. Mr Xue was participating in the dialogue with Mr Musk from Beijing.
“I think physics could be taught in a much more engaging manner,” Musk said. “I personally do not regard physics as boring, although I think the way physics is taught can often be in a way that is very dry and uninteresting.” Teaching students about the “why” of a thing’s importance and establishing relevance is key, he said.
"We have never faced a situation where something could be more intelligent than us"
He added that studying economics is also paramount to deduce whether a technology can be practical from a cost standpoint. To that end, he pushed back on Mr Xue’s views that hydrogen is the future, saying that he instead was a big believer in solar and wind pared with stationary battery storage, and all transport being electric, with the exception of rockets.
The discussion ended with an audience member asking another question about how to get younger people more interested in physics. Zoom call over, Musk was back on his preferred social media platform within minutes, tweeting about orbital propellant depots and cryogenic storage.
Pakistan Super League
Previous winners
2016 Islamabad United
2017 Peshawar Zalmi
2018 Islamabad United
2019 Quetta Gladiators
Most runs Kamran Akmal – 1,286
Most wickets Wahab Riaz –65
What is the definition of an SME?
SMEs in the UAE are defined by the number of employees, annual turnover and sector. For example, a “small company” in the services industry has six to 50 employees with a turnover of more than Dh2 million up to Dh20m, while in the manufacturing industry the requirements are 10 to 100 employees with a turnover of more than Dh3m up to Dh50m, according to Dubai SME, an agency of the Department of Economic Development.
A “medium-sized company” can either have staff of 51 to 200 employees or 101 to 250 employees, and a turnover less than or equal to Dh200m or Dh250m, again depending on whether the business is in the trading, manufacturing or services sectors.
More coverage from the Future Forum
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How to register as a donor
1) Organ donors can register on the Hayat app, run by the Ministry of Health and Prevention
2) There are about 11,000 patients in the country in need of organ transplants
3) People must be over 21. Emiratis and residents can register.
4) The campaign uses the hashtag #donate_hope
Emergency
Director: Kangana Ranaut
Stars: Kangana Ranaut, Anupam Kher, Shreyas Talpade, Milind Soman, Mahima Chaudhry
Rating: 2/5
The specs: 2018 Mercedes-Benz E 300 Cabriolet
Price, base / as tested: Dh275,250 / Dh328,465
Engine: 2.0-litre four-cylinder
Power: 245hp @ 5,500rpm
Torque: 370Nm @ 1,300rpm
Transmission: Nine-speed automatic
Fuel consumption, combined: 7.0L / 100km
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)