Wednesday the annual electric vehicle outlook report was released by market researcher BloombergNEF. And the analyst wrote that "Our long-term outlook for EVs remains bright," according to the Los Angeles Times: In 2023, EVs made up 18% of global passenger-vehicle sales. By 2030, according to the report, 45% will be EVs. That number jumps to 73% by 2040 — still short of what the world needs to reach net zero emissions in transportation, the firm says, but enough to achieve major reductions in climate-changing carbon emissions...

[D]ifferent countries are moving at different speeds and with different levels of commitment. Today, "China, India and France are still showing signs of healthy growth, but the latest data from Germany, Italy and the U.S. is more concerning," BloombergNEF said. Global EV sales "are set to rise from 13.9 million in 2023 to over 30 million in 2027," despite the lagging U.S. [The article points out later that "For the first quarter in China, EV sales were up 37%, according to BloombergNEF. In India, it's 39%, and in France, 20%. The U.S. was a laggard, up just 4%."]

Whatever the geography, consumer concerns about price, driving range, battery lifespan, and unreliable public charging continue to dampen many buyers' enthusiasm for EVs. BloombergNEF's findings are echoed by consulting firm McKinsey and the AAA motor club, in recent forecasts of their own. But EV prices are coming down, range is improving, and large numbers of public chargers are being installed, all of which could revive sales growth. Consumers around the planet are warming to the idea of buying an electric car, but they're moving slowly. According to McKinsey, 14% of 30,000 global survey respondents in 2021 said their next vehicle would be an EV. This year, it's 18%.

In the U.S. it's a different story, where consumer interest in an EV purchase declined to 18% this year, according to AAA's survey, down from 23% in 2023. And nearly two-thirds reported they were unlikely to buy an EV next time they buy a car. Interest in hybrids is on the rise. One in three said they were likely to buy a hybrid, a vehicle that adds a small battery to an internal combustion engine to improve fuel efficiency. That's bad news for pure EV sales, at least in the immediate future, said Greg Brannon, head of automotive research at AAA. Early adopters already have their EVs, he said, while mainstream buyers remain skeptical.
The article does note that major automakers "are losing billions of dollars in their EV division," with several cutting the EV goals for the U.S. (Though Hyundai and Kia are not.) And then there's this... A global survey conducted by consulting firm McKinsey, also released Wednesday, included this shocker: 29% of EV owners told McKinsey they plan to replace the EV they bought with a gasoline or diesel car, a figure that jumps to 38% for U.S. EV owners. Phillip Kampshoff, who leads McKinsey's Center for Future Mobility in the Americas, said he'd seen EV sales as "a one way street. Once you buy, you're hooked on an EV. But that's not what the data shows...."
But the article points out that both BloombergNEF and McKinsey still remained bullish that adoption will increase in the future.

The Los Angeles Times reports that "The personal information of more than 200,000 people in Los Angeles County was potentially exposed after a hacker used a phishing email to steal the login credentials of 53 public health employees, the county announced Friday." Details that were possibly accessed in the February data breach include the first and last names, dates of birth, diagnoses, prescription information, medical record numbers, health insurance information, Social Security numbers and other financial information of Department of Public Health clients, employees and other individuals. "Affected individuals may have been impacted differently and not all of the elements listed were present for each individual," the agency said in a news release...

The data breach happened between Feb. 19 and 20 when employees received a phishing email, which tries to trick recipients into providing important information such as passwords and login credentials. The employees clicked on a link in the body of the email, thinking they were accessing a legitimate message, according to the agency...

The county is offering free identity monitoring through Kroll, a financial and risk advisory firm, to those affected by the breach. Individuals whose medical records were potentially accessed by the hacker should review them with their doctor to ensure the content is accurate and hasn't been changed. Officials say people should also review the Explanation of Benefits statement they receive from their insurance company to make sure they recognize all the services that have been billed. Individuals can also request credit reports and review them for any inaccuracies.
From the official statement by the county's Public Health department: Upon discovery of the phishing attack, Public Health disabled the impacted e-mail accounts, reset and re-imaged the user's device(s), blocked websites that were identified as part of the phishing campaign and quarantined all suspicious incoming e-mails. Additionally, awareness notifications were distributed to all workforce members to remind them to be vigilant when reviewing e-mails, especially those including links or attachments. Law enforcement was notified upon discovery of the phishing attack, and they investigated the incident.

"Titanium that was distributed with fake documentation has been found in commercial Boeing and Airbus jets," reports CNN. America's Federal Aviation Administration is now investigating whether those components pose a safety hazard to the public," along with the manufacturers of the aircraft and supplier Spirit AeroSystems.

"A parts supplier found small holes in the material from corrosion," the New York Times reported Friday: Boeing and Airbus both said their tests of affected materials so far had shown no signs of problems.

Boeing said it directly purchased most of the titanium used in its plane production, so most of its supply was unaffected. "This industrywide issue affects some shipments of titanium received by a limited set of suppliers, and tests performed to date have indicated that the correct titanium alloy was used," Boeing said in a statement. "To ensure compliance, we are removing any affected parts on airplanes prior to delivery. Our analysis shows the in-service fleet can continue to fly safely."

Visa's and Mastercard's proposed $30 billion antitrust settlement to limit credit and debit card fees for merchants is in peril, after a New York judge signaled she was preparing to reject the accord. From a report: U.S. District Judge Margo Brodie in Brooklyn told lawyers for the card networks and objectors at a hearing on Thursday that she will "likely not approve the settlement," according to court records.

She plans to write an opinion explaining her decision and reasoning. Both card networks said they were disappointed. Mastercard called the settlement a "fair resolution" that gave businesses more flexibility in managing card transactions, and Visa called it an "appropriate resolution" to the nearly 19-year-old case.

Wells Fargo fired more than a dozen employees last month after investigating claims that they were faking work. From a report: The staffers, all in the firm's wealth- and investment-management unit, were "discharged after review of allegations involving simulation of keyboard activity creating impression of active work," according to disclosures filed with the Financial Industry Regulatory Authority. "Wells Fargo holds employees to the highest standards and does not tolerate unethical behavior," a company spokesperson said in a statement.

Devices and software to imitate employee activity, sometimes known as "mouse movers" or "mouse jigglers," took off during the pandemic-spurred work-from-home era, with people swapping tips for using them on social-media sites Reddit and TikTok. Such gadgets are available on Amazon.com for less than $20.

An anonymous reader quotes a report from the Mercury News: Krista DeWeese has been laid off four times in the last eight years. She wakes up every morning feeling anxious. Will I lose my job today -- again? Will I have enough to pay the rent? Even though she's an educated, experienced marketing professional, worrisome thoughts trail the 47-year-old Fremont native's every waking moment. Currently a contract worker at a health science company, she has been struggling to find secure work that pays enough to keep up with the exorbitant cost of living in the Bay Area. She has a lot of company. The past year has been tough for the Bay Area, as thousands of layoffs skittered across the region. Even workers at Silicon Valley's tech titans -- including Meta, Apple and Google -- have faced job cuts. Since 2022, tech companies in the region have slashed roughly 40,000 jobs. And with each layoff, workers are entering a market that is less friendly to job seekers than it used to be.

New research from tech advocacy organization Women Impact Tech, which examined job and salary data nationwide from 2020 to 2023, affirmed what many people already know: companies are tightening their belts -- slicing jobs and salaries alike -- and many people are struggling to find work that pays enough to live comfortably in the Bay Area. Despite having the highest tech salaries in the country, Silicon Valley has experienced the biggest drop in pay compared to other tech hubs, falling 15% from 2022 to 2023, according to Women Impact Tech. And with inflation, DeWeese and others are watching their spending power shrink. More than 10 years ago, she was earning over $100,000 in total compensation. That amount has dropped 15% since she was laid off from Yahoo in 2016, and has not increased since. "I feel like my career has been frozen in time," DeWeese said. "Things have been at a standstill."

Paula Bratcher Ratliff, president of New York-based Women Impact Tech, said that the shrinking pay hits especially hard for women, given the continuing gender pay gap. "The Bay Area took one of the largest hits," Ratliff said. "Women make up about 28% of the entire workforce in tech. When you're seeing an overall decline at 15%, and for pay equity, women have not made much traction." [...] Despite the trend of shrinking salaries in the world's tech capital, Ratliff, with Women Impact Tech, doesn't believe it's necessarily a race to the bottom. "Today, about every company is a tech company, whether they're in retail, consumer goods or hospitality," Ratliff said. "There's so many opportunities in tech without having to focus on those jobs with the tech organizations alone. We're seeing great companies emerge." While it's still unclear where the light is at the end of the tunnel for DeWeese, she remains hopeful her situation will improve. "You have to have hope or else you're just going to live in fear of being let go, again and again," she said.

Four more U.S. states on Tuesday joined the Justice Department's lawsuit against Apple alleging the iPhone maker is monopolizing smartphone markets, the department said in a statement. From a report: The four states are Indiana, Massachusetts, Nevada and Washington, the Justice Department said. The original lawsuit was filed in March, and 15 states and the District of Columbia joined the lawsuit at the time. The lawsuit alleges that Apple uses its market power to get more money from consumers, developers, content creators, artists, publishers, small businesses and merchants. The civil lawsuit accuses Apple of an illegal monopoly on smartphones, maintained by imposing contractual restrictions on, and withholding critical access from, developers. The Justice Department has previously said Apple charges as much as $1,599 for an iPhone and makes a larger profit than any rival. Officials also said Apple imposes hidden charges on various business partners - from software developers to credit card companies and even rivals such as Alphabet's, Google, in ways that ultimately raise prices for consumers.

At a New York Yankees baseball game, one fan discovered its concession stand doesn't accept cash. "An employee directed him to a kiosk that could convert his greenbacks into plastic," reports the Wall Street Journal, where the fan, "fed $200 into the reverse ATM, which subtracted a $3.50 fee and spat out a debit card with a balance of $196.50." Paying with cash used to be a way to get a discount. These days it can often cost an extra $1 to $6 — the sort of transaction fees once limited to swiping a credit card or using an out-of-network ATM. Reverse ATMs like those at Yankee Stadium are now common at cashless venues and restaurants across the country as a way to cater to those who prefer paying in cash. People who want to pay their parking tickets, tolls, taxes or phone bills in cash, meanwhile, often learn that government agencies and businesses have outsourced that option to companies that usually charge a fee.

All that can amount to a penalty on the people who prefer paying cash. Though it is more common to buy things with cards and mobile devices, cash remains the third-most popular way to pay, accounting for 16% of all payments in 2023, according to the Federal Reserve. That's down 2 percentage points from the year before, continuing a steady decline that accelerated during the pandemic. "It's unbelievable that we actually have to tell retailers, 'This is U.S. currency and it's something that should be accepted,' " said Jonathan Alexander, executive director of the Consumer Choice in Payment Coalition, a group of businesses and nonprofits lobbying for the continued acceptance of cash.

There aren't federal laws that require businesses to accept cash. States like Colorado and Rhode Island and cities like New York banned cashless retail establishments after many stores shifted to card-only transactions to reduce the spread of Covid-19, speed up transactions and cut back on theft. In 2023, lawmakers in the House of Representatives and the Senate introduced bills requiring that businesses accept cash for all in-person purchases under $500, unless they provide devices like a reverse ATM that don't charge fees. The bills haven't passed.

Cashless businesses can be a burden for older or lower-income shoppers who are less likely to have access to digital payments. They also pose challenges for younger people who haven't yet set up credit cards or bank accounts.
The article includes the story of an 18-year-old who earned cash by babysitting, then went to a hockey game and "was charged a 50-cent fee after putting $20 into a reverse ATM...to order chicken nuggets and a bottle of water." (Others who prefer cash "say paper money is anonymous, helps them keep spending under control and is better for tips," the article adds noting that roughly six in 10 Americans use cash for at least some of their purchases, according to Pew Research Center.)

The makers of one "reverse ATM" tell the Journal that whether or not someone gets charged a fee actually depends on what state they're in — and on the preferences of the venue that installed the ATM machine.

A worker at a retail store in an airport has been charged with stealing thousands of dollars in electronics and clothing, reports the Washington Post. But what's more interesting is what led to his arrest...

A woman showed up at his home looking for the missing luggage that she'd tracked with her Apple Watch. CNN reports: Paola Garcia told CNN affiliate WPLG in Miami that she usually takes her suitcase onboard, but this time, she was told she had to check it. Garcia waited at least two hours for her pink roller bag, which contained an Apple MacBook, Apple iPad, Apple Watch, jewelry, high-end woman's clothing and toiletries. It never came out on the luggage belt. In her WPLG interview, Garcia said that Spirit Airlines told her that her luggage had been sent to her house. The luggage never came.

But Garcia explored another avenue with her own electronic tracker. Garcia, not named in the affidavit, later pinged the electronic items inside the bag to try and locate them, and the ping showed them at an address in Fort Lauderdale, the affidavit said... While at the house, she took video and still pictures, where she saw "several pieces of luggage in the front of the home," none of which were her own, the affidavit said. Garcia told WPLG that she dialed 911. "The first thing I remember the police told me is: 'What are you doing here? This is so dangerous for you to be here.' "

When a detective with the Broward County Sheriff's Office searched the address within the airport's employee databases, he found that Bazile reportedly lived at the address. Bazile was listed as working at a Paradies Lagardère Travel Retail store at the airport and was working on the day of the theft, according to the affidavit.
So apparently when the airline said the luggage had been sent to her house — they were wrong. In fact when police contacted a store manager, "he provided the detective with internal CCTV footage from the day of the incident," CNN reports, "which allegedly showed Bazile entering the store's storage room with a pink shell roller bag, matching the description of the stolen bag, and rummaging through the luggage, the affidavit said.

"He then appeared to take the MacBook and other smaller items out of the luggage and put them in other bags."

Meta Platforms withheld information from federal regulators during their original reviews of the Instagram and WhatsApp acquisitions, the US Federal Trade Commission said in a court filing as part of a lawsuit seeking to break up the social networking giant. From a report: In its filing Tuesday, however, the FTC said the case involves "information Meta had in its files and did not provide" during the original reviews. "At Meta's request the FTC undertook only a limited review" of the deals, the agency said. "The FTC now has available vastly more evidence, including pre-acquisition documents Meta did not provide in 2012 and 2014."

Meta said that it met all of its legal obligations during the Instagram and WhatsApp merger reviews. The FTC has failed to provide evidence to support its claims, a spokesperson said. "The evidence instead shows that Meta faces fierce competition and that Meta's significant investment of time and resources in Instagram and WhatsApp has benefited consumers by making the apps into the services millions of users enjoy today for free," spokesperson Chris Sgro said in a statement. "The FTC has done nothing to build its case over the past four years, while Meta has invested billions to build quality products."

U.N. Secretary General Antonio Guterres called Wednesday for a "windfall" tax on profits of fossil fuel companies to help pay for the fight against global warming, decrying them as the "godfathers of climate chaos." From a report: Guterres spoke from the American Museum of Natural History in New York in a bid to revive focus on climate change at a time when many national elections, and conflict in places like Ukraine, Gaza and Sudan this year have seized much of the international spotlight.

In a bare-knuckled speech timed for World Environment Day, Guterres drew on new data and projections to trumpet his case against Big Oil: The European Union's climate watching agency reported that last month was the hottest May ever, marking the 12th straight monthly record high. The EU's Copernicus climate change service, a global reference for tracking world temperatures, cited an average surface air temperature of 15.9 C (60.6 F) last month -- or 1.52 C higher than the estimated May average before industrial times. The burning of fossil fuels -- oil, gas and coal -- is the main contributor to global warming caused by human activity. Meanwhile, the U.N. weather agency predicted an 80% chance that average global temperatures will surpass the 1.5 Celsius (2.7 Fahrenheit) target set in the landmark Paris climate accord of 2015. Further reading: UN Chief Says World is On 'Highway To Climate Hell' as Planet Endures 12 Straight Months of Unprecedented Heat.

Intel Chief Executive Officer Pat Gelsinger took the stage at the Computex show in Taiwan to talk about new products he expects will help turn back the tide of share losses to peers, including AI leader Nvidia. From a report: Intel showed its new Xeon 6 data center processors with more efficient cores that will allow operators to cut down the space required for a given task to a third of prior-generation hardware. Like rivals, from Advanced Micro Devices to Qualcomm, Intel touted benchmarks that showed its new silicon is significantly better than its existing options. AMD and Qualcomm's CEOs, in earlier Computex keynotes, used Intel's laptop and desktop processors to show how far ahead they are in certain aspects of technology.

Gelsinger took a direct shot at Nvidia CEO Jensen Huang's claim that traditional processors like Intel's are running out of steam in the age of artificial intelligence. "Unlike what Jensen would have you believe, Moore's Law is alive and well," he said, stressing that Intel will have a major role to play in the proliferation of AI as the leading provider of PC chips. "I think of it like the internet 25 years ago, it's that big," Gelsinger said. "We see this as the fuel that's driving the semiconductor industry to reach $1 trillion by the end of the decade."

Will appetite-suppressing drugs hurt the sugar industry? Executives from Walmart warned that Ozempic and Zepbound "are impacting food sales," reports Bloomberg, "and multiple analyst surveys have showed that less-hungry customers are spending fewer dollars at grocery stores and restaurants." The drugs, which cut cravings, will result in a decline in calorie consumption in the US of 1.5% to 2.5% by 2035, with a drop of as much as 5% in the consumption of sweets such as baked goods, confectionery and soda, Morgan Stanley analysts including Pamela Kaufman said in a report last month. Morgan Stanley forecast about a 10th of the US population will be on the so-called GLP-1 medications — originally designed to treat diabetes but being used by many as a powerful weight-loss tool — by 2035... Even with tight supplies and sky-high prices limiting uptake of the medications, sales of GLP-1 drugs for both obesity and diabetes already exceeded $19 billion in 2023. The global obesity market alone could top $100 billion by the end of the decade, Goldman Sachs Group Inc. estimates, while Bloomberg Intelligence forecasts $80 billion of sales.

More than 60% of US consumers taking the drugs said they had cut back on sweet treats like candy, ice cream and baked goods, and many said they had either significantly — or entirely — stopped eating those products, according to Morgan Stanley.

"To save itself, TikTok in 2022 offered the U.S. government an extraordinary deal," reports the Washington Post. The video app, owned by a Chinese company, said it would let federal officials pick its U.S. operation's board of directors, would give the government veto power over each new hire and would pay an American company that contracts with the Defense Department to monitor its source code, according to a copy of the company's proposal. It even offered to give federal officials a kill switch that would shut the app down in the United States if they felt it remained a threat.

The Biden administration, however, went its own way. Officials declined the proposal, forfeiting potential influence over one of the world's most popular apps in favor of a blunter option: a forced-sale law signed last month by President Biden that could lead to TikTok's nationwide ban. The government has never publicly explained why it rejected TikTok's proposal, opting instead for a potentially protracted constitutional battle that many expect to end up before the Supreme Court... But the extent to which the United States evaluated or disregarded TikTok's proposal, known as Project Texas, is likely to be a core point of dispute in court, where TikTok and its owner, ByteDance, are challenging the sale-or-ban law as an "unconstitutional assertion of power."

The episode raises questions over whether the government, when presented with a way to address its concerns, chose instead to back an effort that would see the company sold to an American buyer, even though some of the issues officials have warned about — the opaque influence of its recommendation algorithm, the privacy of user data — probably would still be unresolved under new ownership...

A senior Biden administration official said in a statement that the administration "determined more than a year ago that the solution proposed by the parties at the time would be insufficient to address the serious national security risks presented. While we have consistently engaged with the company about our concerns and potential solutions, it became clear that divestment from its foreign ownership was and remains necessary."
"Since federal officials announced an investigation into TikTok in 2019, the app's user base has doubled to more than 170 million U.S. accounts," according to the article.

It also includes this assessment from Anupam Chander, a Georgetown University law professor who researches international tech policy. "The government had a complete absence of faith in [its] ability to regulate technology platforms, because there might be some vulnerability that might exist somewhere down the line."

The New York Times reports on a program to forgive U.S. student loans from private lenders — a kind of private parallel to a federal program which "allows those who were seriously misled by their schools to have their federal student loans eliminated."

The problem? Eight U.S. senators complain the loan discharge process remains "burdensome and confusing" — and most students don't even know it exists. Navient, a large owner of private student loan debt, has created, but not publicized, a program that allows borrowers to apply to have their loans forgiven.... A nonprofit group of lawyers has stepped in ease the process: On Thursday, the Project on Predatory Student Lending, an advocacy group in Boston, published Navient's application form and an instruction guide for borrowers with private loans who are seeking relief on the grounds that their school lied to them...

For nearly a decade, in the early 2000s, Navient — then known as Sallie Mae — struck deals with for-profit schools to issue private loans to their students. Lawsuits from state attorneys general later accused Navient of making those loans knowing that most would never be repaid. Many schools indemnified Navient for the private loans, agreeing to defray the company's loss if the loans defaulted. In 2022, Navient settled with 40 state attorneys general and canceled $1.7 billion in debt on those private loans — but only for borrowers who had already defaulted. Because those debts were unlikely to ever be repaid, the deal cost Navient only $50 million, the company said in regulatory filings. Borrowers who had kept paying their bills... remained stuck.

But a pressure campaign from lawmakers, federal regulators and lawyers representing borrowers prompted the company to create the "school misconduct discharge." Navient began sending a 12-page application form this year to some borrowers who complained about their private loans. The document lists dozens of types of impropriety by schools — such as inflating job placement rates and graduates' earnings, or misrepresenting their educational programs — and asks borrowers to choose which apply to their experience. Applicants are required to submit documentation for their claims...

[Navient's CEO, David Yowan] told investors on a conference call in January that Navient had put $35 million in reserve for losses on school misconduct claims. He cited "new regulatory expectations" as the reason. Navient has not disclosed how much of its $16.6 billion private student loan portfolio consists of loans that could be eligible for the debt cancellation program.

A new article in the Washington Post argues that a phenomenon called "Quiet vacationing" has "joined 'quiet quitting' and 'quiet firing' as the latest (and least poetic) scourge of the modern workplace.

"Also known as the hush trip, workcation, hush-cation, or bleisure travel — you get the idea — quiet vacationing refers to workers taking time off, even traveling, without notifying their employers." Taking advantage of work-from-anywhere technology, they are logging in from hotels, beaches and campgrounds, sometimes using virtual backgrounds and VPNs to cover their tracks.

Given the difficulty many employers already have trusting remote workers to be productive anywhere outside the office, you can bet they are not keen on the idea of their employees pretending to have their head in the game while their toes are in the sand. But employers also have legitimate legal reasons for keeping tabs on their employees' location when they're on the clock. "Evil HR Lady" Suzanne Lucas, writing in Inc. magazine, recently highlighted the many tax, employment, business-operation and security laws that focus on an employee's location. Workers secretly performing their jobs in other states or countries can trigger compliance headaches for their employers, Lucas notes, giving the hypothetical of an employee seeking workers' compensation after sustaining an injury while on unauthorized travel....

As with declines in birthrates, home purchases and demand for mined diamonds, the quiet-vacationing trend is being attributed primarily, though not exclusively, to millennial workers. But before launching into generational finger-pointing and stereotyping, it's worth taking a look at why they might feel the need to take their PTO on the DL. The U.S. Travel Association in a 2016 report proclaimed millennials to be a generation of "work martyrs," entering the workforce around the time average U.S. vacation usage began declining and mobile technology began enabling round-the-clock attachment to jobs... The work-vacation boundaries most premillennial workers took for granted growing up have gone the way of defined-benefit pensions and good tomatoes.

Inadequate paid leave is another driving force. The United States continues to be the only nation among its industrialized economic peers that does not guarantee paid vacation, sick leave or holidays for all workers, leaving such benefits to the discretion of employers. Workers with limited PTO — whether new to the workforce or stuck in lower-paying, low-benefit industries — generally want to keep as much paid leave banked as possible, especially if they may need it for unpredictable emergencies like illness or caretaking. If you can preserve those precious hours by packing your laptop alongside your flip-flops, why wouldn't you?
The article also mentions employers who begrudge vacation and employees who fear "becoming a target for future cost-cutting..."

Russia may charge domestic companies to use foreign software, the TASS news agency quoted Digital Development Minister Maksut Shadaev as saying on Tuesday, as Moscow seeks to cut dependency on foreign technology and bolster its own. From a report: President Vladimir Putin has made achieving technological independence a key goal, as Western sanctions over the war in Ukraine seek to hamstring Moscow's ability to acquire technology and equipment from abroad that could help it on the battlefield. As part of that push, Putin signed a decree in early May which stated that at least 80% of Russian companies in key economic sectors should transition to using Russian-made software by 2030. Many Russian companies still use foreign software in their daily operations, although an EU sanctions package passed last December prohibits companies from supplying enterprise and design-related software to Russia. Shadaev said that introducing a levy on Russian firms would "equalise" foreign and Russian software.

The US stock market is finally as fast as it was about a hundred years ago. Bloomberg News: That was the last time share trades in New York settled in a single day, as they will from Tuesday under new Securities and Exchange Commission rules. The change, halving the time it takes to complete every transaction, also occurred in jurisdictions including Canada and Mexico on Monday. The switch to the system known as T+1 -- abandoned in the earlier era as volumes became unwieldy -- is ultimately intended to reduce risk in the financial system. Yet there are worries about potential teething issues, including that international investors may struggle to source dollars on time, global funds will move at different speeds to their assets, and everyone will have less time to fix errors.

The hope is that everything will run smoothly, but even the SEC said last week the transition may lead to a "short-term uptick in settlement fails and challenges to a small segment of market participants." The finance world's main industry group, the Securities Industry and Financial Markets Association, has instigated what it calls the T+1 Command Center to identify problems and coordinate a response. Firms across the spectrum have been preparing for months, relocating staff, adjusting shifts and overhauling workflows, and many say they're confident in their own readiness. The worry is whether every other counterparty and intermediary is similarly organized.

A North Korean rocket carrying its second spy satellite exploded midair on Monday, state media reported, after its neighbors strongly rebuked its planned launch. From a report: The North's official Korean Central News Agency said it launched a spy satellite aboard a new rocket at its main northwestern space center. But KCNA said the rocket blew up during a first-stage flight soon after liftoff due to a suspected engine problem. Earlier Monday, North Korea had notified Japan's coast guard about its plans to launch "a satellite rocket," with a warning to exercise caution in the waters between the Korean Peninsula and China and east of the main Philippine island of Luzon during a launch window from Monday through June 3.

South Korea's Joint Chiefs of Staff later said it detected a launch trajectory believed to be of a spy satellite fired from the North's main space center at 10:44 p.m. on Monday. Four minutes later, many fragments were spotted in the waters, it said. Japanese Prime Minister's Office earlier issued a missile alert for the island of Okinawa following North Korea's launch. The alert was lifted soon after. Japan's NHK public television earlier reported that an image captured by a camera in northeastern China showed an orange light in the sky and then an apparent explosion a moment later.

AI startup Humane has been seeking a buyer for its business, Bloomberg News reported, citing people familiar with the matter, just weeks after the company's closely watched wearable AI device had a rocky public launch. From the report: The company is working with a financial adviser to assist it, said the people, who asked not to be identified because the matter is private. Humane is seeking a price of between $750 million and $1 billion in a sale [non-paywalled link], one person said. The process is still early and may not result in a deal. Humane was founded in 2018 by two longtime Apple veterans, the married couple Imran Chaudhri and Bethany Bongiorno, in an attempt to come up with a new, AI-powered device that could potentially rival the iPhone. Last year it was valued by investors at $850 million, according to tech news site the Information.