Google’s acquisition of Jetpac, a software start-up that analyses digital pictures, is the latest addition to its portfolio of innovative concepts that range from driverless cars to hunting for the secret of eternal youth.
Google has been highly acquisitive. This month, it said it was acquiring the smartphone-messaging application Emu and video-creation service Directr, bolstering its mobile and advertising capabilities. The company more than tripled spending on deals in the first half of the year to US$4.2 billion, according to a filing last month.
A project announced last September by the Google chief executive Larry Page is aimed at addressing problems of health and ageing.
“We are tackling ageing, one of life’s greatest mysteries,” said the website of Calico.
Meanwhile, Google’s driverless car has been put through its paces during a test drive on the placid streets of Mountain View, the Silicon Valley town where Google has its headquarters.
It's part of the company's Google X division, overseen directly by co-founder Sergey Brin and devoted to "moon shot" projects by the internet company, that might take years, if ever, to bear fruit.
Google has been building up its local and map offerings. Last year, it bought the mapping start-up Waze for about $1.1bn.
As more people upload photos and video to the internet, demand has increased for services that can parse through images without written cues. Facebook this year invested in an artificial intelligence lab, partially to improve its understanding of image and video content.
Jetpac, a San Francisco-based start-up, uses information gleaned from social media photos, such as Facebook's Instagram service, to create city guides.
By analysing pictures of food, decor and people, Jetpac’s software offers insight into city locales.
Jetpac was founded by Pete Warden and Julian Green, with Mr Green now chief executive and Mr Warden the chief technology officer. It has raised $2.4 million from venture capital firms, including Khosla Ventures.
Jetpac’s three applications for smartphones, including a city guide, a photo analyser and picture detection tool, will no longer be offered as downloads and support for them will end on September 15, Jetpac said on its website.
Google’s Calico “is a research and development company whose mission is to harness advanced technologies to increase our understanding of the biology that controls lifespan. We will use that knowledge to devise interventions that enable people to lead longer and healthier lives”, according to its website.
The head of the company is Arthur Levinson, who was chief executive of Genentech from 1995 to 2009 and is now the chairman of the board of Apple.
The other members of the team include Hall Barron, the former chief medical officer of the pharmaceutical group Hoffmann-La Roche, David Botstein, a Princeton University genomics professor and Cynthia Kenyon, a researcher in biology and genetics who comes from the University of California at San Francisco.
The team also includes the former Genentech oncology researcher Robert Cohen and Jonathan Lewis, an executive from Brussels-based UCB Pharma.
“We are scientists from the fields of medicine, drug development, molecular biology and genetics,” the website said.
“Through our research we’re aiming to devise interventions that slow ageing and counteract related diseases.”
Announcing the new investment last year, Mr Page said: “Illness and ageing affect all our families. With some longer term, moon shot thinking around health care and biotechnology, I believe we can improve millions of lives.”
The driverless car used in the tests was a Lexus RX 450h, a petrol-electric hybrid crossover vehicle.
The engineers on hand were not high-powered “car guys” but soft-spoken Alpha Geeks of the sort that have emerged as the Valley’s dominant species. And there wasn’t any speeding even though, ironically, Google’s engineers have determined that speeding actually is safer than going the speed limit in some circumstances.
“Thousands and thousands of people are killed in car accidents every year,” said Dmitri Dolgov, the project’s boyish Russian-born lead software engineer, who now is a US citizen, describing his sense of mission. “This could change that.”
Google publicly disclosed its driverless car programme in 2010, although it began the previous year. So if there’s a business plan for the driverless car, Google isn’t disclosing it. Mr Dolgov recently “drove” one of his autonomous creations the 725 kilometres or so from Silicon Valley to Tahoe and back for a short holiday.
Google also has built little bubble-shaped test cars that lack steering wheels, brakes and accelerator pedals. They run on electricity, seat two people and are limited to 40kph.
Google’s prototypes are not the only driverless cars in development. One of the others is just a few miles away at Stanford University.
Getting the cars to recognise unusual objects and to react properly in abnormal situations remain significant research challenges, said Professor J Christian Gerdes, faculty director of Stanford’s Revs Institute for Automotive Research.
Beyond that, there are “ethical issues”, as he terms them. “Should a car try to protect its occupants at the expense of hitting pedestrians?” Prof Gerdes asked. “And will we accept it when machines make mistakes, even if they make far fewer mistakes than humans? We can significantly reduce risk, but I don’t think we can drive it to zero.”
Self-driving cars could appear on roads by the end of the decade, predicted a report on the budding driverless industry issued late last year by the investment bank Morgan Stanley. Other experts deem that forecast extremely optimistic, but like many of Google’s “moon shot” projects, that is the whole point.
* agencies
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CABINET%20OF%20CURIOSITIES%20EPISODE%201%3A%20LOT%2036
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EGuillermo%20del%20Toro%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Tim%20Blake%20Nelson%2C%20Sebastian%20Roche%2C%20Elpidia%20Carrillo%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
MATCH INFO
France 3
Umtiti (8'), Griezmann (29' pen), Dembele (63')
Italy 1
Bonucci (36')
AL%20BOOM
%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%26nbsp%3B%26nbsp%3B%26nbsp%3BDirector%3AAssad%20Al%20Waslati%26nbsp%3B%3C%2Fp%3E%0A%3Cp%20style%3D%22text-align%3Ajustify%3B%22%3E%0DStarring%3A%20Omar%20Al%20Mulla%2C%20Badr%20Hakami%20and%20Rehab%20Al%20Attar%0D%3Cbr%3E%0D%3Cbr%3EStreaming%20on%3A%20ADtv%0D%3Cbr%3E%0D%3Cbr%3ERating%3A%203.5%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Paatal Lok season two
Directors: Avinash Arun, Prosit Roy
Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong
Rating: 4.5/5
JERSEY INFO
Red Jersey
General Classification: worn daily, starting from Stage 2, by the leader of the General Classification by time.
Green Jersey
Points Classification: worn daily, starting from Stage 2, by the fastest sprinter, who has obtained the best positions in each stage and intermediate sprints.
White Jersey
Young Rider Classification: worn daily, starting from Stage 2, by the best young rider born after January 1, 1995 in the overall classification by time (U25).
Black Jersey
Intermediate Sprint Classification: worn daily, starting from Stage 2, by the rider who has gained the most Intermediate Sprint Points.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
THE%20SWIMMERS
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3ESally%20El-Hosaini%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ENathalie%20Issa%2C%20Manal%20Issa%2C%20Ahmed%20Malek%20and%20Ali%20Suliman%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
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.”
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)
UAE currency: the story behind the money in your pockets
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Traces%20of%20Enayat
%3Cp%3E%3Cstrong%3EAuthor%3A%3C%2Fstrong%3E%20Iman%20Mersal%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20And%20Other%20Stories%3Cbr%3E%3Cstrong%3EPages%3A%3C%2Fstrong%3E%20240%3C%2Fp%3E%0A
On racial profiling at airports
Brief scores:
Toss: South Africa, chose to field
Pakistan: 177 & 294
South Africa: 431 & 43-1
Man of the Match: Faf du Plessis (South Africa)
Series: South Africa lead three-match series 2-0
MATCH INFO
Uefa Champions League, last-16. first leg
Atletico Madrid v Juventus, midnight (Thursday), BeIN Sports
CHATGPT%20ENTERPRISE%20FEATURES
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Scores
Wales 74-24 Tonga
England 35-15 Japan
Italy 7-26 Australia
Small%20Things%20Like%20These
%3Cp%3EDirector%3A%20Tim%20Mielants%3Cbr%3ECast%3A%20Cillian%20Murphy%2C%20Emily%20Watson%2C%20Eileen%20Walsh%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Abandon
Sangeeta Bandyopadhyay
Translated by Arunava Sinha
Tilted Axis Press
Queen
Nicki Minaj
(Young Money/Cash Money)