Connect with us

Published

on

Pedestrians cross a street past traffic in the Midtown neighborhood of New York, US, on Saturday, June 17, 2023. New York City’s congestion pricing plan for the central business district is expected to get final approval this month.

Bloomberg | Bloomberg | Getty Images

After New York City was cleared late last week to move forward with a congestion pricing plan, Governor Kathy Hochul on Tuesday said the largest U.S. city is leading the way to “achieve cleaner air, safer streets and better transit.”

The Federal Highway Administration, a division of the U.S. Department of Transportation, on Friday gave the green light for New York to go ahead with a plan to manage congestion, primarily through tolls in parts of Manhattan.

The measure could go into effect as soon as the spring of 2024, and would be the first of its kind in the U.S., according to New York’s Metropolitan Transportation Authority. State agencies have 310 days to stand up the tolling program and associated infrastructure.

“We are going to be the very first state in the nation, the very first city in America, to have a congestion pricing plan,” Hochul said in a press conference on Tuesday. “Others will look at us. Other cities are paying attention. How is it going to work here? Well, we’re going to show them. We’re going to show them how you do this.”

While it’s a new model for the U.S., congestion pricing plans have previously been implemented in London, Stockholm, and Singapore.

The cost of the toll is still being decided. A six-member Traffic Mobility Review Board is tasked with determining the specific pricing structure.

A report last August on the environmental impact of the plan included toll rates that ranged from $9 to $23 at peak times, $7 to $17 at off-peak times, and $5 to $12 during overnight hours.

Pedestrians cross a street past traffic in the Midtown neighborhood of New York, US, on Saturday, June 17, 2023. New York City’s congestion pricing plan for the central business district is expected to get final approval this month.

Bloomberg | Bloomberg | Getty Images

The toll area covers much of central Manhattan’s surface roads. Cars will be tolled at 60th Street and south, but not on FDR Drive along the East Side or the West Side Highway. There also won’t be tolls in the Battery Park Underpass or on any surface roadway portions of the Hugh L. Carey Tunnel connecting to West Street, according to the MTA.

Tolls will be collected via E-ZPass. For cars that don’t have E-ZPass, a bill will be mailed to the address of the registered vehicle, MTA says.

The congestion pricing plan, formally called the Central Business District Tolling Program, was put together by MTA, the New York State Department of Transportation, and the New York City Department of Transportation. It aims to reduce congestion in Manhattan, improve air quality and raise money to invest in the city’s public transportation system.

Before the Covid pandemic, approximately 700,000 vehicles entered the central business district per day, according to data from the New York Metropolitan Transportation Council shared by the MTA. In 2020, traffic dropped to just 10% of normal volume, but has since rebounded to more than 90% of pre-pandemic levels, a more robust recovery than mass transit ridership, the MTA says.

The MTA Reform and Traffic Mobility Act passed in April 2019 called for the traffic congestion plan, and included certain limits, including making sure passenger vehicles can only be charged once per day for entering the area. Residents of those neighborhoods who make less than $60,000 will be eligible for a state tax credit. The act also requires that overnight toll rates be lower than peak costs and that a discount be available to low-income drivers.

Janno Lieber, the CEO of the MTA, said at Tuesday’s press conference that the plan required a 4,000-page environmental assessment to get federal government to sign off.

“They studied it to death,” Lieber said. “And we studied every intersection almost all the way to Philadelphia. And they studied the air quality, and they studied all it means, and they said that this initiative — this dramatic historic initiative — will not have a significant impact on the 28 million people in the region under federal environmental law. That’s what this means.”

Some New Jersey Democratic lawmakers, however, are upset by the move and the associated costs.

“This is nothing more than a cash grab to fund the MTA,” Representatives Josh Gottheimer and Bill Pascrell and Senator Bob Menendez said in joint written statement published Tuesday.

They wrote that the plan represents an attempt by New York “to balance its budget on the backs of hard-working New Jersey families.”

WATCH: The $52.6 billion plan to save the NYC region from climate change

The $52.6 billion plan to save the NYC region from climate change

Continue Reading

Technology

Standard Chartered CEO expects blockchain to ‘eventually’ power nearly all global transactions

Published

on

By

Standard Chartered CEO expects blockchain to ‘eventually’ power nearly all global transactions

Standard Chartered Plc bank branch in Hong Kong

Bloomberg | Bloomberg | Getty Images

Bill Winters, CEO of Standard Chartered, foresees a future in which nearly all global transactions are conducted on a digital blockchain ledger, he told a crowd in Hong Kong on Monday, as crypto adoption amongst mainstream banking and finance institutions grows. 

“Our belief, which I think is shared by the leadership of Hong Kong, is that pretty much all transactions will settle on blockchains eventually, and that all money will be digital,” the UK-based multinational bank’s CEO said during a panel at Hong Kong FinTech Week. 

“Think about what that means: a complete rewiring of the financial system,” he said, adding that experimentation is required to determine what that rewiring looks like. 

Standard Chartered — which is listed in both London and Hong Kong — has been ramping up its involvement with digital assets in recent years, including through digital asset custody services, trading platforms, and tokenized products. 

Winters made the comments while discussing Hong Kong’s role in the global digital assets space, crediting the city for leadership on experimentation and regulation, alongside Hong Kong Financial Secretary Paul Chan. 

Hong Kong has been working to establish itself as a regional crypto hub through a digital asset licensing regime, as well as tokenization pilots in which Standard Chartered is a participant.

A tokenized asset is a digital representation of a real-world asset, like stocks, bonds, or commodities, that can be recorded and traded on a blockchain or distributed ledger. Stablecoins, which are pegged to a currency, are often held up as an early example of a tradable tokenized asset.

Standard Chartered, in partnership with blockchain venture capital firm Animoca Brands and telecommunications company HKT, is planning to launch a Hong Kong dollar-backed stablecoin under a new regulatory framework the city launched in August.

Winters said Monday he believed that Hong Kong dollar stablecoins can represent an interesting new medium of exchange for international trade on digital terms.

Other global fintech leaders have also made bullish predictions for tokenized assets in recent months.

Robinhood Markets CEO Vlad Tenev said last month that tokenization was a “freight train,” coming to most major markets in the next five years.

Larry Fink, CEO of BlackRock, the world’s largest money manager, said in April that every asset from stocks to bonds to real estate can be tokenized in what will represent a “revolution” for investing.

Continue Reading

Technology

CNBC Daily Open: U.S. stocks’ gains in October owe much to AI

Published

on

By

CNBC Daily Open: U.S. stocks' gains in October owe much to AI

Jensen Huang, CEO of Nvidia, reacts during the 2025 Asia-Pacific Economic Cooperation (APEC) CEO Summit in Gyeongju, South Korea, October 31, 2025.

Kim Soo-hyeon | Reuters

Traders who shorted the S&P 500 — essentially, betting that it would go down — last month were in for a rude surprise. The broad-based index ended the month 2.3% higher, defying “Octoberphobia,” a term that arose because of the market crashes in 1929 and 1987 that happened during the month.

The Nasdaq Composite had an even better month than the S&P 500. The tech-heavy index climbed 4.7%, giving a hint of what helped ward off the arrival of any ill omens: the technology sector.

On Friday, Amazon shares popped 9.6% on robust growth in its cloud-computing unit and as CEO Andy Jassy pointed to “strong demand in AI and core infrastructure.” The news pushed up other artificial intelligence-related stocks such as Palantir and Oracle too.

AI’s ascent in the market wasn’t a one-day event. In October, Nvidia, the poster child of AI, became the first company to reach a valuation of $5 trillion, with CEO Jensen Huang describing the technology as having formed a “virtuous cycle” in which usage growth will lead to an increase in investment, in turn improving AI, which will boost usage, which will… You get the idea.

Indeed, during their earnings disclosures last week, Big Tech companies announced dizzying increases in their capital expenditure, most of which will likely go toward AI infrastructure.

All that is to say that the enthusiasm over AI looks, for now, less like the immediate sugar rush of a candy bar (and the subsequent crash), and more like the sustained energy boost from a fiber-rich pumpkin.

What you need to know today

China’s factory activity slows down in October. The RatingDog China General Manufacturing PMI, compiled by S&P Global, came in at 50.6 for the month, dipping from the six-month high of 51.2 in September. Analysts polled by Reuters were expecting a reading of 50.9.

Baidu’s weekly robotaxi rides hit 250,000. That’s according to a spokesperson for Apollo Go, Baidu’s robotaxi unit, who said the firm surpassed that figure as of Oct. 31. It’s roughly the same number of weekly driverless rides as Waymo, according to report in late April.

Berkshire Hathaway operating profit rebounds. Year on year, that figure surged 34% to $13.485 billion in the third quarter. Warren Buffett’s conglomerate now holds $381.6 billion in cash, the highest on record — but it isn’t looking at stock buybacks yet.

U.S. markets ended Friday higher. On Sunday night stateside, futures tied to major U.S. indexes were little changed. Asia-Pacific markets rose Monday. Japan’s Nikkei 225 and South Korea’s Kospi were up more than 2%, as of 2 p.m. Singapore time (1 a.m. ET).

[PRO] Stocks enter November on a high. The S&P 500 is beginning November more than 16% up for the year. This week, investors should still keep an eye out for a Supreme Court case on Trump tariffs and earnings from firms like Advanced Micro Devices and Palantir.

And finally…

CHENGDU, CHINA – JANUARY 05: Lee Teuk, Ye Sung, Dong Hae and Kim Ryeo Wook of South Korean boy group Super Junior attend a press conference on January 5, 2020 in Chengdu, Sichuan Province of China. (Photo by VCG/VCG via Getty Images)

Vcg | Visual China Group | Getty Images

Continue Reading

Technology

China’s Baidu says it’s running 250,000 robotaxis a week — same as Alphabet’s Waymo did this spring

Published

on

By

China's Baidu says it's running 250,000 robotaxis a week — same as Alphabet's Waymo did this spring

Chinese tech company Baidu announced Monday it can sell some robotaxi rides without any human staff in the vehicles.

Baidu

BEIJING — As Baidu ramps up its robotaxi operations worldwide, fully driverless weekly rides as of Oct. 31 have now surpassed 250,000 orders, according to a spokesperson for the company’s driverless car unit Apollo Go.

That’s on par with what Waymo reported in late April for its weekly paid U.S. rides. When contacted by CNBC, Waymo did not have a new specific figure to share. The Alphabet-backed robotaxi operator primarily operates in San Francisco and Los Angeles in California and Phoenix, Arizona. Waymo partners with Uber in Austin and Atlanta.

The ramp up in Baidu’s robotaxi capabilities comes as Chinese and U.S. companies have been competing for leadership in advanced technology, including artificial intelligence, electric cars and autonomous driving.

It was not clear for how long Apollo Go has been operating 250,000 rides a week. For the quarter ended June 30, the company averaged about 169,000 rides a week based on CNBC calculations of the 2.2 million fully driverless robotaxi rides disclosed for the period.

Baidu’s Apollo Go primarily operates robotaxis in Wuhan and parts of Beijing, Shanghai and Shenzhen in mainland China. The company is also expanding to Hong Kong, Dubai, Abu Dhabi and, most recently, Switzerland. Robotaxis typically must undergo phases of public testing before local regulators allow companies to charge fares.

Apollo Go said it has received 17 million robotaxi ride orders to date, and that its cars have driven 240 million kilometers (149 miles), with 140 million fully driverless rides.

Phoenix Mayor Kate Gallego on being first to take the robotaxi risk

On safety, Apollo Go disclosed on average there has been one airbag deployment incident for every 10.1 million kilometers driven, but so far there’s has not been any major accident involving human injury or death.

Baidu is scheduled to next release its quarterly results on Nov. 18 before U.S. market open. The company is set to hold its annual tech conference in Beijing on Nov. 13.

Weekly robotaxi figures from Chinese rivals Pony.ai and WeRide were not immediately available. Waymo did not immediately respond to a request for an update to the figures shared in April.

Continue Reading

Trending