(Kepler-Cheuvreux) CASINO (CO FP) / RALLYE (RAL FP): Keplercheuvreux : Feedback

CASINO (CO FP) / RALLYE (RAL FP): Keplercheuvreux : Feedback from meeting with CEO.
Rallye was the focus of the meeting given its high leverage (requiring strong cash flows from
Casino France to pay the dividend) and the refinancing issue with the Casino shares being
used as collateral. CEO Naouri did not want to provide any details but confirmed that: 1) Rallye
and Casino will not merge; and 2) they were working on the Rallye issue but it was too early to
talk about it. In our report “What are Rallye’s current options?” from 11 September, we said
that in our view, Rallye needed to cut its debt by two-thirds (through a Safeguard Proceeding
or an ad hoc meeting) but to do so Naouri would have to cede control. We did not see any
other solution. The sale of Casino by Rallye could be an option but it would need to be at a
price of above EUR45 to repay the debt which would prove difficult given Casino’s current
share price. The short interest in Casino is high as HF is betting that Naouri is not ready to give
up control and as a result any measures will only be used to gain time. It is now up to Mr.
Naouri to decide on the best option for Casino and to prove HF wrong. Casino France is
performing well with a strong LFL performance. EBIT growth could top 10% for 2018E driven
by EUR10m from data selling, EUR10m from Greenyellow, and EUR50m of buying gains.
Casino is also looking closely at its 20 underperforming hyper markets (which have been losing
EUR2m in EBIT on average) and is now ready to take a more drastic step by selling or closing
them. This would not happen in one go and the pool of buyers is clearly limited (Leclerc). They
also have the option to sell profitable stores in which competitors have expressed a strong
interest. This would be the first banner to close hyper markets in France and would be positive
for the market. This may prompt Carrefour and Auchan to move faster on the same issue.

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(ZH) Mystery Trader Makes Big Bet On November VIX Surge

Mystery Trader Makes Big Bet On November VIX Surge

Following the unprecedented market calm of 2017, which saw the longest stretch on record of the VIX trading below 10, 2018 started off with a bang, and the infamous Feb 5 VIXplosion which in the span of minutes wiped out several inverse VIX ETNs and resulted in the biggest spike in the VIX on record.
Since then, however, complacency has returned - if not to the rest of the world which as a result of the dollar's ascent and sharp declines in asset prices is approaching a bear market...
... then to the S&P500, where no matter what happens, the S&P just keeps grinding higher as the VIX continues its descent back to single digit territory.
Or perhaps not: an unknown options trader is betting that the VIX is about to head back to where it was at during the market turmoil of February. While the VIX slumped to 12.37 on Thursday as the S&P rebounded over 2,900, and is down more than 66% from its Feb. 5 peak, one options investor is expecting a 60% surge in the VIX heading into November, just around the time the Republicans are expected to lose control of the House in the midterm elections.
So convinced is the vol buyer that VIX is about to soar that he or she left a sizable mark on today's orderbook, with VIX options volume soaring to more than double the 20-day average as a result of the purchase of 76,000 November $20 calls offset by the sale of the same amount of November $26 calls and approximately 95,000 October $13 puts.
Whoever the trader behind this spread trade is, it is unlikely to be the infamous "50 cent" VIX buyer, who preferres unhedged, deep out of the money vol positions, which mostly tends to expire worthless with the occasional exception that more than pays off for the theta, such as what happened in February.
The MO of this particular "mystery vol trader" is more nuances, especially since he has put a cap on his gains. And more notably, as Bloomberg points out, while the trade’s ultimate goal is to profit off a surge in volatility, it appears it will be profitable even if the VIX doesn’t move given the trader collected about 8 cents per contract when it was executed.

Tribune : "La régulation des télécoms doit s'étendre aux terminaux"

"La régulation des télécoms doit s'étendre aux terminaux" (Sébastien Soriano)
Par Propos recueillis par Philippe Mabille et Pierre Manière | 14/09/2018, 6:05 | 3506 mots
Pour Sébastien Soriano, le secteur des télécoms peut fonctionner avec quatre opérateurs. Si un projet de rachat devait voir le jour, responsable affirme que l'Arcep n'apportera sa caution qu'à un projet qui serait gagnant pour le pays et pour les Français. Nous ne voulons pas d'un simple partage de gâteau entre milliardaires, insiste-t-il.
Pour Sébastien Soriano, le secteur des télécoms "peut fonctionner avec quatre opérateurs". Si un projet de rachat devait voir le jour, responsable affirme que l'Arcep n'apportera sa caution "qu'à un projet qui serait gagnant pour le pays et pour les Français". "Nous ne voulons pas d'un simple partage de gâteau entre milliardaires", insiste-t-il. (Crédits : Sipa)
Président de l’Autorité de régulation des communications électroniques et des postes (Arcep), le régulateur des télécoms, Sébastien Soriano propose au gouvernement d’étendre les pouvoirs de son institution aux smartphones et autres objets connectés. Il s’agit, selon lui, d’une prolongation logique de son nouveau rôle de gardien de la neutralité du Net. Dans nos colonnes, le responsable revient également sur plusieurs sujets chauds : la possibilité d’une consolidation du marché français des télécoms, celle d’une fusion entre l’Arcep et le CSA, et l’arrivée de la 5G.
LA TRIBUNE - Outre les télécoms, vos déclarations concernent très souvent la puissance et l'essor des géants du Net. Est-ce parce que les enjeux du numérique sont devenus beaucoup plus essentiels et posent des questions de souveraineté ?

SÉBASTIEN SORIANO - Effectivement. L'Arcep étant de plus en plus immergée dans le bain du numérique - notamment à travers son nouveau rôle de gardien de la neutralité du Net -, elle voit ce qui se passe. Elle voit intimement l'évolution des marchés et la montée en puissance des géants du Net. Or, cela relativise quelque peu le pouvoir des opérateurs que nous régulons. D'où la nécessité d'avoir une vision beaucoup plus large et moins centrée sur les télécoms. Autrement dit, je me sentirais mal à l'aise d'être le gardien de la neutralité du Net, qui impose aux opérateurs des contraintes et garantit à tous les acteurs du Net un accès à leurs infrastructures, sans évoquer, en parallèle, le problème de la domination des « big tech ». Il y a, à ce sujet, de nouvelles régulations à inventer.

La domination des Gafa en Europe doit-elle vous conduire à vous montrer plus agressif envers eux  ? Ou, en d'autres termes, à aider les grands opérateurs à davantage tirer leur épingle du jeu ?

Je n'irai pas jusque-là. D'ailleurs, la neutralité du Net tend à limiter la capacité de négociation des opérateurs vis-à-vis des géants du Net. Elle leur retire un pouvoir de chantage, du type  : « Si vous me traitez mal, j'abîme vos services sur le réseau. » Mon rôle n'est pas de donner un coup de main aux opérateurs. En revanche, j'estime que nous devons réfléchir à la manière dont on peut challenger ces acteurs du Net. Aujourd'hui, ils ont un pouvoir immense et sont soumis à un contrôle extrêmement limité. Il manque, à mes yeux, une régulation de type infrastructure, un peu comme dans les télécoms, le rail ou l'énergie, mais en prenant en compte les particularités nouvelles. Voilà pourquoi je me félicite que Mounir Mahjoubi, le secrétaire d'État au Numérique, ait récemment lancé des états généraux pour réfléchir aux nouvelles régulations à l'heure du digital. C'est peut être le signe d'une prise de conscience qu'il y a un problème systémique avec les géants du Net. Aujourd'hui, ils écrasent tout sur leur passage.

À l'issue de ces états généraux, l'Arcep pourrait-elle se voir investir de nouveaux pouvoirs ?

Nous faisons à l'Arcep une proposition ciblée, issue d'un travail approfondi  : réguler les terminaux, qu'il s'agisse des smartphones et autres objets connectés (les enceintes, les téléviseurs ou les voitures). Nous proposons une extension de la régulation des télécoms, qui se situe dans le prolongement de notre rôle de gardien de la neutralité du Net. Pourquoi  ? Parce que c'est que c'est bien beau d'avoir la neutralité des tuyaux, mais à quoi sert-elle si on ne s'intéresse pas aux robinets que sont les terminaux en bout de ligne ? Or, à ce niveau, de nouveaux intermédiaires, très puissants, ont pris le pouvoir et imposent de nombreuses restrictions aux consommateurs [c'est le cas, par exemple, d'Apple, qui décide, à travers son Apple Store, quelles applications ses clients peuvent - ou non - utiliser, ndlr]. J'ai présenté le problème au gouvernement. C'est maintenant au politique de se l'approprier, et de prendre une décision.

Beaucoup s'interrogent sur la viabilité d'un marché français à quatre opérateurs et se demandent si une consolidation n'est pas nécessaire. Après les difficultés de Bouygues Telecom il y a deux ans, celles de SFR l'an dernier, c'est maintenant Free qui perd des clients. En d'autres termes, depuis l'arrivée de Free Mobile en 2012, il y a toujours un « homme malade » sur le marché français des télécoms. Qu'en pensez-vous ?

Je voudrais commencer par rebondir sur les propos de Stéphane Richard, le Pdg d'Orange, qui a récemment jugé « inéluctable » [« inévitable », en fait] une consolidation sur le marché français. Je ne suis pas d'accord avec lui. Structurellement, le secteur peut fonctionner à quatre. Il n'y a aucune impossibilité. Ce qui tend le marché aujourd'hui, c'est une guerre des prix. Mais cette bataille, c'est bien les opérateurs qui l'ont choisie... C'est leur décision. Et c'est cette situation qui leur fait dire, maintenant, que les investissements que le gouvernement et l'Arcep les poussent à faire ne sont plus soutenables ! Or, depuis mon arrivée, nous ne leur avons jamais dit que leurs prix étaient trop élevés.

Mais c'est pourtant bien pour faire baisser les prix que le gouvernement a permis l'arrivée de Free, en 2012, en tant que quatrième opérateur...

Oui, mais il y a une différence entre faire baisser les prix pour réduire une rente et une guerre de prix qui peut casser le marché. On peut, en outre, s'interroger  : est-ce que cette guerre des prix ne vise pas à faire trébucher un maillon faible pour pousser à une consolidation ? Il y a un aspect potentiellement stratégique dans ce que nous observons sur ce marché, avec un effet possiblement autoréalisateur. Et je partage l'opinion des secrétaires d'État Delphine Gény-Stephann et Mounir Mahjoubi, qui estiment que les pouvoirs publics n'ont pas à désirer une consolidation.

Vous avez pourtant, lors d'une conférence de presse au mois de mai, jugé que l'Arcep n'était plus opposée à un retour à trois opérateurs...

Si j'ai entrouvert la porte à une consolidation, c'est parce que je ne peux pas, vis-à-vis du secteur, exiger le beurre et l'argent du beurre. Quand j'ai pris la présidence de l'Arcep, j'ai demandé aux opérateurs d'investir massivement dans la fibre, dans la 4G. À mes yeux, il était temps qu'ils se recentrent sur leur métier plutôt que de se regarder le nombril pour savoir qui va croquer qui. Ils ont répondu de manière très forte à mon appel, puisque leurs investissements ont augmenté de 37% en trois ans. Dans ce contexte, je ne pouvais plus être fermé, par principe, à une consolidation. Pour autant, cela ne veut certainement pas dire que j'y suis favorable, et encore moins demandeur. Ne comptez pas sur moi pour applaudir n'importe quel projet de consolidation qui pourrait surgir... Une réduction du nombre d'acteurs, cela peut être néfaste. C'est pourquoi une telle opération nécessite toujours l'aval de l'Autorité de la concurrence. L'Arcep, en tant que régulateur du secteur, entend jouer un rôle d'autorité morale pour apprécier ce qui pourrait se passer. Mais nous n'apporterons notre caution qu'à un projet qui serait gagnant pour le pays et pour les Français. Nous ne voulons pas d'un simple partage de gâteau entre milliardaires.

WSJ : Eat Like a Model (And Still Be Satisfied)

Eat Like a Model (And Still Be Satisfied)
It’s not all celery sticks and cigarettes. A new cookbook from swimsuit-issue star Chrissy Teigen serves up accessible indulgence

FOR MODEL, TV personality, social-media juggernaut and cookbook author Chrissy Teigen, recipe inspiration arises in the unlikeliest places. Take the One-Pot Seafood Stew With Skillet Flatbread featured in her second cookbook, “Cravings: Hungry for More” (Sept. 18, Clarkson Potter). She got the idea for the dish on an UGG fashion shoot among the glaciers of Iceland. It was one of those all-too-luxurious photo sessions, ending with a “bearded hunk of a man-chef” cooking hand-foraged shellfish over volcanic rocks. But even that self-described “unrelatable” anecdote doesn’t detract from Ms. Teigen’s approachability. By the end of the recipe’s introduction, with its description of the broth as “a delicious tomato Jacuzzi,” you’re not alienated by Ms. Teigen’s aspirational life—you’re drawn into it.

Twenty years ago, eating like a model meant submitting to non-stop calorie restriction or signing up for a specialized diet (à la the raw-food cookbooks that ’80s supermodel Carol Alt wrote, and I, full disclosure, helped edit). But as fashion has become more casual—hello, athleisure—cookbooks from the genetically gifted have come down to Earth. Like the recent recipe collections from British former model Sophie Dahl (granddaughter of author Roald), Ms. Teigen’s books are filled with food you actually want to cook.

For Ms. Teigen, approachable doesn’t just mean shamelessly indulgent calorie bombs like Jalapeño Parmesan-Crusted Grilled Cheese or Crispy Coconut Chicken Tenders. Many of the recipes in her latest book are, by her own description, a bit less food-coma-inducing than those in her first, the best-selling “Cravings: Recipes for All the Food You Want to Eat” (though she still devotes an entire chapter to potatoes).

In both Ms. Teigen’s books, all the recipes share one quality: meme-ability. Dishes that generate likes on Instagram tend to be relatable riffs on or clever mashups of dishes people already love. Her Linguine with Scallops and Casino Breadcrumbs, for example, brings the bacon-powered appeal and name recognition of clams casino to a creamy bowlful of seared scallops and pasta. And Shake & Bake Chicken With Hot Honey combines an extra-crunchy DIY version of a supermarket standby with a homemade take on a hipster condiment that has conquered fancy-food-store shelves.

Writing the second “Cravings” while pregnant with her second child, Ms. Teigen came up with recipes a little less fussy than those in the first. You won’t be asked to make DIY Dorito dust for her intensely munchable Cool Ranch Taco Salad, and she offers store-bought Catalina dressing and packets of taco seasoning as shortcuts, to boot.

Along with her co-author, Adeena Sussman, Ms. Teigen never misses an opportunity to goose a dish with added flavor. Maple syrup heated up with butter and red-pepper flakes “becomes a spicy-sweet Thai condiment weapon” to serve over waffles. A truly brilliant microwave method for crisp-fried shallots and a savory shallot oil finds its way into everything from grilled eggplant to rice pilaf.


As irresistible as these recipes are, the beating heart of this book, like the first one, is the “Thai Mom” chapter of recipes from her mother, Vilailuck Teigen (who goes by the handle @pepperthai2 on her own Instagram feed). And as convincing as the junior Ms. Teigen is in cajoling Middle America to make spicy Thai fish cakes and “mindnumbingly awesome” Tom Yum Noodles, her most effusive praise is reserved for Pepper’s Garlicky Bacon Scramble, a decidedly non-photogenic but super-flavorful dish of her mother’s design that she ate so often during her pregnancy, she claims her daughter is “basically made of these greasy, garlicky eggs.” A glamorous model hawking the most humble (and satisfying) breakfast you can imagine? That high-low combo will always be in fashion.

Shake & Bake Chicken With Hot Honey
Total Time: 45 minutes Serves: 4-6

Marinate the chicken: In a small bowl, whisk together ½ cup olive oil, ¼ cup red wine vinegar, 2 cloves garlic, minced, 1 teaspoon onion powder, 1 teaspoon sugar, 1 teaspoon dried basil, ½ teaspoon dried thyme, ½ teaspoon kosher salt, ¼ teaspoon freshly ground black pepper and ¼ teaspoon cayenne pepper. Transfer to a large resealable plastic bag. Add 3½ pounds bone-in, skin-on chicken pieces and toss to coat. Marinate in refrigerator at least 30 minutes and up to 4 hours. // Make the hot honey: In a small saucepan, bring 1 tablespoon red pepper flakes and 1 cup honey to a low simmer over low heat and cook 5 minutes. Remove from heat and let cool. // Make the breadcrumbs: In a large resealable bag, combine 1½ cups plain dried breadcrumbs or fine cornflake crumbs, ½ cup all-purpose flour, 1 teaspoon paprika, 1 teaspoon sugar, 1 teaspoon kosher salt, ¼ teaspoon freshly ground black pepper and a dash of cayenne pepper. // Working with one piece at a time, remove chicken from marinade, shake off any excess, place in bag of crumbs and shake, pressing on bag lightly to ensure that coating sticks to chicken. Lightly oil a large (10-by-15-inch) glass or metal baking dish. Arrange chicken, skin-side down, in dish. Bake 25 minutes, then flip chicken and bake until top is golden and crispy, 20-25 minutes more. Serve with hot honey.

FT : The next giant leap: space beyond mankind

The next giant leap: space beyond mankind
Will it be AI, rather than humans, that evolves to colonise other planets?

I never look at the Moon without being reminded of Neil Armstrong and Buzz Aldrin. Their exploits, almost half a century ago, seem even more heroic in retrospect, when we realise how they depended on primitive computing and untested equipment. President Richard Nixon’s speech writer William Safire had even drafted a speech to be given if the astronauts had crash-landed on the Moon or were stranded there: “Fate has ordained that the men who went to the Moon to explore in peace will stay on the Moon to rest in peace. [They] know that there is no hope for their recovery. But they also know that there is hope for mankind in their sacrifice.”

The night sky has inspired wonder and mystery throughout human history. The uncharted universe is vast, and we can bring some of its mysteries closer. But taking into account the advance of technology and artificial intelligence (AI), as well as the gains and losses from space exploration, I believe it is the “post-human” chapter of space that holds the greatest possibilities for our future.

The Apollo programme was the culmination of 12 years of space exploits. The Soviet Sputnik 1 took off in 1957; a month later, a dog was sent up. Four years after that, Yuri Gagarin became the first man to go into orbit — and a global celebrity. He was mobbed by crowds when he visited Britain (though Harold Macmillan, prime minister at the time, sardonically noted that “there would have been twice the crowds if they’d sent the dog”). Armstrong’s feat, as depicted by Ryan Gosling in the forthcoming film First Man, came only eight years later. It is a moving and authentic portrayal of the undemonstrative self-control crucial for Armstrong’s success.

In the 1960s there was a “space race” against the Soviet Union — a contest in superpower rivalry. Had that momentum been maintained, there would surely be human footprints on Mars by now; that’s what my generation expected. However, once that race was won, there was no motivation for continuing the requisite expenditure. In the 1960s, Nasa absorbed more than 4 per cent of the US federal budget. The current figure is 0.6 per cent.

Hundreds more have ventured into space since Armstrong and Aldrin — but, anticlimactically, they have done no more than circle the Earth in low orbit. The International Space Station (ISS) was probably the most expensive artefact ever constructed. Its cost, plus that of the Space Shuttles whose main purpose was to service it (though they have now been decommissioned), ran well into 12 figures. The scientific and technical pay-off from the station hasn’t been negligible, but it has proved less cost-effective than unmanned missions. Nor are these voyages inspiring in the way that the pioneering Soviet and US space exploits were.

The ISS makes news only when something goes wrong: when the loo fails, for instance; or when astronauts perform “stunts”, such as the Canadian Chris Hadfield playing guitar and singing David Bowie songs.

The hiatus in manned space flight exemplifies that when there’s no economic or political demand, there’s a big lag between what is actually done and what could be achieved.

Space technology has nonetheless flourished in the past four decades. We depend routinely on orbiting satellites for communication, satnav, environmental monitoring, surveillance and weather forecasting. Space telescopes orbiting far above the blurring and absorptive effects of Earth’s atmosphere have beamed back images from the remotest cosmos. They have surveyed the sky in infrared, UV, X-ray and gamma ray bands that don’t penetrate the atmosphere and therefore can’t be observed from the ground. They have revealed evidence for black holes and other exotica and have probed with high precision the “afterglow of creation” — the microwaves pervading space whose properties hold clues to the very beginning, when the entire observable cosmos was squeezed to microscopic size.

Of more immediate public appeal are the findings from spacecraft that have journeyed to all the planets of the solar system. Nasa’s New Horizons beamed back amazing pictures from Pluto, about 20,000 times farther away than the Moon. And the European Space Agency’s Rosetta landed a robot on a comet. These spacecraft took five years to design and build and then nearly 10 years journeying to their remote targets. The Cassini probe spent 13 years studying Saturn and its moons and was even more venerable; more than 20 years elapsed between its launch and its final plunge into Saturn in late 2017. These missions used 1990s technology; it is not hard to envisage how much more sophisticated today’s follow-ups could be.

During this century, the entire solar system — planets, moons and asteroids — will be explored and mapped by fleets of tiny automated probes, interacting with each other like a flock of birds. Giant robotic fabricators will be able to construct, in space, solar energy collectors and other giant structures. The Hubble telescope’s successors, with oversize mirrors assembled in zero gravity, will further expand our vision of exoplanets, stars, galaxies and the wider cosmos. The next step would be space mining.

But will there be a role for humans? There’s no denying that Nasa’s Curiosity, a vehicle the size of a small car that has since 2011 been trundling across a giant Martian crater, may miss startling discoveries that no human geologist could overlook. But machine learning is advancing fast, as is sensor technology. In contrast, however, the cost gap between manned and unmanned missions remains outsized. The practical case for manned space flight gets ever weaker with each advance in robots and miniaturisation.

If there were a revival of the “Apollo spirit” and a renewed urge to build on its legacy, a permanently manned lunar base would be a credible next step. It could be built entirely by robots — bringing supplies from Earth and mining some from the Moon. An especially propitious site is the Shackleton crater, at the lunar south pole, 21 kilometres across and with a rim four kilometres high. Because of the crater’s location, its rim is always in sunlight and so escapes the extreme monthly temperature contrasts experienced on the rest of the Moon’s surface. Moreover, there may be a lot of ice in the crater’s perpetually dark interior — crucial, of course, for sustaining a “colony”.

Nasa’s manned space programme, ever since Apollo, has been constrained by public and political pressure to be risk-averse. Its Space Shuttle failed twice in 135 launches. Astronauts or test pilots would willingly accept this level of risk — less than 2 per cent. And of course the Apollo astronauts faced far greater dangers. But the Shuttle had, unwisely, been promoted as a safe vehicle for civilians (and schoolteacher Christa McAuliffe was one of the casualties of the 1986 Challenger disaster). Each failure caused a national trauma in the US and was followed by a hiatus while costly efforts were made (with very limited effect) to reduce risks still further.

I hope some people now living will walk on Mars — as an adventure and as a step towards the stars. But Nasa will confront political obstacles in achieving this goal within a feasible budget. China has the resources, the dirigiste government and maybe the willingness to undertake an Apollo-style programme. If it wanted to assert its superpower status by a “space spectacular” and to proclaim parity, China would need to leapfrog, rather than just rerun, what the US had achieved 50 years earlier. It already plans a “first” by landing on the far side of the Moon. A clearer-cut “great leap forward” would involve footprints on Mars.

Leaving aside the Chinese, I think the future of manned space flight lies with privately funded adventurers. SpaceX, led by Elon Musk or the rival effort, Blue Origin, bankrolled by Jeff Bezos, will soon offer orbital flights to paying customers. These ventures — bringing a Silicon Valley culture into a domain long dominated by Nasa and a few aerospace conglomerates — have shown that it’s possible to recover and reuse the launch rocket’s first stage — presaging real cost savings. They have innovated and improved rocketry far faster than Nasa or the European Space Agency. The future role of the national agencies will be attenuated — becoming more akin to an airport than to an airline.

If I were an American, I would not support Nasa’s manned programme — I would argue that inspirationally led private companies should “front” all manned missions as cut-price, high-risk ventures. There would still be many volunteers — some perhaps even accepting “one-way tickets” — driven by the same motives as early explorers, mountaineers and the like. Indeed, it is time to eschew the mindset that space ventures should be national (even international) projects — along with pretentious rhetoric where the word “we” is used to denote the whole of humanity.

There are plans for week-long trips round the far side of the Moon — voyaging farther from Earth than anyone has gone before (but avoiding the greater challenge of a Moon landing and blast-off). And Dennis Tito, an entrepreneur and former astronaut, has proposed, when a new heavy-life launcher is available, to send people to Mars and back — albeit without landing. This would require 500 days in isolated confinement. (The ideal crew would be a stable middle-aged couple — old enough to not be bothered about the high dose of radiation accumulated on the trip.)

The phrase “space tourism” should be avoided. It lulls people into believing that such ventures are routine and low-risk. And if that’s the perception, the inevitable accidents will be as traumatic as those of the Space Shuttle. These exploits must be “sold” as dangerous sports or intrepid exploration.

By 2100 thrill seekers in the mould of Felix Baumgartner (the Austrian skydiver who in 2012 broke the sound barrier in free fall from a high-altitude balloon) may have established “bases” independent from the Earth — on Mars or maybe on asteroids. Musk (born in 1971) of SpaceX says he wants to die on Mars — but not on impact. But don’t ever expect mass migration from Earth. And here I disagree strongly with Musk and with my late Cambridge colleague Stephen Hawking, who enthuse about rapid build-up of large-scale Martian communities. It’s a dangerous delusion to think that space offers an escape from Earth’s problems; we’ve got to solve these here. Coping with climate change may seem daunting, but it’s a doddle compared with terraforming Mars. No place in our solar system offers an environment as clement as even the Antarctic or the top of Everest. There’s no “Planet B” for ordinary risk-averse people.

But we (and our progeny here on Earth) should cheer on the brave space adventurers because they will have a pivotal role in shaping what happens in the 22nd century and beyond.

The space environment is inherently hostile for humans. So because they will be ill-adapted to their new habitat, the pioneer explorers will have a more compelling incentive than those of us on Earth to redesign themselves. They’ll harness the super-powerful genetic and cyborg technologies that will be developed in coming decades. These techniques will, one hopes, be heavily regulated on Earth, on prudential and ethical grounds, but “settlers” on Mars will be far beyond the clutches of the regulators. We should wish them good luck in modifying their progeny to adapt to alien environments. This might be the first step towards divergence into a new species. Genetic modification would be supplemented by cyborg technology — indeed there may be a transition to fully inorganic intelligences. So it is these spacefaring adventurers, not those of us comfortably adapted to life on Earth, who will spearhead the post-human era.

Organic creatures need a planetary surface environment, but if post-humans make the transition to fully inorganic (electronic) intelligences, they won’t need an atmosphere. And they may prefer zero-G, especially for constructing extensive but lightweight habitats. So it is in deep space — not on Earth, or even on Mars — that non-biological “brains” may develop powers that humans can’t even imagine. The timescales for technological advance are but an instant compared with the timescales of the Darwinian natural selection that led to humanity’s emergence — and (more relevantly) they are less than a millionth of the vast expanses of cosmic time lying ahead. The outcomes of future technological evolution could surpass humans by as much as we (intellectually) surpass slime mould.

By any definition of “thinking”, the amount and intensity performed by organic human-type brains will be utterly swamped by the cerebrations of AI. We are perhaps near the end of Darwinian evolution, but a faster process of technological evolution of intelligence is only just beginning. It will happen fastest away from the Earth — I wouldn’t expect (and certainly wouldn’t wish for) such rapid changes in humanity here on Earth, though our survival will depend on ensuring that the AI on Earth remains “benevolent”.

Humans may be closer to the beginning than to the end of a process whereby ever more complex intelligence spreads through the galaxy. The leap to neighbouring stars is just an early step in this process. Interstellar voyages — or even intergalactic voyages — would hold no terrors for near-immortals.

Even though we are not the terminal branch of an evolutionary tree, we humans could claim truly cosmic significance for jump-starting the transition to electronic (and potentially immortal) entities, spreading their influence far beyond the Earth, and far transcending our limitations. And if just a single member of our species is remembered millennia hence as encapsulating this transition, Neil Armstrong is surely a worthy exemplar of human strengths and failings.

FT : US hearings signal increased scrutiny of big tech

US hearings signal increased scrutiny of big tech
Federal Trade Commission looks into competition issues in the digital economy

The Federal Trade Commission kicked off a marathon series of hearings on Thursday into competition and consumer protection issues in the latest sign of growing scrutiny of the digital economy by US policymakers and enforcers.

Joseph Simons, chairman of the commission, began the proceedings at Georgetown Law Center, a stone’s throw away from Congress, by warning against the introduction of ideology into antitrust policy and enforcement.

“In my view, basing antitrust policy and enforcement decisions on an ideological viewpoint (from either the left or the right) is a mistake,” he said. “I would rather make policy and enforcement decisions based on the best evidence and analysis.”

His comments came after Donald Trump ramped up his criticisms of technology groups. The US president has raised the question of antitrust action against Amazon and in August, he accused Facebook, Google and Twitter of suppressing rightwing viewpoints. He warned they were “treading on very, very troubled territory”.

The Department of Justice, which shares responsibility for antitrust enforcement with the FTC, said after Mr Trump’s comments that it would hold a summit with state prosecutors to discuss competition and free speech concerns about technology groups.

The FTC hearings are modelled after a similar process it undertook in the mid-1990s to assess whether changes in the economy required it to take a new approach to antitrust enforcement and consumer protection. The hearings on “Competition and Consumer Protection in the 21st century” are set to run through to November.

On Thursday Mr Simons, who was nominated by Mr Trump in 2017 and confirmed this year, noted research that showed the US economy had become more concentrated and less competitive over the past 30 years. He also pointed to the renewed argument by progressive antitrust lawyers that the government should consider inequality and wages when enforcing competition rules.

“These concerns pose a challenge for antitrust agency leadership, the courts, and legislators: to think hard about whether significant adjustments to antitrust doctrine, enforcement decisions, and law would be beneficial to our country,” he said.

The debate has been driven by progressive think-tanks such as the Open Markets Institute and has posed an intellectual challenge to the antitrust consensus in place since the late 1980s, when the likes of Robert Bork argued that mergers should be assessed solely on the basis of consumer welfare, most typically framed in terms of prices.

In the first hearing on Thursday morning, Jason Furman, the former chair of the Council of Economic Advisers in the Obama administration, pointed to aggregate economic trends such as the fall in the share of income going to labour and the increase in mark-ups by companies.

“No single story comes out of this, but, on balance and on average, this does seem to add up to a reduction in competition, a reduction in dynamism, and one that I think we need to be concerned about,” he said.

However, Timothy Muris, the former FTC chairman and now senior counsel at Sidley Austin, warned of the “disastrous consequences” of returning to 1970s thinking.

In a later panel, on Thursday afternoon, Fiona Scott Morton, a professor of economics at Yale School of Management, referenced testimony in 2016 from Bill Baer, who then headed the justice department’s antitrust division, asking why the government was forced to litigate mergers that should “never have made it out of the boardroom”.

She said the swing of the pendulum away from antitrust enforcement had gone too far. “Obviously if you enforce less for 30 years in a row, you’re eventually going to pass the optimum,” she said. “It’s easy for me to see that we well overshot the optimum.”

Joshua Wright, a former FTC commissioner and now professor of law at George Mason University, disagreed, arguing that there was not enough detailed data about competition in the economy. “We know a lot less and probably need to know a lot more before playing much with policy,” he said.

Michael Kades, the director of markets and competition policy at the Washington Center for Equitable Growth, observed the panels on Thursday and said he hoped the FTC hearings would shine attention on new economic research, rather than becoming a forum for relitigating the battles of the past.

“Antitrust may have been wrong in the 1970s, that doesn’t mean it’s right in the 2000s,” he said.

>>> Sandd/PostNL merger supported by unions; approval by competition authority c

Sandd/PostNL merger supported by unions; approval by competition authority could be complicated

The possible merger between the Dutch postal companies PostNL [AMS:PNL] and Sandd has the support of 4 labour unions, the Dutch daily NRC Handelsblad reported based on named and unnamed sources. An approval by the Dutch competition authority Autoriteit Consument & Markt (ACM) however may be difficult.
Earlier this week the Dutch government said it will actively support the merger between PostNL and Sandd. The companies themselves seem up for it, because the postal market is shrinking fast and the companies need to take some action to be able to survive.
Four unnamed labour unions have told Mona Keijzer, the state secretary at the ministry of Economic Affairs, that they support the plan and that they believe that a consolidation is the only option to secure the postal service in the coming years, NRC reported.
Problems however may arise with competition authority ACM because the merger would create a company with a 95% market share, meaning that it’s factually a monopolist. ACM is unlikely to be very keen on this, the report noted.
Mona Keijzer said that if the ACM doesn’t want to give the green light for the merger, the Dutch government can overrule the ACM’s decision if the public interest weighs heavier than expected competition obstacles.
The state secretary said that it’s now up to Sandd and PostNL to make the next move and to propose the merger to the ACM.
The Dutch news site NOS reported early this year that PostNL made a turnover of EUR 3.5bn in 2017. Sandd made a turnover of about EUR 195m in the same year, newspaper Algemeen Dagblad noted.

>>> TF1 denies rumours of 'major' deal with Mediaset

TF1 denies rumours of 'major' deal with Mediaset
14 SEP 2018
Listed French TV group TF1 [EPA: TFI], denied market rumours of a “major” M&A deal with Italian competitor Mediaset [BIT: MS], French daily Les Echos reported. The paper did not cite a source for the information or give further details. Shares in TF1 rose by 4.96% on news of the denial.