(TechCrunch) Here are the FAA’s rules for commerical drone usage

The U.S. Federal Aviation Administration (FAA) today published its final operational rules for the commercial use of small drones weighing under 55 pounds. These rules will guide the first major expansion of commercial drones after the FAA’s earlier limited exemption process for commercial operators. The rule also establishes a process for licensing commercial drone pilots.

For the most part, the rules are a little bit more narrow than many had hoped. Under the new rules, pilots must always remain within visual line of sight of the drone — something that prohibits any kind of long-distance drone use, including even the most basic delivery drones. Commercial drones will also only be allowed to operate during daylight hours or civil twilight. Just like today, drones can’t operate over people who aren’t “directly participating in the operation.” As for other operational limits, the FAA decided to set the maximum altitude to 400 feet above ground (and not 500 feet, as most had hoped), with the exception that you are allowed to operate around a structure that is higher than 400 feet as long as you stay within 400 feet of that structure.

Also disallowed are any operations from a moving vehicle — unless you are in a “sparsely populated area.”

As for the pilots, the FAA mandates they get a remote pilot certificate or be under the supervision of somebody with a pilot certificate. To do so, they will have to pass a knowledge test and be at least 16 years old. New pilots will also have to be vetted by the TSA.

Reaction to the new rules have been mostly positive. “This is a watershed moment in how advanced technology can improve lives, as the Small UAS Rule allows companies, farmers, researchers and rescue services alike to explore how drones can let them do more at a lower cost and a lower risk,” said Brendan Schulman, DJI Vice President of Policy and Legal Affairs, for example.

The new rules will go into effect in late August.

FT : Watchdog urges investigation of entire VW board

Germany’s financial regulator has called on prosecutors to investigate the entire former management board of Volkswagen on suspicion of possible market manipulation.
The move comes with VW facing accusations from investors that it took too long to disclose to the markets that diesel vehicles had been equipped to cheat in emissions tests.
VW revealed last September it had used software-based “defeat devices” in up to 11m of its diesel vehicles, which served to understate emissions of hazardous nitrogen oxides in official laboratory tests.
But prosecutors in the northern German city of Braunschweig, near VW’s Wolfsburg headquarters, said on Monday there was evidence to suggest VW could have disclosed the potential damage arising from the emissions cheating earlier.
On that basis, the prosecutors said they had launched an investigation into Martin Winterkorn, VW’s former boss, and an unidentified second executive, into whether they had effectively manipulated markets — by delaying the release of information about the deception.
On Tuesday it emerged that BaFin, Germany’s financial watchdog, had called on the Braunschweig prosecutors to investigate the entire former management board — not just the two executives.
A person with knowledge of the matter said BaFin believed that it should be investigated whether the whole board should be held collectively responsible for how the cheating was communicated to markets. BaFin and VW declined to comment.
The news could prove embarrassing for VW chairman Hans Dieter Pötsch and its chief executive Matthias Mueller, who were both members of the management board when the diesel emissions scandal broke on September 18.
The affair triggered the biggest loss in VW’s 79-year history and its shares have fallen more than 20 per cent.
News of BaFin’s intervention comes as VW prepares for its annual meeting on Wednesday, when investors are expected to vent their anger over the emissions scandal and demand reform.
Several proxy advisers have recommended shareholders oppose a vote of confidence in the company’s supervisory and management boards.

Also this week law firm Quinn Emanuel said it had filed a lawsuit against VW on behalf of the California State Teachers’ Retirement System and other institutional investors over losses resulting from the drop in VW’s share price after the emissions scandal was disclosed.
“Companies must be held accountable when they engage in such widespread deliberate deceit which destroys shareholder value, damages their reputation and harms the public,” said Brian Bartow, general counsel for the Californian pension fund.
He added the action did not only seek to recover economic losses, but “ultimately, to implement much needed corporate governance reforms” at Volkswagen.
Other investors have questioned whether VW’s supervisory board has sufficient independence and authority to hold management to account. A majority of VW’s voting shares are controlled by the Porsche and Piëch families.

>>> Fed Chair Yellen: reiterates Fed to proceed cautiously in raising rates - se

Fed Chair Yellen: reiterates Fed to proceed cautiously in raising rates - semi-annual Senate testimony 
- expects inflation to rise to 2% over medium term as transitory influences holding it down fade
- data points to a step-up in Q2 GDP growth
- reiterates there are tentative signs wage growth may be picking up; reiterates pace of labor market improvements appear to have slowed
- anticipates economic conditions will improve further
- cannot rule out possibility slow productivity growth will continue
- considerable uncertainty about economic outlook remains
- path of Fed funds rate will depend on economic and financial developments
- corporate bond program continues to function smoothly