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Elon Musk criticized federal regulators on Twitter and said the $20 million fine he paid over his ‘funding secured’ tweet was ‘worth it’ (TSLA)

Sunday October 28 th 2018

Elon MuskAP

  • Tesla CEO Elon Musk took veiled shots at the Securities and Exchange Commission and federal prosecutors in a tweetstorm on Friday.
  • The US Justice Department’s investigation into whether he and Tesla misled investors about production of its Model 3 vehicle is “total bs,” he said.
  • The $20 million fine he had to pay over his “funding secured” tweet was “worth it,” he added.
  • The tweets come after Tesla agreed to set guidelines for and oversee his use of Twitter.

Elon Musk may have settled a suit filed against him by the Securities and Exchange Commission, but he’s still tilting at federal regulators.

In a long series of tweets on Friday, Tesla’s CEO called an investigation into the company by the US Justice Department “total bs” and said that the tweet he posted that led to the SEC charges against him was “worth” the $20 million fine had had to pay to settle them.

He also poked fun at the SEC’s mandate as part of his settlement to get him to be more responsible with his tweets.

In response to a tweet from another user suggesting that he had turned over a new leaf, that he was acting the part of running a company that had finally matured, Musk tweeted: “Clearly, you’re not reading my twitter.”

Tweet Embed:
//twitter.com/mims/statuses/1055882299756109824?ref_src=twsrc%5Etfw
Clearly, you’re not reading my twitter

Musk’s tweets have gotten him in trouble before

Musk’s tweets in August related to potentially taking Tesla private got him and the company in trouble with the SEC.

In his posts, he stated that he had “funding secured” to take the company private. The SEC later charged that statement and other related ones were false, and that Musk knew they were at the time.

After initially rejecting a settlement offer — and seeing the SEC file civil charges against him — Musk settled the suit. As part of the settlement, Tesla had to pay a $20 million fine to the SEC and agreed to put in place new guidelines to oversee Musk’s social media use.

If his tweetstorm was any indication, Musk wasn’t the slightest bit chagrined by the settlement, which also will require him to step down as Tesla’s CEO.

As part of a back-and-forth on the site with other users about the merits of Twitter and how relatively few followers “like” good tweets, one user asked him what the ratio of likes was for his “funding secured tweet.” Musk’s two-word response: “Worth it.”

Elon Musk Worth itElon Musk/Twitter

Musk said the Justice Department investigation is ‘total bs’

But Musk didn’t stop there. That evening, The Wall Street Journal published a report saying that the Justice Department is ramping up its investigation into Tesla over whether Musk and the company misled investors over production issues related to its new Model 3 vehicle.

Musk had said as early as February of last year — months before Tesla started making the Model 3 — that the company planned to be manufacturing 5,000 of the vehicles a week by the fourth quarter of 2017, comments he echoed that July. In reality, the company didn’t hit that 5,000 vehicle a week target for the first time until the end of June this year.

Commenting on the Journal’s article Friday night, Fox Business Network correspondent Charles Gasparino tweeted that proving that Musk and Tesla misled investors would be “really difficult.”

“Exactly,” Musk responded to Gasparino. “This is total bs.”

Tweet Embed:
//twitter.com/mims/statuses/1056025766599651328?ref_src=twsrc%5Etfw
Exactly, this is total bs. What part of “production hell” sounds like a sure thing!?

Musk even seemed to invite a dig through documents via a Freedom of Information Act request in an effort to prove his case.

“The FOIA on this will be solid gold,” he tweeted. “Can’t wait.”

Tweet Embed:
//twitter.com/mims/statuses/1056028956124561408?ref_src=twsrc%5Etfw
The FOIA on this will be solid gold. Can’t wait.

But that wasn’t all. Earlier, another Twitter user charged that the substance and timing of the Journal’s article was “purely meant to distort [Tesla's] stock and harm investors” and questioned why the SEC wasn’t looking into it.

“Good question,” Musk responded.

Tweet Embed:
//twitter.com/mims/statuses/1055899741551095808?ref_src=twsrc%5Etfw
Good question

At the end of his tweetstorm, Musk announced he would be “signing off Twitter for a few days.”

Tweet Embed:
//twitter.com/mims/statuses/1056031369480962048?ref_src=twsrc%5Etfw
Signing off Twitter for a few days …

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CommerceWest Bank Helped Empower and Support Families Affected by Autism

IRVINE, Calif., Oct. 27, 2018 /PRNewswire/ – CommerceWest Bank (OTCBB: CWBK) helped empower families affected by autism in supporting Talk About Curing Autism (TACA). TACA helps to strengthen the autism community by connecting families and the professionals who can help them.  It allows families to share stories and information to help improve the quality of life for people with autism.

CommerceWest Bank Logo (PRNewsFoto/CommerceWest Bank)

Mr. Ivo Tjan, CEO of CommerceWest Bank commented, “TACA has created hope for a lot of families that were not sure where to turn upon receiving an autism diagnosis.  We are proud to support TACA and to help them assist the autism community with early diagnosis, medical treatment and speech therapy to ensure children have the best possible outcomes.”

CommerceWest Bank is a California based full service commercial bank with a unique vision and culture of focusing exclusively on the business community.  Founded in 2001 and headquartered in Irvine, California.  The Bank serves businesses throughout the state with an emphasis on clients in Orange County, San Diego, Los Angeles, and Riverside Counties.   We are a full service business bank and offer a wide range of commercial banking services, including concierge services, remote deposit solution, online banking, mobile banking, lines of credit, working capital loans, commercial real estate loans, SBA loans, and treasury management services.

Mission Statement: CommerceWest Bank will create a complete banking experience for each client, catering to businesses and their specific banking needs, while accommodating our clients and providing them high-quality, low stress and personally tailored banking and financial services.

Please visit www.cwbk.com to learn more about the bank. “BANK ON THE DIFFERENCE”

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SOURCE CommerceWest Bank

Pro Comp’s 6-Inch Suspension Kit for the All-New 2019 Chevy Silverado/GMC Sierra 4WD

Saturday October 27 th 2018

COMPTON, Calif., Oct. 26, 2018 /PRNewswire-PRWeb/ – General Motors’ 2019 Chevrolet Silverado 1500 and GMC Sierra 1500 trucks are completely new from the top down and ground up. The new chassis design gives Pro Comp the opportunity to offer their highest performing GM suspension system to date. Engineered for use with 20″ or larger diameter rims, Pro Comp’s newest 6-inch lift kit provides the perfect height to clear 35″ tall tires for all terrain use and enhances the aggressive appearance of GM’s Pro Comp half-ton trucks.

New high strength extended steering knuckles retain factory steering geometry to make a Pro Comp-lifted GM 1500 4WD drive, steer and handle beyond expectation. Front lower crossmembers and a differential skid plate are precision-constructed from 3/16″ thick steel plate to provide added strength to the chassis and protection for the front differential. Upper strut spacers retain the factory-tuned struts for same-as-factory ride quality. Rear lift blocks, U-bolts and ES9000 shocks (or Pro Runner rear shocks) provide a level stance and maintain factory load capacity.

Features and highlights:

  • High strength extended steering knuckles retain factory steering geometry and improve ride handling and steering
  • 3/16″ steel front lower crossmembers and differential skid plate add strength to chassis/protection for front differential
  • Upper strut spacers retain the factory-tuned struts for same-as-factory ride quality
  • Rear lift blocks, U-bolts and Pro Comp shocks provide level stance and maintain factory load capacity
  • #K1175B includes rear ES9000 shocks / #K1175BP includes rear Pro Runner shocks
  • Requires 20-inch or larger diameter rims, 9-10 inch width not to exceed 5-inch back spacing
  • Estimated 8-9 hours for professional installation; alignment required after installation
  • Pro Comp Promise – Lifetime warranty and completely transferable
  • Lift Shield Warranty – 5 year / 60,000 mile powertrain warranty

Part Numbers: K1175B / K1175BP
Images and copy: https://bit.ly/ProComp_2019GM1500_K1175B
Product updates will be posted on Facebook and Instagram

For more information, please contact
Joy Aoki | Manager, Marketing Communications | 310- 900-2614 | jaoki(at)4wp.com

About Transamerican Auto Parts: Transamerican Auto Parts is the largest independent manufacturer in the United States of innovative and performance aftermarket off-road accessories. For more than 50 years, TAP has been an industry leader in the manufacture, distribution, and sale of off-road parts for Jeeps and light trucks. TAP’s industry-leading brands include Pro Comp, Smittybilt, Rubicon Express, Poison Spyder, G2 Axle Gear, LRG Rims and Trail Master Suspension.

 

SOURCE Pro Comp

HKSTP’s Elevator Pitch Competition 2018 Attracts Global Innovation and Technology Talent to Pitch for Investment Funding while Connecting with Potential Investors

Record high number of global participants showcases the increased awareness and attraction of Hong Kong as a vibrant start-up hub

HONG KONG, Oct. 26, 2018 /PRNewswire/ — One hundred high potential start-ups from 24 economies took part in the Elevator Pitch Competition 2018 (EPiC) today. Organised by the Hong Kong Science and Technology Parks Corporation (HKSTP) at the International Commerce Centre (ICC), the global signature start-up event drew a record high number of 591 applications, including both local and international start-ups. The competition attracted more than 1,000 entrepreneurs, venture capital firms, angel investors, industry players, incubators, accelerators and tech disruptors together. Following an intense day of competition, DASH Systems has beaten 99 other finalists from across the globe to be crowned champion and claimed an investment prize worth US$140,000.

DASH Systems builds precision aerial delivery systems that allow any aircraft to land cargo without the need for runways or landings. This allows the world’s fastest shipping medium, air cargo, to deliver anywhere in the world an airplane can fly over. Cargo planes can deliver up to five times faster and two times cheaper than commercial courier companies by not relying on slow ground vehicles or the need for distribution hubs.

Albert Wong, Chief Executive Officer of HKSTP, said, “The large number of entries, diversity of participants and the enthusiasm they displayed throughout the competition pleasantly surprised us. The competition has become a great platform for Hong Kong to show its strength as an innovation and technology start-up hub to the international community.

The eagerness and interest shown by the participating start-ups are equally matched by an increasing number of investors who have also shown interest in the competition. This demonstrates that our efforts in strengthening the start-up ecosystem in the Park, making the right connections between start-ups and investors, are showing its rewards. We call upon the local and global investment community to come join us at the Park, and help bring these many brilliant ideas to life.”

One hundred start-ups from all over the world with a focus on five technology areas: Artificial Intelligence Robotics, Fintech, Healthy Ageing, Smart City, and Next Generation Technology were shortlisted while around 70 percent of them came from overseas. All finalists were given one minute to pitch their innovative ideas to judges in an elevator ride at the ICC. Ten finalists were selected and given another three-minute opportunity to pitch to the panel of judges, which was made up of investors and industry leaders.

This year’s EPiC also included a new programme, the “Kidtrepreneur” competition, which saw 10 future entrepreneurs present their creative ideas. This competition allows children to learn from the senior contestants while demonstrating to the children, their parents and the general public, that the innovation and technology sector can provide them with a bright and promising future. The Champion Lauren Kwan is the founder of “Stethoscopers”, the game advance from basic surgery prep to complicated anatomy and reach higher levels by passing medical vocabulary tests, puts medicine and learning in a fun format for the next generation of doctors.

List of winners

 

DASH Systems has beaten 99 other finalists from across the globe to be crowned championand claimed an investment prize worth US$140,000.

 

Organised by HKSTP, EPiC featured an internationally diverse range of 100 start-ups thatpitched their ideas to investors and experts at the iconic International Commerce Center in HongKong

 

Albert Wong, Chief Executive Officer of HKSTP, said the competition has become a greatplatform for Hong Kong to show its strength as an innovation and technology start-up hub to theinternational community.

 

Over 1,000 people attended this year’s EPiC to witness the international start-up pitchingcompetition in action. (Front row, front right to left) Dr. David Chung, Under Secretary for Innovationand Technology, The Government of HKSAR; Dr. Sunny Chai, Chairperson, HKSTP; Albert Wong, ChiefExecutive Officer, HKSTP

About Hong Kong Science and Technology Parks Corporation

Comprising Science Park, InnoCentre and Industrial Estates, Hong Kong Science Technology Parks Corporation (HKSTP) is a statutory body dedicated to building a vibrant innovation and technology ecosystem to connect stakeholders, nurture technology talents, facilitate collaboration, and catalyse innovations to deliver social and economic benefits to Hong Kong and the region.

Established in May 2001, HKSTP has been driving the development of Hong Kong into a regional hub for innovation and growth in several focused clusters including Electronics, Information Communications Technology, Green Technology, Biomedical Technology, Materials and Precision Engineering. We enable science and technology companies to nurture ideas, innovate and grow, supported by our RD facilities, infrastructure, and market-led laboratories and technical centres with professional support services. We also offer value added services and comprehensive incubation programmes for technology start-ups to accelerate their growth.

Technology businesses benefit from our specialised services and infrastructure at Science Park for applied research and product development; enterprises can find creative design support at InnoCentre; while skill-intensive businesses are served by our three industrial estates at Tai Po, Tseung Kwan O and Yuen Long. More information about HKSTP is available at www.hkstp.org.

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SOURCE Hong Kong Science and Technology Parks Corporation

Xi Jinping caught everyone off-guard while celebrating China’s $20 billion sea bridge

Wednesday October 24 th 2018

Xi JinpingDamir Sagolj/Reuters

  • After 10 years, 420,000 tons of steel, and at a devastating cost in lives and renminbi, the Hong Kong-Zhuhai-Macau bridge is officially open.
  • The announcement on Tuesday came by way of a strangely curt Xi Jinping, China’s president.
  • Xi gave an abrupt two-second speech that, it is fair to say, was not what everyone was expecting. “I announce the Hong Kong-Zhuhai-Macau bridge is officially open,” Xi said Tuesday.
  • It was an exercise in absolute concision for a president who, almost a year ago to the day, opened the Communist Party congress in Beijing with a granular three hour and 23 minute mega-speech.

After 10 years, 420,000 tons of steel, and at a devastating cost in lives and renminbi, the Hong Kong-Zhuhai-Macau bridge is officially open — and the announcement came by a strangely curt Chinese President Xi Jinping in the port city of Zhuhai.

The opening ceremony itself was shrouded in some of the same trademark confusion that has dogged the mega-project since its inception in 2009, with the big day having only just been announced late last week.

In an unexpected and breathtaking display of brevity, Xi declared the world’s longest sea crossing — a 35-mile (55-kilometer) bridge and underwater tunnel connecting Hong Kong, Macau and the mainland Chinese port city of Zhuhai as open — with a very abrupt two second speech that, it is fair to say, was not what everyone was expecting.

With these accurate, although possibly less-than-historic words, China’s strongest leader since Mao Zedong caught the 700-strong audience including gathered media and dignitaries on the hop:

“I announce the Hong Kong-Zhuhai-Macau bridge is officially open.”

It was an exercise in absolute concision for a president who, almost a year ago to the day, opened the Communist Party Congress in Beijing with a granular three-hour and 23-minute mega-speech summarizing his thoughts on a new era in socialism with Chinese characteristics.

Instead, before an audience of top officials including the Vice Premier Han Zheng and Hong Kong chief executive Carrie Lam, Xi said his piece at the strategically located port of Zhuhai and left the podium as electronic fireworks flailed about on a television in the background.

Reporters on the ground, including Bloomberg Bureau Chief Fion Li were quick to express their surprise and disappointment.

Rhetorical revelry is a party tradition

Chinese leaders have a proud tradition of ponying up when history called for it.

Deng Xiaoping, who was diminutive in stature but a political juggernaut, made a career with pithy insights Chinese speakers around the world still quote and reexamine today.

And while Mao Zedong may have presided over some of the least poetic policies of the 20th century, the Great Helmsman could turn a phrase when he had to, like this brutal and blunt firecracker from 1957.

As General Secretary of the Central Committee of China’s Communist Party, President of the State, and Chairman of the Central Military Commission, Xi has quickly and effectively concentrated influence into his own sphere.

And the event looked tailor-made for a long-winded reflection on China’s increasingly successful exercise of soft power, its sheer engineering audacity and the political genius of building a 55-kilometer crossing that continues to grow the mainland’s security apparatus and authority on both the semi-autonomous gambling enclave of Macau and the city-state financial powerhouse of Hong Kong.

But in the end, the president perhaps decided to let the massive, looming achievement speak for itself.

It’s all part of the plan

The bridge is part of China’s ambitious “Greater Bay Area Master Plan” to integrate Hong Kong, Macau, and the manufacturing powerhouse Guangdong Province’s nine biggest cities to create a combined $1.5 trillion tech and science hub to rival even Silicon Valley.

The 55 kilometer mega-structure is a typically intimidating, awe-inspiring and slightly pointless statement of state authority and universal purpose. It rises from the Sun and Moon Bay in Zhuhai port like some giant, disoriented concrete serpent, and snakes off mercurially into the distance.

The air here is very thick too, with southern Chinese humidity and the ever-present eerie grey-brown pollution that wafts in blooms from heavy manufacturing out of the Pearl River Delta — the factory floor of the world — ensuring the mega-bridge in all its glory will be largely obscured from view year-round.

What it does provide, however is direct access to both potentially wayward semi-autonomous regions, binding the gambling enclave and the city-state tighter to the breast of the motherland. Indeed, it may be the angst of an ever-encroaching China that has tilted the president to such a rare and unexpected pithiness.

Commentators have been quick to describe the project as a white elephant, noting that the lightly traveled crossing can hardly be a push for convenience, but rather another covert expansion by Beijing as it extends its reach back into the supposedly autonomous enclaves of Hong Kong and Macau.

The Hong Kong-Zhuhai-Macau bridge is the second major infrastructure project binding Hong Kong to the mainland opened in just a few weeks, following a new high-speed rail connection that opened in September — the first time Chinese security were stationed on and bestowed authority in Hong Kong territory.

Certainly, there is anxiety in Hong Kong, with critics fearing the increasing inroads into the special administrative region’s territory by an ever-assertive mainland, while some local media has suggested that drivers on the bridge will be closely scrutinized by cameras that examine even their physical condition and how fatigued a driver is becoming.

The issues of territoriality may dominate the project for years to come, the majority of the bridge is considered mainland territory and Hong Kong vehicles and drivers, already hit by restricted access, will be traveling under the laws of the mainland, Hong Kong’s transportation department has warned.

“The Hong Kong government is always out of the picture and is under the control of the Chinese government,” Tanya Chan told AFP last week. Construction of the bridge began in 2009 and was targeted for completion two years ago.

According to the South China Morning Post, 10 workers died and 600 were injured in the construction of the typhoon-proof, two-way six-lane expressway bridge that the government expects to carry 29,100 vehicles and 126,000 single-day passenger trips by 2030.

But for now, the bridge is open to some traffic, including certain buses, freight, and selected permit-holding passenger vehicles.

It’s also a gorgeous trip by ferry.