Indian billionaire investor Rakesh Jhunjhunwala says he's very upbeat about his country's growth potential after the country underwent a massive banking crisis and the rollout...Asia Economyread more
There's more pain ahead for the U.S. and China amid their bilateral trade dispute, according to one expert.China Politicsread more
The U.S. government on Monday temporarily eased some trade restrictions imposed recently on China's Huawei, a move that sought to minimize disruption for the telecom company's...Technologyread more
You know there's an underlying problem when investment firms start to cut exposure to a particular asset class.Commentaryread more
Stocks in Asia were mostly higher on Tuesday as a temporary reprieve in U.S.-China trade tensions provided a breather.Asia Marketsread more
The issue of corporate debt has surfaced as companies continue to use the low rates the Fed has provided to lever up their balance sheets.The Fedread more
A record 257.4 million travelers are expected to opt for U.S. airlines for travel this summer, the 10th consecutive annual increase, a trade group forecast on Tuesday.Airlinesread more
Huya, a Chinese live streaming platform focused on gaming, is looking to expand into the U.S. in the next couple of years, CEO Rongjie Dong told CNBC. The U.S. is expected to...Technologyread more
Most U.S. hedge funds aren't expecting another big stock market sell-off as more firms curb bets on volatility, according to Nomura.Marketsread more
Mall owners are increasingly building out food halls with local chef-driven eateries, sushi bars and premium coffee shops.Retailread more
While Trump's lawyers had argued that the committee's subpoena did not have a legitimate legislative purpose — and was therefore invalid — Mehta took a broader view.Politicsread more
Waymo, formerly known as the Google Self-Driving Car Project, is getting into the ride-hailing business, but with a twist. Sometime within the next few months Waymo will start offering the public rides in driverless Chrysler Pacifica minivans.
"The vehicles will be fully self-driving," said Waymo CEO John Krafcik. "So you have your own personal space where you can sit back and relax."
While Krafcik has yet to say exactly when Waymo's ride-hailing service will launch, the first metropolitan area where people will be able to order a Waymo is Phoenix, he said. The public will use an app to catch a ride just as they do for Uber and Lyft.
Initially, those ride-hailing companies may hardly notice Waymo. After all, Waymo has a small fleet of minivans and is just starting up in one city at first. By comparison, Uber dominates the ride-hailing industry, while Lyft is a distant second, though quickly adding customers around the country.
Second Measure, which tracks the ride-hailing industry by analyzing credit card data, estimates Uber has an about 70 percent share of the U.S. market, while Lyft is around 25 percent and other smaller services make up the remaining 5 percent.
Still, Waymo's corporate parent, Alphabet, has deep pockets and a strategy designed to leverage eight years of developing self-driving cars. While other tech firms, many automakers, some auto suppliers, as well as Uber and Lyft are also developing self-driving vehicles, Waymo is considered to be ahead of others when it comes to taking the driver out of car and having it operate safely on public roads.
"This technology has the potential to be transformative, " said Krafcik before having reporters take rides in Waymo self-driving minivans at the firm's R&D facility southeast of San Francisco.
Is the public ready to be driven in a robo-taxi with nobody sitting in the front seat? Waymo believes the answer is yes. If there is problem or issue with the ride, passengers will be able to contact a Waymo operator by simply pressing a button in the back seat. They can also tell the car when to stop if they want to get out before the original destination.