Latest news with #246
TimesLIVE
25-05-2025
- Automotive
- TimesLIVE
Michael Schumacher's Ferrari sets Formula One record at auction
Michael Schumacher's Ferrari Formula One car that won the 2001 Monaco and Hungarian grand prix races was sold for $18.17m (R324,246,557), according to RM Sotheby's. Selling ahead of qualifying in Monaco on Saturday, the F2001 car that the legendary German driver used en route to that year's world title became the most expensive F1 vehicle driven by Schumacher to be sold at auction. The $18.17m price tag topped the $13.2m (R235,556,112) a bidder paid for Schumacher's 2003 Ferrari F2003 in 2022. It also became the fourth-most expensive F1 car ever sold. The world record sits at $52.52m (R937,227,803), which occurred earlier this year for a Mercedes W196 streamliner that was driven by Formula One legends Juan Manuel Fangio and Stirling Moss in the 1950s. Schumacher, now 56, drove the F2001 Ferrari in his fifth and final Monaco Grand Prix win, which he followed up with a victory at the Hungarian Grand Prix. The latter win clinched Schumacher's fourth F1 world title.
Yahoo
03-04-2025
- Automotive
- Yahoo
Cyngn Secures its 22nd U.S. Patent: for its AI-Powered Autonomous Vehicle Technologies
Since August 2023, Cyngn has been granted twelve additional patents, bringing the total U.S. patents granted to 22. MENLO PARK, Calif., April 3, 2025 /PRNewswire/ -- Cyngn Inc. (the "Company" or "Cyngn") (Nasdaq: CYN) announced the official granting of a new patent, 12,246,733, for the Company's innovative autonomous vehicle (AV) solutions. The patent, System and Methods of Off-Board Centric Autonomous Driving Computation, introduces a cloud-based approach to autonomous vehicle operation, distributing computing tasks between the vehicle and the cloud to significantly reduce onboard hardware requirements. Vehicles transmit sensor data to cloud servers, where functions like environment mapping, decision-making, and route planning are processed before driving commands are sent back for execution. This allows the vehicle to prioritize safety-critical and time-sensitive functions. The significance of this patent lies in its ability to enable lighter, more cost-effective autonomous vehicles while enabling sophisticated driving algorithms. Furthermore, the patent includes fleet management functionality, facilitating seamless coordination of multiple autonomous vehicles through a centralized cloud infrastructure. "Since August 2023, we've been granted twelve additional patents, bringing our total to 22 U.S. patents," said Lior Tal, CEO of Cyngn. "This milestone reflects our ongoing commitment to driving innovation and advancing autonomous technology, as we continue to build out a robust patent portfolio to protect our intellectual property. Each new patent represents the hard work of our team and our dedication to developing real-world solutions that are transforming material handling." The grant of this patent marks a significant milestone in Cyngn's intellectual property strategy, further bolstering its position in the AV industry. This success follows Cyngn's recent patent issuance announcement of its 21st patent. Cyngn provides its customers a seamless way to adopt self-driving technology into their operations without high upfront costs. Previous patents include:Patent Number Title Publication Date 22. US-12,246,733-B2 SYSTEM AND METHOD OF OFF-BOARD CENTRIC AUTONOMOUS DRIVING COMPUTATION 3/11/2025 21. US-12,039,867-B2 ADAPTIVE OBJECT-BASED DECISION MAKING SYSTEM 7/16/2024 20. US-12,032,099-B2 ADAPTIVE MOTION COMPENSATION OF PERCEPTION CHANNELS 7/09/2024 19. US-11,851,074-B2 SYSTEM AND METHODS OF LARGE-SCALE AUTONOMOUS DRIVING VALIDATION 12/26/2023 18. US-11,837,090-B2 SYSTEM AND METHODS OF ADAPTIVE TRAFFIC RULE-BASED DECISION MAKING FOR AUTONOMOUS DRIVING 12/5/2023 17. US-11,837,089-B2 MODULAR EXTENSIBLE BEHAVIORAL DECISION SYSTEM FOR AUTONOMOUS DRIVING 12/5/2023 16. US-11,767,034-B2 SYSTEM AND METHOD OF COMPUTATION ACCELERATION FOR AUTONOMOUS DRIVING SYSTEMS 9/26/2023 15. US-11,760,368-B2 SYSTEM AND METHOD OF SAME-LOOP ADAPTIVE SIMULATION FOR AUTONOMOUS DRIVING 9/19/2023 14. US-11,747,454-B2 GRANULARITY-FLEXIBLE EXISTENCE-BASED OBJECT DETECTION 9/5/2023 13. US-11,745,762-B2 SYSTEM AND METHODS OF ADAPTIVE TRAJECTORY PREDICTION FOR AUTONOMOUS DRIVING 9/5/2023 12. US-11,745,747-B2 SYSTEM AND METHOD OF ADAPTIVE DISTRIBUTION OF AUTONOMOUS DRIVING COMPUTATIONS 9/5/2023 11. US-11,745,750-B2 SYSTEM AND METHOD OF LARGE-SCALE AUTOMATIC GRADING IN AUTONOMOUS DRIVING USING A DOMAIN-SPECIFIC LANGUAGE 9/5/2023 10. US-11,679,726-B2 VEHICLE SENSOR SYSTEMS 6/20/2023 9. US-11,673,577-B2 SYSTEM AND METHODS OF ADAPTIVE RELEVANCY PREDICTION FOR AUTONOMOUS DRIVING 6/13/2023 8. US-11,668,833-B2 OBSTACLE DETECTION SYSTEMS 6/6/2023 7. US-11,651,583-B2 MULTI-CHANNEL OBJECT MATCHING 5/16/2023 6. US-11,614,527-B2 SELF-ADAPTIVE LIDAR-CAMERA SYNCHRONIZATION SYSTEM 3/28/2023 5. US-11,592,565-B2 FLEXIBLE MULTI-CHANNEL FUSION PERCEPTION 2/28/2023 4. US-11,555,928-B2 THREE-DIMENSIONAL OBJECT DETECTION WITH GROUND REMOVAL INTELLIGENCE 1/17/2023 3. US-11,372,115-B2 VEHICLE LOCALIZATION 6/28/2022 2. US-11,186,234-B2 VEHICLE SENSOR SYSTEMS 11/30/2021 1. US-11,169,271-B2 OBSTACLE DETECTION SYSTEMS 11/9/2021 For a comprehensive view of Cyngn's patents focused on modularity and flexibility of autonomous vehicle systems with multiple sensor modalities and configurations, please visit the USPTO. About Cyngn Cyngn develops and deploys scalable, differentiated autonomous vehicle technology for industrial organizations. Cyngn's self-driving solutions allow existing workforces to increase productivity and efficiency. The Company addresses significant challenges facing industrial organizations today, such as labor shortages, costly safety incidents, and increased consumer demand for eCommerce. Cyngn's DriveMod Kit can be installed on new industrial vehicles at end of line or via retrofit, empowering customers to seamlessly adopt self-driving technology into their operations without high upfront costs or the need to completely replace existing vehicle investments. Cyngn's flagship product, its Enterprise Autonomy Suite, includes DriveMod (autonomous vehicle system), Cyngn Insight (customer-facing suite of AV fleet management, teleoperation, and analytics tools), and Cyngn Evolve (internal toolkit that enables Cyngn to leverage data from the field for artificial intelligence, simulation, and modeling). For all terms referenced within, please refer to the Company's annual report on Form 10-K with the SEC filed on March 6, 2025. Where to find Cyngn: Website: X: LinkedIn: YouTube: Investor Contact:Donald Alvarez, CFOinvestors@ Media Contact:Luke Renner, Head of Marketingmedia@ Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the Securities and Exchange Commission (SEC), including, without limitation the risk factors discussed in the Company's annual report on Form 10-K filed with the SEC on March 6, 2025. Readers are cautioned that it is not possible to predict or identify all the risks, uncertainties and other factors that may affect future results. No forward-looking statement can be guaranteed, and actual results may differ materially from those projected. Cyngn undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise. This new patent of System and Methods of Off-Board Centric Autonomous Driving Computation enables autonomous vehicles to operate with reduced onboard computing hardware by offloading heavy computing tasks to the cloud. The vehicles send sensor data to cloud servers, which handle complex tasks like environment mapping, decision-making, and route planning. The cloud then sends back driving commands to the vehicle for execution, which allows the vehicle to focus on safety-critical and time-sensitive functions. The significance in this patent lies in the fact that it allows for lighter, more cost-effective autonomous vehicles while enabling more sophisticated and safer driving algorithms. Moreover, the patent also supports fleet management capabilities, allowing multiple vehicles to be coordinated through the same cloud infrastructure. View original content to download multimedia: SOURCE Cyngn
Express Tribune
29-03-2025
- Business
- Express Tribune
Gold hits peak as US tariff looms
Listen to article Due to the approaching April 2 deadline for tariffs set by the US president, gold experienced a record-breaking surge in both local and international markets on Friday. In Pakistan, the price of gold per tola rose to Rs323,380, marking a single-day increase of Rs2,380. Similarly, the price of 10-gram gold climbed to Rs277,246, higher by Rs2,041, according to the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). In the international gold market, the price reached $3,074 per ounce (including a $20 premium), up $22 for the day. On Thursday, the price of gold per tola had already risen by Rs3,200, settling at Rs321,000. Interactive Commodities Director Adnan Agar stated that gold hit a historic high of $3,086 on Friday, while the lowest point of the day was $3,054, with the market currently standing at $3,072. He described the market as strong and volatile, with further fluctuations expected next week due to key global economic events. Two major factors influencing market sentiment are the upcoming US employment data and the April 2 tariff deadline set by US President Donald Trump. Agar noted that Trump was expected to follow through on his trade policies, which could provoke retaliatory actions from other countries, leading to further market uncertainty. "While a significant correction in gold prices is anticipated, the exact timing remains uncertain," he said. Globally, gold prices surged to a record high, as investors flocked to the safe-haven asset amid fears of a trade war triggered by Trump's latest tariffs. Spot gold climbed 0.9% to $3,082.39 an ounce after hitting its 18th record high this year at $3,086.70 earlier in the session. Bullion is up 2% this week and is on track for a fourth straight weekly gain. US gold futures added 0.9% to $3,088.90. Meanwhile, the Pakistani rupee saw a slight uptick against the US dollar, appreciating by 0.02% in the inter-bank market on Friday. By the end of the trading session, the currency closed at 280.16, marking a gain of six paisa against the greenback. A day earlier, it had settled at 280.22. Globally, the US dollar was on track for a stable week but faced a quarterly decline, as concerns over tariffs potentially slowing US economic growth weighed on yields, stocks and the currency. Meanwhile, the euro, trading just below $1.08, was set for its strongest quarterly gain in over a year, rising more than 4% since the beginning of 2025, driven by hopes of peace in Ukraine, a weaker dollar, and a surge in German benchmark yields. The Japanese yen showed slight gains and was poised for a quarterly increase of nearly 4%, trading at 151.19 per dollar, largely unaffected by Tokyo's persistent inflation.
Zawya
27-02-2025
- Business
- Zawya
Salaries in South Africa surpass expectations with strong January growth
South Africa's salary earners started 2025 on a strong financial footing, with take-home pay reflecting steady growth. According to BankservAfrica's Take-home Pay Index (BTPI)—which tracks the average nominal take-home pay of approximately 4 million salary earners—the average take-home salary surged to R18,098 in January 2025, marking a significant rise from R17,246 in December 2024 and R15,564 a year earlier. 'The upward trend in take-home pay signals positive developments in the earnings landscape,' says Shergeran Naidoo, BankservAfrica's head of Stakeholder Engagements. This growth suggests improved economic conditions, wage adjustments, or sectoral shifts benefiting employees across industries." The upward trend in average salaries started early in 2024, and despite some monthly volatility, nominal take-home pay continues to tick higher. 'This positive remuneration trend evident in the BankservAfrica sample reflects a generally improved business environment, notable moderation in inflation, higher confidence levels in the economy, and three interest rate cuts that have provided much-needed relief,' says Elize Kruger, independent economist. Company profitability also improved during 2024, as reflected in the above inflation increase in the gross operating surplus of companies. The improving environment was also echoed in the sizeable total return on the FTSE/JSE All Share Index in 2024 (+13.4%), reflecting the promising earnings potential of listed companies. In real terms, take-home pay also increased to R15,659 in January 2025, a notable 12.8% up on year-ago levels, and reached its highest level since February 2022, according to Naidoo. This was driven by the significant moderation in consumer inflation during 2025, from 5.3% in January to 3.0% in December, which has had a positive impact on the purchasing power of salary earners. Additionally, the headline CPI averaged 4.4% in 2024, the lowest annual rate since 2020. 'As such, the real take-home pay averaging at R14,292, up by 3.1% in 2024, represented the first real increase in take-home pay since 2020,' says Kruger. On the assumption that inflation will remain well-contained in 2025, with the average headline CPI forecasted to be at 4.2%, 2025 could be the second consecutive year of positive real take-home pay growth. The observed recovery in disposable income has been reflected in healthier retail sales, with real retail sales growth for 2024 at 2.5% higher than the previous year, compared to -1.2% in 2023. Passenger car sales have also started to recover towards the end of 2024, with full-year growth of 1.1% compared to the 4.3% contraction in 2023. The cumulative 75bps reduction in interest rates and Two-Pot Retirement System withdrawals would have supported consumer spending. Salaries expected to improve – provided current conditions hold Looking ahead to 2025, the economic outlook indicates that the salary gains seen in 2024 could continue to strengthen. On the economic front, real GDP growth is forecast to increase by 1.7% in 2025, somewhat higher than in 2024. The acceleration in growth will be driven by a combination of improved household consumption expenditures, higher fixed investment spending, and further advances in structural reforms. An ongoing focus on improving South Africa's electricity generation capacity, addressing supply-chain blockages relating to freight rail and port operations, and upgrading water infrastructure, among others, are much-needed actions to propel the economy forward. 'The anticipated improvement in the business environment is expected to enable companies to offer more substantial salary increases in 2025, which in combination with a moderate inflation environment, could mean a second consecutive year of a real increase in take-home pay,' says Kruger. However, if the 2025 National Budget had been tabled with the 2% VAT increase, it would have derailed the positive inflation outlook somewhat, eroding the fragile recovery in the purchasing power of salary earners. 'While we await the revised budget on 12 March 2025, the postponement has introduced uncertainty, raising concerns about its potential impact on the economy's recovery prospects,' ends Kruger.
