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U.S. wants automakers to collect more ‘black box’ crash data

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© Reuters. FILE PHOTO: The remains of a Tesla vehicle are seen after it crashed in The Woodlands, Texas, April 17, 2021, in this still image from video obtained via social media. Video taken April 17, 2021. SCOTT J. ENGLE via REUTERS/File Photo

By David Shepardson

WASHINGTON (Reuters) – U.S. auto regulators said Wednesday they want to require automakers to collect more crash data from event data recorders (EDRs)- more commonly known as “black boxes.”

The National Highway Traffic Safety Administration (NHTSA) on Wednesday https://www.govinfo.gov/content/pkg/FR-2022-06-22/pdf/2022-12860.pdf proposed requiring black boxes to collect 20 seconds of pre-crash data at a higher frequency rate to help better understand the actions that lead to a crash.

NHTSA currently requires five seconds of pre-crash data at a slower collection rate for vehicles with EDRs.

The agency had studied adopting the regulation for more than three years – as required by Congress under a 2015 law. NHTSA was supposed to have finalized the new data collection rules by 2020.

Black box data is a key tool for NHTSA investigations, including crashes where advanced driver assistance systems are suspected as a factor.

NHTSA says the data provides a “comprehensive snapshot” of driver actions before a crash and can help “improve future vehicle designs and more effective safety regulations.” NHTSA used data from EDRs in its 2010 Toyota unintended acceleration probe.

In 2019, under former President Donald Trump, NHTSA withdrew a 2012 proposal to require EDRs in all new cars because it said automakers had voluntarily installed the devices in nearly all vehicles.

In 2006, NHTSA required for automakers that installed EDRs to collect certain data, including vehicle speed, crash forces at the moment of impact, whether an air bag deployed or if the brakes were applied in the moments before a crash and if seat belts were fastened.

The National Transportation Safety Board in 2004 recommended EDRs be made mandatory in all vehicles after a California crash killed nine people.

NHTSA estimates 99.5% of new vehicles have EDRs. The new rules would take effect no earlier than September 2023.

The agency noted at least one automaker — Honda — is voluntarily collecting EDR data on the status and operation of advanced driver assistance systems.

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Bankman-Fried’s FTX internally mulling Robinhood deal – Bloomberg News

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© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) -Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg News reported https://www.bloomberg.com/news/articles/2022-06-27/sam-bankman-fried-s-ftx-seeking-to-buy-robinhood-hood on Monday, citing people with knowledge of the matter.

FTX is discussing internally how to buy the app-based brokerage and Robinhood has not received a formal takeover approach, the report said.

Robinhood, shares in which rose 14% in afternoon trading, declined to comment. The company has a market capitalization of nearly $7 billion as of Friday’s closing price.

FTX did not immediately respond to a Reuters request for comment.

Last month, Bankman-Fried had revealed a 7.6% stake in Robinhood but said he did not have any intention of taking control of the retail-trading platform. Robinhood’s dual-class shares currently give its founders control of 64% of the voting shares outstanding.

Trading volumes at the brokerage have eased from last year’s frenetic pace when retail investors used the platform to pump money into shares of so-called meme stocks including GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC).

That, along with a sell-off in high-growth technology stocks, has driven a near 50% drop in Robinhood shares this year.

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FTX Said Exploring Potential Robinhood Acquisition, News Seen as ‘Positive’

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FTX Said Exploring Potential Robinhood (HOOD) Acquisition, News Seen as ‘Positive’

By Sam Boughedda

FTX, the crypto exchange founded by Sam Bankman-Fried, is said to be exploring the possibility of whether it could acquire Robinhood Markets Inc (NASDAQ:HOOD).

Bloomberg, citing people with knowledge of the matter, said FTX is speaking internally about how it could buy the app-based, primarily stock brokerage. However, they have made no takeover approach, and no final decision has been made.

Bloomberg said Bankman-Fried wrote in an emailed statement that they are “excited about Robinhood’s business prospects and potential ways we could partner with them,” but there are “no active M&A conversations with Robinhood.”

In May, a company Bankman-Fried controls, Emergent Fidelity Technologies revealed it had acquired a 7.6% stake in Robinhood.

During the pandemic, Robinhood thrived as retail investors and traders flooded its platform. However, it has struggled since, and its shares are down significantly since its debut in 2021.

Nevertheless, today’s report has resulted in a 17% jump in its stock price.

Mizuho analyst Dan Dolev sees the potential deal news as good news for Robinhood, but also said the company can make it on its own.

“We believe that a potential deal would be good news for HOOD as it helps expand its reach and breadth,” Dolev said. “We also believe that HOOD can survive, and thrive on its own.” He rates the shares a Buy with a $14 price target.

Earlier in the day, Goldman Sachs analyst Will Nance upgraded Robinhood from Sell to Neutral with a price target of $9.50. The analyst notes are now trading at an ~$6.5bn market cap versus its cash position of ~$6.2bn and tangible book value of ~$7bn. Further, the rising interest rates should significant acceleration net interest income over the next several quarters and help reduce Robinhood’s losses.

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Bankman-Fried’s FTX seeking path to buy Robinhood – Bloomberg News

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© Reuters. The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company’s IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly

(Reuters) – Sam Bankman-Fried’s FTX crypto exchange is exploring whether it might be able to acquire Robinhood Markets Inc (NASDAQ:HOOD), Bloomberg News reported on Monday, citing people with knowledge of the matter.

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