(CNN)China claims to have successfully tested its first hypersonic aircraft, a big step forward in aerospace technology that could intensify pressure on the US military.
(CNN)China claims to have successfully tested its first hypersonic aircraft, a big step forward in aerospace technology that could intensify pressure on the US military.
Cracked pays people to make smart memes. Visit the Photoplasty and Pictofacts Workshop to get in on it.
Entertainment is always influenced by the world around us. The thing is, sometimes it goes the other way, and a movie, show, game, or whatever will have a big influence on the world. And we’re not just talking about fandoms. It turns out that major parts of our daily lives actually have their roots in pop culture.
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Toyota just doubled the size of its hydrogen-powered truck fleet.
From one to two.
(Hey, it’s a start.)
The automaker on Monday unveiled the second generation of its Project Portal semi-truck, which is larger, lighter and has a longer range than the original that was put to work shipping cargo between the ports of Long Beach and Los Angeles last year and has since covered over 10,000 miles.
Both of the Class 8 trucks use technology from the Toyota Mirai hydrogen fuel cell car and emit only water vapor as emissions. The fuel cell generates electricity to power two electric motors with a combined output of 670 hp and 1,327 lb-ft of torque.
The new truck – based again on a Kenworth as Toyota’s Hino truck division doesn’t make a truck this big – uses 10 fuel tanks instead of 6, which increases its range from 200 to 300 miles.
Toyota and its technology partner Ricardo are considering turning the system into an easy to install module, according to Trucks.com, but for now the new red Beta truck will join the blue Alpha in southern California for additional tests down at the docks.
MIT Products Lab (MRL) interns covered a large range of challenges this summer, working with materials as soft as silk to as hard as iron and at temperatures from as low as that of liquid helium (-452.47 degrees Fahrenheit) to as high as that of melted copper (1,984 F).
Simon Egner, from the University of Illinois at Urbana-Champaign, made samples of lead tin telluride to spot mid-infrared light at wavelengths from 4 to 7 microns for incorporated photonic applications. Egner determined several products properties of the samples, consisting of the concentration and mobility of electrons. “One thing we have actually come up with just recently is adding lead oxide to attempt to reduce the amount of noise we get when sensing light with our detectors,” Egner says.Lead tin telluride is an alloy of lead telluride and tin telluride, discusses Peter Su, a products science and engineering graduate trainee in the laboratory of MIT Materials Research Study Laboratory Principal Research Study Researcher Anuradha Agarwal.”If you have a lot of providers already present in your product, you get a lot of extrasound, a great deal of background signal, above which it’s actually hard to identify the new providers generated by the light striking your product, “Su states.”We’re aiming to reduce that noise level by reducing the carrier concentration and we’re aiming to do that by adding lead oxide to that alloy.”Thin films for photonics Summer Scholar Alvin Chang, from Oregon State University
, produced chalcogenide thin
films with non-linear homes for photonics applications. He worked with postdoc Samuel Serna in the lab of associate teacher of products science and engineering Juejun Hu. Chang varied the density of two different structures, among germanium, antimony and sulfur(GSS)and the other of germanium, antimony, and selenium(GSSE ), creating a gradient, or ratio, in between the 2 across the length of the movie.”The GSS and GSSE both have various advantages and downsides, “Chang describes.”We’re hoping that by combining the two together in a film
we can arrange of optimize both their benefits and drawbacks so that they would be complementary with each other. “These materials, called chalcogenide glasses, can be utilized for infrared sensing and imaging. Anyone thinking about discovering more about Chang’s work can view this video. Nanocomposite assembly Both Roxbury Neighborhood College chemistry and biotechnology Teacher Kimberly Stieglitz and Roxbury Community University student Credoritch Joseph operated in the lab ofassistant teacher in products science and engineering
Robert J. Macfarlane. The Macfarlane Lab grafts DNA to nanoparticles, which make it possible for exact control over self-assembly of molecular structures. The lab is also creating a new class of chemical structure blocks that it calls Nanocomposite Tectons, or NCTs, which present new opportunities for self-assembly of composite materials.Joseph discovered the multi-step procedure of producing self-assembled DNA-nanoparticle aggregates, and utilized the ones he prepared to study the stability of the aggregates when exposed to various chemicals. Stieglitz created NCTs consisting of clusters of gold nanoparticles with attached polymers and analyzed their melting behavior in polymer services.”They’re really nanoparticles that are linked together through hydrogen bonding networks, “Stieglitz explains.Strengthening aerospace composites Abigail Nason, from the University of Florida, studied the potential advantages of integrating carbon nanotubes into carbon fiber enhanced plastic [CFRP] by means of a procedure called”nanostitching”in the laboratory of Brian L. Wardle, teacher
of aeronautics and astronautics.Bundles of carbon microfibers, which are called tows, are used to make sheets of aerospace-grade carbon fiber strengthened plastic. Dealing with graduate student Reed Kopp, Nason took 3-D scans of looking for a way to promote repair work of myelin in MS clients so that neurological function can be brought back. To much better understand how remyelination works, we are developing polymer-based materialsto engineer designs of MS sores that imitate mechanical stiffness of genuine lesions in the brain,” Jagielska explains. Nieves Muñoz used stereolithography 3-D printing to create cross-linked polymers with differing degrees of mechanical tightness and carried out atomic force microscopy studies to determine the stiffness
of his samples.” Our long-lasting goal is to utilize these designs of lesions and brain tissue to develop drugs that can stimulate myelin repair,”Nieves Muñoz states.”As a mechanical engineering major, it has been interesting to work and learn from individuals with varied backgrounds.”Other MIT Products Research Laboratory interns took on tasks including
superconducting thin films, quantum dots for solar, spinning particles with magnetism, carbon-activated silk fibers, water-based iron circulation batteries, and polymer-based neuro fibers. A variation of this post, including additional MRL summer intern success stories,< a href= http://mrl.mit.edu/index.php/157-at-the-forefront-of-new-technology > originally appeared on the Products Research study Lab site.
Hey, want to feel old?
30 years ago, it was the year 1988.
There are SO MANY THINGS going on in today’s world that would get this reaction from someone in the 80s:
The technology, the politics, the fashion trends! So much has changed!
A recent AskReddit thread asked people to write a sentence that would completely baffle someone from 30 years ago.
They did an amazing job.
Ask Alexa the Rotten Tomatoes score for that movie.
Are you drunk?
I found a fidget spinner in an Uber.
Is that a band?
How do you call anyone?
In the what now?
How is that possible?
Lemme know when your tablet is done charging. I need to charge my cigarette and book.
She totes ghosted me even though she slid in my DMs on Instagram first.
My watch just tells time…
My wife and I just had this discussion after I said to her, “Dad called while I was watching VR videos, and I couldn’t get my phone out of the goggles, so I had to take the call on my watch.” –EarhornJones
Why would you bring it anywhere?
“Damn, I forgot to bring my phone.”
This next sentence is full of words that would make anyone from 1988 think you’ve lost your mind.
Are you speaking English?
I Googled the directions and sent them to your phone. I’ll meet you there; I’m taking an Uber from work.
After dinner, did you want to Netflix and chill? –Quinthyll
You still have a landline?
Your pockets must be gigantic.
I have 2,000+ songs in my pocket.
I tried texting her but didn’t get a response, but I saw she was still active on Instagram so I sent her a snap and she left me on read.
Is that some kind of cologne?
Can you what with what?
Can I pay Spotify with PayPal?
Why are you shouting about bells?
WHAT’S GOING ON everybody, welcome back to my channel!
Now before I go on, this episode is sponsored by dollar shave club and Squarespace (build it beautiful), please remember to hit subscribe, ring that bell to stay notified when I upload, and smash the like button.
Your thumbs up really help me out and makes sure that I can post more content for y’all. –kap_bid
What else would it be?
My ringtone is the sound of a phone ringing.
Durg: Union Minister for Road, Transportation and Highways Nitin Gadkari on Monday advised the farmers to make ethanol and utilize it as a replacement for gas and diesel.Addressing a public
gathering in Durg, the Union Minister said that” We import fuel worth Rs. 8 lakh crore, Rupee worth is falling vs Dollar. I have been stating since 15 years that farmers and tribals can make biofuel and fly airplane. Our brand-new innovation can run automobiles on ethanol.”Image of Nitin Gadkari attending to farmers at Durg
. Twitter/@nitin_gadkari!.?.!He also said that the Petroleum Ministry is setting up 5 ethanol-making plants in
the country for the exact same.”Ethanol will be produced from wood items and segregated municipal waste. Diesel will be readily available at Rs.50 per litre and petrol option at Rs.55 per litre,”Gadkari said.Setting a tone for the upcoming Assembly polls in the state, Gadkari highlighted the efforts taken by the Bharatiya Janata Celebration
(BJP)Federal Government in Chhattisgarh and asked the electorates to make the party victorious again.Fuel costs have actually been experiencing a hike in numerous states throughout the country over the previous few weeks, burning a hole in the pocket of common guy. The Indian rupee is likewise facing
a decrease in its worth versus the United States dollar.Union Petroleum and Natural Gas Minister Dharmendra Pradhan had actually earlier blamed international factors for the walking in fuel prices.Also See Cricket Ratings RESTRICTION vs SL-Sep 15th, 2018, 05:00 PM IST PAK vs HK-Sep 16th, 2018, 05:00 PM IST SL vs AFG-Sep 17th, 2018, 05:00 PM IST IND vs HK-Sep 18th, 2018,
2018, 05:00 PM IST RESTRICTION vs AFG-Sep 20th, 2018,
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If you’ve ever looked at a $5 H&M white T-shirt, you’ll notice it doesn’t look all that different from a plain white designer tee that sells for upwards of $300.What’s the deal with the price difference? Is the designer tee just ridiculously marked up, or is there more to it than that?
There are plenty of factors involved in determining the retail price of a T-shirt, many of which the average consumer probably doesn’t think about while shopping. Everything from the type of fabric to the manufacturing process to the branding can have an effect on how much we pay. How do we know that what we’re getting is worth it? Or, alternatively, what exactly are we paying for?
The answers aren’t that simple, but we spoke to a few experts who gave us some insight into the world of the wardrobe staple.
“Fabric is the largest cost component of most wearing apparel,” Margaret Bishop, a professor at Parsons New School for Design and at The Fashion Institute of Technology, told HuffPost, adding that fiber “is the largest cost component of most fabric.”
So what exactly does that mean? Well, let’s look at cotton, one of the most common fabrics used for basic white T-shirts. Preeti Gopinath, associate professor of textiles and director of the MFA textile program at Parsons New School for Design, explained that higher grades of cotton will cost more than lower grades.
The grading, she said, is “usually based on the length of the staple, which is the length of each individual baby fiber in [the fabric]. The longer the fiber, the smoother the yarn will be. If the fiber is short, many short fibers twist together and you’ll have more joints in the yarn. The more joints, the more texture.”
Then there’s the variety and quality of cotton ― is it Sea Island cotton? Egyptian cotton? Pima cotton? That choice further affects the cost, and if elastane is added to the cotton for stretch and better recovery ability, that adds to the cost as well.
There are also branded fibers, which, you guessed it, cost more than unbranded ones (similar to generic versus brand-name pharmaceuticals). For instance, the brand name for pima cotton is Supima, and that name has a marketing cost associated with it, Bishop explained.
Processes called carding and combing also add a cost to the final product. Carding cotton is the standard process of brushing fibers before twisting them into yarn. That can be followed by combing, which gets rid of any shorts bits in the yarn and gives it a smooth finish, Gopinath explained. Combing leads to a smoother, higher-quality yarn that’s also more expensive.
On top of all that, Bishop and Gopinath noted, if cotton is 100 percent organic, it will come with a higher price tag. Something that is made of a blend of cotton and a synthetic fabric, like polyester, on the other hand, will likely be cheaper; polyester and other synthetic fabrics are cheaper fibers, Gopinath said.
It’s not necessarily true that a designer T-shirt will be made with the most expensive cotton available, but, as Bishop explained, “it’s more likely that if it’s a very low price, the quality is not going to be as good as it will be for many of the more expensive brands.”
Both the labor involved in making a T-shirt and the country in which it’s manufactured play a role in determining the cost of a product, though one much more than the other.
According to Bishop, “Many people erroneously think the labor cost makes a big difference in the cost of a T-shirt, but the labor is a very small portion of the overall cost of the garment.”
If a brand is made overseas, Gopinath expanded, the labor may add practically nothing to the final price of a T-shirt. “It’s negligible,” she said, noting that it may add “a few cents … if it’s a mass-produced T-shirt made in Bangladesh.”
“If we see how much an American is paid, even at the lowest minimum wage of $8 an hour, if you convert that into Indian or Bangladeshi rupees, no one is paid that kind of money [in India or Bangladesh],” Gopinath said. “That’s like a king’s ransom already for the person overseas. They’re paid, in our equivalency, maybe a dollar or 50 cents, not even per T-shirt, but maybe per hour or per a few hours of work.”
Again, not every single cheap T-shirt is made in India or Bangladesh, where the minimum wage is significantly lower than in the U.S., but it’s extremely common. Just take a look at any of your H&M and Forever 21 tees, and you’ll notice many of them say “Made in Bangladesh.”
The economy of scale also plays a role in figuring out the overall cost. That means if a company produces 10,000 shirts, it would be cheaper than producing only 10 shirts, Gopinath explained. So, if the same mass-produced shirt made in Bangladesh for $5 was made in the U.S. in a small batch of, say, 20, the cost of labor and the retail price would be much higher, she added.
There’s an ethical component involved, too. As we’ve learned over the years, the garment industry, especially in places like Bangladesh, doesn’t have a great track record for providing safe work environments or fair wages for employees. Yet, we still bring those $5 T-shirts up to the cash register and revel in our thriftiness.
And while we tend to associate “Made in America” with higher prices, Bishop said that doesn’t always need to be the case. She said that in some of her research, she found that people were able to produce T-shirts in the United States affordably while still making a profit.
When it comes to the country of manufacture, it affects the overall cost largely because of import duties and shipping costs, Bishop said.
“Import duty on clothing is determined by the garment style, fiber content and country of manufacture. If a T-shirt is manufactured in a country that has a free trade agreement with the United States, the import duty will be zero,” Bishop said. “That same T-shirt, manufactured in another country, could have an import duty of 20 percent or more, depending on the fiber content and country of manufacture.”
There are also shipping costs involved with sending T-shirts from other countries to the United States. Bishop said that shipping white T-shirts from China, Vietnam, Thailand or Bangladesh to the U.S. will cost more in time and money than shipping from Haiti, Mexico or Central America.
As is the case with many products in the fashion and beauty industry, you pay for the name. So, if you go to H&M knowing it’s a fast-fashion retailer, you expect to pay $10 or less for a white T-shirt. But if you buy luxury goods from brands like The Row (which sells a T-shirt for $320) or Maison Margiela (which sells a three-pack of T-shirts for $340), you’re paying for the prestige on top of the product.
“Each brand or retailer has its own overhead, its own profit margin requirements and its own brand values,” Bishop said. “Some brands prioritize delivering a good quality product to its consumers at an affordable price, others prioritize creating brand buzz and status, and sometimes use high prices as a part of doing so.”
In some cases, sure, a $100 or $200 T-shirt may warrant such a price tag. For instance, Gopinath said, if a company is using eco-friendly and sustainable processes to make T-shirts in small batches in the U.S. with a small ecological footprint, those products would definitely cost more. But at the same time, “you can get what looks like the same thing made in Bangladesh or India for $5.”
As Bishop noted, “You could have a very expensive brand that actually makes and sells low-quality product, and you could have a more affordable brand that sells very high-quality product.”
We spoke to Benjamin Sehl, co-founder of Kotn, a clothing company offering cotton basics designed in Canada and made in Egypt, who said if a consumer wants to take care of their garments and have them for a long time, “they should probably be investing in better quality pieces that are going to last and not fall apart in the wash.”
“The more people that see the value in better-quality garments, especially ones that are ethically made,” Sehl said, the more they will vote with their dollars. Then brands will be motivated to take steps toward quality goods and ethical practices.
He agreed it’s difficult for a consumer to determine whether an expensive T-shirt is better than a cheaper one, but he encouraged everyone to do a little research into their go-to brands.
According to Bishop, there are some things to look for when you want to make sure you’re getting a quality tee.
For instance, if you hold the fabric up to the light, the yarn is generally much more uniform and smooth in a high-quality fabric. You can also train your fingertips to feel the fabric. A nice quality T-shirt should feel smoother, she said.
Now that you’re armed with knowledge to assess the value of your next white T-shirt, the choices are up to you.
Musk has said that reading a variety of books — from epic works of fantasy like the “Lord of the Rings” trilogy to complex how-to books on building rockets — is crucial to his success.
We looked through Musk’s past interviews and social media history to come up with a list of 12 books the billionaire entrepreneur thinks everyone should read.
Take a look below.
“The Lord of the Rings” by J.R.R. Tolkien
Musk had a nickname when he was a shrimpy, smart-mouthed kid growing up in South Africa: Muskrat.
The New Yorker reported in 2009 that “in his loneliness, he read a lot of fantasy and science fiction.”
Those books — notably “The Lord of the Rings” by J.R.R. Tolkien — shaped Musk’s vision of his future self.
“The heroes of the books I read … always felt a duty to save the world,” he told The New Yorker.
For those who’ve already read the books and seen the movies but are still hurting for more Middle Earth, Amazon recently announced a “Lord of the Rings” TV series.
“The Hitchhiker’s Guide to the Galaxy” by Douglas Adams
In this comedic sci-fi book, a supercomputer finds the “answer” to a meaningful life: the number 42.
To Musk, who read this as a young teenager in South Africa, the book was instrumental to his thinking. He was so enamored with it, in fact, that when he launched his Tesla Roadster into space in February, he put the words “Don’t Panic!” — which graced the cover of some early editions of the book — on the car’s center screen.
When asked in a 2015 interview about his favorite spaceship from science fiction, he said, “I’d have to say that would be the one in ‘The Hitchhiker’s Guide to the Galaxy’ that’s powered by the improbability drive.”
“Benjamin Franklin: An American Life” by Walter Isaacson
Musk has repeatedly described Benjamin Franklin, one of the US’ Founding Fathers and an accomplished inventor, as one of his heroes.
Franklin was one of the first to prove that lightning is electricity in his famous kite experiment, which led to the invention of the lightning rod. He’s also credited with inventing bifocals: glasses with two distinct optical lenses.
In this biography of Franklin, “you can see how he was an entrepreneur,” Musk said in an interview with Foundation, a platform for nonprofits working on climate-change issues. “He was an entrepreneur. He started from nothing. He was just a runaway kid.”
Musk added: “Franklin’s pretty awesome.”
“Structures: Or Why Things Don’t Fall Down” by J.E. Gordon
When Musk started SpaceX, he was coming from a coding background. But he took it upon himself to learn the fundamentals of rocket science.
One of the books that helped him was “Structures: Or Why Things Don’t Fall Down,” a popular take on structural engineering by J.E. Gordon, a British material scientist.
“It is really, really good if you want a primer on structural design,” Musk said in an interview with KCRW, a southern California radio station.
Because of his interest in rocket mechanics, Musk got intimately involved with the planning and design of SpaceX’s Falcon Heavy rocket. He has served as the chief designer at SpaceX as well as CEO.
“The reason I ended up being the chief engineer or chief designer was not because I wanted to — it’s because I couldn’t hire anyone; nobody good would join,” Musk said during a talk last year about how he plans to colonize Mars.
“Ignition: An Informal History of Liquid Rocket Propellants” by John D. Clark
In Musk’s quest to learn and master complicated subjects, “Ignition” was crucial in helping him get a handle on rockets, he said.
John D. Clark was an American chemist who was active in the development of rocket fuels in the 1960s and 70s. The book is an account of the growth of the field and an explanation of how the science works.
Musk took the book’s lesson to heart when he was working on SpaceX’s Falcon Heavy rocket system. SpaceX used cryogenically cooled RP-1, a type of kerosene used in jets, and liquid oxygen to combust the fuel used to launch the rocket.
“Superintelligence: Paths, Dangers, Strategies” by Nick Bostrom
Musk has repeatedly warned against the dangers of unchecked artificial intelligence.
“We need to be super careful with AI,” he tweeted in 2014, adding that it’s “potentially more dangerous than nukes.”
In a documentary about artificial intelligence called “Do You Trust This Computer?” Musk said AI could be used to create an “immortal dictator from which we could never escape.”
He added: “We are rapidly heading towards digital superintelligence that far exceeds any human. I think it’s very obvious.”
To find out why these risks are so scary, Musk says it’s worth reading Nick Bostrom’s “Superintelligence,” which makes the daring inquiry into what would happen if computational intelligence surpassed human intelligence.
“Our Final Invention” by James Barrat
“Our Final Invention” gives still more warnings about the dangers of artificial intelligence. Musk called the book “worthy read” in a 2014 tweet.
Barrat takes a close look at the potential future of AI, weighing the advantages and disadvantages.
Barrat says on his website that the book is at least partly “about AI’s catastrophic downside, one you’ll never hear about from Google, Apple, IBM, and DARPA.”
“AI doesn’t have to be evil to destroy humanity — if AI has a goal and humanity just happens in the way, it will destroy humanity as a matter of course without even thinking about it, no hard feelings,” he said in a documentary about artificial intelligence.
The “Foundation” trilogy by Isaac Asimov
In addition to the “Lord of the Rings” books, Isaac Asimov’s “Foundation” series made up part of Musk’s early interest in science fiction and fantasy.
The books center on the fall of the fictional Galactic Empire, which consists of millions of planets settled by humans across the Milky Way galaxy.
The stories may have had a huge influence on Musk’s career trajectory. Here’s what he said about the series in a 2013 interview with The Guardian:
“The lessons of history would suggest that civilizations move in cycles. You can track that back quite far — the Babylonians, the Sumerians, followed by the Egyptians, the Romans, China.
“We’re obviously in a very upward cycle right now, and hopefully that remains the case. But it may not. There could be some series of events that cause that technology level to decline.
“Given that this is the first time in 4.5 billion years where it’s been possible for humanity to extend life beyond Earth, it seems like we’d be wise to act while the window was open and not count on the fact it will be open a long time.”
“The Moon Is a Harsh Mistress” by Robert Heinlein
This award-winning science-fiction novel, published in 1966, paints a picture of a dystopia not too far in the future. It’s exactly the kind of vivid fantasy world that would satisfy an active imagination like Musk’s.
In the book, several people have been exiled from Earth to the moon, where they have created a libertarian society.
In the year 2076, a group of rebels — including a supercomputer named Mike and a one-armed computer technician — leads the lunar colony’s revolution against its Earth-bound rulers.
In an interview at an MIT symposium in 2014, Musk said the book was Heinlein’s best work.
“Life 3.0: Being Human in the Age of Artificial Intelligence” by Max Tegmark
If you’re sensing a theme among the books on this list, it’s that Musk is really into exploring the future of artificial intelligence.
In “Life 3.0,” the MIT professor Max Tegmark writes about how to keep artificial intelligence beneficial for human life and ensure that technological progress remains aligned with humanity’s goals for the future.
It’s one of the few books Musk recommends that deal with the possibility of AI as a force for good rather than evil.
“Merchants of Doubt” by Naomi Oreskes and Erik M. Conway
“Merchants of Doubt” — now also a documentary — was written by two historians of science.
They make the case that scientists with political and industry connections have obscured the facts surrounding a series of public-health issues, including tobacco, pesticide use, and holes in the ozone layer.
Musk recommended the book at a conference in 2013 and later pointed to the book’s key takeaway in a tweet, saying that the same forces that denied that smoking caused cancer were denying the danger of climate change.
‘Einstein: His Life and Universe’ by Walter Isaacson
Musk is a big fan of Walter Isaacson’s biographies.
In a 2012 interview, Musk recommended Isaacson’s biography of Albert Einstein, a man who left a profound mark on science and human history.
The book is based on Einstein’s personal letters and explores how he went from a young, frustrated patent officer to a Nobel Prize winner.
It’s a story that likely inspired Musk.
Read next on Business Insider: This seasoned NASA astronaut wore SpaceX and Boeing’s new spacesuits — here’s what she thinks of them
(CNN)The newly announced preliminary trade deal with Mexico is a welcome breakthrough in the Trump administration’s trade strategy. It should benefit workers and consumers in both countries and should provide needed stability to the Mexican economy.
The decision by Saudi Arabia to halt new investments and unload assets in Canada is likely to have limited impact.
Saudi assets in Canada are confined mainly to stakes in upscale hotel operators, some small stock holdings in companies like Canadian National Railway Co., and grain facilities.
Most investments have been made by Saudi billionaire Prince Alwaleed Bin Talal through his Kingdom Holding Co., a Riyadh-based conglomerate with investments in hotels, real estate and equities. The company’s international hotel unit joined Bill Gates’s Cascade Investment and Canadian Isadore Sharp in a 2007 buyout of management company Four Seasons Hotels Inc., taking a 47.5 percent stake.
“The matter does not affect the day-to-day operations of Four Seasons,” spokeswoman Sarah Tuite said in an email. “It is business as usual as we continue to welcome guests to our hotels and resorts worldwide.”
Alwaleed’s influence in the kingdom has diminished after his arrest last year in an anti-corruption sweep by Crown Prince Mohammed bin Salman, who is seen to be sending a message to critics of his leadership with this latest reaction against Canada.
G3 Global Grain Group, a joint venture between state-owned Saudi Agriculture & Livestock Investment Co. and U.S. agri-food company Bunge Ltd., bought a 50.1 percent stake in the Canadian Wheat Board for C$250 million ($192 million) in 2015. SALIC boosted its stake to 75 percent a year later. The partnership also holds an interest in a grain export terminal being built near Vancouver. On Tuesday, officials of the Winnipeg, Manitoba-based G3 said the company continues to buy and sell grain as usual. Officials didn’t immediately return requests for comment on Wednesday.
Last year, Toronto-based technology startup QD Solar Inc. received funding from a group that included Saudi’s King Abdullah University of Science and Technology and Netherlands-based venture capital firm DSM Venturing.
Saudi lender National Commercial Bank has an asset manager that held investments in 41 Canadian companies including Suncor Energy Inc., Canadian Natural Resources Ltd. and Canadian Pacific Railway Ltd. in its AlAhli North America Index Fund, according to May 2017 filings. CN Rail, at $473,500, was the largest Canadian investment of the fund’s $148.2 million portfolio.
Two-way trade between the two countries is tiny — around 0.4 percent of Canada’s total trade in 2017. Canada exported C$1.37 billion worth of goods to Saudi Arabia last year, mostly tanks and other armored fighting vehicles and their parts, according to Statistics Canada. The country imported C$2.63 billion in goods from Saudi Arabia over that period, mostly crude imported to the Irving Oil Ltd. refinery in Saint John, New Brunswick.
Export Development Canada, the country’s trade financing agency said it has exposure of about C$2 billion to Saudi Arabia, and about 250 customers operating in the kingdom.
“Canada stands up firmly and respectfully for human rights,” Canadian Prime Minister Justin Trudeau told reporters Wednesday in Montreal, sidestepping questions on the impact of the Saudi moves. He also declined to say whether Canada would apologize for its statements about the women’s activists.
The tanks and armored vehicles are manufactured by General Dynamics Land Systems Canada, based in London, Ontario, a unit of U.S. defense giant General Dynamics Corp., under a C$15 billion contract with Saudi Arabia signed by the Canadian government in 2014.
Saudi’s move had a brief impact on the Canadian dollar, with the loonie depreciating as much as 0.5 percent to C$1.3120 per U.S. dollar after the Financial Times reported the Saudi Arabia central bank and state pension funds instructed overseas asset managers to dispose of Canadian assets starting Tuesday.
Canada’s currency later reversed those losses to trade 0.3 percent higher at 4:29 p.m. in Toronto. The S&P/TSX Composite Index closed 0.2 percent higher at 16,315.08. Yields on 10-year government bonds fell 1 basis point to 2.36 percent.
Saudi holdings of Canadian dollar reserves are between C$10 billion and C$25 billion, with the upper end of that estimate representing 10 percent of daily Canadian dollar trading volume, according to estimates from the Canadian Imperial Bank of Commerce.
Canadian direct investors in Saudi Arabia, meanwhile, include Barrick Gold Corp., the world’s second-biggest producer, and SNC-Lavalin Group Inc., Canada’s biggest engineering and construction company.
SNC, which has been operating in the kingdom for five decades, said late Wednesday it’s not yet been able to “fully assess” the impact of the tensions with Saudi Arabia on its business. SNC had revenue of about C$993 million in the country last year, representing about 11 percent of total sales.
“If a widespread commercial embargo on Canadian commercial interests in the Kingdom of Saudi Arabia were to be implemented on a prolonged basis, there will be an impact on our future financial performance,” SNC said in a statement.
As for Barrick, the Toronto-based miner said it doesn’t expect its copper mine in Saudi Arabia to be affected by the escalating tensions with Canada.