SoftBank Corp shares drop 14% on their first day of trading, but it’s still one of the largest IPOs ever – TechCrunch

SoftBank Corp’s initial public offering today started with a bang before trailing off into a whimper, with the stock falling 14.5 percent during its first day of trading on the Tokyo Stock Exchange.

The company is the mobile unit of conglomerate SoftBank Group, whose holdings also include Sprint and the $100 billion Vision Fund.

Shares of SoftBank Corp opened at 1,463 yen, below the 1,500 yen the company had set for its IPO price (instead of a range), and closed at 1,282 yen. It offered 160 million shares, or about a third of the total held by parent company SoftBank Group. Despite a bumpy first day of trading, SoftBank Corp raised a total of 2.65 trillion yen (about $23.5 billion), making it Japan’s largest ever IPO and placing it just behind Alibaba’s record-setting $25 billion debut on the New York Stock Exchange in 2014 (SoftBank Group is one of Alibaba’s largest shareholders).

According to Bloomberg, 90 percent of the investors who bought SoftBank Corp shares at the 1,500 opening price were individuals, who the company had targeted in an unusual marketing campaign.

Factors that may have dampened investor enthusiasm about include a network outage earlier this month triggered by a shutdown of Ericsson equipment due to expired software certificates (O2 customers in Great Britain were also affected).

The outage underscored other concerns about SoftBank Corp’s telecommunications infrastructure. According to a Nikkei report published last week, the company has decided to stop using hardware from Huawei Technologies due to security concerns and replace them over the next several years with equipment by Ericsson and Nokia.

While the company says the hardware swap isn’t expected to cost a lot of money, it will also need to deal with more competition next year. SoftBank Corp’s rivals are currently NTT DoCoMo and KDDI, but Rakuten will launch cellular service in October 2019, making it Japan’s fourth mobile network operator.

Furthermore, SoftBank Group also carries massive debt that totaled 18 trillion yen (about $160 billion) as of the end of September, more than six times the amount it earns on an operating basis. This means the Vision Fund is especially reliant on Saudi Arabia’s sovereign fund, which contributed $48 billion, making it the fund’s largest investor.

Saudi Arabia’s sovereign fund, called the Public Investment Fund, is run by Saudi Crown Prince Mohammed bin Salman, who has been implicated by Turkish officials and the United State’s Central Intelligence Agency in the planning of journalist Jamal Khashoggi’s murder. Crown Prince bin Salman has denied involvement in the killing, but the situation still calls into question the future of Saudi Arabia’s involvement with SoftBank, especially since Crown Prince bin Salman said in October that Saudi Arabia plans to invest another $45 billion in the second Vision Fund.

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Elon Musk’s first tunnel is finished. Here’s what it’s like to ride in it – CNN

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Ironically, this driving enthusiast runs a company that wants to automate driving.”,”descriptionText”:”CNN Business takes a ride with Waymo CEO John Krafcik in one of his sports cars. Ironically, this driving enthusiast runs a company that wants to automate driving.”},{“title”:”The rise and fall and rise again of Segway”,”duration”:”04:47″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/25/what-happened-to-segway-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/25/what-happened-to-segway-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181024192031-20181024-segway-redemption-pt-scooter-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/25/what-happened-to-segway-orig.cnn-business/video/playlists/business-tech/”,”description”:”Back in 2001, Segway had big goals to change the world. That didn’t happen. But almost two decades later, Segway may still change how we move.”,”descriptionText”:”Back in 2001, Segway had big goals to change the world. That didn’t happen. But almost two decades later, Segway may still change how we move.”},{“title”:”See the new, faster iPad Pro”,”duration”:”01:54″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/30/ipad-unveil-oct-2018.cnn-business/index.xml”,”videoId”:”business/2018/10/30/ipad-unveil-oct-2018.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181030114102-20181030-apple-ipad-pro-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/30/ipad-unveil-oct-2018.cnn-business/video/playlists/business-tech/”,”description”:”Apple unveiled its new iPad, which is two times faster than the previous model, has an edge-to-edge screen, and holds up to 1 TB of storage.”,”descriptionText”:”Apple unveiled its new iPad, which is two times faster than the previous model, has an edge-to-edge screen, and holds up to 1 TB of storage.”},{“title”:”Everything you need to know about the iPhone XR”,”duration”:”02:03″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/23/iphone-xr-review-zw-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/23/iphone-xr-review-zw-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181022171517-01-iphone-xr-review-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/23/iphone-xr-review-zw-orig.cnn-business/video/playlists/business-tech/”,”description”:”Apple just released the iPhone XR. CNN’s Samantha Kelly breaks down what makes the iPhone XR different from the more expensive iPhone XS and XS Max.”,”descriptionText”:”Apple just released the iPhone XR. CNN’s Samantha Kelly breaks down what makes the iPhone XR different from the more expensive iPhone XS and XS Max.”},{“title”:”New smart glasses help the deaf experience live theater”,”duration”:”02:55″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/24/smart-glasses-lon-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/24/smart-glasses-lon-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181024100534-smart-glasses-1-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/24/smart-glasses-lon-orig.cnn-business/video/playlists/business-tech/”,”description”:”These smart glasses display captions so an audience member can read them and watch a performance at the same time. Samuel Burke goes to the National Theatre to try them out.”,”descriptionText”:”These smart glasses display captions so an audience member can read them and watch a performance at the same time. Samuel Burke goes to the National Theatre to try them out.”},{“title”:”This glove lets you ‘feel’ objects that aren’t there”,”duration”:”01:47″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/19/vr-glove-mc-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/19/vr-glove-mc-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181019161741-vr-glove-2-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/19/vr-glove-mc-orig.cnn-business/video/playlists/business-tech/”,”description”:”Scientists at EPFL and ETH Zurich have made a lightweight glove that simulates holding real objects in virtual reality. “,”descriptionText”:”Scientists at EPFL and ETH Zurich have made a lightweight glove that simulates holding real objects in virtual reality. “},{“title”:”Meet Magic Leap’s almost-human AI assistant”,”duration”:”01:16″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/18/magic-leap-mica-avatar-kw-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/18/magic-leap-mica-avatar-kw-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181012110007-02-magic-leap-ai-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/18/magic-leap-mica-avatar-kw-orig.cnn-business/video/playlists/business-tech/”,”description”:”Augmented-reality startup Magic Leap has unveiled Mica, its highly realistic AI assistant.”,”descriptionText”:”Augmented-reality startup Magic Leap has unveiled Mica, its highly realistic AI assistant.”},{“title”:”How a Chinese smartphone got huge in Africa”,”duration”:”01:36″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/10/tecno-phones-africa.cnn-business/index.xml”,”videoId”:”business/2018/10/10/tecno-phones-africa.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181009140433-100918-center-piece-tecno-1-gfx-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/10/tecno-phones-africa.cnn-business/video/playlists/business-tech/”,”description”:”The Chinese company Transsion makes smartphones called Tecnos. But it’s never sold a phone in China. This is how an unheard-of company beat out the biggest names in mobile to dominate the African smartphone market.”,”descriptionText”:”The Chinese company Transsion makes smartphones called Tecnos. But it’s never sold a phone in China. This is how an unheard-of company beat out the biggest names in mobile to dominate the African smartphone market.”},{“title”:”How Instagram can make or break a restaurant”,”duration”:”03:07″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/02/instagram-restaurants-and-food.cnn-business/index.xml”,”videoId”:”business/2018/10/02/instagram-restaurants-and-food.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/181009172627-01-instagram-restaurants-and-food-100918-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/02/instagram-restaurants-and-food.cnn-business/video/playlists/business-tech/”,”description”:”One viral menu item can make a restaurant famous on Instagram — and massively boost business. Here’s how the app is changing the way we eat out.”,”descriptionText”:”One viral menu item can make a restaurant famous on Instagram — and massively boost business. Here’s how the app is changing the way we eat out.”},{“title”:”Snapchat bets on new shows to win users back”,”duration”:”02:26″,”sourceName”:”CNN Business”,”sourceLink”:”http://www.cnn.com/business”,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/09/snapchat-original-shows-interview-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/09/snapchat-original-shows-interview-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180910084256-snap-inc-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/09/snapchat-original-shows-interview-orig.cnn-business/video/playlists/business-tech/”,”description”:”Snap VP of Content Nick Bell talks to CNN’s Samuel Burke about the new collection of original programming coming exclusively to Snapchat.”,”descriptionText”:”Snap VP of Content Nick Bell talks to CNN’s Samuel Burke about the new collection of original programming coming exclusively to Snapchat.”},{“title”:”Here’s why 5G is the future”,”duration”:”01:38″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/03/5g-explained-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/03/5g-explained-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180607163106-5g-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/03/5g-explained-orig.cnn-business/video/playlists/business-tech/”,”description”:”What is 5G? It’s a wireless network technology that will change everything from how you use your phone to how self-driving cars navigate. Welcome to the super-charged world of 5G.”,”descriptionText”:”What is 5G? It’s a wireless network technology that will change everything from how you use your phone to how self-driving cars navigate. Welcome to the super-charged world of 5G.”},{“title”:”This Instagram star isn’t what she seems”,”duration”:”04:41″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/10/01/lil-miquela-cgi-instagram-influencer-brand-partnerships-orig.cnn-business/index.xml”,”videoId”:”business/2018/10/01/lil-miquela-cgi-instagram-influencer-brand-partnerships-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180625090918-cnnmoney-lil-miguela-main-large-169.jpg”,”videoUrl”:”/videos/business/2018/10/01/lil-miquela-cgi-instagram-influencer-brand-partnerships-orig.cnn-business/video/playlists/business-tech/”,”description”:”Lil Miquela is an Instagram influencer whose posts have earned her more than one million followers. But Miquela’s not like any other influencer, because she isn’t real. That hasn’t stopped advertisers from taking notice.”,”descriptionText”:”Lil Miquela is an Instagram influencer whose posts have earned her more than one million followers. But Miquela’s not like any other influencer, because she isn’t real. That hasn’t stopped advertisers from taking notice.”},{“title”:”What is blockchain?”,”duration”:”02:08″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business/index.xml”,”videoId”:”business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180925120122-blockchain-dominos-thumbnail-large-169.jpg”,”videoUrl”:”/videos/business/2018/09/25/blockchain-dominos-digital-ledger-cryptocurrency-explainer-cnn-business-orig.cnn-business/video/playlists/business-tech/”,”description”:”While some people are rushing to invest in cryptocurrencies like bitcoin and ethereum, other experts believe that the real value lies in the underlying technology, known as blockchain. CNN’s Ramy Zabarah explains how it works.”,”descriptionText”:”While some people are rushing to invest in cryptocurrencies like bitcoin and ethereum, other experts believe that the real value lies in the underlying technology, known as blockchain. CNN’s Ramy Zabarah explains how it works.”},{“title”:”What you need to know about Tencent”,”duration”:”01:51″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2018/09/24/tencent-what-you-need-to-know-orig.cnn-business/index.xml”,”videoId”:”business/2018/09/24/tencent-what-you-need-to-know-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/180924163247-pony-ma-tencent-business-thumbnail-large-169.jpg”,”videoUrl”:”/videos/business/2018/09/24/tencent-what-you-need-to-know-orig.cnn-business/video/playlists/business-tech/”,”description”:”CNN’s Samuel Burke explains how Tencent is a bit like Facebook, Instagram, WhatsApp, Spotify and Snapchat all rolled into one.”,”descriptionText”:”CNN’s Samuel Burke explains how Tencent is a bit like Facebook, Instagram, WhatsApp, Spotify and Snapchat all rolled into one.”}],’js-video_headline-featured-18kuf79′,”,”js-video_source-featured-18kuf79″,true,true,’business-tech’);if (typeof configObj.context !== ‘string’ || configObj.context.length

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Facebook allowed Netflix and Spotify to read the private messages of its users. – The New Republic

On Friday, The Weekly Standard was shuttered by its owners Clarity Media Group, bringing to an end the magazine’s 23-year run as America’s leading neoconservative publication. The news of the journal’s demise raised some pressing questions: Was the closure politically motivated, with a Republican media company wanting to silence a magazine notorious for criticizing the president? Or was this, as some reports indicate, more of a business move, with Clarity planning on harvesting the Standard’s mailing list for its planned launch of a Washington Examiner national magazine?

President Donald Trump, for one, greeted the news with undisguised delight:

Some who don’t share Trump’s politics echoed his dismissal of The Weekly Standard. Harvard international affairs scholar Stephen Walt pointed out the magazine’s disastrous advocacy of the Iraq war: 

Journalist Glenn Greenwald, mocking a column by former Weekly Standard writer David Brooks, echoed Walt’s argument:

The column Greenwald criticized was an unusually angry one from the normally complacent and placid Brooks. The New York Times columnist claimed that, “this is what happens when corporate drones take over an opinion magazine, try to drag it down to their level and then grow angry and resentful when the people at the magazine try to maintain some sense of intellectual standards. This is what happens when people with a populist mind-set decide that an uneducated opinion is of the same value as an educated opinion, that ignorance sells better than learning.”

Brooks’s critique of corporate culture was unexpected, since the conservative columnist is normally loath to criticize capitalism except in the vaguest terms. Brooks described Phil Anschutz, the owner of Clarity, as a “run-of-the-mill arrogant billionaire.” Brooks also added that, “Anschutz, being a professing Christian, decided to close the magazine at the height of the Christmas season, and so cause maximum pain to his former employees and their families.” 

The most balanced assessment of The Weekly Standard’s end came from Franklin Foer, writing in The Atlantic. Foer had personal reasons to resent the Standard, since he had been the victim at the hands of The Weekly Standard of what he calls “a bad-faith effort to discredit stories about the war I had published as the editor of The New Republic.” 

Still, Foer was able to put his memory of these attacks aside and praise the Standard for publishing, in addition to much neoconservative agitprop, much graceful, well-reported journalism.

“But it’s worth pausing to consider why a magazine like the Standard can be pleasurable and important, even to those who find its goals and methods noxious,” Foer notes.  “In part, it’s the spectacle of watching lively minds on an expedition. The Standard would go off on quixotic missions, and not all of them in the desert of Iraq. Kristol promoted Colin Powell as a presidential candidate in 1996; then he cheered on John McCain’s challenge to George W. Bush in 2000. The magazine enjoyed making mischief and enemies, which made its pages highly readable.”

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Couples rush to divorce by year-end — to save on taxes – CBS News

‘Tis the season to get divorced. Attorneys are working overtime to help sparring spouses untie the knot before the new year, when the Tax Cuts and Jobs Act will change the way payments between ex-partners are taxed.

Divorce lawyers around the U.S. say they’ve seen up to four-fold increases in their workloads, while courts are also staying open longer to accommodate the flurry of couples scrambling to make their divorces official so they can benefit from allowances under previous tax rules.

In a memo obtained by CBS MoneyWatch, Florida Judge Tarlika Navarro recently cited the “changing tax laws” in saying she would make herself available for hearings over the Christmas holiday — that includes court extra sessions Dec. 27 and Dec. 28, when the court is normally closed. 

Lynne Strober, co-chair of the matrimonial and family law practice group at Mandelbaum Salsburg in Roseland, New Jersey, said she is working “crazy hours” to complete divorce settlements by year-end.

“Everyday I am working on getting a different case resolved,” she told CBS MoneyWatch. 

Why the rush to split?

Under current law, the person on the hook for alimony in a divorce — typically the higher-earning spouse — can deduct payments from their income, and it is the lower-earning ex who is taxed on that sum.

The Tax Cuts and Jobs Act, signed into law by President Trump in late 2017, shifts the tax burden from the alimony recipient to the person writing the check. That could mean more revenue for the federal government given that the payer is usually in a higher tax bracket.

In changing the tax law, the House Ways and Means Committee called the current treatment of alimony a “divorce subsidy,” arguing that “a divorced couple can often achieve a better tax result for payments between them than a married couple can.”

Keeping an eye on finances during a divorce

Dueling spouses have often separated and filed for divorces in January, after family holiday obligations are endured, but the looming tax deadline also gives couples incentive to finalize a split quickly. Steven J. Mandel, a family law attorney based in New York City, said he saw a big uptick in couples filing for divorce in June and July.

In most cases, he noted, his clients were already planning — or at least considering — a divorce. “I’ve never heard a couple say, ‘Let’s get divorced to save some money on our taxes,’ ” he said.

Divorcing couples hoping to beat the clock are now at the mercy of the court system — which has a backlog of cases waiting to be heard. “We have been calling up the clerk and court personnel to see if there is anyway we can get our clients’ cases expedited,” Mandel said.

Glenn A. Grant, acting administrative director of the New Jersey Courts, this month notified the state bar of the changes in the tax law related to alimony, urging attorneys to schedule uncontested hearings immediately.

“The Judiciary anticipates a higher than usual number of individuals seeking to obtain a final judgment of divorce prior to the end of the year,” the notice read. “The Judiciary will endeavor to accommodate attorneys’ requests to resolve these uncontested matters as expeditiously as possible,” it continued.

Winners and losers in 2019 and beyond

Some professionals say that alimony recipients — who are overwhelmingly women — will benefit from the new law by avoiding taxes.

“One could argue that the new tax law, by getting rid of the deduction, hurts the higher-earning ex-spouse and it helps the lower-earning ex-spouse. That’s what should be the answer, but in reality it’s not nearly that clear,” said Dan Caplinger an analyst with the financial website Motley Fool.

Start preparing your tax return now to maximize your return

Others say it is alimony recipients who will be worse off when the new law kicks in. That’s because under existing law an attorney for the payee could argue that a former spouse should offer higher monthly payment given the accompanying tax deduction. But that legal rationale will disappear beginning in January.

“In some cases, that was a compelling argument, and advocates are concerned that by losing the deduction the lower-earning spouse loses leverage to negotiate payments,” Caplinger said.

The tax deduction certainly makes paying alimony more palatable, according to Source Financial Advisors CEO Michelle Smith. 

“It makes you think, ‘OK, at least if I earn $2 million and lose $300,000 in alimony I get to deduct it, which brings my adjusted gross income to $1.7 million,’ ” she said, adding that “Male wage earners are definitely pressing for signing [their divorce settlement] by December 31.”

Families penalized post-divorce

If the government’s coffers could swell as a result of the tax law’s new treatment of divorces, another party could suffer — families, as alimony payers are forced to cough up more in taxes.

“You are still a family after a divorce, and the family loses money that could be used if kids need something extra,” she said. “It’s a significant amount of money, and if a divorce is well along to settling anyway, it’s a good idea to hurry up and get divorced now.”

Peter M. Walzer, president of the American Academy of Matrimonial Lawyers, estimates a 20 percent increase in divorce filings this year compared to 2017. But the new law will likely have a negligible effect on divorce rates in the future.

“The research indicates that tax policy does influence decisions about getting married and staying married, but this influence is modest,” said Brad Wilcox, director of the National Marriage Project and sociology professor at the University of Virginia.

“Changes in tax-related alimony deductions are not likely to have a huge impact on either the timing or likelihood of divorce for married couples in America.”

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Mega Millions winning numbers tonight: 13, 16, 22, 32, 69 and Mega Ball 9 for $284 million lottery jackpot – CBS News

New York — Get your tickets out, you could be the next Mega Millions winner if you matched all six numbers. Tuesday’s jackpot is an estimated $284 million. The estimated cash value is $167 million.

You must match all five white balls and the yellow Mega Ball to claim total victory.

Mega Millions winning numbers

  • 13, 22, 32, 60, 69 and Mega Ball 9
  • Megaplier 3x

Taking the jackpot’s cash value is an option favored by most winners. Otherwise, the jackpot is doled out over 29 years. If nobody matches Tuesday’s numbers, the next Mega Millions drawing will be Friday night.

A person in South Carolina won a record $1.5 billion jackpot this fall. It was sold in Simpsonville, South Carolina, in the northwest part of the state. The drawing took place Oct. 23, and state lottery officials said the winner has not yet stepped forward.

Mega Millions $1.6 billion jackpot spurs crowds to travel for tickets

Mega Millions tickets are $2 and are sold in 44 states, Washington, D.C., and the U.S. Virgin Islands. Powerball will hold its drawing Wednesday night for a jackpot estimated at $262 million or an estimated cash value of $155.5 million.

Odds of winning

The odds of winning a jackpot remain abysmal at 1 in 302.5 million for Mega Millions and 1 in 292.2 million for Powerball.

Who buys lotto tickets?

About two-thirds of Americans gamble. Last year, they spent $72.97 billion on traditional lottery tickets, according to Gallup.

On average, that’s $206.69 per person. “Our obsession with lotteries, with gambling, is that unicorn feeling of, like, ‘maybe it’ll be me,'” CBS News business analyst Jill Schlesinger said. She points out that some people don’t necessarily play to win.

“They just want to take a moment out of their day to consider how to dream big,” Schlesinger said.

The average American spends about $223 per year on lottery tickets, according to a survey from LENDedu. Massachusetts residents have the biggest taste for playing the odds, spending almost $763 per year on lottery tickets, the study found. North Dakotans are on the opposite end of the spectrum, spending about $44 per year on the lottery, or the lowest average figure among residents of all 50 states.

Mega Millions winning ticket sold in South Carolina

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Kroger rolls out driverless cars to deliver groceries – MarketWatch

The nation’s largest grocery chain stepped into the driverless delivery market Tuesday, bringing milk, eggs and other items to a customer’s home in a vehicle with nobody at the wheel.

Although limited to delivering within about a mile of one Arizona supermarket owned by Kroger Co.

KR, -1.28%

 , it represents the latest step for industries trying to lower delivery costs of everyday items and those trying to launch self-driving cars on public roads.

Tuesday’s delivery arrived at Shannon Baggett’s house in the Phoenix suburb of Scottsdale. She was already receiving groceries weekly from larger, manned self-driving vehicles that the company Nuro developed and launched in August. She said it was surreal to see nobody in the car bringing her milk, eggs and strawberries.

“It was very cool to see it pull up. It was a lot smaller than I thought it would be,” Baggett said. “I told my husband, ‘We just got our groceries delivered by a robot.’”

But Tuesday’s launch also highlighted some of the many challenges still ahead for autonomous vehicles: One of the compact cars didn’t drive as planned at a media demonstration because of a dead battery and had to be pushed up a ramp and onto a truck by several men.

Kroger and Nuro, which is based in Mountain View, California, announced Tuesday that they would deliver groceries in the Scottsdale area, using an autonomous vehicle called the R1, which has no steering wheel and no seats for people.

Nuro will be adding two of its completely unmanned R1 vehicles to its fleet of manned self-driving vehicles that deliver groceries, said Dave Ferguson, president and co-founder of Nuro.

When summoned, the R1 will travel within a 1-mile radius of the Fry’s Food store just east of the Phoenix Zoo at speeds up to 25 miles per hour on residential roads but stay clear of main roads or highways, according to Pam Giannonatti, corporate affairs manager at Cincinnati-based Kroger’s Fry’s division.

Customers place an order on their smartphone or laptop and get a text message when the groceries are on their way. Another message will alert them when the delivery is curbside. Once the vehicle arrives, the customer will receive a code to punch in to open the doors, Giannonatti said.

Customers will pay a flat fee of $5.95 and can request same-day or next-day delivery.

The unmanned delivery vehicles will be followed by a “shadow car,” driven by a person with the ability to stop or control it. This car is being used in the early stages of the program out of caution and will be phased out, Ferguson said.

“This is not yet at the point where in any way it’s economically better than just sending someone out in a car to deliver your groceries,” said Bryant Walker Smith, a professor at the University of South Carolina, who teaches about emerging technologies. “It will probably cost much more, and the range is minimal, and there are lots of ways it would not be a true, commercial-scale, viable deployment, but it’s an important step on that path.”

Technological hurdles and apprehension have limited attempts to deploy fully autonomous vehicles on public streets.

Uber pulled its self-driving cars out of Arizona this year after one of the ride-hailing service’s robotic vehicles hit and killed a woman as she crossed a darkened street in a Phoenix suburb in March. It was the first death involving a fully autonomous vehicle. A backup driver was at the wheel.

Read: Uber wins approval to resume self-driving car tests in Pittsburgh

Waymo, a self-driving car spinoff Alphabet Inc.’s

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 Google, has been offering free rides in robotic vehicles with no backup driver as part of a test program in the Phoenix area for the past year. Earlier this month, Waymo launched a ride-hailing service available to about 200 people that will have a person behind the wheel in case something goes awry.

Giannonatti of Kroger said safety is paramount in this next step of autonomous vehicle technology.

Because Nuro’s R1 delivery vehicle is unmanned, it was designed to prioritize safety of other drivers and pedestrians without trading off the safety or comfort of a driver or passengers, Ferguson said.

The vehicle’s size — half the width of a Toyota Corolla — also helps prevent collisions with pedestrians because there’s more buffer room, he said.

Kroger has been working to boost online sales to keep up with Walmart

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  and Amazon

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 , which bought grocer Whole Foods last year.

Tuesday’s announcement puts Kroger ahead of Walmart and Amazon in self-driving deliveries, says Jon Reily, vice president of commerce strategy at Publicis.Sapient.

“But ultimately,” he says, “there are so many challenges with autonomous vehicles” to make it a reality nationwide.

Among them: state laws and weather. Arizona’s laws have been friendlier to self-driving vehicles, and the weather in Scottsdale is more predictable than in other parts of the country.

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CBS Has Been Paying Les Moonves’ Legal Fees – Deadline

CBS’ board fired Les Moonves on Monday, seemingly puncturing a hole in his $120 million golden parachute.

But a little-noticed clause in Moonves’ employment contract indicates that CBS has been picking up its former chief executive’s legal bills since he left the company in September.

That would appear to incentivize Moonves to challenge the board’s decision in a confidential arbitration proceeding — though the executive said in an interview Tuesday that he has yet to decide whether to pursue this course of action.

The New York Times first reported the details of the indemnification clause, which covers Moonves’ expenses — including attorneys fees. Details of the separation agreement were filed on Sept. 10 with the Securities and Exchange Commission, and independently confirmed by a source.

Moonves’ lawyer seemed to signal that his client is spoiling for a fight, saying the long-time television executive’s name, reputation and legacy have been damaged by a series of explosive press reports, including several detailing the findings of CBS’ internal investigation.

“Mr. Moonves vehemently denies any non-consensual sexual relations and cooperated extensively and fully with investigators,” said attorney Andrew Levander, who is a seasoned litigator.

The Times’ notes that CBS could stop paying Moonves’ legal bills, since the former executive was fired for cause. But that approach rarely prevails in court, the publication notes. He could sue to collect the fess, and the media company would end up picking up the bill for the lawsuit, too.

A CBS spokesperson declined comment and Levander did not respond to Deadline’s inquiry.

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