Wednesday, January 4, 2017

The fascinating life of Google founder and Alphabet CEO Larry Page

The fascinating life of Google founder and Alphabet CEO Larry Page

Larry PageAndrew Kelly/Reuters
Larry Page is one of the most powerful people in the world.
The quirky, soft-spoken computer scientist cofounded Google and now runs its parent company, Alphabet. 
So how did he get to where he is today? Here's his story.
Jillian D'Onfro contributed to an earlier version of this story. 

View As: One Page Slides


Gloria and Carl Page had their second son, Lawrence, on March 26, 1973. They both taught computer science at Michigan State University and filled their home with computers and tech magazines that enthralled a young Larry.

They enrolled him in a Montessori school. Such programs are known to foster independence and creativity, and Page now credits "that training of not following rules and orders, and being self-motivated and questioning what's going on in the world" as influencing his later attitudes and work.

They enrolled him in a Montessori school. Such programs are known to foster independence and creativity, and Page now credits "that training of not following rules and orders, and being self-motivated and questioning what's going on in the world" as influencing his later attitudes and work.
Interestingly, Google cofounder Sergey Brin attended a Montessori school as well, as did Amazon CEO Jeff Bezos.AP
Source: YouTube

At 12, Page read a biography about the brilliant inventor Nikola Tesla, who died in debt and obscurity. The ending made him cry, and inspired Page to not only want to build world-changing technologies, but to have the business sense to know how to spread them. "I figured that inventing things wasn't any good," he has said. "You really had to get them out into the world and have people use them to have any effect."

At 12, Page read a biography about the brilliant inventor Nikola Tesla, who died in debt and obscurity. The ending made him cry, and inspired Page to not only want to build world-changing technologies, but to have the business sense to know how to spread them. "I figured that inventing things wasn't any good," he has said. "You really had to get them out into the world and have people use them to have any effect."
Nikola Tesla.Wikimedia Commons

Besides tinkering with electronics, Page also played saxophone growing up, and he once told Fortune that his musical training in part led "to the high-speed legacy of Google." (Apparently he's also been trying to pick up percussion, as of late.)

Besides tinkering with electronics, Page also played saxophone growing up, and he once told Fortune that his musical training in part led "to the high-speed legacy of Google." (Apparently he's also been trying to pick up percussion, as of late.)
Business Insider
Source: Fortune 

During his time as an undergrad at University of Michigan, Page started mulling the future of transportation, something he's still interested in today. He joined the school's solar-car team (pictured below) and suggested that Michigan build a monorail-like "personal rapid-transit system" between its campuses.

After graduation, Page headed west to Stanford for his Ph.D. There he met Sergey Brin in 1995. The two became close friends, geeking out about computer science.

After graduation, Page headed west to Stanford for his Ph.D. There he met Sergey Brin in 1995. The two became close friends, geeking out about computer science.
AP
After Page suddenly woke up from a dream at 23 wondering if he could "download the whole web," he started working on an idea to rank webpages by their inbound links, instead of how many times they contained a queried word. He enlisted Brin's help and they started collaborating on a search engine they initially called BackRub.

They registered the domain Google.com in September 1997, with the mission to organize the world's information.

They registered the domain Google.com in September 1997, with the mission to organize the world's information.
AP

Both Page and Brin are "burners." The very next year they created the first Google Doodle ever to let people know they weren't around to do damage control if the site broke because they had retreated to the Nevada desert for the free-wheeling art festival Burning Man.

Both Page and Brin are "burners." The very next year they created the first Google Doodle ever to let people know they weren't around to do damage control if the site broke because they had retreated to the Nevada desert for the free-wheeling art festival Burning Man.
Google

Page has admitted that he's better at big-picture ideas than management, in part because he doesn't enjoy dealing with people. As a leader, he focuses on results and has an affinity for uber-ambitious ideas.

Business Insider's Nich Carlson reports that when Page was first CEO, he wrote down the following management rules that guided him:
- Don't delegate: Do everything you can yourself to make things go faster.
- Don't get in the way if you're not adding value. Let the people actually doing the work talk to each other while you go do something else.
- Don't be a bureaucrat.
- Ideas are more important than age. Just because someone is junior doesn't mean they don't deserve respect and cooperation.
- The worst thing you can do is stop someone from doing something by saying, “No. Period.” If you say no, you have to help them find a better way to get it done.

Omid Kordestani, Google's business founder and a confidante of Page, describes him as "curious, idealistic" and "focused on changing the world and having impact through technology." He doesn't shy away from huge goals, like mapping the entire planet or digitizing every book ever published.

Omid Kordestani, Google's business founder and a confidante of Page, describes him as "curious, idealistic" and "focused on changing the world and having impact through technology." He doesn't shy away from huge goals, like mapping the entire planet or digitizing every book ever published.
Reuters

Page ran Google as CEO until 2001, when Eric Schmidt was brought in to lead the company as its "adult supervision." Both Brin and Page were wary of all the CEO candidates, but when they learned Schmidt was originally a programmer and a burner, too, they felt that at least he'd be a "cultural fit" at the company.

Page ran Google as CEO until 2001, when Eric Schmidt was brought in to lead the company as its "adult supervision." Both Brin and Page were wary of all the CEO candidates, but when they learned Schmidt was originally a programmer and a burner, too, they felt that at least he'd be a "cultural fit" at the company.
Mario Anzuoni/Reuters
Source: Fast Company

Page wasn't happy about having to relinquish his CEO spot at first, but gradually became comfortable being less involved in the day-to-day management of the company.

Page wasn't happy about having to relinquish his CEO spot at first, but gradually became comfortable being less involved in the day-to-day management of the company.
Getty Images Europe
Source: Business Insider 

In 2007, he actually felt like he was still spending too much time in meetings, so he got rid of his assistants so that anyone who wanted to talk to him had to physically track him down.

In 2007, he actually felt like he was still spending too much time in meetings, so he got rid of his assistants so that anyone who wanted to talk to him had to physically track him down.
Justin Sullivan / Getty

During this time he was still very actively involved in Google's product and vision, though. He orchestrated the acquisition of Andy Rubin's company Android — without telling Schmidt until he'd sealed the deal.

During this time he was still very actively involved in Google's product and vision, though. He orchestrated the acquisition of Andy Rubin's company Android — without telling Schmidt until he'd sealed the deal.
Android boss Andy Rubin introduces Android 3.0 for tablets (Honeycomb).Matt Rosoff

But after 10 years, Page decided to take back the CEO title in 2011.

But after 10 years, Page decided to take back the CEO title in 2011.
AP

He reorganized the company's senior management, and before the end of 2012, the company had launched Google+, its first Chromebook laptop, Google Glass, high-speed-internet service Fiber, and more.

He reorganized the company's senior management, and before the end of 2012, the company had launched Google+, its first Chromebook laptop, Google Glass, high-speed-internet service Fiber, and more.
Google

He continued leading Google until 2015, when the company blew up its corporate structure, and Page became the CEO of parent company Alphabet, instead.

He continued leading Google until 2015, when the company blew up its corporate structure, and Page became the CEO of parent company Alphabet, instead.
Alphabet
Page wrote in his letter about the news that becoming Alphabet's CEO would help with "getting more ambitious things done" and "taking the long-term view" to improve "the lives of as many people as we can."

In his current role, Page spends much of his time researching new technologies, meeting and enlisting really smart people, and imagining what Alphabet's next moonshot bet might be.

In his current role, Page spends much of his time researching new technologies, meeting and enlisting really smart people, and imagining what Alphabet's next moonshot bet might be.
David Paul Morris/Bloomberg via Getty Images

He's currently ranked No. 8 on Forbes' list of billionaires, with a net-worth of $39 billion.

He's currently ranked No. 8 on Forbes' list of billionaires, with a net-worth of $39 billion.
Steve Jennings/Getty Images
Source: Forbes 

Throughout it all, Page has kept information about his personal life closely guarded. It was a rare event when he opened up about having vocal-cord paralysis in 2013. The condition makes his voice softer than it used to be and long monologues difficult.

Throughout it all, Page has kept information about his personal life closely guarded. It was a rare event when he opened up about having vocal-cord paralysis in 2013. The condition makes his voice softer than it used to be and long monologues difficult.
REUTERS/Rick Wilking
Source: Google+

Page isn't particularly showy with his wealth, but he lives well. He, his wife, and two kids reside in a Palo Alto compound that includes a $7 million home as well as an "eco-mansion" with a rooftop garden and solar panels.

Page isn't particularly showy with his wealth, but he lives well. He, his wife, and two kids reside in a Palo Alto compound that includes a $7 million home as well as an "eco-mansion" with a rooftop garden and solar panels.
Google Street View
Source: SFGate

Page's flashiest purchase is perhaps the 194-foot super-yacht called "Senses" that he bought for $45 million in 2011. It has a helipad and a Jacuzzi on its deck.

Page's flashiest purchase is perhaps the 194-foot super-yacht called "Senses" that he bought for $45 million in 2011. It has a helipad and a Jacuzzi on its deck.
Y.CO

And collectively, Page, Brin, and Schmidt have also purchased eight private jets.


Back in 2006, court documents revealed that Schmidt had to help settle an argument between the founders, who were bickering about what size beds the "party plane" needed. They also wanted to hook up said plane with hammocks and a cocktail bar. 

Judge halves $1 billion award in J&J hip implants case

Judge halves $1 billion award in J&J hip implants case

The logo of healthcare company Johnson & Johnson is seen in front of an office building in Zug, Switzerland July 20, 2016.     REUTERS/Arnd WiegmannLogo of healthcare company Johnson & Johnson is seen in ZugThomson Reuters
(Reuters) - A U.S. judge almost halved the award in a December jury verdict that ordered Johnson & Johnson and its DePuy Orthopaedics unit to pay more than $1 billion to plaintiffs in six lawsuits who said they were injured by DePuy's Pinnacle hip implants.
U.S. District Judge Ed Kinkeade in Dallas cited "constitutional considerations" that limit how much plaintiffs may recover in punitive damages but upheld the jury's findings that the implants were defectively designed and that the companies failed to warn consumers about the risks.
Around $500 million of punitive damages would be cut from the more than $1 billion awarded to the plaintiffs who are California residents that were implanted with the hip devices and experienced tissue death, bone erosion and other injuries they attributed to design flaws.
The complainants claimed the companies promoted the implants as lasting longer than devices that include ceramic or plastic materials.
DePuy ceased selling the metal-on-metal Pinnacle devices in 2013 after the U.S. Food and Drug Administration strengthened its regulations on artificial hips.
J&J and DePuy paid $2.5 billion that year to settle more than 7,000 lawsuits over its ASR metal-on-metal hip devices.
(Reporting by Rama Venkat Raman in Bengaluru, additional reporting by Nate Raymond in New York; Editing by Sunil Nair)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

The British construction sector is shrugging off Brexit

The British construction sector is shrugging off Brexit

Britain's construction sector expanded for a fourth consecutive month in December, continuing to shake off the recession that plagued the sector in early 2016, according to the latest data released by IHS Markit on Wednesday morning.
IHS Markit and CIPS' latest PMI release for the construction sector — which measures expectations of growth — came in at 54.2 for the final month of the year. 
That was substantially higher than the 52.8 reading in November, which was the same as the flash estimate for December.
The purchasing managers index (PMI) figures from IHS Markit are given as a number between 0 and 100.
Anything above 50 signals growth, while anything below means a contraction in activity — so the higher the number is, the better things look for the UK.
"UK construction companies signalled a positive end to the year, led by the fastest rise in new order volumes since January 2016. Stronger demand patterns resulted in sustained job creation and a broad-based upturn in business activity during December," a release from IHS Markit said.
Construction PMIs collapsed in the immediate aftermath of the UK's vote to leave the European Union, but as the dust settled the ship steadied somewhat in August, before returning to growth in September, shocking economists. That expansion continued throughout the fourth quarter, and the recovery is now seemingly in full swing.
Here is the chart, showing December's move upwards:
Screen Shot 2017 01 04 at 09.44.45IHS Markit
Speaking about the results, Tim Moore, a senior economist at IHS Markit said: 
"December’s survey data confirmed a solid rebound in UK construction output during the final quarter of 2016. All three main areas of construction activity have started to recover from last summer’s soft patch, but in each case growth remains much weaker than the cyclical peaks seen in 2014.
"Housebuilding remains a key engine of growth for the construction sector, with the latest upturn the fastest for almost one year."
It is worth noting that while it is widely respected, IHS Markit's PMI is not a hard data point, but it does suggest a solid recovery from 2016's construction recession is building, despite the economic uncertainty caused by Brexit.
Last August, official numbers from the ONS showed that the British construction industry, the sector of the economy that makes sure we have got roofs over our heads and offices to work in, slipped into recession during the first six months of 2016. Construction output dropped by 2.2% year-on-year in June, following on from a 1.6% y-o-y fall in May.
The construction PMI follows on from an incredibly strong manufacturing release on Tuesday, which showed a reading of 56.1, up from an expected 53.0.

Tesla misses on deliveries for 2016

Tesla misses on deliveries for 2016

elon muskReuters/Bobby Yip; Business Insider/Dave Smith
TSLA Tesla Motors
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DisclaimerMore TSLA on Markets Insider »
Tesla reported on Tuesday that it delivered approximately 22,200 cars during the fourth quarter of 2016.
For the year, Tesla shipped 76,230 cars to customers — falling significantly short of the company's full-year forecast of 80-90,000 vehicles.
"Our Q4 delivery count should be viewed as slightly conservative, as we only count a car as delivered if it is transferred to the customer and all paperwork is correct," Tesla said in a statement. 
Tesla also fell short of its guidance for the second half of the year, when it expected to deliver 50,000 vehicles.
The carmaker delivered 24,500 vehicles in the third quarter.
According to the Palo Alto-based automaker, it experienced production issues between late October and early December due to the integration of new Autopilot software.
As a result, vehicle production became heavily weighted towards the end of the quarter — leading to a number of cars missing shipping cutoffs for Europe and Asia. 
"Although we tried to recover these deliveries and expedite others by the end of the quarter, time ran out before we could deliver all customer cars," Tesla said.
In total 6,450 vehicles that have been produced are are awaiting delivery. These in-transit vehicles will be counted towards first-quarter 2017 deliveries.
While it missed on deliveries, Tesla did produce 83,922 cars during 2016 — an increase of 64% over 2015. 
In addition, Tesla reported a 52% increase in Q4 demand for its Model X and Model S vehicles over the same period last year. At the same time, Q4 demand bested the company's previous record set in the Q3 of 2016 by 24%. 
Tesla was down more than 2% in after-hours trading.
More: BItranpo Tesla

Trump's secretary of state appointee agrees to cut all ties with Exxon Mobil

Trump's secretary of state appointee agrees to cut all ties with Exxon Mobil

Rex TillersonRex Tillerson at a news conference following the Exxon Mobil Corporation Shareholders Meeting in Dallas in 2008.REUTERS/Mike Stone/File Photo
Exxon Mobil and Rex Tillerson agreed to sever all ties to comply with conflict-of-interest requirements as the company's former chairman and chief executive awaits confirmation as US secretary of state.
If his appointment is confirmed, the value of more than 2 million deferred Exxon Mobil shares (worth about $182 million at Tuesday's closing price) that Tillerson would have received over the next 10 years will be transferred to an independently managed trust, the company said in a statement.
The share awards will be canceled and Tillerson will also surrender entitlement to more than $4.1 million in cash bonuses, scheduled to pay out over the next three years, and other benefits, Exxon Mobil said.
Separately, Tillerson also committed to the State Department that, if confirmed, he would sell his more than 600,000 Exxon shares, the company said.
Exxon said last month that its president, Darren Woods, would become chief executive and chairman in January following the retirement of Tillerson.
Tillerson could face a rocky confirmation process, given concerns among both Democrats and Republicans about his ties to Russia.
Exxon stock has gained 6.5% since election results of November 8 up to Tuesday's close of $90.89.
(Editing by Gopakumar Warrier)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.

Oil prices rise on expected drop in U.S. oil inventories

Oil prices rise on expected drop in U.S. oil inventories

A gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing, China, March 21, 2016. REUTERS/Kim Kyung-HoonA gas station attendant pumps fuel into a customer's car at PetroChina's petrol station in Beijing Thomson Reuters
By Karolin Schaps
LONDON (Reuters) - Oil edged higher on Wednesday on expectations that U.S. crude oil inventories are falling and on signs that oil producers are willing to stick to agreed output cuts that came into effect this week.
Global benchmark Brent crude futures were up 49 cents at $55.96 a barrel by 0924 GMT (4:24 a.m. ET). The contract had reached a fresh 18-month high in the previous session, but a strong dollar has shaved off most of those gains since.
U.S. West Texas Intermediate (WTI) crude futures were trading at $52.82 per barrel, up 49 cents from the last settlement.
"Positive equities and gains in industrial metals this morning, as well as expectations that U.S. crude oil stocks will show a decline ... are ingredients helping to drive a slight gain in Brent crude this morning," said Bjarne Schieldrop, chief commodities analyst at SEB Markets in Oslo.
Weekly U.S. statistics on oil stocks are expected to show a 1.7 million barrel draw on Thursday, analysts polled by Reuters said. [EIA/S]
OPEC member Kuwait also lifted expectations that producers will stick to a deal to reduce oversupply by scaling back production after its state-owned oil producer said on Wednesday it would cut output in the first quarter.
Members of the Organization of the Petroleum Exporting Countries (OPEC) in November agreed their first output cut since 2008 in a bid to stabilize oil prices.
As part of the deal, Kuwait has to reduce output by 131,000 barrels per day (bpd).
Also reflecting a tightening market, traders are expecting top oil exporter Saudi Arabia to raise the official selling price (OSP) for its crude to Asia in February.
(Additional reporting by Henning Gloystein in Singapore, editing by Louise Heavens)
Read the original article on Reuters. Copyright 2017. Follow Reuters on Twitter.
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