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If you bought an e-bike on Amazon for a price that seemed too good to be true, theres a fair chance you mightve been right. A federal consumer watchdog just issued a recall for about 24,000 e-bikes in the sub-$1,000 price range, all of which were sold at popular retailers including Amazon, Walmart, Sears, and Wayfair. According to the recall notice, issued by the U.S. Consumer Product Safety Commission (CPSC) on July 17, the affected bikes were sold under the brand name VIVI. The recall comes due to a potential fire and burn risk posed by the bikes 36-volt lithium-ion rechargeable batteries, which have already resulted in 14 reports of overheating and three reports of fires, though, thankfully, no injuries have been reported. Full details of the recallincluding affected models and retailersare listed in the notice. Unfortunately, this isnt the first time that the next-to-non-existent e-bike and e-bike battery regulations in the U.S. have resulted in fire concerns. Why are e-bikes catching fire? According to a 2022 article by the National Fire Protection Agency (NFPA), the first UL Standards & Engagement safety standards (a voluntary safety certification) for personal electric micromobility devices were created back in 2016, after more than half a million electric hoverboards were recalled due to overheating and, in some cases, explosions. The truth is battery-powered electric micromobility devices, including the e-bikes and e-scooters that have become immensely popular in recent years, do catch fire, the NFPA wrote. Specifically, its their batteries, which are often lithium-ion, that pose a risk. Today, UL Standards & Engagement has two separate safety standards for both e-bikes (UL 2849) and e-bike batteries (UL 2271). These standards require a one-time certification test to confirm that a product is safe, which typically cost between $30,000 and $100,000. However, in most U.S. jurisdictions, these certifications are not requiredand there is currently no federally mandated safety standard. Of the VIVI brand e-bikes involved in the recent recall, all of the affected models that are currently available on VIVI’s website claim to be certified with UL 2849, but not with the battery specific UL 2271. Several of the affected models appear to be either unavailable or no longer sold. A 2022 investigation by Consumer Reports found that loose regulations have resulted in many companies skirting around adequate safety precautions for both e-bikes and their lithium-ion batteries to avoid added costs. This trend was made even worse by the fact that, before May 2 of this year, Chinese importers (which account for the majority of the U.S. e-bike market) were incentivized to keep prices low by the de minimis exception, which allowed goods under $800 to enter the U.S. tax-free. Lack of regulation or industry-wide acceptance of safety standards may leave lower-income users at greater risk than those able to afford high-end devices that are likelier to be UL-certified, Consumer Reports noted. As of 2023, New York City began requiring UL certification on all e-bikes. A UL Standards & Engagement study published in 2024 found that the rate of deaths and injuries in the city began to slow significantly after the law was put into place. And, this coming January, California is set to follow New York Citys example with its own UL requirements. However, as the Consumer Reports investigation noted, until a federal standard for e-bike safety is set, its likely that other states will continue to encounter problems caused by faulty batteries. Despite the mounting toll of fires, injuries, and deaths tied to e-bike batteries, manufacturers and sellers have failed to take vital steps that would protect peoples safety, said Gabe Knight, policy advocate for Consumer Reports, in a press release. When an industry isnt putting safety first, people rightly expect the Consumer Product Safety Commission to step in. CRs investigation shows that the CPSC cant do its job as quickly or effectively as it needs to as long as Congress forces the agency to fight with one hand tied behind its back.
Category:
E-Commerce
IBM: International Business Machines, or Incredible Breakthroughs in Medicine? IBM may need to tweak its moniker in light of recent news, because its recent work in quantum computing, in partnership with Moderna, could lead to potentially explosive breakthroughs in the medical field. The companies’ recently published research showed promise using a combination of both quantum and classical computers to predict mRNA secondary structures, which may make it easier to develop and design new mRNA-based medicines and treatments. Until now, this wasnt possible due to the amount of computing power needed to calculate potential complex interactions at a molecular level. But quantum computing, which is being used in similar ways such as materials design, is giving scientists the extra computational firepower they need to do it. The results? More, better drugs, developed on much shorter time frames. One of the biggest challenges when identifying the best candidates for mRNA-based medicines is determining how they will instruct mRNA to fold in the bodya challenging optimization problem that gets harder and harder to solve for larger mRNA sequences, ultimately pushing the limits of even the most advanced classical computers, says Sarah Sheldon, Senior Manager of Applied Quantum Science at IBM. By applying an approach that leverages the strengths of both quantum and classical computing, the Moderna and IBM team has set a new record in the scale of mRNA structure problems that quantum computers are able to solve. In effect, utilizing quantum computers on a large scale could transform life sciences, she says. Quantum computing holds the promise to help streamline the design of new medicines, while reducing the time and cost scales of bringing new therapies to market,” explains Sheldon. “As quantum computers continue to expand their computational power and new algorithms emerge, they could accelerate drug discovery and enable more precise and effective medicines. While thats obviously exciting news, its worth noting that some in the tech field have tried to throw cold water on the hubbub surrounding quantum computing. Nvidia CEO Jensen Huang, for instance, said earlier this year that he thought quantum computers were still decades awaya notion that was rejected by others in the space. Some companies already do have commercially available quantum computers on the market, and others are working on their own, such as IBM. One thing we do know, at this point, is that the promise of quantum computing, when pointed at existing research bottlenecks, has many researchers excited. Were already seeing promising early results, says Sheldon. We expect to make meaningful progress with our partners across global industries to scale algorithms capable of running increasingly more complex quantum circuits with greater accuracya critical step toward realizing practical and industry-relevant applications in fields such as life sciences, materials, chemistry, optimization, and more.
Category:
E-Commerce
With its complex web of travel perks, airport lounges and points, the premium credit card scene is more competitive than ever. But if the competition is heating up, luxury card stalwart American Express isnt feeling it. The credit card company just beat profit expectations in its second quarter earnings, a feat powered by strong spending that shows Amex cardholders arent jumping ship for rivals. With markets unstable and tariffs flying, Amexs laser focus on wealthy customers likely provides a buffer against financial forces that can put a drag on lower income spenders. We saw record Card Member spending in the quarter, demand for our premium products was strong,and our credit performance remained best in class, American Express CEO Stephen Squeri said. The companys billed business for the quarter was $416.3 billion, besting analyst estimates of $412.8 billion in card member spending. Total revenue was up 9% to $17.9 billion, an increase the credit card issuer attributed to more customer spending, card feed growth and higher income from revolving loan balances. Fending off the competition American Express is the old guard among premium rewards cards, but the company knows it needs to keep things fresh to stay competitive. The company recently announced its biggest card refresh to date, with reimagined perks designed to court the Gen Z and millennial cardholders who make up more than a third of its U.S. consumer spending. Were going to take these Cards to a new level, not only in what they offer in travel, dining and lifestyle benefits, but also in how they look and feel, to meet the evolving needs of our customers, American Express Group President of U.S. Consumer Services Howard Grosfield said. Amex isnt sharing the specifics of its Platinum Card revamp yet, but other changes on the way soon reveal the companys preference for bespoke perks designed to smooth air travels many jagged edges. As Fast Company reported, Amex will roll out a pair of luxe updates that exemplify how the company plans to bolster its premium strategy. First, its Centurion Lounges will soon be revamped with rotating menus from James Beard Award-winning chefs, part of its new Culinary Collective. All 15 Centurion Lounges in the U.S. will feature the new menu items starting at the end of the month. Youd be lucky to get into each of their restaurants on a normal day, American Express Travel President Audrey Hendley told Fast Company. Now, you can try them all in one trip. Amex will also launch Sidecar, a new kind of lounge tailored to the needs of travelers seeking a short-term sanctuary, next year in Las Vegass Harry Reid International Airport. The lounge will offer small plates and table-side service designed to fit into a limited time slot. Were seeing a significant segment of travelers who only spend 30 to 45 minutes in the lounge, Hendley told Fast Company. Sidecar is our way of honoring that time with the same level of care and service. In the battleground of premium perks, everyone is vying to offer a little something special. Chase recently revamped its famed Sapphire Reserve card with a set of new travel credits and a higher annual fee. Citi is launching its own new premium card, the Citi Strata Elite, later this year to lure affluent customers away from the competition. If those challengers pose a real threat to Amex, you wouldnt know it. “Bring it on,” AmEx Chief Financial Officer Christophe Le Caillec told Reuters. “We’ve been in that space for decades and we have built assets that our competitors do not have.
Category:
E-Commerce
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