Entries in Eric Schmidt (5)


James Cameron, Google Executives, Billionaires to Mine for Asteroids?

Digital Vision/Thinkstock(NEW YORK) -- Film director James Cameron, Google's Larry Page and Eric Schmidt, X Prize founder Peter Diamandis and billionaire Ross Perot Jr. along with a number of other incredible minds plan to take on outer space.

"If you put two Google billionaires with Microsoft billionaires with some astronauts together, you can't go wrong," said Michio Kaku, a physics professor at City University of New York.

Just what they're up to is still a mystery but they've announced that they're forming a new "space exploration company to expand earth's resource base," that will create "a new industry and a new definition of 'natural resources."

What does that mean?

"I can tell you that since I was a boy I've wanted to be an asteroid miner," Peter Diamandis, founder and chairman of the X Prize Foundation told Forbes.

Asteroid Mining

This is no moon mission.

No man has ever drilled into an asteroid.

Instead of blowing an asteroid up, the idea would be to take resources out -- minerals and compounds that may not even exist on earth could be worth millions.

It's an expensive, high risk, dangerous endeavor.

But with America's space program winding down, Kaku and others say entrepreneurs must take on the charge of space exploration.

"I think private enterprise will boldly go where governments fear to tread. And I think the space program has been in purgatory in the last few years. NASA is an agency to nowhere. So, we need private enterprise, especially people with deep pockets to help jump start the program and maybe mining the heavens is just the ticket," Kaku said.

Copyright 2012 ABC News Radio


Google's Schmidt Defends Company's Search Practices Amid Antitrust Concerns

ABC News(WASHINGTON) -- Google executive chairman Eric Schmidt defended the company’s search practices and asked consumers to trust its methods Wednesday as lawmakers grilled him on whether the Internet search giant is squeezing out its competitors.
At a hearing of the Senate Judiciary antitrust subcommittee Wednesday, Sen. Mike Lee, R-Utah., was blunt in his accusation that Google may be “cooking the results” and consistently placing its own products high up in search results.
“Senator, I can assure you we have not cooked anything,” Schmidt said in his first-ever testimony on Capitol Hill. Google’s dominance of the search market has caught the eye of antitrust investigators as the company has started new ventures that may compete with the same websites that it rates on its site.
“You run the racetrack, own the racetrack, you didn’t have horses for a while but now you do and your horses seem to be winning,” Sen. Richard Blumenthal, D-Conn., said, to which Sen. Al Franken, D-Minn., joked that Blumenthal was suggesting “Google might be doping the horses.”
Schmidt’s response was that “the Internet is the ultimate level playing field,” and Google is simply “like a GPS.” He went on to say that he was “not aware of any boosts or bias” in their search algorithms and that they try to be as inclusive as possible.

Copyright 2011 ABC News Radio


Google Chairman: Economy Does Not Need 'Ludicrous' Spending Cuts

JOHANNES EISELE/AFP/Getty Images(NEW YORK) -- Google chairman Eric Schmidt said the current economic strategy of cutting spending during a slow economy is "ludicrous," and pushed for greater government stimulus to generate demand.

While critics of Obama have faulted him for having a poor relationship with the business sector, Schmidt said the real problem is the lack of predictable government policy, with uncertainty holding back businesses from spending current profits on new employees.

"What business needs is predictable, long-term plans," he said. "We need to know where is government spending going to be, what are the government programs going to be and off we go."

He said that the political wrangling between Republicans and Democrats have left business leaders with no certainty on economic policy, and that what is needed to encourage companies to hire more workers are "predictable, long-term plans."

When asked if he saw "any possibility of a climate for more stimulus," Schmidt responded, "that's a political question. But the current strategy is ludicrous."

Schmidt, a strong supporter of President Obama, has helped lead the Internet search giant Google for the past decade, stepping down as CEO this spring while remaining executive chairman.

While many companies continue to bleed jobs in the current economic downturn, 2011 has been one of the strongest hiring years for Google, with the company planning to add more than 6,000 new workers by the end of the year, bringing its total employee count to more than 30,000.

Schmidt said many businesses have been operating more efficiently, allowing them to grow and profit without hiring more workers since demand for goods and services remains low, a situation made worse by the housing crisis still holding back individual spending.

He dismissed the idea that greater efficiency and new technology have created structural changes to the economy that have replaced workers unable to re-train for new higher-skilled jobs.

Schmidt is scheduled to testify Wednesday at a Senate judiciary sub-committee hearing, sparked by growing concerns that Google has grown into a monopoly that has stifled competition in the Internet search business. Both the European Commission and the U.S. Federal Trade Commission have begun inquiries into various Google business practices.

The Senate hearing is billed as "The Power of Google: Serving Customers or Threatening Competition?" A major concern raised by Google's critics and its competitors is that the company limits competition by favoring its own affiliated websites through its search engine.

Copyright 2011 ABC News Radio


Shakeups at Top of Google, HP

Photo Courtesy - ABC News(MOUNTAIN VIEW, Calif.) – Both Google and Hewlett-Packard Thursday announced major shakeups at the top of their ranks.

In a letter, Eric Schmidt, who has been the company’s CEO since 2001, announced that co-founder Larry Page will be the new CEO of Google.

“In this new role I know he will merge Google’s technology and business vision brilliantly,” wrote Schmidt. “I am enormously proud of my last decade as CEO, and I am certain that the next 10 years under Larry will be even better!”

The announcement came as part of the company’s new earnings announcements. Google reported revenues of $8.44 billion for the quarter that ended in December, an increase of 26 percent compared to the fourth quarter of 2009. They ended the year with a net profit of $2.54 billion.

In other shakeup news, Hewlett-Packard announced that ex-eBay chief Meg Whitman will be joining its board of directors.

Copyright 2011 ABC News Radio


Consumer Watchdog Calls for Google CEO Schmidt to Go to Washington Under Oath in Wi-Spy Hearing

Photo Courtesy - Getty Images(SANTA MONICA, Calif.) -- After a ranking Google employee gave contradictory testimony at hearings regarding the Internet company's Wi-Spying, Consumer Watchdog Thursday asked the House Energy and Commerce Committee to put a hold on the proceedings.

Jamie Court, president of Consumer Watchdog, sent a letter to Rep. Henry Waxman, D-Calif., chairman of the House Energy and Commerce Committee, saying that a Congressional hearing was necessary even though the Federal Communications Commission is investigating.

"CEO Eric Schmidt and Alma Whitten, director of privacy for engineering and product management, should testify under oath to provide the American public with the answers it deserves," Court wrote.

Court complained that Google had developed a pattern of "changing its story" when explaining why it gathered private information from wireless networks.

Consumer Watchdog has made it a goal to convince Google, the Internet's leading company, of the importance of "giving consumers control over their online lives."  The public interest group hopes that eventually, the Internet giant will adopt privacy policies that could set the standard for the industry.

Copyright 2010 ABC News Radio 

ABC News Radio