Posts belonging to Category entrepreneur



Amazon Could Open Up to 3,000 Cashierless Stores by 2021

Shoppers use a smartphone app to enter the store

Amazon.com Inc. is considering a plan to open as many as 3,000 new AmazonGo cashierless stores in the next few years, according to people familiar with matter, an aggressive and costly expansion that would threaten convenience chains like 7-Eleven Inc., quick-service sandwich shops like Subway and Panera Bread, and mom-and-pop pizzerias and taco trucks.

Chief Executive Officer Jeff Bezos sees eliminating meal-time logjams in busy cities as the best way for Amazon to reinvent the brick-and-mortar shopping experience, where most spending still occurs. But he’s still experimenting with the best format: a convenience store that sells fresh prepared foods as well as a limited grocery selection similar to 7-Eleven franchises, or a place to simply pick up a quick bite to eat for people in a rush, similar to the U.K.-based chain Pret a Manger, one of the people said.

An Amazon spokeswoman declined to comment. The company unveiled its first cashierless store near its headquarters in Seattle in 2016 and has since announced two additional sites in Seattle and one in Chicago. Two of the new stores offer only a limited selection of salads, sandwiches and snacks, showing that Amazon is experimenting with the concept simply as a meal-on-the-run option. Two other stores, including the original AmazonGo, also have a small selection of groceries, making it more akin to a convenience store.

Shoppers use a smartphone app to enter the store. Once they scan their phones at a turnstile, they can grab what they want from a range of salads, sandwiches, drinks and snacks — and then walk out without stopping at a cash register. Sensors and computer-vision technology detect what shoppers take and bills them automatically, eliminating checkout lines.

http://www.bloomberg.com

Jack Ma to Hand Alibaba’s Helm to CEO Daniel Zhang Next Year

His retirement caps a 19-year run for Asia’s largest company

Alibaba is heralding the end of the Jack Ma era. A former English teacher who helped found Alibaba Group Holding Ltd. two decades ago, Ma outlined plans to hand the executive chairman role to Daniel Zhang, a finance veteran who’s presided over an ambitious expansion and won over investors in three years as chief executive officer.

Ma will officially pass the baton in exactly 12 months’ time, on his 55th birthday, but remain on the board until 2020. He now intends to focus on philanthropy and education but also pursue unspecified “new dreams,” he said in a statement Monday.

U.S. lawmakers grill Facebook, Twitter executives

Technology stocks fall

The Nasdaq fell more than 1 percent on Wednesday, dented by technology stocks after Facebook Inc (FB.O) and Twitter Inc (TWTR.N) executives defended their companies before skeptical U.S. lawmakers. Adding to pressure on technology stocks, the Justice Department later said it would meet with state attorneys general to discuss worries that social media platforms were “intentionally stifling the free exchange of ideas.” Facebook and Twitter were not specifically named.

Twitter shares dropped 6.1 percent. Facebook shares fell 2.3 percent, contributing heavily to both the Nasdaq’s and the S&P 500’s declines. The Dow, however, eked out a slight gain.

Flurry of electrifying announcements from the auto industry

Mercedes challenges Tesla with an all-electric SUV

Mercedes-Benz unveiled its first fully electric SUV today in Stockholm, the first in a long line of electric vehicles the automotive juggernaut will roll out over the coming years as part of its new EQ sub-brand. The EQC will run to 60 mph in under five seconds, go 200 miles between charges, and when it enters production in 2020, it will find itself in a world of increasingly fierce competition.

The EQC unveil comes amid a flurry of electrifying announcements from the auto industry. Later this month, Audi will debut its own electric SUV, the e-Tron. BMW just began taking orders for its upcoming iX3 electric SUV. Tesla is showing the production version of its gobsmacking, revived Roadster at the Grand Basel motor show in Switzerland this week. Jaguar is gearing up to start US deliveries of its much-lauded electric i-Pace later this year.

http://www.wired.com

Bernie Sanders wants to slap a special tax on Amazon

“Wages are so low, employees forced to depend on food stamps”

Senator Bernie Sanders wants to slap a special tax on Amazon and other big companies that employ workers who collect food stamps and other public assistance. But Amazon disputes Sanders’ depiction, saying its pay and benefits are competitive with other retailers. The progressive icon from Vermont has been on the attack lately, posting a series of Facebook videos over the past week calling out Amazon (AMZN) and Walmart (WMT) for not paying a living wage, which he lists in some posts as $15 an hour. In one video, titled “Get Amazon Off of Corporate Welfare,” he highlighted that CEO Jeff Bezos is the world’s richest person and earns $260 million a day, while many of his workers are on food stamps.

“Mr. Bezos continues to pay many thousands of his Amazon employees wages that are so low that they are forced to depend on taxpayer-funded programs, such as food stamps, Medicaid and subsidized housing in order to survive,” Sanders said in the video, stressing that taxpayers foot the bill for these benefits. “Frankly, I don’t believe that ordinary Americans should be subsidizing the wealthiest people in the world because they pay their employees inadequate wages.”
http://www.cnn.com

Apple’s next big product

Smart glasses

Apple said earlier this week that it bought a small Colorado company that worked on lenses for augmented reality glasses.It’s pretty clear at this point that Apple is working on a pair of its own smartglasses. Of course Apple is working on new products in its $5 billion headquarters and research labs.

The company wouldn’t be as successful as it is if Apple CEO Tim Cook and his executive team weren’t constantly planning for three and five years into the future and asking themselves what computers could look like. It seems like the company has decided it will launch a pair of smartglasses that can impose digital information onto the real world through its advanced lenses.

http://www.businessinsider.com

Trump warns Google, Facebook and Twitter in row over bias

Google, Facebook, Twitter  had to be “very careful”

US President Donald Trump has warned Google, Twitter and Facebook they are “treading on troubled territory” amid a row over perceived bias. He said they had to be “very careful”, after earlier accusing Google of rigging the search results for the phrase “Trump news”. An aide said the administration was “looking into” the issue of regulation.

Google said its search engine set no political agenda and was not biased towards any political ideology. Speaking to reporters at the White House, Mr Trump said Google had “really taken a lot of advantage of a lot of people, it’s a very serious thing”. Adding the names of Facebook and Twitter, he said: “They better be careful, because you can’t do that to people… we have literally thousands of complaints coming in.”

http://www.bbc.com

Tesla will remain a publicly traded company

Shareholders:  “Please don’t do this”

Tesla will remain a publicly traded company, CEO Elon Musk said late Friday, just weeks after he floated the idea of going private in order to ward off short-sellers and volatility in the company’s stock.

In early August, Musk touched off a firestorm by saying on Twitter that he was considering taking Tesla private at $420 per share, adding that funding was “secured.” In the wake of that announcement, the billionaire and his company have been buffeted by skepticism, in addition to the threat of a regulatory probe.

However, in a post on Tesla’s website, Musk cited resistance from shareholders, in addition to other logistical hurdles, as rendering the proposition unattractive.

http://www.cnbc.com

Tesla stock could be worth $4,000

CEO of  ARK Invest: Tesla share could be valued 10 times in 5 years

Elon Musk thinks he could take Tesla private at $420 a share. But one Tesla investor thinks that’s a bad idea — because the stock could be worth nearly ten times that amount in the most optimistic of scenarios. Cathie Wood, CEO of money management firm ARK Invest, wrote an open letter to Musk earlier this week saying that Tesla could be valued somewhere between $700 and $4,000 per share in five years.

Wood tweeted out a link for the letter to Elon Musk Wednesday night. Musk responded in less than an hour, telling Wood “thank you for the thoughtful letter.” In an interview with CNNMoney Thursday, Wood said that Tesla’s investor relations responded quickly to her letter as well and passed it on to the board, but the board has not gotten back to her as of yet.

Tesla (TSLA) shares surged after Musk’s now infamous“funding secured” tweet earlier this month, hitting a peak of $387.46 in the process.
https://www.cnn.com

62% of America’s Jobs Pay Less Than $20 Per Hour

US has 130 million jobs overall

Almost two-thirds of America’s jobs aren’t paying a cent more than $20 an hour, according to the Bureau of Labor Statistics (BLS). That means 62 percent of the nation’s jobs offer their employees less than $41,600 a year! The BLS report (h/t Horizon Credit Union) notes that the US has 130 million jobs overall.  Of those positions, 18 million pay less than $10 an hour and a startling 63 million pay between $10 and $20. Add it all up and you’ve got 81 million jobs (out of 130 million) paying their workers less than $20. This includes administrative assistants, personal care aides, and retail workers.

Employers that offer a more generous salary, more than $42,000 a year, make up about 38 percent of the nation’s jobs. According to CNN Money, 27 million jobs offer an hourly pay between $20 and $30. That includes plumbers, office supervisors, electricians, and insurance sales agents — all four positions have an hourly pay that hover around $24 an hour, an annual salary of about $50,000.

https://www.madamenoire.com/

Saudi Arabia bought 5% stake in Tesla

The Saudi Public Investment Fund bought the shares in secondary markets

Saudi Arabia’s sovereign wealth fund has acquired a significant position in Tesla shares, according to the Financial Times. The media outlet said the Saudi’s Public Investment Fund bought a 3 percent to 5 percent stake in the electric car maker, according to people with direct knowledge of the matter.

The stake is worth $1.9 billion to $3.2 billion at the company’s current share price. The Saudi fund approached CEO Elon Musk about buying newly issued shares, the report said, but Tesla declined. Instead the Public Investment Fund bought the shares in secondary markets.

Reuters later confirmed the Saudi fund bought a stake “at just below 5 percent” of the company, according to a source familiar with the matter.

https://www.cnbc.com/

Artificial intelligence (AI) could create more jobs than it displaces

PwC suggested AI could create 558,000 Scottish posts by 2037

Over the same period 544,000 jobs could be lost as a result of automation – resulting in a net increase of 14,000. PwC said the new jobs could come from innovations such as drones, robotics and driverless vehicles. It argued that AI would create employment as productivity and real incomes rise, and new and better products are developed.

PwC’s latest Economic Outlook indicated that health, education and professional, scientific and technical services would benefit most, with manufacturing, transport and storage and public administration set to be the biggest losers. Its report suggested that the affect of AI on the jobs market would be most positively felt in London, followed by south-east England. Scotland came third in the list of 12 nations and regions.

http://www.bbc.com

Uber wins licence to work in London

15-month probationary licence

Uber will be able to continue operating in London, after a court decided the ride-hailing firm should be awarded a new 15-month probationary licence, after being told of sweeping changes to its practices.

The ride-hailing firm’s future in one of its biggest global markets had been in jeopardy after Transport for London ruled last September that it was not “fit and proper” to hold a private hire vehicles operator licence.

At the start of a two-day hearing, Uber admitted that London’s original decision not to renew its five-year licence had been correct. TfL cited concerns about public safety and security, including a failure to report crimes or alleged crimes to the police, and to conduct proper background checks on drivers.

But Uber’s lawyers convinced Westminster magistrates court that it had since cleaned up its act, while continuing to operate in the capital pending its appeal.

https://www.theguardian.com/

For a moment, Netflix was worth more than Disney

Will  Netflix rule the media world ?

Its market value soared above $153 billion, overtaking Disney as the most valuable media company. Netflix (NFLX) shares were up Thursday even as Disney (DIS), Comcast (CMCSA) and the broader market fell. But Disney regained the crown by the close after Netflix shares pared their gains, taking the streaming company’s market cap below $152 billion.

Netflix is still in second place ahead of Comcast, which it passed Wednesday. The cable giant is now valued at about $145.5 billion. Netflix has added millions of subscribers around the globe for the past few years. The company’s success demonstrates that its bet on original content — shows like “Stranger Things,” “Orange is the New Black, “The Crown” and “13 Reasons Why” — has paid off.

https://www.cnn.com/

Mark Zuckerberg ripped by European Parliament for dodging questions

Mark Zuckerberg’s big European test did not go well

The Facebook (FB) CEO apologized for the company’s mistakes but angered European lawmakers by dodging their questions. Zuckerberg was questioned on Tuesday by political leaders and lawmakers at the European Parliament in Brussels for about 80 minutes.

His replies left them mostly frustrated. They used the last few minutes of the meeting to complain and accused him of giving general answers. “I asked you six yes and no questions,” Philippe Lamberts, a Green party politician, said. “I got not a single answer.”

https://www.cnn.com/

The Flow, the new business culture?

Freedom, Mastery, Ownership

Video games are evil creatures that will rot your brain. Unless, of course, you’re like pro-gamer Callum Negus-Fancey and build an entire event marketing business out of what attracts you to them.  What Negus-Fancey was really after through up to 15 hours of play a day, he discovered, was the sense of flow gaming brought to him. Great games allowed him to lose a sense of time and simply focus. So his next question then became, what are the specific dynamics that create flow and foster motivation during gaming, and could those serve as the foundation for a spectacular business culture?

Negus-Fancey came up with 3 key elements that relate to flow. He’s made them the centerpiece of culture at Verve, the company he co-founded with his brother, Liam, in 2013. The business, which has approximately 150 employees and $35M in venture funding to date, helps develop brands by rewarding individuals for word-of-mouth advertising.

https://www.inc.com/