Posts belonging to Category Industry



Saudi Arabia invests $1 billion in electric carmaker Lucid Motors

A serious rival to Tesla

Saudi Arabia’s Public Investment Fund (PIF) has agreed to invest more than $1 billion in Lucid Motors, adding to the emerging competition facing U.S. electric vehicle maker Tesla Inc. The funding will enable Silicon Valley-based Lucid to achieve the commercial launch of its Lucid Air electric vehicle in 2020, PIF said in an announcement on Monday. Lucid joins Daimler-owned  Mercedes, BMW and Volkswagen’s  Audi and Porsche divisions in the battle for dominance in the market for premium battery cars.

In August, Tesla founder Elon Musk said the Saudi sovereign wealth fund could help him to take his company private. The Lucid investment, which PIF said is more than $1 billion but did not give an exact figure, is also part of Saudi Arabia’s plan to build an environmentally friendly economy, to diversify the kingdom away from reliance on crude oil.

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

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

New NAFTA agreement possible

Canada and U.S. Express Optimism

The United States and Canada are aiming to reach a deal by the end of the week that keeps the three-country North American Free Trade Agreement intact, as President Trump and Prime Minister Justin Trudeau of Canada expressed optimism that the two countries could resolve their differences.

“I think Canada very much wants to make a deal,” Mr. Trump said from the Oval Office on Wednesday, sounding far more optimistic than just days before, when he announced a deal with Mexico and threatened to leave Canada behind.

http://www.nytimes.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/

Tesla to go private

Stocks soar

Elon Musk has become one of the world’s most prominent chief executives, and a billionaire several times over, by boldly making big bets on ideas that few others thought possible.

He started a private rocket company that sends materials into space, andplans to send astronauts soon. He is creating machines to bore giant tunnels through the earth. And Tesla Inc., where he serves as chief executive, has succeeded in creating an Apple-like brand of electric cars.

Through it all, he has shown a maverick — some would say arrogant — management style. On Tuesday, he may have outdone himself.

In a terse and cryptic Twitter post, he declared that he was ready to take Tesla private. The stock market that made his company worth over $60 billion wasn’t worth the hassle.

http/www.nytimes.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

EU warns Trump’s car tariffs threaten $300 billion of US exports

20% of US exports at risk

Nearly $300 billion of US exports could be hit by retaliatory tariffs if the Trump administration decides to penalize automobile imports from around the world, the European Union says.

The Commission said global retaliation against US tariffs on auto imports would have a much bigger impact on the American economy than the backlash provoked by the Trump administration’s steel and aluminum tariffs this year. It estimated that $294 billion, or around 19% of total US exports last year, could be affected.

President Donald Trump has threatened to place a 20% tariff on all European cars coming to the United States if the European Union doesn’t remove its own trade barriers. In May, the US government launched an investigationinto imports of automobiles, including SUVs, light trucks and auto parts.

The type of investigation, known as Section 232, is meant to determine whether the imports are hurting US national security. It’s the same approach the Trump administration used before it slapped tariffs on steel and aluminum imports earlier this year.

https://www.cnn.com/

Amazon Makes $1 Billion Splash in Health Care, Buying PillPack

Formidable challenge to pharmacy chains 

Amazon.com Inc. is buying its way into the heart of the U.S. health-care system, instantly shaking up a prescription-drug industry already in the midst of a broader transformation. Insurance companies and drug-benefit managers have struck a series of deals in recent months designed in part to thwart a potential big splash in the health world from Amazon. But the online retail giant’s decision to buy online pharmacy PillPack rapidly accelerates the threat posed to entrenched retailers, suppliers and middlemen.

Most immediately, the move represents a formidable challenge to pharmacy chains including Walgreens Boots Alliance Inc. and CVS Health Corp., the two largest drugstore chains in the U.S. Walgreens shares sank 8.5 percent at 10:49 a.m. in New York, while CVS shares shed 8.9 percent.

https://www.bloomberg.com/

Trade war: Harley-Davidson shifts some production out of the U.S.

Trump last year thanked the company for “building things in America.”

On Monday, Harley-Davidson Inc. said it would shift some production out of the U.S. in order to mitigate the impact of European Union tariffs targeting its motorcycles. Those penalties — which Harley-Davidson estimates may cost it as much as $100 million annually — were in response to U.S. levies on steel and aluminum imported from the EU. Meanwhile, the Treasury Department is reportedly planning to aim a bazooka at a Chinese takeover problem that doesn’t really exist anymore by declaring a national economic emergency. What’s more troubling is a reported plan to crack down on exports of key U.S. technologies.

https://www.bloomberg.com/

Brexit: Airbus ‘set to quit’ UK

Tens of thousands of jobs at risk

Aerospace giant Airbus is preparing to quit Britain due to fears of a hard Brexit, potentially putting tens of thousands of jobs at risk, it was reported last night.

The European aerospace company, said to generate £1.7billion a year in tax, is set to abandon plans to build aircraft wings at its British plants, according to The Times.

Production will be moved to China, the US or elsewhere in Europe, rather than taking place here as was previously hoped. Airbus, which has factories in Bristol, Portsmouth, Stevenage and Broughton in north Wales, employs 14,000 people in the UK while a further 110,000 jobs are supported by its supply chain.

https://www.metronews.com/

The shipping industry is back

Indicator of the health of the global economy

90 percent of today’s global trade is carried by ship. The importance of shipping is why it’s one of the most useful indicators of the health of the global economy… And, more recently, the state of China’s economy – the largest consumer of a range of commodities, including iron ore, coal, copper, and zinc, and the largest importer of oil.

The Baltic Dry Index (BDI) tracks the price of shipping raw materials such as metals, grains and fossil fuels by sea. It takes into account the day-to-day changes in shipping rates for the three major carrier sizes: Capesize, Panamax and Supramax.

Shipping companies committed a classic boom/bust cycle mistake back in 2011. At the height of the commodity boom, they ordered a huge number of cargo ships. Global shipping capacity continued to expand by approximately a net 2.5 percent rate each and every year. Meanwhile, according to the World Bank, global trade of goods and services has declined by 7 percent from 2011 to 2016, as commodity prices collapsed.

https://www.businessinsider.com/

Driverless cars similar to antibiotics says Carlos Ghosn

We’re Five Years From Safe, Driverless Cars For All

Carlos Ghosn, CEO of the Renault-Nissan-Mitsubishi Alliance,  has detailed the impact of the driverless car on human daily lives (Interview at BFMTV). There are between 1,3 million and 1,4 million death on roads every year in the world. The driverless car will eliminate 90% of the fatal accidents.

https://www.forbes.com/

Trade War: Canada Retaliates

Tariffs on $12.8 Billion of U.S. Goods

Prime Minister Justin Trudeau retaliated swiftly against President Donald Trump’s metals tariffs by imposing his own levies on as much as C$16.6 billion ($12.8 billion) of U.S. imports in what Canada calls its strongest trade action since the Second World War.

Trudeau invoked decades of battles fought alongside the U.S. and defending North American airspace as proof the U.S. tariffs based on a national security investigation are “unacceptable” and “punitive.” The Canadian tariffs of 25 percent on steel and 10 percent on aluminum will aim to match U.S. penalties on a dollar-for-dollar basis, based on export values, according to Foreign Affairs Minister Chrystia Freeland.

https://www.bloomberg.com/

Donald Trump’s trade war with Europe looks inevitable

EU says it is ready to wage trade war with US

The Trump administration is reportedly planning to impose import tariffs on European steel and aluminum after finding no satisfaction in its effort to win trading concessions on the issue.

An announcement dropping the EU from an exemption to global tariffs of 25% on imported steel, and 10% on aluminum, could come on Thursday, according to the Wall Street Journal.

The move is likely to bring retaliatory action from European Union trade regulators who have warned they will target American products as motorcycles, jeans and bourbon if additional US tariffs are imposed.

https://www.theguardian.com/

The US offshore wind industry is about to take off

8 States have approved plans to build wind farms

There are only five wind turbines operating in U.S. waters today. But that will likely soon change, partly because of states with ambitious offshore wind targets.

Massachusetts, for example, is about to pick one of the three bids it got from companies vying to build one of the nation’s first commercial-scale offshore wind farms. Equipped with the capacity to generate enough electricity to power as many as 150,000 homes, the turbines located about 20 miles southwest of Martha’s Vineyard would be among several big offshore wind projects that could transform the grid.

https://www.businessinsider.com/