Posts belonging to Category sharing economy



Hyundai, Kia deny Apple car talks

Shares are tumbling

South Korean automaker Hyundai and its affiliate Kia on Monday denied news reports they were in talks with Apple for a joint project to make autonomous vehicles, sending their shares tumbling. The announcement came about a month after the country’s cable broadcaster Korea Economic TV said the iPhone maker had approached Hyundai to discuss a potential partnership to develop electric vehicles and batteries for them, sending the car maker’s shares soaring. Reports last week suggested they could produce cars in the US state of Georgia.

But on Monday Hyundai and Kia said in regulatory filings they were “not discussing autonomous electric car development with Apple”. Both automakers added that they had talked with multiple firms about such projects, but no decision had been made. Hyundai said those talks were in their “early stages”. Kia shares slumped 14.98 percent at the close in Seoul on Monday, while Hyundai fell 6.21 percent.

https://www.rfi.fr/

Tech’s biggest companies are accused of antitrust violations

Amazon, Apple, Facebook and Google CEOs prepare to testify

Amazon CEO Jeff Bezos, Apple CEO Tim Cook, Facebook CEO Mark Zuckerberg and Sundar Pichai, CEO of Google parent Alphabet, are set to testify before the House Antitrust Subcommittee on Wednesday.

The testimony will give an indication of how the companies are quietly fighting antitrust arguments from regulators who can break them up, what commitments they’re willing and unwilling to make while under oath and how likely bipartisan antitrust reform really is.

https://www.cnbc.com/

 

Airbnb cuts 25% of staff amid travel downturn

Viability of Norwegian Cruise as a company is uncertain

Online booking platform Airbnb is planning to cut 25% of its staff as it grapples with plunging travel due to the pandemic. The firm is bracing for revenues to drop by half or worse this year. Boss Brian Chesky said it’s not clear when travel will return or what it will look like when it does.”While we know Airbnb’s business will fully recover, the changes it will undergo are not temporary or short-lived” he said. The move at Airbnb is the latest sign the travel industry is preparing for a prolonged downturn.

Norwegian Cruise Lines warned investors on Tuesday its viability as a company was uncertain, while Virgin Atlantic said it would cut 3,000 workers and quit Gatwick airport.

Airbnb’s planned cuts will affect about 1,900 people out of the company’s 7,500 staff.

https://www.bbc.com/

Elliott targets Twitter

Hedge fund Elliott Management Corp is  pushing for removal of the social media company’s chief executive, Jack Dorsey

Hedge fund Elliott Management Corp has amassed a stake in Twitter Inc (TWTR.N) and is pushing for changes, including removal of the social media company’s chief executive, Jack Dorsey, two people familiar with the matter said on Friday.

Twitter is one of the few U.S. technology companies headed, but not controlled, by one of its founders. It has given shareholders equal voting rights, making Dorsey, who owns only about 2% of the company, vulnerable to a challenge from an activist investor such as Elliott.

Twitter shares fell last year when the company disclosed that its platform experienced glitches that hindered its ability to target ads and share data with partners. The San Francisco-based company’s reluctance to expand beyond its core platform has also left it with limited scale compared to its larger social media peers.

Elliott, founded by billionaire Paul Singer, will be seeking to install its own nominees to Twitter’s eight-member board when three of the company’s directors stand for election at its upcoming annual shareholder meeting, the sources said.

http://reuters.com

 

The successful story of Instagram

Instagram Made $20 Billion in 2019

Here’s something Facebook investors will probably like: Instagram, the popular pictures and messaging app owned by Facebook, brought in about $20 billion in advertising revenue in 2019, or more than a quarter of its parent company’s total revenue, according to a report from Bloomberg on Tuesday.

Instagram declined to comment on the report.

Last week, Facebook reported it pulled in $70 billion in revenue for all of 2019, but it did not share how much Instagram contributed to its top line. As a standalone company, Instagram’s $20 billion in sales would match how much Netflix brought in last year. Netflix, of course, makes its money much differently than Instagram, shunning ads in favor of monthly fees from its 167 million global subscribers. (The streaming giant has still found ways to work with brands and bring in some money beyond it’s main revenue source, however.)

https://yahoo.com/

90% of Tesla’s Model 3 owners feel safer using autopilot

Tesla currently offers two packages of Autopilot features

5,000 Model 3 owners were asked  about Tesla’s software for automated driving on highways and parking lots. More than 90% said the feature makes them safer.It seemed, for a terrifying moment, that Tesla’s automated-driving software had made an error at highway speeds. A driver from Florida reported an experience of inexplicable braking by the Autopilot feature on his Model 3. An instant later, the vehicle ahead swerved out of the lane to reveal a stopped car. Tesla’s sensors had detected the upcoming hazard and acted without human input to avert a crash.

A Model 3 driver from Alabama had a very different experience. He was cruising along the highway with a state trooper following directly behind. There was nothing obstructing the road ahead, but finicky Autopilot sensors triggered the brakes. Only human reflexes prevented a rear-end encounter with a cop, after the Model 3 driver jammed his foot on the accelerator to override Autopilot.

https://www.bloomberg.com/

Airbnb plans stock market splash in 2020

A direct listing to go public is planned

Home rental giant Airbnb said it plans to list its shares in 2020, making it one of the most high-profile names to tap the stock market next year. (bit.ly/2mqasWw)

In a short statement posted on its website on Thursday, Airbnb did not give any details on how it plans to list its shares, although it is widely expected to take a direct-listing route.

A direct listing to go public is a process in which no new shares are created and helps companies save millions of dollars in underwriting fees.

https://www.reuters.com/

Activists launch campaign to remove Zuckerberg from Facebook board

Is Mark Zuckerberg a barrier to civil rights and privacy reform?

Two activist groups on Monday launched a campaign to oust CEO Mark Zuckerberg from Facebook’s board of directors, arguing his “sweeping” control of the company presents a barrier to civil rights and privacy reform.

Digital civil rights group Color of Change and Majority Action, a corporate accountability organization, told the Securities and Exchange Commission (SEC) that they will be urging Facebook shareholders to withhold their support for nominating Zuckerberg to the board.

The two groups argue that Facebook’s corporate structure gives Zuckerberg “control without adequate checks,” pointing out that he is CEO and holds 57.7 percent of voting rights in the company.

https://www.msn.com/

Uber warns it may never make a profit

IPO filing indicates how far Uber remains from turning a profit

Technologies Inc has 91 million users, but growth is slowing and it may never make a profit, the ride-hailing company said on Thursday in its IPO filing.The document gave the first comprehensive financial picture of the decade-old company which was started after its founders struggled to get a cab on a snowy night and has changed the way much of the world travels.TheUber S-1 filing underscores Uber’s rapid growth in the last three years but also how a string of public scandals and increased competition from rivals have weighed on its plans to attract and retain riders.

The disclosure also highlighted how far Uber remains from turning a profit, with the company cautioning it expects operating expenses to “increase significantly in the foreseeable future” and it “may not achieve profitability.”

https://www.reuters.com/

Linus Torvalds Thinks Facebook Is A Disease

Geared to serve even the lowest common denominator

Fake News was crowned as the word of the year in 2017. In an era where we need quality journalism, social media sites are bent on destroying it. In a recent interview with Linux Journal’s first publisher, Robert Young, Linus Torvalds — Creator of Linux — revealed the true nature of social media.
Linus pulled no punches as he brandished social media websites like Facebook, Twitter, and Google as the enabler of bad behavior. Linus’ comments on the ‘liking and sharing’ model on Facebook hold weight as it degrades the quality of what we consume online.
According to Linus, Facebook’s clickbait content is geared to serve even the lowest common denominator. This type of content is designed only to provoke an emotional response, often of anger and outrage.

https://www.fossbytes.com/

Uber IPO Could Be One of Five Biggest NYSE Listings in History

Uber chooses the New York Stock Exchange

Uber Technologies has selected the New York Stock Exchange for its imminent initial public offering, handing the trading floor what could be one of the five biggest listings of all time, according to a person familiar with the matter, who asked not to be identified as the details aren’t public.

The ride-hailing giant is expected to publicly file for its offering in April, kicking off a listing that could value the company at as much as $120 billion and is likely to be the biggest of the year, people familiar with the plans have said previously. At that valuation, Uber would only have to float about 16% of its shares to make the top five, according to data compiled by Bloomberg.

https://www.fortune.com/

Facebook should be regulated like a cigarette company

The Social media needs to be regulated like every other industry

Election interference has opened the door for the government to clamp down on social media companies. But while executives from Facebook, Google and Twitter have made multiple trips to testify in front of Congress, there’s been no clear movement towards enforcement.

Salesforce CEO Marc Benioff offered up an analogy: Treat social media like a health issue, similar to tobacco and sugar.

“I think that you do it exactly the same way that you regulated the cigarette industry. Here’s a product: Cigarettes. They’re addictive, they’re not good for you,” Benioff told CNBC’s “Squawk Alley” on Tuesday. “I think that for sure, technology has addictive qualities that we have to address, and that product designers are working to make those products more addictive and we need to rein that back.” Benioff said that there’s confusion about whether social media use is bad for people and it’s the government’s job to step in and provide clarity for parents. There’s a smoking age for cigarettes and regulations around how they can be promoted, but no such rules exist for social media.

http://cnbc.com

Major Facebook investors want Mark Zuckerberg out as chairman

Zuckerberg holds absolute control of the board with a majority of the voting power

Major Facebook investors, including public pension funds and state officials, are pushing for Mark Zuckerberg‘s ouster as chairman of the company’s board.
The proposal is largely symbolic, since Zuckerberg holds absolute control of the board. But it comes at a difficult time for Facebook, as security breaches plague the company and spur questions around corporate oversight.
“We need Facebook’s insular boardroom to make a serious commitment to addressing real risks — reputational, regulatory, and the risk to our democracy — that impact the company, its share owners, and ultimately the hard-earned pensions of thousands of New York City workers,” New York City Comptroller Scott Stringer said in a statement to CNBC.
http://www.cnbc.com

Growing the 5G ecosystem

Verizon expands 5G Labs to new locations

Building on the success of its 4G LTE Innovation Centers and its first 5G incubator in New York City at Alley, a membership community for entrepreneurs, Verizon is expanding the program to new locations on the East and West Coasts. Working with a new array of innovators across a variety of verticals, Verizon will further accelerate the development of tomorrow’s 5G use cases and experiences while bringing all the locations under a new brand identity that reflects Verizon’s vision for 5G development.
Verizon’s new 5G Labs – to be located in Washington DC, Palo Alto CA, Waltham MA, and Los Angeles CA – will explore the boundaries of 5G technology, co-create new use applications and hardware, and engage with the community through programming designed to encourage local innovators to rethink what’s possible in a 5G world. The Labs will all be open by the end of 2018. Each Lab will be outfitted with live 5G networks, giving local startups, universities, and technology companies the opportunity to develop, test and refine tomorrow’s 5G solutions.

Stiglitz: US has a major monopoly problem

Economy dominated by large corporations has failed the many and enriched the few

The Nobel Prize winner argues that an economy dominated by large corporations has failed the many and enriched the few. There is much to be concerned about in America today: a growing political and economic divide, slowing growth, decreasing life expectancy, an epidemic of diseases of despair. The unhappiness that is apparent has taken an ugly turn, with an increase in protectionism and nativism. Trump’s diagnosis, which blames outsiders, is wrong, as are the prescriptions that follow. But we have to ask: Is there an underlying problem that can and must be addressed?
There is a widespread sense of powerlessness, both in our economic and political life. We seem no longer to control our own destinies. If we don’t like our Internet company or our cable TV, we either have no place to turn, or the alternative is no better. Monopoly corporations are the primary reason that drug prices in the United States are higher than anywhere else in the world. Whether we like it or not, a company like Equifax can gather data about us, and then blithely take insufficient cybersecurity measures, exposing half the country to the risk of identity fraud, and then charge us for but a partial restoration of the security that we had before a major breach.