July, 2019

• 20 July

  Ericsson blames analysts for disappointing profit

  

  It was similar to the maligned film director who says, “My movie isn’t bad, the audience just isn’t smart enough to understand it.” Except this time it was the chief executive of a $30 billion telecoms equipment firm talking about his quarterly earnings. Ericsson AB’s adjusted operating profit hit 3.9 billion kronor ($415 million) in the three months to June, ...

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• 20 July

  Inequality is not what’s making people mad

  

  Do people really care about income inequality? Or when they use the term, are they really thinking about something else? You would certainly think from the US political debate that Americans want to close the rich-poor wage gap. In 2013, President Barack Obama famously asserted that inequality is “the defining issue of our time.” Or take Senator Elizab- eth Warren, ...

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• 20 July

  Wing unveils air traffic control app for drones

  

  Bloomberg The company that brought you free digital maps and email wants to do the same thing for your drone. Wing LLC, an offshoot of Alphabet Inc’s Google, unveiled a new app it calls OpenSky that it hopes will become the basis for a full-fledged air-traffic control system to manage the expected growth of this new class of flying devices. ...

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• 20 July

  Toyota’s $2b pledge revs up Indonesia electric car push

  

  Bloomberg Toyota Motor Corp will lead $3.6 billion in investments that global carmakers have pledged to plow into Indonesia’s electric-vehicle programme in the next five years, Industry Minister Airlangga Hartarto said. The Japanese carmaker’s commitment — it plans to spend $2 billion to build hybrid vehicle plants in Southeast Asia’s largest car market — will help the country triple its ...

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• 20 July

  Tencent, BMW team up on self-driving cars

  Bloomberg Tech-giant Tencent Holdings will partner with BMW to help develop self-driving vehicles in China. The pair began collaborating on what they called BMW Group China High Performance D3 Platform, which is scheduled to begin operations by the end of the year. Tencent operates one of the largest cloud platforms in China, providing services from data storage to online computing. ...

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• 20 July

  Robots scaling warehouse shelves to get stuff faster

  

  Bloomberg A logistics company partly owned by Related Cos, the developer behind Manhattan’s Hudson Yards, is searching for locations across North America to build its multistory robotic warehouses. Robots — and humans — started working this month at Quiet Logistics’ new 440,000-square-foot (41,000-square-metre) fulfillment centre in the Los Angeles area. It’s the firm’s first property on West Coast, and a ...

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• 20 July

  EasyJet fares rebound as cooler summer spurs late bookings

  

  Bloomberg EasyJet Plc said a surge in late leisure bookings is lifting ticket prices, aided by a cooler summer in the UK and northern Europe. Revenue per seat, which reflects fares, is higher and sales for the three months through June rose 11 percent from a year ago, Luton, England-based EasyJet said in a statement. A drop in flight cancellations ...

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• 20 July

  Jet Air insolvency administrator seeks resolution proposals

  

  Bloomberg The insolvency administrator of Jet Airways India Ltd is seeking resolution proposals for the grounded airline in a move that may give hope to creditors including State Bank of India. Any expression of interest has to be submitted by August 3, Ashish Chhawchharia, resolution professional, said in a notice published in the Economic Times newspaper. The final list of ...

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• 20 July

  Asos plunges as profit warning raises pressure on CEO Beighton

  

  Bloomberg Asos Plc plunged after the online fashion retailer warned that earnings will slump this year, putting pressure on Chief Executive Officer Nick Beighton as he tries to fix distribution issues and prop up a falling stock price. Profit before tax may fall as much as 71 percent, Asos forecast. Shifting to new technology at US and European warehouses is ...

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• 20 July

  ‘Amazon Prime Day’ wins spending over rivals

  Bloomberg Amazon.com Inc captured the bulk of online spending during the first 24 hours of its Prime Day event, showing that customers continue to flock to the site for deals despite competing discounts offered by Walmart Inc, EBay Inc and Best Buy. Online shoppers spent more than 10 times as much money on Amazon in the first day than they ...

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