Month: July 2020

Global shares mixed, markets look to central banks, earnings

TOKYO (AP) — Global shares were mixed Friday, with European indexes rising in early trading, after Asian benchmarks mostly tumbled, as investors looked ahead to central bank meetings and corporate earnings reports.

Market players are monitoring financial reports to see how businesses have managed the fallout from the continued outbreaks of COVID-19. Some technology companies have bucked the trend and are showing positive results. But many companies are hurting.

Investors also are looking ahead to central bank meetings in Britain, Australia, India, Russia and Thailand next week.

France’s CAC 40 added 0.6% in early trading to 4,881.25, while Germany’s DAX gained nearly 0,8% to 12,474.45. Britain’s FTSE 100 jumped 0.6% to 6,026.35. U.S. shares were set to drift higher with Dow futures at 26,288.0, up 0.3%. S&P 500 futures were at 3,258.62, up 0.3%.

Japan’s benchmark Nikkei 225 dropped 2.8% to finish at 21,710.00, while South Korea’s Kospi slipped 0.8%

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How Tesla defined a new era for the global auto industry

Tesla’s rapid rise to become the world’s most valuable carmaker could mark the start of a new era for the global auto industry, defined by a Silicon Valley approach to software that is overtaking old-school manufacturing know-how.

Tesla’s ascent took many investors by surprise. But executives at Daimler AG, the parent company of Mercedes-Benz, had a close-up view starting in 2009 of how Tesla and its chief executive Elon Musk were taking a new approach to building vehicles that challenged the established system.

Daimler, which bears the name of the man who invented the modern car 134 years ago, bought a nearly 10% Tesla stake in May 2009 in a deal which provided a $50 million lifeline for the struggling start-up.  

That investment gave Mercedes engineers an inside view of how Musk was willing to launch technology that wasn’t perfect, and then repeatedly upgrade it, using smartphone-style over-the-air updates,

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Lotus To Open New Advanced Technology Center

The facility at the University of Warwick will welcome 130 engineers.

Lotus is continuing with its expansion in the UK by announcing that it will establish a new advanced technology center at the University of Warwick’s Wellesbourne Campus. The facility will be home to Lotus’ consultancy division, Lotus Engineering, and represents a new partnership between Lotus and WMG (formerly Warwick Manufacturing Group) at the University of Warwick.

It comes after it added a new manufacturing site near to its existing headquarters in Hethel, Norfolk, and a new assembly hall right by its test track.

Lotus looking into the future:

“This is a big step forward for Lotus and our engineering consultancy,” said Matt Windle, executive director of engineering at Lotus Cars. “The new space, facilities and job opportunities at Wellesbourne will be in great demand as we rapidly build our portfolio of external projects.”

The new facility will consist of

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Global prospects dim for China’s tech champions as great powers clash

SHANGHAI/BEIJING (Reuters) – Huawei Technologies’ founder Ren Zhengfei’s global ambitions are marked in bricks and mortar at a new company campus in southern China, where the buildings are replicas from European cities.

Zhang Yiming, founder of ByteDance, the operator of short video app TikTok, has plastered his Beijing headquarters with posters including a cover of former Google CEO Eric Schmidt’s book “How Google Works”, and has long said he will build a global firm that can compete with U.S. tech giants.  

But the two companies which best exemplify China’s ambitions to challenge U.S. tech dominance are now stymied by strains in relations between China and countries including the United States, India, Australia and Britain.

Chinese companies with world-beating technology — including drone-maker DJI, artificial intelligence firms Megvii, SenseTime and iFlytek <002230.SZ>, surveillance camera vendor Hikvision <002415.SZ> and e-commerce conglomerate Alibaba Group <BABA.N> — are also among those losing access to

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Steven Frumkin, Dean of FIT’s Jay and Patty Baker School of Business and Technology, Dies

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Steven Frumkin, dean of the Jay and Patty Baker School of Business and Technology at the Fashion Institute of Technology, died Thursday in Miami. The cause was COVID-19. 

“With Dean Frumkin’s passing, we have lost a most valuable member of our community,” said FIT’s president, Dr. Joyce F. Brown. “Through his leadership, he not only earned the trust, affection, and respect of faculty, staff, and students, but also shaped the future of his school.”

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Frumkin led the Baker School, FIT’s largest, for eight years since 2002. His appointment marked a return to FIT for Frumkin, who was an adjunct assistant professor in the colleges Textile Development and Marketing program from 1994 to 2000.

As dean, he was the force behind the accreditation of the majority of the school’s programs by the Accreditation Council for Business Schools and Programs,

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If we keep looking to please Donald Trump, the UK will miss out on state of the art technology

Trump and Johnson onstage during the annual Nato heads of government summit in Watford in December: Getty
Trump and Johnson onstage during the annual Nato heads of government summit in Watford in December: Getty

Last week saw two, apparently unrelated, clashes in the battle for dominance in the world of Big Tech, involving companies and governments which dominate the digital economy. Apple won one round of a complex legal battle with the European Commission to protect its use of low-tax jurisdictions. And Huawei lost out on UK business after the British government did a U-turn from its decision to allow limited Huawei participation in the UK 5G network. A perfect storm of Conservative backbench insurrection and US sanctions made the previous UK position untenable.

These clashes are skirmishes in a much bigger war for dominance of the emerging digital world economy and the new, overlapping, technologies within it: artificial intelligence; 5G; big data; advanced semiconductors; and quantum computing.

One aspect of this multi-faceted conflict is between the

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