(Reuters) – Chinese e-commerce and technology company Alibaba Group Holding Ltd and U.S. grocer Kroger Co have had early discussions on working together, including a meeting in which U.S. executives traveled to China, a source familiar with the matter said. The business development talks are at an initial stage, […]
(Reuters) – Departing Hewlett Packard Enterprise Co (HPE.N) CEO Meg Whitman will become chief executive of DreamWorks co-founder Jeffrey Katzenberg’s mobile media firm NewTV, a move that places her back into unchartered territory. One of the most powerful women in U.S. business and a former candidate for California governor, Whitman will be moving into a nascent sector much like when she took over eBay Inc (EBAY.O) in its early stages and turned it into a multi-billion dollar business.
“Getting Meg was a coup as many companies wanted her,” GBH Insights analyst Daniel Ives said on Wednesday.
Two Canadian marijuana growers are hoping to get high on profit after agreeing to merge and create a $6bn (£4.2bn) company. Aurora Cannabis is buying smaller pot producer CanniMed Therapeutics after a far-from-mellow takeover battle between the firms. Canada plans to legalise recreational marijuana before July. And the dope developers are betting on the merger putting them in a strong position when those changes come in. The deal is the largest so far in Canada’s fast-growing cannabis sector, and creates the world’s most valuable marijuana company. And analysts say that by paying about $850m for CanniMed, Aurora is able to get further into the market for using cannabis in medical products.
Over the past decade a bitter battle has been waged to shine a light into an industry that manages £6tn of savings including vast pension wealth. It is a fight to bring the underlying costs and charges of investing out of the shadows. Although individuals and pension funds have always seen a figure for explicit costs of fund management, they were unable to see other costs which can seriously erode the value of their savings. Transparency campaigners say that for years the UK’s investment management industry used its substantial lobbying power to resist efforts to expose these hidden costs. Evidence of the impact of such costs came first from Railpen, the pension fund for railways workers with 350,000 members. It had to hire a forensic accountant to dig deep for the costs that never appeared on the invoices sent by investment managers.
If you had to choose a spot from which to set up an international brand, the chances are you wouldn’t pick Old Havana. The crumbling colonial heart of the Cuban capital is undoubtedly beautiful and its bustling streets might inspire creativity among your team. But it is also loud, hectic and, most importantly, almost completely offline. Still, a small shop on one of the old city’s narrow streets is trying to do exactly that. Under a sign in the shape of a T-shirt, Clandestina design store began in early 2015 with a simple idea.
“Design is not unique in Cuba, but what is maybe unique to us is commercialising a space for Cuban designers,” explains Leire Fernandez, co-founder of the brand.
Insurers have said they will pay more than £30m to businesses owed money by collapsed construction giant Carillion. Sums ranging from £5,000 to several million pounds are being paid to firms which had insurance policies against bad debts. However, most of Carillion’s suppliers risk getting little or nothing back, as only a minority of firms had the cover. Carillion went under last week with £1.5bn debt, leaving its 30,000 suppliers facing an uncertain future.
DETROIT (Reuters) – Ford Motor Co on Wednesday posted a lower-than-expected quarterly net profit, hurt by rising commodity costs and unfavorable currency exchange rates, and said it expected more pain to come from higher raw material prices in 2018. Top Ford executives repeatedly stressed in media and investors briefings on Wednesday their focus on improving the automaker’s “fitness” – a mantra of Jim Hackett, who succeeded Mark Fields last May as chief executive officer – but ducked analysts’ repeated requests for more detail. Top Ford executives repeatedly stressed in media and investors briefings on Wednesday their focus on improving the automaker’s “fitness” – a mantra of Jim Hackett, who succeeded Mark Fields last May as chief executive officer – but ducked analysts’ repeated requests for more detail. Chief Financial Officer Bob Shanks said a lack of fitness at the No. 2 U.S. automaker meant that higher commodity costs stood out more than at rival companies that are hitting their numbers, even though Ford is using many of the same hedging tools and strategies.
The prime minister is to say she wants the UK to lead the world in deciding how artificial intelligence can be deployed in a safe and ethical manner. Theresa May will say at the World Economic Forum in Davos that a new advisory body, previously announced in the Autumn Budget, will co-ordinate efforts with other countries. In addition, she will confirm that the UK will join the Davos forum’s own council on artificial intelligence. But others may have stronger claims. Earlier this week, Google picked France as the base for a new research centre dedicated to exploring how AI can be applied to health and the environment. Facebook also announced it was doubling the size of its existing AI lab in Paris, while software firm SAP committed itself to a 2bn euro ($2.5bn; £1.7bn) investment into the country that will include work on machine learning. Meanwhile, a report released last month by the Eurasia Group consultancy suggested that the US and China are engaged in a “two-way race for AI dominance”.