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The headlights of Toyota's electric LQ Concept car are pictured at the Tokyo Motor Show, in Tokyo, Japan, on Friday. — Reuters
Toyota's not alone in the slow lane to self-driving cars
TOKYO — When Toyota Motor Corp launches its all-battery Lexus next year, the luxury model will be able to drive autonomously on highways, a big step for the Japanese automaker, which has so far trailed rivals in bringing self-driving cars to market.Announced at the Tokyo Motor Show this week, the new Lexus shows how Toyota is putting its research on self-driving technology to work in cars that have limited automation.That strategy comes as more automakers — and even governments — are taking a longer view toward artificial intelligence (AI) and self-driving cars, paring back development targets after fatal accidents in Tesla Inc cars have shown the complexity of the technology.Right now, component manufacturers and venture companies working on the technology "are revising their...
October 25, 2019

Toyota's not alone in the slow lane to self-driving cars

MGallery AlUla - Suite Room
Accor signs historic deal to debut MGallery in AlUla
JEDDAH — Accor, a world-leading augmented hospitality group, has signed a landmark agreement to debut MGallery, its boutique experience-led hotel brand, in Saudi Arabia’s premier heritage destination, AlUla.The group has partnered with prominent Jeddah-based firm, Skonmas Trading Company, to take over and manage an existing resort in the Kingdom’s first UNESCO World Heritage Site, with Shaden Resort AlUla, an MGallery Experience, set to make history as the first property operated by an international hotel company in this remarkable location when it opens its doors.Accor’s takeover of the resort not only marks a major milestone in the group’s Saudi Arabia expansion strategy, but showcases the diversity of hospitality and lifestyle experiences it has to offer the kingdom in support...
October 25, 2019

Accor signs historic deal to debut MGallery in AlUla

India's beleaguered telecom companies were dealt a blow on Friday after being told to pay a whopping $13-billion bill.
India's under-pressure telecom firms hit with $13bn bill
MUMBAI — India's beleaguered telecom companies were dealt a blow on Friday after being told to pay a whopping $13-billion bill, though boosting Asia's richest tycoon Mukesh Ambani who has shaken up the sector with his low-cost deals.After a two-decade legal wrangle, the Supreme Court ruled on Thursday that telecom firms had to pay a combined 920 billion rupees ($13.0 billion) in past spectrum and licensing fees.British giant Vodafone's loss-making and indebted joint venture with local firm Idea was the biggest loser, being told to cough up $4 billion, Bloomberg News reported.Vodafone's Mumbai-listed shares slumped more than 16 percent when the markets opened, before recovering slightly.Vodafone Idea and Bharti Airtel, another major operator which was told to pay $3...
October 25, 2019

India's under-pressure telecom firms hit with $13bn bill

Samsung scion Lee Jae-yong (C), vice chairman of Samsung Electronics, leaves after a retrial at the Seoul High Court in Seoul on Friday. The heir to the Samsung empire appeared in court for a retrial over a sprawling corruption scandal that threatens to disrupt management at the world's biggest smartphone and memory chip maker. — AFP
Bribery retrial opens for Samsung scion
SEOUL — The heir to the Samsung empire appeared in court Friday for a retrial over a sprawling corruption scandal that threatens to disrupt management at the world's biggest smartphone and memory chip maker.Lee Jae-yong is vice-chairman of Samsung Electronics — where profits have been falling for months — and was jailed for five years in 2017 for bribery, embezzlement and other offenses in connection with the scandal that brought down South Korean president Park Geun-hye.The 51-year-old was released a year later after an appeals court dismissed most of his bribery convictions and gave him a suspended sentence, but that decision was set aside by the Supreme Court in August, which ordered a retrial.Accompanied by his lawyers, Lee walked stony-faced into the Seoul High Court for the...
October 25, 2019

Bribery retrial opens for Samsung scion

Journalists raise their hands to ask questions to Japan's SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo, Japan, Nov. 5, 2018. — Reuters
How SoftBank made WeWork an offer it had to accept
NEW YORK — Just a few months ago, WeWork's co-founder Adam Neumann was being courted by Wall Street's top investment bankers in anticipation of one of this year's most high-profile initial public offerings.By October, with the IPO abandoned and his office-space sharing company bleeding cash, Neumann found himself late on a Sunday evening pleading with WeWork's largest lender for a $5 billion lifeline, people familiar with the matter said. The message was clear — without new financing WeWork would run out of money within weeks."Do you still believe in the company?" Neumann, who had stepped down as CEO but was still WeWork's chairman, asked a room of JPMorgan Chase & Co bankers on the 42nd floor of their midtown Manhattan headquarters on Oct. 6, the sources...
October 25, 2019

How SoftBank made WeWork an offer it had to accept

Amazon packages are seen at the new Amazon warehouse during its opening announcement on the outskirts of Mexico City, Mexico July 30, 2019. — Reuters
Amazon's faster shipping dents profits, more pain to come
NEW YORK — Amazon.com Inc's chief financial officer on Thursday said costs for its one-day shipping program will spike to around $1.5 billion during the holiday season as the online retailer speeds up free delivery to woo shoppers and fend off rivals like Walmart Inc and Target Corp .Amazon's fourth-quarter cost for one-day shipping will be nearly double the $800 million the company spent during the second quarter, Chief Financial Officer Brian Olsavsky said on a call with reporters. The company began rolling out free one-day delivery with no minimum purchase early in the second quarter.Carriers like United Parcel Service Inc charge more for faster delivery, but that is only one component of the cost increase at Amazon, which ships around 10 billion packages per year.Another is...
October 25, 2019

Amazon's faster shipping dents profits, more pain to come

Tawuniya wins Most Innovative Insurance Product 2019
RIYADH — The Company for Cooperative Insurance (Tawuniya) has been awarded ‘Most Innovative Insurance Product 2019’ by World Finance Magazine in recognition of its success in creating innovative insurance products that meet the customers’ needs and aspirations.Tawuniya had launched a range of innovative insurance products, including cyber risk insurance, the international travel insurance (for GCC Countries), aquaculture insurance, professional indemnity insurance and Takaful life insurance.In the past year, Tawuniya had also launched 360° integrated insurance Program for Small and Medium Enterprises (SMEs), and Sanad plus, which is the first insurance program that combines benefits of third-party liability and comprehensive insurance.On this occasion, Majed Al Bahiti,...
October 25, 2019

Tawuniya wins Most Innovative Insurance Product 2019

VHO KSA Pod
Hyperloop study reveals $4bn increase in Saudi GDP and 124,000 high-tech localized jobs by 2030
DUBAI — Virgin Hyperloop One (VHO), the world’s leading hyperloop company, Thursday announced the results of a strategic study commissioned to build the world’s first extended test and certification hyperloop track in the Kingdom of Saudi Arabia.The study also set out plans for an R&D center and manufacturing facility to support the development of the groundbreaking hyperloop technology.In line with Saudi Vision 2030, the Kingdom’s diversification and development strategy, the VHO project is expected to significantly support a number of the economic and social pillars of the country’s Vision 2030, including the expansion of transportation, the development of urban infrastructure and the growth of a technology enabled modern economy.Sultan Ahmed Bin Sulayem, group chairman and CEO...
October 24, 2019

Hyperloop study reveals $4bn increase in Saudi GDP and 124,000 high-tech localized jobs by 2030

A worker cleans the glass exterior next to the logo of RBS (Royal Bank of Scotland) bank at a building in Gurugram on the outskirts of New Delhi, India, in this Sept. 8, 2017 file photo. — Reuters
Royal Bank of Scotland falls into quarterly loss
LONDON — Royal Bank of Scotland fell into a net loss in the third quarter, it said Thursday, hit by a sizeable provision to compensate customers over a huge UK mis-selling scandal.RBS reported a loss after tax of £315 million ($407 million, 366 million euros) in the three months to Sept. 30, compared with a net profit of £448 million in the third quarter of 2018.The bank has set aside a further £900 million to compensate over mis-sold credit insurance after claims surged before an August deadline.RBS had already taken a hit of £5.3 billion regarding the payment protection insurance (PPI) scandal.In August, UK watchdog the Financial Conduct Authority said British lenders had paid out £36 billion in PPI compensation since the start of 2011, when banks lost a high court appeal against...
October 24, 2019

Royal Bank of Scotland falls into quarterly loss

The Twitter logo is displayed on a banner outside the New York Stock Exchange  in this Nov. 7 file photo. — AFP
Twitter says finances impacted by 'bugs;' stock slides
WASHINGTON — Twitter shares skidded on Thursday after reporting weak growth in the past quarter resulting from glitches that made it harder to bring in advertising revenue.Profit for the third quarter was $37 million, a sharp drop from last year when Twitter was helped by a large tax benefit.Revenue rose nine percent from a year earlier to $824 million, well below analyst forecasts, impacted by what the company called "revenue product issues."Shares in Twitter slid as much as 20 percent in pre-market trade on the disappointing results.Twitter said revenue was hit by "bugs" which made it harder to deliver targeted advertising."In Q3, we discovered, and took steps to remediate, bugs that primarily affected our legacy Mobile Application Promotion product, impacting...
October 24, 2019

Twitter says finances impacted by 'bugs;' stock slides

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