|Bid||1,240.30 x 800|
|Ask||1,242.53 x 800|
|Day's range||1,232.04 - 1,244.34|
|52-week range||970.11 - 1,289.27|
|Beta (3Y monthly)||0.94|
|PE ratio (TTM)||25.01|
|Forward dividend & yield||N/A (N/A)|
|1y target est||1,427.52|
Huawei launched its latest flagship phone on Thursday (September 19). The Mate 30 range was revealed at an event in Munich. Huawei claims the 5G handset is the most powerful on sale today. Just one one problem though. U.S. sanctions mean it may not be able to fit the phone with Google products like mapping and Gmail. Thursday's presentation saw it loaded with Huawei's own apps. And the firm didn't say whether it had access to U.S.-made software. The phone can, however, run on an older, open-source version of Google's Android operating system. The question is whether consumers will want a device shorn of top applications. Huawei has to hope they will. It's already lost five per cent of market share in Europe following the U.S. sanctions. Now the Mate 30 range will start at 799 euros, or about 885 dollars. Analysts think it stacks up well against Apple's new iPhone 11 on design, as well as hardware. Consumers will decide if that's enough to make up for any missing apps.
(Bloomberg) -- A global movement backed by 16-year-old environmental activist Greta Thunberg got underway Friday, with students in Europe and Australia skipping school and workers walking off jobs to demand action on climate change.Tens of thousands of people attended a protest in a central Sydney park, holding up homemade signs with slogans such as “You’re Burning our Future” and “There Is No Planet B.” In Berlin, demonstrators gathered by the landmark Brandenburg Gate, just a few steps from where Chancellor Angela Merkel’s government hammered out a comprehensive climate- protection package.Thousands are marching in Paris, London, Brussels and Warsaw, with similar protests planned in New York, Toronto and elsewhere in North America.“This is about the future of our planet,” said Laura Lazzarin, an Italian national living in Berlin who joined demonstrators near the Brandenburg Gate. “We can’t go on like this, and politicians must realize that.”Protesters joining the Global Climate Strike movement want governments to treat global warming as an emergency, slash subsidies for fossil fuels, and switch economies to 100% renewable energy as soon as possible. They’re part of a worldwide series of demonstrations that organizers say will take place in 150 countries on Friday and on Sept. 27.“As we deal with devastating climate breakdown and hurtle towards dangerous tipping points, young people are calling on millions of us across the planet to disrupt business as usual by joining the global climate strikes,” according to a statement on the organizers’ website.The movement has taken hold in Europe, where climate has been catapulted to the top of the political agenda. The European Union should walk away from fossil fuels, the bloc’s energy chief told Bloomberg TV this week after a record spike in oil prices. A total of 93% of Europeans see global warming as a serious problem, according to a recent survey by the European Commission.In front of the Brandenburg Gate, three protesters dressed in black stood on top of melting ice blocks with nooses around their necks as hundreds of people gathered around them, carrying home-made placards, blowing whistles and chanting “We are here, we are loud, because you’re stealing our future.”In Poland, home of 33 of the EU’s 50 most polluted cities, more than 60 climate protests were held Friday. At the biggest gathering in Warsaw, more than a thousand demonstrators called for the government to curb its dependence on coal, which is burned to produce more than 80% of the country’s electricity.“The government is doing too little and this needs to be changed,” said Dionizy Debski, a high school student from Warsaw.The movement -- inspired by the braided Swedish teenager Thunberg who started weekly school walkouts last year -- has gone global, drawing parallels with other protests like the Civil Rights struggle and anti-apartheid demonstrations.Friday’s protests are timed ahead of United Nations events, including the first Youth Climate Summit on Saturday and the Climate Action Summit of government, corporate and other leaders on Sept. 23 in New York. Thunberg, who founded the “Fridays for Future” protest group, captured media attention by sailing across the Atlantic to address the youth event, rather than traveling by plane -- doing her bit to cap emissions.The climate campaign has spurred some companies into action. Germany’s Volkswagen AG, the world’s biggest automaker, pledged to make more electric cars and become climate-neutral by 2050. Amazon.com Inc. Chief Executive Officer Jeff Bezos vowed Thursday to wean his company off fossil fuels by 2030. He also announced the formation of a new organization -- the Climate Pledge -- amid a steady drumbeat of criticism from activists and his own employees over Amazon’s dependence on fossil fuels.On the same day, Alphabet Inc. Chief Executive Officer Sundar Pichai said Google had agreed to buy 1.6 gigawatts of wind and solar power, a record purchase of renewable energy by a single company.Google Makes Biggest Clean Energy Purchase Ever by a CompanyMore than 1,500 Amazon employees are scheduled to take part in Friday’s walkout. Workers from Google and Microsoft Corp. also plan to join protests.In Australia, the campaign has the backing of high-profile business leaders such as the billionaire co-founder of enterprise software company Atlassian Corp., Mike Cannon-Brookes. Atlassian was among hundreds of Australian employers, including law firm Slater & Gordon Ltd. and real-estate portal Domain Holdings Australia Ltd., that allowed workers to take time off to attend the rallies.The call to action has resonated across Europe, which has suffered from increasing bouts of drought and wildfires, and in Australia -- the world’s driest inhabited continent that derives the bulk of its energy from burning coal.For all the support the campaign is deriving, however, there are pockets of opposition. In Germany, the far-right AfD party on Friday vowed to oppose any new government measures on climate protection, citing escalating costs. Merkel’s government is “ruining Germany,” the AfD’s Joerg Meuthen said in a statement.\--With assistance from Maciej Martewicz.To contact the reporters on this story: Bruce Einhorn in Hong Kong at firstname.lastname@example.org;Thuy Ong in Sydney at email@example.com;Stefan Nicola in Berlin at firstname.lastname@example.orgTo contact the editors responsible for this story: Chad Thomas at email@example.com, Vidya Root, Eric PfannerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Google will invest 3 billion euros ($3.3 billion) over the next two years to expand its server farms across Europe.The investments take its total spend on European data centers to 15 billion euros since 2007, Google Chief Executive Officer Sundar Pichai told reporters in Helsinki on Friday following a meeting with Finnish Prime Minister Antti Rinne.It’s also investing 1 billion euros in renewable power in Belgium, Denmark and Sweden. Among the projects are a 600 million-euro expansion of its existing data center in Finland, as well as two wind projects in the Nordic nation.The Alphabet Inc. company on Thursday announced a series of new deals to buy wind and solar power in the largest-ever collective purchase of renewable energy by a single company. The move shows how corporations are increasingly turning to clean energy as costs of wind and solar fall and investors push them to fight climate change.The Mountain View, California-based company said it has matched 100% of its electricity consumption with renewable energy the past two years.Google’s investment in its Hamina server complex on the south coast of Finland will now reach 2 billion euros. It has built other European data centers in Denmark, the Netherlands, Ireland and Belgium to feed demand for faster access to files and media.However, big tech companies don’t always follow through on their internet infrastructure promises. Earlier this year, Apple Inc. shelved plans to build a second data center in Denmark, and canceled a similar project in Ireland.(Updates with background on Google’s data centers)To contact the reporter on this story: Leo Laikola in Helsinki at firstname.lastname@example.orgTo contact the editors responsible for this story: Kati Pohjanpalo at email@example.com, Giles TurnerFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- It’s time to stop crediting corporate sustainability efforts as acts of altruism. For big business, protecting the environment often means padding the bottom line.Nike Inc. has come up with a way to weave more efficiently, reducing the raw material and labor time needed to make each shoe. That has kept more than 3.5 million pounds of waste from reaching landfills since 2012. But the good news doesn’t stop with the environmental impact. The company is spending less on transportation, materials and waste disposal.The shoemaker’s “more environmentally conscious product has been a source of cost savings,” said James Duffy, an analyst at Stifel.Those flimsy plastic water bottles sold by Nestle SA? The ultra-thin design has a smaller impact on the environment while pushing down costs associated with packaging and shipping. Amazon.com Inc. and Walmart Inc. have poured tens of millions of dollars into a fund that builds out recycling infrastructure, reducing landfill tipping fees and recovering material that could be sold as new products.Tech giants have spent billions of dollars on solar and wind power, cutting greenhouse-gas emissions and energy expenditures at the same time. Alphabet Inc.’s Google, Amazon and Facebook Inc. are now some of the largest buyers of green power in America.Turns out it’s not just easy being green—it’s also profitable.“We’ve moved past this concept that business versus the environment is a tradeoff,” said Tom Murray, who advises companies on reducing emissions as Environmental Defense Fund, including Walmart, McDonald’s Corp. and Procter & Gamble Co. “The business benefits were always there, but more and more companies are going after them.”The business case for going green has never been stronger as companies find ways to make more from less. Here’s a look at the ways corporate America is making environmentalism pay.Lightweight Flights Cost LessUnited Airlines Holdings Inc. has been making its planes lighter, driving down fuel use and costs. Airlines account for almost 2% global carbon emissions. Not even the in-flight magazine has been spared in the search for unnecessary heft: changing to a lighter paper stock saved almost $300,000 per year on fuel. United redesigned airplane bathrooms, switched out beverage carts and ended duty-free sales.What it pays: United has saved more than $2 billion on fuel so far.Hanging Hotel Towels Saves More Than Water It turns out that simply asking guests to hang up towels to dry and forego daily sheet changes can save hotel operators 25% off annual energy costs. “To some surprise within the hotel industry, this option was quickly embraced by hotel guests as a small way to engage in energy conservation,” according to a report by the Urban Land Institute. Clarion Partners LLC does that at all of its hotels and went a step further by reducing flows through toilets, faucets and showerheads.What it pays: Cutting water use saves Clarion hotels about $17,250 per year.Idle Trucks, Real MoneyWalmart runs one of the biggest trucking fleets in the U.S. That means scores of semis standing in traffic at any given time. At that scale, the introduction of technology that reduces energy use when trucks or idling and software that creates more efficient routes can improve fuel efficiency by 90%, reducing carbon dioxide emissions.What it pays: Diesel averages almost $3 a gallon in the U.S. Tech’s Green Power PayoffGoogle, Facebook and Amazon are among the largest energy consumers in the U.S., and a lot of that power is now emission-free. Each company committed to getting 100% of their power for their data centers from renewable resources such as wind and solar. Exxon Mobil signed up to energize its operations in Texas with solar and wind energy starting next year, which would place the oil producer among the top 10 buyers.What it pays: With renewables now cheaper than fossil fuels, these green energy commitments shave an estimated 10% off tech giants’ gargantuan utility bills.Paperless Bathrooms Are CheaperRestaurants, movie theaters and others have been making the switch from paper towels to hand dryers in their restrooms for years. Dryers have become the norm because of the savings on the cost of paper towels and the expense of sending garbage to the landfill. Soldier Field, home of the Chicago Bears, made the switch and cut carbon emissions by 76% per use.What it pays: A football stadium can save more than $12,000 a year over the cost of paper towels. Re-Sold Clothes Are a MoneymakerPatagonia Inc. has been repairing and recycling clothes since its inception in the 1970s, making the practice a core part of the brand’s environmental image. Two years ago, however, the company added incentives for customers who return used items. This wasn’t just an act of urgency to keep clothing out of landfills. A 3-in-1 Snowshot Jacket that retails new for about $400 was recently listed on Patagonia’s Wornwear website for $187 to $207, more than twice the amount paid to customers in a voucher.What it pays: Each re-sale of a high-quality used jacket can net $100. “It’s a profitable business unit,” said Phil Graves, director of corporate development at Patagonia.Slender Plastic SavingsNestle has been saving money with ever-thinner plastic bottles, cutting the content in its half-liters by more than 60% since 1990. That also reduces the harmful chemicals and emissions produced from making plastic and saves on transportation costs. There’s also been a push to use more recycled material. Nestle recently started offering a 100% recycled bottle for its Pure Life water brand. Coca-Cola Inc. has decided to ditch plastic altogether for its Dasani line by pumping water into aluminum cans. That switch will make it easier to recycle and boost profitability. The cans weigh less, which cuts transportation costs. What it pays: 72 cents per pound of plastic resin.Beer With Less Spent on WaterLagunitas Brewing Co. was growing so quickly that its local water utility couldn’t process all the highly concentrated wastewater produced by its manufacturing process. Managing it all might have required costly upgrades to the municipal system. The brewer instead bought a new type of treatment system onsite that cleans the 7 gallons of high-strength wastewater made with every gallon of beer. The methane byproduct is used to produce electricity. Its one of the many breweries and vineyards out there that have now installed these systems.What it pays: Estimated savings more than $1 million a year on utility bills.This story is part of Covering Climate Now, a global collaboration of more than 250 news outlets to highlight climate change.To contact the authors of this story: Chris Martin in New York at firstname.lastname@example.orgMillicent Dent in New York at email@example.comTo contact the editor responsible for this story: Aaron Rutkoff at firstname.lastname@example.org, Lynn DoanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg Opinion) -- It’s starting to look like a pattern: Russian law enforcement agencies arrest someone on what seem to be trumped-up charges; the arrestee’s colleagues raise their voices in protest; various pro-Kremlin figures join the outcry; the prisoner walks free.This sequence of events first occurred in June, in the case of Ivan Golunov, an investigative reporter arrested on drug-dealing charges. Journalists who had worked with Golunov, myself included, could vouch that the charges were preposterous. We had a strong suspicion that Golunov was being punished for his investigation of corruption in the funeral business. So the Moscow journalistic community rose to the reporter’s defense, picketing police headquarters and trying to enlist the help of various officials. Three major newspapers, normally competitors, came out with identical front pages demanding freedom for Golunov. Then, suddenly, pro-Kremlin figures, including Margarita Simonyan, the editor in chief of the RT channel, joined the campaign. President Vladimir Putin took a personal interest in the case, and Golunov was tested for contact with drugs and released, the charges against him dropped.Now, it looks like a second iteration of the scheme is unfolding. On Aug. 3, Moscow riot police detained a young actor, Pavel Ustinov, during a protest against a city council election widely seen as unfair. Ustinov wasn’t taking part in the protest – he was just standing near a subway entrance in central Moscow, not far from where the demonstration was taking place. As the riot cops overpowered him, one ended up with a twisted shoulder. That resulted in Ustinov’s conviction on Sept. 16 for resisting arrest and a sentence of three years and six months in a prison camp – though a video, available on YouTube, shows clearly that he didn’t resist. Actors showed as much solidarity for their colleague as journalists had before them. Theater and TV stars spoke out in Ustinov’s defense, protests were held, a petition circulated. After a certain pause, just as in the Golunov case, Ustinov also found supporters among pro-Kremlin figures, from top TV propagandist Vladimir Solovyov to Andrey Turchak, one of the leaders of the pro-Kremlin United Russia party. Two days after the sentencing, Turchak said the video of the actor’s detention, which the judge had ignored, proved Ustinov’s innocence.Putin’s press secretary Dmitry Peskov said on Wednesday that Putin was aware of Ustinov’s case but couldn’t influence the court’s decision. But a top lawyer with Kremlin ties, Anatoly Kucherena, suddenly took up the case, and on Thursday, the Moscow prosecutor’s office asked the court to release Ustinov from prison. Are the similarities between the Golunov and Ustinov cases a coincidence? Or is the Kremlin establishing a procedure for rolling back obviously unjustified reprisals by its overeager enforcers? Either way, Putin has signaled that complaints will quickly escalate to him if there’s enough public interest in the case – and if the victim has backers capable of generating and maintaining such public interest.Like in the Soviet Union, it seems, certain privileged creative professionals, such as journalists and actors, are finding a sympathetic ear in the Kremlin. Victims of arbitrary reprisals who don’t have influential lobbies behind them – such as five other people convicted and sentenced to long prison terms for their part in last summer’s Moscow protests – are, it appears, not to be freed in this way. Public support from random social network users, activists or the 40 Russian Orthodox priests who authored an open letter advocating for detainees’ releases doesn’t seem to count. The rules of the game are ad hoc, as rules often are in the Putin system. Putin knows, however, that Russian elites will play by whatever rules he implicitly sets – and thus, also implicitly, accept that some political prisoners must remain behind bars. That’s ultimately what he wants; if his sadistic enforcers often act irrationally, he’s using their brutality to make key professional communities play along with him.To contact the author of this story: Leonid Bershidsky at email@example.comTo contact the editor responsible for this story: Tobin Harshaw at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Facebook Inc. Chief Executive Officer Mark Zuckerberg clashed with Republican Senator Josh Hawley over his company’s record on privacy and safeguarding user data as the social media platform comes under unprecedented scrutiny in Washington.“I said to him, ‘prove that you are serious about data, sell WhatsApp, and sell Instagram.’ That’s what they should do,” Hawley said to reporters after meeting with Zuckerberg in Washington Thursday. “I think it’s safe to say he was not receptive to those suggestions.”Zuckerberg is in the nation’s capital defending his company’s practices to some of his harshest critics over their concerns that he isn’t taking strong enough action to prevent voter manipulation on the platform ahead of the 2020 presidential election, along with criticisms over the company’s handling of user data and curbing online violence.Hawley said he had a “very frank discussion” with Zuckerberg on the company’s record on privacy and political bias and said he thinks Facebook should be subject to independent audits of its content reviews. Hawley said he also pressed Zuckerberg for “a wall” between Facebook and its other platforms and Zuckerberg said no.Facebook is creating an oversight board to review what content should be policed and just released a charter outlining more details about the group earlier this week.Zuckerberg’s visit to the capital also included dinner Wednesday with Senator Mark Warner, the ranking Democrat on the Intelligence Committee and Senator Richard Blumenthal, a Connecticut Democrat, along with other lawmakers.“Mr. Zuckerberg acknowledged that self-regulation is not going to cut it,” Warner, a Virginia Democrat, said to Bloomberg Television. “I think he realizes that the status quo and the days of the wild, wild West are over.”Warner helped organize the dinner with lawmakers at Facebook’s request, according to Rachel Cohen, a Warner spokeswoman. They discussed a wide range of issues “including the role and responsibility of social media platforms in protecting our democracy, and what steps Congress should take to defend our elections, protect consumer data, and encourage competition in the social media space,” Cohen said in a statement.Facebook is battling criticism from lawmakers over its handling of users’ personal information, the proliferation of violent content and election interference by foreign operatives. In response to the growing scrutiny, Zuckerberg has called for the passage of baseline regulations governing harmful content online.Democratic lawmakers have attacked Facebook’s handling of political content, including the way foreign operators have used the platform to sow discord in American public life. A report by Special Counsel Robert Mueller described how a Russian entity “carried out a social media campaign that favored presidential candidate Donald J. Trump and disparaged presidential candidate Hillary Clinton.”Republicans accuse it of anti-conservative bias. Hawley said that Zuckerberg acknowledged that the company has been struggling with bias for years, and said the censorship of anti-abortion group Live Action was a mistake.“He said that they made a mistake, that there was clearly bias,” Hawley said.Facebook spokesman Andy Stone clarified that Zuckerberg told Hawley there was bias in the fact-checking process, which includes third-party partners, not at Facebook itself. Zuckerberg also told Hawley that for years Silicon Valley has struggled with perceptions of bias and that the industry needs to be aware of the issue, Stone added.The company has found no evidence of systemic anti-conservative bias on Facebook, where many of the top publishers are conservative.Blumenthal said in a statement that he also had a “serious conversation” with Zuckerberg at the dinner, which took place at Ris, an upscale American bistro, about the “challenges of privacy” facing Facebook, which has been ensnared in controversy over the way it has shared users’ information with third parties.“It’s no secret that I’ve been a tough critic of Facebook, so I was glad for the opportunity to discuss my concerns directly with Mr. Zuckerberg,” he said.Zuckerberg also met with Senators Maria Cantwell, a Democrat from Washington state, Utah Republican Mike Lee and Arkansas Republican Tom Cotton. Friday the CEO is slated to meet House Intelligence Chairman Adam Schiff of California.“One of the most pressing issues for me is the threat posed by deepfake technology and it’s potential misuse during the presidential campaign,” Schiff said in an interview with Bloomberg Government.Zuckerberg isn’t meeting with House Speaker Nancy Pelosi, according to a person familiar with the matter. Democrats castigated the company earlier this year after it failed to remove a doctored video of Pelosi. She has snubbed at least two meetings with him, Bloomberg has reported. He also isn’t meeting several high-profile Republicans who are working on a federal privacy bill, including Senator Roger Wicker. Marsha Blackburn said he’d reached out to her but her travel schedule didn’t allow a meeting.Zuckerberg doesn’t appear to be meeting with government officials conducting inquiries. The Federal Trade Commission has opened an antitrust probe of the company, and New York is leading a coalition of states in a wide-ranging investigation of the social media giant. In July, Facebook agreed to pay $5 billion to settle FTC allegations it violated users’ privacy.The House Judiciary antitrust subcommittee is also investigating competition issues in the technology industry. Last week, the panel sent a letter to Facebook seeking information about its acquisitions as well as communications from Zuckerberg, Chief Operating Officer Sheryl Sandberg, former general counsel Colin Stretch and policy chief Kevin Martin.\--With assistance from Billy House, Joe Light, Ben Brody and Kurt Wagner.To contact the reporters on this story: Naomi Nix in Washington at email@example.com;Rebecca Kern in Arlington at firstname.lastname@example.org;Steven T. Dennis in Washington at email@example.comTo contact the editors responsible for this story: Sara Forden at firstname.lastname@example.org, Steve GeimannFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- One of the nation’s largest drug store chains and a shipping service giant are joining forces, with Alphabet Inc.’s Wing to begin a first-of-its-kind drone delivery service in October.Walgreens, FedEx Corp. and Wing, an offshoot of Google that was the first U.S. drone operator to receive partial certification as an airline, will begin the exploratory deliveries in the small town of Christiansburg, Virginia, the companies said in an announcement Thursday.The companies aim to go beyond the small-scale delivery demonstrations that have occurred so far in the U.S., typically under controlled environments conducted over short ranges, they said.“Wing has spent the last seven years developing a delivery drone and navigation system for this purpose,” Chief Executive Officer James Ryan Burgess said in the release. “By delivering small packages directly to homes through the air in minutes, and making a wide range of medicine, food and other products available to customers, we will demonstrate what we expect safer, faster, cleaner local delivery to look like in the future.”Read more: Amazon Poised to Test Chopper-Plane Mashup for Drone DeliveriesThe announcement is a sign of the rapid maturation of the drone industry, as multiple titans of industry race to find their place in what could become a transforming technology. At the same time, the U.S. government hasn’t created a regulatory structure or formal safety standards for small, low-flying drone operations, so such demonstrations continue to be conducted using waivers to existing rules.Wing has conducted demonstrations of how its deliveries would work before, including lowering a Popsicle to a toddler in Virginia last year. But the project with Walgreens and FedEx is designed to send actual merchandise to customers on a far bigger scale.The demonstration project is being conducted near the campus of Virginia Tech in Blacksburg and is associated with the Mid-Atlantic Partnership, one of the groups selected by the U.S. government as testing entities for drone commerce. While there is growing demand for using drones to deliver goods and to perform many industrial functions, the Federal Aviation Administration is still in the process of developing regulations to govern them.Robotic RaceWing is one of the leading companies in the race toward having robotic unmanned craft zip through the sky to people’s homes to drop off goods, and has received waivers to allow longer-range flights.Amazon.com Inc. and United Parcel Service Inc. are also developing their delivery services. A number of smaller companies, including Flirtey Inc. and Zipline International Inc., are either doing demonstration projects or have made deliveries in other countries.The partnership between Wing, Walgreens and FedEx has benefits for all three in the race to exploit the drone economy.Walgreens, a division of Walgreens Boots Alliance Inc., and other large drugstore chains have seen their sales chipped away at by Amazon and other online retailers, as the convenience of a brick-and-mortar pharmacy a short drive away has been supplanted by a package delivered to a customer’s front door. Amazon has also moved into the prescription drug business, offering patients conveniently-packaged pills through its PillPack unit.Drugstores Fight BackIn response, the drugstore chains have begun offering competing services to defend themselves. Walgreens offers a delivery service for prescriptions, and has partnered with FedEx to use its stores as package drop-off points. It’s also partnered with Kroger Co. on a pilot program for customers to pick up groceries at Walgreens stores.The partnership with Wing gives FedEx leverage to compete against UPS, which is using the small flying devices for revenue-generating health-care deliveries, such as blood samples, within a hospital campus in North Carolina.UPS is also seeking FAA authorization to operate like a small airline and expects to get that designation soon. UPS Chief Executive Officer David Abney has said the focus of drone deliveries would be the health-care industry at first, and then expand from there.(Updates with other companies in ninth paragraph.)\--With assistance from Drew Armstrong.To contact the reporters on this story: Alan Levin in Washington at email@example.com;Thomas Black in Dallas at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth Wasserman, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Fed cuts interest rates again, but what's next? Why Microsoft (MSFT) stock surged. The latest from AT&T (T) and FedEx (FDX). And why Skechers (SKX) stock is a Zacks Rank 1 (Strong Buy) right now - Free Lunch
Alphabet’s (GOOGL) Waymo wants to bring its autonomous driving technology to the freight trucking industry. Waymo is one of Alphabet’s Other Bets.
(Bloomberg) -- Acknowledging a steady drumbeat of criticism from activists and a vocal group of his own employees, Amazon.com Inc. founder and Chief Executive Officer Jeff Bezos announced the formation of a new organization, the Climate Pledge, to meet the goals of the landmark Paris climate agreement 10 years early.In a joint press conference in Washington with Christiana Figueres, formerly the United Nation’s executive secretary for climate change, Bezos said Amazon will reach 80% renewable energy use by 2024 and 100% by 2030, up from 40% today. To help get there, Amazon has placed an order of 100,000 electric vehicles from a startup it has backed, Rivian Automotive Inc. The first Rivian vehicles will arrive in 2021. Bezos’s pledge came a day before more than 1,500 Amazon employees are scheduled to walk out of their offices to draw attention to what they see as the company’s inaction on climate change. The protest is part of a wider strike organized by 16-year-old climate activist Greta Thunberg ahead of next week’s United Nations Climate Action Summit.“The global strike tomorrow is totally understandable,” Bezos said. “People are passionate about this issue. By the way, they should be passionate about this issue.”The group organizing the employee walkout, Amazon Employees for Climate Change, has been pressuring Amazon for almost a year to reduce its dependence on fossil fuels and detail how it’s preparing to deal with business disruptions caused by climate change. Inside Amazon’s annual meeting in May, an employee speaking on behalf of the group asked for the opportunity to share her concerns with Bezos directly, but was denied. Shareholders voted down their proposal for Amazon to disclose a comprehensive climate change plan. The employee group on Thursday called Amazon’s pledge “a huge win.” “We’re thrilled at what workers [have] been able to achieve in less than a year,” the group said in a statement. “But we know it’s not enough.”The steps outlined in the Paris Climate Accords on their own aren’t sufficient to protect the planet, they said. “Today, we celebrate. Tomorrow, we’ll be in the streets to continue to fight for a livable future.” In February, two months after the employees went public with their campaign, Amazon promised to disclose its carbon footprint by the end of the year and pledged that half its shipments would be carbon neutral by 2030, a so-called Zero Shipment project. Amazon has argued that an e-commerce model, with delivery vehicles making numerous stops in each neighborhood, is inherently more efficient than individual shoppers taking the odd trip to the store for items like a gallon of milk. Bezos added that free next-day shipping for Prime members, which the company is in the process of rolling out, is more environmentally efficient because products can be warehoused locally, reducing travel times and bypassing the need to ship products via air.Amazon in recent years has built a team of hundreds of employees focused on sustainability issues who oversee the company's fleet of wind and solar farms and lead experiments with environmentally friendly packaging and business practices. The group also led development of Amazon’s methodology to calculate the company’s carbon footprint. But the group hadn’t committed to releasing the result of their work on greenhouse gases to the public until after Amazon employees began their advocacy campaign, according to a person familiar with the discussions.Amazon is relatively late among tech companies to share its environmental impact, experts say. Apple has released an environmental impact report with increasing levels of detail for the last decade. Google first published a comprehensive report on its energy use in 2011. “Amazon was not one of the leaders, for sure,” said Aseem Prakash, a professor of political science at the University of Washington who tracks environmental policy. “But frankly, it’s irrelevant. If Amazon is taking the right steps to transform this new industry, it’s a huge step. If they can revolutionize the trucking industry, the data center industry, the packaging industry, they are doing a great service to humanity.”Prakash said he would like to see Amazon disclose more specifics about plans to power its data centers with renewable energy. The company has also been reluctant to talk about using its influence as a massive buyer of goods to encourage green practices among manufacturers, he said.Amazon was among the hundreds of U.S. companies to sign on to a corporate commitment to meet the goals of the Paris Climate Accords when it became clear the U.S. would withdraw from the agreement.But Bezos went his own way in creating a new initiative. He recruited Figueres to co-found the Climate Pledge, which calls on companies to be net carbon neutral by 2040—a decade earlier than stipulated by the Paris accords. The pair said they would hold an annual conference for companies to share best practices for reducing their climate footprint. “Swallow the alarm clock,” she said. “We are running out of time. Science tells us we have about a minute left to get the work done we need to get done.”Amazon on Thursday also announced a $100 million donation to the Nature Conservancy to fund the Right Now Climate Fund, which engages in reforestation projects to remove carbon from the atmosphere.Bezos started the press conference by reviewing the accelerating state of climate change, which he called “dire.” But he also said he was optimistic that society can invent a solution. “When invention gets involved, when people get determined, when passion comes out, when they make strong goals, you can invent your way out of any box. That’s what we humans need to do right now.”\--With assistance from Matt Day.To contact the author of this story: Brad Stone in San Francisco at firstname.lastname@example.orgTo contact the editor responsible for this story: Robin Ajello at email@example.com, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
An Australian review has found that delivery drones operating in the capital, Canberra, are too noisy. Alphabet's Wing operates drones in the city.
(Bloomberg) -- The impact of the Trump administration’s blacklisting of Huawei Technologies Co. was laid bare as the Chinese company unveiled a flagship Android-powered smartphone that lacks any licensed Google apps.Announced at an event in Munich on Thursday, the Huawei Mate 30 and Mate 30 Pro mark the brand’s first top-of-the-range device launch since it was forbidden in the spring from trading with American partners.Huawei Consumer Group Chief Executive Officer Richard Yu remained upbeat on stage during the company’s presentation, promising the phone would be a technological powerhouse with an unmatched new camera system.In May, the U.S. government blacklisted Huawei -- which it accuses of aiding Beijing in espionage -- forcing chipmakers, software developers and other component manufacturers to stop selling critical smartphone parts to the company.The ban’s reach affected Alphabet Inc.’s Google, maker of the Android mobile operating system, which is why the new Huawei phone doesn’t have apps such as Google Maps, YouTube or the Google Play Store. The Mate 30 Pro runs on a version of Android that’s free and open-source, meaning companies don’t need a license from Google to use it. Huawei calls its edition EMUI10. But without the all-important Play Store app repository, it’s still a barebones Android version underneath.Consumers will be able to manually “side-load” some Google apps, or use available web versions, Richard Yu told reporters after the launch event.“We’re trying to make it okay for consumers but we need time to solve this issue,” he said. “The consumer can make a compromise. It’s a balance.”On the inside, the Mate 30 Pro runs on the new Kirin 990 5G processor, made by Huawei subsidiary HiSilicon, which packs more than 10.3 billion transistors into a space the size of a fingernail. The chip also combines a graphics processor, a 5G modem and dedicated neural processing units for accelerating artificial intelligence tasks into one.Huawei and Samsung’s New 5G Chips Pose Threat to QualcommYu said Huawei’s testing on the China Mobile network showed the Mate 30 Pro able to achieve 5G download speeds of about 1,500 megabits-per-second -- a figure that far outstrips the average figures possible even on most domestic fixed line internet connections in the U.S. and Europe.Commenting ahead of Thursday’s launch, CCS Insight analyst Ben Wood said Huawei’s strong brand in Europe meant there “will be a market for any new products,” given the company’s “good track record in slick design and leading edge features such as multiple cameras.”“However, not having Google services will mean it’s a huge challenge for customers,” he added.Other features of the Huawei Mate 30 Pro include:A 165 millimeter (6.5 inch) OLED screenA quad-camera array with uncommonly large image sensors for a smartphone that capture photos at 40 megapixels, as well as ultra-slow-motion video at 7,680 frames per secondA powerful octa-core CPUWater and dust resistantA 4,500mAh battery and wireless chargingThe Mate 30 and Mate 30 Pro will go on sale in China next week and in Europe next month, costing 799 euros ($884) and 1,099 euros respectively.Yu also announced Huawei’s folding phone, the Huawei Mate X, will go on sale in China in October. First announced in February, the phone supports next-generation 5G networks and is the second folding phone from a major manufacturer to go on sale this fall -- Samsung released the Galaxy Fold on Sept 6. It’ll be available in Europe next year, Yu said.(Updates with CEO quotes in 6th paragraph, pricing in penultimate.)To contact the reporters on this story: Nate Lanxon in London at firstname.lastname@example.org;Oliver Sachgau in Munich at email@example.comTo contact the editors responsible for this story: Giles Turner at firstname.lastname@example.org, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Disney CEO Bob Iger has left Apple's board of directors as the Disney+ and Apple TV+ video services prepare to go head to head.
Amazon is gearing up for its Great Indian Festival online event, which launches before Diwali. Flipkart's Big Billion Days will launch at the same time.
Codenamed Orion, Facebook's (FB) smart glasses are reportedly being designed to disrupt the smartphones market when it hits the shelves anywhere between 2023 and 2025.
Five National Health Service trusts have signed partnerships with Google to process sensitive patient records, in what are believed to be the first deals of their kind. The deals came after DeepMind, the London-based artificial intelligence company, transferred control of its health division to its Californian parent. DeepMind had contracts to process medical data from six NHS trusts in Britain to develop its Streams app, which alerts doctors and nurses when patients are at risk of acute kidney injury, and to conduct artificial intelligence research.
Google has struck 18 wind and solar energy deals across the US, Europe and Latin America, the company announced on Thursday, together comprising what it said was the “biggest corporate purchase of renewable energy in history”.
(Bloomberg) -- Alphabet Inc.’s Google plans several big moves into digital payments in India, a country with a huge first-time internet user population that serves as a test-bed for innovations in smartphone technology.The U.S. search giant will start a service called Spot it hopes will get more merchants to adopt online payments, helping early partners including MakeMyTrip, home services marketplace UrbanClap and food delivery brand Oven Story set up branded shops using Google Pay. It’s also pushing digital tokens for mobile commerce, a feature the company will roll out with Visa Inc. for several Indian banks in the coming months, Google executives said.The effort is part of Google’s broader push into one of the world’s fastest-growing internet arenas. The Mountain View, California-based company will also open a research lab focusing on artificial intelligence applications in fields like health care and education, and it’ll offer public Wi-Fi to villages in three regions. Google will take any lessons learned in India to the more than two dozen countries where it offers digital payments.“When you build for India, you are building for the world,” Google Pay’s India head, Ambarish Kenghe, said in a phone interview ahead of a “Google for India” event in New Delhi on Thursday.Google’s commitment is to make the internet accessible and inclusive, said Caesar Sengupta, vice president of the company’s Next Billion Users Initiative and Payments. Aside from voice searches in Hindi, the Google Assistant will soon support eight more local languages. Translations will be added in the coming months. And Google’s speech-based Bolo app, intended to help children read, will also be available in five additional Indian languages with expanded content.Read more: Facebook and Google Chase a New $1 Trillion Payments MarketBut it’s in Indian payments that Google is making the biggest splash, joining other foreign players such as Facebook Inc.’s WhatsApp and local firms like Paytm in Asia’s No. 3 economy. Google Pay has grown threefold there over the past 12 months and now has 67 million monthly active users who made transactions worth over $110 billion during the period, Kenghe said.Prime Minister Narendra Modi’s government has been a big proponent of mobile technology as a way to connect the hundreds of millions of mostly rural residents and merchants underserved by a rickety traditional bank and credit card infrastructure. Google Pay for Business, a new app launching in India, is designed to ease India’s 60 million small businesses into the online commerce realm, letting them experiment with newfangled features such as video verification, Kenghe said.Credit Suisse estimates that the Indian digital payments market will touch $1 trillion by 2023 from about $200 billion currently. Cash still accounts for 70% of all Indian transactions by value, according to Credit Suisse’s analysts, and neighboring China is far more advanced with a mobile payments market worth more than $5 trillion already. That leaves room to grow.“The speed of adoption and growth has defied our expectations,” Sengupta said. “Our product is getting better every two weeks, backed by field researchers observing people in real-life environments in their homes and shops,” he said. “We will keep refining to ensure it’s the right product and service.”(Updates with executive’s comments from the sixth paragraph)To contact the reporter on this story: Saritha Rai in Bangalore at email@example.comTo contact the editors responsible for this story: Edwin Chan at firstname.lastname@example.org, Vlad SavovFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The project will run over three years, after which Archant hopes the new news outlets will be self-sustaining. Local and regional news outlets in many countries have been shutting down over the past few years as they struggle to offset falling sales of newspapers with digital advertising, a $330bn market that is increasingly dominated by Google and Facebook.
(Bloomberg Opinion) -- Singapore is a major Asian refining hub, though it doesn’t have a drop of crude petroleum. Now, the tiny country is punching above its weight in data. The upshot for investors: An asset class that pays 51% in a world where earning even zero is increasingly a luxury.There’s a limit to how many bits and bytes even a busy financial center of 5.6 million people can produce. Yet, measured by power supply, Singapore is now the world’s largest repository for storing and processing data. Facebook Inc. alone is setting up an 11-story facility, its first such custom-built center in Asia. Data-center real-estate investment trusts, or landlords who take money from public shareholders to own and manage server farms for rent-paying tech clients, are now a globally popular investment. Singapore has unique attractions. Some are technical, such as low-latency connectivity. Another is that its investors are wealthy and old. Assured returns today excite them more than uncertain growth tomorrow. If global tech is a gold rush, Singaporeans are happy to pour money into the picks and shovels.Consider two current deals. Keppel DC REIT, which is seeking a combined S$478.2 million ($347.8 milion) from a private sale of shares and a preferential issue, saw the placement fully covered within the first hour of bookbuilding at the top of the price range. Shares have risen 44% over the past year. Including dividends, the returns have been 51%. Keppel DC will use the newly raised funds to expand its portfolio to S$2.58 billion, spread across 17 data centers globally.A world awash in cash helps boost the attractiveness of REIT dividends for small savers who would otherwise have to lunge for risk to earn decent yields. Not surprisingly, Mapletree Industrial Trust increased the size of its private placement to S$400 million after it was covered 6.3 times. The Singapore REIT, which wants to acquire data centers in North America, has handed 30% returns to investors over the past year. Will the good times last? Singapore has its drawbacks. The island became the “Houston of Asia” because it had a deep-water seaport and a large rig-building industry.The oil of the 21st century is a different industry. Data travels along copper wires and gets stored in micro-thin wafers of metal compounds, which have a tendency to heat up. The ideal storage center would be in a place where the electricity consumed in keeping servers cool isn’t as high as in tropical Singapore. Every watt of power that goes into computing as much as 0.78 watts has to be set aside to beat the year-round heat and humidity.Neither does it help that real estate is scarce. Even with land reclaimed from the sea, Singapore remains smaller than Rhode Island.Still, Singapore’s long-term advantage comes from being tiny, especially if Hong Kong founders as a rival.Sprawling data centers in China’s Inner Mongolia, as well as India or Indonesia, will primarily serve domestic digital content and commerce. They’ll also be fraught with politics. Populous countries will insist on being able to trace their citizens’ online behavior in the name of national security. Localization is one price global tech firms will have to pay to access these sizable markets. With New Delhi weighing a law that would make local storage mandatory, mining tycoon Gautam Adani wants to invest $10 billion in server farms in just one state. He’s waiting to sign up the likes of Amazon.com Inc. and Google. Alphabet Inc.’s Google, which has no data centers in China, has been in talks with Tencent Holdings Ltd. and several other Chinese firms to bring in its cloud services. However, in China’s case, an additional complication is the trade war. It’s not clear if Alphabet’s plans to offer Google Drive and Google Docs on the mainland will proceed apace amid increasing scrutiny by a hawkish establishment in Washington.Singapore, run by the same political party since 1959, offers predictable rule of law and infrastructure to give tech companies a comfort level for storing their most valuable resource. On land costs alone, neighboring Malaysia would be cheaper. But when deciding to set up a data center, investors assign a far bigger weight to future risks. And that’s where small, stable Singapore earns its big payoff.To contact the author of this story: Andy Mukherjee at email@example.comTo contact the editor responsible for this story: Patrick McDowell at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services. He previously was a columnist for Reuters Breakingviews. He has also worked for the Straits Times, ET NOW and Bloomberg News.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- Apple Inc. and Ireland’s court room clash with the European Commission finally lived up to its billing as the world’s biggest tax case.A two-day hearing into their appeal of the EU’s record 13 billion-euro ($14.4 billion) tax bill heated up on Wednesday as Apple rebutted claims that Irish units at the center of its fight are just “phantoms” and Ireland hit back at regulators for saying the country would willingly forgo one-fifth of its corporate tax takings.Ireland is the victim of "wholly unjustified criticism of its tax system and its approach" from the EU in "the biggest state aid case ever," said Paul Gallagher, the government’s lawyer, in closing arguments of an EU General Court hearing in Luxembourg.EU officials "have not produced to this court a single example of Apple being preferred to anyone else" and Irish tax law didn’t require Apple to pay any more.Apple and Ireland are battling the European Commission’s 2016 order that ruled illegal a tax deal that saw the company channel sales through two Irish units. The iPhone maker is the biggest target of EU Competition Commissioner Margrethe Vestager’s crusade against corporate tax deals that allow big firms to reduce their fiscal burden.Irish BranchesThe five-judge panel homed in on the exact functioning of the Irish branches that allowed Apple revenues to be covered by a national tax deal labeled as illegal by regulators.The EU asserts the units received selective tax treatment that allowed Apple to allocate all sales profits to two companies that “existed only on paper.” Apple attempted to show that each business wasn’t a ghost while saying strategic decisions over products and sales were made elsewhere and profits should also be taxed elsewhere.“This wasn’t some kind of shell company, this was a company doing things in the U.S.,” Apple’s lawyer Daniel Beard responded, citing one of the firms. He said that no critical decisions on intellectual property were made in Ireland.Marc van der Woude, a Dutch judge and the court’s vice-president, had quizzed the EU’s lawyer late Tuesday on what evidence the European Commission had to show whether the Apple units determined strategy or drew up business plans.The business "looks like a phantom company,” he said at one point. Other judges dug into details of how the branches were run and how the Irish government determined that the revenue should be taxed there.The EU’s lawyer Richard Lyal sought to dismiss Apple’s arguments that the revenue at stake should have been taxed in the U.S. where its products are developed."Apple should not now pretend" that its Irish units "make all that money but that only a tiny proportion of it should be attributed to Ireland," he told the court. "All arguments as to tax being paid in the U.S. are completely irrelevant."Amazon, AlphabetA court ruling, likely to take months, could empower or halt Vestager’s tax probes into complicated corporate structures used by many American technology firms. The EU has also scrutinized fiscal deals done by Amazon.com Inc. and Alphabet Inc. and may draft new rules to net digital companies’ revenue.The first hints of how the Apple case may turn out will come from a pair of rulings scheduled for Sept. 24.The General Court will rule on whether the EU was right to demand unpaid taxes from Starbucks Corp. and a Fiat Chrysler Automobiles NV unit. Those judgments could set an important precedent on how far the EU can question tax decisions national governments make on how companies should be treated.To contact the reporters on this story: Aoife White in Luxembourg at email@example.com;Stephanie Bodoni in Luxembourg at firstname.lastname@example.orgTo contact the editors responsible for this story: Anthony Aarons at email@example.com, Peter Chapman, Molly SchuetzFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Ari Emanuel and Patrick Whitesell built their careers negotiating contracts for some of the world’s top celebrities. They’re about to ink one of their biggest deals yet -- this time for themselves.The duo and other senior executives have a combined interest in Endeavor Group Holdings Inc. that will be worth at least $1.5 billion if the company lists at the midpoint of its estimated price range. Emanuel and Whitesell are also in line to collect millions in salary and bonuses for years to come.An initial public offering would make Endeavor the biggest publicly traded Hollywood agency, cementing its rise from a four-person talent-management firm to a media giant. The Beverly Hills-based company, with $3.6 billion of revenue last year, runs sports leagues, hosts fashion events and represents clients including YouTube stars and pro athletes. Endeavor posted a $317 million profit for 2018 after four straight years of losses.The IPO could raise as much as $619 million and value the firm at about $7.6 billion, according to details disclosed Monday in a regulatory filing. The two agents and private equity firm Silver Lake Partners LP, which became an investor in 2012, will control the firm through a special class of shares.Read more: Endeavor debt means IPO not for ‘Faint of Heart’Emanuel, 58, founded Endeavor in 1995 with three colleagues from International Creative Management, one of Hollywood’s largest talent shops. Whitesell, 54, joined five years later. They have struck more than 20 deals in the past decade, including merging with the century-old William Morris Agency in 2009 and acquiring Ultimate Fighting Championship, the world’s biggest mixed martial arts promoter, for $4 billion in 2016, with backing from Silver Lake, KKR & Co. and Michael Dell’s investment firm.Representing talent such as tennis star Maria Sharapova and celebrity chef Bobby Flay now accounts for less than half of Endeavor’s revenue.“We saw an opportunity to use disruption to our benefit and build a company and a platform for where the world was headed,” Emanuel, who was the inspiration for foul-mouthed and mercurial agent Ari Gold on HBO’s “Entourage,” wrote in the registration statement for the IPO.Endeavor returned $400 million from Saudi Arabia’s investment fund after the government was linked with the killing of journalist Jamal Khashoggi.Emanuel and Whitesell’s combined stake is composed of multi-pronged equity interests that are convertible into Class A shares. Most of it is parked in several holding companies that they control. Endeavor didn’t provide details about other executives’ stakes that are also held within those entities.Death BenefitWhitesell and Emanuel each will receive an annual salary of $4 million -- among the highest for chief executive officers at companies in the Russell 3000 Index -- and a life insurance policy with a $4 million death benefit.Whitesell, the executive chairman, is also set to receive annual bonuses with a guaranteed payout of $2 million. Emanuel, the CEO, has a $6 million performance-based target bonus.Emanuel, the brother of former Chicago Mayor Rahm Emanuel, has strong incentives to grow the market value of both Endeavor and its UFC subsidiary. He’s eligible to receive as much as $28 million of stock when Endeavor’s valuation tops $7.53 billion. For the next decade, he’ll get additional payouts of equity, each worth as much as $14 million, if the market value of Endeavor or UFC exceeds certain thresholds.Two years ago, Endeavor repurchased $330 million of equity units from Emanuel and Whitesell.\--With assistance from Sophie Alexander.To contact the reporters on this story: Anders Melin in New York at firstname.lastname@example.org;Tom Maloney in New York at email@example.comTo contact the editors responsible for this story: Pierre Paulden at firstname.lastname@example.org, ;Nick Turner at email@example.com, Peter EichenbaumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.