South Korean Conglomerate LG Electronics is investing heavily in robot technology and artificial technology, while realigning its revenue stream to focus on a stable B2B sector. For the crowd-intelligence on this news, read on. For more relevant news in the financial markets, stay tuned to Sentifi.
1/ LG Electronics: Invests in robot, AI and B2B
The South Korean company is preparing for the future by “aggressively investing” in smart home, robots, and AI; strengthening the home appliances business’s capabilities; while realigning its revenue stream to focus on B2B. The move reflects the current trend across the world where countries invest in robotics to develop a new industry or cope with socioeconomics problems such as solving the problems of low birth rates or an ageing population.
2/ Samsung Electronics: May spend as much as $1.32 billion to replace 2.5 million Note 7 phones
Following reports that the batteries of some Note 7 phones exploded while they were charging, the South Korean company has made a “heartbreaking” move: replacing all of 2.5 million Note 7 phones shipped since the model went on sale two weeks ago. This puts the company in an uncomfortable and disadvantaged position because Apple’s next iPhone is expected to go on sales in as soon as two weeks.
3/ Daimler: To launch six to nine electric car models by 2024
Daimler is positioning itself to be one of Tesla’s main competitors by planning to release at least six — and as many as nine — electric cars by 2024. The premium electric cars segment, currently dominated by Tesla, is seeing new players joining the fray, from Daimler to Volkswagen to China’s LeEco. Suppliers such as Bosch and Continental also want a piece of the pie.
4/ BRICS Econ: G20 summit highlights the importance of BRICS development
The economists at the G20 Hangzhou Summit in China believe developing markets, especially the BRICS countries which consist of Brazil, Russia, India, China and South Africa, will be critical to the growth and the recovery of the global economy. Specifically, they will help the transitions towards balanced, sustainable and inclusive growth. Thus, the summit has proposed a series of mechanisms for dialogues that will further strengthen the cooperation and communication among BRICS.
5/ Earthquake: Shook Oklahoma, U.S., and Ecuador
North-central Oklahoma, U.S. and Ecuador’s capital Quito fell victim to a 5.6 magnitude earthquake and a 4.6 magnitude earthquake over the weekend respectively. Oklahoma has called for the shutdown of 37 wastewater disposal wells which are believed to be responsible for the increasing number of earthquakes in the state. Meanwhile in Ecuador, it was alarming to have another earthquake striking the capital after a 7.8 magnitude quake shook the capital on April 16. Many thought the recent quake was an aftershock, but it turned out to be a non-related quake.
6/ Bayer: Board will debate a hostile approach for Monsanto
The company’s supervisory board will meet on Sep. 14 to deliberate over sweetening the offer for Monsanto or pursuing a hostile takeover. This meeting came in the wake of Monsanto turning down Bayer’s $64 billion bid, deeming it an financially inadequate and insufficient offer.
7/ American Express: Got involved in a lawsuit from a former Rothenberg employee
A former employee of Rothenberg Ventures Management Co. is suing the firm and the founder. The employee said he was asked to run up $109,352.20 in business expenses on an American Express at the direction of Rothenberg and never repaid for that amount.
8/ Bitfinex: Bitcoin surpasses $600 for the first time since Bitfinex hack
Hong Kong bitcoin exchange Bitfinex’s hack in August erased about $140 off bitcoin’s value and resulted in close to 1 percent of all bitcoin in existence being stole. Bitfinex announced it had purchased more than 1 percent of the blockchain debt tokens it issues to users in August as a method of reimbursement. Bitcoin also trades as high as $610.87, up from the savage plunge down to $477.98 after the hack.
9/ EU Bailout: No more bailout money for Greece this month
The euro zone has decided to not issue more bailout money for Greece this month for two reasons. First, Greece has only implemented two of 15 political reforms which are conditions for the bailout money. Second, Greece has been slow to privatize state assets.
10/ Japan Economy: Shinzo Abe focuses on economic issues at G20 summit
The Japanese prime minister advocated for a global sharing a sense of crisis over the state of the global economy, and asked the G20 member countries to take concrete steps to prevent a global economic slowdown. He also added that Japan is leading the efforts to bring about the global economic growth and maintain market stability.
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