BMW and Daimler have finally officially unveiled their joint ventures in the mobility field. What was initially thought to be a massive single unit turned out to be split into five different joint ventures that will apparently handle a side of the business each. However, they will not have an easy life because of rivals such as Uber, Didi and Lyft among others. BMW and Daimler do have a plan in place though and it relies mostly on trust, according to their CEOs. Speaking to the media in Berlin, at the launch of the five new ventures, the managers of the two arch-rivals from Germany talked about how their new businesses set themselves apart from the rest. The main differentiator will be the trust that was built over the last couple of decades, as both BMW and Daimler worked closely with their customers and local authorities on a number of projects. “While our customers trust in the safety our cars provide for their lives, they trust as well in the safety of their data in our … [Read more...] about BMW-Daimler Joint Ventures to Have Winning Edge Due to Public Trust
Advantages joint venture
German automaker takes its stake to 75 per cent, and locks the venture in until 2040. BMW and Brilliance have just signed an extension to their joint venture operations in China, with the new contract seeing the two automakers working together until 2040.As part of the contract renewal, BMW will grow its stake in the joint venture from 50 to 75 per cent. When this change occurs is unclear, as the move still needs to be approved by Brilliance's shareholders and the Chinese authorities.The German automaker has also committed to spending €3 billion ($4.9 billion) upgrading its facilities in Shenyang, as well as making substantial improvements to its factories in Tiexi and Dadong.These changes are expected to increase production capacity to 650,000 cars per annum. BMW made almost 400,000 cars in China last year, with a further 160,000 or so imported from other countries.Models currently made in China include the 1 Series sedan, 2 Series Active Tourer, 3 Series short- and … [Read more...] about BMW takes control of its Chinese joint venture
LADBROKES owner GVC Holdings has confirmed plans for a joint venture with MGM Resorts that will help the FTSE 100 gaming group take advantage of a burgeoning sports betting market in the US. GVC and New York-listed MGM have agreed to initially pump $100 million (£76 million) each into the business which will site its headquarters in a "major US technology hub" and have a board of directors with equal representation from each company. The new venture will have access to a number of digital gaming markets under the playMGM and partypoker headline brands, with access to US land-based and online sports betting, real money and free-to-play online casino gaming, as well as online poker. It will also result in the integration of MGM and GVC's loyalty programmes. GVC chief executive Kenneth Alexander said: "MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. "This, … [Read more...] about Ladbrokes owner confirms joint venture in US sports betting push
BOAO/BEIJING, China (Reuters) - Chinese President Xi Jinping promised on Tuesday to open the country’s economy further and lower import tariffs on products including cars, in a speech seen as an attempt to defuse an escalating trade dispute with the United States. While most of the pledges were reiterations of previously announced reforms, which foreign businesses complain are long overdue, Xi’s comments sent stock markets and the dollar higher on hopes of a compromise that could avert a trade war. Xi said that China will sharply widen market access for foreign investors, a chief complaint of the country’s trading partners and a point of contention for U.S. President Donald Trump’s administration, which has threatened billions of dollars in tariffs on Chinese goods. The speech at the Boao Forum for Asia in the southern province of Hainan had been widely anticipated as one of Xi’s first major addresses in a year in which the ruling Communist Party marks … [Read more...] about China’s Xi renews pledges to open economy, cut tariffs this year as…
Self-driving cars. Internet-connected homes. Smart cities.Innovations like these are expected to reshape the technology industry and society at large — but none will take off without stronger wireless infrastructure, known as 5G.The fifth-generation mobile network will vastly expand the speed and volume of data that can be shared wirelessly, bringing the world closer to the autonomous age and generating enormous wealth and power for the companies that supply the equipment.That’s what made the Trump administration and other federal agencies so skittish about a hostile takeover of Qualcomm by Singapore-based Broadcom — leading to the White House’s unprecedented move Monday to block the proposed $117-billion deal because of national security concerns.Broadcom officialy withdrew its bid for Qualcomm on Wednesday.Qualcomm, the Trump administration argues, is needed to boost America’s lead in 5G research and development. Should the San Diego chipmaker fall … [Read more...] about What is 5G and why did Trump nix a huge tech deal to boost America’s lead in its development?