Overview of TOP weekly news
A self-driving car of the past
After many years of development, Uber abandoned its efforts to develop its self-driving car, ending one of the most ambitious attempts to develop a fully autonomous vehicle. Four years ago, Uber was able to take the lead in the development of autonomous vehicle technology, skipping the well-known companies Google and Tesla to get a taxi fleet on the road.
During the years of development, the company’s self-management project was a huge leak of money for the company. In April 2019, when Toyota and SoftBank acquired minority stakes in the unit before the group’s initial public offering, it was worth $7.25 billion.
Uber’s new plan is to transfer 1,200 employees from the division to Aurora, which currently has 600 employees and is investing $400 million. A $2.5 billion Aurora said after investing $ 530 million in 2019, the Uber deal would quadruple its valuation to $10 billion.
Softbank’s new investment
Vision Bank 2, owned by SoftBank, has announced an $80 million healthcare investment in start-up Pear Therapeutics.
“We’ve seen a huge opportunity to work closely with the SoftBank team to think and realize them after the geographic expansion from the US,” said Corey McCann, CEO of Pear Therapeutics.
The timing is excellent, as the pandemic has stimulated an increase in patients suffering from problems such as insomnia. As a result, regulators have to contend with rising healthcare costs, and technology needs to be sought as industry lags in moving online.
“We can come not only with our capital but also with the whole ecosystem to help them speed up the journey,” said Kirthiga Reddy, a partner at SoftBank Investment Advisors.
The Russian economy has recovered significantly
Thanks to an incentive ordered by President Vladimir Putin worth 1.75 trillion rubles before the virus, it has had a very successful outcome for Russia. Thanks to a targeted approach to supporting the Russian economy during the pandemic, the economy will return from the crisis faster than most of the industrialized world, says Deputy Finance Minister Vladimir Kolychev.
Vladimir Kolychev told the Financial Times: “It’s a myth that Russia’s anti-crisis package was small.” The economy doesn’t care how you paint your spending. The important thing is that it has increased. ”
Although the support package against Covid-19 was $54.3 billion, it represented only 4% of gross domestic product. This figure is less than a tenth of the aid provided by Germany, Italy and the USA. Russia’s GDP growth outlook slowed from 8 per cent year on year in the spring to 3.6 per cent in the third quarter of 2020, making it one of the top five G20 countries.
Apple introduces new products
Apple Inc. introduced the new AirPods Max on Tuesday. Next-generation in-ear headphones will sell for $549. The company also said that Apple Fitness+’s fee will $10 per month subscription fitness service, will be launched on December 14.
Performance of Apple’s shares (Source of the graph: Tradingview)
Tesla will issue new shares
The company plans to issue new shares to raise $5 billion. The company draws on the electricity trend and also the inclusion of Tesla in the S&P 500 index. To sell the shares, the company hired 10 banks such as Goldman Sachs, Citigroup and Barclays.
Performance of Tesla’s shares (Source of the graph: Tradingview)
Watch this week:
Thursday, December 10, 2020
The European Central Bank has a meeting scheduled to decide on changing or keeping the deposit rate at the same time.
The United States will publish core CPI inflation. 0.1% month-on-month growth is expected in November.
Friday, December 11, 2020
The United States will publish the PPI index for November. Analysts expect 0.2% month-on-month growth.
Source of the text: Investing, Zerohedge, Financial Times, Reuters, Tradingview