Yahoo Finance's Julia La Roche sits down with executive chairman and former CEO of Starbucks Howard Schultz
Investing.com - The euro pushed higher against the other major currencies on Thursday as investors awaited a European Central Bank policy meeting later in the day, where officials could address scaling back stimulus and the currency’s strength.
Volvo is linking up with other companies owned by its parent Zhejiang Geely as they look to share the burden of developing electric cars. The move came as Volvo - which a fortnight ago said all its new cars from 2019 would be available with an electric drivetrain - reported surging revenues and profits. The Swedish car maker was bought by Chinese billionaire Li Shufu’s Geely holding company in 2010. Acquisitive Mr Li’s stable of businesses now includes Chinese car maker Geely, electric car business Lynk & Co, Lotus, and the London Taxi Company, which earlier this month renamed itself the London Electric Vehicle Company. Under the terms of the tie-up Volvo and Geely will establish a 50:50 joint venture to produce systems for electric cars, which will be based in China with a Swedish subsidiary. Volvo, Geely and Lynk will share technology through the new venture and also work more closely to cut costs by sharing components and procurement. Volvo boss Håkan Samuelsson announced Volvo is going all electric from 2018 Credit: TT News Agency Håkan Samuelsson, chief executive of Volvo, said: “Partnerships to share know-how and technologies are common practice in the automotive industry. This collaboration will strengthen Volvo’s ability to develop next-generation electrified cars.” He added that cost savings through the joint venture would free up more resources to pump into the development of electric vehicles. Volvo and Geely already share some technologies but the agreement will formalise the relationship and help Mr Li’s push to make his automotive empire a major force globally. “We will unlock significant benefits across our portfolio by sharing both technologies and next-generation vehicle architectures,” he said. “I am confident these synergies can be achieved while preserving the separate identities and strategic autonomy of our different automotive brands.” Billionaire Li Shufu bought Volvo from Ford in 2010, adding it to the marques already owned by his Geely holding company Credit: AP Reporting interim results, Volvo said its revenues rose 17.7pc to 99.1bn Swedish Krona (£9.2bn), and operating profit was 21.4pc stronger at 6.8bn SEK. Vehicles sales were 8.2pc better at 277,641, putting the company on course for a fourth record year in a row. Geely bought Volvo in 2010 for $1.8bn from Ford, under whose ownership sales fell and it incurred losses. The Chinese owner poured investment into new models, manufacturing and technology including self-driving cars, where it is a pioneer. Ford itself paid $6.45bn for Volvo back in 1999 when the car operations were spun off from the wider Volvo business. Volvo becomes the first major car manufacturer to go all electric 02:19
Shares of Ericsson (ERIC) are down 95 cents, or almost 14%, at $6.33, in early trading, after the company this morning reported Q2 revenue slightly below Street expectations, and a big miss on earnings, and projected further cost cutting. Ericsson's CEO Börje Ekholm said the company was "not satisfied" with the results, and noted that the company's software sales suffered in comparison to a rise in the year-earlier quarter, and also were hit by "cautious mobile broadband investment levels." Ericsson’s revenue in the three months ended in June was down 7.8%, year over year, at 49.9 billion Swedish Krona, missing consensus for 50.66 billion. The company cut its outlook for its core “radio access network” market, saying it will likely fall by “high single-digits” on a percentage basis, versus what had previously been thought to be a low- to mid-single-digit decline.