|Bid||63.68 x 0|
|Ask||63.68 x 0|
|Day's range||61.66 - 63.93|
|52-week range||61.14 - 86.74|
|Beta (3Y monthly)||0.96|
|PE ratio (TTM)||5.88|
|Earnings date||1 Aug 2019|
|Forward dividend & yield||3.50 (5.64%)|
|1y target est||93.69|
(Bloomberg) -- Automakers won control over a choice swath of wireless spectrum 20 years ago on the promise of delivering safety innovations to vehicles.Now, after failing to deliver widespread breakthroughs, they’re at risk of losing those frequencies to Comcast Corp. and other cable companies that say they can use them to offer robust Wi-Fi links to subscribers.The years-long struggle between the industries is nearing an inflection point, with Federal Communications Commission Chairman Ajit Pai signaling he may consider new uses for the airwaves. Pai could announce as early as Tuesday that he’ll schedule a vote to re-examine the allocation at the commission’s meeting next month.“The spectrum, for 22 years, has not reached its highest valued use, and that’s part of the reason why I think it’s important to have an open conversation,” Pai said at a Senate hearing last week. “I’m not saying what the answer should be, I’m simply saying let’s ask the questions that would enable us to have an informed conversation.”That conversation has already kicked off a flurry of activity by stakeholders. A team at Ford Motor Co. gave Pai a ride in a specially outfitted F-150 pickup truck earlier this month. The idea was to demonstrate the technology that could, for example, warn of a scooter’s approach or judge when it’s safe to enter an intersection.“Grateful to Ford for showing us a glimpse of the future,” Pai said in a tweet after his parking-lot spin. “It’s important to have an open conversation about the future of this band” of airwaves.Ford and other carmakers including BMW AG and Toyota Motor Corp., don’t want to lose the rights they gained in 1999 from the FCC for a system designed to link cars, roadside beacons and traffic lights into a seamless wireless communication web to avoid collisions and heed speed limits.Yet after nearly two decades, deployments have been few. An Obama administration proposal to mandate the technology in new cars has been left to languish under the deregulatory agenda pursued by President Donald Trump. General Motors Co. introduced the first factory-equipped model, a Cadillac sedan, just two years ago. And in April, Toyota scrapped plans to equip its cars with the systems starting in 2021.Now even automakers are moving away the original system, and see greater promise in a newer method based on cellular radios -- the system in the F-150 that Ford showed off for the FCC’s Pai. Ford plans to begin equipping all of its U.S. vehicles with the systems starting in 2022.That is an issue for carmakers as the 1999 allocation of airwaves by the FCC locked them into the system envisioned then. They need new rules to use a cellular system, which is backed by several companies including Ford, Audi AG and gear maker Qualcomm Inc.Ford, in a statement, said it is “critical” for the FCC to allow the newer, cellular-based method to use the airwaves because it will become the dominant technology to connect vehicles, infrastructure and pedestrians.Cable providers have pounced, characterizing the currently mandated system as fostering “two decades of stagnation.”They’ve called for ending carmakers’ exclusive rights to the frequencies at 5.9 GHz and allocating all or most of the band to the Wi-Fi systems that carry web traffic for most cable customers.Some consumer groups agree. They include the Consumer Federation of America, the American Library Association, Public Knowledge and the Open Technology Institute at New America.“The best outcome for consumers is to move vehicle safety signaling to a different set of frequencies and allow next generation Wi-Fi to use 5.9 GHz,” Michael Calabrese, director of the Wireless Future Project at the Open Technology Institute, said in an email.Pai controls the FCC’s agenda, and his impatience ushers in a moment of promise -- and peril.“We could maintain the status quo” but “I am quite skeptical that this is a good idea,” Pai said in a speech last month to a gathering that celebrated the Wi-Fi signals used for connections in hotel lobbies, coffee shops and homes.Pai said it would take a formal rulemaking to allow greater Wi-Fi use of the swath, or to let automakers exploit the band for the cellular safety system.Skepticism has arisen within the Trump administration. Transportation Secretary Elaine Chao telephoned Pai to urge the FCC not to use its June meeting to commence its consideration of the airwaves, according to one official briefed on the matter who spoke on condition of anonymity because the conversation wasn’t public.While Transportation Department officials haven’t advanced the previous administration’s proposed mandate, they want autos to hold onto the airwaves.“Preserving the spectrum for transportation safety, which can save lives, is probably more important than slightly faster Wi-Fi,” Derek Kan, the Transportation Department’s undersecretary for policy, said in an interview June 3.To contact the reporters on this story: Todd Shields in Washington at email@example.com;Ryan Beene in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Jon Morgan at email@example.com, Elizabeth Wasserman, John HarneyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
British companies look set to cut their investment by the most in 10 years in 2019 as the Brexit crisis drags on, weighing on future economic growth prospects, a survey showed on Monday. Business investment - key for productivity and pay growth - was forecast to fall by 1.3% this year before growing by only 0.4% in 2020, the British Chambers of Commerce said. The BCC nudged up its overall economic growth forecast for 2019 to 1.3%, reflecting a surge in stockpiling by companies before the original Brexit deadline in March.
European lithium projects are making a fresh push for capital, eager to supply the white metal to a burgeoning network of battery manufacturers and electric vehicle makers across the continent, the world's second-largest EV market after China. A regional EV supply chain would help achieve European Union goals to lower carbon emissions, cut fossil fuel consumption and strengthen the ability of the continent's automakers and battery makers to compete with Asian rivals CATL, LG Chem and Samsung. "I'm pretty impressed by what I see being built out for an electric vehicle supply chain in Europe," Chris Berry, an independent lithium analyst, said on the sidelines of this week's Fastmarkets Lithium Supply and Markets Conference in Santiago, the industry's largest annual gathering.
* STOXX 600 up 0.7%, DAX up 0.9% * German carmakers rise after U.S. climbdown on Mexico tariffs * Basic resources stocks climb as copper rises on China demand hopes * Ted Baker plunges 28% after "extremely difficult" start to year June 11 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Reach him on Messenger to share your thoughts on market moves: firstname.lastname@example.org CLOSING SNAPSHOT: RIDING THE BULLISH WAVE FOR NOW (1604 GMT) Investors' appetite for risk remained resilient today even as trade tensions linger with U.S. President Trump warning overnight he will raise tariffs on Chinese imports again if his meeting with Chinese president Xi at the G20 summit later this month ends without progress.
* STOXX 600 up 0.8%, DAX up 1.2% * German carmakers rise after U.S. climbdown on Mexico tariffs * Basic resources stocks climb as copper rises on China demand hopes * Ted Baker plunges 28% after "extremely difficult" start to year June 11 - Welcome to the home for real-time coverage of European equity markets brought to you by Reuters stocks reporters and anchored today by Thyagaraju Adinarayan. Miners are up almost 3%, on course for their best day since April 1 as investors appear to be putting some gloss on the potential for progress in trade talks between Trump and Xi at the G20 meeting at the end of the month. It's a pretty impressive recovery from the sell-off that swept markets early last week after U.S. President Trump threatened tariffs on Mexican imports - aside from a small drop on Thursday, the STOXX 600 has risen for the last six days.
World shares rallied on Tuesday to hold near one-month highs, with German carmakers outperforming and Wall Street looking to extend gains after the United States stepped back from imposing tariffs on Mexico. The pan-European STOXX 600 climbed 0.8%, on course for a sixth day of gains in the last seven.
European shares gained ground on Tuesday, with Germany's carmakers outperforming, as risk appetite held firm after the United States stepped back from imposing tariffs on Mexico. There, BMW, Daimler and VW - seen as sensitive to trade tariffs - all gained between 1.8%-2%, mirroring a 1.9% gain for the auto sector. Investors have breathed easier this week after the United States and Mexico reached a deal on Friday to avert tariffs threatened by U.S. President Donald Trump if steps were not taken to curb the flow of mostly Central American migrants.
European stocks finished higher for a third day on Tuesday, as German shares caught up with a global stock rally after a holiday on easing trade tensions, while fresh stimulus for China's slowing economy boosted the basic resources sector. The pan-European STOXX 600 index closed at its highest level since May 17, with miners, auto stocks and chemical companies tacking on biggest gains after reports that Beijing was opening the door to more spending by local governments.
A surge in the Frankfurt stock market as German and Swiss investors returned from a one-day holiday drove European shares higher on Tuesday as investors eyed Washington closely for further bursts of protectionist rhetoric. Optimism over President Donald Trump's decision late on Friday to hold off on imposing import tariffs on Mexico has lifted sentiment this week, but there were new signs that the administration will make more threats to further its agenda in talks with major trading partners. Secretary of State Mike Pompeo warned on Monday that the United States could still slap tariffs on Mexico if not enough progress was made on its commitment to stem illegal immigration.
* UK GDP falls 0.4% m/m in April, biggest drop since 2016 * Car output down 24% due to stoppages, biggest fall on record * Goods imports fall largest amount on record, exports slide * NIESR forecasts UK economy to shrink 0.2% in Q2 (Adds NIESR forecast of second-quarter contraction) By David Milliken and Alistair Smout LONDON, June 10 (Reuters) - Britain's economy contracted sharply in April after the biggest decline in car production since records began, as manufacturers were unable to reverse closures planned to coincide with Britain's expected departure from the EU. Early in 2019, many motor manufacturers had announced temporary shutdowns in April at their British plants, anticipating trade disruption around the time Britain was due to leave the European Union on March 29.
BMW spent about $1 billion on the plant, set in the vast arid plains of San Luis Potosi in north-central Mexico. The timing comes just days after President Trump threatened to impose a 5% tariff on all goods imported from Mexico on June 10, unless that country takes unspecified steps to stop illegal migration from Central America.
A JLR spokesperson would not comment on specific details about the plans whenasked if Jaguar will stick with the architecture it created for its first all-electric vehicle, the I-Pace
Jaguar Land Rover, owned by India’s Tata Motors Ltd., will cooperate on BMW’s fifth generation of electric drive technology, the companies said in a statement on Wednesday. It forms the backbone of a BMW electric model offensive set to start next year with the introduction of an electric X3 sports utility vehicle.
Does the May share price for Bayerische Motoren Werke Aktiengesellschaft (FRA:BMW) reflect what it's really worth...
Developers of a multi-rotor hover craft billed as the first flying vehicle to be powered by hydrogen fuel cells unveiled a full-scale model on Wednesday in Southern California, in a show-and-tell that raised some eyebrows but never left the ground. A mockup of the futuristic aircraft, dubbed "Skai" by its inventors, was put on exhibit for investors, the news media and other invited guests outside the BMW Group's Designworks studio in Newbury Park, a suburb north of Los Angeles. Engineering and avionics for the drone-like vehicle were developed by Alaka'i Technologies, a privately held company based in Massachusetts but named for a tropical forest in Hawaii ranked as one of the wettest spots on Earth.
Audi is also mulling an end to the $170,000 R8 sports car as Volkswagen’s biggest profit generator focuses resources on the rollout of 20 fully-electric cars by 2025. Sales of electrified vehicles, which include hybrids, are set to account for 40% of deliveries by then, Audi said Thursday at its annual shareholders meeting in Neckarsulm, Germany. “We’re shedding old baggage,” Chief Financial Officer Alexander Seitz said.
Bidding farewell to the company he led for more than a decade, Daimler AG Chief Executive Officer Dieter Zetsche urged sweeping cost cuts to prepare the carmaker for unprecedented industry upheaval. “Everything is under scrutiny,” Zetsche said Wednesday at the annual shareholder meeting in Berlin, citing costs, investments and the Mercedes-Benz maker’s product range. The walrus-mustached Zetsche, 66, and Chief Financial Officer Bodo Uebber, 59, who is also leaving, turned Daimler from an industrial conglomerate that included holdings in aviation into a company focused on upscale passenger cars and commercial vehicles.
BMW, like other carmakers, is making a costly transition to electric cars and new business models and is confronting deep-pocketed tech competitors encroaching with mobility trends like ride hailing. After leading the luxury competition for a decade, BMW’s momentum petered out in 2016 and the carmaker has since struggled to regain the top spot with cautious model redesigns.
The report looks at how this fleet will transform transportation as China’s 421,000 electric buses join those millions of personal EVs. As the expanding electric fleet drives electricity demand up, it will also erode demand for millions of barrels of oil. BloombergNEF tracks more than $100 billion in investment between just four automakers — Volkswagen AG, Hyundai Kia Automotive Group, Chongqing Changan Automobile Co Ltd. and Daimler AG — with VW alone planning more than $50 billion.
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