Biodun Iginla, BBC News

Biodun Iginla, BBC News
Showing posts with label CNBC. Show all posts
Showing posts with label CNBC. Show all posts

Thursday, February 28, 2019

Amazon steers further toward autos, hires GM executive


Amazon's hiring of a top executive from General Motors suggests the US tech giant is making further moves toward autonomous vehicles for its extensive logistics network
Amazon's hiring of a top executive from General Motors suggests the US tech giant is making further moves toward autonomous vehicles for its extensive logistics network AFP/File
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New York 
Amazon has hired a top General Motors executive, a source familiar with the move said Thursday, in a further sign of the technology giant's likely expansion into autonomous vehicles.
The tech group's new executive is Alicia Boler Davis, who has been head of GM's global manufacturing operations.
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Amazon had no immediate comment on the hiring of Davis, reported earlier by CNBC.
GM said in a statement earlier Thursday that Davis was leaving "to pursue other opportunities" after 25 years with the Detroit auto giant.
Amazon, which has moved beyond its online retail roots to cloud computing, streaming media and artificial intelligence, said in mid-February it was leading a $700 million investment round in Rivian, a young self-driving auto technology firm.
The potential Tesla rival late last year unveiled an electric pickup truck and an electric sport utility vehicle at an auto show in Los Angeles.
Amazon has also invested in the autonomous driving tech firm Aurora Innovation, founded by former Google, Tesla and Uber executives, and it has deployed its own autonomous delivery robots.
While Amazon has not outlined any specific plans in the auto sector, it has invested heavily in logistics, with its own fleet of aircraft and vehicles to help speed its parcel deliveries.
It has also tested drone deliveries, and could use other kinds of autonomous vehicles as part of its logistics operations, as part of efforts to reduce the cost of "last mile" transport.

Wednesday, March 14, 2018

Toys 'R' Us to shut or sell all US stores: reports


by Judith Stein and Biodun Iginla, France24 Business Reporters, New York


    © GETTY IMAGES NORTH AMERICA/AFP/File | Toys 'R' Us plans to sell or close all of its US stores, like this one in San Rafael, California, reports say

    NEW YORK - 
    Toys 'R' US plans to sell or close all of its US stores, potentially hitting 33,000 jobs, US media reported Wednesday.
    The debt-plagued retailer, which filed for bankruptcy protection in September, told employees that the retailer planned to file liquidation papers ahead of a Thursday court hearing, The Wall Street Journal and The Washington Post reported.
    "We're putting a for sale sign on everything," CEO David Brandon said on a conference call with staff, according to the Journal.
    Company officials did not immediately reply for a request for comment.
    Started in 1948 amid the postwar US economic boom, Toys 'R' US has 881 stores in US territories and nearly 65,000 employees globally, according to the company's most recent press release last month.
    The New Jersey-based company was saddled with debt following a leveraged buyout in 2005 by a consortium that included the KKR Group and Bain Capital.
    Much like other retailers, Toys 'R' Us has also been bruised by competition from Amazon and other online retailers.
    A weak holiday shopping season weighed on the company's efforts to reorganize, analysts said.
    Neil Saunders, managing director of GlobalData Retail, blamed the company's woes on poor leadership.
    "As the competitive dynamics of the toy market intensified, management failed to respond and evolve. As such, the brand lost relevance, customers and ultimately sales," Saunders said in a note Wednesday.
    "The main tragedy of liquidation will be the extensive loss of jobs. In our view, those on the shop-floor have been badly let down by management and those doing financial deals."
    The company is exploring strategies for keeping the brand alive, including the sale of 200 US stores that could be packaged with its Canadian business, CNBC and the Journal reported.
    Brandon outlined this and other possibilities at the New Jersey meeting, CNBC reported. Brandon also told workers they have 60 more days of employment at the company.
    In February, the company's British business announced plans for an "orderly wind-down" of the company's store portfolio. Toys 'R' Us employs 3,200 people at 100 stores in Britain.