AUTOMOTIVE
Motional to begin testing driverless car systems later this year
The self-driving car venture owned by Hyundai Motor Group and Aptiv is hitting the road with a new name: Motional. The Boston-based company plans to begin testing fully driverless systems in 2020, with a goal of making the technology available for “robotaxis” and fleet operators in 2022. Motional employs nearly 1,000 people, including about 150 at its Northern Avenue headquarters, and it’s in the process of hiring more than 200 people in its Boston and Pittsburgh locations. Motional, led by Karl Iagnemma, can be traced back to nuTonomy, the autonomous vehicle startup that was spun out of MIT and eventually acquired by Delphi Automotive for up to $450 million just over three years ago. Delphi then renamed itself as Aptiv. It later decided to partner with Hyundai on the autonomous vehicle venture in a deal that was completed in March. — JON CHESTO
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N.Y. accuses large egg producer of price gouging during pandemic
One of the country’s largest egg producers illegally inflated prices when the pandemic hit New York, taking in $4 million as it charged up to four times more per carton, state Attorney General Letitia James charged in a lawsuit Tuesday. James claims that in March and April, Hillandale Farms price gouged more than 4 million cartons of eggs sold to grocery store chains, US military facilities, and wholesale food distributors. The lawsuit seeks restitution for consumers. The suit filed in state court in New York City alleges that Hillandale raised prices on eggs sold to Stop & Shop, BJ’s Wholesale Club, Associated Supermarkets, and the commissary stores at the US Military Academy at West Point, Fort Hamilton, and Fort Drum. In one case, per-dozen prices for large, white eggs charged to Western Beef supermarkets went from 59 cents to $1.10 in January to $2.93 by the end of March. — ASSOCIATED PRESS
Canada Goose to open more stores in China
Canada Goose Holdings Inc. stores in North America and Europe used to be a magnet for Chinese travelers before the pandemic brought global tourism to a halt. The company is now banking its recovery on bringing stores to them. The Toronto-based parka maker said Tuesday it is doubling its footprint in mainland China this fiscal year by adding four stores, out of seven planned openings globally. After suffering the world’s first COVID-19 outbreak, China’s economy is now rebounding faster than North America. — BLOOMBERG NEWS
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SOCIAL MEDIA
Facebook says it removed more than 22 million posts deemed hateful
Facebook Inc. removed 22.5 million posts for violating the company’s policies around hate speech in the second quarter, more than double the number taken down during the first three months of the year and up from just 2.5 million posts two years ago. The company said it now finds and eliminates about 95 percent of the hate speech violations using automated software systems before a user ever reports them, according to a report released Tuesday. The data show Facebook also removed 1.5 billion fake accounts in the period, and millions of posts that violated its policies around organized hate groups and terrorism. Civil rights groups claim that Facebook fails to enforce its policies on hate speech and misinformation, and organized an advertising boycott last month in which hundreds of companies pulled back on social media spending. A recent civil rights audit of Facebook’s practices also found the company didn’t take action on its voter suppression policies against President Trump. — BLOOMBERG NEWS
VIDEO GAMES
Microsoft delays release of new Halo
Microsoft Corp.’s Xbox team said its biggest video game for the November launch of its new console, “Halo Infinite,” is delayed until next year, citing multiple factors including the COVID-19 outbreak. The change was made “to ensure the team has adequate time to deliver a Halo game experience that meets our vision,” according to a statement posted on the Halo Twitter account. The delay may hurt initial sales of the new Xbox Series X console, which is due out in time for the key holiday shopping season. Microsoft’s first demonstration of Halo Infinite last month was met with mixed reviews from viewers and complaints about lackluster graphics. — BLOOMBERG NEWS
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INTERNATIONAL
US will label imports from Hong Kong ‘Made in China’
The United States will order imports from Hong Kong to be labeled as “Made in China” according to a government document, in the latest escalation of trade tensions between the two nations. The notice, published in the US Federal Register, says that goods produced in Hong Kong and imported into the United States must be marked to indicate their origin is China. This will begin after Sept. 25, the document said. The actual impact of the new rules on Hong Kong’s trade or economy will likely be limited as there are few direct exports from the city to the United States. — BLOOMBERG NEWS
Bayer to buy British company that has developed menopause treatment
Bayer struck an $875 million deal to acquire the British women’s health biotech Kandy Therapeutics Ltd., bolstering its pharmaceuticals division before patents expire on some key products. The German drug and chemical company agreed to pay $425 million upfront and potential milestone payments of $450 million until the launch of Kandy’s experimental treatment for menopause symptoms. Kandy’s drug NT-814 is expected to start a final-stage clinical trial next year and could generate peak sales of 1 billion euros ($1.17 billion) globally. With blockbuster blood thinner Xarelto and eye-care medicine Eylea losing patent protection in the next few years, Bayer’s pharmaceutical division has been looking for small-scale deals to boost earnings. — BLOOMBERG NEWS
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SMALL BUSINESS
Spirits fell in July as virus cases spiked
US small-business optimism fell in July by more than forecast as spikes in virus cases around the country tempered hopes for a swift economic recovery, the National Federation of Independent Business said Tuesday. The group’s index of sentiment decreased by 1.8 points to 98.8, reversing course after two months of gains. But the measure remains well below the pre-pandemic 2020 high of 104.5. Some states paused or rolled back their reopenings during the month as the virus continued to rage around the United States. While the unemployment rate fell in July, small businesses continued to be disproportionately hit by the virus. Yelp Inc. reported in July that more than half of the business closures that were temporary at the beginning of the pandemic are now permanent. — BLOOMBERG NEWS
Occidental Petroleum writes down $6.6 billion
Occidental Petroleum reported a $6.6 billion writedown in the second quarter, equivalent to more than 40 percent of its market value, as the collapse in energy prices took its toll on the debt-laden US shale oil producer. More than two-thirds of the impairment was to account for the lower value of its domestic onshore acreage, with the remainder in the Gulf of Mexico and overseas, the Houston-based company said Monday in a statement. Occidental is not alone is taking large impairments after the COVID-19 pandemic crushed demand for petroleum around the world, but its writedown is one of the biggest relative to its size. — BLOOMBERG NEWS
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August 12, 2020 at 08:01AM
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Motional to begin testing driverless car systems later this year - BetaBoston
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