Kamis, 04 Juli 2019

Opinion: What Apple’s restructure means for the company and for Tim Cook - 9to5Mac

Apple’s restructure to accommodate the departure of Jony Ive led to some concern that Apple wasn’t giving design quite as high a profile in the past – amid claims and counter-claims about the run-up to it.

There is no direct replacement for Ive as head of design, and instead of the hardware and software leads reporting directly to CEO Tim Cook, they are reporting into COO Jeff Williams.

But this shouldn’t be cause for concern; quite the opposite …

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Apple’s restructure already makes sense

As my colleague Bradley Chambers observed, it already makes a lot of sense to have design report to operations.

Whenever people question design and COO, I want to point them to the MacBook keyboard issues.

Because Jony Ive had such power at Apple, he was able to push through a design that was beautifully slim but which couldn’t be manufactured with the required level of reliability. Hence the report today about Apple abandoning the butterfly design. Having operations able to push back against design decisions which look good in the lab but won’t scale to mass production is an extremely important change.

As Steve Jobs himself said:

Most people make the mistake of thinking design is what it looks like. People think it’s this veneer – that the designers are handed this box and told, “Make it look good!” That’s not what we think design is. It’s not just what it looks like and feels like. Design is how it works.

But the restructure goes further than this

Apple commentator John Gruber suggests that Apple’s restructure goes even further.

One key point that I missed in [my first take on Ive’s departure] is that having design chiefs Evans Hankey (Industrial Design) and Alan Dye (Human Interface Design) report directly to COO Jeff Williams does make sense organizationally. What I had missed is that coincident with the announcement of Ive’s departure, Apple promoted Sabih Khan to senior vice president of operations. Apple hasn’t had an SVP of operations since Jeff Williams held the title, back when Tim Cook was COO under Steve Jobs. Back then Williams ran operations while Cook ran the company and Jobs devoted his remaining time to new products.

Williams still holds the title COO, but titles don’t mean much at Apple. Rank matters, of course, and SVP is an elite level at Apple — there are only 13 executives at that level, and one of them is still Jony Ive. But the literal titles don’t necessary describe what executives do. Eddy Cue’s title — senior vice president of internet software and services — comes to mind. I don’t know where one would begin crafting a succinct title that accurately describes Cue’s domain, but that’s not it. That just doesn’t matter at Apple.

This means Sabih Kahn is running operations now. Jeff Williams’s title hasn’t changed, but he’s effectively now running product development. He’s led the Apple Watch product team from its inception; now I think he’s overseeing product for everything. Cook and Williams did run operations while holding the COO title, but what “COO” really means at Apple is “second in command”. Tim Cook didn’t move design under operations; he promoted Williams to a new position, effectively “chief product officer”, and as such it makes sense that Hankey and Dye would report to him.

Gruber suggests that Williams’ real role now is ‘chief product officer,’ but given that both hardware and software design heads report to him, you could equally well argue that Williams has now taken on Ive’s role as head of design.

Either way, Apple’s restructure means we now have someone with immense operations experience making the final call on design decisions, and that’s got to be good news when it comes to product reliability.

There’s a reason Williams keeps his COO title

As for title, there’s likely a very good reason Williams remains COO on paper, whatever his real responsibilities. That title does indeed say ‘second in command,’ but more specifically it means ‘CEO designate.’ At some point, Williams is going to replace Cook.

That raises the question of when Cook will go, and what he will do. The ‘what’ is, I think, clear. Cook said back in 2015 that he plans to give away all his wealth, and to take a thoughtful approach to the way that money is used.

He plans to give away all his wealth, after providing for the college education of his 10-year-old nephew […] Cook says that he has already begun donating money quietly, but that he plans to take time to develop a systematic approach to philanthropy rather than simply writing checks.

The most obvious way to do that would be by establishing a foundation, and then running it himself. To do exactly what Bill Gates did, leaving his role as Chairman of Microsoft to establish the Bill & Melinda Gates Foundation.

Cook doesn’t have the same sums of money to play with, of course, but he’s still the kind of man who would want to take an extremely active role in ensuring that the money is spent in a way that achieves the biggest impact in the areas which matter most to him.

Cook also frequently speaks out on social issues, and has taken a certain amount of flack for doing so. There are those who feel that he should be focusing less on activism and more on his role at Apple, and I can see a time where he decides that the activism is more important to him. Right now, his role as Apple CEO amplifies his voice, but there will come a time when he feels his profile is high enough to maintain media interest without the job title.

When that will be is harder to predict. Cook clearly cares immensely about Apple, but that doesn’t mean he will necessarily want to continue running the company indefinitely. If he feels Williams represents a safe pair of hands – something already demonstrated by this restructure – then that makes it possible for him to hand over the reigns with a clean conscience sooner rather than later.

Apple can’t afford another major upheaval in its senior leadership anytime in the immediate future, but two years down the line? I could see that.

That’s my take on Apple’s restructure; what’s your view? Please share your thoughts in the comments.

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Image: TIME

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https://9to5mac.com/2019/07/04/apples-restructure/

2019-07-04 11:52:00Z
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BMW and Daimler partner on autonomous driving, first results of team-up in market by 2024 - TechCrunch

Global automakers BMW and Daimler will join forces in a new long-term partnership to co-develop automated driving technologies, including levels of automation all the way up to SAE Level 4, which is defined as full self-driving, no human intervention required, but only under exactly defined conditions or domains – steering wheel and brakes not necessarily even present I the car.

This BMW/Daimler partnership includes developing automated driving technologies that precede Level 4, too, including advanced driver assistance features like smart cruise control and automated parking. And while it isn’t in scope of this specific arrangement, the two car makers also say that talks continue about expanding their cooperation to cover highly-automated driving within denser urban areas and in city driving conditions.

It’s a non-exclusive arrangement, which is the new normal in autonomous vehicle technology development, where cross-manufacturer partnerships have been increasingly common, and where we’ve also seen legacy automakers turn with fair frequency to startups and younger technology companies to supplement their in-house development efforts.

Daimler and BMW aim to develop a “scalable platform for automated driving” through their combined efforts, which the companies say is open for participation form both other automakers and tech providers. The resulting platform will also be made available to other OEMs under license.

Independently, Daimler is currently working on deploying its first Level 4/Level 5 self-driving vehicle pilot program in an urban environment in partnership with Bosch, and aims to have that operational this year. BMW’s next big automated driving push will be alongside its iNEXT lines of vehicles, with Level 3 technologies targeted release along with the first of those models in 2021. Both partners expect to implement the results of this partnership specifically in their own respective model series vehicles beginning in 2024, however.

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https://techcrunch.com/2019/07/04/bmw-and-daimler-partner-on-autonomous-driving-first-results-of-team-up-in-market-by-2024/

2019-07-04 11:43:22Z
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Streetwise newsletter: Top investment banks for the year so far; Linton's undoing - The Globe and Mail

Here are the top reads on deals and financial services over the last 24 hours,

Trade uncertainty, gloomy outlook weigh on Canadian IPO market: Trade uncertainty and a gloomy economic outlook prompted many Canadian companies to delay their public market debuts, opting instead for cash infusions from private-equity investors. Story (Alexandra Posadzki)

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For Canopy’s Bruce Linton, his biggest deal was his undoing: Bruce Linton has been the cannabis industry’s busiest and flashiest dealmaker. In the end, his biggest deal was his undoing. The co-chief executive and chairman of Canopy Growth Corp., who was instrumental in building the Smiths Falls, Ont.-based grower and marketer into a global pot juggernaut, was handed his walking papers by the same U.S. consumer-products giant he brought in as a major shareholder. Opinion (Jeffrey Jones)

Canopy Growth’s Bruce Linton amassed more than $200-million during his time as company’s co-CEO: Bruce Linton’s time at the top of Canopy Growth Corp. is over, but his run as CEO allowed him to amass one of the larger personal fortunes in Canada’s newly legal cannabis industry. Story (David Milstead)

Canada’s missed opportunity: Pot industry now being run out of the U.S.: With Bruce Linton’s firing, it’s now all too clear that the biggest companies in Canadian cannabis are run out of New York and the state of Washington. Story (Andrew Willis)

KKR acquires Ottawa software firm Corel from Vector Capital: American private equity giant KKR has bought Corel Corp. for a reported US$1-billion from Vector Capital, which bought control of the one-time Ottawa software star 16 years ago. Story (Sean Silcoff and Stefanie Marotta)

Radical Ventures lead $30-million financing for receipt fintech Sensibill: Sensibill Inc., a Toronto startup that provides digital receipt management technology to banks has raised US$31.5-million in venture financing, marking the fifth time in less than a month that a Canadian startup has raised $30-million-plus in financings led by Canadian investors. Story (Sean Silcoff)

CPPIB to sell student housing company but hold stake in buyer: The Canada Pension Plan Investment Board is selling a British student-housing company it bought four years ago but plans to hold a stake in the buyer. The Unite Group PLC said Wednesday that it is buying Liberty Living Group PLC for £1.4-billion ($2.3-billion). The CPPIB bought Liberty Living in 2015 for £1.1-billion ($1.8-billion at today’s exchange rates). The numbers aren’t directly comparable because of changes in the company’s portfolio and capital structure. Story (David Milstead)

Don’t put faith in Facebook’s cryptocurrency: Facebook and some of its corporate allies have decided that what the world really needs is another cryptocurrency – and that launching one is the best way to use the vast talents at their disposal. The fact that Facebook thinks so reveals much about what is wrong with 21st-century American capitalism. Opinion (Joseph Stiglitz)

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MORE FINANCIAL SERVICES NEWS

Deutsche Bank expects major restructuring to cost up to US$5.6-billion: source: Deutsche Bank is preparing to unveil a sweeping, multi-billion euro overhaul within days that would see the axe fall heaviest on investment bankers, sources familiar with the matter said on Wednesday. Story (Reuters)

MORE DEALS NEWS

Quebec’s Group Mach withdraws $14-a-share bid for Transat: Group Mach said Wednesday it is no longer in the running to buy Transat A.T., stating the tour operator chose to ignore its proposal even though it featured a higher price than Air Canada’s offer. Story (Canadian Press)

The Streetwise newsletter is Tuesday to Saturday. If you’re reading this on the web, or if someone forwarded this e-mail to you, you can sign up for Streetwise and all Globe newsletters on our signup page.



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July 04, 2019 at 05:02PM

Sarnia-Lambton gets another chance to land legal cannabis store - BlackburnNews.com

(© Can Stock Photo / cendeced)

After being shut out of the provincial lottery in January, Sarnia may still get a legal cannabis store.

The Ontario PC government announced Wednesday morning it’s adding 50 new stores this fall, including 11 in the west region which includes Sarnia-Lambton.

The next lottery is being held in August, with 17 municipalities in the running regionally.

Sarnia Mayor and Police Services Board Chair Mike Bradley said council has already endorsed having a shop here.

“The public had indicated an interest that they would like a retail outlet in the area, whether it be Sarnia, Point Edward or St. Clair,” said Bradley. “I think this part of the province should be treated just as equally as the other places that already have the existing retail outlets.”

Meanwhile, the province is also setting aside eight licences for First Nations communities.

Mayor Bradley said that would be beneficial in shutting down illegal dispensaries on Aamjiwaang.

Interested operators can apply online between August 7 and 9, and the lottery is August 20. Click here to apply.

Windsor and Chatham-Kent were also left out of the first lottery, while London has three legal pot stores.

The only other place to legally purchase recreational marijuana is online through the Ontario Cannabis Store.

The Village of Point Edward decided not to allow marijuana retail stores within its boundaries.



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July 03, 2019 at 11:28PM

Premarket: Collapsing bond yields drive world stocks to new highs - The Globe and Mail

Government bonds held near multi-year lows on Thursday on bets the U.S. Federal Reserve would cut interest rates this month and that other major central banks would embrace looser monetary policy, pushing world stocks to new 18-month highs.

Benchmark debt yields held near record lows in the wake of their recent rally, with Germany’s 10-year Bund yields just off a historic low of minus 0.39 per cent hit on Wednesday.

U.S. 10-year Treasury notes had hit their lowest since November 2016 on Wednesday, pushed down by bets that the European Central Bank’s next chief will maintain a dovish policy stance to buoy the euro zone economy.

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“For central banks, everyone is expecting dovish moves, not only for U.S. but also for Europe and even Japan,” said Christophe Barraud, chief economist at Market Securities in Paris. “Everybody is a optimistic for quick central bank moves.”

The fall in U.S. Treasuries came after a report showed U.S. companies added fewer jobs than expected in June, raising concerns the labor market is softening even as the current U.S. economic expansion marked a record run last month.

With Wall Street closed for the Independence Day holiday, the market’s focus is now on Friday’s U.S. non-farm payrolls, which economists expect to have risen by 160,000 in June compared with 75,000 in May.

Separately, U.S. President Donald Trump on Wednesday repeated his call for the United States to manipulate currencies and pump money into their economies.

In the euro zone, government borrowing costs have fallen to record lows after EU leaders agreed late on Tuesday to name Christine Lagarde as the ECB’s new president.

Lagarde, the current International Monetary Fund head, is widely expected to maintain the dovish stance of current ECB President Mario Draghi.

On Thursday, German Bunds flirted with the ECB’s minus 0.40 per centdeposit rate, a closely watched psychological mark, though traders did not think it would be broken. “We don’t expect it to be breached today,” said Peter McCallum, rates strategist at Mizuho. “There will not be enough catalysts to get through that point and there is a lot of supply.”

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For an interactive version of Bund yield set to fall below ECB deposit rate, click here https://tmsnrt.rs/2YtKj7d.

The action in bond markets buoyed stocks. MSCI’s all-country world index eked out a 0.1 per cent gain after hitting its highest since February last year a day earlier.

Equity markets across Europe were flat, with the Euro STOXX 600 unchanged amid thin volumes. The three major U.S. stock indexes finished at record closing highs on Wednesday.

Italian 10-year bond yields also slumped to their lowest since late 2016 after the European Commission dropped its threat of disciplinary action over Italy’s public finances, pushing the country’s main bourse to a new two-month peak.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.2 per cent.

FLAT DOLLAR, EURO

Expectations for rate cuts by the Fed saw the dollar drift away from recent highs, though currencies were by and large quiet in early European trade.

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The dollar index against a basket of six major currencies was unchanged at 96.767.

The euro traded at $1.1284, slightly higher than its two-week low of $1.1268 touched on Wednesday.

FX strategists said that although the drop in U.S. Treasury yields overnight was negative for the dollar, softness in other currencies was lending some support.

“We are seeing some euro weakness and some dollar weakness, and the two are canceling each other out,” said Thu Lan Nguyen, FX strategist at Commerzbank.

“What is happening in U.S. and euro zone monetary policy will also determine what happens in smaller countries,” she added.

In commodity markets, oil slumped on data showing a smaller-than-expected decline in U.S. crude stockpiles and worries about the global economy.

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Brent crude futures, the international benchmark for oil prices, were down 0.7 per cent at $63.36 per barrel by 0844 GMT.

Reuters



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July 04, 2019 at 04:40PM

Oil companies withhold info on retail, refining margins from B.C. gas price probe - Global News

As the fuel companies that supply B.C. submit their responses to a provincial gas price inquiry, several are refusing to share key data on their margins.The B.C. Utilities Commission (BCUC) has been tasked with probing the factors underlying B.C.’s high gas prices and establishing a “common set of facts” about the market.Story continues belowBut in submissions to the BCUC, Suncor Energy, Parkland Fuel Corporation, Husky Energy, Shell Canada and Imperial Oil say they can’t give the regulator details about their margins for reasons of confidentiality and “competitive sensitivity.”READ MORE: Should B.C. regulate the price of gas? Economist says it’s the antidote to oil industry ‘gouging’All five companies declined to provide data on their refining margins, while Suncor, Husky and Shell did not answer questions on retail margins — the metric that would illustrate the difference between wholesale and retail prices, after taxes.WATCH: A brief history of gas prices in B.C.

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July 04, 2019 at 08:27AM

Indigenous Group Set To Make $6.9-Billion Offer For Trans Mountain Pipeline - HuffPost Canada