6 Most Important Things in Business Today
The CEO of Intel Corp. (NASDAQ: INTC), Brian Krzanich, quit the president’s American Manufacturing Council, joining the CEOs of Merck & Co. Inc. (NYSE: MRK) and Under Armour Inc. (NYSE: UAA).
The U.S. Department of Commerce reports that 15.5 million jobs could be affected by self-driving cars. In a report titled “The Employment Impact of Autonomous Vehicles,” researchers wrote:
In 2015, 15.5 million U.S. workers were employed in occupations that could be affected (to varying degrees) by the introduction of automated vehicles. This represents about one in nine workers.
We divide these occupations into “motor vehicle operators” and “other on-the-job drivers.” Motor vehicle operators are occupations for which driving vehicles to transport persons and goods is a primary activity, are more likely to be displaced by AVs than other driving-related occupations. In 2015, there were 3.8 million workers in these occupations. These workers were predominately male, older, less educated, and compensated less than the typical worker. Motor vehicle operator jobs are most concentrated in the transportation and warehousing sector.
Other on-the-job drivers use roadway motor vehicles to deliver services or to travel to work sites, such as first responders, construction trades, repair and installation, and personal home care aides. In 2015, there were 11.7 million workers in these occupations and they are mostly concentrated in construction, administrative and waste management, health care, and government. Other-on-the-job drivers may be more likely to benefit from greater productivity and better working conditions offered by AVs than motor vehicle operator occupations.
Huge Uber investor Benchmark Capital accused ousted CEO Travis Kalanick of blocking CEO candidates. According to the Financial Times:
In a missive to the ride-hailing company’s employees, Benchmark accused Mr Kalanick of undermining the company’s search for a new chief executive. It added: “Indeed, it has appeared at times as if the search was being manipulated to deter candidates and create a power vacuum in which Travis could return.”
According to a Bloomberg analysis of 13F stock ownership filings by major hedge funds, many sold shares of Apple Inc. (NASDAQ: AAPL) and Facebook Inc. (NASDAQ: FB).
The new Apple Watch will operate independently from the iPhone, according to a CNBC report:
Apple is gearing up to release a new Apple Watch which may not require tethering to an iPhone for key functions like calls, making it a standalone device, a source with knowledge of the matter told CNBC.
The U.S. tech giant will launch the next generation Apple Watch in September, the source said, when it is also expected to take the wraps off three new iPhone models.
The smartwatch will be able to get its own cell service.
Warren Buffett sold his position in General Electric Co. (NYSE: GE) in last quarter. He added to his position in General Motors Co. (NYSE: GM) and several banks.