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Ocado braces for robot food deliveries with £ 10million investment in start-up Oxbotica Business News

Ocado has paved the way for weekly household purchases to be delivered by robots after investing £ 10million in tech start-up Oxbotica.

The online supermarket, known for its high-tech warehouses, said it is looking to work with Oxbotica to create hardware and software for driverless vehicles.

The partnership will look to develop autonomous vehicles for “last mile deliveries and sidewalk robots in the kitchen,” Ocado said.

It is hoped that the application of artificial intelligence and machine learning to deliveries will reduce costs for customers.

Ocado said it will assemble teams of engineers to work with Oxbotica on multiple ways to use the Oxford-based startup’s technology.

The £ 10million investment is part of a £ 34million Series B funding round for Oxbotica, led by BP Ventures.

The move to greater automation will not affect Ocado’s current workforce or hiring plans, the company added.

However, in a stock market announcement outlining the reasons for the investment, Ocado pointed out that labor currently accounts for around 50 percent of delivery costs.

In addition to cutting costs, a new driverless fleet would reduce emissions by speeding up the shift to electric delivery vans, Ocado said.

The first prototypes of automated vehicles are expected “within two years”. Ocado predicts that driverless vehicles will be used in its warehouses before they begin to drop off their purchases to customers.

Initial development work will focus on UK operations and then expand to international markets where partners operate, Ocado told investors.

Alex Harvey, Chief Technology Officer at Ocado, said: “We are delighted with the opportunity to work with Oxbotica to develop a wide range of stand-alone solutions that truly have the potential to transform both our CFCs ( treatment of customers) and those of our partners. and service delivery operations, while providing all end customers with the widest range of options and flexibility. “

Paul Newman, Co-Founder and CTO of Oxbotica, said: “This is a great opportunity for Oxbotica and Ocado to strengthen our partnership, sharing our vision for the future of self-reliance.

“By combining the cutting edge knowledge and resources of both companies, we hope to bring our vision of universal self-reliance to life and continue to solve some of the world’s most complex self-reliance challenges.”

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Source: www.independent.co.uk
This notice was published: 2021-04-16 13:18:41

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Business

Banks and insurers move £ 1 trillion of assets out of UK due to Brexit Business News

More than 440 financial firms have moved thousands of jobs and £ 1 trillion of assets from the UK to the EU because of Brexit, with even more pain to come, according to a new study.

A study by think tank New Financial indicates that Brexit has hit the city of London harder than initially thought and its impact is set to increase.

He revealed that the banks had transferred around £ 900 billion of UK assets, or around 10% of the total assets held by the UK banking system.

Insurance companies and asset managers transferred an additional £ 100 billion.

“The worst news is that this analysis is almost certainly a significant underestimation of the real situation,” the report said. “We are only at the end of the start of Brexit”,

Banks, insurers, pension funds and wealth managers had hoped the UK would guarantee a high level of access to the EU, but the Brexit deal does not cover financial services, the one of the UK’s most lucrative specialties. Brussels has conceded very little ground in discussions of separate agreements for financial services.

“This access is unlikely,” the report said. “So it may be better for the industry to take the Brexit damage on the chin and instead focus on recalibrating the framework in the UK to be more suited to the unique nature of the financial services industry. UK. “

Some 7,400 jobs have left the UK or been created in EU financial centers, according to New Financial’s analysis.

He said the argument about how many jobs has moved so far is a red herring. “The biggest problem is not with jobs leaving the UK, but new jobs in the EU created in the future that might otherwise have been created in the UK.”

The report added: “The change in businesses, assets and legal entities will gradually reduce the UK’s influence in banking and finance in Europe and globally, as a greater proportion of business is allowed and conducted in the EU.

“It could also significantly reduce the UK’s £ 26 billion trade surplus in financial services with the EU, as services that were previously exported from the UK are supplied locally.”

Dublin has won the most financial services business thanks to the Brexit fallout, with 135 companies relocating work there.

The second was Paris with 102 relocations, followed by Luxembourg with 95, Frankfurt 63 and Amsterdam 48.

“We predict that Frankfurt will be the ‘winner’ in terms of long-term assets, and that Paris will ultimately be the biggest beneficiary in terms of jobs,” the report said.

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Source: www.independent.co.uk
This notice was published: 2021-04-16 10:23:41

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Business

FTSE 100 nears 7000 as FTSE 250 hits another record high, Sensex leads positive path Business News

London’s FTSE 100 approaches the 7,000 mark as it ends at just 17 points on Thursday, while the FTSE 250 hits another record, supported by economic recovery and reopening,

The strong session in UK markets on Thursday lifted the blue chip FTSE 100 to its highest level since the February 2020 stock market crash, reaching 6,983, up 43 points or 0.63 per. While the domestically focused FTSE 250 also maintained its one-month momentum, closing 116 more points to hit a record 22,472.

Shares of Oxford Biomedica – which is part of the FTSE 250 – hit their highest level since mid-March after vaccine maker Covid announced it saw revenue rise by a third in 2020 and that his revenue forecast was £ 50. million for this year. Mining giants like Antofagasta, Fresnillo and Polymetal continued to advance on day two.

Meanwhile, across the pond, US stocks have hit higher highs as strong corporate earnings and better-than-expected economic data push Wall Street stocks higher. The S&P 500 rose 1.1% on Thursday and the Dow Jones Industrial Average added 0.9%, both reaching all-time highs. The Nasdaq closed with the highest gains among the indices at 1.3%.

Asian equities on Thursday saw a mixed opening despite strong global indices as investors waited for Chinese economic data, which turned out to be positive. Shanghai Composite, Hang Seng and Kospi experienced a volatile trading session in the morning with minor gains. Japanese stocks opened higher and slipped in the early hours, however, they continued to trade green.

As of noon, mainland Chinese stocks were higher, with the Shanghai composite gaining 0.4% after the report said the Chinese economy jumped 18.3% in the first quarter. Hong Kong’s Hang Seng Index also rose 0.4%. The Nikkei 225 in Japan rose 0.2%. The South Korean Kospi rose 0.7%. Australian stocks slipped as the S & P / ASX 200 fell 0.16 percent.

Indian indices opened higher on Friday, following gains by global peers following positive data in the United States and China, led by banking, metals and pharmaceuticals stocks. The Sensex opened over 100 points or 0.3% higher to 48,935, and Nifty 50 opened 14,599 minutes later with a gain of nearly 50 points.

On Wednesday, D-street shares ended higher after a volatile session with the Sensex finishing 259 points higher at 48,803 and the Nifty rising 77 points to settle at 14,581.

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Source: www.independent.co.uk
This notice was published: 2021-04-16 06:57:13

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Business

Workers in precarious jobs twice as likely to die from Covid, TUC says Business News

Coronavirus death rates are twice as high in precarious jobs as in other occupations, new research suggests.

The TUC said workers with contracts not guaranteeing regular hours or income, such as zero-hour contracts or casual work, and low-paid self-employed workers, were at higher risk of infection.

It is believed that key workers such as those in social services and delivery driving, which cannot be done at home and force people to come into contact with others, are more insecure.

The Covid-19 death rate among men in precarious occupations was 51 per 100,000 people aged 20 to 64, compared to 24 per 100,000 in safer work, the union said.

The death rate for women in precarious jobs was 25 per 100,000 people, compared to 13 per 100,000 in more secure occupations.

The TUC, which called the numbers harsh, said more research was needed to understand the links between precarious work and the risk of infection and death.

His analysis of official figures suggests that there are 3.6 million people in the UK in precarious work, after the figures rose after the 2008 financial crisis.

The TUC report says workers in precarious jobs face more risk of infection while facing a “triple whammy” of lack of disease, fewer rights and rampant low wages, the report says. report.

People in precarious jobs largely continued to work outside the home during the pandemic, while many key workers are in precarious jobs, she says.

General Secretary Frances O’Grady said: “No matter your race or background, everyone deserves a fair wage and to be treated with dignity and respect, but during the pandemic we have seen high rates of infection and higher mortality in precarious jobs.

“Too many workers are trapped on zero hour contracts or other types of precarious work, and are hit by a triple whammy of rampant low wages, few workplace rights and low sick pay or non-existent.

“Many of them are the key workers we have all applauded, such as social workers, delivery drivers and coronavirus testing staff. This must be a turning point. “

She called on ministers to increase statutory sickness benefits to the level of the real living wage and ensure that everyone can get it.

“If people can’t observe self-isolation when they need it, the virus could rebound. No one should have to choose between doing the right thing and putting food on the table. “

Katie Schmuecker, of the Joseph Rowntree Foundation, said: “It is heartbreaking to think of the difficult situation many people have found themselves in during this pandemic, having to go to work and expose themselves to a deadly virus to support themselves. and those of their families.

According to her, research showed that people on zero-hour contracts or temporary contracts were four times more likely to lose their jobs in the first lockdown, and self-employed workers were three times more likely to stop working than those on contracts. permanent.

“The lowest paid workers and part-time workers were twice as likely to lose their jobs as the highest paid workers,” she added.

New research from the Living Wage Foundation has highlighted the stress caused by precarious and unpredictable work patterns, showing that two-fifths of all employees are given less than a week’s notice for their shifts or hours of work.

Additional reports by the PA

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Source: www.independent.co.uk
This notice was published: 2021-04-15 23:00:32

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Business

How serious is Shell in tackling the climate crisis? Business News

“We are the first energy company to submit our energy transition strategy to shareholders for an advisory vote and will publish an update every three years until 2050,” says Shell.

“Each year, starting in 2022, we will also ask for an advisory vote on our progress towards our plans and goals.”

Is this the dawn of the eco-friendly oil major, with Shell leading the charge of a sustainable planet? At least that’s what society seems to want us to believe.

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Source: www.independent.co.uk
This notice was published: 2021-04-15 20:30:44

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Ever Given crew members cleared to return to India Business News

Two crew members of the Never given The freighter will be allowed to return home to India due to urgent personal circumstances, Egyptian officials said.

The couple work aboard the giant container ship which got stuck in the Suez Canal for six days last month.

The Egyptian Suez Canal Authority (SCA) seized the vessel and is seeking compensation of approximately $ 900 million (£ 655 million) from its Japanese owner, Shoei Kisen Kaisha Ltd.

Never given was freed from the sandy banks of the canal on March 29 and has since been anchored in the Great Bitter Lake, roughly halfway along the vital trade artery.

An investigation into her grounding was due to end on Thursday, but the SCA has already publicly blamed the ship’s owners for the blockage and denied its workers were to blame.

The SCA confirmed Thursday that two sailors would be allowed to leave the ship.

He added that he “was sparing no effort to ensure the success of the negotiations” and that he was cooperating with the maritime agency to ensure that the needs of the crew were met.

Managers of the 400 m long and 220,000 tonnes Never given described the decision to impound her as “extremely disappointing”.

Ian Beveridge, its managing director, said: “The decision of the SCA to stop the vessel is extremely disappointing. From the outset, BSM and the crew on board cooperated fully with all authorities, including the SCA and their respective grounding investigations.

“This included granting access to the voyage data recorder and other materials and data requested by the SCA. The main objective of BSM is a swift resolution of this issue which will allow the ship and crew to leave the Suez Canal.

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Source: www.independent.co.uk
This notice was published: 2021-04-15 14:42:37

Categories
Business

Ever Given crew members cleared to return to India Business News

Two crew members of the Never given The freighter will be allowed to return home to India due to urgent personal circumstances, Egyptian officials said.

The couple work aboard the giant container ship which got stuck in the Suez Canal for six days last month.

The Egyptian Suez Canal Authority (SCA) seized the vessel and is seeking compensation of approximately $ 900 million (£ 655 million) from its Japanese owner, Shoei Kisen Kaisha Ltd.

Never given was freed from the sandy banks of the canal on March 29 and has since been anchored in the Great Bitter Lake, roughly halfway along the vital trade artery.

An investigation into her grounding was due to end on Thursday, but the SCA has already publicly blamed the ship’s owners for the blockage and denied its workers were to blame.

The SCA confirmed Thursday that two sailors would be allowed to leave the ship.

He added that he “was sparing no effort to ensure the success of the negotiations” and that he was cooperating with the maritime agency to ensure that the needs of the crew were met.

Managers of the 400 m long and 220,000 tonnes Never given described the decision to impound her as “extremely disappointing”.

Ian Beveridge, its managing director, said: “The decision of the SCA to stop the vessel is extremely disappointing. From the outset, BSM and the crew on board cooperated fully with all authorities, including the SCA and their respective grounding investigations.

“This included granting access to the voyage data recorder and other materials and data requested by the SCA. The main objective of BSM is a swift resolution of this issue which will allow the ship and crew to leave the Suez Canal.

More about this article: Read More
Source: www.independent.co.uk
This notice was published: 2021-04-15 14:42:37