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SEOUL (Reuters) – South Korean automaker Hyundai Motor Co and Chinese technology firm Tencent Holdings have signed a preliminary deal to develop software for driverless vehicles, South Korea’s Maeil Business Newspaper reported on Saturday. Both companies plan to conduct joint research and development on safety and security systems for self-driving cars, which Hyundai seeks to roll out commercially by 2030, the report, which cited unnamed industry sources, said. The agreement was signed on the sidelines of a business forum held in Seoul on Thursday by the South Korean government and China’s Guangdong province, it said steampunk cufflinks.
Hyundai and Tencent did not offer any immediate comments on the report. The two companies are also exploring ways to utilize Tencent’s popular WeChat messaging app in developing China-targeted car models, the newspaper said. Hyundai, the world’s 5th largest automaker together with affiliate Kia Motors, has been fostering partnerships with self-driving tech and social media firms as it aims to introduce highly automated vehicles by 2020 and fully autonomous vehicles by 2030. Hyundai Mobis, another affiliate of the car maker, clinched an agreement last month with Russia’s largest internet search engine Yandex to jointly develop control systems for driverless vehicles steampunk cufflinks.
NEW YORK (Reuters) – Investors will focus on falling profits, a more dovish Federal Reserve and lower interest rates as major U.S. banks kick off what analysts expect to be the first quarter of contracting corporate earnings since 2016. On Friday, April 12, JPMorgan Chase & Co and Wells Fargo & Co will post results to begin the earnings season in earnest. Citigroup Inc and Goldman Sachs Group Inc will report the following Monday, followed by Bank of America Corp and Morgan Stanley on Tuesday steampunk cufflinks. In the wake of the Federal Reserve’s cautious shift due to signs of softness in the U.S. economy and the subsequent drop in 10-year Treasury yields, S&P 500 banks are seen posting year-on-year first-quarter earnings growth of 2.3%, down from 8.2% forecast six months ago, according to Refinitiv data..
(For an interactive graphic on evolving bank earnings estimates click, tmsnrt.rs/2HOVt1D). “The Fed pivoted so abruptly, which gives one pause about what they’re saying about the economy,” said Chuck Carlson, chief executive officer at Horizon Investment Services in Hammond, Indiana. “Flat to falling interest rates are not good news for bank interest margins. It’s not surprising that analysts are taking down earnings estimates.”. The central bank’s change in tack put the brakes on what had been a pattern of quarterly rate hikes, amid signs of slowing economic growth steampunk cufflinks.
Slowdown jitters have also hit 10-year Treasury yields. The benchmark bond’s yield hit a 15-month low in the first quarter, flattening the yield curve and narrowing the gap between the interest banks pay depositors and the interest they charge consumers, which is bad news for profits. “That’s why the estimates are going down,” Carlson added. “(Analysts are) fearful of interest margins for banks and there’s an underlying concern about loan growth.”. In the first three months of the year, the S&P 500 bounced back from a sell-off in December, gaining 13.1%, its biggest quarterly increase since 2009 steampunk cufflinks. But financials underperformed the wider market, gaining 7.9% in the quarter as the new low-interest-rate normal that boosted other sectors was a headwind for banks..