SoftBank and Toyota have joined forces to create a new business called Monet, which will focus on using driverless car technology to provide services like mobile convenience stores and delivery vehicles. SoftBank will have a slight majority stake in the venture, with Toyota holding the rest. This partnership is part of a larger trend of tech companies and carmakers teaming up to develop driverless technology. For example, SoftBank’s Vision Fund has already invested in General Motors’ self-driving unit and Honda and GM recently announced a collaboration on autonomous vehicles.
On a different note, Facebook is under investigation by the Irish Data Protection Commission following a hack that affected millions of accounts. The commission is looking into whether Facebook complied with new European data protection laws. The company has taken steps to address the issue, but there are still many unanswered questions about the hack. The investigation is taking place in Dublin, where Facebook’s international headquarters are located.
In the financial world, the yield on 10-year US Treasuries has reached a seven-year high due to positive economic data and strong hiring numbers. This spike in yields is driven by a robust US economy and expectations of rate hikes by the Federal Reserve. The US economy is currently performing well, with some analysts describing it as being “on fire.”
In other news, CNNMoney has rebranded as CNN Business, focusing on the impact of technology on the global economy. This shift in focus reflects the significant role that technology plays in shaping businesses, workers, and society at large. Additionally, global markets have seen some fluctuations, with US stock futures dropping and European markets following suit. Some companies, like Constellation Brands and Costco, are set to release earnings reports, while Danske Bank is facing scrutiny over a money laundering scandal.
Looking ahead, Costco’s earnings report and the US jobs report are expected later in the week. These developments will be closely watched by investors and analysts alike as they provide insights into the state of the economy and the financial markets.