BMW and Intel plan robot car production

BMW and IntelBMW, Intel and computer vision firm Mobileye have signed a deal to develop autonomous vehicles.

The three firms will collaborate on the systems needed to make cars that can navigate without any help from a human driver. The vehicles will be capable of driving safely along major roads as well as in suburban and inner city areas.

BMW said it hoped the collaboration would mean it could put robot cars into production by 2021. The research partnership was announced on the day when US officials begin an investigation into a fatal car crash involving a Tesla Model S, to which self-driving technology could have contributed.

WPP pay: Third of investors fail to back Sorrell’s £70m deal

WPPOne third of WPP investors have failed to back Sir Martin Sorrell’s £70m pay deal at the advertising firm’s annual general meeting.

Excluding abstentions, 33.5% of investors failed to back the pay deal, but the vote was non-binding. The chief executive’s 2015 pay package is one of the biggest in UK corporate history.

Sir Martin has previously said his pay was based on the performance of WPP, the world’s largest advertising group.

Bloomberg announced the start of the largest restructuring of the Russian economy

Russia's economyRussia’s economy is experiencing the largest in the last 15 years of change. At the same time, the authorities carried out the conversion “without fanfare and hype”, which are accompanied by similar changes in Saudi Arabia (Kingdom launched the Vision 2030 program in late April).

The result of the collapse of the oil market was the restoration of a number of Russian industries. “New drivers of growth have emerged. These are agriculture, chemical and food industry, domestic tourism, “- said the agency, Deputy Finance Minister of Russia Maxim Oreshkin. At the same time, they have not yet managed to close the structural drop in other industries, acknowledged the official.

Brexit vote may spark recession

BrexitThe Bank of England has given its starkest warning yet that a UK vote to leave the EU could hit the economy.

A leave vote may cause sterling to fall and unemployment to rise, according to the latest minutes of its Monetary Policy Committee (MPC). Mark Carney, the Bank’s governor, warned that the risks of leaving “could possibly include a technical recession”.


Vote Leave said there was no need for more forward guidance from the Bank.

Lufthansa cancels 900 flights as airport staff strike

LufthansaA public sector workers’ strike over pay at airports in Germany is set to cause travel disruption today.

Lufthansa, Germany’s largest carrier, has already cancelled almost 900 flights at airports including Frankfurt and Munich, equivalent to around 60% of its usual daily traffic.

Kudrin predicts a further depreciation of the ruble

Alexei Kudrin, ex-Finance Minister of RussiaMOSCOW. High deficit of the Russian budget is a major factor in the weakening of the ruble, its rate in 2016 may amount to 70 rubles per dollar.

Such an opinion in an interview with Tass ex-Finance Minister Alexei Kudrin.

I think that a certain high deficit is a factor in the weakening of the ruble, even if the oil price will be stable. I think about 70 (per dollar) at the same parameters on the oil price.

Alexei Kudrin, ex-Finance Minister of Russia

Visa has lost interest in lobby

1International systems questioned the appropriateness of maintaining lobbying resources. Visa withdrew from the Board of profile association “National Payments Council” (NTC). Experts believe that Visa is actually recognized senseless investments in development of the Russian payments market.

The fact that Visa withdrew from the board of the Association “National Payments Council”, said the source. The NPC is confirmed.