Lexus just leaked pictures of its new SUV concept and it has no mirrors

• Danielle Muoio
 

• 8h
• 2,611

Lexus

Lexus leaked its concept SUV the UX ahead of the Paris Motor Show, and the car highlights a focus on going mirrorless.

First a closer look at the car itself: it's a wide-body SUV with some massive looking wheels, giving you a nice lift above the road. As Autocar's Sam Sheehan notes, the door handles are set in the middle, implying that they are "suicide doors" hinged at the rear. Pretty swanky for an SUV.

But perhaps the most interesting feature we can glean from this one photo is that the sideview mirrors have been replaced by cameras. 

Lexus

Replacing the exterior mirrors with cameras is something we've seen in a few concept cars, like the BMW i8 concept car show off at the 2016 Consumer Electronics Show, and are likely to see more in production vehicles in the future.

Japanese automakers got the OK in June to make and sell mirrorless cars, making it one of the first countries to embrace the technology. Considering Lexus is owned by Japanese automaker Toyota, we're likely to see more of this tech in use going forward.

There's not much information on the car itself aside from the photo, but Lexus notes that the concept "showcases imaginative technologies for an immersive driver experience, while the interior marries traditional craftsmanship with high-tech manufacturing techniques." So at the very least, we know the concept is meant to demonstrate a focus on tech innovations in line with replacing the sideview mirrors with cameras.

We'll have to wait for the Paris Motor Show to learn more about the UX. 

SEE ALSO: Here's what a car without mirrors looks like

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More: Lexus Concept Cars Paris Motor Show 2016 BITranspo

As expected, Hewlett-Packard Enterprise sold its software business in an $8.8 billion deal

• Julie Bort
 
•   

• 18h
• 27,734
 
• 8
 

HPE CEO Meg WhitmanHPE

The rumored sale of Hewlett-Packard's Enterprise's software unit was officially announced today.

The company says it is creating a company with Micro Focus for the unit in a transaction worth $8.8 billion including 50.1% ownership of the new combined company by HPE shareholders and a $2.5 billion cash payment to HPE.

This is becoming a favorite strategy for CEO Meg Whitman. In May, she announced a plan to spin out the company's troubled consulting services unit with CSC, a former rival in this area. HPE also owns half of that new company.

Here's the press release.

September 07, 2016 16:05 ET

HPE Accelerates Strategy With Spin-Off and Merger of Non-Core Software Assets With Micro Focus

HPE to Retain Key Software Assets to Deliver on the Promise of Hybrid IT 

PALO ALTO, CA--(Marketwired - Sep 7, 2016) - Hewlett Packard Enterprise (NYSE:HPE)

• Transaction valued at approximately $8.8 billion, including 50.1% ownership of the new combined company by HPE shareholders and a $2.5 billion cash payment to HPE
• Combination creates one of the world's largest pure-play enterprise software companies
• Accelerates HPE's strategy to unlock faster-growing, higher-margin and stronger free cash flow company
• HPE to discuss transaction during Q3 earnings call at 5:00 p.m. ET today.

Hewlett Packard Enterprise (NYSE: HPE) today announced plans for a spin-off and merger of its non-core software assets with Micro Focus (LSE: MCRO) in a transaction valued at approximately $8.8 billion.

The combination of these software assets -- which includes HPE's Application Delivery Management, Big Data, Enterprise Security, Information Management & Governance and IT Operations Management businesses -- and Micro Focus' highly complementary portfolio will create one of the world's largest pure-play software companies. The new company will have the global footprint, agility and financial strength to drive software innovation across a comprehensive array of products. At the same time, the move enables a standalone HPE to realize its vision of being the industry's leading provider of hybrid IT, built on the secure, next-generation, software-defined infrastructure that will run customers' data centers today, bridge them to multi-cloud environments tomorrow, and enable the emerging intelligent edge that will power campus, branch and IoT applications for decades to come. 

"With today's announcement, we are taking another important step in achieving the vision of creating a faster-growing, higher-margin, stronger cash flow company well positioned for our customers and for the future," said Meg Whitman, President and Chief Executive Officer of HPE. 

Partnership with SUSEIn addition, HPE and Micro Focus announced plans for a commercial partnership that will name SUSE as HPE's preferred Linux partner and will bring together HPE's Helion OpenStack and Stackato solutions with SUSE's OpenStack expertise to provide best-in-class enterprise-grade hybrid cloud offerings for HPE customers.

Positioning HPE for the FutureWith approximately $28 billion in annual revenue, the future HPE will have significant scale, a diversified, world-class portfolio and a global footprint to meet the evolving needs of its customers and partners.

The company will be an industry leader in delivering secure hybrid IT solutions, leveraging its world-class portfolio of software-defined servers, storage, networking and converged infrastructure. HPE's newly created Software-Defined and Cloud business will build upon key software assets like HPE OneView and the Helion Cloud platform to deliver software-defined Hybrid IT solutions like Synergy -- HPE's composable infrastructure offering that enables customers to operate their workloads with unprecedented speed and agility.

HPE will also redefine IT at the edge with leading campus, mobility and IoT offerings. The company's "edge" solutions enable customers to quickly and securely gain insights from the growing amount of data processed outside of the data center. And through Aruba, HPE delivers the industry's leading platform to enable an innovative user and workforce experience anywhere. 

Wrapped around this portfolio is HPE's world-class Technology Services capability that helps customers transform their IT environment and take advantage of opportunities in emerging areas like campus, branch and industrial IoT programs. Technology Services comprises about 22,000 service professionals and will represent approximately 25 percent of the company's revenue after the spin-off of its Enterprise Services business and non-core software assets.

"Services and Software remain key enablers of HPE's go-forward strategy," continued Whitman. "HPE will double down on the software capabilities that power and differentiate our infrastructure solutions and are critical in a cloud environment."

Creates Global Software LeaderThe combination of HPE's software assets with Micro Focus is expected to create a business with annual revenues of approximately $4.5 billion. The combined company will have strong recurring revenue streams, global reach and be well diversified across product lines -- spanning IT operations, security, information management, big data analytics, cloud, open source and development. In addition, the company will have a strong go-to-market capability with nearly 4,000 salespeople worldwide, and deep R&D resources to deliver best-in-class solutions to customers and partners. 

Micro Focus' proven track record of managing both growing and mature software assets will ensure higher levels of investment in growth areas like big data analytics and security, while maintaining a stable platform for mission-critical software products that customers rely on. With this approach, each product line will have a clear and important role in overall company performance, and employees will have a high level of clarity on the strategy for their organization. 

"We believe that the software assets that will be a part of this combination will bring better value to both our customers and shareholders as part of a more focused software company committed to growing these businesses on a stand-alone basis," added Whitman. 

Micro Focus expects to improve the margin on HPE's software assets by approximately 20 percentage points by the end of the third full financial year following the closing of the transaction, while also investing in key growth areas like big data and security. As owners of 50.1 percent of the combined company, HPE shareholders will share in the value of these operational improvements, as well as future growth of earnings. 

The combined company will be led by Kevin Loosemore, Executive Chairman of Micro Focus, and Mike Phillips will serve as Chief Financial Officer.

"The time is right for consolidation in the infrastructure software market and this proposed merger will create one of the leading players in this space," said Loosemore. "The combined organization will benefit from strong positions in a number of key segments, further enhancing our customers' ability to leverage both prior and new IT investments to exploit the latest industry innovations such as mobility, cloud, the Internet of Things, Big Data and Analytics. The transaction reinforces Micro Focus' established acquisition strategy and our focus on long term customer value through the disciplined and efficient management of mature infrastructure software products."

Transaction Valued at $8.8 Billion At the completion of the transaction, currently expected to occur by the second half of HPE's fiscal year 2017, HPE shareholders will own American Depositary Shares ("ADSs") representing 50.1% of the equity of the new combined company (which will continue under the name Micro Focus) on a fully diluted basis. This equity stake in Micro Focus is valued at approximately $6.3 billion based on the closing price of Micro Focus shares as of market close on September 5, 2016. HPE will also receive a $2.5 billion cash payment prior to the completion of the merger, resulting in total consideration to HPE and its shareholders of approximately $8.8 billion. The transaction is expected to be tax-free to HPE. 

An HPE senior executive will serve on the board of directors of the combined company. In addition, HPE will nominate 50% of the independent directors to the combined company's board.

To recognize the $8.8 billion of value and unlock a more attractive financial profile for HPE going forward, HPE expects to incur one-time after-tax separation costs of approximately $700 million, with the vast majority occurring in fiscal year 2017. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of the transaction by Micro Focus' shareholders.

SEE ALSO: Hewlett Packard Enterprise employees were 'shocked' but 'glad to be rid of that boat anchor'

Intel is spinning off the cybersecurity firm it paid $7.6 billion for six years ago in a $4.2 billion deal

• Eugene Kim
 

• 16h
• 3,485

Intel CEO Brian KrzanichREUTERS/Jason Lee

Intel  $36.16

INTC

+/--0.28

%-0.80

Disclaimer

Intel is spinning off its McAfee cybersecurity unit in a deal worth $4.2 billion, just six years after acquiring the company for $7.6 billion.

Intel announced Wednesday that it's partnering with private equity firm TPG to complete the spin off.

Intel is basically selling 51% majority stake in the company to TPG for $3.1 billion, while the private equity firm will throw in an additional $1.1 billion in the newly formed independent cybersecurity company — putting the total value of the deal at $4.2 billion.

That means Intel will still own 49% of the company. TPG is also handing the CEO role of the new McAfee to the SVP and GM of Intel Security, Chris Young.

“As a standalone company supported by these two partners, we will be in an even greater position of strength, committed to being the best provider the cybersecurity industry has ever seen,” Young wrote in a letter announcing the deal.

The spin off is the latest in Intel's restructuring efforts, which includes its biggest layoff in history earlier this year. Intel has historically made most of its money from PC microprocessors, but with a shrinking PC market, the company is scrambling to find new growth areas. The company is putting a greater focus on its datacenter and connected device (also called Internet of Things) businesses to hedge against the PC's decline.

Given McAfee's strong ties to the PC market, it probably made more sense to give control of the business to someone else so Intel could focus on its new growth areas, although Intel Security has been growing at a solid pace. Over the first six months of this year, Intel Security generated $1.1 billion in revenue, up 11% year over year.

"We view this move as positive for INTC shares as the company is trimming back on its non-core products and PC market exposure," market research firm Stifel wrote in a note.

Still, it's hard not to question why Intel made the acquisition in the first place, as it basically cut the value of the company by nearly half in just 6 years.

The deal even confused John McAfee, the company's eccentric founder, who has not been part of McAfee since the 1990s when he sold his shares. As McAfee recently told Business Insider:

"I never understood why a chip manufacturer would have purchased a suite of software security products in the first place. The product development and maintenance processes are radically different, as are the marketing and sales processes. And there is virtually no customer overlap."

SEE ALSO: JOHN McAFEE: Intel buying McAfee never made sense

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British PM May says will not reveal hand on Brexit prematurely

• Reuters

• Sep. 7, 2016, 8:00 AM
• 56
 

Britain's Prime Minister Theresa May leaves Downing Street in London Thomson Reuters

LONDON (Reuters) - Britain must take time to consider what its post-Brexit relationship with the European Union will look like and will not reveal its hand ahead of time, Prime Minister Theresa May said on Wednesday.

"I know many people are keen to see rapid progress and to understand what post-Brexit Britain will look like. We are getting on with that vital work but we must also think through the issues in a sober and considered way," she told parliament.

"We will not take decisions until we are ready, we will not reveal our hand prematurely and we will not provide a running commentary on every twist and turn of the negotiation."

(Reporting by Kylie MacLellan and William James; editing by Guy Faulconbridge)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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China's top steel city cuts industrial production to clear air

• Reuters

• Sep. 7, 2016, 5:00 AM
• 82

File photo of a worker walking past a pile of steel pipe products at the yard of Youfa steel pipe plant in Tangshan in China's Hebei ProvinceThomson Reuters

SHANGHAI (Reuters) - China's top steel making city of Tangshan has told industrial plants to cut production for two weeks from Saturday, its third such suspension since July, as Beijing battles overcapacity and pollution, according to a document seen by Reuters.

The environmental crackdown will affect steel mills, power plants, coking producers and cement producers that have failed to meet standards.

The city in the northern province of Hebei, which accounts for more than a fifth of China's steel output, enforced similar cuts in July and August, and will strengthen inspections of emissions.

The Tangshan city government could not immediately be reached for comment.

The overcapacity has brought China under fire as its record overseas shipments have stirred tension with other major producers.

Following complaints and increased anti-dumping duties, leaders of the G20 group of countries have pledged to work together to tackle excess steel capacity.

China has promised to cut steel capacity by 45 million tonnes this year, as it tries to rejuvenate an industry suffering from slowing demand and a massive supply glut.

Steel capacity cuts in the first seven months of the year amounted to just 47 percent of the annual target and China will accelerate the pace over the rest of the year.

(Reporting by Ruby Lian and Josephine Mason; Editing by Clarence Fernandez)

Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.

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Chinese trade data is better than expected on all fronts in August

DAVID SCUTT 

SEP 8, 2016, 1:46 PM   

Photo by Kevin Frayer/Getty Images

Chinese trade data has beaten across the board for August.

Exports fell by 2.8% year-on-year, down on the 4.4% contraction seen in July and expectations for a decline of 4.0%.

From January to August, the value of exports fell by 7.1% compared to the same period in 2015.

On the other side of the ledger, imports rose by 1.5%, easily beating expectations for a decrease of 4.9%.

Not only was it a stark turnaround to the 12.5% contraction seen in July, it was also the first time in 22 months that the value of imports rose compared to a year earlier.

Firmer commodity prices, along with with improved domestic demand, likely contributed to the unexpected result.

Like exports, the value of imports between January to August fell by 9% compared to the same period a year earlier.

As a result of the boost to imports seen in August, the trade surplus came in at $US52.05 billion, almost unchanged from the $US52.31 billion figure seen in July.

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Here's what to expect from the ECB's latest policy meeting

• Will Martin
 

• 6h
• 432

REUTERS/Yves Herman

The European Central Bank is back from its summer holidays and will announce its first monetary policy decisions for the eurozone since mid-July on Thursday at 12:45 p.m. BST (7:45 a.m. ET).

The decision will then be followed 45 minutes later by a press conference, in which ECB president Mario Draghi will discuss the bank's monetary policy decisions, and discuss policy going forward.

Draghi and the rest of the bank's governing council are widely expected to leave the bank's key interest rate unchanged at -0.4%, but many in the markets are expecting Draghi to signal an extension of its horizon for quantitative easing beyond the currently scheduled end in March 2017.

Europe is continuing to battle unprecedented low growth and inflation, with nothing the ECB does seeming to have much of a material impact on either of these things. Growth remained subdued at 0.3% in the second quarter of 2016, while inflation hovers just above zero, and has done so for a substantial period of time.

Draghi and other ECB governing council members have repeatedly insisted that the bank still has tools remaining to combat stagnant growth and inflation, but after nearly two years of negative interest rates and unprecedented bond buying, it is increasingly appearing as though the ECB is running out of options.

Commenting on the meeting, Craig Erlam, analyst at FX platform Oanda said in an email (emphasis ours):

"The ECB finds itself between a rock and a hard place at the moment. Growth and inflation continues to elude the euro area and we’re likely to find out today, when the central bank releases its latest economic projections, that Brexit has only made that situation more dire, albeit potentially less so at this stage than many would have thought a couple of months ago.

"The problem is that not only is further action opposed by some of the more hawkish policy makers – most notably Bundesbank Head Jens Weidmann – the ECB is becoming increasingly constrained by the number of assets it can purchase under the rules of the quantitative easing program. Therefore, before any increase in bond buying is announced, it must first alter the eligibility criteria, which is easier said than done. Even without an increase, the rules of the program may have to be altered, something that would require the approval of Germany which is unlikely to come easy."

What to look out for

Markets will be keenly watching for any indication from Draghi about an extension of QE, as well as any hints about whether interest rates could go even lower than they currently are, plumbing further into uncharted territory. However, there are other things to look out from the bank, with Brexit, and the bank's outlook for the future likely to be high on the agenda.

During his press conference, it seems inevitable that Draghi will be asked for his thoughts on the impact of the UK's decision to leave the EU, following a slew of better than expected economic data coming out of the UK, suggesting that the immediate impact of the referendum of has not been quite as bad as many had expected.

In the last week alone, IHS Markit's PMI surveys for all three crucial sectors of the economy — services, manufacturing, and construction — have bounced back from disastrous figures in July.

Manufacturing, for instance, saw its biggest single month jump in history, while services jumped quicker than at any time in 20 years. The construction sector remained in contraction,but it is important to note that the sector was already shrinking even before the Brexit vote.

However, in Europe, there were suggestions in PMI surveys released this month that a 'Brexit impact' may be starting to creep into the eurozone economy.

As well as the economic impact, there's are also political issues within the eurozone and the wider Europe. Fears abound that Brexit will give a boost to parties on the extreme The"contagion risk" from the UK to the rest of the continent is very real. France's Marine Le Pen announced last week that if elected she would hold a referendum on France's membership of the EU. In the Netherlands, Geert Wilders' far-right anti-EU Dutch Freedom Party keeps gaining in popularity as well.

Add to this the upcoming referendum in Italy on senate reforms, which could topple Italy's most stable administration in many years, and it's clear the political risks to Europe are substantial. Draghi will likely be asked how he believes political challenges will hit his plans for the eurozone economy.

Draghi may also cut future forecasts for both growth and inflation, in a sign that Europe really is struggling to find any meaningful expansion, and that the weakness in the continent will continue for a long while. As Mike van Dulken of Accendo Markets noted earlier on Thursday: "Real focus will be on the potential for ECB President Mario Draghi to announce downward revisions to the bank’s growth and inflation forecasts in light of an ever-struggling Eurozone region, especially following those German misses on Factory Orders and Industrial Production."

How are markets looking?

Financial markets in Europe are looking pretty steady on Thursday morning, given the expected inaction from the ECB in terms of its interest rate decision.

In equities, the Euro Stoxx 600 broad index of the continent's biggest companies has moved just 0.14% as of 9:45 a.m. BST (4:45 a.m. ET). Here's how that looks:

Investing.com

While in the currency markets, the euro has gained just 0.3% on the dollar so far in the day:

Investing.com

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