Each week, we bring you a roundup of some of the biggest stories making headlines in the business world.
Here are five things that happened that you should know about:
1. AI startup receives $1 billion from Ford to create virtual driver system
Ford Motor Co. has purchased a majority stake and pledged $1 billion to Argo AI, an artificial intelligence startup. The company was founded by Bryan Salesky and Peter Rander, former self-driving car team leaders of Uber and Google. Ford has stated they intend to bring fully autonomous vehicles to market in 2021, and Argo AI will develop the virtual driver system for said vehicles.
- Read more on Bloomberg
2. South Korean prosecution files arrest warrant for Samsung’s Vice Chairman and President
Following questioning on Monday, the South Korean prosecutor’s office has announced they will again seek the arrest of Samsung Group chief Jay Y. Lee. The prosecutor’s office is also seeking the arrest of Park Sang-jin, the conglomerate’s President. The arrest of either executive would severely impact Samsung’s future opportunities.
- Read more on Reuters
3. Market value of Chinese rival Weibo now surpasses Twitter by $200 million
For the first time, the market capitalization of Weibo – widely known as a Chinese-language iteration of Twitter – rose past that of the latter on a close-of-day basis ($11.3 billion versus $11.1 billion). Twitter has yet to turn a profit and missed their fourth-quarter earnings estimates last week, whereas Weibo has shown consistent growth among a large, developing market. Twitter is also banned in China.
- Read more on Bloomberg
4. New report findings suggest Albertan oilsands companies will reach provincial emissions limit by 2026
A study released by the Canadian Energy Research Institute (CERI) cautions that oilsands companies will reach Alberta’s carbon emissions limit in 10 years. Their provincial government announced a 100 megatonnes hardcap on cumulative oilsands emissions in 2015. The study’s author notes that new technologies, and the use of solvents, can allow for growth without reaching said emissions limit.
- Read more on Financial Post
5. $5.2 billion deal between Petrobras and Brookfield Asset Management halted by Brazilian court
The Brazilian Federal court has granted an injunction against a pending $5.2-billion deal between Petroleo Brasileiro SA’s and Canadian Brookfield Asset Management Inc., citing concerns that the sale had not been publicized sufficiently to foster competition. The sale of Petrobras’ natural gas pipeline unit was a key component of the Brazilian state-run energy company’s divestiture program.
- Read more on Nasdaq