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On March 24th, Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated, "The war in the Middle East impacted the UK economy in March, causing economic growth to stagnate while inflation surged." Output growth in both manufacturing and services has slowed to an extremely sluggish level, with businesses directly blaming events in the Middle East for factors including heightened customer risk aversion, soaring price pressures, rising interest rates, and disruptions to travel and supply chains. Inflationary pressures have risen sharply due to rising energy prices and supply chain disruptions. The acceleration in manufacturing cost increases has been particularly severe, the most dramatic since the "Black Wednesday" devaluation of the pound in 1992. The overall economic and inflationary impact depends not only on the duration of the war but also on the length of disruptions to energy markets and shipping, and the March PMI data clearly indicates that downside risks to economic growth and upside risks to inflation are already present. The Bank of England faces a challenging period, needing to weigh these risks in policymaking, striving to curb a continued surge in inflation while ensuring that a tough interest rate outlook does not exacerbate the risk of recession.On March 24, Hong Kong Chief Executive John Lee stated that to promote global development, Hong Kong will focus on three main areas: First, actively expanding its global trade network and striving to join the Regional Comprehensive Economic Partnership (RCEP); second, leveraging Hong Kongs extensive global trade and economic network, assisting mainland enterprises in "going global" through the "Mainland Enterprises Going Global Special Program," while connecting global investors with Hong Kongs professional services; and third, promoting regional economic development and prosperity, fully supporting Chinas hosting of the 2026 Asia-Pacific Economic Cooperation (APEC) meeting, and utilizing Hong Kongs hosting of the APEC Finance Ministers Meeting to deepen regional cooperation. Hong Kong is willing to complement the strengths of the Hainan Free Trade Port and work hand in hand with global partners to build an open and prosperous future.The UKs preliminary composite PMI for March was 51, below the expected 52.9 and the previous reading of 53.7.The UKs preliminary services PMI for March was 51.2, below the expected 53 and the previous reading of 53.9.The UKs preliminary manufacturing PMI for March was 51.4, below the expected 50.1 and the previous reading of 51.7.

Argo Tests Driverless Vehicles on The Streets of Miami And Austin

Aria Thomas

May 18, 2022 10:01

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Tuesday, self-driving firm Argo AI said that its employees would be transported in driverless vehicles through the streets of Miami, Florida and Austin, Texas, with commercial applications to come at an indeterminate period.


Argo, which is supported by Ford Motor (NYSE:F) Co and Volkswagen AG (OTC:VWAGY), has tested its robotaxis on public roads in both cities for a number of years, although safety drivers have always been present.


"Argo is the first to go driverless in two major American cities, securely operating among high traffic, pedestrians, and bikers in the busiest districts," said Bryan Salesky, chief executive officer of Argo AI.


The startup permits ride-hailing, delivery, and logistics firms to integrate its autonomous vehicles into their operations.


A spokesperson for Argo AI stated that ride-hailing service Lyft Inc (NASDAQ:LYFT) and retail-grocery chain Walmart (NYSE:WMT) Inc were incorporating the technology in trial programs.


"Our driverless operations are initially focused on performing employee rides utilizing our in-house designed ride hailing test software," the spokesperson explained. We will integrate driverless vehicles into commercial operations when the time is right.


Lyft, which sold its own autonomous driving technology company a year ago, joined with Argo AI and Ford in July. By providing routing, customer interface, and fleet management services, the ride-hailing company plans to "get the maximum amount of income" from the robotaxis.


Walmart said in September that it would launch an autonomous car delivery service in Miami, Austin, and Washington, D.C. in partnership with Argo AI and Ford.


Self-driving businesses have frequently delayed timeframes for providing genuinely driverless rides on a large scale, with only a handful of limited fully autonomous programs available in the United States.


Human drivers account for around 80% of the per-mile cost of conventional ride-hailing services. Self-driving businesses must recoup billions of dollars in development expenditures and determine how to efficiently grow, manage, and repair vehicle fleets.

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