Welcome to our weekly news round-up. In today’s blog, we’ll cover some of the latest goings-on in key markets, using related reports to give context to company deals and daily news. We’ll examine current and future trends and identify opportunities we think all market participants should be aware of.
Here are today's stories:
VW Hit With New $2.9 Billion Charge From Diesel Scandal
German automaker Volkswagen said it would take a new charge of $2.9 billion in the third quarter to cover the higher than expected costs of buying back and retrofitting diesel cars in the United States. This brings the total bill for its emissions test cheating scandal to around $30 billion.
The Volkswagen emissions scandal dates back to September 2015. The Environmental Protection Agency (EPA) found that many VW cars being sold in America were fitted with a device that could detect when they were being tested, changing the performance accordingly to improve results.
Shares in the company fell as much as 3 percent on Friday.
Market Insights: VW’s concession of corporate malfeasance in circumventing Environmental Protection Agency (EPA) testing in the United States has sent the global automotive industry into a tailspin, according to a new report.
The report closely examines the fallout from the diesel emission scandal and how the same has impacted the perception of automotive customers across the United Kingdom, France, Germany, and Italy.
Electronics Industry Drives Industrial Robot Sales
A new study from the International Federation of Robotics (IFR) said global sales of industrial robots rose by 16 percent in 2016 and and are expected to rise faster in 2017. This is largely due to an increase in demand from the electronics industry.
The automotive industry has historically been the main driver behind industrial robot sales. Last year, however, electronics accounted for almost as many shipments. Sales to the electrical and electronics industry jumped 41 percent to 91,300 units, while sales to the automotive industry rose 6 percent to 103,300 units.
Market Insights: The Industrial Robotics Market is expected to grow from USD 38.11 billion in 2016 to USD 71.72 billion By 2023.
The increase in investments for automation in various industries, such as automotive; electrical and electronics; and metals and machinery, and the growing demand for industrial robots from small and medium-scale enterprises in developing countries are the key factors driving the market.
However, high overall installation cost for low-volume production applications is the key factor restraining the growth of the industrial robotics market.
Royal Bank of Canada Using Blockchain for Payments
The Royal Bank of Canada is experimenting with blockchain to help transfer payments between its Canadian and U.S. banks, a senior executive told Reuters on Thursday. The technology was integrated into RBC’s existing systems several weeks ago as a “shadow” to RBC’s primary ledger.
“We wanted to set it up as a shadow ledger so that we can demonstrate our leadership in exploiting that technology while at the same time recognizing that the technology is still early in its adoption phase,” Martin Wildberger, RBC’s executive vice president for innovation and technology, said.
Market Insights: The Global Blockchain Distributed Ledger Market size is expected to reach $5.0 billion by 2023, rising at a market growth of 60.6% CAGR during the forecast period.
The blockchain distributed ledger market has gained widespread adoption over the years. Minimal fees for transaction in blockchain distributed ledger applications, zero third party intervention in transactions, and almost minimal possibilities of fraud & identity theft are the factors driving the market growth of blockchain distributed ledger market.
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