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Stanley Black & Decker reported mixed quarterly results before Tuesday's opening bell, and the stock got whacked. SWK YTD mountain Stanley Black & Decker YTD Shares of Stanley Black & Decker consolidated around an 8% decline after the release. We upgraded Stanley Black & Decker on Tuesday morning back to our buy-equivalent 1 rating on the belief the stock reaction to the print was overdone. Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. To honor the occasion, Donald Allan, Jr., President & CEO of Stanley Black & Decker, joined by Chris Taylor, NYSE Global Head of Advisory, rings the Opening Bell®.
Persons: Stanley Black, Decker, Stanley, Donald Allan, we're, Allan, , Jim Cramer's, Jim Cramer, Jim, Donald Allan , Jr, Chris Taylor Organizations: Revenue, Stanley Black, Treasury, Federal, Bosch, Techtronic Industries, Management, CNBC, The New York Stock Exchange, NYSE Global Locations: Dewalt, Europe
A next generation agendaGITEX GLOBAL will span 40 halls across two locations, bringing together the entire international technology community to set the global agenda for the future AI economy. With the global AI market projected to reach $2.7 trillion by 2032, the event will showcase the latest advancements driving this remarkable growth. GITEX GLOBAL 2024 AGENDA MONDAY: TECH INVESTMENT DAY - Explore the latest investment trends that are reshaping global wealth. In addition, the World Future Economy Digital Leaders Summit will see global innovators and influential leaders address critical priorities shaping the future of technology. By bringing together diverse stakeholders from across the globe, the event is poised to shape the future of the AI economy and reinforce Dubai’s vision of becoming a global tech hub.
Persons: Martin Pfeiffer, Fabrizio del Maffeo, Alexander Zhavoronkov, Dr, Diane Janosek, Brett Johnson, Ekaterina Serban, Surinder Organizations: Dubai World Trade, Dubai Harbour, TECH, Tech, Google, Huawei, IBM, Microsoft, Nvidia, Oracle, European NVIDIA, , InSilico, supercomputing, UAE Cybersecurity Council, TCB, National Security Agency, Pentagon, Bosch, Paramount Locations: Dubai, European, Hong Kong
Distance TechnologiesDistance Technologies, a Finnish startup that aims to bring mixed-reality technology to any car windshield or plane cockpit, has raised 10 million euros ($11.1 million) of funding from GV, the venture capital arm of Alphabet and other investors. Distance raised the cash injection in a seed round led by GV, with existing investors FOV Ventures and Maki.vc also stumping up more cash for the startup, the company told CNBC on Thursday. Konttori was formerly chief technology officer of Varjo, another Helsinki-based mixed-reality firm. "The main difference here is that we are driven by the software," Mäkinen told CNBC. For now, Distance has had to use simple optics and normal LCD displays to demonstrate its technology to prospective partners and investors.
Persons: Maki.vc, Konttori, Roni Hiranand, Meta, Jussi Mäkinen, Mäkinen, he's Organizations: Technologies, GV, FOV Ventures, CNBC, Helsinki, Google Ventures, Companies, Huawei, Bosch, Continental, Panasonic, Distance Technologies Locations: Finnish, Helsinki, China
Alvarez reflected on how it took her a while to understand the traumas of a dictatorship through her parents. So, it helped me to understand them and their generation, which has been called ‘la generación perdida’ (the 'lost generation') because so many in that generation lost their lives." The documentary ends with her most recent novel, “The Cemetery of Untold Stories,” which Alvarez published this year at age 74. Alvarez said that after arriving in Queens, she felt that her family “had lost everything.” But in spite of feeling like an outsider, poetry helped her find a new home. She produced and directed “Julia Alvarez: A Life Reimagined.”Bosch explained that Alvarez’s writing shifted the lens from male-dominated stories to female-dominated stories.
Persons: Alvarez, , , , ” Alvarez, Langston Hughes, Hughes, I’ll, Nobody’ll, ” “, “ Julia, Adriana Bosch, “ Julia Alvarez, ” Bosch Organizations: U.S ., Harlem Renaissance, Locations: Queens, Dominican Republic, U.S, America, Americas, Cuban American
A massive battery recycling plant is being built in Germany by Cylib, a startup looking to reduce waste from EV batteries that have reached the end of their life. Cylib says its facility will be the largest end-to-end lithium-ion battery recycling facility in Europe. Cylib said the new plant would primarily serve automotive, battery manufacturing and chemicals clients. “Cylib reaching industrial scale production will be a key driver in building a robust European battery infrastructure,” Schwich said in a press statement. “Battery recycling is pioneering the circular economy, proving that economic success is compatible with reduced environmental impact,” she added.
Persons: Cylib, Lilian Schwich, Gideon Schwich, Paul Sabarny, , ” Schwich Organizations: Cylib, EV, Porsche, Bosch, Hydro, CNBC, European Union, World Fund, Porsche Ventures, Climate Fonds Locations: Germany, Dormagen, North Rhine, Westphalia, Europe, Norway, Hydrovolt, Chempark
American men were eliminated in the quarterfinals, while the defending champion women had to scratch and claw their way to a bronze medal Monday night. The U.S.' Dearica Hamby drives against Canada's Kacie Bosch in the women's 3x3 basketball bronze medal game in Paris on Monday. That’s so cliché, but it’s so true.”The growing 3x3 version of the game has many key differences from traditional basketball, as perimeter scoring, quick shooting and short bursts of energy are essential. “I wish people understood how hard 3-on-3 is,” college basketball star Hailey Van Lith said after she scored a game-high 6 points in the bronze medal game. The 3x3 basketball development in far-flung places like Mongolia, Chile and Trinidad and Tobago might not be possible in the traditional, full-court game, Zagklis said.
Persons: didn’t, Dearica Hamby, Canada's Kacie Bosch, Frank Franklin II, , Cierra Burdick, Hailey Van Lith, Val Lith, They’ve, Andreas Zagklis, Zagklis Organizations: PARIS, Sparks, Canada, U.S, University of Tennessee, TCU, International Basketball Federation Locations: Paris, The, U.S, Tokyo, Mongolia, Chile, Trinidad and Tobago
Johnson Controls CEO George Oliver will retire from the top job at the industrial conglomerate, the company announced Wednesday morning, after "constructive dialogue" with Elliott Management, which amassed a stake in the company earlier this year. "I believe that now is the right time to begin the process of identifying the next leader of the new Johnson Controls," Oliver said in a release. Johnson Controls' shares surged more than 9% on the news in premarket trading Wednesday. The company also announced, with Elliott's blessing, that it would appoint former Xylem CEO Patrick Decker to its board effective immediately. Elliott's stake in the HVAC giant was worth more than $1 billion earlier this year, according to a person familiar with the matter.
Persons: George Oliver, Johnson, Oliver, Patrick Decker, George, Elliott, Marc Steinberg, Steinberg, Elliott's Organizations: Johnson, Elliott Management, Johnson Controls, Bosch
Stanley Black & Decker on Tuesday morning delivered solid quarterly results — enhanced by strong cash flow performance, allowing management to raise its full-year guidance. Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. Stanley Black & Decker, which also makes fastening and assembly systems, jumped 7.5% on Tuesday's release following last week's 9.7% gain. Full-year organic sales in Tools & Outdoor are projected to be down about 1% at the midpoint, with year-over-year margin improvement. To honor the occasion, Donald Allan, Jr., President & CEO of Stanley Black & Decker, joined by Chris Taylor, NYSE Global Head of Advisory, rings the Opening Bell®.
Persons: Stanley Black, Decker, we're, Don Allen, DeWalt, Pat Hallinan, , Jim Cramer's, Jim Cramer, Jim, Donald Allan , Jr, Chris Taylor Organizations: Revenue, Bosch, Techtronic Industries, Federal Reserve, Management, Stanley, Aerospace, CNBC, The New York Stock Exchange, NYSE Global Locations: Europe, France, Italy, Latin America
Four Gen Z Americans told Business Insider they've followed the principles of the FIRE — financial independence, retire early — movement to achieve a high net worth before their 30th birthdays. But all four emphasized that their sacrifices and risks earlier in life may be the key to their financial stability down the road. Cody Berman, entrepreneur and "passive income expert"Cody Berman hit financial independence at 25 but continues to help others achieve their financial goals. Courtesy of Cody BermanCody Berman, 28, hit financial freedom at 25 but has no plans to retire early. His net worth is about $2.8 million, but he drives a 2015 Nissan truck approaching 100,000 miles.
Persons: , Gen Z, they've, Cody Berman, Cody Berman Cody Berman, Berman, I'm, " Berman, Bosch, Louis, Roth, Amber Smith, Amber Smith Amber Smith, Smith, she's, Cory Sarkisian, Sarkisian, They've Organizations: Service, Transamerica Center, Retirement Studies, Business, Boeing, Navy, Nissan, Gold City Ventures, Bosch, eBay, Honda Civic, Roth IRA, Savings Locations: St, California, West Des Moines, San Diego, Hawaii, Connecticut, New Zealand
Four Gen Z Americans told Business Insider they've followed the principles of the FIRE — financial independence, retire early — movement to achieve a high net worth before their 30th birthdays. Some said they don't intend on following the "retire early" part of the acronym and instead want to pursue their passions while making money doing so. Cody Berman, entrepreneur and "passive income expert"Cody Berman hit financial independence at 25 but continues to help others achieve their financial goals. Courtesy of Cody BermanCody Berman, 28, hit financial freedom at 25 but has no plans to retire early. His net worth is about $2.8 million, but he drives a 2015 Nissan truck approaching 100,000 miles.
Persons: , Gen Z, they've, Cody Berman, Cody Berman Cody Berman, Berman, I'm, " Berman, Bosch, Louis, Roth, Amber Smith, Amber Smith Amber Smith, Smith, she's, Cory Sarkisian, Sarkisian, They've Organizations: Service, Transamerica Center, Retirement Studies, Business, Boeing, Navy, Nissan, Gold City Ventures, Bosch, eBay, Honda Civic, Roth IRA, Savings Locations: St, California, West Des Moines, San Diego, Hawaii, Connecticut, New Zealand
Rivian Automotive — Shares of Rivian Automotive skyrocketed more than 40% after the electric vehicle company secured up to $5 billion in funding from Volkswagen Group. A so-called short squeeze added fuel to the gain as about 19% of the Rivian shares available for trading were sold short before this news, according to FactSet. Nvidia — The chip stock added more than 2%, building on a nearly 7% rebound during Tuesday's session. Aptiv — The automotive technology stock dropped 7% after Piper Sandler downgraded Aptiv to underweight from neutral and cut its price target. Robinhood — Shares added 3%.
Persons: Bosch, Mills, Aptiv, Piper Sandler, Campbell, Ken Goldman, Wolfe, Sarah Min, Lisa Han, Jesse Pound, Michelle Fox Organizations: Rivian Automotive, Volkswagen Group, FactSet, FedEx — FedEx, Whirlpool, Reuters, Southwest Airlines —, Nvidia, Citi Research, Rivian, Volkswagen, JPMorgan, United States Steel, BMO Capital Markets, U.S, Steel, Nippon Steel, Micron Technology Locations: Tuesday's
FedEx — Shares of the company moved more than 14% higher after topping Wall Street's fiscal fourth-quarter expectations . The shipping giant earned $5.41 per share, after adjustments, on $22.11 billion in revenue. Analysts polled by LSEG were expecting earnings of $5.35 per share and revenue of $22.07 billion. Aptiv — Shares of the automotive technology company plunged 10% following Piper Sandler's downgrade of the stock to underweight from neutral . Paychex posted adjusted earnings of $1.12 per share, which is above the $1.10 earnings per share that analysts polled by LSEG were expecting.
Persons: LSEG, Bosch, Piper, Mills, Paychex, Grindr, Campbell, , Alex Harring, Lisa Kailai Han, Scott Schnipper, Sarah Min, Michelle Fox Organizations: Volkswagen Group, FedEx —, Whirlpool —, Reuters, Rivian, MNC Capital Partners, JPMorgan, Campbell
Perched on the Corcovado – a 2,300-foot-high granite outcrop looming above the city – the Cristo Redentor (Christ Redeemer) statue sweeps its arms out in a warm embrace, welcoming visitors to the city of samba. “It is he who finds me when I arrive in Rio.”For over a century, the statue has been a symbol of Rio de Janeiro. Christ Redeemer bags are his top sellers, tied with those sporting the Sugarloaf Mountain. Deemed one of the seven modern wonders of the world, the Christ Redeemer is Rio’s most visited attraction, says tour guide Cristina Arroio. Maybe that’s the ultimate miracle of the Christ Redeemer.
Persons: , Gilson Martins, Michelle Obama, Heitor da Silva Costa, Jesus teetering, Paulo Vidal, it’s, Vidal, Instituto Moreira Salles, Jesus Christ, Da Silva Costa –, , Carlos Oswald, Paul Landowski, Da Silva Costa, Soapstone, Márcia Braga, Work, IPHAN, It’s, Matthew Stockman, Gilson Martins Braga –, , Braga, ” Gilson Martins, , Emmanuele, Tom Jobin, “ Da, O, que lindo, ” Martins, ’ ”, Francesco Perrotta, Lina Bo Bardi, Corcovado, Mauro Pimentel, Cristina Arroio Organizations: CNN, Instituto, Nacional, Historical, Heritage, UNESCO, , Guanabara ”, cariocas, Bosch, Getty Locations: Rio de Janeiro, Rio, Brazil, Calvary, Polish, Latin America, steatite, Minas Gerais, Braga, Ipanema, Guanabara, ” Rio de Janeiro, AFP
Extreme hot weather and persistent drought conditions have dealt a severe blow to olive oil production in southern Europe, resulting in a significant surge in prices. Anadolu | Anadolu | Getty ImagesA shortage of olive oil, sometimes referred to as "liquid gold," has driven prices to record highs, fueled a crime surge and pushed the industry into crisis mode. The decline extends a downward trend, after olive oil prices reached an unprecedented peak of 9.2 euros in January. But analysts said that dwindling olive oil reserves would likely keep markets on edge for sudden price spikes over the coming months. Olive oil thefts
Persons: Kyle Holland, Holland, De Rust, Rodger Bosch, Vito Martielli, Martielli, Helena Bennett, Bennett, Xylella, Mintec's Holland Organizations: European Union, Anadolu, Getty, Centre, Market, Mintec, CNBC, Afp, Rabobank, Green Alliance UK, European Environment Agency, Nurphoto Locations: Europe, Anadolu, Spain, Italy, Greece, Spain's Andalusia, Olive Estate, De, Cape Town, Netherlands, Olive, Lecce, Puglia
Stanley Black & Decker Why we own it: Stanley Black & Decker is in the later innings of a multi-year restructuring plan. The one problem is the broader demand environment is still mostly soft, preventing management from raising the midpoint of its outlook. This dynamic makes Stanley Black & Decker one of the more interest-rate-sensitive stocks we have in the portfolio. Stanley Black & Decker has been paying a dividend for 147 consecutive years, with increases in each of the past 56. Stanley Black & Decker power drills are displayed for sale at a Home Depot store in Colma, California.
Persons: Stanley Black, Decker, we're, there's, Stanley, Patrick Hallinan, Hallinan, Jim Cramer's, Jim Cramer, Jim, David Paul Morris Organizations: Revenue, LSEG, Bosch, Techtronic Industries, Management, Industrial, CNBC, Bloomberg, Getty Locations: Colma , California
Malaysia Rises as Crucial Link in Chip Supply Chain
  + stars: | 2024-03-13 | by ( Patricia Cohen | ) www.nytimes.com   time to read: +1 min
Construction cranes still surround the brand-spanking new plant in Kulim’s industrial park in Malaysia. But inside, legions of workers hired by the Austrian tech giant AT&S are already gearing up to produce at full capacity by year’s end. The American chip giant Intel and the German corporation Infineon are each investing $7 billion. Nvidia, the world’s leading maker of chips powering artificial intelligence, is teaming up with the country’s utilities conglomerate to develop a $4.3 billion artificial intelligence cloud and supercomputer center. Texas Instruments, Ericsson, Bosch and Lam Research are all expanding in Malaysia.
Organizations: Intel, Infineon, Nvidia, Texas, Ericsson, Bosch, Lam Research Locations: Malaysia, Austrian
Early in José Saramago’s 2006 memoir, “Small Memories,” he tells readers that he briefly considered calling it “The Book of Temptations” instead. His reasons were characteristically elliptical and charming: something about Bosch, and sainthood, and the fat prostitute who “in a weary, indifferent voice” invited a 12-year-old Saramago up to her room. (He doesn’t report his answer, but given how candid the book is elsewhere, it’s safe to assume he declined.) In the end, though, he decided that the title “Small Memories” better suited the book’s contents: “nothing of great note,” in Saramago’s estimation; simply “the small memories of when I was small.”But for a great writer, of course, there are no small moments, and Saramago (1922-2010) was one of the best. Saramago’s memoir, which appeared in English translation the year before he died, is a winsome look back at his coming-of-age in the small village of Azinhaga and later in Lisbon.
Persons: , , Bosch, Yolanda Mosquera, Margaret Jull Costa, Armando Fonseca, Costa Locations: José, Azinhaga, Lisbon
He hires his half-brother, Harry Bosch, the retired LAPD detective who is the central character in another series by Mr. Connelly, to sift through it all and find plausible candidates for similar resurrections. Grab a Copy Resurrection Walk By Michael Connelly Grand Central Publishing 400 pages We may earn a commission when you buy products through the links on our site. Buy Book Amazon Barnes & Noble Books a Million BookshopBosch chances upon Lucinda Sanz, an imprisoned woman who pleaded no contest to the murder of her ex-husband, a sheriff’s deputy shot dead on her front lawn. Sanz claims she was pressured by her attorney to accept a deal in the face of damning physical evidence, and insists she’s innocent. Bosch tends to believe her.
Persons: Mickey Haller, Michael Connelly’s, ” Haller, , Haller, , Harry Bosch, Connelly, Michael Connelly, Barnes, Bosch, Lucinda Sanz, Sanz, ruefully Organizations: Lincoln Lawyer, LAPD, Michael Connelly Grand Central Publishing, Noble, Bosch, U.S, Central, Central District of Locations: Angeles, Central District, Central District of California
Main auto partner Chongqing Changan Automobile (000625.SZ) and relevant parties will own up to 40% of the new firm, a Changan Auto statement showed on Sunday. Neither Changan Auto nor Huawei disclosed financial details. Changan Auto referred Reuters to its Sunday statement and declined to comment further. Huawei has partnerships with other auto companies, including Seres Group (601127.SS) and Jianghuai Automobile (600418.SS), as well as with Changan Auto involving EV brands Avatr and Deepal. The proposed deal will also smooth the way for the business' listing, as Huawei had planned, said two of the people.
Persons: Ren Zhengfei, Ren, Richard Yu, Julie Zhu, Zhuzhu Cui, David Kirton, Brenda Goh, Christopher Cushing Organizations: Huawei Technologies, Changan Auto, Bosch, Chongqing Changan Automobile, Huawei, Auto, China Ordnance Equipment Group, China South Industries, FAW Group, Dongfeng Motor, HK, Reuters, Seres, Jianghuai, Changan, EV, Thomson Locations: HONG KONG, SHANGHAI, Chongqing, China, Changan, Shanghai
OpenAI's venture capital investors weren't thinking about its mission to serve "humanity" by developing artificial intelligence. After Altman's ouster, Vinod Khosla, an early investor in OpenAI, came to his defense despite the criticism. OpenAI's complex and unique corporate governance structure meant that VCs could invest in the capped profit entity, but never earn any influence over the nonprofit board of directors, all of whom were either cofounders or appointed outside AI experts. The board structure and its governance are all likely to change as part of the deal to bring Sam Altman back as CEO of OpenAI. The purpose of the newly formed OpenAI board – consisting of current board member D'Angelo, former US Treasury Secretary Larry Summers, and former Salesforce co-CEO Bret Taylor – is to vet and potentially appoint an expanded board of up to nine people, and that Microsoft and Altman want board seats, The Verge reported.
Persons: Sam Altman, OpenAI, Altman, VCs, Sam, Altman's, Vinod Khosla, Yunus, Khosla, Wesley Chan, Greg Brockman, Ilya Sutskever, Tasha McCauley, who's, Joseph Gordon, Levitt, Helen Toner, Adam D'Angelo, Karthee Madasamy, it's, David Sacks, D'Angelo, Larry Summers, Bret Taylor – Organizations: Business, Tiger Global Management, Khosla Ventures, Sequoia Capital, Microsoft, FPV Ventures, Rand Corporation, Georgetown's Center for Security, Emerging Technology, MFV Partners, Qualcomm Ventures, Ikea, Bosch, Novo Nordisk Foundation, Bertelsmann Foundation, Carlsberg Foundation, Craft Ventures Locations: OpenAI, Silicon Valley, Hollywood
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe German car industry has been very successful but is now facing a demanding situation, Bosch CEO saysStefan Hartung discusses the outlook for the German car industry given Chinese competition.
Persons: Bosch, Stefan Hartung
Taiwan Semiconductor Manufacturing Company's (TSMC) logo is seen while people attend the opening of the TSMC global R&D center in Hsinchu, Taiwan July 28, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsNov 7 (Reuters) - The German cartel office has approved stakes by Bosch (ROBG.UL), Infineon (IFXGn.DE) and NXP (NXP.N) in TSMC's (2330.TW) new semiconductor plant in the German city of Dresden, the regulator said in a statement on Tuesday. The companies would each acquire 10% of shares in the European Semiconductor Manufacturing Company (ESMC), founded by TSMC, it said. "The recent geopolitical upheavals have shown how important secured access to semiconductors is, especially for the German industry," Andreas Mundt, president of the cartel office, said in a statement. He added that both the European Union and Germany were committed to locating more semiconductor production in Europe and Germany.
Persons: Ann Wang, Andreas Mundt, Linda Pasquini, Rachel More, Matthias Williams Organizations: Taiwan Semiconductor Manufacturing, REUTERS, Bosch, Infineon, European Semiconductor Manufacturing Company, TSMC, European Union, Thomson Locations: Hsinchu, Taiwan, TSMC's, German, Dresden, Germany, Europe, China
Workers are missing cog in US manufacturing gears
  + stars: | 2023-11-07 | by ( Jeffrey Goldfarb | ) www.reuters.com   time to read: +7 min
NEW YORK, Nov 7 (Reuters Breakingviews) - There’s a spanner in the freshly restarted U.S. manufacturing machine. Based in part on the planned construction spending, Goldman Sachs analysts estimate that Biden’s initiatives could lead to as many as 250,000 new manufacturing jobs over the next two years. Pay growth is also cooling faster for production and manufacturing jobs, at 4.2% year-over-year in August, down from an 11% annual peak in December 2021 and compared to the national average of 4.5%, according to jobs website Indeed. By 2030, technological and cognitive skills in the manufacturing sector will be in far higher demand as the share of physical and manual tasks drops by more than a quarter from 2016, McKinsey says. The U.S. manufacturing engine may be humming along now, but employment-related complications threaten to throw sand in the gears.
Persons: Joe Biden’s, Biden, Goldman Sachs, There’s, it’s, Sam, Francesco Guererra, Sharon Lam Organizations: Reuters, Deal, Taiwan Semiconductor Manufacturing, Samsung Electronics, Intel, Bosch, Linde, Public, Ford, SK Innovation, Reuters Graphics Reuters, Department, Bureau of Labor Statistics, McKinsey, University of Massachusetts, Economy Research, of Labor Statistics, Thomson Locations: Arizona, U.S, United States, China, Europe, Asia, it’s, Germany, Amherst
GPT-4 sign on website displayed on a laptop screen and OpenAI logo displayed on a phone screen are seen in this illustration photo taken in Poland on March 14, 2023. Aleph Alpha, a German startup taking on Microsoft-backed artificial intelligence firm OpenAI, said Monday it had raised $500 million in a funding round backed by the likes of Bosch, SAP and Hewlett Packard Enterprise. The company, which has built its own large language models, raised the fresh cash in a series B round, the company's second major funding round. It is an unusually large sum of cash for a series B investment round. Aleph Alpha will use the fresh funds to invest in research on foundation models, advanced product capabilities and commercialization of its software, the company said in a statement Monday.
Persons: Alpha, Jonas Andrulis Organizations: Microsoft, Bosch, SAP, Hewlett Packard Enterprise, Schwarz Group, Christ & Company Consulting, Artificial Intelligence, Investments, Aleph, Alpha Locations: Poland
[1/2] An Ericsson sign is seen at the third China International Import Expo (CIIE) in Shanghai, China November 5, 2020. REUTERS/Aly Song Acquire Licensing RightsBRUSSELS, Nov 6 (Reuters) - Electronics makers Siemens (SIEGn.DE), Ericsson (ERICb.ST) and Schneider Electric (SCHN.PA), along with industry group DigitalEurope warned on Monday that onerous proposed EU rules targeting cybersecurity risks of smart devices could disrupt supply chains on a scale similar to during the pandemic. They said disruptions could hit millions of products, ranging from washing machines to toys, cybersecurity products, as well as vital components for heat pumps, cooling machines and high-tech manufacturing. "We risk creating a COVID-style blockage in European supply chains, disrupting the single market and harming our competitiveness," the companies said. They also want more flexibility to self-assess cybersecurity risks.
Persons: Aly, Thierry Breton, Vera Jourova, Robert Bosch, Foo Yun Chee, Rod Nickel Organizations: Ericsson, China, REUTERS, Rights, Electronics, Siemens, Schneider, European, European Union, Nokia, Robert, Robert Bosch GmbH, EU, Thomson Locations: Shanghai, China, Rights BRUSSELS, EU, Slovakian
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