Bottomline

SAN FRANCISCO:

Online giant Amazon on Monday plans to open a convenience store in Seattle where hungry customers will be able to grab sandwiches and go, without having to wait in line or use a checkout.

The American group unveiled the concept for its cashierless “Amazon Go” shop just over a year ago, saying the 1,800 square feet (170 square meters) store would initially offer grocery products to its own employees before being opened to the public.

Early testing however revealed bugs, leading to a delay.

In a message Sunday on its website, Amazon said it had created “the world’s most advanced shopping technology so you never have to wait in line.”

But if the rollout has taken some time, it’s now ready to Go. (AFP)

NEW YORK:

Insurer AIG is buying Validus, a provider of reinsurance, primary insurance, and asset management services, in a deal worth approximately $5.56 billion.

American International Group Inc. said Monday that it will pay $68 for each share of Validus Holdings Ltd. That’s a 45.5 percent premium to the Bermuda company’s Friday closing price of $46.72.

Shares of Validus rose almost 5 percent before the market opened.

AIG President and CEO Brian Duperreault said in a prepared statement that the acquisition will bring new businesses and capabilities to the New York company’s general insurance operation. The deal is targeted to close by the middle of the year. It still needs approval from Validus shareholders. (AP)

NEW YORK:

US biotech firm Celgene on Monday announced a deal to acquire the bio-pharmaceutical company Juno Therapeutics for $9 billion or $87 per share.

The Seattle-based Juno is a leader in developing treatments for incurable blood cancers such as lymphoma, Celgene CEO Mark J. Alles said in a statement.

“Juno’s advanced cellular immunotherapy portfolio and research capabilities strengthen Celgene’s global leadership in hematology and adds new drivers for growth beyond 2020,” Alles said.

One Juno lymphoma treatment is expected to receive regulatory approval next year, with potential global sales of about $3 billion, the statement said.

The merger pushes Celgene deeper into cancer treatments. This month, it acquired the blood disease biotech firm Impact Biomedicines for $7 billion. (AFP)

OMAHA:

Advances in technology have already reshaped stock trading, and now investors with TD Ameritrade can trade stocks around the clock during the week.

The online brokerage began expanding after-hours trading this week for a dozen popular exchange-traded funds.

In recent years, live trading floors have been closed at the stock market in Hong Kong and commodity futures markets in Chicago and New York. And the growth in mobile trading has nearly eliminated the seasonal ups and downs of trading. (AP)

LONDON:

Supermarket group Tesco, Britain’s largest retailer, announced Monday restructuring to its line-management, leading to job cuts and the creation of new roles.

The changes that will see 1,700 roles removed and 900 others created are a continuation of a restructuring programme initiated by chief executive Dave Lewis that has led to thousands of job cuts. The latest shake-ups “remove complexity and will deliver a simpler, more helpful experience for colleagues and customers”, said Matt Davies, chief executive of Tesco UK and Ireland.(AFP)

PARIS:

A train will travel for about 100 kilometres (62 miles) without driver intervention as part of the first test of an automated train for overground freight by Alstom, the French trainmaker said on Monday.

The test will be carried out in the Netherlands in 2018 as part of an agreement with Dutch infrastructure operator ProRail and Rotterdam Rail Feeding (RRF), Alstom said. The train will travel from the Rotterdam Harbour district to CUP Valburg in the eastern part of the Netherlands.

Automatic Train Operation (ATO) systems, which automate the driver’s tasks while he supervises, have already been introduced on metro systems and can cut energy consumption by making trains run more uniformly and at closer intervals, Alstom said. (RTRS)

PARIS:

French pharmaceutical firm Sanofi said Monday it had reached an agreement to purchase US biotech company Bioverativ, which specialises in treatments for haemophilia and rare blood disorders, for $11.6 billion.

Sanofi’s chief executive Olivier Brandicourt said the acquisition “enhances its presence in specialty care and leadership in rare diseases... and creates a platform for growth in other rare blood disorders.”

The purchase should also translate into a boost in profits per share beginning this year, rising to a gain of up to 5 percent in 2019, Sanofi said in a statement. (AFP)

BERLIN:

Swiss bank UBS has reported a 2.22 billion-franc ($2.3 billion) loss for the fourth quarter as a result of a large writedown caused by the newly enacted U.S. tax reform.

UBS said Monday it wrote down nearly 2.87 billion francs in deferred tax assets due to the reform. It said it would have had a 641 million-franc profit without the charge.

However, the bank said the overall picture last year was “excellent.” CEO Sergio Emotti said: “We delivered stronger financial results and met our net cost reduction target.” (AP)

STOCKHOLM:

Nordea, the Nordic region’s biggest bank, said Monday it would bar employees from trading in bitcoin and other cryptocurrencies as of February 28 due to the unregulated nature of the market.

“The reason why employees are prohibited from investing in cryptocurrencies is that the risks are considered too high and the protection for both employees and the bank is insufficient,” Nordea said in a statement.

“Unlike trading of securities and currencies, trade of cryptocurrencies is not regulated by any authority, and as such investors who buy cryptocurrencies have no protection against illegal business practices and money laundering,” it said. (AFP)