Samsung ups $8bn tech bet

SAMSUNG Electronics is upping its $8 billion (R104.63bn) bet on automotive technology, forming a separate business unit within Harman to house autonomous driving products and plowing $300 million into a new fund investing in start-ups in the space. The autonomous driving unit will compete on everything from driving algorithms to systems integration, Dinesh Paliwal, Harman’s chief executive, said. “Our industry is literally screaming: ‘We love Mobileye, but we need an open platform’,” Paliwal said. “Competition is the best thing ever.” – Bloomberg