Morning Beat: Visa Inc (V), Facebook Inc (FB), and Nokia Corporation (ADR) (NOK)
Visa Inc (NYSE:V) and U.S. Bancorp (NYSE:USB) are to take over as network and issuer of Fidelity investment’s cash back credit card, as part of newly announced changes. The two replace American Express Company (NYSE:AXP) and Bank of America Corp (NYSE:BAC), which are being dropped.
The changes mark the end of talks between Fidelity and financial firms as competition among networks and lenders hits fever pitch. Fidelity’s president has quashed suggestions that financial terms played a role in their decisions to replace the two partners.
It is especially a big blow for American Express Company (NYSE:AXP) which has already been dropped by JetBlue Airways Corporation (NASDAQ:JBLU). Costco Wholesale Corporation (NASDAQ:COST) has also confirmed its intentions to replace it with Visa.
Facebook Inc (NASDAQ:FB) CEO, Mark Zuckerberg has dismissed ongoing concerns that Artificial Intelligence could harm human race if caution is not taken. Tech leaders Elon Musk and Venture capitalist Peter Thiel have been vocal of what could happen if the technology ended up in wrong hands.
Undeterred by the concerns, Zuckerberg has set himself a personal challenge of using AI to control functions in his house and at work. Taking on an AI software coding challenge is the billionaire’s personal tech challenge for 2016.
The sentiment highlights how important AI is becoming as tech giants strive to invent new ways of how people interact with machines.
Nokia Corporation (ADR) (NYSE:NOK) has moved a step closer to finalizing the acquisition of Alcatel-Lucent SA (ADR) (NYSE:ALU) after gaining control of the French company. The Finnish company is to hold around 79% of the French company after the French stock market approved the same.
Nokia Corporation (ADR) (NYSE:NOK) expects the $17 billion merger deal to close in the first quarter of the year. The merger provides the Finnish Company an opportunity to rival its fierce rival Ericsson and China’s Huawei, all big players on telecom network gear.
Tough competition and pressuring prices have continued to pile pressure on Nokia. The company is in the process of rediscovering its footing after the sale of its handset business to Microsoft Corporation (NASDAQ:MSFT).
Ford Motor Company (NYSE:F) has confirmed plans to integrate Apple Inc. (NASDAQ:AAPL)’s CarPlay and Android Auto into its dash infotainment system. The integration according to the automaker will allow drivers to pair the mobile devices with their cars for easy access to calling and music playback features.
All existing and future models equipped with Sync 2 connectivity system are the only ones that will be able to support the Apple Inc. (NASDAQ:AAPL) and Alphabet Inc (NASDAQ:GOOGL) platforms. The platforms should be standard in all vehicles by 2017.
Ford Motor Company (NYSE:F) has also bolstered its infotainment system with access to new apps such as AAA and CAA, well known for logging business trips and for searching performances and shows.
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