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Paul Milgrom, Robert Wilson win 2020 Nobel economics prize for work on auction theory By Reuters

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© Reuters. The winners of this year’s Nobel prize in economic sciences are announced at a news conference in Stockholm

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(Reuters) – U.S. economists Paul Milgrom and Robert Wilson won the 2020 Nobel Economics Prize for improvements to auction theory and inventions of new auction formats, the Royal Swedish Academy of Sciences said on Monday.

“The new auction formats are a beautiful example of how basic research can subsequently generate inventions that benefit society,” the academy said in a statement.

“Auctions are everywhere and affect our everyday lives. This year’s Economic Sciences Laureates, Paul Milgrom and Robert Wilson, have improved auction theory and invented new auction formats, benefiting sellers, buyers and taxpayers around the world,” the Nobel Prize’s official website tweeted.

New auction formats have been used for radio spectra, fishing quotas, aircraft landing slots and emissions allowances.

The economics prize, won by such luminaries as Paul Krugman and Milton Friedman in the past, was the final of the six awards in 2020, a year in which the Nobels have been overshadowed by the COVID-19 pandemic.

The traditional gala winners’ dinner in December has been cancelled and other parts of the celebrations are being held digitally to avoid the risk of spreading the infection.

The 10-million-Swedish-crown ($1.14 million) economics prize is not one of the original five awards created in the 1895 will of industrialist and dynamite inventor Alfred Nobel, but was established by Sweden’s central bank and first awarded in 1969.

The Norwegian Nobel Committee plans to go ahead with an award ceremony, albeit in a reduced format due to the coronavirus pandemic, in Oslo on Dec. 10, the anniversary of the death of Alfred Nobel.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

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Economy

China’s NEV sales to account for 50% of all new sales by 2035, industry body says By Reuters

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© Reuters. The Wider Image: Trade tensions with U.S. testing Chinese consumers

SHANGHAI (Reuters) – Sales of new energy vehicles (NEV) will make up 50% of overall new car sales in China, the world’s biggest auto market, by 2035, an industry official said on Tuesday.

The influential industry body, China Society of Automotive Engineers (China-SAE), has members of senior auto executives and academicians and is involved in the setting of the country’s mid- to long-term energy vehicle policies.

NEVs include battery electric, plug-in hybrid and hydrogen fuel-cell vehicles. Industry expects China to sell around 1.1 million NEVs this year.

Li Jun, president of China-SAE, told the association’s annual conference in Shanghai on Tuesday that the association predicts 95% of NEV sales in 2035 will be battery electric vehicles.

Li added hybrid vehicles will make up the rest 50% of all new vehicle sales by 2035.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





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Yandex to launch food delivery services in Israel

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Russian tech giant Yandex is hiring in Israel ahead of setting up food delivery operations in the country, a source close to the matter has told “Globes.” Yandex first entered Israel two years ago with its taxi hailing app Yango and has since expanded operations to music services competing with Spotify.

Yandex is a tech giant whose search engine is the Russian language equivalent of Google. Headquartered in Moscow, the company is traded on Nasdaq with a market cap of $20 billion.




The company is now looking to carve out a slice of the lucrative Israeli food delivery market, which has grown enormously during the Covid-19 crisis. Yandex will commence operations in the Tel Aviv area first in the coming days.

Yandex operates two services for food deliveries. Yandex.Lavka for deliveries of supermarket orders and Yandex.Eats for deliveries of restaurant orders. Yandex is expected to start with the Yandex.Lavka service rather than Yandex.Eats, where it will face stiff competition from Finnish company Wolt and local rival Ten Bis, which operate restaurant deliveries.

As part of the Yandex.Lavka service in Russia the company also sells its own food products including fresh fruit and vegetables, dairy products and ready-made meals.

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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Transport Minister opposes Tel Aviv Metro

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Minister of Transport Miri Regev has told the “Globes” Israel Real Estate Conference” that she is opposed to building the planned Tel Aviv Metro and would prefer to promote infrastructures that would link outlying regions with central Israel.

Regev said, “When I came to the ministry, like most Israelis, I was sure that they were already working on the Metro because people were calling the Tel Aviv light rail the Metro. So let’s put things straight. There is a plan for three Tel Aviv light rail lines, which must provide a solution for the Gush Dan region, and there is a plan for a Metro, which will cost NIS 150 billion for the part which is in the planning stages and has been deposited for objections.”




She continued, “There are the three light rail lines in Gush Dan, which suffers most from traffic congestion, which will cost NIS 60 billion, and there is a plan for bicycle paths to link up Gush Dan, which will cost NIS 600 million. Therefore, if the (Metro) plan will be put up for implementation, I will oppose it, because I think that at the moment we need to connect outlying regions with the center with an additional railway network in parallel to the coastal railway line. That would bring about a dispersal of the population and employment and move employees from the center of the country to the north and south and to Judea and Samaria.”

So at the moment you are against moving forward with the Metro?

“We will deposit the plan. Regarding the time we need to implement it, I’ll consult with the cabinet. It’s not possible to put all the money in the Dan Metropolitan area, we need to link up Israel and if we want to create new jobs in the north and south and provide a solution for the transfer of the IDF to the Negev, we must invest in accessible and available infrastructures. It is clear that at the moment there isn’t money for both.

Instead Regev says that she wants to allocate NIS 100 billion to complete Israel Railways projects including the eastern inland railway line from Rosh Ha’ayin to Lod and extend the railway line northwards from Hadera to Kiryat Shmona and southwards from Dimona to Eilat. 

Published by Globes, Israel business news – en.globes.co.il – on October 26, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020




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