Opening Bell: Taxi for Uber's CEO, Ford shifts Focus to China, paying more for electricity

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Uber's founder Travis Kalanick has resigned as the company's CEO.

According to the New York Times, he has stepped down amid pressure from investors.

This comes after a review of the company's working practises following a series of scandals including accusations of sexual harassment and discrimination within the organisation.

"I love Uber more than anything in the world and at this difficult moment in my personal life I have accepted the investors request to step aside so that Uber can go back to building rather than be distracted with another fight," the entrepreneur said in a statement.

He started the ride-sharing firm in 2009. It has a current market valuation of almost $70bn. Mr Kalanick will remain on the company's board of directors.

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Irish people could end up paying more for their gas and electricity if the UK leaves the EU Internal Energy market.

Research published today by the ERSI re-evaluates Irish energy policy in light of Brexit, and makes recommendations for policymakers.

The energy systems of Ireland and the UK are closely linked, with Ireland's gas and electricity systems currently exclusively connected to Great Britain.

"It is prudent to consistently re-evaluate and reappraise policy in light of major global events such as Brexit. Howeve, policy makers should exercise caution in determining their priorities. While Brexit will certainly impact on the policy landscape, there are many opportunities for improving Irish energy policy that should be addressed regardless of Brexit," Dr Muireann Lynch, research officer with the ERSI commented.

"These include a thorough cost-benefit analysis of new infrastructural projects such as gas and electricity interconnection, efficient renewable energy policies and increasing competition and value for money in energy markets," she continued.

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Ford’s new chief executive, Jim Hackett has taken his first significant public decision by deciding not to build the new cars in Mexico, but at the group’s existing plant in Chongquing, China instead.

This means that from 2019, all Focus models purchased in the US will be made in China, not Michigan.

The company says it will save up to $1bn in capital investment and that will more than compensate for any import duties the Trump administration may try to slap on them.

It also maintains it’s not worried the US consumer will shun Chinese manufactured cars – they point to the fact that most Apple smart phones are made in the same jurisdiction.

The existing Michigan plant will be used to make a larger Ford model.

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The price range for the flotation of up to 28% of AIB’s shares held on our behalf by the Government, was initially set early last week at between €3.90 and €4.90.

At close of business last night, the so-called 'Global Co-ordination Committee' of advisers to the sale, indicated a narrower proposed flotation price range of €4.20 to €4.60 per share.