DIRS.INFO The most relevant business & tech news

☆ Vietnam set to raise effective tax rate on multinationals as part of global deal
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

HANOI, Nov 27 (Reuters) - Vietnam's parliament is set to approve on Wednesday a top-up tax for multinationals, which will raise the effective rate of the corporate levy to 15% from January in line with a global agreement. But it has eventually added it back to its schedule, with the vote on the tax expected now at the last day of its month-long session. Vietnam's corporate income tax is already set at 20%, but the country has offered for years effective rates as low as 5% and lengthy zero-tax periods to large foreign investors. With the new top-up tax, 122 foreign companies will face a steep increase in their tax costs in Vietnam, according to a document prepared by the Vietnamese government which estimated the additional intake for the state at 14.6 trillion dong ($601.05 million) a year. Reporting by Khanh Vu and Francesco Guarascio; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Khanh Vu, Francesco Guarascio, Stephen Coates Organizations: Samsung Electronics Co, chipmaker Intel Corp, Organisation for Economic Cooperation, Development, Thomson Locations: HANOI, Vietnam, Korean

He said in the short-term resources could be diverted if the conflict expands, such as staff at tech companies being called up as military reservists. "They will probably increase the investment in AI," Krosby said. "It could bolster support for more financial resources for tech for the military, which then ultimately transitions to the private sector tech companies," Krosby added. The tech sector has shown resilience in the past, overcoming a number of conflicts with Hamas in Gaza. Apjit Walia the Managing Director at DVN Capital said the Israeli tech sector "has historically bounced back from geopolitical tragedies."

Persons: Amir Cohen, Israel, Jack Ablin, Quincy Krosby, Jensen Huang, Benjamin Netanyahu, LPL's Krosby, Krosby, DVN Capital, Max A, Cherney, Mica Rosenberg, Steven Scheer, Kenneth Li, Megan Davies, Jamie Freed Organizations: Intel, REUTERS, FRANCISCO, Tech, Hamas, Cresset Wealth, Financial, Intel Corp, Sunday, Nvidia, Tel, Semiconductor, Meta, Apple, Microsoft, IBM, Google, Facebook, DVN, Thomson Locations: Petah Tikva, Tel Aviv, Israel, JERUSALEM, Gaza, Charlotte , North Carolina, United States, Silicon Valley, Kiryat Gat, Apjit, Francisco, New York, Jerusalem

☆ Intel to invest $25 billion in Israel factory in record deal, Netanyahu says
▼ + stars: | 2023-06-18 | by ( ) www.reuters.com time to read: +1 min

JERUSALEM, June 18 (Reuters) - U.S. chipmaker Intel Corp (INTC.O) will spend $25 billion on a new factory in Israel, Prime Minister Benjamin Netanyahu said on Sunday, calling it the largest-ever international investment in the country. Under the deal Intel will pay a 7.5% tax rate, up from the current 5%, the ministry added. In 2017, Intel bought Israel-based Mobileye Global Inc (MBLY.O), which develops and deploys advanced driver-assistance systems, for $15 billion. Announcing the deal in televised remarks to his cabinet, Netanyahu called it "a tremendous achievement for the Israeli economy - 90 billion shekels ($25 billion) - the largest investment ever by an international company in Israel". In a statement, Intel said its Israel operations had "played a crucial role" in the company's global success.

Persons: Benjamin Netanyahu, Netanyahu, Dan Williams, Ari Rabinovitch, James Mackenzie Organizations: chipmaker Intel Corp, Israel's Finance Ministry, Intel, Inc, Thomson Locations: Israel, Kiryat Gat

But the benchmark S&P 500 (.SPX) advanced for the week as well as the day and registered a second consecutive monthly gain. For the month the S&P rose 1.5% while the Dow added 2.5% and the Nasdaq was barely higher. For the week the S&P rose 0.9% in line with the Dow's weekly gain and the Nasdaq rose 1.3%. While the S&P 500 bank index closed up 1.1%, shares in First Republic tumbled in the regular session and after the close. The S&P 500 posted 25 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 66 new highs and 136 new lows.

Chipmaker Intel Corp (INTC.O) gained 4.7% after it said gross margins will improve in the second half of the year. Analysts now expect first-quarter earnings for S&P 500 companies to fall 1.9% from a year ago compared with a 5.1% fall expected at the start of April, according to Refinitiv data. The KBW Regional Banking index (.KRX) and the S&P 500 bank index (.SPXBK) gained over 1% each. Advancing issues outnumbered declining ones on the NYSE by a 2.90-to-1 ratio; on Nasdaq, a 2.07-to-1 ratio favored advancers. The S&P 500 posted 24 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 53 new highs and 107 new lows.

Chipmaker Intel Corp (INTC.O) gained 4.6% after it said gross margins will improve in the second half of the year. The benchmark S&P 500 (.SPX) was set for a second consecutive monthly gain on better-than-expected earnings from megacap companies including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O). Analysts expect first-quarter earnings for S&P 500 companies to now fall 1.9% year-over-year compared with a 5.1% fall expected at the start of April, according to latest Refinitiv data. The KBW Regional Banking index and the S&P 500 bank index (.SPXBK) gained over 1% each. The S&P index recorded 21 new 52-week highs and two new lows, while the Nasdaq recorded 42 new highs and 97 new lows.

[1/2] Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., April 10, 2023. Chipmaker Intel Corp (INTC.O) gained 6.1% after it said gross margins will improve in the second half of the year. Amazon.com Inc (AMZN.O) fell 3.5% as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a 5.1% fall expected at the start of April. Advancing issues outnumbered decliners by a 3.01-to-1 ratio on the NYSE and a 2.01-to-1 ratio on the Nasdaq.

The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 115 points, or 0.34%, S&P 500 e-minis were down 10 points, or 0.24%, and Nasdaq 100 e-minis were down 14.75 points, or 0.11%. Chipmaker Intel Corp (INTC.O) gained 6.5% after it said gross margins will improve in the second half of the year. Colgate-Palmolive Co (CL.N) inched up 0.7% after the toothpaste maker lifted its annual organic sales forecast betting on consistent price hikes.

REUTERS/Brendan McDermidSummarySummary Companies Amazon down after signaling slower AWS growthPinterest, Snap fall on downbeat forecastsIntel gains on upbeat view on marginsMarch PCE index due at 8:30 a.m. ETFutures down: Dow 0.37%, S&P 0.37%, Nasdaq 0.28%April 28 (Reuters) - U.S. stock index futures dipped on Friday as Amazon's warning about a slowdown in its cloud business and downbeat forecasts from Snap and Pinterest dented Wall Street sentiment, while investors awaited a key inflation report later in the day. The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 127 points, or 0.37%, S&P 500 e-minis were down 15.25 points, or 0.37%, and Nasdaq 100 e-minis were down 37.25 points, or 0.28%.

☆ Futures dip as Amazon warns of slowdown in cloud segment
▼ + stars: | 2023-04-28 | by ( ) www.reuters.com time to read: +3 min

Amazon.com Inc (AMZN.O) shares slipped 1.1% in premarket trading as the company signaled its cloud growth would slow further, overshadowing its better-than-expected quarterly results. The weak updates followed stronger-than-expected earnings from big technology and growth companies this week including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O) and Meta Platforms Inc (META.O) which led analysts to improve first-quarter profit estimates for S&P 500 companies. The main U.S. indexes ended up sharply on Thursday, with the benchmark S&P 500 (.SPX) logging its biggest one-day percentage gain since early January. Analysts expect first-quarter earnings for S&P 500 companies to fall 2.4% year-over-year compared with a forecast for a 5.1% fall at the start of April. ET, Dow e-minis were down 105 points, or 0.31%, S&P 500 e-minis were down 16 points, or 0.39%, and Nasdaq 100 e-minis were down 48.75 points, or 0.37%.

☆ Germany may restrict export of chip chemicals to China - Bloomberg
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +3 min

April 27 (Reuters) - Germany may limit the export of chemicals to China that are used to manufacture semiconductors as part of the government's efforts to reduce its economic exposure to the Asian economic superpower, Bloomberg news reported on Thursday. It would be the latest in steps under consideration by Germany as it reassesses ties with China. Merck KGaA (MRCG.DE) and BASF (BASFn.DE), two German chemicals majors who could be affected by the export curbs if implemented, declined comment. German Economy Minister Robert Habeck had in March suggested that Berlin could impose export restrictions to China to prevent Germany from losing its technological edge. "Export controls with regard to technology must be constantly checked, constantly expanded and constantly updated," a government spokesperson added at the time.

During a conference call with investors, the company projected that adjusted gross margins will climb above 40% in the second half, having hit historic lows in the first half of the year. Underscoring Intel's profitability slump in recent years, its first-quarter unadjusted gross margin fell to 34.2%, almost half of its multi-decade high of over 67% in 2010. The company forecast a further drop to an unadjusted gross margin of 33.2% for the second quarter. "While we understand investors may be disappointed in its 2Q23 gross margin outlook, we are confident that Intel's gross margin will recover in 2H23 as the burden of factory underutilization and new product start-up cost diminishes," said Kinngai Chan, analyst at Summit Insights Group. Intel said adjusted losses were 4 cents per share, above analysts' expectations of a 15 cent per share adjusted loss.

☆ Intel ends its bitcoin mining chip series
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 18 (Reuters) - Chipmaker Intel Corp (INTC.O) said on Tuesday it has discontinued production of its bitcoin mining chip series, just a year after its introduction. A rout in the cryptocurrency market hurt some chip companies including Nvidia Corp (NVDA.O), whose high-end graphics chips became popular for crypto mining. Intel expects to stop taking orders for the series, called Blockscale, by October 20 this year and end shipping by April 20 next year, according to a document on the company's website. "As we prioritize our investments in IDM 2.0, we have end-of-lifed the Intel Blockscale 1000 Series ASIC while we continue to support our Blockscale customers," a company spokesperson said. Argo Blockchain (ARB.L), Block Inc (SQ.N), Hive Blockchain Technologies(HIVE.V) and GRIID Infrastructure were Intel's first customers for the chips.

☆ Chipmaker Intel to lower quarterly dividend to conserve cash
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

Feb 22 (Reuters) - U.S. chipmaker Intel Corp (INTC.O) said on Wednesday it would lower its quarterly dividend as a part of its strategy to improve capital amid uncertain times. Intel has committed to reduce $3 billion in costs this year and between $8 and $10 billion in savings by the end of 2025. The company, which reaffirmed its first-quarter forecast issued in January, said it will cut the quarterly dividend to $0.125 per share, or 50 cents annually. The dividend will be payable on June 1 to stockholders of record on May 7. Reporting by Nivedita Balu in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Intel to cut dividend to conserve cash
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +1 min

"Samsung, in a roundabout way, is saying production will decrease slightly," said analyst Kim Yang-jae at Daol Investment and Securities. CHIP PROFIT TUMBLESEarlier on Tuesday, Samsung reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half of this year, though it expects demand to start recovering in the second half. At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. In mobile, Samsung said fourth-quarter profit fell to 1.7 trillion won from 2.66 trillion won a year earlier, as a decline in low- and mid-end smartphone sales was greater than expected.

At 4.3 trillion won ($3.49 billion), October-December operating profit was Samsung's lowest quarterly profit in eight years. Revenue fell 8% to 70.5 trillion won. Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth. Memory chip rivals Micron Technology Inc (MU.O) and SK Hynix Inc (000660.KS) had already said they would slash investment in 2023. Investors will be watching for whether Samsung avoids mentioning a direct chip production cut - as is its usual stance - or rather gives a clear signal of production cuts given the severity of the memory chip down-cycle.

In its earnings release Intel said it was focused on driving $3 billion in cost reductions in 2023. So driving efficiency in the factory network is way more important to our economics than people cost," Gelsinger told Reuters, adding that adjustments of flexible workforces can be "quite immediate". "We believe its data center share loss should also moderate going into next year." PC shipments fell 15.5% in the third quarter, data from Counterpoint Research showed. Chipmakers have also come under pressure from concerns that the threat of a global recession could prompt clients from the more lucrative data center market to wind down spending.

Oct 27 (Reuters) - Chipmaker Intel Corp (INTC.O) on Thursday cut its full-year profit and revenue forecast and warned it would lay off staff, but a stronger-than-expected performance at its personal computers segment helped send shares higher. Intel also cut its capital spending forecast for this fiscal year to $25 billion from a previous forecast of $27 billion. Intel has been losing market share in the data center market and Gelsinger said it lost market share again in the third quarter. But he said Intel gained "meaningful" market share improvement in the PC segment in the third quarter. Intel trimmed its full-year adjusted earnings per share forecast to $1.95 from $2.30.

☆ Chipmaker Intel is planning massive layoffs that are likely to affect thousands of jobs as demand dwindles and the US imposes new curbs against China: report
▼ + stars: | 2022-10-12 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Intel is planning major layoffs that are likely to affect thousands of jobs, per Bloomberg. The US introduced export controls which could limit the sales of semiconductors made using US technology. Staffers in Intel's sales and marketing division could see jobs cuts affecting around 20% employees, the report said. The news of layoffs follows a drop in demand for processors for personal computers, or PCs, and an industry-wide sell-off following a spate of new curbs the US has aimed at restricting technology sales to China. These curbs also affected US companies like Intel: Intel stock was down 5.4% Friday and is down around 7.9% since then.

☆ Intel plans to cut thousands of jobs hit by PC slowdown - Bloomberg News
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +1 min

The company had 113,700 employees as of July, Bloomberg News said. Register now for FREE unlimited access to Reuters.com RegisterIntel declined to comment on the job cuts. The company in July slashed its annual sales and profit forecasts after missing estimates for second-quarter results. Intel's Chief Executive Officer Pat Gelsinger released a memo to company employees on Tuesday outlining plans to create an internal foundry model for external customers and the company's product lines. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Yuvraj Malik and Abinaya Vijayaraghavan in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "chipmaker Intel Corp"

21 mentions found