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☆ Walmart to close three U.S. tech hubs, relocate staff
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

Feb 13 (Reuters) - Walmart Inc (WMT.N) will close three of its U.S. technology hubs, asking hundreds of workers to relocate to keep their jobs, a company spokesperson told Reuters on Monday. Nearly all technology employees across the company would be expected to work in their offices for at least two days a week, added Robert Munroe, Walmart's director of global communications. The big-box retailer would close offices that housed technology staff in Austin, Texas, in Carlsbad, California and in Portland, Oregon, Munroe said. The operations would move to hubs including one in San Bruno, California or the company's headquarters in Bentonville, Arkansas, he said, citing a memo sent last week by Walmart's global technology head, Suresh Kumar. The company currently has 11 tech hubs in the U.S. and six abroad, according to its website.

☆ Aurora Cannabis CEO says open to more M&A deals after upbeat Q2
▼ + stars: | 2023-02-10 | by ( Ankit Kumar | ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Canada's Aurora Cannabis Inc (ACB.TO) would be open to undertake more merger and acquisition deals in the future to expand its medical cannabis business, the company's chief executive said on Friday. The upbeat comments followed the cannabis producer's surprise second-quarter core profit, helped by cost saving measures it had been taking since early 2020. "The net cash position gives us the opportunity to do M&A," CEO Miguel Martin told Reuters in an interview. In its earnings release late on Thursday, Aurora said it has about C$310 million ($232 million) of cash, including C$65 million of restricted cash as of Feb. 8. "I think the type of M&A we would do would be consistent with what you saw with Bevo, predictable profitable… steady business," Martin said.

Macroeconomic pressures have begun to hurt American consumers, particularly those in the lower income bracket, but PayPal's customers continue to spend largely undeterred by decades-high inflation. Even so, the company's upbeat forecast comes alongside its previously announced commitment of lowering expenses in the backdrop of its key e-commerce segment feeling the pinch of a slowdown. Inflationary pressures have affected discretionary consumer spending and post-COVID spending patterns are still evolving," acting finance chief Gabrielle Rabinovitch said in a call with analysts. In a divergence from prior quarters, PayPal said it will not provide a forecast for full-year revenue growth. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis.

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, hit by a spike in cancellations and bad weather near the end of the quarter. Travel demand has generally been strong throughout last year despite recession and inflation fears. Expedia posted revenue of $2.62 billion, missing Wall Street estimates of $2.7 billion. The company's quarterly adjusted profit was $1.26 per share, short of analysts' expectations of $1.67 per share, according to Refinitiv data. "They said last quarter that they're seeing evidence that they're getting better marketing ROI-wise, but it's not coming through in the numbers for us," he added.

Feb 9 (Reuters) - PayPal Holdings Inc (PYPL.O) forecast full-year profit above Wall Street estimates on Thursday and said Chief Executive Dan Schulman will retire at the end of 2023, after nearly eight and a half years at the payment firm's helm. PayPal said it expects full-year adjusted profit of roughly $4.87 on a per share basis. PayPal earned a profit of $1.24 per share on an adjusted basis in the fourth quarter ended Dec. 31, beating analyst estimates of $1.20 per share. PayPal was one of the biggest winners during the COVID pandemic when people locked at home used its platform while shopping online. Reporting by Manya Saini and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ MSCI reviews Adani Group securities amid sell-off crisis
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

"This determination has triggered a free float review of the Adani Group securities." Adani Group did not immediately respond to a Reuters request for comment. Adani Group has rejected the criticism and denied any wrongdoing. MSCI said the Adani review would be carried out as part of its regular February review. The index provider said in late January it was seeking feedback from market participants as the sell-off crisis engulfed Adani.

☆ Yahoo to lay off more than 20% of staff
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Yahoo said on Thursday it plans to lay off more than 20% of its total workforce as part of a major restructuring of its ad tech division. The cuts will impact nearly 50% of Yahoo's ad tech employees by the end of this year, including nearly 1,000 employees this week, the company said. This comes as many advertisers have pared back their marketing budgets in response to record-high inflation rates and continued uncertainty about a recession. Axios first reported the news of the layoffs at Yahoo. Reporting by Tiyashi Datta in Bengaluru; Editing by Anil D'Silva and Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Expedia profit misses as severe weather weighs on holiday quarter, shares fall
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

Feb 9 (Reuters) - Online travel booking company Expedia Group Inc (EXPE.O) missed Wall Street estimates for fourth-quarter profit on Thursday, as severe weather conditions toward the end of the year hurt its business despite strong travel demand. "While our Q4 results were negatively impacted by severe weather, demand was otherwise strong and accelerating," Expedia Chief Executive Officer Peter Kern said in the company's earnings release. Expedia reported fourth-quarter adjusted profit of $1.26 per share for the quarter ended Dec. 31, short of estimates of $1.67 per share, according to Refinitiv data. Expedia's revenue of $2.62 billion missed Street estimates of $2.7 billion. Meanwhile, the Seattle-based company reported $20.5 billion in total gross bookings across its travel products including lodging and flights, up 17% a year prior.

☆ APA strikes oil off Suriname coast
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - U.S. oil producer APA Corp (APA.O) said on Wednesday that it had found oil after drilling Sapakara South-2 (SPS-2) appraisal well in Block 58, offshore Suriname. Exploration off the South American country's coast has been watched closely as it is just over the border from massive oil discoveries made by an Exxon Mobil Corp (XOM.N)-led consortium in Guyana that are estimated to hold nearly 11 billion barrels of oil equivalent. The well is located about 4.6 kms south of the Sapakara South-1 (SPS-1) appraisal well, where APA found oil in 2021. The company had in November wound up drilling operations at the Awari well in Block 58 as it was "deemed noncommercial." French energy major TotalEnergies SE (TTEF.PA) operates Block 58, with a 50% working interest, while APA holds the other half.

☆ Netflix lays out plans to crack down on account sharing
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: +1 min

Feb 8 (Reuters) - Netflix Inc (NFLX.O) on Wednesday laid out plans to crack down on password sharing for accounts on its streaming platform, including setting up primary location and paying a couple of dollars for an extra member. The video-streaming giant, which has estimated that 100 million around the world use a shared account, said that members can now easily manage who has access to their account, transfer profile to a new account and still easily watch Netflix on their personal devices or log into a new TV. "So over the last year, we've been exploring different approaches to address this issue in Latin America, and we're now ready to roll them out more broadly in the coming months, starting today in Canada, New Zealand, Portugal and Spain," the company said in a blogpost. The company lost subscribers in the first half of 2022 amidst stiff competition from rivals, prompting it to look more seriously into password sharing and launching an ad-supported plan. (This story has been refiled to correct the syntax in the headline and in paragraph 1)Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Zoom to shed about 1,300 jobs as pandemic-fueled demand slows
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +2 min

Feb 7 (Reuters) - Zoom Video Communications (ZM.O) said on Tuesday it would cut 15% of its workforce, or about 1,300 jobs, and trim base pay for its executive leadership as pandemic-fueled demand for the company's video conferencing services slows. Announcing the layoffs, Chief Executive Eric Yuan also said that he will take a salary cut of 98% for the coming fiscal year, foregoing his fiscal 2023 corporate bonus. Zoom had bumped up hiring during the pandemic to meet surging demand, but now joins U.S. companies is reining in costs to brace for a potential recession. The video conferencing software maker also said that its executive leadership team will reduce their base salary by 20% in the same period. Departing employees will receive 16 weeks of salary, healthcare coverage and annual bonus for the year, Yuan added.

☆ Carlyle in talks to buy health tech firm Cotiviti for $15 bln - source
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Carlyle Group Inc (CG.O) is in talks to buy private healthcare technology firm Cotiviti Inc from Veritas Capital for up to $15 billion, including debt, a person familiar with the matter said. The private equity firm is looking to partner with another investment firm to pull off the deal, and is also in talks with direct lenders to arrange $5.5 billion of debt financing, according to the person. If the arrangement goes through, that would be one of the largest ever direct loans, or non-bank buyout loans arranged in the private credit market, according to Bloomberg News, which first reported on the talks. Atlanta-based Cotiviti provides payment accuracy and analytics services to health insurers and other healthcare companies. Carlyle, Veritas and Cotiviti did not immediately respond to Reuters requests for comments.

☆ Spirit Airlines says expects DOJ decision on JetBlue merger in around 30 days
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Spirit Airlines Inc (SAVE.N) said on Tuesday it expects U.S. antitrust regulators to decide whether to allow the low-cost carrier to proceed with its $3.8 billion merger with JetBlue Airways Corp (JBLU.O) in the "next 30 days or so." "We are now waiting to see whether the Department of Justice (DOJ) filed suit to block the deal or allows us to proceed," Spirit CEO Edward Christie said during an investor call. JetBlue prevailed in a months-long bidding war for Spirit Airlines after the ultra-low-cost carrier accepted its deal. Spirit had cited the Justice Department lawsuit as a reason to fear regulators blocking its sale to JetBlue when it was trying to persuade Spirit shareholders to back the deal with Frontier Airlines Holding Inc instead. JetBlue had acknowledged that the regulatory process could be drawn out and it did not expect the deal to be completed before December 2023.

☆ Delta Airlines employees to get 5% pay bump amid strong travel demand
▼ + stars: | 2023-02-07 | by ( ) www.reuters.com time to read: +1 min

Feb 7 (Reuters) - Delta Air Lines Inc (DAL.N) said on Tuesday that it would bump up the pay of its employees by 5%, amid an industrywide shortage of workers as airlines look to cash in on robust demand for air travel. Delta's raise includes a 5% base pay increase for ground and flight attendant employees worldwide at all steps of the pay scale and a 5% pool for eligible merit employees worldwide, the airline's chief executive Ed Bastian wrote in a memo to employees. The pay hike, which will be effective from April 1, comes at a time when airlines are coming up with attractive pay offers to retain workforce and add staff after a faster-than-expected rebound in the U.S. travel market. The carrier offered a 34% cumulative pay increase last month to its pilots over three years in a new contract after the Atlanta-based carrier's pilots voted overwhelmingly in October to authorize a strike. The latest hike includes all employees worldwide, except those covered by an industry or government requirement or collective bargaining agreement.

☆ Genesis and parent DCG reach initial deal with main creditors - CoinDesk
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Digital Currency Group (DCG) and its bankrupt Genesis unit reached an agreement in principle on a restructuring plan with a group of creditors, CoinDesk reported on Monday, citing a person familiar with the matter. The agreement involves winding down the Genesis loan book and selling bankrupt Genesis entities, the report added. Reuters reported last month that Genesis owes creditors more than $3 billion. Genesis and DCG did not immediately respond to Reuters' requests for comment. DCG acquired crypto news website CoinDesk in 2016 after previously investing in the outlet.

☆ Take-Two lowers annual adjusted sales forecast
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Take-Two Interactive Software Inc (TTWO.O) lowered its annual bookings forecast on Monday, a sign that it is struggling to keep gamers glued amid a weakening economy and broader slowdown in the gaming market. Third quarter adjusted sales stood at $1.38 billion, compared to analysts' estimate of $1.46 billion, according to Refinitiv IBES data. Take-Two said it now expects full-year adjusted sales between $5.2 billion and $5.25 billion, compared with $5.4 billion to $5.5 billion forecast previously. Analysts expected a figure of $5.39 billion, according to Refinitiv data. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

The chipmaker forecast current quarter revenue in the range of $8.7 billion to $9.5 billion, compared with analysts' estimates of $9.55 billion, according to Refinitiv data. Its fiscal first quarter revenue dropped 12% year-on-year to $9.46 billion, below Wall Street expectation of $9.60 billion as Qualcomm also grapples with weak demand for smartphones and a supply glut. Smartphone chip firms including Apple supplier Qorvo (QRVO.O) forecast downbeat earnings as its customers continued to clear bloated inventory. Analysts at Cowen expect smartphone shipments will fall 4% this year as recovery in China demand will take some time following a big COVID-19 outbreak. It expects adjusted earnings per share to be between $2.05 and $2.25, compared to analysts expectations of $2.26 per share.

☆ Gautam Adani in talks to prepay share pledges to boost confidence - Bloomberg News
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 (Reuters) - Adani Group Chairman Gautam Adani is in talks with lenders to prepay and release pledged shares as he seeks to restore confidence in the financial health of his conglomerate, Bloomberg News reported on Thursday. The move would see lenders release some of the stock in Adani Group companies that was pledged as collateral, Bloomberg reported, citing a person with knowledge of the matter. The group hasn't faced margin calls on these pledges and is seeking the prepayment proactively, according to the report. The key priority is to remove any concern about margin calls and Adani officials will speak with investors in coming days and will make all payments on time, Bloomberg reported. A spokesperson for Adani Group did not immediately respond to a Reuters request for comment outside business hours.

☆ Crypto exchange Kraken shuts Abu Dhabi office
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

Feb 2 (Reuters) - Cryptocurrency exchange Kraken has shut its Abu Dhabi office less than a year after securing a license in the region, a spokesperson said on Thursday, as the company seeks to sharpen its focus after FTX's bankruptcy shook the digital assets sector. The U.S.-based company had said last year it would reduce its workforce by 30%, or about 1,100 employees, as rising rates and worries of an economic downturn soured the sentiment on crypto. FTX's fall has also set the dominoes falling across the industry, with several major companies having filed for bankruptcy protection in recent months. In December, Kraken also said it would cease operations in Japan, citing market conditions in the country and a weak crypto market globally. Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Boeing gets $1.62 bln contract to provide support for Minuteman III missile
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - Boeing Co (BA.N) has been awarded a $1.62 billion U.S. Air Force contract to provide guidance subsystem support for Minuteman III Intercontinental Ballistic Missile, the U.S. Department of Defense said on Thursday. The work under the contract would be performed at Hill Air Force Base, Utah, and is expected to be completed by Feb. 1, 2039, the statement said. Reporting by Deborah Sophia in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDA approves GSK's anemia drug
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - The U.S. Food and Drug Administration (FDA) on Wednesday approved GSK Plc's (GSK.L) drug to treat anemia in some patients with chronic kidney disease. The FDA approved Jesduvroq tablets as the first oral treatment for anemia caused by chronic kidney disease for adults who have been on dialysis for at least four months. The treatment is not approved for patients who are not on dialysis because its safety has not been established in that population, the FDA said. The health agency's decision comes after its advisory committee recommended the treatment for some kidney patients in October. The approval for the anemia drug also makes it GSK's first since it spun off its consumer health business, home to Sensodyne toothpaste and Advil pain killers, last year.

☆ OpenAI launches ChatGPT subscription plan for $20 per month
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - ChatGPT owner OpenAI said on Wednesday it is launching a pilot subscription plan for its popular AI-powered chatbot, called ChatGPT Plus, for $20 per month. Subscribers will receive access to ChatGPT during peak times, faster responses and priority access to new features and improvements. Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Jan 31 (Reuters) - Electronic Arts Inc (EA.O) lowered its annual bookings forecast on Tuesday, as the videogame publisher delayed the release of a title based on the "Star Wars" franchise and consumers dialed back spending in a sagging economy. EA on Tuesday pushed out the launch of "Star Wars Jedi: Survivor" by six weeks to April 28, which would fall into its next fiscal year. The game is a sequel to its 2019 "Star Wars Jedi: Fallen Order" title that has drawn over 20 million players. It had forecast $7.65 billion to $7.85 billion previously. "Weak, but not a disaster," Wedbush Securities analyst Michael Pachter said of the results, adding the "Star Wars" title delay led to a "huge shift of earnings" into next year.

☆ Electronic Arts lowers annual adjusted sales forecast
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: 1 min

Jan 31 (Reuters) - Electronic Arts Inc (EA.O) lowered its annual bookings forecast on Tuesday, indicating that consumers were cautious about spending on its video games in a turbulent economy despite recent launches and a line-up that features popular titles such as "FIFA". The company now expects annual bookings between $7.07 billion and $7.17 billion, compared with $7.65 billion to $7.85 billion earlier. Reporting by Tiyashi Datta in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

☆ Payments firm PayPal to lay off 7% of its workforce to cut costs
▼ + stars: | 2023-01-31 | by ( Manya Saini | ) www.reuters.com time to read: +2 min

Jan 31 (Reuters) - PayPal Holdings Inc (PYPL.O) said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as companies look to rein in costs to ride out the downturn. Shares of the payments firm, which lost about 60% of their value last year, were up about 2% in afternoon trading. "Similar to other tech companies, PayPal is seeking to position itself financially and strategically, bracing for an economic slowdown," said Moshe Katri, analyst at Wedbush. In November, PayPal had cut its annual revenue growth forecast in anticipation of a broader economic downturn and said it did not expect much growth in its U.S. e-commerce business in the holiday quarter.

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