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☆ How Samsung and Texas Instruments made the Lone Star State the hub of U.S. chip manufacturing
▼ + stars: | 2023-07-20 | by ( Katie Tarasov | ) www.cnbc.com time to read: +8 min

Samsung, Texas Instruments, Infineon, GlobalWafers, NXP, X-FAB and Applied Materials have all ramped up Texas operations in recent months. Texas Instruments' fab in Sherman, a town of 45,000 people 60 miles north of Dallas, is an even bigger investment. Texas Instruments was founded in 1930 as Geophysical Service Inc., adopting its current name in 1951. CNBC interviewed Flessner at Texas Instruments' RFAB2 fab in Richardson, Texas, a suburb just north of Dallas. Water and powerTexas Instruments' $17 billion chip fab project in Sherman, Texas, on June 15, 2023.

Persons: It's, Greg Abbott, Abbott, Melissa Hebert, Infineon's, Katie Tarasov, Andrew Evers, it's, Austin that's, Jon Taylor, Taylor, David Plyler, Plyler, Jack Kilby, Kyle Flessner, Flessner, Andrew Evers Flessner, Austin fabs Organizations: Samsung, Republican Texas Gov, CNBC, Lone Star State, Texas Instruments, Infineon, Apple, Intel, Taiwan Semiconductor Manufacturing Co, Texas, Service Inc, TI, Local, Texas -, Texas Water, Taylor, Texans Locations: Austin , Texas, South Korean, Sherman , Texas, Texas, China, Taiwan, that's, Arizona, , Texas, Austin, Taylor, U.S, United States, Sherman, Dallas, Richardson , Texas, Richardson, Texoma, Texas - Oklahoma

☆ UPS, Teamsters accuse each other of walking away from contract talks
▼ + stars: | 2023-07-05 | by ( ) www.cnbc.com time to read: +2 min

The United Parcel Service Inc. (UPS) logo is displayed on a truck parked in New York. The Teamsters Union said on Wednesday United Parcel Service "walked away" from negotiations over a new contract, a claim the shipping giant denied, lobbing its own accusation that the union had stopped negotiating. UPS workers have already authorized a strike should the talks break down. Such a labor action would be the first since 1997 for UPS workers, in a strike that lasted 15 days. The union had earlier in the day said UPS made an offer that was unanimously rejected and that the company had "walked away from the bargaining table."

Persons: Sean O'Brien, O'Brien Organizations: United Parcel Service Inc, Teamsters Union, Wednesday United Parcel Service, salvos, UPS, Teamsters, Labor Locations: New York

The best identity theft protection service is one that meets your needs at the price you're willing to pay. Here's how we rate identity theft protection services. How we rate identity theft protection servicesIdentity theft protection services are rated on a scale from 1-5 stars, with five being the best. Some credit card companies have identity theft protection services that are only available to their cardholders, such as American Express CreditSecure. What to know about identity theft protection service ratingsOur system for rating identity theft protection services balances the price of the service with the features that the service provides.

Persons: you'll, It's, Price Organizations: Express, Costco

☆ Wall Street extends sell-off as Powell hints at further rate hikes
▼ + stars: | 2023-06-21 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

All three major U.S. stock indexes notched their third straight daily declines, with megacap tech- and tech-related shares weighing most. Tesla Inc (TSLA.O), along AI-related stocks such as Microsoft Corp (MSFT.O) and Nvidia Corp (NVDA.O) were the heaviest drags. "There could be one more rate hike, but I don’t think anyone's buying the fact that there will be two. "A big portion of today’s weakness is because Tesla had one of its worst days in a while," Detrick added. "After a record win streak some kind of weakness is perfectly acceptable and normal."

Persons: Tesla, Jerome, Ryan Detrick, Powell, Detrick, Stephen Culp, Shubham Batra, Johann M Cherian, Ankika Biswas, Aurora Ellis Organizations: FedEx, Barclays, NEW, Federal, Carson Group, Tesla, Microsoft Corp, Nvidia Corp, . House Financial Services, Nasdaq, Dow Jones, Tesla Inc, United Parcel Service Inc, Thomson Locations: Omaha, Bengaluru

☆ Prospective international spies are demanding to work from home and bring their cell phones to the office, spy chief says
▼ + stars: | 2023-05-27 | by ( Nathan Rennolds | ) www.businessinsider.com time to read: +2 min

"We cannot offer certain things that are taken for granted today," Kahl said. "Remote work is barely possible here as we need to guarantee security. Not being able to take cell phones into the workplace is also not something you can expect from young people today," he added. According to the CIA's Ask Molly feature, "the CIA's public voice since 2002," prospective US agents will also be disappointed to hear that the service rarely allows for remote work. The website says that staff "primarily work in a Sensitive Compartmented Information Facility (SCIF) to protect our information, sources, and methods from prying eyes or those who may want to harm," meaning opportunities for remote work are scarce.

☆ UPS CFO Looks to Speed Up Some Cost Cuts as Shipping Volumes Fall
▼ + stars: | 2023-04-27 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

UPS said it expects U.S. average daily package volumes to fall around 3% this year. Photo: ANDREW KELLY/REUTERSUnited Parcel Service Inc. is working to speed up certain efforts to reduce costs as package volumes continue to drop and U.S. consumers pull back spending. The Atlanta-based delivery company over the past three years has been looking to reduce nonoperating costs, including by streamlining processes and making investments in technology. UPS in 2021 said it would reduce $1 billion in nonoperating costs but hasn’t said if that has been achieved.

☆ UPS Issues Downbeat Outlook for Shipping Volumes
▼ + stars: | 2023-04-26 | by ( Will Feuer | ) www.wsj.com time to read: 1 min

UPS is forecasting its first decline in annual revenue since 2009. Photo: Fred Prouser/REUTERSUnited Parcel Service Inc. shares tumbled on Tuesday after the global shipping giant said decelerating U.S. retail sales and shifting consumer trends would depress the company’s shipping volumes this year. The carrier is forecasting its first decline in annual revenue since 2009 after earnings and revenue both fell in the first quarter from a year ago, declines UPS said were driven by sagging consumer spending that pushed fewer packages through its U.S. and international networks.

This helped push the Dow Jones Transport Average index (.DJT) down 3.6%, for its biggest one-day drop since September. The Nasdaq Composite (.IXIC) dropped 238.05 points, or 1.98%, to 11,799.16 in its biggest one-day percentage decline since March 9. The KBW Regional Banking index (.KRX) dropped 3.9% as First Republic (FRC.N) shares fell 49%, hitting a record low. General Motors Co (GM.N) shares fell 4% after it cautioned that 2022 price gains will not last as the year goes on, even as it lifted full-year profit and cash flow forecasts. On U.S. exchanges 10.78 billion shares traded compared with the 10.32 billion average for the last 20 sessions.

☆ Storm clouds gather over highly indebted companies, Moody's says
▼ + stars: | 2023-04-19 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

Private equity-owned companies make up nearly three-quarters of Moody's list. In addition to higher interest payments, Moody's noted, many of the downgraded companies have fewer funding paths to staying afloat. Sixteen of the 30 companies that fell off Moody's at-risk list last quarter did so through defaults, not improved financial outlooks. As defaults rise, distressed debt exchanges will be the route of choice for many companies and their private equity owners, Moody's noted. Of the other companies that fell off Moody's list last quarter, seven opted instead to file for bankruptcy.

Gamification and artificial intelligence are "a winning combination" for language-learning app maker Duolingo , according to Bank of America. Analyst Nat Schindler, who reiterated his buy rating on the company, boosted his price target on Duolingo shares to $160 from $105. The analyst highlighted a new AI-driven paid subscription, Duolingo Max, that could boost the company's growth prospects, according to a Wednesday research note. The service includes new AI features powered by GPT-4, including a role-play function to allow users to practice conversations. To be sure, the analyst noted potential risks to his valuation include competition from peers adopting new technology or formatting.

☆ Amazon, other retailers revamp 'free' shipping as costs soar
▼ + stars: | 2023-03-24 | by ( Lisa Baertlein | ) www.reuters.com time to read: +6 min

REUTERS/Alyssa PointerLOS ANGELES, March 24 (Reuters) - There is no such thing as free shipping. "The days of free delivery are numbered," Ken Morris, managing partner at Cambridge Retail Advisors, said of the fast-changing retail marketing tool. It is an open secret that most retailers raise product prices to subsidize free shipping. Postal Service hitting record levels, the industry where nearly three-quarters of e-commerce companies offer some sort of free shipping is rethinking the financial cost of habituating shoppers to free shipping. While retailers like Amazon and fashion purveyor Asos Plc (ASOS.L) have raised thresholds for fast shipping, others are dropping free shipping altogether or taking product prices up again.

☆ Analysis: Asset concerns weigh on U.S. regional bank deal talks
▼ + stars: | 2023-03-19 | by ( David French | ) www.reuters.com time to read: +5 min

The investment portfolios where the regional banks have parked the deposits of their clients comprise mainly Treasuries and other securities, such as mortgage bonds. Some of the loan books of these banks are also underwater, due to high rates and concerns about an economic slowdown. Another complication in cutting a deal with regional banks is the uncertainty over the interest rate outlook, said a lawyer who works on transactions involving banks. Those studying deals and trying to assess the future value of regional banks are hoping for clarity on how aggressively the central bank will move to raise rates further, the lawyer said. MUDDLING THROUGHIt is unclear how long some regional banks can muddle through without a deal.

☆ Silicon Valley Bank's demise began with downgrade threat
▼ + stars: | 2023-03-11 | by ( Echo Wang | ) www.reuters.com time to read: +5 min

Investors worry that the Federal Reserve's aggressive interest rate increases to fight inflation are exposing vulnerabilities in the financial system. The transaction would generate a loss, but if SVB could fill that funding hole by selling shares, it would avoid a multi-notch downgrade, the sources said. Moody's downgraded the bank, but only by a notch because of SVB's bond portfolio sale and plan to raise capital. SVB's stock plunged on news of the share sale, ending Thursday down 60% at $106.04. This quickly became a self-fulfilling prophecy: General Atlantic and other investors walked away and the stock sale collapsed.

☆ Exclusive: C.H. Robinson in advanced talks to name Barber as new CEO
▼ + stars: | 2023-03-09 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Barber, who spent nearly 35 years working at package delivery company UPS before retiring in early 2020, joined the C.H. Robinson board as a director late last year. A spokesperson for the company said there is "no update" on the search, noting "the CEO role at C.H. The Board is committed to conducting, and is underway on, an open and inclusive search to find our next CEO." Last year Reuters reported that Danish transport and logistics company DSV A/S (DSV.CO) was interested in buying C.H.

☆ 5 ways to file your taxes for free this season
▼ + stars: | 2023-03-07 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

IRS Free FileIRS Free File offers free online guided tax preparation for your federal tax returns and some state filings if your adjusted gross income was $73,000 or less in 2022. It's a good option for those who have simple returns, don't need ongoing tax planning advice and could benefit financially from the free service. Although 70% of taxpayers qualify for IRS Free File, only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate. Tax prep for older AmericansOlder Americans may also qualify for free in-person and virtual tax help through the AARP Foundation Tax-Aide program. The program works with VITA and Tax Counseling for the Elderly, or TCE, which also provides free tax preparation for those who qualify.

Leonard Green is also considering the sale of a minority stake in Pro Mach as an alternative to an outright sale, one of the sources said. That would preserve Pro Mach's debt structure and would not require bidders to secure leveraged buyout financing, the source added. Leonard Green and Pro Mach did not immediately respond to requests for comment. Leonard Green bought Pro Mach from buyout firm AEA Investors LP for about $2.2 billion, including debt, in 2018. Moody's said in December that Pro Mach's order book indicated "healthy demand" for its products despite concerns of slowing economic growth.

☆ USPS Contracted Trucks Frequently Violate Safety Rules. Crashes Killed 79 People Since 2020.
▼ + stars: | 2023-03-01 | by ( Christopher Weaver | ) www.wsj.com time to read: 1 min

For years, the U.S. Postal Service has faced competition from the likes of United Parcel Service Inc. and FedEx Corp. To fight them off, it hired outside trucking companies at cut-rate prices, required them to meet aggressive schedules and then looked the other way when they ran afoul of highway safety rules, a Wall Street Journal investigation found. The result has been deadly. Postal contractors have been involved in at least 68 fatal crashes that killed 79 people in the past three years, according to police crash and inspection records.

☆ TFI Stake in Trucker ArcBest Sparks Acquisition Speculation
▼ + stars: | 2023-02-22 | by ( Liz Young | Paul Berger | ) www.wsj.com time to read: +4 min

TFI in 2021 became one of the top carriers in the U.S. less-than-truckload sector when it bought United Parcel Service Inc.’s freight business for $800 million. TFI CEO and President Alain Bédard said on the Feb. 6 earnings call that TFI is looking for opportunities to work with ArcBest. TFI executives said they see ways to save money working together with ArcBest, analysts at Cowen wrote in a Feb. 14 note summarizing a meeting they had with TFI management. The Cowen analysts wrote TFI is well placed to take over ArcBest’s unionized workforce because it already works with the Teamsters union at TForce Freight. ArcBest shares are up about 14% since TFI disclosed its stake.

☆ Generative AI Helping Boost Productivity of Some Software Developers
▼ + stars: | 2023-02-21 | by ( Belle Lin | ) www.wsj.com time to read: +6 min

The technology, known as generative AI, has been pioneered by OpenAI, the lab behind the ChatGPT writing system and the Dall-E visual illustration generator. Copilot, as well as other tools from Amazon.com Inc., International Business Machines Corp. , and startups like Tabnine Inc. and Magic AI Inc., have quickly found a receptive audience among developers seeking a productivity boost. The AI model behind Copilot is trained on data from GitHub, which houses a popular open-source community where developers contribute and share code. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. And, with a tightening economy in mind, Hyland Software is holding back on spending for any new tools or technologies.

☆ AT&T seeks to shed cybersecurity division, sources tell Reuters
▼ + stars: | 2023-02-21 | by ( ) www.cnbc.com time to read: +2 min

AT&T Inc , the second-biggest U.S. wireless carrier, is exploring a sale of its cybersecurity division, potentially undoing an acquisition it completed five years ago, according to people familiar with the matter. The sale of the cybersecurity business would add to a string of divestments AT&T has turned to in order to pay down debt following its $108.7 billion acquisition of Time Warner Inc in 2018, a deal it has since also unwound. The sources cautioned that no deal is certain and requested anonymity because the matter is confidential. AT&T's cybersecurity division helps small-to-medium-sized businesses keep their information technology networks, including laptops, desktops, servers and mobile devices, secure. The acquisition of Alienvault was aimed at giving AT&T an edge in signing up and retaining corporate clients, but the deal's rationale has eroded as cybersecurity startups that offer cheap alternatives mushroomed.

☆ AT&T seeks to shed cybersecurity division -sources
▼ + stars: | 2023-02-21 | by ( Milana Vinn | ) www.reuters.com time to read: +2 min

NEW YORK, Feb 21 (Reuters) - AT&T Inc (T.N), the second-biggest U.S. wireless carrier, is exploring a sale of its cybersecurity division, potentially undoing an acquisition it completed five years ago, according to people familiar with the matter. The sale of the cybersecurity business would add to a string of divestments AT&T has turned to in order to pay down debt following its $108.7 billion acquisition of Time Warner Inc in 2018, a deal it has since also unwound. AT&T has been working with Barclays Plc (BARC.L) to solicit potential bids for its cybersecurity business, which was called Alienvault when it was acquired in 2018 in a roughly $600 million deal, the sources said. The sources cautioned that no deal is certain and requested anonymity because the matter is confidential. AT&T's cybersecurity division helps small-to-medium-sized businesses keep their information technology networks, including laptops, desktops, servers and mobile devices, secure.

☆ UPS Prepares for Slowdown in Global Delivery Volumes
▼ + stars: | 2023-01-31 | by ( Esther Fung | Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. is girding its business against a slowdown in global delivery volumes as it advised that annual revenue could decline for the first time in years. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year.

☆ UPS Earnings Show Drop in Holiday Sales on Fewer Shipments
▼ + stars: | 2023-01-31 | by ( Dean Seal | ) www.wsj.com time to read: 1 min

United Parcel Service Inc. posted a decline in fourth-quarter revenue after delivering fewer items during the holidays and projected that its top line will fall in the current year amid a slowdown in global trade. The Atlanta-based delivery company said Tuesday that it expects revenue of between $97 billion and $99.4 billion in 2023, down from $100.3 billion last year. UPS last posted an annual sales decline in 2015, according to FactSet.

☆ UPS beats profit view on high-margin deliveries, boosts shareholder returns
▼ + stars: | 2023-01-31 | by ( ) www.reuters.com time to read: +1 min

[1/2] A United Parcel Service (UPS) vehicle reverses into a facility in Queens, New York City, U.S., May 9, 2022. REUTERS/Andrew Kelly/File PhotoJan 31 (Reuters) - United Parcel Service Inc (UPS.N) on Tuesday beat expectations for quarterly adjusted profit, as it prioritized shipments of high-margin parcels and kept a tight lid on costs amid a softening e-commerce environment. UPS reported an adjusted profit of $3.62 per share for the fourth quarter ended Dec. 31, above Wall Street's expectations of $3.59 per share. UPS forecast 2023 full-year revenue between $97.0 billion and $99.4 billion, compared with analysts' expectations of $99.98 billion, as per Refinitiv data. Reporting by Lisa Baertlein in Los Angeles And Shivansh Tiwary in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Fed games
▼ + stars: | 2023-01-31 | by ( Stephen Culp | ) www.reuters.com time to read: +2 min

Feb 1 (Reuters) - A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Asian stocks are primed for a green Wednesday on the heels of a broad rally on Wall Street, as a slew of economic data suggested the Federal Reserve's restrictive monetary policy is working as directed. Risk appetite was largely fueled by economic data, specifically the Employment Cost Index (ECI) which decelerated in the fourth quarter to its slowest growth in a year - yet another sign that decades-high inflation is beginning to cool. This is welcome news for the Fed, which is expected to punctuate its two-day monetary policy meeting on Wednesday with a 25 basis point hike to the Fed funds target rate, its latest salvo in its battle against inflation. On Wednesday, market participants will digest factory and labor market data and parse the Fed's statement and Chairman Jerome Powell's remarks at the subsequent press conference.

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