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Credit Suisse Securities (China), 51%-owned by Credit Suisse, is expected to start the cuts, accounting for about 20% of its local workforce, as early as Monday, according to the sources. Credit Suisse, Credit Suisse Securities and UBS declined to comment. The move is aimed at further tightening spending at the joint venture as Credit Suisse "seeks to stem losses", said one of the sources. The joint venture booked a net loss of 254.5 million yuan ($35.27 million) in 2022, its annual report showed. Out of the 200-strong team at the local unit, 58 were in investment banking and 36 in wealth management related businesses as of end-2022.

Persons: Securities, Summer Zhen, Engen Tham, Selena Li, Kane Wu, Kim Coghill Organizations: Credit Suisse, UBS, Credit Suisse Securities, Staff, Citi, Reuters, Thomson Locations: HONG KONG, China, Swiss

☆ GM positions new Chevy Trax, Buick Envista crossovers to fill an affordability gap
▼ + stars: | 2023-07-11 | by ( Michael Wayland | ) www.cnbc.com time to read: +4 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNT2024 Buick Envista GMDETROIT – General Motors is positioning two new crossovers from Chevrolet and Buick as its answer to affordability issues left by discontinued, cheaper sedans. GM's new 2024 Buick Envista and redesigned 2024 Chevrolet Trax crossovers start at $22,400 and $20,400, respectively. 2024 Chevrolet Trax (left) and 2024 Buick Envista Michael Wayland / CNBCExecutives from Buick and Chevrolet say they expect the vehicles to be among their bestsellers as production ramps up and the crossovers are imported from factories in South Korea. 2024 Buick Envista GMThe new Trax and Envista are sibling vehicles as they share the same platform and have similar interiors and silhouettes. 2024 Chevrolet Trax (right) and 2024 Buick Envista Michael Wayland / CNBC

Persons: Cox, Michelle Krebs, Envista Michael Wayland, Sam Russell, Russell, Chevrolet hasn't, Steve Majoros, Paul Waatti Organizations: DETROIT –, Motors, Chevrolet, Buick, Cox Automotive, GM, Toyota Motor, Hyundai, Trax, CNBC, Silverado, Chevy, Trailblazer Locations: South Korea

☆ Ford conducts engineering layoffs in U.S. and Canada
▼ + stars: | 2023-06-26 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

DETROIT — Ford Motor confirmed Monday it will carry out layoffs this week, primarily affecting engineering jobs in the U.S. and Canada, as the automaker seeks billions in cost-cutting measures as it restructures its business operations. Ford has been restructuring its operations for several years under its Ford+ plan, led by CEO Jim Farley. The automaker cut 3,000 workers in North America in August and has more recently conducted 3,800 layoffs in Europe. The company has instructed units affected by the cuts to work remotely this week as the layoffs are conducted, the people confirmed. Ford is not the only automaker to reduce its headcount, as it realigns its business to focus more on electric vehicles.

Persons: Jim Farley, Ford, Farley, headcount, General Motors, Stellantis Organizations: DETROIT, Ford Motor, Ford Pro, General Locations: Detroit, U.S, Canada, North America, Europe

☆ 5 things everyone is getting wrong about electric cars
▼ + stars: | 2023-06-16 | by ( Nora Naughton | Alexa St. John | ) www.businessinsider.com time to read: +5 min

As electric vehicles enter the market, misconceptions abound regarding the cars and how automakers can remain profitable while ditching the internal combustion engine, says Mark Reuss, General Motors' president. Companies need hybrids to bridge the gap to full EVsSome automakers have been making the transition to electric lineups with a pit stop: hybrids. Toyota, for example, has invested in hybrids in addition to electric products and has faced skepticism from the industry as a result. "We're not going to dilute our investment with hybrids," Reuss said, adding that the automaker expects its EV business to be profitable by 2025. The charging experience and the driving experience are one and the sameReuss said it can be frustrating to see drivers rate vehicles based on the charging experience alone.

Persons: Motors, Mark Reuss, General Motors, Reuss, Tesla, We're, It's, " Reuss, that's Organizations: General, GM, Toyota, Chevrolet, GM's Tech, Ford, GM Energy, GMC Hummer, EV

☆ A Rare Matchup of Aces Adds ‘Extra Buzz’ to Subway Series
▼ + stars: | 2023-06-14 | by ( Matt Martell | ) www.nytimes.com time to read: +1 min

Nearly eight years ago, the Pittsburgh Pirates began a three-game series on the road against the Detroit Tigers with a 5-4 win in 14 innings. Yankees Manager Aaron Boone said he expects the matchup between veteran aces to add “a little extra buzz” to the crosstown rivalry. Cole and Verlander will always be linked for the two seasons they bullied major league batters while anchoring the Houston Astros’ starting rotation. In 2018 and 2019, the two years Cole spent with the Astros, Houston’s co-aces combined to go 72-25 with a 2.62 E.R.A. In 2019, they led the Astros to their second American League pennant in three seasons, though they lost the World Series to the Washington Nationals in seven games.

Persons: Gerrit Cole, Justin Verlander, Aaron Boone, Cole, Verlander, Houston’s, Cy Young Organizations: Pittsburgh Pirates, Detroit Tigers, Comerica, Yankees, Verlander’s Mets, Citi Field, Tuesday, Houston Astros, Astros, American League, Washington Nationals

☆ Manchester City Completes Historic Trophy Sweep with Champions League Title
▼ + stars: | 2023-06-11 | by ( Joshua Robinson | ) www.wsj.com time to read: 1 min

Erling Haaland of Manchester City celebrates winning the Champions League Final in Istanbul on Saturday. Photo: PHOTO: sedat suna/ShutterstockISTANBUL—Two years after he acquired Manchester City, then a sad-sack English soccer club in the shadow of a crosstown rival, a young royal from Abu Dhabi went to watch his team play in person for the first time. His name was Sheikh Mansour bin Zayed Al Nahyan, his family was incalculably wealthy, and his new plaything was facing Liverpool. That was in 2010.

Persons: Erling Haaland, sedat, Abu Dhabi, Sheikh Mansour bin Zayed Al Nahyan Organizations: Manchester City, Liverpool Locations: Istanbul, Shutterstock ISTANBUL, Abu

☆ GM to use Tesla charging network, joining Ford in leveraging the EV leader's tech
▼ + stars: | 2023-06-08 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT — General Motors will follow crosstown rival Ford Motor in partnering with Tesla to use the electric vehicle leader's North American charging network and technologies. Under the deal, GM vehicles will be able to access 12,000 of Tesla's fast chargers using an adapter and the Detroit automaker's EV charging app, starting next year. The partnerships with now two leading Detroit automakers is a major win for Tesla and its charging technology. It is expected to add pressure on other automakers — as well as the U.S. government, which is investing billions in building out an EV charging network — to adopt Tesla's technology. The deal was announced by Barra and Tesla CEO Elon Musk during a live audio discussion on Twitter Spaces.

Persons: Tesla, Ford, Mary Barra, CNBC's Phil LeBeau, Elon Musk Organizations: DETROIT, Motors, Ford Motor, GM, Detroit, EV, American, Tesla, ., Wall Street, Barra, Twitter

Playing in a Champions League is the pinnacle for any player in club soccer and when asked what this moment would mean to his grandfather, Lukaku is almost unable to answer. He was my biggest fan.”As a child growing up in Belgium, Lukaku missed 10 years of watching the Champions League. “I couldn’t watch (the Champions League final), but now, by the grace of God, I can play one,” he adds. Manchester City has swept all before it in a light blue wave this season and sits on the cusp of a ‘treble,’ fresh from winning the Premier League title and the FA Cup. “Man City is a well-drilled team…Guardiola is such a good coach because every game is a different game plan,” Lukaku observes.

Persons: “, ” Lukaku, Darren Lewis, ”, Lukaku, …, Erling Haaland, Lexy Ilsley, Messi, Ronaldo, … Guardiola, “ It’s Organizations: CNN, Belgian, Anderlecht, Chelsea, Serie, Inter Milan, Champions League, League, ’, FC Milan, Coppa Italia, ” Inter Milan, Bayern Munich, Porto, Benfica, AC Milan, Manchester City, Premier League, FA Locations: Belgium, Barcelona, Manchester

☆ Ford CEO Jim Farley says Chinese automakers such as BYD are its greatest EV rivals
▼ + stars: | 2023-05-25 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Michael Wayland/CNBCDETROIT — Ford Motor's largest competition in electric vehicles isn't U.S. leader Tesla or crosstown rival General Motors — it's Chinese automakers, CEO Jim Farley said Thursday. Farley said Chinese companies such as Warren Buffett-backed BYD are ahead of the large U.S. automakers and startups on electric vehicles, specifically battery chemistry and other emerging technologies. And they were always committed to electric," Farley said when asked which company is doing EVs right. Farley's comments echo those of industry experts and investors regarding the growth of BYD and other Chinese automakers, which have government backing in China. Farley also noted BYD's battery advantages compared to the current U.S. industry standard of lithium-ion batteries.

☆ Champions League Live Updates: Manchester City vs. Real Madrid
▼ + stars: | 2023-05-17 | by ( Tariq Panja | Andrew Das | ) www.nytimes.com time to read: +2 min

Cup and the Champions League. If it is found to have violated those rules, City could be stripped of a string of Premier League triumphs. But that inquiry — ongoing, and cloaked in the strictest secrecy — is specifically related to Premier League rules. That means there appears to be little risk that City would lose the Champions League title if it manages to finally win it. UEFA’s greater enmity these days is actually toward City’s opponent on Wednesday, Real Madrid, which remains a proponent of creating a Super League that would rival the Champions League.

☆ Ford posts stellar first quarter, boosted by fleet and legacy truck divisions
▼ + stars: | 2023-05-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +5 min

DETROIT — Ford Motor on Tuesday reported first-quarter results that significantly topped Wall Street's estimates, as the automaker's fleet and legacy operations outweighed growing losses in electric vehicles. Ford finance chief John Lawler said the quarter was a "peek at what's possible to generate value and growth." The company reiterated it expects full-year adjusted earnings between $9 billion and $11 billion and roughly $6 billion in adjusted free cash flow. Ford said it plans to have capital expenditures of between $8 billion and $9 billion in 2023. Ford also reconfirmed it expects to lose about $3 billion from its electric vehicle operations, known as Model e, in 2023.

☆ Jeep-maker Stellantis is offering buyouts to some of its most senior employees — and blaming it on EVs
▼ + stars: | 2023-04-26 | by ( Alexa St. John | ) www.businessinsider.com time to read: +3 min

Stellantis is offering thousands of employees buyout packages, The Wall Street Journal reported. The move comes weeks after crosstown rival General Motors offered employees buyouts. The salaried employees getting the offers have 15 or more years of experience, according to the Journal. In the memo, Stewart attributed the move to the EV transition, writing, "The competition is fierce, and the cost of electrification cannot be passed on to the customer," The Wall Street Journal reported. Stellantis last offered buyouts to salaried US employees last fall.

☆ What Goldman's top dealmaker is saying behind the scenes about M&A and its spot on the league tables after a tough first quarter
▼ + stars: | 2023-04-25 | by ( Carter Johnson | ) www.businessinsider.com time to read: +6 min

Goldman was forced to share its M&A crown with JPMorgan last quarter. It's been a tough road in 2023 for the Wall Street banks that specialize in advising on mergers and acquisitions. In a note sent to Goldman's alumni network last Tuesday, Feldgoise acknowledged that things have been tough. The importance of Goldman's M&A franchise was underscored by the bank's first-quarter earnings released Tuesday. "The Goldman M&A franchise has been #1 for 20+ years," Feldgoise said in his letter.

☆ Credit Suisse mess leaves scattered Swiss debris
▼ + stars: | 2023-04-24 | by ( Lisa Jucca | ) www.reuters.com time to read: +7 min

ZURICH, April 24 (Reuters Breakingviews) - Swiss government intervention to save Credit Suisse (CSGN.S) from collapse last month may have avoided a financial market storm. SWISS “TRINITY” QUESTIONThe rescue of Credit Suisse has other consequences. The Swiss Bankers Association has called for an independent inquiry, and lawmakers gave a symbolic thumbs-down to the rescue of Credit Suisse on April 12. A Senate Finance Committee report found last month Credit Suisse had violated a 2014 deferred prosecution agreement with U.S. authorities by continuing to help rich Americans dodge taxes. Switzerland’s parliament on April 12 rejected a Credit Suisse rescue package that included 109 billion Swiss francs in financial guarantees.

☆ LeBron James leads the Los Angeles Lakers to a 111-101 win and 2-1 series lead against the Memphis Grizzlies
▼ + stars: | 2023-04-23 | by ( Patrick Sung | ) edition.cnn.com time to read: +4 min

Los Angeles Lakers superstar LeBron James and center Anthony Davis had strong performances to help lead LA to a big 111-101 win over the Grizzlies in front of a sold-out crowd at Staples Center on Saturday to take a 2-1 lead in their best-of-seven first round NBA Playoff series. Brooks was ejected from Game 3 for a flagrant 2 foul on LeBron James. Anthony Davis had a massive night, racking up 31 points, 17 rebounds and three blocks. Wally Skalij/Los Angeles Times/Getty ImagesAfter the game, James said that the game wasn’t about making a “statement” to Brooks and the rest of the Grizzlies. Sixers forward Tobias Harris led the way for Philly with 25 points and 12 rebounds in what is Brooklyn’s second straight first-round sweep.

☆ Swiss mega-bank has scope to shrink to greatness
▼ + stars: | 2023-04-05 | by ( Liam Proud | ) www.reuters.com time to read: +3 min

In UBS (UBSG.S), which is rescuing Credit Suisse (CSGN.S) in a government-brokered deal, they almost have one. The combined Swiss mega-bank will start out with a $1.7 trillion balance sheet, making it the 10th largest Western bank, based on Refinitiv data. Credit Suisse was in the process of running down, selling or carving out trading and investment-banking businesses with risk-weighted assets (RWAs) of $68 billion. Credit Suisse CEO Ulrich Körner was hamstrung by large losses, which drained capital and limited how quickly he could shrink. The emergency combination of UBS and Credit Suisse has created a banking giant.

☆ Jeep's CEO doesn't think there are enough raw materials on earth to meet electric-car demand
▼ + stars: | 2023-03-29 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +4 min

Automakers are already racing to secure limited raw materials. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyStellantis' CEO doesn't think there are enough raw materials readily available to meet electric vehicle needs. "The affordability is not there, because the raw materials are scarce and very expensive, and I would add very volatile," Tavares said. Tesla CEO Elon Musk has emphasized just how much of a challenge getting these materials will be for EV-makers. Even mining executives have expressed concern that demand for these materials continues to outstrip the current available supply.

As the image shows, on an earnings before interest and tax (EBIT) basis, Ford Model e had a profit margin of roughly negative 40% in 2022. Ford Motor disclosed on Thursday that its electric vehicle unit, called Ford Model e, lost $2.1 billion in 2022 — and could lose as much as $3 billion in 2023. Here, step by step, is how Lawler said Ford expects Model e to get to a positive 8% EBIT profit margin in under four years:Scale. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026. Ford expects to have the capacity to build EVs at a rate of 2 million per year by the end of 2026.

☆ General Motors' China business is hurting, and it's not just because of Covid
▼ + stars: | 2023-03-17 | by ( Michael Wayland | ) www.cnbc.com time to read: +11 min

He purchased his Nio over models from rival Chinese automakers Xpeng , Li Auto and IM Motors. GM's operations in the country are much larger than those of its crosstown rival Ford Motor, for example. Equity income from GM's Chinese operations and joint ventures has fallen 67% since its peak of more than $2 billion in 2014 and 2015. And the rising quality of domestic-made electric vehicles helped support — and tap — growing nationalistic pride among China's consumers. In February, Ford named Sam Wu, a former Whirlpool executive who joined the automaker in October, as president and chief executive of its China operations, starting March 1.

LAFC prevailed in the most thrilling final in league history against Philadelphia last season when Gareth Bale's stunning extra time goal tied the rollercoaster affair 3-3. The home side then broke the hearts of the Union in a one-sided penalty shootout to claim their first MLS Cup and cap a season where they also won the Supporters' Shield for having the best regular-season record. Earlier this month Forbes announced that LAFC was the first MLS club to reach $1 billion in value. "Leading into the World Cup in 2026, you want to build momentum and gain more exposure, and I think this partnership is going to truly be beautiful." While Fox and FS1 will still carry some games on traditional cable, the bulk of the matches will be streamed on Apple TV through its MLS Season Pass at a price of $79 a year for Apple TV+ subscribers and $99 for those without.

☆ Adidas Profit Warning Knocks Share Price, Highlights Challenge for New CEO
▼ + stars: | 2023-02-10 | by ( Trefor Moss | ) www.wsj.com time to read: 1 min

Bjørn Gulden took the top job at Adidas at the start of the year, after leading a turnaround of crosstown rival Puma. Adidas AG shares dropped 12% after the German sportswear giant warned it could swing to a loss this year following the termination of its Yeezy partnership with rapper Kanye West. Adidas said late Thursday that it expected a sharp fall in sales for 2023 because of the impact of not selling existing Yeezy stock, and could post a loss if it failed to sell existing inventory.

In part due to disruptions in supply stemming from the COVID-19 pandemic, street drugs are increasingly laced with toxic or unknown ingredients, resulting in drug users overdosing and dying. Police in British Columbia file thousands of drug possession charges annually. Canada faced the challenge of an adulterated illicit drug supply before the United States did and has been quicker to adopt harm reduction tools to address drug overdose cases, said Lindsey Richardson, a research scientist at the B.C. Some of them still buy street drugs. 's latest plan is of no help to him because he runs the risk of taking something deadly each time he buys street drugs.

☆ Ford is set to report results after the bell. Here's what Wall Street expects
▼ + stars: | 2023-02-02 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

DETROIT – Ford Motor is set to report its fourth-quarter earnings after the bell Thursday. Here's what Wall Street is expecting, according to Refinitiv consensus estimates:Adjusted earnings per share: 62 cents62 cents Automotive revenue: $40.37 billionIn October, Ford confirmed its prior full-year guidance of adjusted earnings before interest and taxes of between $11.5 billion and $12.5 billion. Wall Street expects Ford's full-year 2023 adjusted earnings per share outlook to mark a nearly 16% decline from 2022, according to Refinitiv estimates. That's despite forecasting full-year revenue up 3.4% year over year to more than $151 billion, signaling lower operational profit compared with recent years. The automaker also forecast stronger-than-expected 2023 results, including adjusted earnings before interest and taxes of $10.5 billion to $12.5 billion and adjusted earnings per share of between $6 and $7.

☆ Basketball’s Greatest Scorer Doesn’t Have a Go-to Move
▼ + stars: | 2023-02-01 | by ( Robert O'Connell | ) www.wsj.com time to read: 1 min

In the next two weeks, barring injury or calamity, the Los Angeles Lakers’ LeBron James will score the 89 remaining points he needs to break Kareem Abdul-Jabbar’s all-time regular-season record. It is a testament to James’s versatility that not even those who know him best can guess how he will do so. He might stroke a 3-pointer; a few games ago, in a 46-point outburst against the crosstown Clippers, he made nine of them, his most in a single game. He might storm into the lane for a dunk; even though he recently turned 38 years old, he has rocked the rim 60 times this season.

☆ UBS fourth-quarter profit rises 23%; beats estimates
▼ + stars: | 2023-01-31 | by ( Noele Illien | ) www.reuters.com time to read: +1 min

ZURICH, Jan 31 (Reuters) - Switzerland's UBS Group AG (UBSG.S) on Tuesday reported a 23% increase in fourth-quarter profit, beating analyst estimates, helped by a fall in costs despite a drop in financial markets. The Swiss bank reported net profit attributable to shareholders of $1.7 billion, versus the $1.3 billion average of 21 analyst estimates in a UBS-conducted poll. "We are starting 2023 from a position of strength," Chief Executive Ralph Hamers said in a statement. Full-year net profit reached $7.6 billion, compared with the consensus estimate of $7.3 billion. UBS Chairman Colm Kelleher has said his bank has not actively sought to benefit from Credit Suisse's troubles.

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