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☆ SK Hynix reports record quarterly operating loss, but expects rebound later this year
▼ + stars: | 2023-04-26 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +3 min

In this article .FKRX300 Follow your favorite stocks CREATE FREE ACCOUNTwatch nowSouth Korean chipmaker SK Hynix has reported a record quarterly operating loss of 3.4 trillion won ($2.54 billion) for the first quarter of the year. This is a reversal from the 2.84 trillion won operating profit in the same period last year, and a larger loss from the the 1.89 trillion won operating loss the previous quarter. Employees stand in front of the SK Hynix Inc. logo displayed at the company's office in Seongnam, South Korea, on Monday, July 24, 2017. Shares of SK Hynix were higher by 1.75% in afternoon trade after surging as much as 3.5% earlier Wednesday. "We expect revenues to rebound in the second quarter after bottoming out in the first, driven by a gradual increase in sales volume," SK Hynix also said.

☆ Watch: Tucker Carlson Speaks Out After Fox News Exit
▼ + stars: | 2023-04-26 | by ( ) www.wsj.com time to read: 1 min

Lyft to Cut at Least 1,200 Jobs, Struggles to Keep Up with Rival UberRide-hailing company Lyft plans to cut at least 30% of its workforce. It comes days after a new CEO officially took over. Can the changes and new leadership help Lyft compete with its biggest rival Uber? WSJ ride-hailing reporter Preetika Rana joins host Zoe Thomas to explain what’s going on inside Lyft. Photo: Justin Sullivan/ Getty Images

☆ Opinion | The True Cost of a $12 T-Shirt
▼ + stars: | 2023-04-24 | by ( E. Benjamin Skinner | ) www.nytimes.com time to read: +1 min

Across the country, while inflation has siphoned middle-class wealth, American consumers have enjoyed a consolation prize: Apparel is dirt cheap. In 1993, you could buy a T-shirt for $13 — and get a midsize tank full of gas for about the same. Today, the full tank would cost more than three times as much. Over the last decade, the voices of the over 75 million vulnerable workers in the global garment and textile industry have been, like the products they made, steadily devalued. In mid-19th century Manchester, the textile trade fostered technological leaps that led to higher wages and lower prices for consumer goods.

☆ A Grim Anniversary for Survivors of the Rana Plaza Disaster
▼ + stars: | 2023-04-24 | by ( Elizabeth Paton | ) www.nytimes.com time to read: +1 min

Kabir Mollah said he was inspecting garments when a friend called his cellphone, screaming that the building was on a perilous tilt. On the morning of April 24, 2013, more than 1,100 people were killed when Rana Plaza, an eight-story building that housed five garment factories on the outskirts of Dhaka, Bangladesh, collapsed in about 90 seconds. It is considered the deadliest accident in the history of the modern garment industry, and one of the worst industrial accidents ever. Many major retailers used the factories to produce their clothes, and the disaster led to a reckoning around workplace safety for garment workers and the responsibility of brands selling low-priced clothes to Western consumers. And for current garment industry workers, where has progress been made?

Lyft shares have slid close to 70% over the past 12 months. Photo: Al Seib/Los Angeles Times/Getty ImagesLyft Inc. plans to cut 1,200 or more jobs in a new round of layoffs as the ride-sharing company aims to reduce costs, according to people familiar with its plans. The latest cuts could impact 30% or more of Lyft’s more than 4,000 employees, the people said, and the company had planned to announce the move after a board meeting next week. The cuts could help Lyft slash 50% of its costs, some of the people said. Lyft doesn’t count its drivers as employees.

☆ An economic crisis in Pakistan means many are going hungry during Ramadan
▼ + stars: | 2023-04-19 | by ( Sophia Saifi | ) edition.cnn.com time to read: +5 min

Javed IqbalIn Karachi, Pakistan’s financial center, 13 women and children died in March when hundreds of people caused a stampede in the rush for free food. Nine were killed in late March at separate government run flour distribution sites in the northwestern province of Khyber Pakhtunkhwa. The Human Rights Commission of Pakistan has expressed concern at what it called “mismanagement” that caused stampedes at wheat flour distribution centers set up by the government. Khan said a shortage of basic imports such as animal feed and other raw materials essential for food production contributed further to the food crisis and widespread hunger. Ramadan is a period of thanksgiving and shared meals, but the festivities have been overshadowed by the economic crisis.

☆ What Happened When Uber’s CEO Started Driving for Uber
▼ + stars: | 2023-04-07 | by ( Preetika Rana | Photographs Carolyn Fong For The Wall Street Journal | ) www.wsj.com time to read: 1 min

After five years running Uber Technologies Inc., Dara Khosrowshahi in September got behind the wheel himself. Using the alias “Dave K” and a gray Tesla Model Y that he purchased secondhand, the chief executive made dozens of trips as a ride-share driver in the following months ferrying people around the hills of San Francisco.

☆ Lyft Staff Pressed Founders for Change as Uber Pulled Ahead
▼ + stars: | 2023-04-01 | by ( Preetika Rana | Emily Glazer | ) www.wsj.com time to read: 1 min

Lyft Inc.’s leadership change this week followed months of discontent among some employees over the company’s shrinking market share and stock price. As the ride-share company has struggled with competition from Uber Technologies Inc., some people within the company had been questioning the leadership of its co-founders—Chief Executive Logan Green and President John Zimmer —for months. Some investors and stock analysts also had urged change.

☆ Cineworld lenders looking to oust CEO in management shake-up - FT
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - The ex-CFO of Regal Cinemas is the leading candidate to replace Cineworld Group Plc (CINE.L) CEO Mooky Greidinger as lenders of the ailing cinema chain plot a management shake-up following bankruptcy proceedings, the Financial Times reported on Friday. A potential management reshuffle would probably mean Greidinger, Cineworld's CEO since 2014, would be forced to relinquish control of his third-generation family business, the report said, citing several people close to the company's top management. David Ownby was Regal's CFO for nine years until 2018 when the company was bought by Cineworld. He has been serving as an adviser to Cineworld's highest priority creditors, which are steering the bankruptcy process, the report said. Reporting by Aby Jose Koilparambil and Anchal Rana in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Pakistan PM urges parliament to act against ex-premier Khan
▼ + stars: | 2023-03-28 | by ( Asif Shahzad | ) www.reuters.com time to read: +2 min

[1/2] Pakistan's Prime Minister Shehbaz Sharif attends a summit on climate resilience in Pakistan, months after deadly floods in the country, at the United Nations, in Geneva, Switzerland, January 9, 2023. The clashes occurred earlier this month after Khan's supporters prevented police and paramilitary forces from detaining him over allegations he unlawfully sold state gifts during his 2018-22 tenure as premier. Last week Interior Minister Rana Sanaullah asked for a parliamentary ruling to empower authorities to crack down on Khan's party and his supporters. Sharif did not spell out what action he wanted the parliament to take against Khan. Some of Sharif's ministers have called for a ban on Khan's Pakistan Tehreek-e-Insaf (PTI) party, but it was not clear whether the government was seeking this from parliament.

☆ Uber Eats to Take Down Thousands of Virtual Brands to Declutter the App
▼ + stars: | 2023-03-27 | by ( Preetika Rana | Heather Haddon | ) www.wsj.com time to read: 1 min

Uber Eats is taking thousands of online-only brands off its app this week out of concern that the platform is getting clogged by restaurants listing multiple delivery options with different names but the same menu. So-called virtual brands—delivery businesses without physical storefronts—mushroomed on delivery apps during the pandemic, becoming a lifeline for eateries who used their empty kitchens and idle staff to test new ideas and make up for lost sales.

Lyft Inc., grappling with competition and a battered stock price, is tapping a board member as its chief executive, and its two co-founders will step back from managing the company, the ride-sharing company said Monday. David Risher , who had management stints at Amazon.com Inc. and Microsoft Corp. before starting a childhood-reading nonprofit in 2009, will take over from Logan Green , who co-founded Lyft with current President John Zimmer . The pair will retain their seats on the board but not participate in running Lyft day-to-day.

☆ Pakistani parliament's ruling sought over ex-PM Khan's party
▼ + stars: | 2023-03-22 | by ( Asif Shahzad | ) www.reuters.com time to read: +1 min

LAHORE, Pakistan, March 22 (Reuters) - Pakistan's Interior Minister Rana Sanaullah on Wednesday sought a parliament ruling to empower authorities to tackle former Prime Minister Imran Khan's party's alleged involvement in violence. The ruling was asked for in a joint session of parliament convened over the instability caused by the crisis over Khan. The minister requested the house give "guidance" to the government about the violence stoked by Khan's supporters, who he said included "miscreants, armed groups, and terrorists". "It is required that the security forces should be given authority and other measures to deal with this issue," he said, adding that Khan's agenda is "chaos and anarchy." The government has alleged that Khan's supporters had militants among them and ministers have called for proscribing Khan's Pakistan Tehreek-e-Insaf (PTI) party.

An Insider review found that his company has sold to foreign governments, including a $228 million dollar contract. What Mills didn't advertise was Pacem's munitions contracts with foreign governments. The company's chief legal officer Joseph Schmitz said all of Pacem's foreign munitions sales are approved by the Department of State. Mills's influence over American military spending while having ties to a munitions company poses the potential for conflicts of interest, an ethics watchdog said. In Congress, Mills sits on the House Foreign Affairs and Armed Services committees, which oversee military spending and foreign weapons sales.

Hong Kong/Seoul CNN —South Korea says it will build an enormous facility to make computer chips in the greater Seoul area, with about $230 billion in investment from memory chip giant Samsung Electronics. “We will build the world’s largest new ‘high-tech system semiconductor cluster’ in the Seoul Metropolitan area based on large-scale private investment of almost 300 trillion Korean won,” he said. An aerial view of Samsung Electronics' chip production plant at Pyeongtaek, South Korea on September 7, 2022. The vast majority of the world’s advanced microchips are made in just two places, Taiwan and South Korea. Taiwan’s industry is larger and more dominant, something South Korea is keen to challenge.

☆ Uber, Lyft Score Victory as California Court Affirms Right to Treat Drivers as Contractors
▼ + stars: | 2023-03-14 | by ( Preetika Rana | ) www.wsj.com time to read: 1 min

Uber and similar companies are in a global tug of war with regulators over whether and how to grant more benefits to workers. Uber Technologies Inc., Lyft Inc. and other companies scored a victory with a California court ruling that preserves their independent-contractor model in the state and could boost their efforts to maintain that model elsewhere. A state appeals court reversed a lower-court ruling that found a California ballot measure known as Proposition 22 illegal. Proposition 22, which passed in November 2020, allowed these companies to continue to treat their drivers as independent contractors.

☆ Pakistani police serve arrest warrants to former PM Imran Khan
▼ + stars: | 2023-03-05 | by ( Mubasher Bukhari | ) www.reuters.com time to read: +2 min

LAHORE, Pakistan, March 5 (Reuters) - Pakistani police on Sunday served arrest warrants to former prime minister Imran Khan to ensure his appearance in court on charges of misusing his office to sell state gifts, authorities said, after Khan's supporters tried to prevent police entry into his home. The Federal Investigation Agency then filed charges against him in an anti-graft court, which last week issued the arrest warrants after Khan failed to appear in court despite repeated summons. He led countrywide protest campaigns to press for an early vote last year and was shot at and wounded at one of the rallies. Chaudhry said the government wanted to sow political chaos and avoid an early election by arresting the former premier, who was still popular among the country's youth and urban voters. Islamabad police said in a statement that when Khan wasn't found at his residence in Lahore, they served the arrest warrants.

☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
▼ + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

The area, part of Khyber-Pakhtunkhwa province, is a hotbed for fighters of the Tehreek-e-Taliban Pakistan (TTP), an umbrella organisation of Sunni Islamist groups. A TTP spokesman, Muhammad Khurasani, told Reuters its main target was Pakistan's military, but the police were standing in the way. "Khyber-Pakhtunkhwa pays a greater price for that" because of its exposure to the Islamist militants, he said. The TTP ended the ceasefire in November 2022, and regrouped militants restarted attacks in Pakistan soon after. Reporting by Gibran Naiyyar Peshimam and Jibran Ahmad in Bara, Pakistan; additional reporting by Saud Mehsud in Dera Ismail Khan, Pakistan; editing by David Crawshaw.

☆ 10 life-changing 'micro-habits' you can adopt quickly to improve your emotions and productivity
▼ + stars: | 2023-02-27 | by ( Darshak Rana | ) www.businessinsider.com time to read: +8 min

Micro habits are tiny changes to your daily routine that can make a huge difference. Here are some micro habits that can drive a huge difference in your life in 2023. I experienced more peace and zen with this micro habit because I don't have to frown about cleaning and dusting every weekend. By the end of the day, you'll feel those little things elevate your bad mood. This micro habit could save a lot of unnecessary mental stress.

☆ Turkish-American Women Take In Quakes’ Devastation, Seek to Help
▼ + stars: | 2023-02-09 | by ( Shannon Najmabadi | Joe Barrett | ) www.wsj.com time to read: 1 min

From her suburban home north of Denver, Burcu Dagli has a window into the destruction from Monday’s earthquakes in Turkey: Her boyfriend is a paramedic in the southern Turkish province of Mersin who was sent to help dig people out of the rubble and provide medical care. Rana Yurtsever has spent much of the past few days on the phone in suburban Chicago, checking on loved ones and friends affected by the quake, coordinating donations—and reliving her own memories of a deadly quake in 1999 before she left the country as a young girl.

☆ Provident Financial CEO Le May to step down
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

Jan 26 (Reuters) - British subprime lender Provident Financial (PFG.L) said on Thursday Malcolm Le May would step down as its chief executive officer and Bank of Ireland UK chief Ian McLaughlin would take the helm. The London-listed company, which also plans to change its name to Vanquis Banking Group, said McLaughlin would replace Le May as CEO in the summer. Reporting by Anchal Rana in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

☆ Tens of millions without power after Pakistan suffers major outage
▼ + stars: | 2023-01-23 | by ( Associated Press | ) www.nbcnews.com time to read: +3 min

Much of Pakistan was left without power for several hours on Monday morning as an energy-saving measure by the government backfired. The outage was reminiscent of a massive blackout in January 2021, attributed at the time to a technical fault in the country’s power generation and distribution system. According to the minister, during winter, electricity usage typically goes down overnight. A Metro station is closed after major power outage in Lahore, Pakistan on Monday. Pakistan is grappling with one of the country’s worst economic crisis in recent years amid dwindling foreign exchange reserves.

☆ Davos draws record crowds, but its relevance is fading
▼ + stars: | 2023-01-16 | by ( Julia Horowitz | ) edition.cnn.com time to read: +7 min

Data from the World Bank shows that global trade of goods and services as a percentage of total economic output peaked that year. A wooden sign on the waterfront of Lake Davos in Davos, Switzerland, on Jan. 8, 2023. Just look to Italy’s new prime minister, Giorgia Meloni, who was installed in October. Those skipping the gathering this year include US President Joe Biden, China’s Xi Jinping, Indian Prime Minister Narendra Modi, French President Emmanuel Macron and UK Prime Minister Rishi Sunak. That raises questions about whether Davos can hang on to its reputation an essential event for the rich and powerful.

☆ Samsung Electronics may cut production in the coming months, analyst says
▼ + stars: | 2023-01-06 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSamsung Electronics may cut production in the coming months, analyst saysSanjeev Rana of CLSA says it expects global capital expenditure for memory chips to decline by almost 50%.

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