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☆ ADP forecasts robust fiscal 2024 revenue on new contract wins
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Payroll processor Automatic Data Processing (ADP.O) forecast annual revenue above market estimates on Wednesday, helped by strong demand for company services and new contract wins. The company expects its revenue to grow between 6% and 7% in fiscal 2024, compared with analysts' expectations of a 5.8% increase, according to Refinitiv data. "New business bookings were incredibly strong and employer services retention returned to a record level, underscoring our strong market position," said Chief Executive Maria Black. The company's full-year adjusted earnings per share growth forecast of 10% to 12% was also above analysts' estimates of a 9% rise. On an adjusted basis, the company earned $1.89 per share, compared with estimates of a profit of $1.83 per share.

Persons: Maria Black, Zaheer Kachwala, Shilpi Majumdar, Shailesh Organizations: ADP, Thomson

☆ Lockheed gets US defense contract to develop nuclear-powered spacecraft
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Weapons maker Lockheed Martin (LMT.N) has been awarded a contract by a U.S. Department of Defense agency to develop a nuclear-powered spacecraft for the purposes of exploration and national defense, the company said on Wednesday. Lockheed Martin said the project is an advancement in propulsion technology – from chemical propulsion engines to nuclear thermal propulsion (NTP) engines. "These more powerful and efficient nuclear thermal propulsion systems can provide faster transit times between destinations. The Defense Advanced Research Projects Agency (DARPA) awarded the contract to Lockheed under a project called Demonstration Rocket for Agile Cislunar Operations (DRACO). The in-space flight demonstration of a nuclear thermal rocket engine vehicle will take place no later than 2027, Lockheed said.

Persons: Lockheed Martin, Jeff Bezos, Kirk Shireman, Kannaki, Shailesh Organizations: Lockheed, U.S . Department of Defense, Origin, Elon, SpaceX, Lunar, Lockheed Martin Space, Research Projects Agency, DARPA, Agile Cislunar, Thomson Locations: Bengaluru

☆ Israeli chipmaker Tower beats revenue estimates on demand from automakers
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +1 min

July 26 (Reuters) - Contract chipmaker Tower Semiconductor topped second-quarter revenue estimates on Wednesday on the back of solid demand from the automotive industry, sending its U.S.-listed shares up 12.7%. Israel-based Tower provides customers with analog and mixed-signal semiconductors, mainly for the automotive and consumer industries. Its revenue came in at $357 million for the quarter ended June 30, higher than the $354.53 million expected by analysts, according to Refinitiv data. Tower reported net income per share of 46 cents, falling slightly short of analysts' estimates of 49 cents per share. During the quarter, the company repaid $10 million of its debt, as compared with $27 million in the first quarter of 2023.

Persons: carmakers, Tanya Jain, Yamini, Shailesh Organizations: Semiconductor, Intel, Thomson Locations: Israel, Bengaluru

☆ GE HealthCare raises 2023 profit forecast as supply chain woes ease
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +2 min

July 25 (Reuters) - GE HealthCare Technologies Inc (GEHC.O) raised its annual profit forecast on Tuesday, after beating quarterly earnings estimates due to easing supply chain issues that had largely impacted electronic components during the pandemic. Johnson & Johnson (JNJ.N) and Abbott Laboratories (ABT.N), which make medical devices like heart stents and implants, surpassed quarterly profit estimates last week as patients underwent their delayed procedures. GE HealthCare on Tuesday reported total quarterly sales of $4.8 billion, in line with analysts' estimates. Of this, $2.6 billion came from sales of imaging devices such as magnetic resonance imaging (MRI) and $839 million from ultrasound devices. The healthcare equipment firm operates four medical device businesses - imaging and ultrasound devices, patient care solutions and pharmaceutical diagnostics - with imaging being the largest.

Persons: Johnson, Khushi, Shailesh Organizations: GE HealthCare Technologies Inc, GE, Johnson, Abbott Laboratories, GE HealthCare, General Electric, Thomson Locations: Bengaluru

☆ Pacific Premier says vendor hit by MOVEit data breach
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - Pacific Premier Bancorp (PPBI.O) said on Tuesday that a cybersecurity incident at a third-party vendor has led to data leak of its bank's clients, becoming the latest victim of the MOVEit hack. The vendor confirmed that personal data had been compromised in the incident, which involved popular file transfer tool MOVEit, Pacific Premier said in a regulatory filing. Firms, institutions and government departments using file sharing software MOVEit have recently been hit by data breaches. On Monday, consumer and commercial bank 1st Source Corp (SRCE.O) said a security breach that involved MOVEit has impacted about 450,000 records. MOVEit, made by Massachusetts-based Progress, allows organizations to securely transfer files and data between business partners and customers.

Persons: MOVEit, Jaiveer Singh, Shailesh Organizations: Pacific Premier Bancorp, Pacific Premier, Corp, Thomson Locations: Massachusetts, Bengaluru

☆ TikTok to launch e-commerce platform in US to sell China-made goods - WSJ
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 25 (Reuters) - TikTok is planning to launch in early August an e-commerce platform to sell China-made goods in the United States, the Wall Street Journal reported on Tuesday, citing people familiar with the plan. TikTok did not immediately respond to a Reuters request for comment. The reported move comes at a time when TikTok is facing heightened scrutiny from U.S. officials over concerns about data security. The company is fighting to prevent a ban in the country after lawmakers introduced a bill that would grant the Biden administration authority to ban apps that pose security risks. (This story has been refiled to add source in the headline)Reporting by Zaheer Kachwala; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: TikTok, Zaheer Kachwala, Shailesh Organizations: Wall Street, Biden, Thomson Locations: China, United States

July 24 (Reuters) - SoftBank Group (9984.T) is forming a joint venture with warehouse automation company Symbotic (SYM.O) to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday. The unit has also signed a contract to buy AI-powered systems from Symbotic that will be worth $7.5 billion in the next six years. Based in Wilmington, Massachusetts, Symbotic provides robotics warehouse automation solutions and counts Walmart (WMT.N) as its major backer and customer. The Japanese company will have a 65% stake in GreenBox, with Symbotic owning the rest. For fiscal year 2022, Symbotic reported revenue of $593.3 million, up 136% year over year, with a loss of $139.1 million.

Persons: Symbotic, Rick Cohen, upping, Masayoshi Son, Zaheer Kachwala, Krystal Hu, Shailesh Kuber, Anil D'Silva, Cynthia Osterman Organizations: SoftBank, Systems, SoftBank Group Corp, Walmart, JV, Tokyo bourse, Thomson Locations: SoftBank, Wilmington , Massachusetts, Tokyo, GreenBox

☆ SoftBank forms JV to build AI-powered warehouses with Symbotic
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - SoftBank Group (9984.T) is forming a joint venture with supply-chain services provider Symbotic to build AI-powered warehouses that will be majority owned by the Japanese technology investor, the companies said on Monday. The firms are investing a total of $100 million in the venture, which will be called GreenBox Systems. The unit has also signed a contract to buy AI-powered systems worth $7.5 billion for its warehouses from Symbotic. The deal will give SoftBank, already an investor in Symbotic, warrants representing about 2% of the U.S. company's outstanding shares. The Japanese firm said it had also bought 17.8 million shares of Symbotic from CEO Rick Cohen.

Persons: Rick Cohen, Masayoshi Son, Vikas Parekh, Greenbox, Symbotic, Zaheer Kachwala, Shailesh Kuber, Anil D'Silva Organizations: SoftBank, Systems, Tokyo bourse, SoftBank Investment, JV, Thomson Locations: Symbotic, Tokyo, GreenBox

☆ Spotify raises prices for its premium plans across several countries
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Spotify Technology (SPOT.N) on Monday raised prices for its premium plans across several countries including the United States and United Kingdom, as the music-streaming company looks to boost profitability in an uncertain economy. The move will result in a $1 price increase for Spotify's U.S. plans, with the premium single now starting at $10.99, duo at $14.99, family at $16.99 and the student plan at $5.99. The price increases come at a time when streaming services, both audio and video, are under rising investor pressure to boost profitability after years of prioritizing user growth. Rivals services from Apple (AAPL.O) and Amazon.com (AMZN.O) and Tidal have all increased prices this year, while YouTube also hiked prices last week on its monthly and annual premium plans in the U.S. for the first time since the subscription service was launched in 2018. Spotify, which had indicated in April that it would raise prices in 2023, had also raised prices in 46 countries last year.

Persons: Samrhitha, Shailesh Organizations: Spotify Technology, U.S, Spotify, Rivals, Apple, YouTube, Thomson Locations: United States, United Kingdom, U.S, Sweden, Bengaluru

☆ Spotify raises prices for its premium plans in the US
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 24 (Reuters) - Spotify Technology (SPOT.N) said on Monday it was raising the prices for its premium plans by $1 each in the United States, as the music streaming company looks to boost profitability in an uncertain economy. Spotify, which competes with rival services from Apple (AAPL.O) and Amazon.com (AMZN.O), has been under pressure to focus on profitability over user growth as recession-wary customers cut down on unnecessary spending. The cost of Spotify's ad-free premium plans would now all be priced at an additional $1 with the premium single at $10.99, duo $14.99, family $16.99 and the student costing $5.99. Shares of the company were up more than 1% in trading before the bell. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Samrhitha, Shailesh Organizations: Spotify Technology, Spotify, Apple, Thomson Locations: United States, Bengaluru

☆ SoftBank partners with Symbotic for AI-powered warehousing joint venture
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: 1 min

July 24 (Reuters) - SoftBank Group (9984.T) is partnering with Symbotic for a warehousing venture that will be majority owned by the Japanese investor and will buy $7.5 billion of the U.S. firm's artificial intelligence-powered systems, the companies said. Shares of Symbotic up 7% in premarket trading. The companies are investing a combined $100 million in the venture, which will be called GreenBox Systems, they said on Monday. SoftBank Group will have a 65% stake in GreenBox, with Symbotic owning the rest. Reporting by Zaheer Kachwala; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Symbotic, Zaheer Kachwala, Shailesh Organizations: SoftBank, Systems, Thomson Locations: GreenBox

☆ Pfizer plant in North Carolina damaged by tornado
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

[1/4] The roof of a Pfizer facility shows heavy damage after a tornado passed the area in Rocky Mount, North Carolina, U.S. July 19, 2023. July 19 (Reuters) - Drugmaker Pfizer Inc (PFE.N) said on Wednesday its plant in Rocky Mount, North Carolina, which is one of the largest sterile injectable product facilities in the world, has suffered heavy damage from a tornado. A company spokesperson in an emailed statement confirmed that the Rocky Mount facility was damaged and the drugmaker was assessing the situation to determine the impact on production. The Rocky Mountain facility employs over 4,500 professionals, according to Pfizer's website. Reporting by Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Rocky, Sriparna Roy, Shailesh Organizations: Pfizer, ABC, WTVD, REUTERS, Drugmaker Pfizer Inc, Thomson Locations: Rocky Mount, North Carolina, U.S, Bengaluru

☆ Vir Biotech slumps to over 3-year low as flu prevention therapy fails trial
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

July 20 (Reuters) - Vir Biotechnology's (VIR.O) shares plunged 45% to a more than three-year low on Thursday after the company's experimental antibody therapy to prevent a type of flu failed to meet its goals in a mid-stage trial. The biotechnology firm, which came into prominence through its COVID-19 antibody therapy sotrovimab developed in partnership with GSK plc (GSK.L), lost over $1 billion in market capitalization in early trade hit by the therapy's failure. The company said it will conduct further analyses on the trial data to "better understand these outcomes", but TD Cowen analyst Phil Nadeau does not expect the therapy to undergo further development. The company is developing antibody therapies against hepatitis B and D, for which data is expected later this year, and also has development programs for COVID-19, HIV and influenza. Reporting by Leroy Leo in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Vir Biotechnology's, sotrovimab, Cowen, Phil Nadeau, Nadeau, Leroy Leo, Shailesh Organizations: GSK plc, COVID, Alnylam Pharmaceuticals, Vertex Pharmaceuticals, Thomson Locations: Bengaluru

☆ FTC to pause Microsoft-Activision merger trial, Bloomberg reports
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: 1 min

July 20 (Reuters) - The US Federal Trade Commission is poised to pause its in-house trial against Microsoft Corp's (MSFT.O) $69 billion acquisition of Activision Blizzard (ATVI.O) opening the door to potential settlement talks, Bloomberg News reported on Thursday. Microsoft and FTC did not immediately respond to Reuters requests for comment. Reporting by Mrinmay Dey in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Mrinmay Dey, Shailesh Organizations: US Federal Trade Commission, Microsoft, Activision Blizzard, Bloomberg, FTC, Thomson Locations: Bengaluru

☆ FedEx appoints new CFO
▼ + stars: | 2023-07-17 | by ( ) www.reuters.com time to read: +1 min

[1/2] Signage is seen on a FedEx location in Manhattan, New York City, U.S., September 3, 2021. REUTERS/Andrew KellyJuly 17 (Reuters) - FedEx Corp (FDX.N) on Monday appointed former CEO of Atlas Air Worldwide John Dietrich as chief financial officer, effective Aug. 1. FedEx said Dietrich, a veteran in the aviation and air cargo space, has held numerous leadership roles at Atlas Air Worldwide since 1999. The development comes months after the company outlined $4 billion in permanent cost cuts by the end of its 2025 financial year. Last fiscal year, FedEx slashed about 29,000 jobs, retired 18 planes, shuttered offices and pared back profit-sapping Sunday deliveries.

Persons: Andrew Kelly, John Dietrich, Michael Lenz, Dietrich, Priyamvada, Devika Syamnath Organizations: FedEx, REUTERS, FedEx Corp, Monday, Atlas Air, Atlas Air Worldwide, Thomson Locations: Manhattan , New York City, U.S, Memphis, Bengaluru

☆ US FTC seeks additional info on Pfizer's proposed takeover of Seagen
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Pfizer logo is pictured on their headquarters building in the Manhattan borough of New York City, New York, U.S., November 9, 2020. REUTERS/Carlo Allegri/File Photo/File PhotoJuly 14 (Reuters) - The US Federal Trade Commission (FTC) has sought additional information and documentary material related to Pfizer's (PFE.N) proposed acquisition of Seagen Inc (SGEN.O), Seagen said on Friday. The antitrust agency sent the requests separately to both the companies, a regulatory filing said. Pfizer struck a $43 billion deal in March to acquire Seagen and its targeted cancer therapies, to counter the fall in COVID-related sales and generic competition for some top-selling drugs. The recent scrutiny by the antitrust agency to block Amgen's (AMGN.O) $27.8 billion deal to buy Horizon Therapeutics (HZNP.O) has made investors jittery around the Pfizer-Seagen deal as well.

Persons: Carlo Allegri, Seagen, Khushi, Shailesh Organizations: Pfizer, REUTERS, US Federal Trade Commission, Seagen Inc, Horizon Therapeutics, Thomson Locations: Manhattan, New York City , New York, U.S, COVID, Bengaluru

☆ Factbox: Food and beverage products that mention aspartame on their labels
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Aspartame, one of the world's most popular sweeteners, has been deemed a "possible carcinogen" by two groups linked to the World Health Organization, though it remains safe for consumption at already-agreed levels. The sugar substitute, used in products from diet sodas to sugar-free yoghurts and cough drops, is a combination of two amino acids - phenylalanine and aspartic. The U.S. Food and Drug Administration, which approved aspartame in 1974, advises that products carry a warning label for Phenylketonurics - people with a rare genetic disorder who have difficulty in breaking down phenylalanine. Below are some food and beverage companies that mention aspartame on their product label:Source: US FDA, NCBI, company websitesReporting by Granth Vanaik, Juveria Tabassum and Savyata Mishra in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Granth Vanaik, Juveria, Savyata Mishra, Shailesh Organizations: World Health Organization, U.S . Food, Drug Administration, FDA, Thomson Locations: U.S, Bengaluru

☆ Binance lays off employees days after executive exodus
▼ + stars: | 2023-07-14 | by ( Jaiveer Shekhawat | ) www.reuters.com time to read: +1 min

July 14 (Reuters) - Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday. The layoffs at the world's biggest crypto exchange come at a time when the industry's future in the U.S. market is uncertain, with regulators aggressively clamping down on what they deem are illegal activities. Last month, the Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao for allegedly operating a "web of deception." Last week, a string of executives quit Binance, which included its Chief Strategy Officer Patrick Hillmann. Reporting by Kanjyik Ghosh and Jaiveer Shekhawat in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Binance, Changpeng Zhao, Gary Gensler's, Patrick Hillmann, Kanjyik Ghosh, Jaiveer, Shailesh Organizations: Reuters, Securities and Exchange Commission, SEC, Labs, BlackRock, Fidelity, Wall Street, Thomson Locations: U.S, Bengaluru

☆ Roivant in talks to sell bowel disease drug to Roche in over $7 bln deal - WSJ
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Biotech company Roivant Sciences (ROIV.O) is nearing a deal to sell an experimental drug to treat inflammatory bowel diseases including ulcerative colitis and Crohn's disease to Roche (ROG.S) in a deal that could be valued at more than $7 billion, the Wall Street Journal reported on Thursday. The sale of the drug could be announced in the coming days, the report said, citing people familiar with the matter. Roivant's experimental drug, RVT-3101, is under clinical trials for the treatment of moderate-to-severe ulcerative colitis, a long-term condition where the colon and rectum become inflamed, as well as a type of inflammatory bowel disease known as Crohn's disease. Roivant declined to comment, whereas Roche did not immediately respond to a Reuters request for comment. Reporting by Shivani Tanna and Sriparna Roy in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Roche, Roivant, Shivani Tanna, Sriparna Roy, Shailesh Organizations: - Biotech, Roivant Sciences, Wall Street, Thomson Locations: Bengaluru

☆ Elon Musk launches AI firm xAI as he looks to take on OpenAI
▼ + stars: | 2023-07-13 | by ( ) www.reuters.com time to read: +3 min

In a Twitter Spaces event Wednesday evening, Musk explained his plan for building a safer AI. Rather than explicitly programming morality into its AI, xAI will seek to create a "maximally curious" AI, he said. Musk in March registered a firm named X.AI Corp, incorporated in Nevada, according to a state filing. The firm lists Musk as the sole director and Jared Birchall, the managing director of Musk's family office, as a secretary. Dan Hendrycks, who will advise the xAI team, is currently director of the Center for AI Safety and his work revolves around the risks of AI.

Persons: Elon Musk, Musk, xAI, that's, Igor Babuschkin, DeepMind, Tony Wu, Szegedy, Greg Yang, Jared Birchall, Google's Bard, Microsoft's, Bing, Bard, Dan Hendrycks, Tesla, Akash Sriram, Chavi Mehta, Yuvraj Malik, Aditya Soni, Anna Tong, Shailesh Kuber, Leslie Adler Organizations: SpaceX, Twitter, Microsoft, Google, X.AI Corp, Center, AI Safety, X Corp, Thomson Locations: OpenAI, Nevada, San Francisco Bay, Bengaluru, Anna, San Francisco

☆ Disney extends CEO Bob Iger's contract through 2026
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

The board said in a statement that it aimed to maintain "continuity of leadership during the company’s ongoing transformation." Terms of his contract include opportunity to receive an annual incentive bonus of five times his base salary. In his previous contract, he was entitled to an estimated $27 million per year in total compensation. Meanwhile, the television business is confronting long term and likely irreversible declines in audiences. In February, Disney said it would cut 7,000 jobs in a major overhaul to save $5.5 billion in costs.

Persons: Walt Disney's, Robert Iger's, Iger, Bob Chapek, Disney, Yuvraj Malik, Kenneth Li, Shailesh Kuber, David Gregorio Our Organizations: Disney, Thomson Locations: Bengaluru, New York

☆ Elon Musk launches artificial intelligence firm xAI
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 12 (Reuters) - Billionaire Elon Musk's xAI on Wednesday announced the formation of the artificial intelligence (AI) startup with the launch of its website, unveiling a team made up of engineers who have worked at companies from Alphabet-owned Google to Microsoft and OpenAI. "Announcing formation of @xAI to understand reality," Musk said in a tweet on Wednesday. The website said xAI will hold a Twitter Spaces event on July 14. Musk in March registered a firm named X.AI Corp, incorporated in Nevada, according to a state filing. The firm lists Musk as the sole director and Jared Birchall, the managing director of Musk's family office, as a secretary.

Persons: Elon Musk's xAI, Musk, xAI, Jared Birchall, Akash Sriram, Shailesh Organizations: Wednesday, Google, Microsoft, Tesla, Twitter, X.AI Corp, Thomson Locations: Nevada, Bengaluru

☆ Roblox beta comes to Meta's Quest VR headsets
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: 1 min

July 12 (Reuters) - Roblox Corp's (RBLX.N) eponymous online game will soon be available on Meta Platforms' (META.O) Quest virtual reality (VR) headsets, according to a blog post by Meta on Wednesday. The game will arrive as a beta version, initially on Quest 2 and Quest Pro, in the coming weeks. "The open beta is a great opportunity for the Roblox developer community to optimize their existing games for Quest and build new ones for VR while gathering input and feedback from the Quest community," Meta said. Roblox, which operates a metaverse – or a virtual place where people play and make transactions, gets 66 million daily users and is available on mobile devices, desktops, and Microsoft's (MSFT.O) Xbox. Reporting by Yuvraj Malik in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Meta, Yuvraj Malik, Shailesh Organizations: Meta, Quest Pro, Quest, VR, Thomson Locations: Bengaluru

☆ Sony to boost gaming unit with $2.17 bln R&D war chest for 2024 - Nikkei
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +1 min

July 13 (Reuters) - Sony Group (6758.T) will infuse 300 billion yen ($2.17 billion) to expedite research and development efforts for its gaming segment for 2024, to catch up with its competitor Microsoft (MSFT.O), the Nikkei reported on Thursday. Sony will now aim to focus on live service games that let customers purchase add-ons for titles streamed online, moving away from its sole reliance on sales of its PlayStation game console, Nikkei said. The technology and entertainment conglomerate is expected to spend about 760 billion yen for company-wide R&D for fiscal 2024, the report said. Sony plans to have 12 live service game titles in its portfolio by fiscal 2026, up from just one in fiscal 2021, the Nikkei added. "We will continue to make strategic investments going forward, prioritizing intellectual property," Nikkei quoted Sony Group president Hiroki Totoki.

Persons: Hiroki Totoki, Roushni Nair, Shailesh Organizations: Sony Group, Microsoft, Nikkei, Sony, PlayStation, Gaming, Activision Blizzard, Thomson Locations: Bengaluru

☆ Faraday Future interim CFO resigns, firm to restate certain financial reports
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - Faraday Future Intelligent Electric (FFIE.O) said on Tuesday its interim finance chief has resigned and the company will restate its financial statements for 2022 and the quarter ended March 2023 after it uncovered some errors, highlighting continued turmoil at the electric vehicle firm. The company, which had raised going-concern doubts last year, appointed outsider Jonathan Maroko as its new interim chief financial officer, effective July 24. Faraday Future also said its annual report for 2022, quarters ending September 2022 and March 2023 "should no longer be relied upon" due to certain errors. The company will file restated financial statements and the move will not affect its vehicle delivery timeline, it added. Last month the company secured $90 million funding commitment from existing investors and had in May announced plans to raise $100 million in debt.

Persons: Jonathan Maroko, Yun Han, Faraday, Tesla, Yuvraj Malik, Shailesh Organizations: FF, Lordstown Motors, Thomson Locations: Bengaluru

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