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Won't be surprised if China restructures several regional banks
  + stars: | 2024-10-16 | by ( ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWon't be surprised if China restructures several regional banks: Moody's RatingsDavid Yin of Moody's Ratings says that the net interest margins of Chinese banks will continue to decline and that the small regional banks are the weakest part of China's banking system.
Persons: David Yin, Moody's Locations: China
But strategy advisors say it'll need to get more serious about defining its public benefit. Unlike traditional for-profit businesses, which are primarily focused on maximizing shareholder value, public benefit corporations must balance stakeholder interests with those of their employees and customers. Investors can also question why a company isn't progressing on its stated public benefit. It will also need to define its "public benefit" as part of its new corporate charter, he added. So as OpenAI restructures, the pressure is now on the company to clearly articulate its public mission and show that it's serious about it.
Persons: , OpenAI, Axios, Travis Borden, Keene, OpenAI's, Borden, Altman, Ilya Sutskever, Jan Leike, Mira Murati, restructures, Jens Dammann Organizations: Service, Legal, Institute, Cornell Law School, Keene Advisors, University of Texas School of Law, Business Locations: Silicon, Delaware,
The recent data breach that exposed the sensitive information of some 300,000 Avis customers highlighted some critical vulnerabilities within the rental car industry. Yet, there's another, often overlooked security risk when drivers use a rental car: the personal data you unknowingly leave behind when syncing your mobile device to a rental car's infotainment system. Privacy policies say the customer is responsibleExperts agree that car rental companies need to start implementing best practices to better protect customers. Despite this, many rental companies lag in applying adequate protections. When you read those car rental agreements, they say you leave the data in the car, it's your problem.
Persons: Ford's, Biden, Andrea Amico, Privacy4Cars, James Hajjar, Hajjar, you've, Clyde Williamson, John Price, Yashin Manraj Organizations: Avis, Hartford, Enterprise, Pvotal Technologies, Android, Apple Locations: U.S, Protegrity
Nasdaq futures fell after Alphabet and Tesla reported earnings. Tesla auto revenue dropsTesla's second-quarter earnings fell short of expectations as automotive sales declined for the second consecutive quarter. YouTube's ad revenue fell short of estimates amid increased competition from platforms like TikTok. GM skidsGeneral Motors' beat second-quarter earnings estimates but shares fell 6% as it restructures its struggling autonomous vehicles and Chinese business. RBC Capital Markets' Tom Narayan highlighted GM's expectation that second-half earnings will be $2.5 billion lower than in the first half.
Persons: Tesla, Ruth Porat, Morgan Stanley's Adam Jonas, Tom Narayan Organizations: New York Stock Exchange, CNBC, Nasdaq, Dow Jones, Treasury, Tesla, GM, General, RBC Capital Markets, United Parcel Service, UPS, Barclays, CNBC Pro Locations: New York City, U.S, Waymo
Diamond prices have fallen 5.7% so far this year, according to Zimnisky's rough diamond index, declining more than 30% from their all-time high in 2022. Lab-grown diamonds, which can be up to 85% cheaper than natural diamonds, are made in a controlled environment using extreme pressure and heat. Lab-grown diamond sales have surged from just 2% of the global diamond jewelry market in 2017 to 18.4% in 2023, according to data provided by Zimnisky. An industry 'in trouble'"The diamond industry is in trouble," Daga told CNBC, adding that he believes natural diamond prices could fall another 15%-20% over the next 12 months. Similar to a natural diamond, a lab-grown diamond is graded based on the 4Cs — clarity, color, cut and carat weight.
Persons: Leon Neal, Duncan Wanblad, De, Paul Zimnisky, De Beers, Marcelo Esquivel, Ankur Daga, Daga, Anish Aggarwal, Lionel Bonaventure Organizations: Afp, Getty, De, BHP, Financial Times, De Beers, CNBC, Daxue Consulting, Bloomberg, Zimnisky Locations: Harrods, London, De Beers, American, China, U.S
It announced plans to focus on product placement, influencer marketing, and creator platform TubeBuddy. The company also named a new CEO to help lead the restructuring. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertising agency BENlabs has laid off staffers and appointed a new CEO as part of a restructuring, the company announced on Tuesday. The company said the restructuring focuses its business on three core areas: product placement, influencer marketing, and the creator-analytics platform TubeBuddy.
Persons: BENlabs, Organizations: Service
Hayley Paige Gutman and JLM Couture have been in a legal battle since 2020Gutman started working with JLM Couture in 2011, selling her designs under the company's umbrella. AdvertisementDesigner Hayley Paige Gutman was in a legal dispute with JLM Couture for years. AdvertisementMost importantly, the settlement gives Gutman ownership of all intellectual property associated with Hayley Paige that JLM previously owned, including the trademarks and lookbooks for the bridal lines Hayley Paige Bridal, Blush By Hayley Paige, and Hayley Paige Occasions, as well as the social-media accounts associated with her name. Hayley Paige. AdvertisementShe also plans to keep designing shoes and accessories under She Is Cheval as a "sister brand" to Hayley Paige.
Persons: , Hayley Paige, Hayley Paige Gutman, JLM Couture, Hayley Paige Bridal, Gutman, JLM, Joe Murphy, allthatglittersonthegram Gutman, Conrad Clevlen, Cheval, JLM hadn't, Clevlen, Nancy Pauline, Dia Dipasupil Organizations: Service, Business, JLM, BI, New, Appeals Locations: Delaware, New York, JLM
Read previewRed Lobster has filed for Chapter 11 bankruptcy, the seafood restaurant chain announced in a statement on Sunday. However, Red Lobster added its remaining restaurants will "remain open and operating as usual during the Chapter 11 process." Filing for Chapter 11 bankruptcy allows a company to stay in business while it restructures its assets. The firm said it had received a $100 million debtor-in-possession agreement from its existing lenders, which will now take control of Red Lobster. Advertisement"This restructuring is the best path forward for Red Lobster," Tibus said.
Persons: , Jonathan Tibus, Tibus, we've Organizations: Service, Business, Thai Union Group
"The tech sector is in the midst of a tremendous platform shift with Al," Porat wrote in the memo, obtained by CNBC, that was sent to employees in finance. The restructuring will impact finance teams domestically and abroad, including in the Asia Pacific region and Europe, the Middle East and Africa, Porat noted. "Over the past year, we have talked about creating hubs of Fin'ooglers around the world that are vibrant and have a strong culture," Porat wrote. "As we've said, we're responsibly investing in our company's biggest priorities and the significant opportunities ahead," a Google spokesperson told CNBC in an email. WATCH: Google Cloud CEO says company is monetizing AI in a variety of ways
Persons: Ruth Porat, Porat, Sundar Pichai, we've Organizations: Google, CNBC, San Francisco Bay Area Locations: Asia, Europe, East, Africa, Bangalore, Mexico City, Dublin, Chicago, Atlanta, San Francisco Bay, Fin'ooglers
The announcement came after S&P Global Ratings lowered Avison's credit on Friday and reported that the company had defaulted on the loan. Weeks earlier, S&P had downgraded the credit rating of Cushman & Wakefield, another major services firm. Higher interest rates have dislocated property values and stifled sales transactions, cutting off a major revenue stream for these firms. Leasing activity across major property types, meanwhile, including office, remains diminished. A push into US real estateAvison sought to rapidly grow in the US over the past decade, including in major commercial real estate markets such as New York City.
Persons: Avison Young, Weeks, Cushman, , Mark Rose, Avison, Rose, CDPQ, Arbour, MSCI, doesn't, that's Organizations: Cushman & Wakefield, Business, Leasing, Caisse, Federal Reserve Locations: Toronto, Avison, Lane, Stamford , Connecticut, New York City
She gave Etsy another look because it had become a place where she could sell digital printables, meaning there was no need for inventory. Lam found an online Etsy course from a platform called Gold City Ventures and decided to sign up for it. Since 2022, she has sold over $34,000 Canadian dollars ($25,000) in digital printables, according to screenshots of her account viewed by Business Insider. In January 2022, Lam only made a net profit of CA$3.45. However, she began to design Valentine's Day printables that included religious scripture on them, and those sold, she said.
Persons: Claudine Lam, Etsy, Lam, It's, it's, you'll, Patrick's Organizations: Service, Gold City Ventures, Business Locations: Australia, British Columbia, Canada
Roughly $2.1 trillion of debt connected to commercial real estate assets, including office properties, apartment buildings, hotels, and retail spaces, will come due between now and the end of 2025 in the US, according to the real estate services firm JLL. The wave of maturities and the enormous equity shortfalls have raised concerns that a growing number of commercial real estate debts will fall into distress, forcing banks and other lenders to suffer losses. His group tracked about $15 billion of commercial property debt sales during the year, roughly three times the volume from 2022. Commercial real estate loans differ from residential mortgages taken by homeowners in that most are interest-only or pay down their principal balance minimally and span a decade or less. More banks are exploring loan salesBanks and other lenders generally aren't eager to seize the real estate assets that collateralize their debt.
Persons: Jerry, Stephen Scouten, Piper Sandler, it's, Kevin Aussef, Aussef, David Tobin, Marcus, Millichap, Synovus, Tobin, David Frosh, they're, Frosh, Fitch, David Blumberg, we'd, Blumberg, Daniel Geiger, Rob Verrone, Banks, You've, Bliss Morris, Morris Organizations: Amerant Bank, Business, Banking, CIBC, Mission, PacWest, HSBC, Fidelity, Funding Inc, Blackstone, Bloomberg, Broadway, Aon Center, 601W Companies, Iron Hound Management, First Financial Locations: Coral Gables , Florida, Houston, Canadian, Brookfield, Los Angeles, Columbus, Manhattan, Midland, Chicago, Oklahoma City, New York
The consumer goods giant said it would take a $1.3 billion non-cash impairment charge before tax in the current quarter ending Dec. 31 on its Gillette business. P&G, which bought Gillette for $57 billion in 2005, gets about 8% of its total sales from the grooming business. "It's very difficult for us as a U.S. dollar-denominated company to create value (in these markets)," Schulten said. Total charges will be between $2 billion and $2.5 billion after tax and will be recognized in fiscal years 2024 and 2025. Net earnings attributable to the company was $14.7 billion for fiscal 2023.
Persons: Timothy Aeppel, Andre Schulten, Morgan Stanley, Schulten, Juveria Tabassum, Sriraj Organizations: Procter, REUTERS, Procter & Gamble, Gillette, Morgan, Thomson, & $ Locations: Tabler Station, West Virginia, U.S, Argentina, Nigeria
CNBC Daily Open: Is trouble brewing?
  + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +2 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Amazon reported third-quarter earnings and revenue on Thursday that sailed past analysts' estimates. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined. Multiple names within the Nasdaq are already in a bear market, or down more than 20% from their 52-week highs.
Organizations: CNBC, Big Tech, Nasdaq, Dow Jones, Amazon Web Services, Ford, United Auto Workers union, Intel, CNBC Pro
CNBC Daily Open: Is trouble on the horizon?
  + stars: | 2023-10-27 | by ( Clement Tan | ) www.cnbc.com   time to read: +3 min
This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Seattle-based online retail giant reported third-quarter earnings and revenue that sailed past analysts' estimates. Its ad business recorded $12.06 billion in revenue during the third quarter, marking a 26% jump from the year-earlier period. Cost cuttingIntel shares rose about 7% in after-hours trading after the company reported third-quarter earnings on Thursday that beat expectations for profit and sales, even as overall revenue declined.
Persons: Andy Jassy, axing, Li Keqiang, Li Organizations: CNBC, Nasdaq, Dow Jones, Web Services, Ford, United Auto Workers union, Intel Locations: Asia, Pacific, Seattle, North America, Shanghai
China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.
Persons: Hao Hong, Hong's WeChat, , Keng, that's, Hui Ka Yan, Hong, Hao, , China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo
A man walks past an advertising hoarding of Byju's, an Education Technology company and one of India's biggest startup, outside one of its branch in New Delhi, India, June 23, 2023. REUTERS/Adnan Abidi/File Photo Acquire Licensing RightsBENGALURU, Aug 29 (Reuters) - Byju's Chief Business Officer, Prathyusha Agarwal, and two other senior executives have resigned as the struggling Indian ed-tech startup restructures its business and operations, a company spokesperson said on Tuesday. Two other business heads - Himanshu Bajaj and Mukut Deepak - have also left, the company, once India's most valuable startup, said. Byju's has let go of thousands of employees this year as it grapples with multiple legal and financial woes. Reuters has reported that Byju's will file 2022 audited earnings by September and 2023 results by December.
Persons: Adnan Abidi, Prathyusha Agarwal, Agarwal, Himanshu Bajaj, Mukut Deepak, BYJU'S, Moneycontrol, Byju's, Mohandas Pai, Rajnish Kumar, Pranav Kiran, Navamya Ganesh, Nivedita Organizations: Education Technology, REUTERS, Rights, Byju's, Zee Entertainment Enterprises, Prosus NV, Deloitte, Reuters, State Bank of India, Thomson Locations: New Delhi, India, Bengaluru
Traders work on the floor of the New York Stock Exchange (NYSE) on December 08, 2021 in New York City. Satellite-imagery and data-analysis company Planet is restructuring and laying off 117 employees, it announced on Tuesday. "This action was taken to increase the company's focus on its high priority growth opportunities and operational efficiency, which the company believes will further support its long term strategy and path to profitability," Planet wrote in a securities filing. Planet's stock was little changed in premarket trading from its previous close of $3.75 a share. Marshall noted that Planet's expansion since the company went public in December 2021 "increased cost and complexity, which slowed us down in some regards."
Persons: Will Marshall, Marshall Organizations: New York Stock Exchange Locations: New York City
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
Some say the Instant Pot has passed its expiry date, but I couldn't disagree more. podcast by Curbed, one guest said people who owned an Instant Pot often talked about it as if it was their lover. Instant Brands continues to operate after filing for bankruptcy protection, but the Instant Pot is seemingly no longer the company's golden goose. I may be in the minority, but I'll passionately continue using my Instant Pot until the day it finally runs out of steam. One thing is for sure — my Instant Pot will give up on me long before I give up on it.
Persons: , that's Organizations: Service, Brands, Associated Press, Instant Brands
Chipmaker Intel restructures manufacturing business
  + stars: | 2023-06-21 | by ( ) www.reuters.com   time to read: +1 min
June 21 (Reuters) - Intel Corp (INTC.O) said on Wednesday its manufacturing business will work like a separate unit and will begin to generate a margin, but gave no clear timeline on when it will start scaling up, sending the chipmaker's shares down about 5%. The company also did not name a new external customer for the business as part of its foundry services, a key element of Intel's turnaround plans wherein it will offer its manufacturing services to other companies including its competitors. Intel's internal business units will now have a customer-supplier relationship with the manufacturing business, Chief Financial Officer David Zinsner said on an investor call. Based on that model, Intel will be the second largest foundry next year with manufacturing revenue of more than $20 billion, he said. "The presentation essentially tells investors that its current manufacturing is sub-scale and could remain sub-scale for a while," Chan added.
Persons: David Zinsner, Kinngai Chan, Chan, Chavi Mehta, Maju Samuel Organizations: Intel Corp, Intel, Taiwan Semiconductor Manufacturing, Thomson Locations: Bengaluru
Pyrex, Instant Pot maker files for bankruptcy as sales fall
  + stars: | 2023-06-13 | by ( ) www.cnbc.com   time to read: +1 min
Instant Pot multicookers for sale at Bloomingdale's Inc. flagship department store in New York, U.S., on Wednesday, Oct. 21, 2020. Instant Brands, the maker of Pyrex glassware and Instant Pot pressure cookers, has filed for bankruptcy, saying high-interest rates, tighter credit conditions and falling consumer demand made its debt load unsustainable. Instant Brands, whose products also include Corningware, said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. The Downers Grove, Illinois-based company has more than 1,800 employees, over half of whom are unionized. Entities located outside the United States and Canada are not seeking court protection.
Organizations: Bloomingdale's Inc, Instant Brands, Cornell Capital LLC Locations: New York, U.S, Houston, Downers Grove , Illinois, United States, Canada
June 12 (Reuters) - Instant Brands, the maker of Pyrex kitchenware, filed for bankruptcy on Monday, saying it had too much debt to withstand rising interest rates and tighter credit conditions. Instant Brands said it plans to keep operating while it restructures, and toward that end has lined up $132.5 million in financing. "Tightening of credit terms and higher interest rates impacted our liquidity levels and made our capital structure unsustainable," Chief Executive Ben Gadbois said in s statement. Instant Brands' portfolio also includes products such as Instant Pot pressure cookers and Corningware. The case is In re: Instant Brands Acquisition Holdings Inc, U.S. Bankruptcy Court, Southern District of Texas, No.
Persons: Pyrex kitchenware, Ben Gadbois, Davis Polk, Jonathan Stempel, Bill Berkrot Organizations: Brands, Cornell Capital LLC, Instant Brands, Federal Trade Commission, Holdings Inc, Bankruptcy, Southern District of, bk, Thomson Locations: Texas, United States, Canada, Downers Grove , Illinois, USA, China, Southern District, Southern District of Texas, New York
Spotify to lay off 200 workers in podcast division
  + stars: | 2023-06-05 | by ( ) www.reuters.com   time to read: +2 min
June 5 (Reuters) - Spotify Technology SA (SPOT.N) said on Monday it would cut 200 jobs from its podcast unit in its second round of layoffs, as the company restructures the business after years of heavy investment. Spotify had spent aggressively to build up its podcast business in recent years, hoping the higher engagement levels offered by the format will bring in more advertisers. In response, Spotify cut 6% of its workforce earlier in 2023 and announced the departure of Dawn Ostroff, who helped shape its podcast business and guided it through controversies such as the backlash around Joe Rogan's show for allegedly spreading misinformation about COVID-19. Sahar Elhabashi, who heads the podcast business, said on Monday that the company has "made the difficult but necessary decision to make a strategic realignment." Spotify also said it will merge its Parcast and Gimlet studios into a single Spotify Studios division, which will produce Spotify originals.
Persons: Dawn Ostroff, Joe Rogan's, Sahar Elhabashi, Elhabashi, Tiyashi Datta, Vinay Dwivedi, Shweta Agarwal Organizations: Spotify Technology SA, Spotify, Spotify Studios, Thomson Locations: Sweden, Bengaluru
New York CNN —Vice Media will cancel its acclaimed program “Vice News Tonight” as part of a broad restructuring that will result in painful cuts across the organization, the company said Thursday. The restructuring will have major implications on news teams at Vice Media. The company will sunset the Vice World News brand and fold its operations under the Vice News umbrella, giving the company a singular news brand. The restructuring comes as Vice Media, once the darling of the industry, explores a sale. CNN, The Washington Post, NPR, Gannett, Vox Media, NBC News, and others have also cut their workforces in recent months.
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