DIRS.INFO The most relevant business & tech news

☆ Musk's X social media platform reinstates Kanye West's account
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +2 min

July 29 (Reuters) - Social media platform X reinstated account of Ye, the artist formerly known as Kanye West, on Saturday, after it was suspended nearly eight months ago because the rapper had violated the platform's rules prohibiting incitement to violence. Ye's account now shows his last post from Dec. 1, a day prior to when his account was suspended on platform X, the new name owner Elon Musk has given Twitter. Ye won't be eligible to monetize his account on X, and advertisements won't appear next to his posts, the Wall Street Journal reported on Saturday, citing the social media platform. The social media platform did not immediately respond to Reuters' request for comment. After Ye went on a string of antisemitic rants in interviews and on social media he lost his partnership with Adidas (ADSGn.DE) and Gap (GPS.N) for Yeezy products.

Persons: Ye, Elon Musk, David . X, Musk, Donald Trump's, Trump, Baranjot Kaur, Alistair Bell Organizations: Wall Street, Reuters, Twitter, Adidas, Thomson Locations: Bengaluru

☆ Canada's O'Regan considers binding agreement to end dock workers strike
▼ + stars: | 2023-07-29 | by ( ) www.reuters.com time to read: +1 min

July 29 (Reuters) - Canadian Labor Minister Seamus O'Regan said on Saturday he could impose a new collective agreement or a final binding agreement on striking dock workers following their rejection of a proposed labor contract. O'Regan said he had directed the Canada Industrial Relations Board to determine whether the rejection of the tentative agreement by the dock workers in Western Canada has eliminated the possibility of a negotiated resolution. "If the Board determines that to be the case, I have directed them to either impose a new collective agreement on the parties or impose final binding arbitration to resolve outstanding terms of the collective agreement," O'Regan said in a post on social media platform X, formerly known as Twitter. The International Longshore and Warehouse Union, representing about 7,500 dock workers, rejected a proposed labor contract on Saturday that would have ended a dispute that has already affected trade and could have more economic repercussions by disrupting operations at the country's busiest ports. Reporting by Baranjot Kaur in Bengaluru; Editing by Sandra MalerOur Standards: The Thomson Reuters Trust Principles.

Persons: Seamus O'Regan, O'Regan, " O'Regan, Baranjot Kaur, Sandra Maler Organizations: Canadian Labor, Canada Industrial Relations Board, Twitter, Warehouse Union, Thomson Locations: Western Canada, Bengaluru

☆ Tropical storm Don becomes hurricane, NHC says
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

July 22 (Reuters) - Tropical storm Don became a hurricane on Saturday, the U.S. National Hurricane Center (NHC) said in its latest advisory. Hurricane Don, which is moving in a northwest direction over the central Atlantic, is located about 775 kilometers (481.56 miles) south-southeast of Cape Race Newfoundland and packing maximum sustained winds of 75 miles per hour, the Miami-based forecaster said. Don is forecast to become a post-tropical cyclone Sunday night, NHC said, adding that steady weakening should begin Saturday night or early Sunday. The hurricane is expected to turn northeastward later tonight or early Sunday, and a northeastward to east-northeastward motion should continue until the system dissipates Monday night or early Tuesday, the forecaster said. The Miami-based forecaster did not provide any warnings or coastal watches for the hurricane.

Persons: Don, Hurricane Don, Anirudh Saligrama, Baranjot Kaur, Jason Neely, Richard Chang Organizations: U.S, National Hurricane Center, Hurricane, Cape Race, NHC, Thomson Locations: Cape, Cape Race Newfoundland, Miami, Bengaluru

☆ Striking writers and actors accuse NBCUniversal of blocking picket area
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

[1/2] SAG-AFTRA actors strike against the Hollywood studios as they join the Writers Guild of America (WGA) on the picket like outside of Netflix offices in Los Angeles, California, U.S., July 14, 2023. REUTERS/Mike Blake/File PhotoLOS ANGELES, July 18 (Reuters) - Hollywood's striking Writers Guild of America (WGA) and SAG-AFTRA actors' union filed a grievance with the National Labor Relations Board (NLRB) against Comcast's (CMCSA.O) NBCUniversal on Tuesday, accusing the company of blocking a picket area. The unions said NBCUniversal infringed its freedom to picket and endangered its members by obstructing a public sidewalk next to the company's studio lot in California with an ongoing construction project. Hollywood actors joined film and television writers on picket lines for the first time in 63 years last week as they demanded higher streaming-era pay and curbs on the use of artificial intelligence. "We strongly believe that the company has fulfilled our legal obligations under the National Labor Relations Act (NLRA) and we will cooperate with respect to any inquiries by the National Labor Relations Board on this issue," an NBCUniversal spokesperson said.

Persons: Mike Blake, NBCUniversal, picketers, AFTRA, Mrinmay Dey, Baranjot Kaur, Juby Babu, Lisa Richwine, Shubhendu Deshmukh, Leslie Adler, Jamie Freed Organizations: Hollywood, Writers Guild of America, Netflix, REUTERS, Guild of America, SAG, National Labor Relations Board, Comcast's, National Labor Relations, Thomson Locations: Los Angeles , California, U.S, California, Bengaluru, Los Angeles

☆ United Airlines pilots reach labor agreement, boost pay
▼ + stars: | 2023-07-15 | by ( ) www.reuters.com time to read: +2 min

CHICAGO, July 15 (Reuters) - United Airlines (UAL.O) and its pilots on Saturday reached a labor agreement that will give the latter a significant pay increase, after the union rejected an earlier offer last year instead to seek even higher wages with pilots in short supply. The pilots will get cumulative 34.5%-40.2% increase in pay raises in a new four-year contract, the Air Line Pilots Association (ALPA) said. "We're pleased to have reached an agreement with ALPA," United Airlines CEO Scott Kirby said. United, Delta, American Airlines and Southwest Airlines (LUV.N) are estimated to hire about 8,000 pilots this year. United pilots turned down a deal last year that included more than 14.5% in cumulative wage increases and enhanced overtime and training pay.

Persons: We're, Scott Kirby, Rajesh Kumar Singh, Baranjot Kaur, Nick Zieminski, Diane Craft, Aurora Ellis Organizations: United Airlines, Saturday, Air Line Pilots Association, United, ALPA, Delta Air Lines, Industry, Rival American Airlines, American Airlines, Southwest Airlines, Jefferies, Thomson Locations: Chicago, North America, Delta, United States, Bengaluru

☆ Italy's Banco BPM enters payments deal with Gruppo BCC Iccrea and FSI
▼ + stars: | 2023-07-14 | by ( ) www.reuters.com time to read: 1 min

July 14 (Reuters) - Italy's third-largest bank Banco BPM (BAMI.MI) said on Friday it agreed together with Gruppo BCC Iccrea and domestic private equity fund FSI to create the country's second largest player in the payments business. FSI, founded by former Merrill Lynch banker Maurizio Tamagnini, and unlisted bank Iccrea jointly run the BCC Pay payments business. Banco BPM partners with NEXI (NEXII.MI), Europe's biggest payments company by volume of transactions. On completion of the deal, Banco BPM said it and Iccrea will control 28.6% each of Pay Holding - which controls BCC Pay - and FSI will hold 43%. The venture will have a domestic market share of more than 10%, Banco BPM said.

Persons: Merrill Lynch, Maurizio Tamagnini, Baranjot Kaur Organizations: Banco, Gruppo BCC Iccrea, Pay, Thomson Locations: Bengaluru

☆ UK to provide $65 mln support package to Ukraine
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +1 min

July 11 (Reuters) - The British government said on Tuesday it will provide a 50 million pounds ($64.7 million) support package for equipment repair and establishment of a military rehabilitation centre in Ukraine. Under the new tranche of support, which will be discussed at this week's NATO summit, Britain and G7 members will provide thousands of additional rounds of Challenger 2 ammunition and more than 70 combat and logistics vehicles. These programmes will be funded through NATO's Comprehensive Assistance Package for Ukraine and supported by rehabilitation specialists from across the Alliance, the British government said in a statement. This joint declaration is expected to be signed by all members of the G7, the statement said. The declaration will set out how allies will support Ukraine over the coming years to end the war.

Persons: Putin, Rishi Sunak, Baranjot Kaur, Leslie Adler, Stephen Coates Organizations: NATO, Challenger, NATO's, Alliance, Thomson Locations: Ukraine, Britain, Europe, Bengaluru

☆ Honda recalling 1.3 million vehicles worldwide for rear camera issue
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Companies Honda Motor Co Ltd FollowWASHINGTON June 23 (Reuters) - Honda Motor (7267.T) is recalling 1.3 million vehicles worldwide due to a potential issue with the rearview camera image, the U.S. National Highway Traffic Safety Administration (NHTSA) said on Friday. Due to a faulty communication coaxial cable connector, the rearview camera image may not appear on the display. The recall includes 1.2 million U.S. vehicles, 88,000 in Canada and 16,000 in Mexico, Honda said. Honda previously extended the warranty to vehicles affected by the issue in 2021. Dealers will install an improved cable harness between the existing display audio and vehicle terminal connections and a straightening cover over the vehicle cable connector to properly connect the audio display unit.

Persons: Honda, Baranjot Kaur, David Shepardson, Shailesh Kuber, Kirsten Donovan, Sandra Maler Organizations: Honda Motor, WASHINGTON, Honda, U.S . National, Traffic Safety Administration, Thomson Locations: Canada, Mexico, Bengaluru, Washington

☆ Honda recalling 1.2 million US vehicles for rear camera issue
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

Companies Honda Motor Co Ltd FollowWASHINGTON June 23 (Reuters) - Honda Motor (7267.T) is recalling 1.2 million vehicles in the United States due to a potential issue with the rearview camera image, the National Highway Traffic Safety Administration (NHTSA) said on Friday. Due to a faulty communication coaxial cable connector, the rearview camera image may not appear on the display. Honda previously extended the warranty to vehicles affected by the issue in 2021. The automaker said in a filing with NHTSA it has received 273,870 warranty claims related to the issue between May 2017 and June this year, and no reports of injuries or deaths related to the recall issue. Dealers will install an improved cable harness between the existing display audio and vehicle terminal connections and a straightening cover over the vehicle cable connector to properly connect the audio display unit.

Persons: Baranjot Kaur, David Shepardson, Shailesh Kuber, Kirsten Donovan Organizations: Honda Motor, WASHINGTON, Honda, Traffic Safety Administration, Thomson Locations: United States, Bengaluru, Washington

☆ Honda recalling 1.2 mln US vehicles for rear camera issue
▼ + stars: | 2023-06-23 | by ( David Shepardson | ) www.reuters.com time to read: +1 min

☆ Russia gas flows through Ukraine could stop next year - FT
▼ + stars: | 2023-06-22 | by ( ) www.reuters.com time to read: +2 min

The chances of Kyiv and Moscow agreeing to a renewal of the five-year transit contract first signed in 2019 were slim, even though the route through Ukraine accounts for almost 5% of Europe's total gas imports, the newspaper reported. Russian gas giant Gazprom (GAZP.MM) warned in April that Europe's ability to maintain ample gas stocks in the 2023/2024 winter hinges on Asia's demand given "critically low" supplies from Russia. European gas prices rose last year on Gazprom's threat to cut flows to Moldova, as the supply route, which goes through Ukraine, is the last functioning Russian gas corridor to Europe. The European Union last year invested heavily in LNG imports and adopted regulation to boost storage to fend off any shortage after Russian gas supplies to Europe shrank following Moscow's special military operation in Ukraine. Reporting by Baranjot Kaur in Bengaluru; Editing by Christopher Cushing and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Galushchenko, Baranjot Kaur, Christopher Cushing, Sonali Paul Organizations: Gazprom PAO, Gazprom, Financial Times, German, European Union, Thomson Locations: Russia, Europe, Ukraine, Kyiv, Moscow, Moldova, Bengaluru

The agreement, disclosed in court papers filed late on Friday, still requires the approval of the federal judge overseeing the litigation. To make certain that U.S. customer assets do not go offshore, the agreement allows only Binance.US employees access to these assets. The SEC said in a statement released on Saturday that the emergency relief order secured for Binance.US customers will protect their assets and ensure that they can continue to withdraw those assets. "Given that Changpeng Zhao and Binance have control of the platforms' customers' assets and have been able to commingle customer assets or divert customer assets as they please ... these prohibitions are essential to protecting investor assets," Gurbir Grewal, director of the SEC's enforcement division, said in the statement. The U.S. affiliate of Binance halted dollar deposits last week and gave customers a deadline of June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: Binance, Changpeng Zhao, Binance.US, Zhao, Gurbir Grewal, Baranjot Kaur, Akanksha, Jose Joseph, Will Dunham, Stephen Coates, Louise Heavens Organizations: U.S . Securities, Exchange Commission, SEC, Binance Holdings, Services, U.S, Thomson Locations: United States, Bengaluru

☆ Binance, SEC agree to allow only US employees to access customer funds
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator entered into an agreement to ensure that only Binance.US employees could access customer funds in the short term, according to court documents. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets. Other provisions in the proposed agreement will see Binance.US create new crypto wallets that the global exchange's employees have no access to, provide additional information to the SEC and agree to an expedited discovery schedule, the filings said.

Persons: Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ Binance, SEC strike deal to move all US customer funds, wallet keys back onshore - CoinDesk
▼ + stars: | 2023-06-17 | by ( ) www.reuters.com time to read: +1 min

June 17 (Reuters) - Binance, Binance.US and the U.S. securities regulator announced a deal to ensure that only Binance.US employees could access customer funds in the short term, CoinDesk reported on Saturday, citing a proposed agreement. The proposed agreement comes after the SEC sued Binance, its CEO and founder Changpeng Zhao and Binance.US's operator last week, in a dramatic escalation of a crackdown on the industry by U.S. regulators. The SEC also sued major U.S. exchange Coinbase (COIN.O) after that. Binance.US and SEC did not immediately respond to Reuters' request for comment. The U.S. affiliate of Binance halted dollar deposits last week and gave customers until June 13 to withdraw their dollar funds, after SEC asked a court to freeze its assets.

Persons: CoinDesk, Binance, Changpeng Zhao, Binance.US, Baranjot Kaur, Stephen Coates, Louise Heavens Organizations: Binance Holdings, Services, SEC, Reuters, U.S, Thomson Locations: Bengaluru

☆ US banks could face 20% hike to capital requirements - WSJ
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

June 5 (Reuters) - U.S. regulators are preparing to tighten rules for large banks, which could raise their capital requirements by 20% on average, the Wall Street Journal reported on Monday, to boost the financial system's resilience after a spate of midsize bank failures this year. Regulators are on track to propose the changes as early as this month, the WSJ reported, citing people familiar with the matter. Fed Vice Chair for Supervision Michael Barr said the central bank was "carefully considering" rule changes for larger regional banks. The WSJ said that the precise amount of capital requirements will depend on the bank's business, with U.S. megabanks with big trading businesses expected to face the largest increases. Banks such as Morgan Stanley (MS.N) and credit card giant American Express (AXP.N) that are heavily dependent on fee income, such as from investment banking or wealth management, could also face large capital increases, the WSJ said.

Persons: Michael Barr, Banks, Morgan Stanley, Baranjot Kaur, Savio D'Souza Organizations: Wall Street, Regulators, WSJ, U.S, U.S . Federal, Congress, American, American Express, Reuters, Thomson Locations: U.S, U.S ., Bengaluru

☆ BlackRock CEO Fink trains successors, with no imminent plan to retire -WSJ
▼ + stars: | 2023-05-13 | by ( ) www.reuters.com time to read: +1 min

May 13 (Reuters) - BlackRock Inc (BLK.N) Chief Executive Officer Larry Fink has been preparing five key leaders to take his role whenever he decides to step down in the future, the Wall Street Journal reported on Saturday. Though Fink has no imminent plans to retire, he along with President Robert Kapito has been training these candidates for "The Great Race" - to choose the successor - in what Fink calls is the "No. Fink told the newspaper he hoped to build camaraderie among the five, and not competition, so they will keep working together. BlackRock said it plans no major changes to the way it engages with companies. Reporting by Baranjot Kaur in Bengaluru; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Capita warns some pensions data likely taken in cyber attack -FT
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

May 4 (Reuters) - British outsourcing company Capita (CPI.L) has confirmed to pension clients that some data it processed was likely to have been hacked during a recent cyber incident, the Financial Times reported on Thursday. A large team of staff at Capita had searched the affected servers and identified that some pensions data that Capita processes on behalf of its clients "is likely to have been exfiltrated", the newspaper reported, citing correspondence sent to trustees. "Capita is working closely with specialist advisers and forensic experts in investigating the incident to provide assurance around any potential customer, supplier or colleague data exfiltration," a company spokesperson said in a statement to Reuters. Among its clients, the company provides the British government with services to connect with citizens including managing tax and I.T. The report added that there was "no evidence" that Capita pensions data was available on the dark web and that it had a third-party specialist checking on a regular basis.

☆ Vice Media preparing to file for bankruptcy - NYT
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike SegarMay 1 (Reuters) - Vice Media Group, the company behind popular media websites such as Vice and Motherboard, is preparing to file for bankruptcy, the New York Times reported on Monday, citing people with knowledge of its operations. "Vice Media Group has been engaged in a comprehensive evaluation of strategic alternatives and planning. Last week, Vice Media said it will cancel popular TV program "Vice News Tonight" as part of a broader restructuring that will result in job cuts across the digital media firm's global news business, capping years of financial difficulties and top-executive departures. Vice Media was among a group of fast-rising digital media ventures that once commanded rich valuations, as they courted millennial audiences. It rose to prominence alongside its provocative co-founder, Shane Smith, who built his media empire from a single Canadian magazine.

☆ Astellas Pharma buys Iveric Bio for $5.9 billion
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Japan's Astellas Pharma (4503.T) said on Monday it agreed to buy U.S.-based drugmaker IVERIC Bio Inc for about $5.9 billion in its biggest acquisition, giving it access to a range of ophthalmology treatments. Through Berry Merger Sub Inc, a wholly-owned subsidiary of Astellas U.S. Holding, the Japanese company agreed to acquire IVERIC for $40 per share in cash, Astellas said in a release. The acquisition price is a 22% premium to IVERIC's $32.89 closing price on April 28. Prior to that, its biggest ever acquisition was its $3.8 billion purchase of OSI Pharmaceuticals Inc in 2010. Reporting by Baranjot Kaur in Bengaluru; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ European e-scooter operator TIER Mobility explores merger - Sky News
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +1 min

May 1 (Reuters) - Berlin-based e-scooter operator TIER Mobility is working with bankers at Qatalyst Partners for a potential merger or sale with a rival, Sky News reported on Monday. The talks, however, did not produce satisfactory terms for TIER, the report said, citing industry sources. TIER Mobility and Qatalyst Partners did not immediately respond to Reuters requests for comment. In 2021, the Softbank-backed TIER bought bike-sharing firm Nextbike to create Europe's largest provider of shared lightweight vehicles. TIER Mobility operates in 10 countries and employs about 900 people, according to its website.

☆ JPMorgan's dealmaking flurry being scrutinized by US regulator - FT
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

JPMorgan had sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court in December. The OCC audit was scheduled before JPMorgan's lawsuit, the report said. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity. JPMorgan and the OCC did not immediately respond to Reuters request for comment. Reporting by Baranjot Kaur in Bengaluru; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Icelandair orders 25 Airbus A321XLR as it replaces Boeing 757s
▼ + stars: | 2023-04-07 | by ( ) www.reuters.com time to read: +1 min

April 7 (Reuters) - Icelandair Group HF (ICEAIR.IC) said on Friday it secured a deal to purchase about 25 of European planemaker Airbus SE's (AIR.PA) latest A321XLR single-aisle jet, with deliveries slated to begin in 2029. Icelandair, however, said it plans to start using the world's largest planemaker's aircraft from 2025, and is currently in advanced negotiations to lease four Airbus A321LR planes for this purpose. "With the acquisition of the Airbus aircraft, Icelandair will complete the replacement of the Boeing 757," the company said in a statement. Icelandair said it would continue to operate a full Boeing fleet until 2025, after which a mixed fleet of both Airbus and Boeing planes will be in operation following the first deliveries from Airbus. But whereas this makes up some 12% of market forecasts for Boeing's 2023 deliveries, Airbus has secured just 9% of its 2023 target of 720 jets, below the trend for this time of year.

☆ Starbucks illegally refused to bargain with union on Zoom - Bloomberg News
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

The general counsel of the NLRB determined that the coffee chain violated labor law by refusing to participate in collective bargaining sessions if some workers were present via video-conference, the report said. "Now that it's clear we have the right to bargain using a virtual component, we hope Starbucks is ready, too," Tyler Keeling, a Starbucks' union leader from California said in a statement. Starbucks and the NLRB did not immediately respond to Reuters request for comment. Employees at more than 280 out of Starbucks' roughly 9,000 company-operated U.S. locations have voted to join a labor union since 2021. The union is seeking better pay and benefits, improved health and safety conditions and protections against unfair dismissal and discipline.

☆ Starbucks, union at odds over hybrid negotiations
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +2 min

March 28 (Reuters) - Starbucks Corp (SBUX.O), which has faced criticism over its opposition to union organizing, said the labor union representing some of its stores has rejected in-person bargaining sessions and is insisting on hybrid negotiations. Starbucks Workers United, which represents thousands of U.S. baristas at about 200 cafes, conducted unauthorized virtual broadcasts of bargaining sessions without prior agreement from all parties, Starbucks said in a statement to Reuters on Monday. "Workers United is asking for a seat at the table, we're simply encouraging them take their seat in-person at the negotiating table, as required, to move the bargaining process forward," the company said. This comes after National Labor Relations Board (NLRB) prosecutors alleged that Starbucks violated labor law by refusing to engage in bargaining if some workers were attending remotely via videoconference, according to a Bloomberg report. "Now that it's clear we have the right to bargain using a virtual component, we hope Starbucks is ready, too," Tyler Keeling, a leader of the Starbucks Workers United in California said.

☆ Softbank-owned Arm seeks to raise prices ahead of U.S. IPO - FT
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +1 min

March 23 (Reuters) - Arm Ltd, owned by Japan's SoftBank Group Corp (9984.T), is seeking to raise prices for its chip designs, as it aims to boost revenue ahead of an initial public offering in New York, the Financial Times reported on Thursday. The British chip designer recently notified several of its customers of a "significant shift" to its business model, the newspaper said, citing several industry executives and former employees. Arm intends to alter its royalty program, ceasing to charge chipmakers royalties for using its designs based on a chip's value, and instead charge device makers based on the value of the device, the report said. As a result of this change, Arm anticipates generating multiple times more revenue for each design it sells, since the value of an average smartphone far exceeds that of a single chip. Reporting by Baranjot Kaur and Shubhendu Deshmukh in Bengaluru; Editing by Sonia Cheema and Varun H KOur Standards: The Thomson Reuters Trust Principles.

Search resuls for: "Baranjot"

25 mentions found