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☆ Factbox: Corporate America cuts thousands of jobs as recession looms
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +5 min

Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, according to a report. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. read moreThe move marks a second round of jobs cuts at the company this year, and comes at a time when cryptocurrencies have been roiled by extreme volatility as investors dump risky assets. Walt Disney Co (DIS.N):The media giant is planning to freeze hiring and cut some jobs, according to a company memo seen by Reuters.

☆ Factbox: Corporate America leans on job cuts as recession fears mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

Nov 7 (Reuters) - Corporate America is cutting thousands of jobs to rein in costs amid tightening monetary policy and growing fears of a recession. Job cuts announced by U.S.-based employers jumped 13% to 33,843 in October, the highest since February 2021, a report said. Microsoft:Microsoft Corp (MSFT.O) laid off under 1,000 employees across several divisions this week, Axios reported, citing a source. However, Bloomberg on Sunday reported Twitter was reaching out to dozens of employees who lost their jobs, asking them to return. Chime:Online banking firm Chime has laid off 12% of its employees, or about 160 jobs, a spokesperson said.

☆ Factbox: Corporate America lays off thousands as recession worries mount
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +7 min

DoorDash Inc (DASH.N):The food delivery firm, which enjoyed a growth surge during the pandemic, said it was reducing its corporate headcount by about 1,250 employees. Twitter Inc:The social media company laid off half its workforce across teams ranging from communications and content curation to product and engineering following Elon Musk's $44 billion takeover. Chime Financial Inc:The online banking firm has laid off 12% of its employees, or about 160 jobs, a spokesperson said. Coinbase Global (COIN.O):The cryptocurrency exchange said it planned to cut over 60 jobs, in its recruiting and institutional onboarding teams. CNN:Warner Bros Discovery-owned (WBD.O) CNN's top boss Chris Licht informed employees in an all-staff memo that job cuts were underway.

☆ U.S. alleges Seagate broke export rules to sell Huawei hard drives -source
▼ + stars: | 2022-10-26 | by ( Karen Freifeld | ) www.reuters.com time to read: +4 min

Seagate, a Dublin-based company that also operates in California, said it was cooperating with the Commerce Department and attempting to resolve the matter. The company paused its shipments to Huawei a year ago, the person said. The company hopes to make its case in an upcoming meeting with the Commerce Department, the source said. At issue is a U.S. regulation that governs the way certain foreign-made items destined for Huawei become subject to U.S. export regulations. The hard disk drives are made in China and Thailand and also do not have enough U.S. content to make them subject to U.S. export rules, the person said.

☆ A top 1% fund manager believes the market will plummet another 20% to 25% — and shares the 5 stocks he's investing in to outperform inflation
▼ + stars: | 2022-10-24 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +8 min

Jeff Muhlenkamp of the Muhlenkamp Fund believes stocks could fall another 20% to 25%. Muhlenkamp shared two sectors and five stocks he's investing in to beat macroeconomic headwinds. The portfolio manager's eponymous Muhlenkamp Fund (MUHLX) has beaten 99% of its peers year-to-date. Even though the S&P 500 has already cratered over 25% year-to-date, another 20% to 25% decline wouldn't surprise Muhlenkamp. Energy currently looks ridiculously cheap, with energy companies generating a lot of free cash flow, Muhlenkamp said.

☆ Facing talent shortage, Taiwanese chip test firm ASE boosts automation
▼ + stars: | 2022-09-28 | by ( Sarah Wu | ) www.reuters.com time to read: +2 min

Apple Inc supplier ASE, which began investing in automated factories in 2015, told Reuters it plans to build 10 smart factories this year, reaching a total of 37 smart factories in Taiwan by the end of the year. Register now for FREE unlimited access to Reuters.com Register"To counter the talent crunch and adapt to diverse customer requirements, ASE is accelerating its adoption of smart manufacturing technologies including automation," the company said in a statement. The talent shortage in the semiconductor industry remains a top concern, executives from companies throughout the chip supply chain from design to manufacturing have told Reuters. Chip companies in Taiwan have been rapidly expanding in recent years, spurred in part by a pandemic-induced surge in demand for chips, and face fierce competition from local and foreign companies recruiting from a shrinking pool of engineers. "We hope to lead by example and inspire more industry players to contribute to building a resilient global smart manufacturing and equipment cluster," ASE Chief Executive Tien Wu said in a statement.

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