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☆ Vice Media cancels its flagship ‘Vice News Tonight’ program as it makes ‘painful’ layoffs and restructures the company
▼ + stars: | 2023-04-27 | by ( Oliver Darcy | ) edition.cnn.com time to read: +3 min

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.

☆ 2023 layoff tracker: The latest on which companies have announced job cuts
▼ + stars: | 2023-04-25 | by ( Jennifer Korn | ) edition.cnn.com time to read: +20 min

New York CNN —BuzzFeed, Lyft, Whole Foods and Deloitte all recently announced layoffs affecting thousands of US workers. With 11,000 job cuts announced in November and the 10,000 announced in March, Meta’s headcount will fall to around 66,000 — a total reduction of about 25%. The company announced in January that it was eliminating some 18,000 positions as part of a major cost-cutting bid at the e-commerce giant. IndeedJob listing website Indeed.com announced cuts of approximately 2,200 employees, representing almost 15% of its total workforce, the company said in March. The cuts come after the company announced several rounds of job cuts throughout the pandemic due to falling demand, followed by rapid hiring last year.

☆ Rich countries and India should cut a climate pact
▼ + stars: | 2023-04-10 | by ( Hugo Dixon | ) www.reuters.com time to read: +6 min

Emissions from the world’s most populous country are only 7% of greenhouse gases but are growing fast while those produced by rich countries have largely peaked. To do so, it will need policies that incentivise green investment, including accelerating its plans for carbon pricing. Rich countries can also help, even at a time when their budgets are stretched. India could then be much more ambitious in its transition plan and the G7 and other rich countries could mobilise funds, focussing on key bottlenecks. But if the central government comes up with a solution, rich countries could help fund it.

☆ FedEx Restructures to Combine Ground and Express Delivery Networks
▼ + stars: | 2023-04-05 | by ( Esther Fung | ) www.wsj.com time to read: 1 min

FedEx’s changes are designed to simplify interactions with customers and accelerate cost-cutting efforts. FedEx Corp. is combining its Express and Ground delivery units into a single business, abandoning an operating structure championed by founder Fred Smith and criticized by investors and analysts. The changes are designed to simplify interactions with customers and accelerate cost-cutting efforts, FedEx Chief Executive Raj Subramaniam said. It helps the parcel-delivery giant adjust to a business model driven by e-commerce instead of one predominantly focused on business-to-business services, he said.

☆ Virgin Orbit: Richard Branson's rocket company files for bankruptcy
▼ + stars: | 2023-04-04 | by ( Anna Cooban | ) edition.cnn.com time to read: +1 min

London CNN —Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the United States. The California-based company said in a statement Monday that it had filed for Chapter 11 bankruptcy, meaning that it can continue doing business while it restructures its debts. The announcement comes just days after Virgin Orbit said it would lay off about 85% of its workforce to reduce expenses since it could not secure additional funding. The company was founded in 2017 to make small rockets, called LauncherOne, that can deliver lightweight satellites to orbit quickly and cheaply. Virgin Orbit ran into trouble in January when one of its rockets failed to make it to orbit because its engine overheated.

☆ How Modi can grab India’s geopolitical “moment”
▼ + stars: | 2023-04-03 | by ( Hugo Dixon | ) www.reuters.com time to read: +7 min

India is in a geopolitical sweet spot because of growing tension between the United States and China. The hard-nosed realpolitik view is that this doesn’t matter as India and the United States have a common threat. This matters for India’s economic future, as geopolitical considerations are increasingly driving global commerce. The United States is encouraging this process through what it calls “friendshoring”. Modi can do a lot to make the most of India’s geopolitical opportunity.

☆ Netflix restructures film group as it scales back movie output - Bloomberg News
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Video streaming service Netflix Inc (NFLX.O) is restructuring its film group, which will result in layoffs and the departure of two of its most experienced executives, Bloomberg reported on Thursday. As part of the restructuring, Netflix will combine small and midsize picture productions units, resulting in a few job cuts, and scale back the company's output to ensure high quality titles, the report said. Lisa Nishimura, responsible for documentaries and smaller-budget films, and Ian Bricke, a vice president in the film group, will be leaving after more than a decade with the company, the report added. Netflix did not immediately respond to a Reuters request for comment. Reporting by Yana Gaur in Bengaluru; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

☆ ABC News lays off senior executives in Disney's cost-cutting drive
▼ + stars: | 2023-03-30 | by ( Dawn Chmielewski | ) www.reuters.com time to read: +2 min

March 30 (Reuters) - Walt Disney Co's (DIS.N) ABC News laid off several senior executives on Thursday, as it restructures its newsroom, two sources confirmed. Among those to lose their jobs in the restructuring were Wendy Fisher, senior vice president of news gathering; Galen Gordon, senior vice president of talent; Alison Rudnick, vice president of corporate communications; and David Herndon, executive director and Los Angeles bureau chief. Godwin named London bureau chief Katie den Daas as vice president of newsgathering, overseeing domestic and international teams. The business and operations team will expand to include talent, production and business affairs, reporting to ABC News Executive Vice President Derek Medina. Stacia Deshishku, executive editor and senior vice president of News, will assume responsibility for the investigative and enterprise reporting unit.

☆ Carvana shares pop as company offers first-quarter guidance, restructures debt
▼ + stars: | 2023-03-22 | by ( Michael Wayland | ) www.cnbc.com time to read: +2 min

Shares of Carvana popped during early trading Wednesday after the embattled used car retailer pre-announced guidance for the first quarter and released plans to restructure some of its $9 billion debt load. The company's stock increased by nearly 30% Wednesday morning before leveling off at around $9.50 a share, up roughly 20%. The stock has more than doubled this year following a rapid decline last year as the company's operations and earnings disappointed Wall Street. Carvana expects a first-quarter loss of between $50 million and $100 million, drastic improvement from a loss of $348 million it reported a year earlier, despite significantly lower sales and revenue. As for Carvana's debt, the company is offering noteholders the option to exchange their unsecured notes at a premium to current trading prices in exchange for new secured notes.

☆ Brazil's Americanas faces more debt, asset sales as it restructures
▼ + stars: | 2023-03-21 | by ( ) www.reuters.com time to read: +2 min

Sources with knowledge of the situation, however, told Reuters that the company shoulders a higher debt load than previously disclosed. Americanas presented the first draft of a legal recovery plan to a court in Rio de Janeiro state, O Globo newspaper reported. In January, the company entered bankruptcy protection after disclosing accounting "inconsistencies" worth 20 billion reais ($3.78 billion). The company said in early March it had offered a 10 billion reais capital injection to its creditors that will come from top shareholders. Sources close to the matter said the company holds debts of more than 50 billion reais, which exceeds the 42 billion reais previously acknowledged during the bankruptcy proceedings.

☆ Avaya files for Chapter 11 bankruptcy
▼ + stars: | 2023-02-14 | by ( ) www.reuters.com time to read: +1 min

Feb 14 (Reuters) - Avaya Holdings Corp (AVYA.N) has filed for Chapter 11 bankruptcy and secured a financing of $780 million as it restructures its business, the IT firm said on Tuesday. Avaya said upon completion of the restructuring process it will reduce its total debt by more than 75%, from nearly $3.4 billion to about $800 million. The new capital is "expected to provide substantial liquidity to support Avaya during the process and beyond," it said. Earlier in September, Avaya has also announced restructuring, including job cuts, to reduce costs. Evercore Group is serving as financial advisor to Avaya for the process.

☆ The Week That Was: Disney restructures
▼ + stars: | 2023-02-10 | 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 EmailThe Week That Was: Disney restructuresCNBC's Kelly Evans looks back at the week's top business and financial stories.

TOKYO/PARIS, Jan 26 (Reuters) - French car maker Renault (RENA.PA) and its Japanese partner Nissan Motor (7201.T) aim to formally unveil a deal to reshape their alliance in London on Feb. 6, two sources close to the matter told Reuters on Thursday. Renault has consistently declined to comment publicly about the talks with its Japanese partner, while a spokesperson for Nissan declined to comment on Thursday. French newspaper Le Figaro reported late on Wednesday that the companies would announce 4 to 5 joint projects to relaunch the alliance. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O).

☆ Nissan and Renault close in on overhaul of alliance
▼ + stars: | 2023-01-25 | by ( ) www.reuters.com time to read: +2 min

TOKYO/PARIS, Jan 26 (Reuters) - Nissan and Renault are closing in on a sweeping overhaul of their globe-spanning automaking alliance as top executives meet on Thursday for talks to reset the two-decade-old partnership and chart a course for an uncertain electric future. Leaders of Nissan Motor Co Ltd (7201.T) and Renault SA (RENA.PA) are meeting via video link for an alliance board meeting, sources previously told Reuters. The future shape of the Franco-Japanese alliance has implications for both companies as well as their junior partner, Mitsubishi Motors Corp (7211.T). Renault, for instance, has said it will partner with companies from China's Geely Automobile Holdings (0175.HK) to semiconductor giant Qualcomm Inc (QCOM.O). Nissan has been concerned that the technology it has developed while partnered with Renault could leak to the French automaker's partners as it restructures, Reuters has reported.

☆ Nissan directors endorse steps to reach deal with Renault-sources
▼ + stars: | 2023-01-17 | by ( Maki Shiraki | ) www.reuters.com time to read: +3 min

The Nissan board-level review also marked progress after three months of working-level negotiations aimed at restructuring a partnership that dates back to 1999, when Renault bailed out Nissan. The Nissan outside directors, meeting in committee, endorsed steps to try to reach an agreement between the two sides, they said. The two companies are discussing reducing Renault's stake in Nissan from the current 43% to 15%, equal to Nissan’s stake in Renault. The 28% stake in Nissan that Renault would sell would be transferred to a trust, people involved have said. At the same time, Nissan is considering investing in a new electric vehicle company that Renault aims to establish code-named Ampere.

Renault and Nissan declined to comment. The two sides have been in intensive negotiations since October when Renault CEO Luca De Meo went to Japan to meet Nissan CEO Makoto Uchida. Renault is looking for Nissan to invest in an electric-vehicle business it will carve out of its operations, while Nissan wants Renault to sell most its roughly 43% stake in Nissan to put the 23-year alliance on a more equal footing, Reuters has previously reported. The details of Renault's proposed protections for Nissan technology were not immediately known. Nissan holds 15% of Renault and does not hold voting rights.

☆ Jim Cramer's Investing Club meeting Tuesday: Microsoft, health care, Emerson Electric
▼ + stars: | 2023-01-10 | by ( Krystal Hur | ) www.cnbc.com time to read: +2 min

Every weekday the CNBC Investing Club with Jim Cramer holds a "Morning Meeting" livestream at 10:20 a.m. Reduce exposure to tech Stocks inched up on Tuesday, with the Nasdaq Composite rising 0.22% in midmorning trading. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ NBCUniversal's latest round of layoffs shows how streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-09 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Paramount CFO Naveen Chopra noted at an investor event "significant restructuring in our ad sales organization." NBCUniversal has done small groups of layoffs across divisions and just cut ad sales staff. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before.

☆ Streaming is killing the traditional TV ad sales role
▼ + stars: | 2023-01-06 | by ( Claire Atkinson | ) www.businessinsider.com time to read: +4 min

A shift to streaming is shrinking the need for big ad sales teams. A TV era is quietly coming to a close and high-profile ad sales executives are hitting the exits. The changes come as advertisers pause spend due to economic uncertainty, and linear TV ad buys decline as viewers shift to streaming TV. Horizon's Campanelli said that with clients knowing much more about their audiences' viewing preferences, traditional ad sales desks have a smaller role to play than before. And local stations are still hiring TV sales executives, said Robert Russo, CEO of RNR Media Consulting, a former VP of political sales at ION Media.

☆ In leaked all-hands meeting, Marc Benioff tells Salesforce staffers to expect staggered rounds of layoffs — but didn't say who will be next
▼ + stars: | 2023-01-05 | by ( Ellen Thomas | ) www.businessinsider.com time to read: +4 min

Salesforce CEO Marc Benioff held an all-hands Thursday discussing the company's ongoing layoffs. Benioff and other executives did not say which jobs will be cut or how many rounds there will be. Salesforce CEO Marc Benioff addressed staff in an all-hands meeting on Thursday for the first time after announcing the company would be cutting 10% of the workforce. But after the nearly two-hour long meeting, which included a question-and-answer session, rattled Salesforce staffers were left with more questions than answers, three employees present at the meeting told Insider. "We just hired too many damn people in the last year and a half," Benioff told staffers.

☆ Russian rouble surges as volatile year draws to a close
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

By 0755 GMT, the rouble was 1.8% stronger against the dollar at 70.87 , recovering some ground from the eight-month low of 72.9175 hit in the previous session. The rouble has lost around 13% to the dollar since the price cap on Russian oil exports came into force on Dec. 5, although analysts have said the technical impact would be more strongly felt in January-February. It had gained 0.4% to trade at 75.58 versus the euro and firmed 2.9% against the yuan to 9.89 . Brent crude oil , a global benchmark for Russia's main export, was up 0.6% at $84.0 a barrel. The rouble-based MOEX Russian index (.IMOEX) was 0.2% lower at 2,143.5 points.

☆ Russian rouble strengthens vs dollar as volatile year ends
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

At 0708 GMT, the rouble was 1.3% stronger against the dollar at 71.22 , recovering some ground from the eight-month low of 72.9175 hit in the previous session. The rouble has lost around 13% to the dollar since the price cap on Russian oil exports came into force on Dec. 5, although analysts have said the technical impact would be more strongly felt in January-February. It had gained 0.6% to trade at 75.54 versus the euro and firmed 1.7% against the yuan to 10.01 . Brent crude oil , a global benchmark for Russia's main export, was up 0.6% at $84.0 a barrel. The rouble-based MOEX Russian index (.IMOEX) was 0.2% higher at 2,151.1 points.

☆ Permitted share of China's yuan in Russian wealth fund doubled to 60% -finmin
▼ + stars: | 2022-12-30 | by ( ) www.reuters.com time to read: +2 min

The ministry said the permitted share of gold in the NWF would also be doubled, to 40%. "The Russian finance ministry is continuing its consistent reduction of the share of currencies of 'unfriendly' states in the structure of the National Wealth Fund's assets," the ministry said in a statement. "In order to hedge exchange rate risks, we have always (replenished the NWF) in foreign currency," Siluanov said earlier this week. "From among the currencies of 'friendly' countries, the yuan has the characteristics of a reserve currency to the greatest extent, as well as sufficient liquidity in our domestic foreign exchange market," he added. The Moscow Exchange, Russia's largest bourse, said yuan-rouble trading volumes would surpass dollar-rouble trading volumes next year as financial links between Moscow and Beijing continue to intensify.

BlockFi users must still account for gains and/or losses on their 2022 taxes, but there are ways to reduce your tax bill. The crypto lender says it's requesting approval from the Court to restore withdrawal activities for those with BlockFi Wallet accounts. BlockFi also asked users not to submit any deposits to the BlockFi Wallet or its interest accounts. Georgia Quinn, General Counsel of Anchorage Digital, believes coverage for crypto users could be stronger. In addition, users are typically last to receive payouts in the event of crypto bankruptcy, since companies settle debts with creditors first.

☆ How Elon Musk’s Twitter Faces Mountain of Debt, Falling Revenue and Surging Costs
▼ + stars: | 2022-11-21 | by ( Mark Maurer | ) www.wsj.com time to read: +10 min

Elon Musk says his $44 billion Twitter takeover might result in a bankruptcy filing. To make the deal work, Mr. Musk has been trying to add subscription revenue and reassure advertisers about the platform’s future. What’s more, the company’s debt stack now includes floating-rate debt, meaning that interest costs are set to rise as the Federal Reserve continues to increase interest rates. Twitter’s credit ratings, which were below investment grade before the transaction with Mr. Musk, have deteriorated further. For that, Mr. Musk would need to persuade potential investors that he has a viable long-term business plan, he said.

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