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☆ Cutting Costs, Not Jobs, Is Focus for Many CFOs Facing Slowdown
▼ + stars: | 2022-12-12 | by ( Kristin Broughton | ) www.wsj.com time to read: +6 min

At the same time, many employers are looking for workers, with job openings well above the number of job seekers. That leaves some finance chiefs scouting for savings that don’t involve job cuts, or that supplement layoffs, advisers and analysts said. Other ways to cut costs include exiting leases, reducing the number of suppliers, automating tasks, trimming software spending and finding less expensive components, advisers said. Many companies over the past year have raised prices to keep up with escalating input costs, in addition to trimming expenses. Still, the company’s restaurant-level profit margin during the quarter ended Oct. 2 fell to 16.2% from 20.1% a year earlier.

☆ FTX has reportedly hired a team of forensic investigators to trace billions of dollars missing in customer funds
▼ + stars: | 2022-12-08 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

FTX has hired forensic investigators to find billions of dollars in lost customer money. The move comes after as much as $2 billion in client funds vanished following FTX's implosion. The forensic team will carry out "asset tracing" measures to recover the funds, per the WSJ. Up to $2 billion in customer funds has reportedly vanished following FTX's collapse, Reuters reported, after its ex-CEO Sam Bankman-Fried quietly transferred $10 billion from FTX to its sister firm Alameda Research. According to the Wall Street Journal, the forensics firm will conduct "asset-tracing" to recover the missing funds.

☆ FTX Hires Forensic Team to Probe Money Trail
▼ + stars: | 2022-12-07 | by ( Alexander Gladstone | ) www.wsj.com time to read: 1 min

FTX’s new management has hired a team of forensic investigators from advisory firm AlixPartners to help track the billions of dollars that have gone missing from the failed cryptocurrency exchange, people familiar with the matter said. The AlixPartners team is led by Matt Jacques, a former chief accountant for the Securities and Exchange Commission’s enforcement division, people familiar with the matter said. Mr. Jacques didn’t respond to a request for comment. AlixPartners...

☆ FTX hires forensic team to probe money trail - WSJ
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +1 min

The AlixPartners team is led by Matt Jacques, a former chief accountant for the Securities and Exchange Commission's enforcement division, according to the report. FTX did not immediately respond to a Reuters request for comment. Regulators around the globe, including in the Bahamas where FTX is based and in the United States, are investigating the role of FTX's top executives in the firm's stunning collapse, Reuters previously reported. The crypto exchange filed for bankruptcy last month after a liquidity crisis that saw at least $1 billion of customer funds vanish. Reporting by Anirban Chakroborti in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Car companies want to make billions by charging monthly fees for features like heated seats, but buyers won't pay up
▼ + stars: | 2022-11-21 | by ( Tim Levin | ) www.businessinsider.com time to read: +5 min

Car companies expect to make billions charging customers recurring fees for vehicle features. As vehicles become increasingly connected to the internet, car companies aim to rake in billions by having customers pay monthly or annual subscriptions to access certain features. But car companies still haven't figured out exactly what customers are willing to pay for, and what feels like a frustrating upcharge. An April study by Cox Automotive found that 75% of consumers are not willing to subscribe to most vehicle features. Hackers have helped car owners upgrade their vehicles for years, and subscription features could be their next target, Vice reported.

☆ Inflation to dampen holiday spending, retail trade group forecasts
▼ + stars: | 2022-11-03 | by ( Melissa Repko | ) www.cnbc.com time to read: +3 min

Getting shoppers to spend this holiday season won't be easy. "Some of that is going to impact their gift giving and how they cover their other expenses during the holiday season," he said. Other industry-watchers have also forecast a muted holiday season. Last year, holiday sales jumped 14.1% and hit a record of $886.7 billion. That growth compares with an average 4.4% increase in holiday sales over the previous five years.

☆ ASOS shares drop on talks with lenders to change borrowing terms
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 17 (Reuters) - ASOS (ASOS.L) shares fell sharply on Monday after the British online fashion retailer said it was in talks with lenders to change the terms of a 350 million pound ($394 million) borrowing facility to provide more flexibility in tough economic times. The statement was issued after Sky News reported ASOS had recently approached its lenders, including Barclays (BARC.L), HSBC (HSBA.L) and Lloyds Banking Group (LLOY.L), to amend its borrowing agreements. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks with lenders to amend terms of $391 mln facility
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +2 min

LONDON, Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) is in talks with lenders to amend the terms of its 350 million pound ($391 million) borrowing facility, it said on Saturday. Sky News said the lenders were lining up AlixPartners and law firm Clifford Chance to advise them on an "unfolding situation". It warned last month that it expected profit before tax in the year to Aug. 31 to be around the bottom end of its guidance of 20 million pounds to 60 million pounds after weaker than projected August sales. ASOS also forecast full-year net debt of about 150 million pounds, which was higher than previous guidance. "This happened towards the end of August and there has been no adverse impact on trading relationships with our suppliers," ASOS said in response.

☆ ASOS in talks to amend credit facility terms
▼ + stars: | 2022-10-15 | by ( ) www.reuters.com time to read: +1 min

Oct 15 (Reuters) - British online fashion retailer ASOS (ASOS.L) on Saturday said it was seeking an amendment to the terms of its borrowing agreements. "ASOS is in the final stages of agreeing an amendment to the future financial covenants in its Revolving Credit Facility, which matures in July 2024," the company said in a statement. The online fashion retailer's lenders including Barclays, HSBC and Lloyds Banking Group were lining up AlixPartners and law firm Clifford Chance to advise them on the unfolding situation, Sky News reported earlier. ASOS said on Saturday it retained a strong liquidity position and called the loan amendments a "prudent step". ($1 = 0.8953 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Mrinmay Dey in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Retail sales were flat in September as inflation takes a bite
▼ + stars: | 2022-10-14 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Retail sales were flat last month, down from a revised. Retail sales fell 0.4% in July. Excluding sales of automobiles and at gas stations, retail sales rose 0.3%. Sales at clothing stores rose 0.5%, while business at department stores rose 1.3% That indicates a solid back-to-school season but adjusted for inflation, spending was modest, analysts said. AlixPartners predicts holiday sales to be up anywhere from 4% to 7% from last year, which was up 16%, according to its calculations.

Oct 11 (Reuters) - The U.S. Supreme Court on Tuesday declined to hear McKinsey & Co's bid to escape a lawsuit by retired turnaround specialist Jay Alix accusing the management consulting firm of concealing potential conflicts when seeking permission from bankruptcy courts to perform lucrative work on corporate restructurings. Circuit Court of Appeals in January revived the case, saying Furman gave "insufficient consideration" to whether McKinsey undermined the integrity of federal judicial proceedings. McKinsey in its petition to the Supreme Court argued that the 2nd Circuit's decision ran contrary to past rulings by the high court holding that RICO lawsuits may be brought only by plaintiffs injured "directly" by wrongdoing. The firm urged the Supreme Court to consider whether lower courts must follow that standard "even if, in the court's judgment, the plaintiff's allegations implicate the court's 'supervisory responsibilities'" over judicial proceedings. Register now for FREE unlimited access to Reuters.com RegisterReporting by Nate Raymond in Boston; Editing by Will DunhamOur Standards: The Thomson Reuters Trust Principles.

A worker cuts a cast at Mitchell Aerospace, Inc., a manufacturer of light alloy sand castings for the aerospace industry, in Montreal, Quebec, Canada September 9, 2022. REUTERS/Christinne MuschiMONTREAL/CHICAGO, Sept 27 (Reuters) - Canada's Mitchell Aerospace has a booming business - and a shop-floor shortfall that is reverberating from Boeing (BA.N) to Airbus (AIR.PA). A slowing global economy has started to unwind some supply chain shortages that hit manufacturers and contributed to inflation. But aircraft parts makers are still reeling from deep job cuts undertaken when planes were grounded during the pandemic, a sign of how uneven the supply chain crisis remains. Airbus' production target has declined, while Boeing warned supply chain pressures have capped its ability to ramp up output.

☆ CEO steers electric truck startup Rivian through supply chain twilight zone
▼ + stars: | 2022-04-18 | by ( Joseph White | ) www.reuters.com time to read: +6 min

An employee works on an assembly line at startup Rivian Automotive's electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. Chip suppliers are skeptical of the young electric vehicle company's capability to hit promised production numbers. As part of that effort, Rivian has opened the doors to its Normal factory for supplier executives and the media. Before the price hike, the most expensive Rivian vehicle was priced at $83,000. Rivian vehicles have about 2,000 parts, he said.

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