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☆ Alphabet CEO Pichai reaps over $200 mln in 2022 amid cost-cutting
▼ + stars: | 2023-04-22 | by ( ) www.reuters.com time to read: +1 min

April 21 (Reuters) - Alphabet Inc (GOOGL.O) Chief Executive Sundar Pichai received total compensation of about $226 million in 2022, more than 800 times the median employee's pay, the company said in a securities filing on Friday. Pichai's compensation included stock awards of about $218 million, the filing showed. Early this month, hundreds of Google employees staged a walkout at the company's London offices following a dispute over layoffs. In March, Google employees staged a walkout at the company's Zurich offices after more than 200 workers were laid off. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Savvy Games to acquire gaming company Scopely for $4.9 bln
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Savvy Games Group, wholly owned by Saudi Arabia's Public Investment Fund (PIF), has agreed to acquire Scopely, a maker of mobile games based in Culver City, California, for $4.9 billion, the companies said on Wednesday. Scopely, founded in 2011, will become an autonomous operation under the Savvy umbrella, they said in a statement, noting the deal will "strengthen Savvy's global position" and enable Scopely to accelerate growth. Last year, state news agency SPA said Savvy would invest 142 billion riyals ($37.85 billion) in initiatives aimed at making the kingdom a global hub for gaming. In February, Savvy bought a $265 million stake in the Chinese E-sports company VSPO backed by Tencent Holdings Ltd (0700.HK). ($1 = 3.7513 riyals)Reporting by Rishabh Jaiswal in Bengaluru; Editing by Richard ChangOur Standards: The Thomson Reuters Trust Principles.

☆ EU to ease process of winding down medium-sized banks - Bloomberg News
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - The European Union intends to make it easier to wind down medium-size banks that fail by tapping national deposit guarantee systems for funding, Bloomberg News reported on Friday, citing people familiar with the matter. The European Commission, in a proposal due in April, would facilitate using the funds to close the gaps at banks that have insufficient funds, as well as avoid tapping uninsured depositors, Bloomberg reported. Last week, European Central Bank head Christine Lagarde told EU leaders that European banks were safe but called on governments to push ahead with a stalled EU deposit insurance scheme. This week, the head of the European Banking Authority (EBA) Jose Manuel Campa warned that the banking sector remained very vulnerable even after measures to stem the fallout of crises at Silicon Valley Bank and Credit Suisse. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ Japan, Australia concerned over Myanmar disbanding Suu Kyi party
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

Myanmar's ousted leader Aung San Suu Kyi, 77, is serving 33 years in prison for various offences and dozens of her NLD allies are also in jail or have fled. The NLD had repeatedly ruled out running in the election, for which no date has been set, calling it illegitimate. "We are seriously concerned that the exclusion of the NLD from the political process will make it even more difficult to improve the situation," Japan's foreign ministry said in a statement. "Japan strongly urges Myanmar to immediately release NLD officials, including Suu Kyi, and to show a path toward a peaceful resolution of the issue in a manner that includes all parties concerned." It said all stakeholders should be allowed to participate in the political process and warned their exclusion could lead to further violence and instability.

☆ Cineworld creditors plan management shuffle amid takeover interest - Bloomberg News
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

March 27 (Reuters) - Creditors of British cinema operator Cineworld Group PLC (CINE.L) are outlining plans for a new board and executive team after nine years under CEO Mooky Greidinger and his deputy Israel Greidinger, Bloomberg News reported on Monday. The Greidinger brothers are set to be replaced, but creditors have considered providing them compensation and a transitional role during the handover period, the report added, citing people familiar with the matter. Earlier in the day, Sky News reported that private equity firm CVC Capital Partners had proposed a takeover of parts of Cineworld, within days of a similar offer from activist investor Elliott Management. Cineworld said in February it may emerge from Chapter 11 bankruptcy protection in the first half of this year. ($1 = 0.8148 pounds)Reporting by Rishabh Jaiswal and Sinchita Mitra in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Senator Warren calls for investigation into SVB and Signature Bank failures - WSJ
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

Senator Elizabeth Warren, who is pushing tighter banking regulation, has called for an investigation into the failures of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O), the Wall Street Journal reported on Sunday. She said preliminary results from the investigation should be provided within 30 days, the newspaper reported. "The bank's executives, who took unnecessary risks or failed to hedge against entirely foreseeable threats, must be held accountable for these failures. But this mismanagement was allowed to occur because of a series of failures by lawmakers and regulators,” the report quoted Warren as writing. Reporting by Rishabh Jaiswal in Bengaluru Editing by Frances KerryOur Standards: The Thomson Reuters Trust Principles.

☆ FDIC to relaunch sale of SVB, moves toward break-up plan
▼ + stars: | 2023-03-19 | by ( David French | ) www.reuters.com time to read: +2 min

March 19 (Reuters) - The U.S. Federal Deposit Insurance Corp (FDIC) is planning to relaunch the sale process for Silicon Valley Bank (SIVB.O) after failing to attract buyers in its latest auction, with the regulator seeking a potential break-up of the failed lender, according to people familiar with the matter. One of the options under consideration by the regulator is a sale process for the private bank of SVB for which bids are due on Wednesday, according to one of the sources, who requested anonymity as these discussions are confidential. The private bank, which is housed within SVB's retail operations, caters to high net-worth individuals. Bids for the whole of SVB were due on Sunday. Bloomberg News reported on the FDIC's plans to break up SVB earlier on Sunday.

☆ EY's break-up plan stalled - WSJ
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: 1 min

March 16 (Reuters) - Ernst & Young (EY) has suffered a series of delays in its plan to split its global auditing and consulting businesses, the Wall Street Journal reported on Thursday. The top executives of the accounting firm are considering several back-up options, including selling off just the non-U. S. consulting operation, likely to a private equity buyer, the report said, citing people familiar with the matter. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ ECB quizzes banks on ties to Credit Suisse, sources say
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +1 min

FRANKFURT, March 15 (Reuters) - The European Central Bank has contacted banks on its watch to quiz them on their exposure to struggling Swiss lender Credit Suisse (CSGN.S), two supervisory sources told Reuters. One of sources cautioned, however, that they saw Credit Suisse's problems as specific to that bank, rather than systemic. Credit Suisse was on course to shed nearly a fifth of its value on Wednesday after its largest shareholder said it could not provide any more support, pushing the Swiss bank's CEO to make new assurances on its financial strength. The Wall Street Journal first reported earlier on Wednesday that ECB supervisors were looking into financial ties between Credit Suisse and euro zone banks, citing people familiar with the matter. Reporting by Frank Siebelt and Francesco Canepa in Frankfurt; Rishabh Jaiswal in Bengaluru; Editing by Christina FincherOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. FDIC shifts SVB deposits to new bridge bank, names CEO
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +2 min

[1/2] A sign for Silicon Valley Bank (SVB) headquarters is seen in Santa Clara, California, U.S. March 10, 2023. In a statement, the FDIC said all customers of SVB would automatically become customers of the bridge bank, which will hold "normal banking hours and activities, including online banking." The regulator has also tapped former Fannie Mae head Tim Mayopoulos as the chief executive officer of the newly created entity, named Silicon Valley Bank N.A., it said. "All depositors of the institution will be made whole," FDIC said, adding that no bank losses would fall on U.S. taxpayers. "These actions will protect depositors and preserve the value of the assets and operations of Silicon Valley Bank, which may improve recoveries for creditors and the DIF," it added.

☆ Meta explores strategic alternatives for Kustomer business-software firm
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 10 (Reuters) - Meta Platforms Inc (META.O) said on Friday it is exploring strategic alternatives for customer service company Kustomer that it acquired in a process ending last year. "We are currently exploring strategic alternatives for Kustomer and will continue to support Kustomer's product and customer base throughout this process," the Facebook owner said in an emailed statement to Reuters, without providing additional details on the alternatives. Kustomer sells CRM software for businesses to communicate with consumers by phone, email, text messages, WhatsApp, Instagram and other channels. Meta has made the decision to focus on its fastest growing business messaging offerings, including the monetization opportunity for WhatsApp in light of the company's "efficiency efforts," the company said. Reporting by Yana Gaur, Rishabh Jaiswal and Anirudh Saligrama in Bengaluru; Editing by Diane Craft and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Stablecoin USDC breaks dollar peg after revealing $3.3 billion Silicon Valley Bank exposure
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +3 min

Circle has $3.3 billion of its $40 billion of USDC reserves at collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. Silicon Valley Bank collapsed on Friday in the largest U.S. bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Circle said in a tweet on Friday that it and USDC "continue to operate normally" while the firm waits for clarity on what will happen to Silicon Valley Bank depositors. loadingCircle did not immediately respond to a request for comment about the dollar peg, sent outside of U.S. working hours. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure to Silicon Valley Bank, as did Tether Chief Executive Paolo Ardoino.

☆ Crypto firm Circle reveals $3.3 bln exposure to Silicon Valley Bank
▼ + stars: | 2023-03-11 | by ( ) www.reuters.com time to read: +1 min

March 11 (Reuters) - U.S. cryptocurrency firm Circle has $3.3 billion of its $40 billion of USD Coin reserves at the collapsed lender Silicon Valley Bank, the company said in a tweet on Friday. The stablecoin company's announcement comes after startup-focused SVB collapsed on Friday in the largest bank failure since the 2008 financial crisis, roiling global markets and stranding billions of dollars belonging to companies and investors. Boston-based Circle said last week it had moved a "small percentage" of USDC reserve deposits held at Silvergate to its other banking partners. The chief executive of cryptocurrency exchange Binance said in a tweet on Friday it had no exposure, as did Tether CEO Paolo Ardoino. Stablecoin issuer Paxos and crypto exchange Gemini tweeted they do not have any relationships with SVB.

☆ White House to hold talks with Taiwan officials in Washington - FT
▼ + stars: | 2023-02-18 | by ( ) www.reuters.com time to read: 1 min

Feb 18 (Reuters) - The White House will meet senior Taiwan officials next week in Washington for talks meant to be private to avoid an angry reaction from China, the Financial Times reported on Saturday. Foreign Minister Joseph Wu and National Security Adviser Wellington Koo would lead the delegation, the newspaper said, citing five people familiar with the talks whom it did not name. The Taiwanese team will meet U.S. Deputy National Security Adviser Jon Finer and Deputy Secretary of State Wendy Sherman, the FT said. Reporting by Rishabh Jaiswal in Bengaluru; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Four dead in 5.2-magnitude quake in Indonesia's Papua
▼ + stars: | 2023-02-09 | by ( ) www.reuters.com time to read: +1 min

JAKARTA, Feb 9 (Reuters) - At least four people were killed and several buildings damaged after a shallow, 5.2-magnitude earthquake struck Indonesia's easternmost region of Papua on Thursday, the country's disaster agency said. The epicentre of the quake was one kilometre from Jayapura, the capital city of Papua province, at a depth of 10km, according to Indonesia's geophysics agency (BMKG). The four victims had been at a cafe when the quake caused the building to collapse, said Jayapura's disaster agency head, Asep Khalid in a statement. The quake was felt strongly for two to three seconds, causing panic amongst residents, he added. Thursday's quake in Papua was one of more than a thousand recorded in the area since January this year, according to BMKG.

☆ Citigroup's wealth arm stops margin loans on Adani securities - Bloomberg News
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: 1 min

Feb 1 (Reuters) - Citigroup Inc's (C.N) wealth arm has stopped accepting securities of billionaire Gautam Adani's group of firms as collateral for margin loans following short seller Hindenburg Research's report, Bloomberg News reported late Wednesday. Citigroup declined to comment on the report. Reporting by Rishabh Jaiswal in Bengaluru; Editing by Nivedita BhattacharjeeOur Standards: The Thomson Reuters Trust Principles.

☆ Strong earthquake strikes Turkey-Iran border
▼ + stars: | 2023-01-28 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Jan 28 (Reuters) - An earthquake with a magnitude of up to 5.9 struck the Turkey-Iran border region on Saturday, destroying houses in a main provincial city in Iran, Iranian media and the European Mediterranean Seismological Centre (EMSC) reported. "The amount of destruction of some houses and buildings in the city of Khoy city is relatively high," Iranian emergency services spokesperson Mojtaba Khaledi told the YJC news agency. The quake had a magnitude of 5.6 and was at a depth of 10 km (6.2 miles), EMSC said. Iranian media said the earthquake had a magnitude of 5.9 and hit near the city of Khoy in Iran's Western Azerbaijan province. Iranian emergency officials said rescue teams were despatched to the area and hospitals were put on alert, state media said.

☆ Canada settles residential school reparations class-action lawsuit
▼ + stars: | 2023-01-21 | by ( ) www.reuters.com time to read: +1 min

Jan 21 (Reuters) - Canada has reached an agreement to settle a class-action lawsuit seeking compensation for the loss of language and culture brought on by Indian residential schools, for C$2.8 billion ($2.09 billion). The settlement builds on the 2021 Gottfriedson Day Scholars settlement, that provided individual compensation to day scholars who attended a residential school but did not reside at the institution. Canada will provide the settlement amount to a non-profit trust, independent of the government, as part of the class settlement. The terms of the settlement are yet to be approved by the Federal Court. ($1 = 1.3380 Canadian dollars)Reporting by Rishabh Jaiswal and Maria Ponnezhath in BengaluruOur Standards: The Thomson Reuters Trust Principles.

☆ China acquires 'golden shares' in two Alibaba units
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +3 min

[1/3] The logo of Alibaba Group is seen at its office in Beijing, China Jan. 5, 2021. REUTERS/Thomas PeterBEIJING, China, Jan 13 (Reuters) - China has acquired minority stakes with special rights in two domestic units of tech giant Alibaba Group Holding Ltd (9988.HK), business registration records showed, as Beijing extends a campaign to strengthen control over online content. Beijing has been taking 'golden shares' in private online media and content companies for more than five years, and in recent years expanding such arrangements to companies with vast troves of data. These golden shares, typically equal to about 1% of a firm, are bought by government-backed funds or companies which gain board representation and/or veto rights for key business decisions. Having such golden shares can be helpful to firms when they try to secure licences to disseminate online news and to show online visual and audio programmes, sources have told Reuters.

☆ China moving to take 'golden shares' in Alibaba, Tencent units - FT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Tencent is seen at Tencent office in Shanghai, China December 13, 2021. REUTERS/Aly Song/File PhotoJan 13 (Reuters) - China is moving to take minority stakes with special rights in the local units of Alibaba Group Holding Ltd (9988.HK) and Tencent Holdings Ltd (0700.HK), the Financial Times reported on Friday. Seeking influence, Beijing began taking these stakes, called "golden shares," in private online media companies - usually about 1% of a firm - more than five years ago. These golden stakes are bought by government-backed funds or companies which gain a board seat and/or veto rights for key business decisions. However, the specifics of the government's plan to take golden shares in Tencent remain under discussion, but they will involve a stake in one of the group's main China operating subsidiaries, the report added.

☆ Apple to start using in-house screens from 2024 - Bloomberg News
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - Apple Inc (AAPL.O) is planning to start using its own custom displays in its mobile devices from 2024 onwards in an attempt to bring more components in-house, Bloomberg News reported on Tuesday, citing people with knowledge of the matter. The company intends to begin by swapping out the display in the highest-end Apple Watches by the end of next year. Apple plans to eventually bring these displays to other devices as well, including the iPhone, according to the report. Apple did not immediately respond to a Reuters' request for comment, while Samsung Display, a unit of Samsung Electronics (005930.KS), and LG Display (034220.KS) declined to comment. Bloomberg News had reported on Monday that Apple plans to replace Broadcom Inc (AVGO.O) chips from its devices with an in-house design in 2025.

☆ Biden says Republicans, Democrats should unite against Big Tech 'abuses' -WSJ
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - U.S. President Joe Biden said in an opinion piece in the Wall Street Journal that Democrats and Republicans need to come together to pass strong bipartisan legislation in order to hold major tech companies accountable. Most importantly, Biden said he wanted to see "serious federal protections for Americans' privacy," including putting limits on how much data like location, biometrics and health information can be collected. "We must hold social-media companies accountable for the experiment they are running on our children for profit," he wrote, citing young people's struggles with bullying, violence, trauma and mental health. He also urged a reform of Section 230 of the Communications Decency Act to force tech companies to "take responsibility for the content they spread and the algorithms they use." Reporting by Rishabh Jaiswal in Bengaluru and Diane Bartz in Washington; Editing by Lisa Shumaker and Alexandra AlperOur Standards: The Thomson Reuters Trust Principles.

☆ Man United, Tottenham, Liverpool takeover targets for Qatar fund - Bloomberg News
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +2 min

[1/2] General view of the United Trinity statue outside Old Trafford REUTERS/Phil NobleJan 9 (Reuters) - English Premier League clubs Manchester United Plc (MANU.N), Tottenham Hotspur, or Liverpool FC are being targeted by Qatar Sports Investments over a potential acquisition, Bloomberg News reported on Monday. Qatar Sports Investments is considering either a total takeover or a stake in Manchester United or Liverpool, according to the report. Liverpool Chairman Tom Werner also said in November that the Premier League side's owner, Fenway Sports Group (FSG), was exploring a sale of the club. Qatar Sports Investments is currently the owner of French soccer club Paris St Germain, and has a stake in Portuguese soccer club SC Braga. Manchester United and Qatar Sports Investments did not immediately respond to Reuters' requests for comment, while Liverpool could not be immediately reached for comment.

☆ Salesforce aims to cut costs by $3 bln to $5 bln -Fortune
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

Jan 6 (Reuters) - Cloud-based software firm Salesforce Inc (CRM.N) is looking to cut costs by $3 billion to $5 billion, Chief Executive Marc Benioff told company insiders this week after announcing layoffs, Fortune reported, citing an audio recording of a meeting. Salesforce said on Wednesday that it plans to cut jobs by 10% and close some offices, after rapid pandemic hiring left it with a bloated workforce amid an economic slowdown. Real estate will be a major part of the cost restructuring process, Benioff told employees in a meeting on Thursday, the Fortune report said. According to a company blog post, Salesforce has 110 offices globally in 89 cities. "We don't need the same level of real estate that we had pre-pandemic," Benioff reportedly told staff.

☆ Western Digital, Japan's Kioxia restart merger talks - Bloomberg News
▼ + stars: | 2023-01-05 | by ( ) www.reuters.com time to read: +1 min

Jan 4 (Reuters) - Memory chip maker Western Digital Corp (WDC.O) and Japan's Kioxia Holdings Corp have restarted merger talks, Bloomberg News reported on Wednesday, citing sources familiar with the matter. Kioxia, which was spun off from Toshiba Corp (6502.T), and Western Digital operate a joint flash memory chip plant in central Japan's Yokkaichi. When asked about the report, Kioxia said that it does not comment on market rumours or speculation, while Western Digital did not immediately respond to a Reuters request for comment. U.S.-based memory chip firm Western Digital said in June that it was reviewing strategic alternatives, including options for splitting off its flash-memory and hard disk drive businesses. Reporting by Akash Sriram in Bengaluru; Additional reporting by Rishabh Jaiswal; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

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