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The logo of Swiss bank UBS is seen at an office building in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann/File PhotoNEW YORK, Aug 3 (Reuters) - UBS Group AG (UBSG.S) has hired semiconductors banker Dmitri Anissimov from Barclays Plc (BARC.L), according to people familiar with the matter. UBS declined to comment, while Anissimov was not immediately available. Anissimov, who spent about eight years at Barclays, previously had stints as a technology banker at RBC Capital Markets, and as an investment banking analyst at Oppenheimer & Co. Reporting by Milana Vinn in New York; Editing by Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Dmitri Anissimov, Anissimov, Milana Vinn, Alison Williams Organizations: Swiss, UBS, REUTERS, UBS Group AG, Barclays Plc, San, Barclays, RBC Capital Markets, Oppenheimer, Co, Thomson Locations: Zurich, Switzerland, New York

☆ Costa Rica prosecutor opens case into president for 'influence peddling'
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

Costa Rica's President Rodrigo Chaves Robles attends the session "Leadership for Latin America" during the World Economic Forum (WEF) 2023 in Davos, Switzerland, January 18, 2023. REUTERS/Arnd Wiegmann/File PhotoSAN JOSE, Aug 1 (Reuters) - Costa Rica's top prosecutor has opened a case against President Rodrigo Chaves and various other government officials for allegations of "influence peddling," the Attorney General's office confirmed on Tuesday. The Attorney General's office said it could not comment further because the case was in a preliminary "private" stage. It is the prosecutor's second investigation involving Chaves in less than a month, following a July 17 probe over an alleged abuse of power. Reporting by Alvaro Murillo, Writing by Isabel Woodford; Editing by Valentine Hilaire and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Costa, Rodrigo Chaves Robles, Arnd, Costa Rica's, Rodrigo Chaves, Leonel Baruch, Chaves, Alvaro Murillo, Isabel Woodford, Valentine Hilaire, Christopher Cushing Organizations: Economic, REUTERS, JOSE, Agence France, Presse, Thomson Locations: America, Davos, Switzerland, AFP

Finance Minister Bruno Le Maire said on June 9 he had secured a pledge from 75 food companies to cut prices. French shoppers have paid more than 20% more for Nestle products each month since January versus last year, the data showed, and price increases peaked at 36.6% in May. Nestle, whose brands include Maggi stock cubes and Kit Kat chocolate bars, declined to comment. Similarly, stores sold products made by Activia yogurt owner Danone for between 11.2% and 16.7% more than last year in the first six months of the year. The NielsenIQ data shows the final prices retailers charge shoppers, and does not necessarily only reflect the prices food companies ask for from stores.

Persons: Arnd, Bruno Le Maire, Bernstein, Kat, Le Maire's, Jack Martin, Janus Henderson, Gaurav Gooptu, Richa Naidu, Sybille de La, Matt Scuffham, Sharon Singleton Organizations: Swiss, Nestle, REUTERS, Danone, Finance, Reuters, Reuters Graphics Reuters, Oberon Investments, U.S, Consumers, BNP, Thomson Locations: Bern, Konolfingen, Switzerland, France

☆ Engineering group ABB increases orders despite China slowdown
▼ + stars: | 2023-07-20 | by ( John Revill | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss power technology and automation group ABB is seen at a plant in Baden, Switzerland January 28, 2019. REUTERS/Arnd Wiegmann/File PhotoSummaryCompanies Company increases orders by 2% on comparable basisChina orders fall 9%CEO sees customer activity remaining robustCore operating margin reaches highest levelZURICH, July 20 (Reuters) - ABB (ABBN.S) said customer activity remained "robust" during its second quarter despite the Swiss engineering company providing the latest evidence of an economic slowdown in China. Still, ABB increased its orders in the United States - its biggest market - and India, which helped offset the downturn as the company increased its overall order intake by 2%. Chief Executive Bjorn Rosengren highlighted how ABB, whose products range from electric motors for ships to drives used in factories, had increased orders from "last year's already high level." "It was good to see that the customer activity remained robust throughout the period," said Rosengren in a statement.

Persons: Arnd, Bjorn Rosengren, John Revill, Friederike Heine, Kim Coghill Organizations: ABB, REUTERS, Thomson Locations: Swiss, Baden, Switzerland, China, ZURICH, Germany, United States, India

The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. The chip industry has been warmly received in Washington in recent years as lawmakers and the White House work to shift more production to the U.S. and its allies, and away from China. Many U.S. chip firms get more than one-fifth of their revenue from China, and industry executives have argued that reducing those sales would cut into profits that they reinvest into research and development.

Persons: Arnd, Biden, Pat Gelsinger, Cristiano Amon, Andrea Shalal, Stephen Nellis, Karen Freifeld, Chris Sanders, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Nvidia Corp, Thomson Locations: Davos, Switzerland, Washington, China, U.S, Beijing, Many U.S, San Francisco, New York

☆ John Kerry steps into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China Energy Investment Corporation, the world’s largest generator of coal-fired power, said its production of electricity reached a historic high on Monday. Kerry, 79, has traveled to China twice since being appointed as US President Joe Biden’s special climate envoy. Li, the Greenpeace analyst, said he would be closely watching who will meet with Kerry in Beijing. That would require the country to phase out coal power, which accounts for about 60% of its total electricity generation. “The expansion of coal is a grave challenge for China’s climate policy,” Li said.

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

☆ John Kerry to step into searing China heat as world’s two biggest polluters try to fix fractured ties
▼ + stars: | 2023-07-15 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

Persons: John Kerry, ”, Li Shuo, Nancy Pelosi’s, ” Li, Andy Wong, Kerry, Biden, Antony Blinken, Xi Jinping, Janet Yellen, China’s Premier Li Qiang, Blinken, Wang Yi, Alex Wang, Joe Biden’s, Xie Zhenhua, Arnd Wiegmann, Li, Xie Jianhua, Ding Xuexiang, Xi, Obama, Xie, ” Kerry, “ I’m, Stringer, Wang, “ It’s, “, ” Wang Organizations: Hong Kong CNN, Beijing Sunday, Greenpeace, Washington, US, Taiwan —, China Energy Investment Corporation, China’s Premier, University of California, US State Department, China’s Ministry of Ecology, Economic, Blinken, Kerry, CNN, COP28, UCLA, Global Energy Monitor Locations: Hong Kong, Beijing, United States, China, Greenpeace China, Taiwan, Jakarta, “, Los Angeles, Kerry, Shanghai, Tianjin, People’s Republic of China, Davos, Switzerland, Washington, Paris, China Glasgow, Dubai, Lianyungang, China's, Jiangsu, AFP

REUTERS/Arnd Wiegmann/File PhotoJuly 14 (Reuters) - The chief executives of Intel Corp (INTC.O) and Qualcomm Inc (QCOM.O) are planning to visit Washington next week to discuss China policy, according to two sources familiar with the matter. The executives plan to hold meetings with U.S. officials to talk about market conditions, export controls and other matters affecting their businesses, one of the sources said. Intel and Qualcomm declined to comment, and officials at the White House did not immediately return a request for comment. The sources said other semiconductor CEOs may also be in Washington next week. U.S. officials are considering tightening export rules affecting high-performance computing chips and shipments to Huawei Technologies Co Ltd, sources told Reuters in June.

Persons: Arnd, Biden, Andrea Shalal, Stephen Nellis, Karen Freifeld, Edmund Klamann Organizations: Intel Corporation, REUTERS, Intel Corp, Qualcomm Inc, Intel, Qualcomm, White, Huawei Technologies Co, Reuters, Huawei, Nvidia, Thomson Locations: Davos, Switzerland, Washington, China, U.S, San Francisco, New York

☆ Teen hacked Uber, Revolut and Grand Theft Auto maker, London court hears
▼ + stars: | 2023-07-11 | by ( Sam Tobin | ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File PhotoLONDON, July 11 (Reuters) - A teenage member of the Lapsus$ hacking group hacked Uber (UBER.N) and fintech firm Revolut then blackmailed the developers of best-selling videogame Grand Theft Auto, prosecutors have told a London court. Arion Kurtaj, 18, is said to have targeted Revolut and Uber in September 2022, accessing around 5,000 Revolut customers' information and causing nearly $3 million of damage to Uber. Prosecutors allege he hacked Rockstar Games days later and threatened to release the planned Grand Theft Auto sequel's source code in a Slack message sent to all Rockstar staff. Kurtaj later embarked on a solo cyber crime spree, Barry said, first targeting Revolut then Uber two days later before hacking Rockstar Games. He has previously pleaded guilty to two offences under the Computer Misuse Act and one count of fraud.

Persons: Arnd, Revolut, Arion Kurtaj, Uber, Kevin Barry, Kurtaj, Barry, Sam Tobin, Nick Macfie Organizations: Economic, REUTERS, Auto, Prosecutors, Rockstar, BT Group, Nvidia Corp, London's, BT, EE, Computer, Nvidia, Thomson Locations: Davos, Switzerland, London, Lapsus, London's Southwark

☆ Sandoz launches rival version of AbbVie's arthritis drug Humira
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Novartis and its divisions Sandoz and Alcon are seen at an office building in Rotkreuz, Switzerland, January 29, 2020. REUTERS/Arnd Wiegmann/Fle PhotoJuly 1 (Reuters) - Swiss drugmaker Sandoz said on Saturday it had launched a biosimilar version of AbbVie Inc's (ABBV.N) big selling arthritis treatment Humira, adding to U.S. competition for the drug that started in January. The Novartis (NOVN.S)-owned company said its drug, Hyrimoz, will be priced at a 5% discount off Humira’s current list price of $6,922 per month, but that it was also offering an unbranded version of Humira at an 81% discount. The lower-priced version may attract healthcare systems that act as both an insurer and a provider and typically do not seek after-market discounts, as pharmacy benefit managers do. Rival Amgen Inc (AMGN.O) was the first to launch a biosimilar of Humira earlier this year, which debuted at a 5% and 55% discount to Humira, depending on who was purchasing.

Persons: Arnd, drugmaker Sandoz, drugmakers, Patrick Wingrove, Edwina Gibbs Organizations: Swiss, Novartis, Sandoz, REUTERS, Amgen, Pfizer Inc, Thomson Locations: Rotkreuz, Switzerland, KS, United States

Last week, for instance, Nigeria's central bank allowed the naira currency to drop as much as 36% on the official market. Nestle, which is replacing imported corn starch in Nigeria with cassava starch, told Reuters it has helped seven local suppliers to boost capacity to meet the company's supply needs. ONION POWDER AND TURMERICNestle said it was working to develop local suppliers of vegetables and spices used in Maggi products, for instance onion powder in Nigeria and Senegal, and turmeric powder in Nigeria. Nestle did not comment on whether its position in Nigeria would help insulate it from foreign exchange volatility, neither did it give an indication of the economic impact of the local sourcing. ($1 = 0.8967 Swiss francs)Reporting by Richa Naidu; Editing by Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Kat, Nestle, Richa Naidu, Emelia Sithole Organizations: Swiss, Nestle, REUTERS, LONDON, Reuters, Unilever, Thomson Locations: Bern, Konolfingen, Switzerland, Nigeria, Cameroon, Senegal, Swiss, Asia, East, Africa

☆ Art Basel draws surge in Asian collectors
▼ + stars: | 2023-06-15 | by ( Noele Illien | ) www.reuters.com time to read: +2 min

[1/4] People pose in front of the sculpture "Naughtynightcap" from 2008 by artist John Chamberlain at the Art Unlimited exhibition at the Art Basel art fair in Basel, Switzerland September 21, 2021. Noah Horowitz, who became Chief Executive of Art Basel in November said that an extraordinary amount of people from Asia have travelled to this year's flagship Art Basel fair. China's art market, the third largest in the world, had reported a steep decline in sales in 2022, with lockdowns stalling activity and cancelling art auctions and events, according to the 2023 UBS Global Art Market Report. "The art market compared to the financial market is completely different – it is very opaque, it is not transparent and there are limited sources of data," she said. Art Basel is open to the public until Sunday.

Persons: John Chamberlain, Arnd, Mark Rothko, Noah Horowitz, Joost Bosland, Stevenson, Bosland, Patricia Amberg, Noele Illien, Sandra Maler Organizations: Art, REUTERS, Art Basel, Basel, UBS Global Art, UBS, Thomson Locations: Art Basel, Basel, Switzerland, ZURICH, Swiss, Asia, South Africa, Netherlands, China

☆ Low-tax Switzerland votes on global minimum corporate tax rate
▼ + stars: | 2023-06-14 | by ( John Revill | ) www.reuters.com time to read: +4 min

In 2021 almost 140 countries including Switzerland agreed to an Organisation for Economic Cooperation and Development (OECD) deal to ensure large companies pay a minimum tax rate of 15%, to prevent them trying to avoid taxation by transferring profits to low tax countries. Reuters GraphicsEach of Switzerland's 26 cantons can set its own corporate tax rate, but the federal government would impose a top-up tax to ensure companies are paying 15 percent, raising up to 2.5 billion Swiss francs ($2.76 billion) in tax revenue. She said last month, "this minimum tax is coming, with or without Switzerland." Swiss Holdings, a group representing 62 multinationals in Switzerland including Nestle, Johnson & Johnson, and IKEA, supported the minimum tax. Stefan Kuhn, Head of Tax and Legal at KPMG Switzerland, said the top-up tax "gives cantons the money to do something smart to remain competitive."

Persons: Arnd, Fabian Molina, Karin Keller, Johnson, Christian Frey, Stefan Kuhn, Kuhn, John Revill, Alexandra Hudson Organizations: REUTERS, Switzerland Broad, Economic Cooperation, Development, GFS, Google, Nestle, Reuters, Union, Social Democrats, Sutter, OECD, Swiss Holdings, Johnson, IKEA, KPMG Switzerland, Alexandra Hudson Our, Thomson Locations: Bernese, Lake Zug, Zug, Switzerland, ZURICH, Swiss, GFS Bern, Germany, Japan, Basel, Economiesuisse

☆ Glencore, automakers to back $1 bln nickel, copper SPAC deal in Brazil
▼ + stars: | 2023-06-12 | by ( ) www.reuters.com time to read: +3 min

[1/2] The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, September 30, 2015. Glencore will invest $100 million in ACG equity. Stellantis and mining investment fund La Mancha Resource Capital will each provide an equity investment of the same amount, while PowerCo will make a $100 million nickel prepayment. During the process, ACG will become ACG Electric Metals and issue new shares, making Glencore, Stellantis and La Mancha owners of 51% and leaving 49% for free float, Artem Volynets, ACG chief executive, told Reuters. The deal "will establish ACG Electric Metals as a premier supplier of critical metals into the western EV value chain," Volynets said.

Persons: Arnd, ACG, Mick Davis, PowerCo, Artem Volynets, Appian, Sibanye, Volynets, En, Rusal, Polina Devitt, Clara Denina, Kirsten Donovan, Jason Neely Organizations: REUTERS, Chrysler, Company, Santa, Appian, Chartered, Citigroup, Blue Resources, Metals Acquisition Corp, Glencore, La, La Mancha Resource, Metals, Reuters, South Africa's, Hong, Thomson Locations: Baar, Switzerland, Brazil, London, New York, Western Europe, North America, La Mancha, Stillwater, Santa Rita, Hong Kong

☆ Retail investors are piling into these 10 stocks as a new bull market gets started
▼ + stars: | 2023-06-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Retail investors are returning to the stock market as a new bull market begins and sentiment improves. These are the top 10 stocks that have seen the heaviest buying pressure from retail investors over the past week. These are the top 10 stocks purchased by retail investors over the past week, according to Vanda Research. Advanced Micro DevicesAMD CEO Lisa Su Steve Marcus/ReutersTicker: AMDFive-day Net Retail Purchases: $203.5 millionYear-to-date performance: 92.7%3. Apple(Photo by Fernando Gutierrez-Juarez/picture alliance via Getty Images)Ticker: AAPLFive-day Net Retail Purchases: $385.9 millionYear-to-date performance: 39.8%1.

Persons: Vanda, —, Microsoft Justin Sullivan, Mario Tama, Lisa Su Steve Marcus, Nvidia Jensen Huang, Rick Wilking, Fernando Gutierrez, Tesla Tesla, Michael Macor Organizations: Vanda Research, Service, Palantir, Retail, Microsoft, Verizon, Reuters, Nvidia, CES, Apple, Getty, Bloomberg, San Francisco Locations: Los Angeles , California, Las Vegas , Nevada, U.S

☆ Armani tests sustainable cotton production in Italy
▼ + stars: | 2023-06-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] The logo of Italian fashion company Giorgio Armani is seen at a shop in Zurich, Switzerland July 8, 2021. REUTERS/Arnd Wiegmann/File PhotoMILAN, June 5 (Reuters) - Luxury fashion house Armani Group has started an experimental agroforestry plantation in southern Italy to test new ways to produce cotton sustainably, it said on Monday. Armani said cotton planting started last month over one hectare of land - to be expanded to five hectares - in the southern region of Apulia. "Over five years, this farm site will be among the first field experiments in Europe testing agroforestry cotton with alternative tree species and regenerative practices," Armani said in a statement. The project is in collaboration with the Sustainable Markets Initiative’s Fashion Task Force and the Circular Bioeconomy Alliance, both founded by Britain's King Charles in his former role as the Prince of Wales, Armani Group said.

Persons: Giorgio Armani, Arnd, MILAN, Armani, Britain's King Charles, Prince of, Gucci, Yves Saint Laurent, Kering, Elisa Anzolin, Alvise Armellini, Jan Harvey Organizations: REUTERS, Armani, Sustainable, Force, Alliance, Armani Group, Sustainability, Thomson Locations: Zurich, Switzerland, Italy, Apulia, Agroforestry, Europe, Prince of Wales

☆ UBS considers delaying results after Credit Suisse rescue - FT
▼ + stars: | 2023-06-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] The logo of Swiss bank UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd WiegmannJune 4 (Reuters) - UBS (UBSG.S) is considering delaying its quarterly results at least until the end of August, as the Swiss banking giant deals with complexities over its takeover of Credit Suisse (CSGN.S), the Financial Times reported on Sunday. The bank is scheduled to report its April-June results on July 25. "Publication date may change depending on the timing of the closing of the anticipated acquisition of Credit Suisse," the notice says. Reporting by Mrinmay Dey in Bengaluru; Editing by William Mallard and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Arnd, Sergio Ermotti, Mrinmay Dey, William Mallard, Sonali Paul Organizations: Swiss, UBS, REUTERS, Credit Suisse, Financial Times, Switzerland's, Credit, Thomson Locations: Zurich, Switzerland, Swiss, Bengaluru

☆ BlackRock moves from 'overweight' to 'neutral' on credit
▼ + stars: | 2023-05-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] People are seen in front of a showroom that hosts BlackRock in Davos, Switzerland Januar 22, 2020. REUTERS/Arnd WiegmannMay 22 (Reuters) - BlackRock Investment Institute on Monday said it was moving from "overweight" to "neutral" on credit, saying yields are not enough to compensate investors for tightening credit conditions. In a research note, it also said it was moving from "underweight" to "neutral" on private markets following recent weakness in the U.S. regional banking industry. "The fallout from the banking sector troubles and further tightening of credit conditions adds to the pressure on public credit but could be a potential boon for private credit," the investment management company said. The BlackRock Investment Institute is an arm of U.S.-based investment firm BlackRock that provides proprietary investment research.

☆ Italian fashion group Tod's sales jump in Q1, beating expectations
▼ + stars: | 2023-05-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] Shoes of Italian luxury shoemaker Tod's are displayed in the window of the company's store in Zurich, Switzerland, April 25, 2019. REUTERS/Arnd Wiegmann/File PhotoMILAN, May 10 (Reuters) - Sales at Italian fashion group Tod's (TOD.MI) rose by 23% in the first quarter of the year, beating analysts' forecasts thanks to a strong performance in China and despite moderate growth in the Americas. "Considering the good sales trends we experienced in April and the excellent orders' backlog for the winter collections, I'm confident about the group's future results," said Tod's Chairman and CEO Diego Della Valle. In the United States sales rose 6.6%. Tod's CFO said he is confident of achieving the consensus sales figure for the year, currently at 1.1 billion euros.

☆ Metaverse could contribute up to 2.4% of US GDP by 2035, study shows
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann/File PhotoMay 9 (Reuters) - The metaverse could contribute as much as $760 billion or about 2.4% to U.S. annual gross domestic product (GDP) by 2035, according to a study commissioned by Facebook owner Meta Platforms (META.O). Social media giant Meta, which pivoted its focus on building metaverse technologies in 2021, has forecast the tech would eventually replace mobile as the main computing platform. In a separate report, Meta said the European Union may see an increased economic opportunity of up to 489 billion euros ($538.29 billion) in annual GDP by 2035 or about 1.3%–2.4% of its total GDP. The metaverse could contribute between C$45.3 billion ($33.88 billion) and C$85.5 billion to Canada's annual GDP by 2035, Deloitte said. The regional projections follow a global economic impact report that Meta commissioned to consulting firm Analysis Group last year, which estimated that metaverse adoption would contribute $3.01 trillion by 2031.

☆ Metaverse could contribute up to 2.4% of US GDP by 2035 - study
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +2 min

☆ Volvo Cars to axe 1,300 jobs as it steps up cost cuts
▼ + stars: | 2023-05-04 | by ( ) www.reuters.com time to read: +1 min

[1/3] lectric-powered Volvo XC40 cars are seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. REUTERS/Arnd WiegmannCOPENHAGEN, May 4 (Reuters) - Volvo Cars (VOLCARb.ST) will lay off around 1,300 office-based employees in Sweden as it steps up cost cutting, the Sweden-based auto maker said on Thursday. The 1,300 positions equate to 6% of Volvo Cars' workforce in Sweden. Rowan said he could not yet specify where those jobs would be cut, but that focus would primarily remain on office-based positions. Volvo Cars shares were down 3.87% at 0848 GMT.

☆ Tyson Foods to eliminate 10% of corporate jobs - memo
▼ + stars: | 2023-04-26 | by ( Tom Polansek | ) www.reuters.com time to read: +2 min

CHICAGO (Reuters) - Tyson Foods Inc will eliminate about 10% of corporate jobs and 15% of senior leadership roles, Chief Executive Donnie King told employees on Wednesday. FILE PHOTO: The logo of Tyson Foods is seen in Davos, Switzerland, May 22, 2022. The eliminated roles in senior leadership are mostly vice presidents and senior vice presidents, a company spokesperson said. Some corporate employees already left the company after Tyson said in October it was relocating all corporate jobs to its headquarters in Springdale, Arkansas. However, the 10% reduction in corporate roles is not related to the relocation, a Tyson spokesperson said.

☆ Roche Q1 sales decline tempered by swift uptake of new eye drug
▼ + stars: | 2023-04-26 | by ( Ludwig Burger | ) www.reuters.com time to read: +2 min

[1/2] The logo of Swiss drugmaker Roche is seen at its headquarters in Basel, Switzerland January 30, 2020. Quarterly group revenue fell to 15.3 billion Swiss francs ($17.2 billion), the company reported on Wednesday, beating market expectations of 14.8 billion francs. The company, which does not report earnings for its first and third quarter, reiterated that pandemic-related sales - mainly lab testing, antibody treatment Ronapreve and repurposed arthritis drug Actemra - would drop by 5 billion francs this year. "We are very happy with the very rapid and significant uptake in the different markets around the world," he said on a media call. Sales and core earnings per share were still expected to decrease at a "low single-digit" percentage in 2023, the pharmaceuticals and diagnostics company added.

☆ 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.

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