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☆ More startups are being spun out of Klarna than any other European fintech unicorn
▼ + stars: | 2024-10-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Accel labels these companies "founder factories," on the basis that they have become breeding grounds for talent that often go on to establish their own firms. However, most of the biggest fintech founder factories come from Europe. Asked about why Klarna topped the ranking of fintech founder factories in Europe, Bocchio said: "Klarna is an organization that is coming of age now." Nearly two-thirds (61%) of companies founded by former employees of fintech unicorns were founded in the same city as the unicorn, according to Accel. This, he said, "speaks to the maturity and appetite" of individuals within Europe's fintech founder factories.

Persons: Block's, Nikolas Kokovlis, Luca Bocchio, Sebastian Siemiatkowski, Siemiatkowski, Klarna, Accel's Bocchio, Bocchio Organizations: Nurphoto, Getty, Accel, Klarna, CNBC, London Locations: Europe, London, Berlin, Stockholm, Israel, Europe's

☆ New Boeing CEO to give clues on company's future, while striking workers vote on new contract
▼ + stars: | 2024-10-22 | by ( Leslie Josephs | ) www.cnbc.com time to read: +5 min

When he takes the mic for his first earnings call as Boeing's CEO on Wednesday, more than 32,000 striking machinists will start voting on a new, sweetened contract proposal. Narrowing businessesOrtberg, a longtime aerospace veteran who previously ran Rockwell Collins, took the reins at Boeing in early August. Boeing's new CEO Kelly Ortberg visits the company's 767 and 777/777X programs' plant in Everett, Washington, U.S. August 16, 2024. watch nowMending ties with workers, stabilizing supply chainThe results of the union vote will come out hours after the earnings call. Meanwhile, the strike is costing Boeing $1 billion a month, according to S&P Global Ratings estimates.

Persons: Ryan Bergh, Jason Redmond, JASON REDMOND, Kelly Ortberg, Rockwell Collins, Ortberg, Marian Lockhart, Ken Herbert, Leslie Josephs Organizations: International Association of Machinists, Aerospace Workers, Seattle Union Hall, Getty, AFP, Boeing, Reuters, Air Force One, Workers, CNBC Locations: Everett , Washington, Seattle , Washington, AFP, underperformance, Everett , Washington , U.S, Seattle, Renton , Washington

☆ Ukraine's deep strikes on ammo depots and weapons factories across Russia aim to weaken its war machine
▼ + stars: | 2024-10-22 | by ( Jake Epstein | ) www.businessinsider.com time to read: +5 min

Ukrainian drones hit an ammo depot at a Russian airbase and a weapons factory over the weekend. These marked Ukraine's latest deep strikes targeting a key military facility inside Russia. US officials and war analysts have said this campaign will complicate Russian operations in Ukraine. The strike operations demonstrated Kyiv's long reach as it targets key military facilities inside Russia. Ukraine said it also produces guided glide bombs, the highly destructive weapons Russia has used to wreak havoc on Ukrainian troop positions and civilians.

Persons: —, George Barros, Barros Organizations: Service, Social Media, REUTERS, Pentagon, Technologies, Institute for Locations: Russian, Russia, Ukraine, Lipetsk, Russia's, Ukrainian, Nizhny Novgorod, Kyiv, Moscow

☆ Stocks making the biggest moves premarket: Cheesecake Factory, Sherwin-Williams, 3M and more
▼ + stars: | 2024-10-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

SAP — U.S.-listed shares of the enterprise software provider gained more than 3% after the company posted a third-quarter earnings and revenue beat. GE Aerospace reported adjusted revenue of $8.94 billion, while analysts had estimated $9.02 billion, according to LSEG. 3M — Shares of the industrial company rallied 5% after 3M posted third-quarter earnings of $1.98 per share on revenue of $6.07 billion. Despite this, the company posted a third-quarter adjusted earnings and revenue beat. Sherwin-Williams reported adjusted earnings of $3.37 per share, lower than a StreetAccount estimate of $3.55 per share.

Persons: LSEG, AppLovin, Rob Sanderson, Nucor, Danaher, Sherwin, Williams, — CNBC's Sean Conlon, Michelle Fox, Alex Harring, Fred Imbert, Hakyung Kim, Sarah Min, Jesse Pound Organizations: JCP Investment Management, General Motors, GM, SAP — U.S, SAP, GE Aerospace, Citi, U.S, Loop Locations: Utah

☆ Kherson: Russia is deliberately attacking civilians with drones, residents say
▼ + stars: | 2024-10-22 | by ( Lauren Kent | Kosta Gak | ) edition.cnn.com time to read: +9 min

Kyiv, Ukraine CNN —In the city of Kherson, southern Ukraine, civilians have started to hope for heavy rain – the only weather conditions that prevent Russian drones from flying overhead, they say. Today, the threat of occupation still looms just across the river, where Russian military positions are literally within sight. Difficult to combatThe frequency of the attacks and the drones’ small size make them difficult for Ukrainian forces to thwart. Russia has been repeatedly accused of targeting Ukrainian civilians by Kyiv, its Western allies, the International Criminal Court and the United Nations. On Monday, an ambulance was hit in a Russian drone strike on an urban area of Kherson, injuring two paramedics.

Persons: “, ”, Tetyana Yakovleva, Yakovleva, Tetyana, ” Yakovleva, ” “, “ It’s, Oleksandr Prokudin, Kateryna Stepanenko, ISW, Stepanenko, ” Stepanenko, Disturbingly, geolocated, can’t, Natalya, ” Natalya, Katy Ling Organizations: Ukraine CNN —, Authorities, CNN, Ukrainian Armed Forces, couldn’t, Institute for, Ukrainian, Kherson Regional Military Administration, Anadolu, Getty, Russian Telegram, Russian, Criminal Court, United Nations Locations: Kyiv, Ukraine, Kherson, Antonivka, Russian, Dnipro, Russia, Washington, DC, Krynky, Ukrainian

☆ The origins of bubble tea, one of Taiwan’s most beloved beverages
▼ + stars: | 2024-10-21 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +11 min

It all started with foam teaInvented in the 1980s, bubble tea (also called “black pearl tea” or “boba tea”) is a beloved Taiwan classic. Lin Hsiu Hui, product manager at bubble tea chain Chun Shui Tang, said she created the very first glass of bubble milk tea at a staff meeting in 1988. Bubble tea chain Easy Way argued in a press conference, “Why don’t you ask people to skip drinking Coke instead?”The saga was dubbed the “bubble tea for arms” incident by local media. Bubble tea 2.0Bubbleology founder Assad Khan says his first bubble tea experience was 'love at first sip.' But no matter how funky you get with the recipe, the soul of a good bubble tea has always been, well, the tea.

Persons: that’s, Simu Liu, Canadian Liu, “, it’s, Chang Fan Shu, yao, shou yao, ”, Tseng, Tsang, Tu Tsong, – Tu, Tu, ” Tu, Lin Hsiu Hui, Tang, ” Lin, Chun, Chun Shui Tang, boba ”, Amy Yip’s, Assad Khan, ” Khan, Bubbleology, It’s Organizations: CNN, Marvel, CBC, Chun, CNN Travel, Chun Shui Tang, hawker, Defense Ministry Locations: Hong Kong, Canada, Quebec, Canadian, Taiwan, ”, Tainan, Hanlin, United States, China, Assam, hawker, Asia, British, Chinatown, New York, Lankan

☆ Honeywell signs deal with Google to bring Gemini generative AI to industrial sector
▼ + stars: | 2024-10-21 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +5 min

"Everyone has that problem in industrials," he said at the recent CNBC Evolve AI Opportunity event. The Google AI will offer images, videos, text and sensor readings to engineers. According to Honeywell data, 82% of companies in the industrial sector that consider themselves AI leaders are behind on adoption, with only 17% having fully launched initial AI plans. Siemens and Microsoft announced a gen AI deal for the industrial sector late last year, which included an AI copilot for use across industries. "Awareness is high, adoption is low, but there will be an inflection point," he said at the recent CNBC AI event.

Persons: Rick Osterloh, Vimal Kapur, Kapur, Suresh Venkatarayalu, Carrie Tharp, Delangue Organizations: Devices, Google, Honeywell, CNBC, Honeywell Forge, Workers, Companies, Gemini, Amazon, Nvidia, Siemens, Microsoft Locations: Mountain View , California, industrials

As Election Day approaches, the campaigns are putting significant time and attention toward courting Black men, seen as a crucial — and potentially movable — voting bloc in a tight presidential race. However, that number drops to 68% for Black men under 50, compared to 21% who support Trump. “It’s very important to not operate from the assumption that Black men are in anybody’s pocket,” she said during an interview with the National Association of Black Journalists in September. For Trump’s part, efforts to reach Black men voters through campaign surrogates or Trump himself have lessened in recent months. Bartell also pointed to Kevin Cooper, a Black man on death row for killing a white family, as well as marijuana convictions of Black men.

Persons: Donald Trump, Kamala Harris, Harris, Trump, —, Joe Biden, Hillary Clinton’s, Barack Obama, Dana Williams, Howard University’s, Cliff Albright, “, Stephen Jackson, Matt Barnes, Lil Wayne, Waka, Harris ’, ‘ She’s, ’ Pierce Hodges, Biden, Howard, Pierce Hodges, ”, Hodges, She’s, ” Hodges, Jimmy Hill, Jimmy Atchison, Sonya Massey, Jimmy Hill “, ” Hill, it’s, ” Harris, she’s, ” ‘, Kamala, Al Bartell, Bartell, Al, Kevin Cooper, “ I’m, ” Bartell, James Douglass, Maurissa, Douglass, ” “, “ Biden, I’m, ” Douglass, “ Obama, “ Kamala Harris, ’ Stone Ramsey, Ramsey, Black, ” Ramsey, Kamala Harris doesn’t, mispronounced Harris ’, Trump’s, Mike Tyson, Floyd Mayweather, “ Mike Tyson, Kamala Harris can’t, Patrick Oates, Patrick Oates “, Oates, ” Oates, Obama, Kevin Newell, Kevin Newell Newell, ‘, Newell, “ she’s, ” Newell Organizations: NBC News, Trump, Howard University Initiative, Public, NBC, Howard, Initiative, Black, National Association of Black Journalists, NBA, Howard University, Alpha Kappa Alpha, Columbia University, “, White, Biden, Biden —, America, Democratic, Royal Capital Group Locations: California, Black, “, Atlanta, Illinois, Detroit, China, U.S, Philadelphia, Milwaukee, America, ’

☆ Trump doubles down on tariff plan that voters hate
▼ + stars: | 2024-10-20 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Republican presidential nominee and former U.S. President Donald Trump speaks as he visits a campaign office in Hamtramck, Michigan, U.S. October 18, 2024. Despite the unpopularity of universal tariffs among voters, Trump has dug in on the hardline proposal. Trump has floated imposing a 20% tariff on all goods from all countries, with a specifically high 60% rate on Chinese imports. The Trump tariffs have also faced heat from within the GOP. "I'm not a fan of tariffs," Republican Senate Minority Leader Mitch McConnell said in late September.

Persons: Donald Trump, Donald Trump's, Trump, John Micklethwait, they'll, Mitch McConnell Organizations: NBC News, Bloomberg, Economic, of Chicago, Republican, Trump, GOP Locations: Hamtramck , Michigan, U.S, United States

☆ One chip company's newest tactic to attract workers: Help pay off their student loans
▼ + stars: | 2024-10-19 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +8 min

AdvertisementWhen Morgan earned her bachelor's degree in 2018, she graduated with over $20,000 in student loan debt that she hoped to pay off by 2032. Morgan now expects to fully pay off her remaining $16,000 student debt balance by 2028 — four years earlier than planned. Morgan estimates that receiving student debt relief will allow her to pay off her loans four years ahead of schedule. MorganGlobalFoundries is betting that student debt relief will help it attract prospective employees and retain current workers. The company's student debt relief program is just another way it's trying to attract workers.

Persons: Chipmaker GlobalFoundries, —, Morgan, she's, they've, GlobalFoundries, it's, Morgan GlobalFoundries, Joe Biden, Raman, Biden, we've, Stephanie, It's Organizations: Service, Business, Semiconductor Industry Association, Oxford Economics, Nvidia, Bright, GlobalFoundries Locations: York, Malta, New York, Austin

☆ Airport introduces time limit on hugs
▼ + stars: | 2024-10-19 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +4 min

Editor’s Note: Sign up for Unlocking the World, CNN Travel’s weekly newsletter. CNN —In travel news this week: the Chinese pets earning “snack money” in cafés, a European capital that’s had enough of “drunk” tourists, and the New Zealand airport that’s curtailing caresses. Dunedin Airport CEO Daniel De Bono weighed in on the topic in an interview with New Zealand’s RNZ radio. Tradition is also important in this century-old “masterpiece café” cafe in Tokyo which discourages socializing and forbids mobile phones. In case you missed itThis airport landing is so difficult only 50 pilots can do it.

Persons: that’s, fonder, Daniel De Bono, De Bono, “, ”, Mario, Donkey Kong, Lindz, she’d, Scot, they’ll, it’s Organizations: CNN, New, Dunedin Airport, Nintendo Museum, Egyptian, Universal Orlando, New Yorker Locations: cafés, New Zealand, Dunedin, Tokyo, China, Hell, Pamukkale, Turkey, Darvaza, Turkmenistan, Uji, Kyoto, Japan, New, Spain

☆ Tentative deal announced to end Boeing strike
▼ + stars: | 2024-10-19 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN —A tentative deal has been reached to end the five-week-long strike at troubled aircraft maker Boeing, the union announced to its 33,000 striking members early Saturday. Rank-and-file already nearly unanimously rejected a previous tentative agreement, precipitating the first strike at the company in 16 years. Many union members had expressed anger over the loss of the pensions. The union credited Acting Labor Secretary Julie Su with brokering the deal in indirect talks between the union and management. A week after that deal was rejected, Boeing improved its offer to 30% in wage increases over the four-year deal, terming that its best and final offer.

Persons: Kelly Ortberg, Julie Su, Su, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, International Longshoremen’s Association, Gulf, Airbus, Alaska Airlines, Federal Aviation Administration Locations: New York

10:47 a.m.Adkins took photos of Mendoza, who died in the flood, walking across the parking lot. Adkins also shots a video of the parking lot, saying: “We have no power at work. I mean, it’s flooded.”Zinnia Adkins took a picture of Bertha Mendoza walking across the parking lot before 11 a.m. Zinnia Adkins10:50a.m. He saw high water levels on the road and people still in the Impact Plastics parking lot, he said. Michael Dorsey11 a.m.-11:30 a.m.Rangek and another colleague decided to leave Impact Plastics since she had not heard any news or instructions from management, she said.

Persons: Adkins, Mendoza, ” Zinnia Adkins, Bertha Mendoza, Zinnia Adkins, Alexa, “, Peterson’s, “ Power, ”, Fred Hudgins, Hudgins, Gerald O’Connor, Hernandez, ” Hernandez, Corona, Monica Hernandez, Corona's, Dorsey, Michael Dorsey's, Michael Dorsey, a.m, Water, Peterson, “ I’m, ” Adkins, can’t, it’s, Clarissa, Bertha, ” Mendoza, Emanuel, ” Dorsey, …, ahold, Brianna Paciorka, Jarvis, I’m, Tenn, Saul Young, Elías, Guillermo Organizations: Impact Plastics, Plastics, Corona, NBC News, NBC, Impact, Nuclear Fuel Services, Erwin Police, NWS, Erwin, Hernandez, WSMV, National Guard, Sentinel, USA, News Sentinel, Network, Reuters, U.S Locations: Hudgins, Nashville, Mendoza, Erwin, Mexico, U.S

☆ One of Russia's biggest automakers said it's struggling under Western sanctions after frontline complaints that its vehicles are falling apart
▼ + stars: | 2024-10-18 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

Russian automaker Sollers is under fire over reports that its cars are breaking down along the war front. In response on Thursday, Sollers blamed Western sanctions for forcing it to switch suppliers quickly. AdvertisementA Russian contractor providing SUVs and pick-up trucks to Moscow's troops blamed Western sanctions on Thursday amid criticism that its vehicles were arriving in poor condition. The Russian automaker's recent blaming of Western sanctions is a reversal of its statements in September 2023, when it dismissed being blacklisted by the US Treasury Department. Sollers had told Russian media it did not foresee a significant impact as it already restructured its supply chain to prepare for the restrictions.

Persons: Sollers, —, UAZ, Dmitry Rogozin, Rogozin, he's, He's, Gazeta.RU Organizations: Service, Ulyanovsk Automobile Plant, NATO, Telegram, Business, Ford Motor Company, Mazda, US Treasury Department, European Union Locations: Russian, Ulyanovsk, Moscow, Ukraine, Roscosmos, Michigan, Russia, Vladivostok, Sollers

☆ Embraer CEO says jet maker studying possibilities for a new aircraft
▼ + stars: | 2024-10-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +1 min

Embraer CEO Francisco Gomes Neto speaks during the Embraer Media Day 2022 at the aircraft factory in Sao Jose dos Campos, Brazil, May 30, 2022. Brazilian plane maker Embraer SA is studying the market and new technology that could warrant it building an all-new jet, CEO Francisco Gomes Neto told CNBC. A new airplane could help the airplane manufacturer compete with much larger rivals Airbus and Boeing , which deliver hundreds of jets a year compared with Embraer's dozens of aircraft. But Gomes Neto noted that no decisions have been made yet. In the meantime, Gomes Neto said Embraer is focused on improving results and selling its regional planes, which won orders earlier this year from American Airlines , manufacturing its E2 jet and "delivering what we promise" customers.

Persons: Francisco Gomes Neto, Sao Jose dos Campos, Gomes Neto Organizations: Embraer, Embraer Media, Embraer SA, CNBC, Airbus, Boeing, American Airlines Locations: Sao Jose, Brazil, Brazilian

☆ Don't 'demean' Tesla's bots, even if they were piloted by humans, Nvidia robotics boss says
▼ + stars: | 2024-10-18 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +5 min

Tesla's Optimus robots faced skepticism for being remotely controlled by humans at a recent event. AdvertisementTesla's Optimus robots received more skepticism last week when multiple reports confirmed that the humanoid robots working the company's "We Robot" event were remotely controlled by engineers. Optimus robots reportedly danced, poured drinks, and interacted with attendees. Both Musk and Nvidia CEO Jensen Huang, are focused on humanoid robots as increasingly advanced machine learning offers an unlocking technology for robotics. Musk has claimed that two Optimus robots are performing tasks autonomously on Tesla's factory floor.

Persons: Lebaredian, —, Optimus, Jensen Huang, Musk, Huang, Tesla, xAI's Organizations: Optimus, Service, Nvidia, Oracle

☆ Tim Cook is having a great week as Apple stock hovers within reach of record high
▼ + stars: | 2024-10-17 | by ( Jordan Hart | ) www.businessinsider.com time to read: +5 min

Analysts are optimistic about Apple's iPhone 16 sales going into the holiday season. Apple shares hit a record intraday high earlier this week. AdvertisementFall is shaping up to be good for Tim Cook as Apple rounds the corner into the holiday quarter. Analysts expect the rollout of Apple's AI features to drive iPhone demand into the holiday season. Apple Intelligence is expected to officially launch by the end of the month, and new Macs are reportedly on the way.

Persons: —, Tim Cook, Nabila Popal, Morgan Stanley, Bernstein, Cook, Jacob Bourne, Bourne, Erik Woodring, William Kerwin, Kerwin, TSMC Organizations: IDC, Apple, Service, Apple Intelligence, Wall Street, ISI, Forbes, Business, Morningstar Locations: China, Xiaomi, Indonesia

☆ How Blackstone made 18,000 workers owners of their HVAC company
▼ + stars: | 2024-10-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +11 min

Earlier this year, Blackstone rolled out an ownership plan for employees of HVAC company Copeland. The newest rage in private equity seeks to flip that model on its head by offering employees equity on top of their regular salaries. Success in private equity is often evaluated by how much money a deal generates compared to the initial investment. Joe Baratta, global head of private equity at Blackstone BlackstoneAcross the industry, high interest rates have squeezed returns and exit opportunities. KKR's global cohead of private equity, Pete Stavros, also helped found the nonprofit Organizing Works to encourage the adoption of this model across the private equity industry and beyond.

Persons: Blackstone, Copeland, Here's, —, Ross Shuster, Shuster, Stuart Dalgleish, Joe Baratta, Dalgleish, we've, Copeland's Shuster, outsized, Pete Stavros, KKR's Stavros, NPR's, Ted, Stavros, Josh Ryan, Leonard Green, Axel Springer Organizations: Service, Business, Blackstone, Emerson Climate Technology, Blackstone ., BI, Human, Emerson Electric, Employees, Merlin Entertainment, Blackstone Blackstone, KKR, CHI, NPR, GeoStabilization, Leonard Green & Partners Locations: New York City, Manhattan

☆ Netflix airing NFL games on Christmas will be the streaming giant's biggest test for its next area of growth
▼ + stars: | 2024-10-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, Netflix's earnings report comes as Wall Street wonders if the king of streaming can keep its crown . Business Insider's Lucia Moses outlined investors' key questions about Netflix ahead of its third-quarter earnings call this afternoon. The NFL is coming to the streamer this Christmas, with Netflix showing two games on the holiday.

Persons: —, Leapmoter, Chelsea Jia Feng, Business Insider's Lucia Moses, Alain Tascan, Jamie Squire, — Peacock, BI's Peter Kafka, There's, Patrick Mahomes, Lamar Jackson, Mike Kemp, Louis Vuitton, Christian Dior, iStock, Rebecca Zisser, Harris, Elon Musk's, Elon, Tyler Le, it's, Amy Powell, El, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Business, Service, EV, Netflix, Epic Games, NFL, NBA, Getty, Louis, BI, Trump, House, SpaceX, Elon Musk's, California Coastal Commission, Paramount, NATO Locations: Europe, Swedish, California, Hollywood, El Mayo, Sinaloa, New York, London

☆ Boeing strike enters second month as workers rally in Seattle
▼ + stars: | 2024-10-16 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms | ) www.nbcnews.com time to read: +4 min

SEATTLE — Boeing factory workers held a large rally in Seattle on Tuesday to demand a better wage deal, mounting pressure on new CEO Kelly Ortberg to end a bitter strike that has plunged the planemaker further into financial crisis. “We’re not afraid of them.”A strike rally for the International Association of Machinists and Aerospace Workers in Seattle on Tuesday. U.S. Representative Pramila Jayapal, whose district includes downtown Seattle, addressed the cheering crowd on Tuesday, criticizing Boeing and calling on Ortberg to end the strike. “Let’s make Seattle Boeing town again!”‘NO PENSION, NO WRENCHING’IAM members have been holding smaller picket lines in front of Boeing sites throughout the strike. A Boeing spokesperson said on Monday the planned job cuts included both union and non-union workers, but striking IAM employees were not currently affected.

Persons: Kelly Ortberg, Maria Cantwell, X, Patty Murray, Adam Smith, Rick Larsen, ”, Matthew Wright, We’re, Jason Redmond, Julie Su, Pramila Jayapal, “, “ Kelly Ortberg, Jon Holden, ” Holden Organizations: SEATTLE — Boeing, Reuters, Democrats, Boeing, U.S, West, International Association of Machinists, Aerospace Workers, Getty, Labor, IAM, Seattle Boeing, Seattle, Microsoft Locations: Seattle, Washington, West Coast, AFP, United States, America, Seattle —, ”

☆ Airbus to cut up to 2,500 jobs in defense and space
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: +2 min

A logo sits on display outside the Airbus wing assembly factory in Broughton, U.K.Airbus announced plans on Wednesday to cut up to 2,500 jobs in its Defence and Space division, citing a "complex business environment" especially in loss-making satellites. It has been hit by 1.5 billion euros ($1.63 billion) of charges in space systems in recent quarters, led by the high-tech OneSat project, and delays and rising costs in defense. The job cuts, first reported by French news agency AFP, come on top of a more than year-long efficiency review in the defense and space business, code-named ATOM. Airbus has been drawing up specific turnaround plans for its struggling Space Systems business without waiting for the outcome of recent satellite consolidation talks that include Italy's Leonardo as well as France's Thales. Group CEO Guillaume Faury said earlier this year that Airbus was looking at opportunities to create scale in defense, space and particularly satellites where traditional players have been heavily disrupted by the success of new constellations.

Persons: Mike Schoellhorn, Italy's Leonardo, Guillaume Faury Organizations: Airbus, Defence, Space, AFP, Space Systems, Thales, Reuters Locations: Broughton, U.K, Germany, France, Britain, Spain, Ukraine, U.S

☆ The solid-state batteries hype is fading – prompting auto giants to consider alternatives
▼ + stars: | 2024-10-16 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +6 min

Solid-state batteries have long been billed as the "holy grail" of sustainable driving. As the name suggests, solid-state batteries contain a solid electrolyte, made from materials such as ceramics. Automakers have invested billions of dollars in solid-state battery research and teamed up with developers to produce their own versions for mass production. Tomohiro Ohsumi | Getty Images News | Getty ImagesJapan's Toyota, for instance, has said it is aiming to bring solid-state batteries into mass production between 2027 and 2028. Yet, despite growing hype over the potential rollout of solid-state batteries, analysts remain skeptical about when they will actually make it to market.

Persons: Tomohiro Ohsumi, Japan's Nissan, Germany's Mercedes, Max Reid, Wood Mackenzie, Reid, Wood Mackenzie's Reid, Julia Poliscanova, Poliscanova, Nio, Ganfeng, Environment's Poliscanova Organizations: Afp, Getty, Toyota Motor Corp, Benz Group, Stellantis, Hyundai, Kia, Environmental Defense Fund, CNBC, Transport, Environment, Paris, Show, Qingtao Energy Locations: Nanjing, China's, Jiangsu, PARIS, France, Tokyo, Japan, U.S, China

☆ Boeing prepares layoff notices for thousands of workers as turmoil deepens
▼ + stars: | 2024-10-15 | by ( ) www.nbcnews.com time to read: +5 min

While Su has previously spoken with Boeing and the striking West Coast factory workers’ union, it is her first time in Seattle meeting both sides in person. Roughly 33,000 workers have been on strike since Sept. 13, seeking a 40% wage increase over four years. Boeing will next month send out 60-day notices to thousands of workers including many in its commercial aviation division, meaning those staff will leave the company in mid-January, one source familiar with the matter said. A Boeing spokesperson said the company had shared information with managers including plans for 10% reductions at its commercial unit involving both union and non-union workers. “Boeing just turned its back on 17,000 of its own workers — the same people who carried Boeing through crisis after crisis, year after year,” he said in a statement.

Persons: Julie Su’s, Su, Jon Holden, ”, Brian Bryant, Nick Cunningham, Tim Clark, “, ” Clark Organizations: Boeing, Labor, Department of Labor, International Association of Machinists, Aerospace Workers, ” Boeing, White, Society of Professional Engineering Employees, Aerospace, Rivals, Partners, Alaska Airlines, Emirates, Air Locations: U.S, Seattle, West Coast

☆ Boeing’s crisis is getting worse. Now it’s borrowing tens of billions of dollars
▼ + stars: | 2024-10-15 | by ( Chris Isidore | ) edition.cnn.com time to read: +5 min

In a regulatory filing early Tuesday, the company announced plans to borrow $10 billion from a consortium of banks. The company’s debt surged in the last six years as Boeing reported core operating losses of more than $33 billion. On Friday, Boeing’s new CEO Kelly Ortberg announced plans to cut 10% of its worldwide staff of 171,000 workers. Boeing’s offer to increase the raises to 30% over the life of the deal was also rejected by union negotiators. And Airbus doesn’t have the capacity to take on Boeing’s orders.

Persons: New York CNN —, Boeing’s, Kelly Ortberg, Max Organizations: New, New York CNN, Boeing, International Association of Machinists, IAM, Federal Aviation Administration, Alaska Airlines, Airbus Locations: New York

☆ Amazon is using tech from a Khosla Ventures-backed startup to run robot warehouses at Whole Foods
▼ + stars: | 2024-10-15 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

The video makes no mention of Fulfil's technology, but the system appears identical to the contents of a demo video on Fulfil's website. Amazon declined to comment on whether it's using Fulfil's technology. The Information reported earlier on Amazon testing Fulfil's technology. Prior to working with Amazon, the company was testing its technology with California-based retailer Lucky, which is owned by regional grocer Save Mart, and is also an Amazon grocery delivery partner. The system being piloted in Plymouth Meeting will let shoppers order items from Amazon's website and its online grocery service, Amazon Fresh, while browsing Whole Foods.

Persons: Anand Varadarajan, Mir Aamir, Tony Hoggett, Hoggett Organizations: Khosla Ventures, CNBC, Amazon, Eclipse Ventures, DCVC, Save, Foods, Research Locations: Philadelphia, San Francisco, Nashville, California, Plymouth Meeting , Pennsylvania, Plymouth

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