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☆ Dell to slash about 6,650 jobs -Bloomberg News
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or about 5% of its global workforce, hurt by falling demand for its personal computers, Bloomberg News reported on Monday. The company is experiencing market conditions that "continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees, the report said. The previous cost-cutting measures, including a pause on hiring and limits on travel, are no longer enough, Clarke said in the memo. The department reorganizations and job cuts are an opportunity to drive efficiency, a company spokesperson told Bloomberg News. Layoffs in the United States hit a more than two-year high in January as technology firms cut jobs at the second-highest pace on record to brace for a possible recession, a report showed on Thursday.

☆ Dell to slash about 6,650 jobs as it battles slowing demand
▼ + stars: | 2023-02-06 | by ( ) www.reuters.com time to read: +1 min

Feb 6 (Reuters) - Dell Technologies Inc (DELL.N) will eliminate about 6,650 jobs, or 5% of its global workforce, the company said on Monday, as the PC maker grapples with falling demand and braces for economic uncertainty. "What we know is market conditions continue to erode with an uncertain future," co-Chief Operating Officer Jeff Clarke wrote in a memo to employees. 3D printed clouds and figurines are seen in front of the Dell logo in this illustration taken February 8, 2022. Dell had about 133,000 employees as of Jan. 28, 2022, of which, about one-third were based in the United States. Reporting by Shivani Tanna and Eva Mathews in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Taiwan's Foxconn and others accelerate investment in Mexico - Nikkei
▼ + stars: | 2023-01-24 | by ( ) www.reuters.com time to read: 1 min

Jan 24 (Reuters) - Foxconn (2317.TW) and other Taiwanese tech suppliers are increasing their production capacity in Mexico to meet a growing demand for electric vehicles (EVs) and servers to be made in North America, Nikkei Asia reported on Tuesday. Mexico is one of the key locations for the Foxconn's strategic investments this year, according to the report, citing a person with direct knowledge of the matter. Foxconn, the world's biggest contract electronics manufacturer and a key iPhone assembler, will have local manufacturing options in Ohio, Wisconsin and Mexico for EV clients, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Sandwich chain Subway eyes sale- source
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 11 (Reuters) - Sandwich chain Subway is exploring a sale of its business, a source told Reuters on Wednesday. The sale could value the sandwich chain at more than $10 billion, the Wall Street Journal first reported. "As a privately held company, we don't comment on ownership structure and business plans," a company spokesperson told Reuters in an emailed statement. Subway, one of the world's largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries. In 2021, media reports said Subway was tidying itself up for a sale, but the restaurant chain had denied it.

Companies Apple Inc FollowMasimo Corp FollowJan 10 (Reuters) - A U.S. judge ruled that Apple (AAPL.O) had infringed on one of Masimo Corp's (MASI.O) pulse oximeter patents by importing and selling certain Apple Watches with light-based pulse oximetry functionality and components, Masimo said on Tuesday. The United States International Trade Commission (USITC) will now consider whether to implement an import ban on these Apple Watches, the medical device maker said. Reporting by Rahat Sandhu and Shivani Tanna in Bengaluru; Editing by Janane VenkatramanOur Standards: The Thomson Reuters Trust Principles.

☆ Prince Harry hits out at press over reports of Afghan killings in book
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +2 min

British newspapers, heavily criticized in the book, and some senior former British military figures have attacked his decision to make public the figure of those he had killed, saying it could put him and others at risk of reprisals. [1/2] A staff member arranges Britain's Prince Harry's autobiography 'Spare' at Waterstones bookstore, in London, Britain January 10, 2023. REUTERS/Peter Nicholls 1 2"Without doubt the most dangerous lie that they have told is that I somehow boasted about the number of people that I killed in Afghanistan," he said. "I'm not going to lie the last few days have been hurtful and challenging," Harry said. Reporting by Michael Holden; additional reporting by Shivani Tanna in Bengaluru; Editing by Conor Humphries and David GregorioOur Standards: The Thomson Reuters Trust Principles.

☆ Sandwich chain Subway eyes sale
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +1 min

☆ U.S. FTC probes Pepsi, Coca-Cola over price discrimination - Politico
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

[1/2] Bottles of Coca-Cola are seen at a Carrefour Hypermarket store in Montreuil, near Paris, France, February 5, 2018. REUTERS/Regis Duvignau/File PhotoJan 9 (Reuters) - Beverage giants Coca-Cola Co (KO.N) and PepsiCo Inc (PEP.O) are under preliminary investigation by the U.S. Federal Trade Commission (FTC) over potential price discrimination in the soft drink market, Politico reported on Monday citing sources. The U.S. antitrust law prevents large franchises and chains from engaging in price discrimination against small businesses. The FTC reached out to large retailers, including Walmart Inc (WMT.N), for at least a month seeking data and other information on how they purchase and price soft drinks, two of the sources told Politico. FTC, Coca-Cola, Pepsi and Walmart did not immediately respond to Reuters' request for comments.

☆ Goldman Sachs to cut about 3,200 jobs this week after cost review - Bloomberg News
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: 1 min

Jan 8 (Reuters) - Goldman Sachs Group Inc (GS.N) will start one of its biggest rounds of job cuts ever, as it locks in on a plan to eliminate about 3,200 positions this week, Bloomberg News reported on Sunday. The financial services major is expected to begin the process mid-week and the total number of people affected will not exceed 3,200, the report said, citing a source. (This story has been corrected to clarify in the first paragraph that it's one of the biggest rounds of job cuts, and not the biggest)Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Chiesi Farmaceutici to buy Amryt Pharma in a $1.48 billion deal
▼ + stars: | 2023-01-08 | by ( ) www.reuters.com time to read: +1 min

Jan 8 (Reuters) - Italy's Chiesi Farmaceutici said on Sunday it will acquire Ireland-based drugmaker Amryt Pharma Plc , which has products and drugs in development for treating rare diseases, in a deal valued at $1.48 billion. The total value of the all-cash deal represents a 107% premium over Dublin, Ireland-based Amryt's ADS closing price of $7.00 on Jan. 6, the companies said in a joint announcement. For first nine months of 2022, Amryt reported $188.8 million in revenue, and reaffirmed its full-year forecast for revenue of $260 million to $270 million. Its top-selling drug, Myalept or Myalepta, had third-quarter sales of $37.9 million. Reporting by Shivani Tanna in Bengaluru; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ FDA allows abortion pills to be sold at retail pharmacies, say two drugmakers
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Jan 3 (Reuters) - Retail pharmacies will now be allowed to offer abortion pills in the United States under a regulatory change made by the Food and Drug Administration on Tuesday, the two companies that make the pills said on Tuesday. Pharmacies can apply for certification to distribute mifepristone with the drugmakers and if successful will be able to dispense it directly to patients upon receiving a prescription from a certified prescriber, said Danco Laboratories, one of two companies that make mifepristone. The announcement will not provide equal access to all people, however, GenBioPro, which makes the generic version of mifepristone, said in a statement. Retail pharmacies will have to weigh whether or not to offer the pill and determine where they can do so. Reporting by Eric Beech and Ahmed Aboulenein in Washington, Shivani Tanna and Rahat Sandhu in Bengaluru; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ Evergrande creditors ask chairman for $2 bln fund infusion -Bloomberg
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) has told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday. The proposal could include swapping debt for shares in the company's Hong Kong-listed auto and property management units, the report said, citing unnamed sources. The group of creditors asked Chairman Hui Ka Yan to infuse at least $2 billion of his personal wealth into Evergrande as a condition for agreeing on any proposals from the company, it added. Reuters last week reported that Evergrande plans to use domestic assets as sweeteners to win offshore creditor approval for a long-awaited debt restructuring. Once China's top-selling property developer, Evergrande has been at the centre of a deepening property debt crisis that has led to multiple developers defaulting on offshore debt obligations over the past year.

☆ Russia's Yandex seeks Putin's approval for restructuring - FT
▼ + stars: | 2022-11-24 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Russian internet giant Yandex NV (YNDX.O) is seeking President Vladimir Putin's approval to sell its operations in the country and spin off its main international projects, the Financial Times reported on Thursday, citing sources. The company has informally enlisted former finance minister Alexei Kudrin to win Putin's approval, in principle, for the restructuring plan, according to the report. Often referred to as Russia's Google, Yandex like many Russian companies has had turbulent few months after grappling with Moscow's increasing isolation in the wake of the Ukraine conflict. In August, VK, a state-controlled company with close links to Putin, agreed to buy Yandex's news feed and homepage. In exchange, Yandex acquired food delivery company Delivery Club from VK to focus on other business areas, such as food delivery and ride-hailing.

☆ Blackstone to take majority stake in India's R Systems
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - Blackstone Inc (BX.N) said on Thursday it will buy a 52% stake in Indian technology and analytics services company R Systems International Ltd (RSYS.NS) for $359 million. Blackstone will launch a conditional delisting offer at a price of 246 rupees per share, it said in a statement. Reporting by Shivani Tanna in Bengaluru; Editing by Savio D'SouzaOur Standards: The Thomson Reuters Trust Principles.

☆ Fairfax mulls India's Bangalore airport IPO at $3.7 Billion value- Bloomberg News
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: 1 min

Nov 17 (Reuters) - The Indian arm of Canadian investment company Fairfax Financial Holdings Ltd (FFH.TO) is weighing an initial public offering for India's Bangalore International Airport that could value the asset at about 300 billion Indian rupees ($3.7 billion), Bloomberg News reported on Thursday, citing sources. Fairfax India (FIHu.TO) holds a majority stake in the owner of Bengaluru's Kempegowda International Airport. It is working with an adviser on the potential listing that could take place as soon as next year, the report added. Reporting by Shivani Tanna in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

☆ Reactors at Ukrainian nuclear power plants shut down after Russian strikes
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Several reactors at two Ukrainian power plants automatically shut down as a result of Russian missile strikes on Tuesday, President Volodymyr Zelenskiy said, adding that millions of people were left without electricity. Russia pounded cities and energy facilities across Ukraine on Tuesday, killing at least one person and causing widespread power outages in what Kyiv said was the heaviest wave of missile strikes in nearly nine months of war. "As a result of the strikes, automation today disabled several nuclear units at two stations - these are calculated consequences, and the enemy knew exactly what he was doing," Zelenskiy said in his nightly video address. "In many cities and regions of our country, there are again emergency power outages. read moreReporting in Melbourne by Lidia Kelly and Shivani Tanna in Bengaluru; Writing by Lidia Kelly; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

☆ Musk halts Twitter's coveted blue check amid proliferation of imposters
▼ + stars: | 2022-11-12 | by ( Nivedita Balu | ) www.reuters.com time to read: +3 min

The coveted blue check mark was previously reserved for verified accounts of politicians, famous personalities, journalists and other public figures. The flip-flop is part of a chaotic two weeks at Twitter since Musk completed his $44 billion acquisition. Musk has fired nearly half of Twitter's workforce, removed its board and senior executives, and raised the prospect of Twitter's bankruptcy. A number of misleading tweets about Tesla from a verified account with the same profile picture as the company's official account were also being circulated on the platform. In response, the billionaire said on Wednesday he aimed to turn Twitter into a force for truth and stop fake accounts.

☆ Musk says his companies will remain well positioned in 2023
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Nov 11 (Reuters) - Elon Musk, who heads five companies including Tesla Inc (TSLA.O) and Twitter Inc, said in a tweet on Friday that his companies will be well positioned in 2023 despite the possibility of a tough economy. Twitter currently has $13 billion in debt and faces interest payments totaling close to $1.2 billion in the next 12 months. Meanwhile, electric carmaker Tesla added to its inventory in Shanghai, China, at its fastest pace ever in October. Musk told analysts last month that demand was strong in the quarter and he expected Tesla to be "recession-resilient". Musk is also the CEO of satellite internet company SpaceX, brain-chip startup Neuralink and tunneling enterprise The Boring Company.

☆ Crypto exchange Kraken not affected by recent FTX news in 'any material way'
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Cryptocurrency exchange Kraken said on Thursday it was not affected by the recent FTX news "in any material way," and that it had no exposure to FTX Chief Executive Officer Sam Bankman-Fried's trading firm Alameda Research. "We have not listed the FTT token on our spot or futures exchanges, and Kraken is not affected by the recent FTX news in any material way," Kraken said, adding that it held about 9,000 FTT tokens on the FTX exchange. CEO Bankman-Fried told employees that he was exploring all options for his firm after a deal with cryptocurrency exchange Binance collapsed on Wednesday. Reporting by Shivani Tanna in Bengaluru; Editing by Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

A federal jury in 2009 had found the businessman, Thomas Petters, guilty of orchestrating a $3.65 billion Ponzi scheme, and he was sentenced to 50 years in prison. Those sums became unavailable for repayment to creditors when the fraud was uncovered in 2008, a trustee said in a lawsuit. The jury found the count against the bank which had alleged that the bank's unit "substantially assisted or encouraged" the businessman Petters to commit the breach. As part of the provision, Bank of Montreal said it would book an after-tax charge of C$830 million during the fourth quarter. ($1 = 1.3426 Canadian dollars)Reporting by Shubham Kalia and Shivani Tanna in Bengaluru; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

☆ Chip maker TSMC plans multibillion-dollar Arizona factory expansion - WSJ
▼ + stars: | 2022-11-09 | by ( ) www.reuters.com time to read: 1 min

Nov 9 (Reuters) - Taiwan Semiconductor Manufacturing Co Ltd (2330.TW) is preparing a multibillion-dollar factory investment in Arizona in the United States, the Wall Street Journal reported on Wednesday, citing sources. The scale of the investment is expected to be roughly similar to the $12 billion it committed two years ago, according to the report. Reporting by Shivani Tanna in Bengaluru; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Emirates adds five Boeing 777 Freighters to cargo cart
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: 1 min

Nov 8 (Reuters) - Boeing Co (BA.N) said on Tuesday Emirates Airline has ordered five 777 Freighters, worth more than $1.7 billion at list prices, to expand its cargo fleet. The airplanes will be operated by Emirates SkyCargo, adding to its existing fleet of 11 Freighters, Boeing said in a statement. The Middle East carrier is currently the world's largest operator of the 777 family, and has nearly 150 of the airplane type in its fleet, it added. Reporting by Shivani Tanna in Bengaluru; Editing by Subhranshu SahuOur Standards: The Thomson Reuters Trust Principles.

Nov 4 (Reuters) - Twitter was sued over Elon Musk's plan to lay off about half of its workforce, Bloomberg News reported on Friday, citing a class-action lawsuit filed in a San Francisco federal court. Twitter employees say the company is eliminating workers without enough notice in violation of federal and California law, the report said. Reporting by Shivani Tanna in Bengaluru; Editing by Saumyadeb ChakrabartyOur Standards: The Thomson Reuters Trust Principles.

Nov 3 (Reuters) - A state court in Washington has temporarily blocked Albertsons Companies Inc (ACI.N) from paying a $4 billion dividend to shareholders before the grocery chain closes its proposed deal with rival Kroger Co (KR.N), documents filed said on Thursday. Kroger Co (KR.N) snapped up Albertsons in a $25 billion deal in last month's mega merger between the No. "By eliminating its cash-on-hand and nearly doubling its debt, Albertsons will be in a weakened competitive position relative to Kroger, thereby harming grocery consumers and workers throughout Washington," State Court Commissioner Henry Judson wrote in issuing the temporary restraining order. Washington State Attorney General Bob Ferguson called the temporary order a "huge victory". In its statement, Albertsons said on Thursday the court order was based on the "incorrect assertion" that the dividend payout would weaken its competitiveness while antitrust agencies review the proposed merger.

☆ Apple is cutting back production of iPhone 14 Plus due to weak demand - TrendForce
▼ + stars: | 2022-10-25 | by ( ) www.reuters.com time to read: +1 min

Oct 25 (Reuters) - Apple Inc (AAPL.O) is cutting back production of iPhone 14 Plus and is increasing the output of the more expensive iPhone 14 Pro due to lukewarm demand, market research firm TrendForce said Tuesday. The share of more expensive iPhone 14 Pro series has increased to 60% of the total output from the initially planned 50%, and it could rise to 65% in the future, the report said. This could lead to a 14% year-on-year drop in production to 52 million units. read moreLast month, the company said it would manufacture its latest iPhone 14 in India, as the tech giant moves some of its production away from China to hedge risks arising from the growing tensions between Washington and Beijing. TrendForce estimates the share of Apple's output from India to exceed 5% in 2023 and increase over the years.

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