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June 21 (Reuters) - Alphabet's (GOOGL.O) Google formally filed a complaint to the U.S. Federal Trade Commission on Tuesday saying Microsoft (MSFT.O) used its dominant position in enterprise software to push customers towards its cloud services, The Information reported on Wednesday. There is intense rivalry between the two U.S. tech giants in the fast-growing, multi-billion-dollar cloud computing business, where Google trails market leaders Amazon.com (AMZN.O) and Microsoft. In March, Google Cloud had accused Microsoft of anti-competitive cloud computing practices and criticized imminent deals with several European cloud vendors, saying these do not solve broader concerns about its licensing terms. Earlier this year, the FTC had said it is seeking information from the public on the business practices of cloud computing companies, including details on their market power, competition and potential security issues. Google and Microsoft did not immediately respond to Reuters' requests for comment, while the FTC declined to comment.
Persons: Google Cloud, Urvi Dugar, Jaspreet Singh, Krishna Chandra Organizations: Google, U.S . Federal Trade Commission, Microsoft, FTC, Thomson Locations: United States, Britain, Bengaluru
Twitter resumes paying Google Cloud - Bloomberg News
  + stars: | 2023-06-21 | by ( ) www.reuters.com   time to read: 1 min
June 21 (Reuters) - Twitter has resumed paying Alphabet's (GOOGL.O) Google Cloud for its services, Bloomberg News reported on Wednesday citing a person familiar with the matter. Linda Yaccarino, the social media network's new CEO, helped restore Twitter's relationship with Google which had become strained after Elon Musk's acquisition of the company, the report added. Twitter and Google did not immediately respond to Reuters' requests for comment. A report from Platformer earlier this month said Twitter had refused to pay its Google Cloud bills as its contract came up for renewal. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Linda Yaccarino, Twitter, Niket, Krishna Chandra Organizations: Twitter, Google, Bloomberg, Elon, Thomson Locations: Bengaluru
Raytheon gets $1.15 bln missile contract from US Air Force
  + stars: | 2023-06-20 | by ( ) www.reuters.com   time to read: +1 min
June 20 (Reuters) - Raytheon Technologies (RTX.N) said on Tuesday it has received a $1.15 billion contract from the U.S. Air Force for its AIM-120 D-3 and C-8 AMRAAM (Advanced Medium Range Air-to-Air Missiles). Defense budgets have ballooned as the West rushes arms to Ukraine and beefs up funding for future development programs. The contract, which provides missiles to both the U.S. Air Force and Navy, will also supply AMRAAM to 18 countries, including Ukraine. This comes a day after the defense contractor was awarded a $264 million modification contract from the U.S. Navy to produce and deliver 571 short-range AIM-9X Sidewinder missiles. Reporting by Nathan Gomes in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Nathan Gomes, Krishna Chandra Organizations: Raytheon Technologies, U.S . Air Force, AIM, Air Missiles, Defense, U.S . Congress, Navy, U.S . Navy, Thomson Locations: Ukraine, Bengaluru
TikTok and Candle Media strike deal to co-create content
  + stars: | 2023-06-20 | by ( ) www.reuters.com   time to read: +1 min
June 20 (Reuters) - TikTok and Blackstone-backed Candle Media will co-create content and branded entertainment as part of a broad strategic partnership in the United States, the companies said on Tuesday. A key piece of the partnership will be Hello Sunshine, Reese Witherspoon's company that Candle acquired in 2021. TikTok, owned by China's ByteDance, will also allow advertisers purchase advertisements directly adjacent to Candle content and share that ad revenue as part of the tie-up. Candle Media was founded by former top Walt Disney (DIS.N) executives Kevin Mayer and Tom Staggs. Reporting by Jaspreet Singh in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Reese Witherspoon's, TikTok, HBO's, hashtag, China's ByteDance, Kevin Mayer, Tom Staggs, Jaspreet Singh, Krishna Chandra Organizations: Blackstone, Media, Walt Disney, Thomson Locations: United States, Bengaluru
June 16 (Reuters) - Electric-vehicle startup Faraday Future Intelligent Electric (FFIE.O) said on Friday it was planning a reverse stock split, as it looks to regain compliance with Nasdaq's minimum bid price requirements. Faraday Future closed at $0.45 on Friday. So far this year, electric-truck maker Nikola (NKLA.O) has said it may execute a reverse stock split, while Lordstown Motors (RIDE.O) has also announced a reverse stock split to meet Nasdaq listing norms. Faraday's reverse stock split proposal includes a range between 1-for-2 and 1-for-90 shares of outstanding common stock. Last November, Faraday Future raised doubts about its ability to continue as a "going concern".
Persons: Faraday, Nikola, Samrhitha, Krishna Chandra Organizations: Nasdaq, Companies, Lordstown Motors, FF, Futurist Alliance, Thomson Locations: Angeles, Bengaluru
Electric-truck maker Nikola to lay off 270 employees
  + stars: | 2023-06-16 | by ( ) www.reuters.com   time to read: 1 min
Companies Nikola Corp FollowJune 16 (Reuters) - Electric-truck maker Nikola (NKLA.O) said on Friday it would lay off 270 employees. Reporting by Niket Nishant in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Nikola, NKLA.O, Niket, Krishna Chandra Organizations: Nikola Corp, Thomson Locations: Bengaluru
AT&T to shut flagship store in downtown San Francisco
  + stars: | 2023-06-16 | by ( ) www.reuters.com   time to read: +1 min
June 16 (Reuters) - U.S. wireless carrier AT&T (T.N) said on Friday it would close its flagship store in downtown San Francisco, deepening the real estate pain in the once-booming tech hub that has been particularly hard hit by the pandemic. Stores in San Francisco have been closing their doors as they try to cut down on real estate space in the face of declining customer visits, occupancy and sales. Earlier this week, Unibail-Rodamco-Westfield (URW.PA) said it would transfer its Westfield San Francisco shopping mall to lenders. Nordstrom (JWN.N) said last month it was going to give up its downtown store in the mall. Real estate investment trust Park Hotels & Resorts (PK.N) had also said last week it ceased making payments toward a $725 million mortgage linked to its Hilton San Francisco Union Square and Parc 55 hotels.
Persons: Powell, Samrhitha, Krishna Chandra Organizations: AT, Westfield San, Nordstrom, Resorts, Hilton San Francisco, Square, Thomson Locations: San Francisco, Westfield, Westfield San Francisco, Bengaluru
June 15 (Reuters) - The U.S. banking regulator is seeking bids for the sale of collapsed Silicon Valley Bank's German assets, according to a Thursday notice posted on its website. The regulator said it will open the German branch's data room to eligible bidders on June 20, adding that participants must hold lending authorization in Germany. This comes in the wake of reports last week from local German media, which said that SVB's German branch was in search of a potential buyer. In March, Silicon Valley Bridge Bank was granted permission by German financial regulator BaFin to conduct its lending business through its SVB Germany branch. HSBC (HSBA.L), which acquired the UK arm of SVB, has been floated as a potential buyer, according to media reports.
Persons: BaFin, Niket Nishant, Akriti Sharma, Krishna Chandra Eluri Organizations: U.S, Federal Deposit Insurance Corporation, Bank, HSBC, Financial, Thomson Locations: U.S, Frankfurt, Berlin, Germany, Silicon, Bengaluru
June 15 (Reuters) - Virgin Galactic Holdings (SPCE.N), the space tourism firm founded by Richard Branson, said on Thursday its long-awaited commercial spaceflight service would launch later this month, sending its shares up over 55% in trading after the bell. The first spaceflight, called "Galactic 01", is planned between June 27 and June 30, the company said. Shares of Virgin Galactic had lost over two-thirds of their value last year due to delays in the company's launch of commercial service. But in February, it said it had completed a lengthy upgrade period for its centerpiece tourist spacecraft, clearing the path for its first commercial spaceflight. The first commercial mission will carry three crew members from the Italian Air Force and the National Research Council of Italy to conduct microgravity research, Virgin Galactic said.
Persons: Richard Branson, Chavi Mehta, Pooja Desai, Krishna Chandra Organizations: Virgin Galactic Holdings, Virgin Galactic, VSS Unity, Italian Air Force, National Research Council, Thomson Locations: Italy, Bengaluru
Electric-truck maker Nikola laying off 270 employees
  + stars: | 2023-06-16 | by ( ) www.reuters.com   time to read: +1 min
Companies Nikola Corp FollowJune 16 (Reuters) - Nikola (NKLA.O) said on Friday it would lay off a total of 270 employees, as the electric-truck maker looks to cut costs and sharpen its focus on the North American marketplace. Of the 270 employees impacted, 150 were supporting Nikola's European operations and 120 were based at its sites in Phoenix and Coolidge. The decision would help Nikola reduce personnel-related cash spend by $50 million annually, the company said. Annual cash usage for the company was expected to decrease to under $400 million by 2024, Nikola added. Investors have been closely scrutinizing cash reserves at Nikola and other electric-vehicle makers amid fears slowing sales could push the companies to pursue more share disposals to raise funds.
Persons: Nikola, NKLA.O, Trevor Milton, Niket, Krishna Chandra Organizations: Nikola Corp, U.S, U.S . Federal, Thomson Locations: American, U.S ., Phoenix, Coolidge, Bengaluru
Disney finance chief Christine McCarthy to step down
  + stars: | 2023-06-15 | by ( ) www.reuters.com   time to read: 1 min
June 15 (Reuters) - Walt Disney (DIS.N) said on Thursday Chief Financial Officer Christine McCarthy would be stepping down. Kevin Lansberry, Executive Vice President of Disney Parks, Experiences and Products will serve as the company's interim CFO effective July 1. McCarthy is taking family medical leave of absence and will continue to serve as a strategic advisor to ensure a successful transition, the company said. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Walt Disney, Christine McCarthy, Kevin Lansberry, McCarthy, Chavi Mehta, Krishna Chandra Organizations: Disney Parks, Thomson Locations: Bengaluru
Silicon Valley Bank had booked a $1.8 billion loss on the sale of a bond portfolio to Goldman. "SVB engaged Goldman Sachs to assist with a proposed capital raise and sold the firm a portfolio of securities. Goldman had disclosed last month it was cooperating with government probes into its dealings with Silicon Valley Bank. In March, Reuters reported U.S. prosecutors were investigating the collapse of Silicon Valley Bank. Silicon Valley Bank's demise sent shockwaves through the industry and brought on the worst crisis for the sector in 15 years.
Persons: Goldman Sachs Group's, SVB, Goldman Sachs, Goldman, shockwaves, Niket, Saeed Azhar, Chris Prentice, Krishna Chandra Eluri, Maju Samuel Organizations: U.S . Federal Reserve, Securities and Exchange Commission, Silicon Valley Bank, Wall Street, Bank, Goldman, Reuters, Fed, SEC, Thomson Locations: Silicon, Bengaluru, New York
Mondelez plans to separate Russia operations by year-end
  + stars: | 2023-06-15 | by ( ) www.reuters.com   time to read: 1 min
June 15 (Reuters) - Oreo-maker Mondelez International (MDLZ.O) said on Thursday it has scaled down operations in Russia and plans to make it a stand-alone business with a self-sufficient supply chain before the end of the year. The Chicago-based snack maker, which has faced a widening corporate boycott in the Nordic region over its presence in Russia, said it has discontinued new capital investments, product launches and advertising media spending in the country. "As a result of these actions...overall volumes have declined double digits and both our import volumes and market share have significantly decreased," the company said in a statement. Reporting by Savyata Mishra in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Savyata Mishra, Krishna Chandra Organizations: Mondelez, Thomson Locations: Russia, Chicago, Nordic, Bengaluru
June 15 (Reuters) - Meta Platforms (META.O) said on Thursday subsidies from Big Tech should be the last option for European Union telecoms operators trying to get U.S. companies to foot some of their network cost. The European Commission launched a consultation early this year on whether tech giants should bear some of the costs of Europe's telecoms network. A majority of European Union countries have also rejected the push to levy a network fee on Big Tech, sources told Reuters earlier this month. The European Commission did not immediately respond to a Reuters request for comment. It added any subsidies be awarded by a tender to ensure availability to all network operators, not just the large players.
Persons: Meta, Akash Sriram, Krishna Chandra Organizations: Big Tech, European Union, Deutsche Telekom, Telefonica, European Commission, Meta, Reuters, Thomson Locations: Orange, Bengaluru
June 14 (Reuters) - Lennar Corp (LEN.N) on Wednesday raised its full-year forecast for home deliveries, as the homebuilder benefits from upbeat demand that far outpaced supply. Homebuilders are benefiting from the lack of existing home inventory and pent up demand they were unable to meet in previous years. The perennial shortage of homes on the market is frustrating would-be buyers eager to take advantage of dips in mortgage rates. The Miami-based homebuilder raised its total home deliveries forecast for 2023 to 68,000 to 70,000 homes, up from its prior guidance of between 62,000 and 66,000 homes. The company reported a second-quarter profit of $3.01 per share, above average analysts' estimate of $2.32 per share, according to Refinitiv data.
Persons: Freddie Mac, Stuart Miller, Kannaki, Krishna Chandra Organizations: Lennar, National Association of Realtors, Thomson Locations: The Miami, Bengaluru
Bitcoin falls 3.7% to $24,987
  + stars: | 2023-06-14 | by ( ) www.reuters.com   time to read: 1 min
June 14 (Reuters) - Bitcoin dropped 3.65% to $24,987 at 2103 GMT on Wednesday, losing $947 from its previous close. Bitcoin, the world's biggest and best-known cryptocurrency, is down 19.5% from the year's high of $31,035 on April 14. Ether , the coin linked to the Ethereum blockchain network, dropped 5.36% to $1,646.1, losing $93.3 from its previous close. Reporting by Yana Gaur in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Yana Gaur, Krishna Chandra Organizations: Thomson Locations: Bitcoin, Bengaluru
June 12 (Reuters) - Harley-Davidson (HOG.N) said on Monday the motorcycle maker will be running limited motorcycle manufacturing operations at its York facility after being notified of an issue with parts from a third-party supplier. "We have a strong inventory position in the network to help us navigate through this situation," Harley-Davidson CEO Jochen Zeitz said. Production at the facility, its largest with nearly 1,000 union employees, was to resume on June 13. This is a new supplier quality issue, separate from a similar incidence that caused the production suspension in May 2022, Harley said. Harley now anticipates resuming full motorcycle manufacturing operations at its York facility on June 26, 2023.
Persons: Davidson, Harley, Jochen Zeitz, Kannaki, Krishna Chandra Organizations: Harley, Proterial Cable America, Bain Capital, Thomson Locations: York, Bengaluru
June 12 (Reuters) - Verizon Communications (VZ.N) is searching for a new finance chief and looking for potential candidates to later succeed CEO Hans Vestberg, the Wall Street Journal reported on Monday citing people familiar with the matter. The company had reshuffled its senior leadership roles in March and appointed Tony Skiadas to replace former Chief Financial Officer Matt Ellis while naming Sowmyanarayan Sampath as the CEO of Verizon Consumer Group. Verizon did not immediately respond to a Reuters request for comment. The company is working with executive recruiting and advisory firm Spencer Stuart, the report added. Reporting by Chavi Mehta in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Hans Vestberg, Tony Skiadas, Matt Ellis, Sampath, Vestberg, Spencer Stuart, Chavi Mehta, Krishna Chandra Organizations: Verizon Communications, Wall Street, Verizon Consumer Group, Verizon, Thomson Locations: Bengaluru
June 12 (Reuters) - CharIN, the industry body promoting the Combined Charging System (CCS) standard to power electric vehicles, said on Monday Tesla's (TSLA.O) charging model is not a standard yet and does not provide an open charging ecosystem for the industry. U.S. automakers General Motors (GM.N) and Ford (F.N) said they will adopt Tesla's model of charging cars with their vehicles having North American Charging Standard (NACS) ports, starting 2025. Charging equipment makers Blink Charging (BLNK.O), ChargePoint (CHPT.N) and Tritium (DCFC.O) said they will offer NACS as a connector option along with CCS in their charger offerings. Tesla's NACS connector is known to be more compact and lighter than a CCS charger for fast charging, making it easier for motorists to use. The partnerships between Tesla, Ford and GM will enable the NACS standard to dominate 60% of the U.S. EV market.
Persons: CharIN, Akash Sriram, Krishna Chandra Organizations: U.S, General Motors, Ford, CCS, GM, EV, Thomson Locations: Bengaluru
Online healthcare portal WebMD to acquire ASX-listed Limeade
  + stars: | 2023-06-08 | by ( ) www.reuters.com   time to read: 1 min
June 9 (Reuters) - ASX-listed Limeade (LME.AX) said on Friday it will be acquired by WebMD in an all-cash deal with an enterprise value of A$112 million ($75.21 million). Shareholders of the U.S.-based software-as-a-service firm will receive A$0.425 per share from WebMD, a premium of 325% to Limeade's last closing price. After the acquisition is completed, Limeade will become a wholly-owned subsidiary of WebMD, the company said. The software provider said the transaction is expected to close in the third quarter of 2023. ($1 = 1.4892 Australian dollars)Reporting by Nausheen Thusoo in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Limeade, Nausheen, Krishna Chandra Organizations: WebMD, Thomson Locations: U.S, WebMD, Bengaluru
GameStop misses quarterly revenue estimates
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: 1 min
June 7 (Reuters) - GameStop (GME.N) posted its fourth consecutive fall in quarterly revenue on Wednesday and missed market estimates, as consumers dialed back non-essential spending in an uncertain economy. The company reported revenue of $1.24 billion for the quarter ended April 29, compared with analysts' average estimate of $1.36 billion, according to Refinitiv. Reporting by Samrhitha Arunasalam in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Samrhitha, Krishna Chandra Organizations: GameStop, Thomson Locations: Bengaluru
GameStop terminates Matt Furlong as CEO
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: 1 min
June 7 (Reuters) - GameStop (GME.N) said on Wednesday Matt Furlong has been terminated as CEO and the board has appointed billionaire Ryan Cohen as Executive Chairman, effective immediately. Shares of the company fell over 5% in extended trading. Billionaire investor Cohen, who co-founded online pet products retailer Chewy, has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Matt Furlong, Ryan Cohen, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Billionaire, Thomson Locations: Texas
BT CEO pay to be frozen until retirement - Sky News
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: +1 min
June 7 (Reuters) - BT Group's (BT.L) CEO Philip Jansen is to freeze his salary of 1.1 million pounds ($1.4 million) until he retires from Britain's largest telecoms group, Sky News reported on Wednesday. The BT Group chief's base pay will be maintained at the level it was set when he joined the company in 2019 and is expected to be published in the telecoms group's annual report due Thursday, according to Sky News. Jansen's annual salary had been fixed for five years upon assuming the role in 2019, which would have expired this year. His salary was to be renewed on a rolling basis until he eventually left the company, said a source to Sky News. BT Group did not immediately respond to a Reuters request for comment.
Persons: Philip Jansen, Patrick Drahi, Shreyaa Narayanan, Krishna Chandra Organizations: BT, Sky News, BT Group chief's, Franco, BT Group, Thomson Locations: Bengaluru
June 7 (Reuters) - Chad Rigetti, the founder of Rigetti Computing (RGTI.O), joined quantum technology-focused fund QDNL Participations as a partner, the venture capital firm said on Wednesday. Rigetti Computing started trading on Nasdaq in March 2022 after a merger with a blank-check company. Rigetti left the quantum computing firm backed by Y Combinator and Andreessen Horowitz late last year. Backed by Europe-based Quantum Delta NL foundation, QDNL Participations is a 15 million euro ($16.02 million) fund for early-stage Dutch quantum technology start-ups. Still, it is uncertain when these machines would be ready despite billions being poured into the technology, with big tech companies such as Alphabet (GOOGL.O), IBM (IBM.N) and Microsoft (MSFT.O) betting on this future computing technology.
Persons: Chad Rigetti, Rigetti, Y Combinator, Andreessen Horowitz, QDNL, Jaspreet Singh, Jane Lanhee Lee, Krishna Chandra Organizations: Rigetti Computing, Nasdaq, Delta, IBM, Microsoft, Thomson Locations: Europe, Bengaluru
GameStop terminates Matt Furlong as CEO; shares plummet
  + stars: | 2023-06-07 | by ( ) www.reuters.com   time to read: +1 min
June 7 (Reuters) - GameStop (GME.N) fired CEO Matt Furlong two years after hiring him and appointed billionaire Ryan Cohen as executive chairman, sending the company's shares down 18% in extended trading..A former executive at Amazon.com (AMZN.O), Furlong joined GameStop in 2021, just months after the company was at the center of a "meme-stock" trading frenzy where a bunch of social media-armed traders talked up the value of the stock. The company also posted its fourth consecutive fall in quarterly revenue and missed market estimates, as consumers dialed back non-essential spending in an uncertain economy. The videogame retailer reported revenue of $1.24 billion for the quarter ended April 29, compared with analysts' average estimate of $1.36 billion, according to Refinitiv. Billionaire investor Cohen, who co-founded online pet products retailer Chewy (CHWY.N) , has been serving as chairman of GameStop and is also a majority shareholder of the Texas-based company. Reporting by Samrhitha Arunasalam; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
Persons: Matt Furlong, Ryan Cohen, Furlong, Refinitiv, Cohen, Samrhitha Arunasalam, Krishna Chandra Organizations: GameStop, Thomson Locations: Texas
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