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LONDON, Nov 22 (Reuters) - PetroIneos said on Wednesday it is preparing to shut down its Grangemouth oil refinery in Scotland to convert it into a fuels import terminal as it faces growing international competition. The 150,000 barrel per day refinery, Scotland's only oil refinery and one of six in Britain, is expected to continue operating until spring 2025, PetroIneos said in a statement. PetroIneos will soon start preparatory work to enable the future transformation of its Grangemouth refinery into a fuels import terminal, it said in a statement. The timescale for the shutdown is yet to be determined exactly but the preparatory work is expected to take around 18 months, with the refinery expected to continue operating until spring 2025. The plan includes converting the site of the refinery into a fuels import hub.

Persons: PetroIneos, Franck Demay, Ron Bousso, Louise Heavens, Jane Merriman Organizations: PetroIneos Refining, Grangemouth, Thomson Locations: Grangemouth, Scotland, Britain, Asia, Finnart, PetroChina, France

☆ Gold drops below $2,000 as dollar gains, US yields pare losses
▼ + stars: | 2023-11-22 | by ( ) www.cnbc.com time to read: +2 min

Gold prices fell below the key $2,000 per ounce level on Wednesday as the U.S. dollar rebounded from lows and Treasury yields pared losses, while expectations that the Federal Reserve will pause rate hikes limited the slide in bullion. Lower interest rates typically boost gold prices as they reduce the opportunity cost of holding non-yielding assets. "The increase in the markets expectations for Fed cutting cycle to commence earlier in 2024 has been the prime force driving gold prices higher over the last week," said Daniel Ghali, commodity strategist at TD Securities. Fed officials agreed at their last policy meeting that they would proceed "carefully" and only raise interest rates if progress in controlling inflation faltered, minutes of the Oct. 31-Nov. 1 gathering showed. In other metals, spot silver fell 0.4% to $23.66 per ounce.

Persons: Jim Wyckoff, Daniel Ghali Organizations: Novosibirsk Refining Plant, U.S, Federal, Kitco Metals, Treasury, Reserve, TD Securities, Fed Locations: Novosibirsk, Russia, U.S

☆ Gold rises on dollar weakness as focus turns to Fed minutes
▼ + stars: | 2023-11-21 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

The dollar languished near more than a 2-1/2-month low as investors expect U.S. interest rates to fall next year. A weaker dollar makes gold less expensive for other currency holders. Signs of slowing inflation in the United States has boosted expectations that the U.S. central bank was done raising interest rates. Lower interest rates decrease the opportunity cost of holding gold. Inflation is likely to remain "stubborn" and force the Fed to keep interest rates elevated for longer than investors anticipate, Richmond Fed president Thomas Barkin said.

Persons: Alexander Manzyuk, Edward Meir, CME's, Jerome Powell, It's, Meir, Thomas Barkin, Brijesh Patel, Sherry Jacob, Phillips Organizations: REUTERS, Treasury, Federal, Benchmark, Richmond Fed, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, United States, Bengaluru

☆ Big Oil has a place in ESG funds, says Deutsche Bank CIO
▼ + stars: | 2023-11-21 | by ( Tommy Wilkes | ) www.reuters.com time to read: +3 min

Fossil fuel stocks have boomed (.dMIWO0OG00PUS) since Russia's invasion of Ukraine in February 2022 sent fossil fuel prices soaring, leaving the performance of environmental, social and governance (ESG) funds lagging. Pure-play renewable energy stocks such as Orsted (ORSTED.CO) and First Solar (FSLR.O) have also fallen sharply this year as higher interest rates and inflationary pressures squeeze profitability. European oil and gas companies including BP (BP.L) and Shell (SHEL.L) have increased renewable energy investment, although they are expanding production of dirtier energy too. Sustainability-minded investors, Müller said, needed more disclosures from firms about their plans for shifting to lower-carbon models, and regulatory clarity on labelling transition-focused funds. Morningstar estimates that 45% of funds have exposure to traditional energy, totalling 7 billion euros ($7.6 billion).

Persons: Markus Müller, Müller, Tommy Reggiori Wilkes, Susan Fenton Organizations: Deutsche Bank's Private Bank, Reuters, BP, Shell, ISR, Morningstar, Investors, Deutsche, Investment Office, Thomson Locations: Ukraine, France, Europe

Oil prices have dropped by almost 20% since late September while prompt inter-month spreads for Brent and WTI slipped into contango last week. "In light of last week's obliteration of oil bulls, some kind of response was forthcoming from the (OPEC) producer group," said Tamas Varga of oil broker PVM. Investors are also keeping an eye on Russian crude oil trade after Washington imposed sanctions on three ships that have sent Sokol crude to India. U.S. energy companies last week added oil and gas rigs for the first time in three weeks, energy services business Baker Hughes said on Friday. The oil and gas rig count serves as an early indicator of future output.

Persons: Leonhard Foeger, Brent, WTI, Tamas Varga, Sokol, Baker Hughes, Paul Carsten, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, . West Texas, Reuters, of, Petroleum, Moscow, IIR Energy, Thomson Locations: Vienna, Austria, Israel, Russia, Brent, Washington, India, U.S, East, Gaza, London

☆ Gold ticks higher as dollar slips on Fed pause bets
▼ + stars: | 2023-11-20 | by ( Brijesh Patel | ) www.reuters.com time to read: +2 min

Spot gold rose 0.1% to $1,981.79 per ounce as of 0306 GMT, after rising 2.2% last week. The dollar slipped 0.2% to a more than a 2-1/2 month low against its rivals, making gold less expensive for other currency holders. Traders now widely expect the Fed to leave rates unchanged at its Dec. 12-13 policy meeting, according to the CME FedWatch tool. Lower rates exert downward pressure on the dollar and bond yields, enhancing the appeal of non-yielding bullion. Holdings of SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, rose 1.49% to 883.43 tonnes on Friday.

Persons: Alexander Manzyuk, Kyle Rodda, Brijesh Patel, Chris Reese, Rashmi Organizations: REUTERS, Federal, Fed, Traders, Holdings, SPDR, Trust, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

China's refiners processed 63.93 million metric tons of crude in October, equivalent to 15.05 million bpd, according to National Bureau of Statistics data released on Nov. 15. Crude imports were 48.97 million metric tons and domestic output was 17.33 million, giving a total of 66.3 million, equivalent to 15.61 million bpd. Subtracting the refinery throughput from the total crude available leaves a surplus of 560,000 bpd to be put into commercial or strategic reserves. China total crude available vs refinery processingFORECASTS TOO BULLISH? China's imports for the first 10 months of the year are 11.36 million bpd, which is 1.19 million bpd higher than for the whole of 2022.

Persons: refiners, China doesn't, Stephen Coates Organizations: National Bureau, Statistics, OPEC, International Energy Agency, BP, Reuters, Thomson Locations: Qingdao, Shandong province, LAUNCESTON, Australia, China, Asia, Saudi Arabia

☆ See inside Nvidia's giant 'Voyager' HQ — a futuristic office where work meets nature
▼ + stars: | 2023-11-19 | by ( Polly Thompson | ) www.businessinsider.com time to read: +6 min

US chipmaker Nvidia opened its "Voyager" office last year. Jason O'Rear / Gensler San FranciscoNamed "Voyager," the building was designed by the architectural firm Gensler – and yes, it was named after a "Star Trek" starship. Jason O'Rear / Gensler San FranciscoKo said his firm's research showed collaboration was most effective when teams operated in the same spaces. Jason O'Rear / Gensler San FranciscoEngineers at Nvidia had previously been siloed in traditional workstations, while other teams were stationed on different floors and even in different buildings. Jason O'Rear / Gensler San FranciscoThe "four-acre workspace" features parks and '"treehouses" for gatherings, while shading trellis lined with solar panels blends into the building's structure.

Persons: —, Jensen Huang, Huang, Jason O'Rear, Gensler –, Hao Ko, Ko, Francisco Ko, San, Santa Clara Organizations: Nvidia, Service, Harvard Business, Santa, San Francisco Engineers Locations: Santa Clara, Francisco, San Francisco

☆ U.S. crude oil fell into a bear market this week and could head lower as China 'haunts the market'
▼ + stars: | 2023-11-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

U.S. crude oil prices entered a bear market this week, down 22% from September highs as traders wrangle over whether the spiral is driven by market fundamentals or just speculation. Phil Flynn, an oil market analyst with the Price Futures Group, said hedge funds have piled into short positions. There is still some "grind lower" in prices in store unless more positive data comes out of China, he said. If prices keep falling, the U.S. will slip from record production because shale producers will have trouble making money and stop investing, he said. The group has blamed speculators for the recent selloff and insisted market fundamentals are strong with China demand healthy.

Persons: Leo Mariani, Roth MKM, Phil Flynn, John Kilduff, Flynn, Kilduff, Matt Maley, Miller, Daniel Yergin, Yergin, Brent, — CNBC's Pippa Stevens Organizations: West Texas, Brent, Price Futures, Energy Information Agency, Again, Traders, P Global, Organization of, Petroleum, UBS, OPEC Locations: China, U.S, Canada, Brazil, Guyana, East, Israel, Persian, Hormuz

☆ Russia lifts gasoline export ban - energy ministry
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

It said it could reimpose export bans if necessary, adding that stocks of gasoline had risen to around 2 million metric tons. "A decision was made to terminate the temporary ban on the export of motor gasoline." Russia, the world's top seaborne exporter of diesel, introduced a ban on fuel exports on Sept. 21 in order to tackle high domestic prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place. Diesel is Russia's biggest oil product export, at about 35 million metric tons last year.

Persons: Tatiana Meel, Vladimir Soldatkin, Andrew Heavens, Kevin Liffey Organizations: REUTERS, Rights, Diesel, Reuters, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Soviet, Belarus, Kazakhstan, Armenia, Kyrgyzstan, OPEC

Gasoline prices are displayed at an Exxon gas station behind American flag in Edgewater, New Jersey, U.S., June 14, 2022. By September and October, gasoline stocks were increasing rather than falling as is normal at this point in the year. Gasoline margins fell by three-fourths to an average of less than $10 per barrel in October, among the lowest for a decade. In the meantime, the lower intake added to crude inventories and accelerated the pullback in crude prices and calendar spreads. Related columns:- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.

Persons: Mike Segar, Cushing, John Kemp, David Evans Organizations: Exxon, REUTERS, U.S . Commodity Futures Trading Commission, Thomson, Reuters Locations: Edgewater , New Jersey, U.S, Cushing

☆ Weaker refining margins and technical issues are driving oil prices lower, says Amrita Sen
▼ + stars: | 2023-11-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeaker refining margins and technical issues are driving oil prices lower, says Amrita SenAmrita Sen, Head of Research at Energy Aspects, discusses the move lower in oil prices this month.

Persons: Amrita Sen Amrita Sen Organizations: Research, Energy

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. The front month's discount to the second month traded at minus 15 cents on Wednesday, the widest discount since July. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. crude production held steady at a record 13.2 million barrels per day (bpd). Meanwhile in Asia, China's oil refinery throughput eased in October from the previous month's highs as industrial fuel demand weakened and refining margins narrowed.

Persons: magnifier, Dado Ruvic, Brent, Stephanie Kelly, Jacqueline Wong Organizations: REUTERS, . West Texas, U.S . Energy Information Administration, Thomson Locations: China, United States, Asia, U.S

☆ With oil and natural gas under pressure, Cramer says now is the time to buy Coterra stock
▼ + stars: | 2023-11-16 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

Oil and natural gas prices tumbled further Thursday, dragging down Club holding Coterra Energy (CTRA) and other energy stocks along the way. And in this moment, the group is out of favor amid declining oil and natural gas prices. Natural gas prices dropped more than 4% Thursday, to roughly $3.044 per million British thermal units, or MMBtu. Meanwhile, weather forecasts hold significant sway over demand for natural gas. And on Thursday, the EIA said natural gas in storage rose by 60 billion cubic feet, which was more than the market expected, according to FactSet.

Persons: that's, Jim Cramer, Coterra, Jim, Eli Rubin, Jim Cramer's, Richard Eden Organizations: Coterra Energy, Texas, U.S, Energy Information Administration, EBW Analytics, CNBC, Silhouette, Getty Locations: U.S, Midland , Texas

☆ Meta launches AI-based video editing tools
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +1 min

Meta AI logo is seen in this illustration taken September 28, 2023. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 16 (Reuters) - Meta Platforms (META.O) on Thursday launched two new AI-based features for video editing that could be used for posting to Instagram or Facebook. The first is called Emu Video and it generates four-second long videos with a prompt of a caption, photo or an image, paired with a description. The new tools are an advancement of the parent model Emu that generates images in response to text prompts. Emu underpins a generative AI technology and some AI image editing tools for Instagram that lets one take a photo and change its visual style or background.

Persons: Dado Ruvic, OpenAI's ChatGPT, Priyamvada, Rashmi Organizations: REUTERS, Facebook, Microsoft, Google, Thomson Locations: Bengaluru

☆ U.S. crude prices fall nearly 4% as inventories rise amid demand worries
▼ + stars: | 2023-11-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

An aerial view of a crude oil storage facility is seen on May 4, 2020 in Cushing, Oklahoma. U.S. crude prices fell nearly 4% on Thursday as inventories rose while industrial production fell. U.S. crude inventories rose by 3.6 million barrels last week while production held steady at a record 13.2 million barrels per day, according to data released by the Energy Information Agency Wednesday. Phil Flynn, an oil expert with the Price Futures Group, said slower industrial production combined with increased supply are playing into the slowing demand theory. OPEC said China's crude imports remain healthy, rising by 11.4 million barrels per day in October.

Persons: Phil Flynn, Flynn Organizations: Cushing , Oklahoma ., West Texas Intermediate, Brent, Energy Information Agency, United Auto Workers, Federal Reserve, Price Futures, National Bureau of Statistics, of Petroleum, International Monetary Fund, OPEC Locations: Cushing , Oklahoma, Cushing , Oklahoma . U.S, China

[1/2] The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. Diesel inventories fell more than expected at 1.4 million barrels. The International Energy Agency on Tuesday joined OPEC in raising oil demand growth forecasts for this year, despite projections of slower economic growth in many major countries. European Union diplomats said Russian oil tankers are not targeted in the European Commission's proposal for tightening implementation of a price cap on the country's crude oil.

Persons: Angus Mordant, Brent, John Kilduff, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Marguerita Choy, David Gregorio Our Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, Organization of, Petroleum, International Energy Agency, Tuesday, Financial Times, Thomson Locations: Loving County , Texas, U.S, contango, Asia, New York, Saudi Arabia, Russia, OPEC, Denmark, Houston, London

U.S. crude stocks rose by 3.6 million barrels in the last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts' expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. domestic crude production stayed at a record 13.2 million barrels per day, the data showed. In an indication of strong demand, gasoline stocks saw a surprise draw of 1.5 million barrels, while diesel stocks drew more than expected at 1.4 million barrels. American Petroleum Institute figures on Tuesday had showed rising crude oil and gasoline inventories last week, according to market sources. Downward pressure on oil prices may come from the supply side, with the United States "likely at peak production for crude," while the delayed release of its oil data makes the investment situation more opaque, Evans said.

Persons: Agustin Marcarian, Brent, John Evans, PVM, Evans, Arathy Somasekhar, Paul Carsten, Sudarshan Varadhan, Laura Sanicola, Raju Gopalakrishnan, Mark Potter, Jane Merriman, Emelia, Alexandra Hudson Organizations: REUTERS, HOUSTON, . West Texas, U.S . Energy Information Administration, American Petroleum Institute, International Energy Agency, Organization of, Petroleum, Financial Times, European Union, Alexandra Hudson Our, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Denmark, U.S, China, United States, Houston, London

REUTERS/Alexander Manzyuk Acquire Licensing RightsSummaryCompanies US consumer prices unchanged in OctoberU.S. dollar eyes worst session in a yearSilver, palladium gain more than 3%Nov 14 (Reuters) - Gold prices gained 1% on Tuesday as the dollar and Treasury yields retreated after softer-than-expected U.S. consumer inflation data fuelled bets that the Federal Reserve may be done hiking interest rates. U.S. consumer prices were unchanged in October and underlying inflation showed signs of slowing. We are expecting a significant deterioration in the data over the course of the fourth quarter, which should weaken dollar and support gold," said Daniel Ghali, commodity strategist at TD Securities. "Over the next six months, we're looking at gold prices to rally towards $2,100 per ounce." Reuters GraphicsBoosting bullion's appeal, the dollar index (.DXY) fell 1.4%, its biggest daily decline in one year, while benchmark 10-year Treasury yields eyed their worst day in eight months after the inflation data.

Persons: Alexander Manzyuk, Austan Goolsbee, Daniel Ghali, Commerzbank, Ashitha Shivaprasad, Emelia Sithole, Shilpi Majumdar Organizations: REUTERS, Companies, Treasury, Federal, Chicago Fed, TD Securities, Reuters, Thomson Locations: Novosibirsk, Siberian, Russia, U.S, Bengaluru

☆ Citadel chief Griffin weighs backing Haley in Republican primary
▼ + stars: | 2023-11-14 | by ( Brian Schwartz | ) www.cnbc.com time to read: +2 min

Billionaire Citadel CEO Ken Griffin is "actively contemplating" financially supporting former U.S. ambassador to the United Nations Nikki Haley in the Republican primary for president. Yes or no," Griffin said in an interview Tuesday with Bloomberg TV, when asked whether he planned to financially support Haley. Griffin is the latest of several wealthy, Republican donors who have said in recent days that they plan to support Haley over Trump and the rest of the primary field. But on Monday he told CNBC that following Scott's announcement, he planned to support Haley exclusively from now on. Until Sunday, Sabin had been fundraising for Scott's primary effort.

Persons: Ken Griffin, Nikki Haley, we're, Griffin, Haley, Forbes, Donald Trump, Trump, Ron DeSantis, Sen, Tim Scott, Scott, Stanley Druckenmiller, Druckenmiller, Andy Sabin, Sabin, Eric Levine Organizations: Citadel, CNBC's, Alpha, Billionaire Citadel, U.S, United, Republican, Bloomberg, Florida Gov, Trump, CNBC Locations: New York, New York City

[1/4] A wheel loader operator fills a truck with ore at the MP Materials rare earth mine in Mountain Pass, California, U.S. January 30, 2020. Market leader Tesla (TSLA.O) garnered headlines earlier this year saying it would cut rare earths from its next-generation EVs. China dominates the mining and processing of a group of 17 metals known as rare earths, though companies elsewhere are trying to loosen China's grip. 'WAITING IN THE WINGS'The average EV permanent magnet motor uses around 600 grams (1.32 lb) of heavy rare earth neodymium. Tesla's announcement on dropping rare earths "opened up buyers' eyes to the fact that you don't really need rare earths to make EV magnets," Niron CEO Jonathan Rowntree said.

Persons: Steve Marcus, Tesla, Otmar Scharrer, Scharrer, you've, Ben Chiswick, Uwe Deuke, Gerd Roesel, Jonathan Rowntree, Oki, James Edmondson, Edmondson, Mike Grant, Nick Carey, Christina Amann, Paul Lienert, Ernest Scheyder, Gilles Guillaume, Giulio Piovaccari, Ben Klayman, Sharon Singleton Organizations: REUTERS, Auto, LONDON, General Motors, Rover, Nissan, ZF, U.S, BMW, Renault, GM, EV, Warwick Acoustics, Thomson Locations: Pass , California, U.S, China, BERLIN, German, Detroit, Europe, London, Berlin, Houston, Paris, Milan

☆ You can thank China and record US oil output for lower gas prices
▼ + stars: | 2023-11-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But the cost of crude oil has been largely declining since the middle of October. The average for a gallon of gas in the United States, meanwhile, dropped to $3.37, according to AAA. This “steady, if slow” decline in gas prices, said an AAA spokesperson, may soon gain speed if oil prices continue their descent. They’re more concerned with economic weakness in China and an increase in oil production in the United States. In the first week of November, US crude oil production reached a new record of 13.2 million barrels per day.

Persons: ” David Kelly, ”, ” David Morrison, refiners, ” Craig Erlam, Brent, Chris Isidore, “, Ted Decker, Refinitiv, Read, Homebuyers Organizations: CNN Business, Bell, New York CNN, AAA, Asset Management, Federal Reserve, Trade, China’s National Bureau of Statistics, . West Texas Intermediate, International Energy Agency, Revenue, National Association of Realtors, Census Locations: New York, Europe, Saudi Arabia, Russia, United States, China, Iran, America, United

☆ Goldman Sachs says investors should go long commodities, sees 20% upside
▼ + stars: | 2023-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Investors should take a long position on key commodities with substantial returns expected in 2024, according to Goldman Sachs. OPEC is also expected to keep its crude production cuts in place through most of 2024, according to Goldman. Gold and energy also are potential hedges against supply shocks from geopolitical risks and other developments, according to Goldman. The investment bank views an interruption of trade through the Strait of Hormuz as unlikely, but if such an event did occur the rally would sizable and immediate. It is also gold's time to shine, the investment bank said, with prices rising 5% since the Israel-Hamas war started.

Persons: Goldman Sachs, Goldman, Brent, — CNBC's Michael Bloom Organizations: Goldman, Federal Reserve Locations: Hormuz, Israel

☆ Rare earth finds could help revive coal industry, says CEO who just made a discovery worth billions
▼ + stars: | 2023-11-13 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

To put that in perspective, the U.S. consumed about 10,000 tons of rare earth elements annually over the past decade. Rare earths are used in advanced military technology, electric vehicles and other applications. Potential boon Atkins told CNBC on Monday that it is logical to think rare earths could be sitting undiscovered elsewhere in the U.S. "This might be something that will kind of awaken the thought that there might be different uses for coal," Atkins said. Ramaco last month started developing the Brook Mine, the first new rare earth mine in the U.S. since Mountain Pass Rare Earth Mine opened in California in 1952.

Persons: Randall Atkins, Atkins, CNBC's, It's, Ramaco Organizations: Ramaco, International, CNBC, Energy Information Agency, Exports Locations: Ramaco Resources, Wyoming, United States, Sheridan, U.S, California, China, Hamilton, Washington, Europe, Moscow, Ukraine

☆ Amazon cuts jobs in games unit, part of broader restructuring
▼ + stars: | 2023-11-13 | by ( Greg Bensinger | Thomson Reuters | Greg Bensinger Joined Reuters As A Technology Correspondent In Focusing On The World'S Largest Technology Companies. He Was Previously A Member Of The New York Times Editorial Board | ) www.reuters.com time to read: +2 min

REUTERS/Pascal Rossignol Acquire Licensing RightsNov 13 (Reuters) - Amazon.com (AMZN.O) has cut around 180 jobs in its games division, at least the second round of cuts in under a week, as part of a broader restructuring, according to an email viewed on Monday by Reuters. It represents the second cut to the division this year. Amazon last week also began cutting jobs in its streaming music and podcast division, according to people familiar with the matter. The games division offers downloadable versions of many video games, on a monthly rotation, as well as some Twitch channels and other services. In April, Amazon cut about 100 jobs in the games unit.

Persons: Pascal Rossignol, Christoph Hartmann, Hartmann, We've, Greg Bensinger, Sayantani Ghosh Organizations: REUTERS, Reuters, Amazon Games, Amazon, Technology, Gaming, Thomson Locations: Lauwin, France, Seattle, United States

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