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Exclusive: Electric Vehicle Maker Rivian Cuts 6% of Jobs Amid Price War - Internal Memo

Exclusive: Electric Vehicle Maker Rivian Cuts 6% of Jobs Amid Price War – Internal Memo

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SAN FRANCISCO, Feb. 1 (Reuters) – Rivian Automotive Company (Revno) It is laying off 6% of its workforce in a bid to cut costs as the electric car maker, already suffering from low cash reserves and a weak economy, prepares for an industry-wide price war. In an email to employees Wednesday announcing the job cuts, …

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India's Adani has been criticized for losing $45 billion in shares, which has clouded a record share sale.

Adani forgoes selling shares worth $2.5 billion in a huge blow to the Indian businessman

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NEW DELHI (Reuters) – Gautam Adani’s parent company canceled the sale of its $2.5 billion shares in a dramatic reversal on Wednesday after criticism of short sellers in the United States wiped billions more from the value of the Indian tycoon’s shares. The withdrawal of Al-Adani Company (ADEL.NS) The share offer is a stunning setback …

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Gautam Adani is no longer the richest person in Asia as shares have deepened to $74 billion

Gautam Adani is no longer the richest person in Asia as shares have deepened to $74 billion

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BENGALURU (Reuters) – India’s Gautam Adani lost the title of Asia’s richest man on Wednesday, as his group’s shares plunged to $74 billion after a short-selling report. A report by Hindenburg Research last week alleged improper use of offshore tax havens while raising concerns about the high debt and valuations of seven Adani-listed companies. And …

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AMD's revenue beat targets, and Wall Street was relieved after Intel's bleak outlook

AMD’s revenue beat targets, and Wall Street was relieved after Intel’s bleak outlook

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Jan 31 (Reuters) – US chip maker Advanced Micro Devices (AMD.O) On Tuesday, it reported revenue that beat Wall Street targets and said it expects business to pick up in the second half, spurring investors who saw the company profit from rival Intel. Shares rose about 1.5% in after-hours trading. Although AMD’s expectations were lower …

AMD’s revenue beat targets, and Wall Street was relieved after Intel’s bleak outlook Read More »

Exxon will crush the profits of major western oil companies by $ 56 billion in 2022

Exxon will crush the profits of major western oil companies by $ 56 billion in 2022

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HOUSTON, Jan. 31 (Reuters) – Exxon Mobil Corporation (XOM.N) The company said on Tuesday that its net profit for 2022 amounted to $56 billion, and it made about $6.3 million per hour last year, setting not only a record for the company, but also a historic high for the western oil industry. Major oil companies …

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US seeks driver assistance documents from Tesla; The company raises its capital expenditure forecast

US seeks driver assistance documents from Tesla; The company raises its capital expenditure forecast

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WASHINGTON, Jan. 31 (Reuters) – Tesla Inc (TSLA.O) It revealed on Tuesday that it had received requests from the US Department of Justice for documents related to its fully autonomous driver-assistance and autopilot systems as regulatory scrutiny intensified. Reuters reported in October Tesla is under criminal investigation On claims that the company’s electric cars can …

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The Norwegian Wealth Fund records record losses of $164 billion

The Norwegian Wealth Fund records record losses of $164 billion

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The loss in 2022 surpassed the previous record from 2008 Inflation and geopolitical tensions remain risk factors Record flow of funds from the oil and gas industry OSLO (Reuters) – Norway’s wealth fund, one of the world’s largest investors, posted a record loss of 1.64 trillion crowns ($164.4 billion) for 2022, ending a three-year streak …

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The sale of Adani's $2.5 billion shares faces a critical day after defeat

85% of Adani’s significant share sale is underwritten while institutions are injecting cash

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MUMBAI (Reuters) – Indian billionaire Gautam Adani’s $2.5 billion sale came close to being fully subscribed on Tuesday as investors poured cash after a turbulent week for his group, in which its shares plunged due to a scathing short-selling report. Sell ​​secondary stock to Adani Enterprises (ADEL.NS) It was 85% subscribed on Tuesday, including the …

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EXCLUSIVE: Bed Bath & Beyond is preparing to file for bankruptcy as soon as this week

EXCLUSIVE: Bed Bath & Beyond is preparing to file for bankruptcy as soon as this week

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NEW YORK, Jan. 30 (Reuters) – Bed Bath and Beyond Inc (BBBY.O) It is preparing to file for bankruptcy protection as soon as this week, and liquidators have lined up to close additional stores unless a buyer shows up at the last minute, four people familiar with the matter said Monday. Another person familiar with …

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A US court dismissed J&J's bankruptcy strategy for tens of thousands of talc lawsuits

A US court dismissed J&J’s bankruptcy strategy for tens of thousands of talc lawsuits

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Jan 30 (Reuters) – A US appeals court overturned the Johnson & Johnson trial (JNJ.N) Attempting to offload tens of thousands of lawsuits related to its talc products into bankruptcy, it ruled that the healthcare group had improperly placed a subsidiary in Chapter 11 proceedings even though it did not face financial hardship. The decision …

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Unilever has appointed former Heinz exec Schumacher as chief executive officer

Unilever has appointed former Heinz exec Schumacher as chief executive officer

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To become CEO July 1 The activist contributor says she met Schumacher when he was at Heinz First outside CEO since Paul Pullman was appointed in 2008 Unilever shares are outperforming the FTSE 100 LONDON (Reuters) – Unilever appointed Hein Schumacher on Monday to replace Alan Job as chief executive from July, a move welcomed …

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The German economy unexpectedly contracted in the fourth quarter, reviving the specter of recession

The German economy unexpectedly contracted in the fourth quarter, reviving the specter of recession

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Q4 GDP at -0.2% qoq vs 0.0% forecast The decrease is mainly due to lower private consumption Economists think a mild recession is likely Data on Monday showed that the German economy contracted unexpectedly in the fourth quarter, in a sign that Europe’s largest economy may be entering a highly anticipated recession, although it is …

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