Tag: REORG
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Alibaba’s break-up plan raises hopes that China’s crackdown on technology will come to an end
March 29 (Reuters) – Shares in Alibaba Group (9988.HK) and other leading Chinese tech companies rose on Wednesday as investors hailed an unprecedented revamp of the Jack Ma-founded company as the beginning of the end of Beijing’s crackdown on the sector. Alibaba said Tuesday it planned to split into six units and explore fundraising or […]
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Alibaba splits empire into six units, aims for IPOs
March 28 (Reuters) – Alibaba Group (9988.HK) plans to split its business into six main units, from e-commerce to cloud in the largest restructuring in its 24-year history, five of which it says are fundraising whether to explore IPOs. The six units are Cloud Intelligence Group, Taobao Tmall Commerce Group, Local Services Group, Cainiao Smart […]
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Nestle to investigate banking relationships after Credit Suisse collapse
ZURICH, March 28 (Reuters) – Nestle (NESN.S) will examine its banking relationships following the planned acquisition of Credit Suisse (CSGN.S) by UBS (UBSG.S), the food group’s CEO Mark Schneider said on Tuesday. The world’s largest food group was a customer of Credit Suisse, Schneider told broadcaster TeleZueri in an interview to be shown Tuesday evening, […]
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Credit Suisse gained access to billions in liquidity over the weekend, says the Swiss finance minister
ZURICH, March 25 (Reuters) – Credit Suisse (CSGN.S) tapped the Swiss National Bank for “a large multibillion-dollar sum” over the weekend to secure its liquidity, the country’s finance minister Karin Keller-Sutter told me. Saturday to the Swiss broadcaster SRF. . The troubled Swiss bank had said last week it planned to borrow up to 50 […]
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Rivian Moves Workers to Illinois EV Plant to Speed Up Production – WSJ
March 24 (Reuters) – Rivian Automotive Inc (RIVN.O) is moving parts of its manufacturing engineering team to Illinois to speed up production, the Wall Street Journal reported on Friday, citing a person familiar with the matter. The reorganization, which is expected to be announced soon, would mean those working on manufacturing engineering would be asked […]
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First Republic Could Rally as FDIC Insures Deposits Analyst
NEW YORK, March 22 (Reuters) – As beleaguered First Republic Bank (FRC.N) weighs its options, Morgan Stanley analysts say there is a “bull case” for the stock if regulators insure customer deposits until the banking crisis is over. First Republic, whose shares have lost much of their value since the start of the US banking […]
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Meta to cut 10,000 jobs in second round of layoffs
March 14 (Reuters) – Facebook parent company Meta Platforms (META.O) said on Tuesday it would cut 10,000 jobs, the first Big Tech company to announce a second round of mass layoffs as the industry braces for a deep economic downturn. Meta shares rose 6% on the news. The widely anticipated job cuts are part of […]
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Credit Suisse postpones annual report after SEC call, shares fall
SEC asked questions about the bank’s previous financial statements SEC questions pertain to consolidated cash flow statements, related controls Bank says 2022 financial results ‘unaffected’ Analyst describes bank as ‘big construction site’ ZURICH, March 9 (Reuters) – Credit Suisse has delayed the release of its annual report after a last-minute call from the US Securities […]
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Crypto-focused bank Silvergate plans to scale down after FTX’s blow
March 8 (Reuters) – Crypto-focused bank Silvergate Capital Corp (SI.N) said on Wednesday it planned to wind down operations and voluntarily liquidate after it was hit with losses following the dramatic collapse of crypto exchange FTX, causing its shares to drop 35% in after hours trading. The decision to close the bank comes after the […]
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Rivian plans to sell $1.3 billion in bonds to bolster capital, shares fall
SAN FRANCISCO, March 6 (Reuters) – Rivian Automotive (RIVN.O) plans to sell bonds worth $1.3 billion, it said Monday, as declining demand and high costs ease the cash crisis surrounding electric vehicle manufacturers sharpen. Shares in Rivian fell nearly 7% in after-hours trading. Initial investors will have an option to purchase an additional $200 million […]