BENGALURU (Reuters) – Most Adani Group stocks dropped on Wednesday, extending losses after a report from short-seller Hindenburg criticised the conglomerate and despite the group completing a $2.5 billion share sale a day earlier. Hindenburg Research’s report last week alleged improper use of offshore tax havens and flagged concerns about high debt. The group, led…
By Stephen Nellis (Reuters) – Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn. The reductions will range from 5% of base pay for…
By Alexandra Alper and David Shepardson WASHINGTON (Reuters) – An American official on Tuesday made the most direct comments by a U.S. authority to date acknowledging the existence of a deal with Japan and the Netherlands for those countries to impose new restrictions on exports of chipmaking tools to China. “We can’t talk about the…
(Corrects spelling of Elliott in headline and 2nd paragraph) By Chibuike Oguh and Tiyashi Datta NEW YORK (Reuters) -Memory chip maker Western Digital Corp said on Tuesday it will receive $900 million through a convertible preferred stock deal from private equity firm Apollo Global Management Inc and hedge fund Elliott Management Corp. Western Digital said…
By Nick Carey LONDON (Reuters) – A consortium including Hydrogen truck startup HVS and supermarket chain Asda said on Wednesday it had been awarded a 6.6 million pound ($8.1 million) UK government grant to develop autonomous hydrogen heavy goods vehicles. The project is one of seven backed by Britain’s Centre for Connected and Autonomous Vehicles…
By Joyce Lee and Heekyong Yang SEOUL (Reuters) -South Korean chipmaker SK Hynix Inc said the industry downturn will worsen in the first half of 2023, as it turned in a record quarterly operating loss on Wednesday. SK Hynix, however, said market conditions would gradually improve later in the year as chipmakers reduce supply in…
By David Shepardson WASHINGTON (Reuters) -U.S. air passengers would be offered refunds for delayed flights and transportation on rival carriers under sweeping consumer protections proposed on Tuesday after a series of disruptions including a holiday meltdown at Southwest Airlines. U.S. lawmakers said the wide-ranging measures would require airlines to pay at least $1,350 to passengers…
By Stephen Culp (Reuters) – A look at the day ahead in markets from Stephen Culp, New York stock market reporter. Asian stocks are primed for a green Wednesday on the heels of a broad rally on Wall Street, as a slew of economic data suggested the Federal Reserve’s restrictive monetary policy is working as…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. labor costs increased at their slowest pace in a year in the fourth quarter as wage growth slowed, giving the Federal Reserve a boost in its fight against inflation. There was more encouraging news on inflation, with other data on Tuesday showing house price growth slowing considerably in…
(Reuters) -PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a string of fintech firms to be hit by the economic slowdown. “While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities,…
