By Jane Lanhee Lee, Josh Horwitz and Stephen Nellis OAKLAND, Calif/SHANGHAI (Reuters) – SoftBank Group Corp’s chip technology firm Arm Ltd’s China joint venture laid off 90-95 employees last week to cope with a challenging business outlook this year, according to three sources familiar with the situation. The layoffs come as SoftBank tries to set…
By Brendan O’Boyle (Reuters) – Risks over El Salvador’s embrace of bitcoin “have not materialized,” but use of the cryptocurrency still requires transparency and attention, the International Monetary Fund (IMF) said Friday in a statement after a visit to the Central American country. “Given the legal risks, fiscal fragility and largely speculative nature of crypto…
By David Shepardson WASHINGTON (Reuters) -A group representing major U.S. airlines “strongly urged” the Federal Aviation Administration (FAA) to extend a proposed deadline to June 2024 to retrofit airplane altimeters to ensure they are not susceptible to 5G wireless interference. Airlines for America (A4A), which represents American Airlines, Delta Air Lines, United Airlines and others…
(Reuters) – Bed Bath & Beyond Inc will wind down its operations in Canada, a court filing posted on alvarezandmarsal.com showed on Friday. The Canadian business does not have the “capacity or ability to independently effect a recapitalization or restructuring of the Canadian operations without access to cash and the support” from lenders, according to…
By Jamie McGeever (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever. Chinese inflation on Friday grabs the data spotlight in Asia at the end of a week in which hawkish Fed commentary has taken some froth of risk assets, as investors also ponder the market implications of deepening Sino-U.S….
By Herbert Lash and Elizabeth Howcroft NEW YORK/LONDON (Reuters) -The dollar firmed and equity markets fell on Friday as the impact of rising interest rates on the economy unsettled investors amid a growing chorus of central bank officials insisting monetary policy needs to remain tight for some time. U.S. mega-cap growth companies came under pressure…
By Lucia Mutikani WASHINGTON (Reuters) – U.S. monthly consumer prices rose in December instead of falling as previously estimated and data for the prior two months was also revised up, which some economists said raised the risk of higher inflation readings in the months ahead. The consumer price index edged up 0.1% in December rather…
By Corina Pons MADRID (Reuters) -Inditex’s shares slid on Friday after the world’s biggest fast fashion retailer agreed an inflation-beating 20% rise in average wages for shop workers in the Zara owner’s home market of Spain. Spain’s two largest unions, CCOO and UGT, announced the pay increase late on Thursday, with UGT saying salaries were…
By Karen Freifeld and Alexandra Alper WASHINGTON (Reuters) – The Biden administration plans to outright ban investments in some Chinese technology companies and to increase scrutiny of others, three sources said, part of its plan to crackdown on the billions American firms have poured into sensitive Chinese sectors. The ban is expected to apply to…
By Kannaki Deka (Reuters) -Canada’s Magna International Inc on Friday reported an 80% fall in quarterly profit and warned of more pressure on its margins from volatile production schedules at automakers and elevated costs. The auto parts maker’s U.S.-listed shares were down 13.7% and on track for their worst day in nearly three years. Chip…
