Walt Disney Co will begin a second wave of layoffs on Monday involving thousands of jobs, as part of efforts to eliminate 7,000 positions and save $5.5 billion in costs, according to sources familiar with the matter. The company will cut “several thousand” jobs through Thursday, with the latest round of reductions bringing the total number […]
HCLTech, India’s No.3 IT services exporter, on Thursday forecast lower-than-expected revenue growth for the current fiscal due to cuts in discretionary spending and project ramp-downs amid worries of a global recession. HCLTech’s weak outlook followed disappointing earnings from market leader Tata Consultancy Services and No.2 Infosys Ltd’s forecast of single-digit revenue growth this financial year. HCLTech said it […]
The South Korean government and its top battery companies plan to jointly invest 20 trillion won ($15.1 billion) through 2030 to develop advanced battery technologies, including solid-state batteries, the industry ministry said on Thursday. “The joint investment will allow South Korea to start commercial production of solid state batteries ahead of others,” the ministry said […]
Major U.S. crypto exchange Coinbase Global Inc has said it has secured a licence to operate in Bermuda, as part of a wider push to expand globally. Coinbase CEO Brian Armstrong said on Tuesday that crypto firms will develop in “offshore” havens unless the U.S. and UK create “clarity about regulation” for crypto. Regulators and law enforcement agencies […]
U.S. tech giant Apple could double or triple investments in India, along with exports, over the next few years, a minister said, as the company opened a second store in the world’s biggest smartphone market after China. Apple mainly assembles iPhones in India through Taiwan contract manufacturers but plans to expand into iPads and AirPods, as […]
Chipmaker TSMC, a major Apple supplier, forecast a 16% plunge in sales for the second quarter as consumers grapple with an inventory glut while a weakening global economy clouds demand outlook. The world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd (TSMC) , said industry inventory levels were currently higher than expected and would only […]
American Express Co’s profit missed Wall Street estimates on Thursday despite higher spending by its customers as the credit card giant kept aside a large sum to cover potential defaults and spent more on promotions. Shares fell as much as 7% to a near three-month low of $154.01 as expenses surged 22% to $11.1 billion in […]
he COVID-19 Public Health Emergency declaration expires in less than a month. When it does, it will have broad-sweeping effects, and one of the most significant is little known: It could begin undoing the expansion of mental health care access for millions of Americans. Prior to the pandemic, over 95 percent of outpatient mental health services were […]
The European Union agreed a 43-billion-euro ($47 billion) chip subsidies plan on Tuesday but the relatively modest budget, lack of a domestic market for cutting-edge chips and red tape could hamper efforts to catch up with the United States and Asia. The size of subsidies under the EU Chips Act, which aims to tempt the world’s top chipmakers […]
WhatsApp and other messaging services have united to oppose Britain’s plan to force tech companies to break end-to-end encryption in private messages in its proposed internet safety legislation. Meta-owned WhatsApp, Signal and five other apps signed an open letter saying the law could give an “unelected official the power to weaken the privacy of billions of […]
