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Business & Finance - Companies - 2021-01-13
Indian automaker Mahindra cuts over half of North America workforce
Companies

Indian automaker Mahindra cuts over half of North America workforce

  • The sources did not give a figure for the number of jobs lost at the business, which had over 500 employees in early 2020.
  • The cuts come as Mahindra reviews its businesses in a drive to conserve capital and retain only those that make money or have the potential to be profitable.
Updated 13 Jan, 2021 11:17pm
Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy
Companies

Brazil's Petrobras CEO denies claims of 'predatory' fuel pricing policy

  • Branco said in the Wednesday edition of daily Valor Econômico that the claims amount to a personal "professional offense" against him and the government's economic policymakers.
  • As graduated economists ... we learned over 40 years ago that price controls are part of a museum of ineffective weapons to fight inflation.
Published 13 Jan, 2021 09:18pm
Dropbox to layoff 11pc of workforce, COO to step down
Companies

Dropbox to layoff 11pc of workforce, COO to step down

  • Shares fell nearly 6% to $22.26 after Dropbox said Chief Operating Officer Olivia Nottebohm, who joined last year from Alphabet Inc's Google, will step down on Feb. 5.
  • Our Virtual First policy means we require fewer resources to support our in-office environment.
Published 13 Jan, 2021 08:06pm
Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup
Companies

Qualcomm eyes challenge to Apple, Intel with $1.4b deal for chip startup

  • The deal marks a big push by Qualcomm to reestablish a leading position in chip performance after several years of high-profile patent licensing litigation with rival Apple and regulatory authorities.
  • It's exciting to see Nuvia join the Qualcomm team," Panos Panay, Microsoft's chief product officer.
Published 13 Jan, 2021 07:53pm
J.P. Morgan upgrades Exxon to overweight for first time in seven years
Companies

J.P. Morgan upgrades Exxon to overweight for first time in seven years

  • Morgan Stanley on Monday upgraded Exxon's rating to overweight from equal-weight, saying it preferred the company to Chevron Corp for 2021.
  • We think that improved transparency, cost-reduction actions and increased investor pressure could all serve to push XOM to put up more consistent results
Published 13 Jan, 2021 06:47pm
Indebted Zambia pays $400mn in VAT refunds to mining firms
Companies

Indebted Zambia pays $400mn in VAT refunds to mining firms

  • Zambia, Africa's second-largest copper producer, is negotiating with creditors to try to get debt relief, after it defaulted on a $42.5 million coupon in November.
  • The VAT refunds to the mining sector represent 67% of the total such refunds made, Zambia Revenue Authority (ZRA) Commissioner-General Kingsley Chanda said at a media briefing.
Published 13 Jan, 2021 06:14pm
India's Infosys raises revenue forecast as demand rises
Companies

India's Infosys raises revenue forecast as demand rises

  • Larger rival Tata Consultancy Services reported higher third-quarter profit last week and forecast strong growth for the year ahead.
  • It expects annual revenue in the financial year to end-March 2021 to grow between 4.5% and 5% in constant currency terms, higher than 2% to 3% forecast earlier.
Published 13 Jan, 2021 05:48pm
J&J may not meet US COVID-19 vaccine supply target by spring
Companies

J&J may not meet US COVID-19 vaccine supply target by spring

  • US federal officials have been told that J&J has fallen behind its original production schedule and will not catch up until the end of April.
  • Earlier this week, J&J's chief executive officer said the company was on track to have close to a billion COVID-19 vaccine doses by 2021-end.
Published 13 Jan, 2021 04:43pm