Credit Suisse launches $3 billion debt buyback plan
- Credit Suisse Group AG CS offered to buy back its debt securities worth around $3 billion amid concerns over the Swiss bank’s financial health, which had dragged down its share price and led to increased betting against his debt.
- Shares of Credit Suisse briefly hit an all-time low on Monday, while its credit default swaps hit a record high amid market worries about the bank’s future.
Apple’s main supplier posts 48% growth in sales in the third quarter
- Taiwan Semiconductor Manufacturing Company Ltd. TSM posted revenue growth of 36.4% year-on-year in September to reach NT$208.25 billion.
- Revenue from January to September 2022 totaled NT$1.64 trillion, up 42.6% year-on-year.
- Third-quarter revenue rose 48% year-on-year to NT$613 billion ($19.4 billion), above the consensus of NT$603 billion.
- Apple Inc. AAPL The most crucial chipmaker signals that the biggest players in the $550 billion semiconductor industry could ride out the downturn thanks to resilient demand for electronics.
Samsung shares slide up to 2% on gloomy view of third-quarter earnings
- Samsung Electronics Co Ltd. SSLNF announced third-quarter profit guidance, with consolidated operating profit likely to drop nearly 32% to 10.8 trillion won from a year ago.
- This is the company’s first drop in profits since 2019.
- Consolidated sales are estimated at around 76 trillion won, slightly higher than the 73.98 trillion won a year earlier.
Google opens a data center in Japan
- Alphabet Inc. GOOG GOOGL Google will open its first data center in Japan next year.
- The new facility, based in Inzai City, Chiba, will make Google tools and services run faster and support economic activity and jobs.
- The Chiba data center is part of a $730 million investment in infrastructure that began in 2021 and will run through 2024. This includes the Topaz undersea cable, which will likely be ready for laying in service in 2023.
Spotify eliminates 11 original podcasts; Reduced staff by 5%
- Spotify Technology AG PLACE extracts 11 original podcasts from the platform.
- This will impact Parcast and Gimlet studios and involve less than 5% layoffs of Spotify podcast staff.
- Spotify seems to be eliminating failures, perhaps making room for the several upcoming O&E titles the company intends to announce in the coming weeks and months.
UK study: Merck’s COVID-19 antiviral pill did not reduce risk of hospitalization
- Merck & Co Inc.. M.K.R. and Ridgeback Biotherapeutics announced data from two real-world evidence studies evaluating Lagevrio (molnupiravir), an investigational oral COVID-19 antiviral drug.
- According to the results of a pivotal clinical trial in the UK, Merck’s COVID-19 antiviral pill has not been shown to reduce the risk of hospitalization and death in adults most at risk of the disease.
Telenor sells 30% of Norway Fiber Company for $1 billion
- Telenor ASA TELNF TELENY agreed to divest a minority stake in its Norwegian fiber assets to a consortium led by KKR & Cie Inc. KKR and Oslo Pensjonsforsikring for 10.8 billion crowns ($1 billion).
- The deal is part of a strategy by Norway’s largest telecommunications company to showcase the value of its infrastructure and free up capital to install more fiber in the country.
British fashion retailer Superdry returns to profit; Highlights refinancing needs
- British fashion group Very dry ADR SEPGY returned to profit in FY22, with an adjusted pre-tax profit of £21.9m compared to a loss of £(12.6)m in FY21.
- Total revenue rose 9.6% to £609.6m year-on-year as a result of overrunning forced store closures and the lifting of restrictions in key markets.
the wall street journal
Amid FDA dispute, Juul Labs cancels overseas expansion plans
- Juul Labs Inc. takes all necessary measures to stay afloat, CEO KC Crosthwaite said. Altria Group Inc. MO holds a minority stake in the company.
- Juul expects layoffs after scrapping plans to expand outside US
- It also refinanced its secured debt, giving it more time to explore longer-term options, the CEO added.
Amazon to stop live testing of ‘Scout’ delivery robots
- Amazon.com Inc. AMZN reportedly halted live testing of its “Amazon Scout” automated delivery robot.
- The e-commerce giant found that the program did not meet customer needs.
- An Amazon spokesperson told the newswire that it was “redirecting” the program instead of abandoning it altogether, and workers would be matched with other vacancies at the company.
EU asks: Will Microsoft block peers after Activision deal?
- EU antitrust regulators have quizzed game developers on whether Microsoft Corp. MSFT will be incentivized to block rivals’ access to the “Call of Duty” maker Activision Blizzard Inc. ATVI top selling games.
- The EU competition authority also questioned whether Activision’s wealth of user data would give Microsoft a competitive advantage in developing, publishing and distributing computer and console games.
- EU antitrust regulators are due to make a preliminary decision by Nov. 8 on whether to clear Microsoft’s proposed $69 billion acquisition.
Toyota fears a leak of information from its telematics service
- Toyota Motor Corporation MT fears that around 296,000 customer details of its T-Connect service have been leaked.
- The affected customers are people who registered on the service’s website using their email addresses since July 2017.
- Toyota has denied any possibility of leaking users’ sensitive personal information.
Walmart to lay off more than 1,000 employees in Atlanta
- In accordance with a worker adaptation and retraining notification, Walmart Inc. WMT is seeking to lay off 1,458 workers at the Fulton Parkway e-commerce fulfillment center in Atlanta, Georgia.
- “We are converting the Fulton Parkway fulfillment center to support our growing WFS (Walmart Fulfillment Services) business.
Adidas holds Kanye West’s tie under scrutiny
- Adidas S.A. ADDYY is in the process of reviewing her relationship with rapper Kanye West following recent issues when the rapper publicly accused the CEO of Adidas of not giving him control over Yeezy.
- Adidas announced its partnership with West in 2013. West also agreed in 2016 to manufacture and distribute items from its Yeezy clothing line.
- In September, West ended Yeezy’s partnership with Gap inc. GPS.