By Victoria Waldersee BERLIN (Reuters) -Tesla is laying off more than 10% of its global workforce, an internal memo seen by Reuters on Monday shows, as it grapples with falling sales and an intensifying price war for electric vehicles (EVs). “About every five years, we need to reorganize and streamline the company for the next…
By Foo Yun Chee BRUSSELS (Reuters) – U.S. chipmaker Broadcom is being asked by EU antitrust regulators about changes to newly acquired cloud computing company VMware’s licensing conditions following complaints from a spate of EU business users and a trade group. The EU competition enforcer said it had sent requests for information to Broadcom to investigate…
(Repeats with no changes to text) SHANGHAI (Reuters) -Chinese electric vehicle (EV) maker Nio’s founder called for openness in a rare speech in the United States, where politicians have been seeking to further restrict China’s access to the world’s second-largest auto market. William Li, speaking at an event at Harvard University on Saturday, said rapid…
By Asif Shahzad ISLAMABAD (Reuters) – Pakistan’s central bank has repaid $1 billion in Eurobonds, it said on Saturday, a scheduled payment ahead of the South Asian nation seeking a long-term bailout from the International Monetary Fund. The bond, launched in 2014 and repaid on Friday, was maturing this month. “The payment was made to…
WASHINGTON (Reuters) -Republican U.S. lawmakers on Friday criticized the Biden administration after sanctioned Chinese telecoms equipment giant Huawei unveiled a laptop this week powered by an Intel AI chip. The United States placed Huawei on a trade restriction list in 2019 for violating Iran sanctions, part of a broader effort to hobble Beijing’s technological advances….
(Reuters) -Elon Musk’s Tesla said on Friday it has cut prices of its Full Self-Driving (FSD) subscriptions in the United States and Canada, as it seeks to drive adoption amid softening demand and price competition. The subscriptions will be priced at $99 per month in the U.S. and C$99 ($71.88) in Canada, the electric vehicle…
By Nupur Anand and Niket Nishant (Reuters) -JPMorgan Chase’s profit beat estimates in the first quarter, but its shares fell 6% after forecasts for interest income fell short of analysts’ expectations on Friday. The largest U.S. lender slightly increased its estimate for net interest income (NII), or the difference between what a bank earns on…
By Krystal Hu and Dawn Chmielewski (Reuters) – OpenAI Chief Executive Sam Altman has hosted hundreds of Fortune 500 company executives in San Francisco, New York and London this month where he and other OpenAI executives pitched AI services for corporate use, going head to head in some cases with financial backer Microsoft, attendees told…
By Manya Saini and Tatiana Bautzer (Reuters) -Citigroup’s first-quarter profit fell 27% as the bank took charges related to its reorganization, although it beat expectations as revenues grew in key divisions. The bank’s shares were volatile, wiping out an earlier gain to slide 2% while other bank stocks also weakened. Citi’s net income fell to…
(Reuters) -Morgan Stanley’s wealth management arm is being probed by multiple regulators, the Wall Street Journal reported on Thursday, citing people familiar with the matter. The U.S. Securities and Exchange Commission, the Office of the Comptroller of the Currency (OCC) and other Treasury Department offices are involved, the report said. The bank’s shares fell 4.8%…
