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SK Hynix warns chip downturn to worsen in H1, posts record quarterly loss

By Joyce Lee and Heekyong Yang SEOUL (Reuters) -South Korean chipmaker SK Hynix Inc said the industry downturn will worsen in the first half of 2023, as it turned in a record quarterly operating loss on Wednesday. SK Hynix, however, said market conditions would gradually improve later in the year as chipmakers reduce supply in response to a deepening downturn in global tech demand and clients

2023-01-31T23:44:53Z

Volkswagen considering battery cell factory in Ontario -Handelsblatt

BERLIN (Reuters) -Volkswagen is looking at setting up a battery cell factory in Ontario, Germany's Handelsblatt business daily reported on Tuesday, adding the Canadian province had offered investments and other incentives. Five entries from this month are listed in a lobby register of the province for Volkswagen, including one that mentions Volkswagen Chief Executive Oliver Blume by name, the

2023-01-31T17:19:26Z

Easing inflation worries lift Wall Street ahead of Fed decision

By Johann M Cherian and Shreyashi Sanyal (Reuters) - U.S. stocks rose on Tuesday as labor cost data indicated that the Federal Reserve's aggressive approach to taming inflation was taking hold ahead of a decision by the central bank, while gains on the Dow were limited by weak earnings updates. U.S. employment costs increased at their slowest pace in a year in the fourth quarter as wage growth

2023-01-31T18:04:26Z

U.S. FTC asks judge to pause Meta deal for VR company Within

WASHINGTON (Reuters) -The U.S. Federal Trade Commission on Tuesday asked a judge to put a hold on Meta Platforms Inc's deal to buy virtual reality app maker Within Unlimited while the two sides await a decision from the court. The FTC sued the Facebook and Instagram owner in July to stop the Within deal and asked the judge to order a preliminary injunction, saying Meta's "campaign to conquer VR"

2023-01-31T20:14:40Z

Electronic Arts lowers bookings expectation amid gaming slowdown

(Reuters) -Electronic Arts Inc lowered its annual bookings forecast on Tuesday, indicating that the downturn in the gaming market is set to continue this year as consumers are cautious about discretionary spending in the face of still-high inflation. The Redwood City, California-based company now expects annual bookings between $7.07 billion and $7.17 billion, compared with $7.65 billion to $7.85

2023-01-31T21:29:48Z

EU studying whether Big Tech should pay network costs -EU document

By Foo Yun Chee BRUSSELS (Reuters) - The European Union (EU) will consult the technology and telecoms sectors on whether tech giants like Alphabet Inc's Google, Meta and Amazon.com Inc should subsidize network costs, according to a Commission document seen by Reuters on Tuesday. EU telecoms providers including Deutsche Telekom, Orange, Telefonica and Telecom Italia say the six largest content

2023-01-31T22:19:47Z

Pfizer sees steep 2023 fall in COVID sales, aims to bolster pipeline

By Bhanvi Satija and Michael Erman (Reuters) - Pfizer Inc on Tuesday forecast a bigger-than-expected drop in sales of its COVID-19 vaccine and treatment for 2023, intensifying investor concerns over demand for the products as governments cut orders and work through inventories. Chief Executive Albert Bourla said that 2023 should be a "transition year" for Pfizer's COVID products, before

2023-01-31T18:54:30Z

Kevin Carmichael: High interest rates bringing balance after years of housing overspending

Higher interest rates hurt, but they might be bringing some balance to Canada’s economy after years of overspending on housing . Statistics Canada on Jan. 31 said gross domestic product increased 0.1 per cent in November from the previous month, evidence the economy was approaching stall speed at year-end, just as the Bank of Canada predicted it would be. It was the weakest month-to-month increase since January 2022, and there’s little reason to...

2023-01-31T18:46:57Z

Oreo maker Mondelez beats quarterly sales estimates on resilient snack demand

(Reuters) -Mondelez International Inc beat market expectations for quarterly sales on Tuesday, as more consumers snacked on the Oreo maker's chocolates and snacks over the holiday season even as inflation pinched pockets. Packaged food makers including Mondelez, Kraft Heinz and Cheerios owner General Mills have all been increasing product prices steadily in the face of rising costs in a bid to

2023-01-31T21:24:45Z

Payments firm PayPal to lay off 7% of its workforce to cut costs

(Reuters) -PayPal Holdings Inc said on Tuesday it is planning to cut 7% of its workforce, or about 2,000 employees, the latest in a string of fintech firms to be hit by the economic slowdown. "While we have made substantial progress in right-sizing our cost structure, and focused our resources on our core strategic priorities, we have more work to do," said PayPal's Chief Executive Dan Schulman

2023-01-31T19:49:40Z

Cryptoverse: Big investors edge back to bitcoin

By Medha Singh and Lisa Pauline Mattackal (Reuters) - Big investors are dipping their toes into crypto waters again after a bumper month for bitcoin. Digital asset investment products, often favored by institutional investors, saw inflows of over $117 million last week, the biggest weekly increase since last July, according to data from asset manager CoinShares. Bitcoin was far and away the

2023-01-31T22:14:50Z

Exclusive-EU industry chief Breton to hold video call with Twitter's Musk - EU official

By Foo Yun Chee BRUSSELS (Reuters) - European Union industry chief Thierry Breton will hold a video call with Twitter owner Elon Musk on Tuesday to discuss two key EU tech initiatives, a European Commission official said, ramping up pressure on the company amid concerns it may fall short on compliance efforts. The two held a video call two months ago during which Breton warned Musk of "huge work

2023-01-31T18:04:25Z

Oreo maker Mondelez beats quarterly estimates on resilient snack demand

(Reuters) -Mondelez International Inc beat market expectations for quarterly results on Tuesday, as more consumers snacked on the Oreo maker's chocolates and biscuits over the holiday season even as inflation pinched pockets. Packaged food makers including Mondelez, Kraft Heinz and Cheerios owner General Mills have all been increasing product prices steadily in the face of rising costs in a bid

2023-01-31T22:14:45Z

Unilever turns to former Heinz exec to steer new course

By Richa Naidu LONDON (Reuters) -Incoming Unilever CEO Hein Schumacher gets seasick, according to his former boss at food group Heinz, but that never stopped him joining executive sailing trips and sticking them out. "Every year, I'd bring nine of our most promising executives to Florida - just me and them, not their bosses. One year, we were on a catamaran on Naples Bay and Hein started turning

2023-01-31T17:14:29Z

Wall Street climbs to add more to its strong January

NEW YORK (AP) — Wall Street closed out a strong January with more gains. The S&P 500 rose 1.5% Tuesday, marking its third winning month in the last four. The Dow rose 1.1% and the Nasdaq rose 1.7%. The gains came ahead of what many investors hope will be one of the Federal Reserve’s last hikes to interest rates for a while. Markets got a boost afte...

2023-01-31T14:43:34Z

Apple workplace rules violate U.S. labor law, agency finds

By Daniel Wiessner (Reuters) - Apple Inc maintains workplace policies that unlawfully discourage employees from discussing working conditions, a U.S. labor agency has found. The National Labor Relations Board will issue a complaint targeting the policies and claiming Apple executives made comments that stymied worker organizing unless the company settles first, an agency official said on Monday

2023-01-31T18:34:39Z

AMD forecasts first-quarter revenue below expectations

(Reuters) - Advanced Micro Devices on Thursday forecast first-quarter revenue below Wall Street estimates on fears of fewer orders due to worsening PC demand and slowing data center market. AMD's forecast mirrored Intel's gloomy outlook for the PC market, which, according to Intel Chief Executive Pat Gelsinger, is seeing "some of the largest inventory corrections literally that we've ever seen in

2023-01-31T21:24:45Z

Chipmaker SK Hynix reports record Q4 loss as demand weakens

SEOUL (Reuters) -South Korea's SK Hynix Inc posted a record quarterly operating loss on Wednesday after warning of an "unprecedented deterioration" in memory chip demand. The world's second-biggest memory chipmaker reported a 1.7 trillion won ($1.38 billion) operating loss in the October-December quarter, from 4.2 trillion won profit a year earlier. The quarterly loss is the biggest since SK

2023-01-31T23:15:00Z

AMD revenue beats targets, Wall St relieved after Intel's grim outlook

By Chavi Mehta and Jane Lanhee Lee (Reuters) -U.S. chip maker Advanced Micro Devices Inc on Tuesday posted revenue that beat Wall Street targets and said it expected business to improve in the second half, enthusing investors who saw the company gaining on rival Intel. Shares rose about 1.5% in after hours trading. Although AMD's forecast was behind expectations, it was not as weak as some

2023-01-31T23:44:55Z

China 'seriously concerned' about report U.S. has halted approvals of exports to Huawei

BEIJING (Reuters) - China is seriously concerned about a report that the United States has stopped approving licences for U.S. companies to export items to tech giant Huawei, a foreign ministry spokesperson said on Tuesday. "We are closely following relevant developments," Mao Ning told a regular news briefing in response to a query on the export curbs. (This story has been refiled to fix the

2023-01-31T21:04:45Z

Tinder owner's revenue view disappoints after first quarterly decline ever

(Reuters) -Match Group Inc on Tuesday forecast first-quarter revenue below estimates and recorded its first quarterly decline ever, as a tough economy and rising competition hit paying users on the Tinder owner's dating apps. The company will also book charges of about $6 million in 2023, it said, following reductions to marketing spend, headcount and real estate expenses as part of a

2023-01-31T21:24:45Z

Posthaste: Why Canada's housing squeeze could be worse than we thought

Good Morning! Ottawa’s ambitious target to substantially lift the number of new immigrants has raised concerns about whether Canada has enough housing to accommodate them. The housing shortage in this country is well known and governments on all levels have released plans to bolster the supply. Canada Mortgage and Housing Corporation estimated in June that an additional 3.5 million housing units needed to be built by 2030 to achieve affordable...

2023-01-31T13:05:38Z

EU industry chief Breton urges more compliance efforts from Twitter's Musk

By Foo Yun Chee BRUSSELS (Reuters) -The new few months will be crucial for Twitter to make good on commitments to fully heed European Union online content rules, EU industry chief Thierry Breton told its owner Elon Musk, ramping up pressure on the company amid concerns it may fall short on compliance efforts. The two held a video call two months ago during which Breton warned Musk of "huge work

2023-01-31T21:24:43Z

My Big Coin cryptocurrency firm founder gets 8 years in prison for fraud

By Nate Raymond BOSTON (Reuters) - The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths. Federal prosecutors had urged U.S. District Judge Denise Casper in Boston to impose a 13-year prison term on

2023-01-31T23:44:54Z

GM shoves aside recession fears with robust 2023 forecast

By Paul Lienert and Joseph White DETROIT (Reuters) - General Motors Co shares jumped early on Tuesday after it reported higher net income for the fourth quarter, forecast stronger-than-expected earnings for 2023 and said it would cut $2 billion in costs. The automaker, the top in the United States by sales, forecast that it could hold its pre-tax margins steady between 8% and 10% through 2025,

2023-01-31T17:14:29Z

U.S. execs sound a note of caution even as earnings outstrip estimates

By Bianca Flowers and Joseph White CHICAGO/DETROIT (Reuters) -The companies that produce goods at the heart of the U.S. consumer economy - SUVs, washing machines, heavy equipment and hamburgers - kept rolling along at the end of 2022. But corporate executives on conference calls were guarded in their comments on Tuesday, noting solid demand while simultaneously pointing to the need to hold costs

2023-01-31T18:04:26Z

Twitter makes first interest payment on Musk buyout debt -sources

NEW YORK (Reuters) - Twitter Inc has made its first interest payment on a loan that banks provided to help finance billionaire Elon Musk's purchase of the social media company last year, according to two people familiar with the matter. Twitter paid about $300 million to a group of banks last week, one of the sources said, confirming an earlier Bloomberg story. The financing was led by Morgan

2023-01-31T21:24:43Z

Boeing to deliver last 747, saying goodbye to 'Queen of the Skies'

By Valerie Insinna SEATTLE (Reuters) - Boeing will bid farewell to the iconic 747 when it delivers the final plane to Atlas Air on Tuesday afternoon, marking an end of an era when the first-ever "jumbo jet" ruled the skies. Thousands of Boeing employees – including some of the so-called "Incredibles" who developed the jet in the 1960s – are expected to watch the last delivery of the historic

2023-01-31T21:24:56Z

Snap swings to quarterly net loss, expects lower Q1 rev; shares fall

By Sheila Dang (Reuters) -Snap Inc on Tuesday swung to a net loss in the fourth quarter and said revenue could decline in the current quarter by as much as 10% as it faces fierce competition from rivals like TikTok and weak advertising demand. Shares of Snap fell 13% to $10.30 in trading after the bell. Meta shares fell 2% and Alphabet dropped 1%. Pinterest dropped 5%. The owner of photo

2023-01-31T21:54:49Z

Exclusive-EU industry chief Breton urges more compliance efforts from Twitter's Musk

By Foo Yun Chee BRUSSELS (Reuters) -European Union industry chief Thierry Breton on Tuesday told Twitter owner Elon Musk on Tuesday to do more to fully comply with the bloc's online content rules, ramping up pressure on the company amid concerns it may fall short on compliance efforts. The two held a video call two months ago during which Breton warned Musk of "huge work ahead" for Twitter to

2023-01-31T19:49:40Z

Crypto lender Celsius propped up its token, benefiting insiders -U.S. bankruptcy examiner

By Rae Wee, Elizabeth Howcroft, Alun John and Dietrich Knauth SINGAPORE/LONDON (Reuters) -Bankrupt crypto lender Celsius Network used investor money and customer deposits to prop up its own token while two of its founders made millions of dollars from token sales, a U.S. court-ordered examiner report released on Tuesday showed. Crypto lenders such as Celsius boomed during the COVID-19 pandemic,

2023-01-31T23:44:55Z

U.S. senators question Silvergate on dealings with FTX

(Reuters) - Three U.S. senators have asked cryptocurrency-focused bank Silvergate Capital Corp for details of its risk management practices and its dealings with bankrupt exchange FTX, according to a letter released on Tuesday. Democrat Elizabeth Warren and Republicans Roger Marshall and John Kennedy said they were "disappointed" by the bank's "evasive and incomplete response" to a previous

2023-01-31T19:24:47Z

Regina lotto worker caps 32-year career with $250K win just before retirement

If you bought a lottery ticket at Victoria Square Shopping Centre in the past three decades, chances are you bought it from Ken Dorsch.

2023-01-31T23:00:06Z

Vodafone's interim CEO faces first public test as calls for change grow

By Paul Sandle and Emilio Parodi LONDON/MILAN, Italy (Reuters) - Vodafone shareholders will look for two things from interim CEO Margherita Della Valle at her first results presentation on Wednesday - how she plans to arrest immediate problems in markets like Germany, and any hint of long-term plans that could land her the top job permanently. Della Valle will present the company's third-quarter

2023-01-31T17:14:28Z

Boeing CEO hints at higher jet output, optimistic on China

(Reuters) - Boeing Co Chief Executive Dave Calhoun pointed toward future increases in narrow-body jet production and voiced hopes that an upcoming visit to China by U.S. Secretary of State Antony Blinken would lead eventually to "robust" plane orders. Asked on Bloomberg TV on Tuesday whether plans to open a new 737 MAX assembly line in Boeing's Everett, Washington, plant represented a "

2023-01-31T23:05:01Z

China leads the world in counterfeit, pirated products -U.S. report

By Kanishka Singh WASHINGTON (Reuters) - China leads the world in counterfeit and pirated products, the office of U.S. Trade Representative (USTR) Katherine Tai said in a report on Tuesday which identified WeChat, China's most popular chat app, as "one of the largest platforms for counterfeit goods." "Counterfeit and pirated goods from China, together with transshipped goods from China to Hong

2023-01-31T22:19:46Z

IMF raises growth outlook for first time in a year, expects inflation has peaked

The International Monetary Fund says the outlook for the global economy has become rosier for the first time in a year amid positive signs from China’s reopening and economic resilience in other parts of the world. The IMF is now projecting that world economic growth will fall from 3.4 per cent in 2022 to 2.9 per cent in 2023, which stands at least 0.2 percentage points higher than the forecast the organization made in October 2022 . Growth is...

2023-01-31T17:16:38Z

Elon Musk seeks to end lawsuit over 'inadvertent' late disclosure of Twitter stake

By Jonathan Stempel NEW YORK (Reuters) - Elon Musk asked a U.S. judge to throw out a lawsuit claiming that his delayed disclosure of a large stake in Twitter Inc defrauded shareholders who sold Twitter stock at artificially low prices because they were kept in the dark. In the federal court case in Manhattan, investors accused Musk, who bought Twitter for $44 billion in October, of waiting 11

2023-01-31T18:34:39Z

New primary care clinics to expand services at N.S. pharmacies

The Nova Scotia government is rolling out new primary care clinics at some pharmacies around the province as part of a new pilot project.

2023-01-31T21:54:59Z

Exclusive-EU's Breton tells Twitter to do more to comply with bloc's tech rules

BRUSSELS (Reuters) - EU industry chief Thierry Breton on Tuesday told Twitter owner Elon Musk to do more to fully comply with the bloc's online content rules. "I welcome the effort that Twitter is making to be in line with Europe's objectives, while acknowledging that the next months will be crucial," Breton said after a video call with Musk. "We need to see more progress towards full compliance

2023-01-31T18:59:43Z

Tech helps lift TSX to biggest monthly gain in over two years

By Fergal Smith (Reuters) - Canada's main stock index rose on Tuesday to wrap up its strongest month in over two years, as technology shares rallied following U.S. wage growth data that could encourage the Federal Reserve to ease the pace of interest rate hikes. The Toronto Stock Exchange's S&P/TSX composite index ended up 195.27 points, or 0.95%, at 20,767.38. For January, it was up 7.1%, its

2023-01-31T21:24:43Z

Rents may rise in Edmonton as vacancy rate hits 10-year low, affordability crunched

The cost of renting a home in Edmonton is expected to creep up as the city hits its lowest vacancy rate in more than a decade. Edmonton is building new rental properties at a faster rate than any year on record since at least the early 1990s. But more people are looking for somewhere to rent before new units are available, tightening the rental market, a new CMHC report shows. As of last fall, the vacancy rate dropped to 4.3 per cent from 7.3...

2023-01-31T00:34:21Z

AMD beats Q4 rev expectations on data center growth

(Reuters) -U.S. chipmaker Advanced Micro Devices on Tuesday beat Wall Street expectations for quarterly revenue, helped by growth in its data center business even as it forecast sales below estimates in the current quarter. AMD shares rose 3% after hours. They closed up 3.7% on Tuesday. "Although the demand environment is mixed, we are confident in our ability to gain market share in 2023 and

2023-01-31T21:54:49Z

UPS beats quarterly profit target, poised for 'cloudy' 2023

By Lisa Baertlein and Shivansh Tiwary (Reuters) -United Parcel Service Inc on Tuesday said it would shelter 2023 profits from expected revenue declines as decades-high inflation, rising interest rates and recession fears weigh on the bellwether global transportation industry. The world's biggest parcel delivery firm beat Wall Street's profit forecast for the fourth quarter after cost controls

2023-01-31T18:04:25Z

FTX sues Voyager Digital to claw back $446 million in 2022 loan payments

By Dietrich Knauth NEW YORK(Reuters) - Bankrupt crypto exchange FTX sued crypto lender Voyager Digital on Monday, seeking to claw back $445.8 million in loan repayments that FTX made before collapsing into bankruptcy in November 2022. FTX and Voyager both filed for bankruptcy amid a 2022 collapse in cryptocurrency markets, but Voyager’s bankruptcy preceded FTX’s filing by four months. After

2023-01-31T18:34:36Z

Airbus and Qatar edge towards agreement in A350 dispute - sources

By Tim Hepher and Michel Rose PARIS (Reuters) - Airbus and Qatar Airways are edging towards an agreement to settle a bitter dispute over grounded A350 jets, two people familiar with the matter said on Tuesday. After months of public feuding, there is no guarantee that an agreement can be reached after previous attempts to avoid a high-profile trial in London this year were abandoned. But two of

2023-01-31T17:14:31Z

Investors cheer after UniCredit lifts payout goal by 40%

By Valentina Za MILAN (Reuters) - UniCredit on Tuesday galvanised investors by pledging to return 5.25 billion euros ($5.69 billion) from its 2022 earnings after posting a record quarterly profit, as CEO Andrea Orcel works to deliver on his ambitious payout plans. Orcel, who has focused UniCredit on capital light businesses to maximise returns since taking over in early 2021, said he was

2023-01-31T18:04:26Z

Tinder gets swiped left as Match's forecast disappoints

By Vansh Agarwal and Shreyaa Narayanan (Reuters) -Match Group Inc on Tuesday forecast first-quarter revenue below expectations after Tinder, the face of online dating, became a sore point in 2022 and drove the company's first ever quarterly decline. While a tough economy and a stronger dollar had also crimped its business, poor product execution at Tinder was the "significant" culprit, Match

2023-01-31T23:44:55Z

Peloton to report lower cash burn on bumpy road to turnaround

By Abhijith Ganapavaram and Kannaki Deka (Reuters) -Peloton Interactive Inc's effort to cut costs in the latest quarter may have helped the fitness equipment maker burn less cash, but that only means one less hurdle on its road to turnaround, analysts say. The company, once a pandemic darling, is seeing a slump in demand from fitness-conscious customers as they resume normal routines after being

2023-01-31T20:34:38Z

U.S. Justice Department seeks Tesla driver-assist documents

By Akash Sriram and David Shepardson WASHINGTON (Reuters) - Tesla Inc disclosed on Tuesday the U.S. Justice Department has sought documents related to its Full Self-Driving (FSD) and Autopilot driver-assistance systems as regulatory scrutiny intensifies. The automaker said in a filing it "has received requests from the DOJ for documents related to Tesla’s Autopilot and FSD features." Reuters

2023-01-31T17:19:26Z