Business & Politics News and Discussions

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Amazon plans to lay off 10,000 people starting this week - NYT

Mon, November 14, 2022 at 11:05 AM

(Reuters) -Amazon.com Inc is planning to lay off about 10,000 people in corporate and technology jobs starting as soon as this week, the New York Times reported on Monday, citing people with knowledge of the matter.

The job cuts will focus on the e-commerce giant's devices unit, which houses voice-assistant Alexa, as well as its retail division and human resources, according to the report, which also said the total number of layoffs remains fluid. ... The company did not immediately respond to a Reuters request for comment.

As of Dec. 31 last year, Amazon had more than 1.6 million full-time and part-time employees and had recently said it would freeze hiring to corporate workforce for the next few months. ... The news comes just weeks after Amazon warned of a slowdown in growth for the busy holiday season when it generates the highest sales, saying consumers and businesses had less money to spend due to rising prices.

Amazon is the latest U.S. company to make deep cuts to its employee base to brace for a potential economic downturn.

{snip}
Read more: https://finance.yahoo.com/news/amazon-p ... 22741.html
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Crazy rumor says Bob Iger might want to sell Disney to Apple
In a move worthy of HBO’s TV show hit Succession, Disney announced late on Sunday that Bob Iger is replacing Chapek as CEO. Chapek was the CEO of Disney for nearly three years. He was Iger’s pick for the job when he retired from his first tenure as CEO. Now, Iger’s new mission is to find another replacement. But Disney insiders now claim that Iger’s ultimate goal might be to sell the company, with Apple being the most likely buyer.


We have seen speculation in the past that either Disney or Apple would be interested in such a deal. Previously, Iger noted that Steve Jobs was a close friend. A Disney-Apple merger might have been on the table if it weren’t for Jobs’s untimely death in 2011.
https://bgr.com/business/crazy-rumor-sa ... -to-apple/
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Ford Recalls Over 634K SUVs Due to Fuel Leaks and Fire Risk
Source: Associated Press

DEARBORN, Mich. (AP) — Ford Motor Co. is recalling over 634,000 SUVs worldwide because a cracked fuel injector can spill fuel or leak vapors onto a hot engine and cause fires.

The recall covers Bronco Sport and Escape SUVs from the 2020 through 2023 model years. All have 1.5-liter, three-cylinder engines.

The Dearborn, Michigan, automaker said Thursday it's not recommending that owners stop driving the vehicles or park them outdoors because fires are rare and generally don't happen when the engines are off.

But Ford said it has received 20 reports of fires, including three that ignited nearby structures. The company also said it has four claims of fires that were noticed less than five minutes after the engines were turned off. Ford also has four injury claims not involving burns, and 43 legal claims attributed to the problem.
Read more: https://www.usnews.com/news/us/articles ... -fire-risk
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Time_Traveller wrote: Wed Nov 23, 2022 4:47 pm Crazy rumor says Bob Iger might want to sell Disney to Apple
In a move worthy of HBO’s TV show hit Succession, Disney announced late on Sunday that Bob Iger is replacing Chapek as CEO. Chapek was the CEO of Disney for nearly three years. He was Iger’s pick for the job when he retired from his first tenure as CEO. Now, Iger’s new mission is to find another replacement. But Disney insiders now claim that Iger’s ultimate goal might be to sell the company, with Apple being the most likely buyer.


We have seen speculation in the past that either Disney or Apple would be interested in such a deal. Previously, Iger noted that Steve Jobs was a close friend. A Disney-Apple merger might have been on the table if it weren’t for Jobs’s untimely death in 2011.
https://bgr.com/business/crazy-rumor-sa ... -to-apple/
It may well improve the company! Maybe? China is probably a little saner in some ways and apple is largely centered there.
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Hyundai announces new Georgia plant's $1B parts supplier
Source: AP

an hour ago
RICHMOND HILL, Ga. (AP) — South Korean automaker Hyundai has announced a second large supplier for its new electric car plant on the Georgia coast.

Hyundai Mobis plans to invest nearly $1 billion in a new facility in Bryan County that could employ around 1,500 workers, Georgia Gov. Brian Kemp said in a news release.

The plant in Richmond Hill will make powertrains for Hyundai’s electric vehicles manufactured at its new plant scheduled to open in 2025 about 30 miles (48 kilometers) west of Savannah as well as components for a Kia plant in West Point and another Hyundai plant in Montgomery, Alabama, officials said.

Earlier this month, the governor announced that Joon Georgia would invest $317 million and hire 630 workers for a Hyundai parts plant in Statesboro.



Read more: https://apnews.com/article/technology-a ... 628b03170f
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Taiwan Semiconductor Manufacturing Company to Triple U.S. Chip Investment to $40 Billion to Serve Apple and Others
by Cheng Teng-Fang
December 6, 2022

Introduction:
(Nikkei Asia) PHOENIX, U.S. -- Taiwan Semiconductor Manufacturing Co. is to more than triple its investment in the U.S. to $40 billion and bring the world's most advanced chip production technology to the country by 2026, in a victory for Washington's push to onshore vital parts of the semiconductor supply chain.

TSMC, the world's biggest contract chipmaker, announced on Tuesday it will increase its investment in Arizona, where it is building a $12 billion chip facility, to $40 billion in order to build a second, even more advanced plant there.

The announcement came ahead of an equipment installation ceremony at the first facility on Tuesday, attended by U.S. President Joe Biden and numerous tech industry executives.

The additional facility will begin operation by 2026 and will be the first plant in the U.S. to make 3-nanometer chips, the most advanced currently available, a White House official said. In line with the expansion, TSMC will increase its workforce in Arizona to 4,500, from an initial plan of 1,600, the company said.

Nanometer size refers to the distance between transistors on a chip -- the smaller the number, generally speaking, the more powerful the chip. As the "brains" of electronic devices, such chips are vital for everything from smartphones and autonomous vehicles to supercomputers and AI technologies.
Read more here: https://asia.nikkei.com/Business/Tech/ ... le-others
(Axios) Context: TSMC's announcement is just the latest in a string of high-profile investment plans from computer chip companies.

• In early 2022, Intel announced it would spend $20 billion on a new chip production facility near Columbus, Ohio, and has plans to spend a similar amount building out plants in Chandler, Arizona.

• Samsung Electronics has floated the possibility that it could follow a previously announced $17 billion investment in chip production in Austin, Texas, with up to $200 billion on 11 plants in the area, according to Bloomberg.

What they're saying: The U.S. and European focus on boosting chip manufacturing, along with China's simultaneous desire to lead global tech "all point to increased semiconductor capital expenditure in the coming decade," analysts with S&P Global wrote in a recent research report.

The bottom line: In the aggregate, the reshuffling of the global chip market along national lines could be inefficient and costly as countries around the world rush to build, or rebuild, their own local supply of chips.

• But in the U.S., it will make for good politics, offering shovel-ready photo ops for politicians at plants that promise good-paying jobs that, by definition, won't be outsourced to China.
Read more here: https://www.axios.com/2022/12/07/us-ch ... iden-tsmc
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Wells Fargo agrees to $3.7 billion settlement with CFPB over consumer abuses

Source: CNBC
Wells Fargo agreed to a $3.7 billion settlement with the Consumer Financial Protection Bureau over customer abuses tied to bank accounts, mortgages and auto loans, the regulator said Tuesday. The bank was ordered to pay a $1.7 billion civil penalty and “more than $2 billion in redress to consumers,” the CFPB said in a statement.

In a separate statement, the San Francisco-based company said that many of the “required actions” tied to the settlement were already done. “The bank’s illegal conduct led to billions of dollars in financial harm to its customers and, for thousands of customers, the loss of their vehicles and homes,” the agency said in its release. “Consumers were illegally assessed fees and interest charges on auto and mortgage loans, had their cars wrongly repossessed, and had payments to auto and mortgage loans misapplied by the bank.”

The resolution lifts one overhang for the bank, which has been led by CEO Charlie Scharf since October 2019. In October, the bank set aside $2 billion for legal, regulatory and customer remediation matters, igniting speculation that a settlement was nearing. But other regulatory hurdles remain: Wells Fargo is still operating under consent orders tied to its 2016 fake accounts scandal, including one from the Fed that caps its asset growth.

Furthermore, the bank said that fourth-quarter expenses would include a $3.5 billion operating loss, or $2.8 billion after taxes, from the incremental costs of the CFPB civil penalty and customer remediation efforts, as well as other legal matters. The bank is still expected to post an overall profit when it reports results in mid January, according to a person with knowledge of the matter.
Read more: https://www.cnbc.com/2022/12/20/wells-f ... buses.html
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