Corporate Dispatch

09

Feb

Spanish insurer Mapfre’s 2022 net profit dragged down by inflation and disasters

Spanish Mapfre said on Thursday its net profit in 2022 net profit fell 16% mostly because of high global inflation, as well as severe natural disasters in Puerto Rico, Brazil and Paraguay.…

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Netflix extends crackdown on password sharing to Canada, New Zealand, Portugal and Spain

Netflix is introducing limits on password sharing in four more countries: Canada, New Zealand, Portugal and Spain. Customers in those countries are being asked to pay an extra fee if…

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Disney to cut 7,000 jobs in major revamp by CEO Iger

By Dawn Chmielewski and Lisa Richwine LOS ANGELES (Reuters) - Walt Disney Co DIS.N on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as…

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Some European firms may reverse last year’s big price hikes

By Joice Alves and Padraic Halpin LONDON, (Reuters) - Some companies in Europe have said they may unwind price hikes introduced in recent years as soaring costs of energy and…

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Youtube, Facebook, Instagram, Twitter back up after brief outage

(Reuters) - Meta Platforms Inc's Facebook and Instagram were back up for most users after a brief outage, the company said on Wednesday, adding that a technical issue that disrupted…

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Maersk warns lower container volumes to hit 2023 profits

Sees 2023 underlying EBITDA of $8-11 billion Down from a record $36.8 billion in 2022 CEO concerned about new ships coming to market in H2'23 CEO see no signs of…

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FSMA+: 430 students continue their studies through €15m financing from MDB Schemes

The Malta Development Bank’s student loan schemes, the FSMA and its successor the FSMA+, have been a veritable success among Maltese young people and senior alumni with some 430 students…

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Jewellery maker Pandora eyes uncertain 2023 after record year

Company expects organic growth in 2023 between -3% and 3% Saw record sales in 2022, beating guidance Slight uptick in store traffic in China in January - CEO Expects brand…

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How to get Microsoft’s new AI-enhanced Bing

(Reuters) - Microsoft Corp unveiled a juiced-up version of its Bing search engine and Edge Web browser, powered by an upgraded version of ChatGPT's underlying technology. The launch is limited…

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Microsoft packs Bing search engine, Edge browser with AI in big challenge to Google

By Jeffrey Dastin REDMOND, Wash., (Reuters) - Microsoft Corp is revamping its Bing search engine and Edge Web browser with artificial intelligence, the company said, signaling its ambition to retake…

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Chevron in talks with Algeria for energy exploration deal

Chevron Corp CVX.N has opened talks with Algeria to allow the U.S. oil firm to undertake energy exploration in the North African country, the Wall Street Journal reported on Monday. Chevron has…

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Dell to lay off 5% of workforce amid PC slump

Dell Technologies Inc will eliminate about 6,650 jobs, or 5% of its global workforce, the company said on Monday, as the PC maker grapples with falling demand and braces for economic…

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Reimagine Education: a Microsoft digital event on February 9, 2023

Microsoft is inviting the public to Reimagine Education, a worldwide K-12 digital event taking place February 9, 2023 at 9:00 AM PT (UTC-8) and 6:00 PM PT (UTC-8). During the…

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Lufthansa, Air France-KLM eye Flybe landing slots

FRANKFURT, (Reuters) - Lufthansa and Air France-KLM are circling collapsed UK regional airline Flybe to try to obtain its take-off and landing slots at London's Heathrow Airport, Britain's Telegraph newspaper…

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Musk’s Starlink internet service to be offered in the Philippines

MANILA (Reuters) - Starlink, the satellite internet unit of Elon Musk's SpaceX, is on track to enter the Philippine market this year, with its broadband service to be introduced within…

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Nestle to hike food prices further in 2023, CEO says

Feb 4 (Reuters) - Nestle NESN.S will have to raise prices of its food products further this year to offset higher production costs that it has yet to fully pass on to consumers, Chief…

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ChatGPT sets record for fastest-growing user base – analyst note

(Reuters) - ChatGPT, the popular chatbot from OpenAI, is estimated to have reached 100 million monthly active users in January, just two months after launch, making it the fastest-growing consumer…

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Apple’s weak iPhone sales drive first profit miss since 2016

By Stephen Nellis (Reuters) - Apple Inc reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the…

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Ferrari vows ‘stronger’ 2023 with more new models

By Giulio Piovaccari MILAN (Reuters) - A procession of new models will continue to boost earnings at Ferrari, the Italian luxury sports car maker said, as it promised "even stronger"…

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Bugatti Chiron Profilée becomes the most expensive new car ever sold at auction

Bugatti made history Wednesday when its one-of-one Chiron Profilée sold at an RM Sotheby’s auction for the record-breaking amount of €9,792,500 ($10,767,441). This ground-breaking sale sets a new record for…

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Ryanair boss says Europe entering ‘inevitable’ airline consolidation period

By Catarina Demony and Miguel Pereira LISBON, Feb 1 (Reuters) - Europe was entering an "inevitable" post-pandemic period of airline consolidation as legacy flag-carriers struggle to navigate through a competitive…

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Quarter of global population used Facebook daily in December

The number of people using Facebook daily grew to an average of two billion in December - about a quarter of the world's population. The bigger-than-expected growth helped drive new…

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Ukraine is using Palantir’s software for ‘targeting,’ CEO says

By Jeffrey Dastin PALO ALTO, Calif. (Reuters) - Data analytics company Palantir is "responsible for most of the targeting in Ukraine," Chief Executive Alex Karp said, elaborating on the U.S.…

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Ryanair flies 11.8 million passengers in record for January

DUBLIN, Feb 2 (Reuters) - Ryanair flew 11.8 million passengers in January, the largest ever for the month, as it continues to rapidly grow beyond pre-COVID capacity, company data showed…

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KKR steps in with bid for Telecom Italia’s grid

KKR seeks controlling stake in TIM's fixed-line network Values network at around 20 billion euros-source TIM CEO has been seeking to reshape debt-laden group Government sees telecoms network as strategic…

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Lufthansa to buy 40% of ITA Airways for 250-300 million euros

Lufthansa is set to buy 40% of ITA Airways from the Italian Treasury for between 250 and 300 million euros, sources said on Thursday. The memorandum for Lufthansa's acquisition of…

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Shell makes record $40 billion annual profit

By Ron Bousso and Shadia Nasralla LONDON, Feb 2 (Reuters) - Shell delivered a record $40 billion profit in 2022, it said on Thursday, capping a tumultuous year in which…

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Microsoft rolls out ChatGPT-powered Teams Premium

(Reuters) - Microsoft Corp rolled out a premium Teams messaging offering powered by ChatGPT to simplify meetings using the AI chatbot that has taken Silicon Valley by a storm. The…

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Polish competition watchdog accuses Amazon EU of misleading consumers

GDANSK, Feb 1 (Reuters) - Poland's competition watchdog has accused e-commerce firm Amazon's European unit of misleading sales and delivery practices, the Office of Competition and Consumer Protection (UOKiK) said…

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Electrolux to halt production at Hungarian plant

HELSINKI, Feb 1 (Reuters) - Sweden's Electrolux on Wednesday it will halt production at its Nyiregyhaza plant in Hungary from early 2024, affecting around 650 jobs and booking a 550 million Swedish…

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BMW raises prices for some models in China on higher costs

SHANGHAI, Feb 1 (Reuters) - German automaker BMW said on Wednesday it had raised suggested retail prices for some models sold in China effective immediately because of higher raw material…

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Vodafone endures more pain in Spain and Germany

Service revenue declines in three out of four big markets Interim CEO says Q3 was a low point, sees improvement ahead Della Valle: no comment on permanent appointment process Shares…

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‘Party is over’: Hapag Lloyd CEO says freight rates to keep declining

HAMBURG, Feb 1 (Reuters) - Container freight rates will keep declining in the current realignment of shipping demand and supply, said the chief executive of Germany's liner Hapag Lloyd, the…

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Ryanair hiring Ukraine staff in anticipation of return after war

DUBLIN (Reuters) - Ryanair is hiring significant numbers of Ukrainian pilots and cabin crew so that it will be ready to return to the country when the war with Russia…

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ChatGPT owner launches ‘imperfect’ tool to detect AI-generated text

By Krystal Hu (Reuters) - OpenAI, the creator of the popular chatbot ChatGTP, has released a software tool to identify text generated by artificial intelligence, the company said in a…

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McDonald’s raises record €35,000 for RMHC

A record €35,000 were raised throughout the McDonald’s McHappy Day campaign, an annual fund-raiser in aid of the Ronald McDonald House Charities’ Malta Chapter which runs a multi-purpose learning centre…

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Italy’s Eni signs $8 billion gas deal with Libya

TRIPOLI, Jan 28 (Reuters) - Italian energy company Eni ENI.MI and Libya's National Oil Corporation (NOC) have signed an $8 billion gas production deal, Eni's chief executive Claudio Descalzi said on Saturday. The deal,…

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UK’s Flybe enters administration, cancels all flights

Jan 28 (Reuters) - British airline Flybe entered administration for the second time and has cancelled all scheduled flights to and from the UK, the regional carrier said on Saturday. With Britain…

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Microsoft attracting users to its code-writing, generative AI software

By Jeffrey Dastin (Reuters) - Microsoft Corp assured investors that its big bet on artificial intelligence (AI) is paying off, even as economic turbulence is making Microsoft customers scrutinize their…

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Wizz Air says average fares up, bookings rise

LONDON, Jan 26 (Reuters) - Hungarian budget airline Wizz Air said average fares for 2023 were higher than last year on booking volumes which were also ahead. The airline said…

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Who wants what in a reshaped Telecom Italia

MILAN, Jan 25 (Reuters) - Leading Telecom Italia (TIM) investors will resume talks with Italian government officials on Thursday seeking to fix the former phone monopoly's woes once and for…

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IBM cuts 3,900 jobs

By Chavi Mehta (Reuters) - IBM Corp announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the…

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EY Germany to cut hundreds of jobs in profitability push – FT

Jan 26 (Reuters) - The German unit of EY, formerly known as Ernst & Young, is planning to cut 40 partners and 380 staff as it looks to improve profitability…

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Libya to sign gas deals with Italy’s Eni

BENGHAZI, Libya (Reuters) - Libya's National Oil Corporation (NOC) will sign offshore gas exploration and production deals with Italy's Eni on Saturday, NOC head Farhat Bengdara told a television channel.…

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EasyJet projects beating current market expectations for 2023

LONDON, Jan 25 (Reuters) - EasyJet on Wednesday said it expected to beat current market expectations for 2023 based on the strength of bookings into summer and was set to…

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Telefonica raises Spanish workers’ wages by 7.8% in 2023

MADRID, Jan 25 (Reuters) - Telefonica has agreed with its main unions to raise 2023 wages for almost 13,000 workers in Spain by 7.8% amid high inflation, the telecoms operator…

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Microsoft’s cloud business keeps profits flowing in tougher times

By Yuvraj Malik, Jane Lanhee Lee and Jeffrey Dastin (Reuters) - Microsoft Corp posted results that showed some strength in the face of a weak economy, buttressed by a cloud…

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Effectively fighting money-laundering matters should remain a priority, accountants insist

Money-laundering in society brings about a stream of negative social and economic costs to the wider community. In this context, during this year’s AML Conference, the Malta Institute of Accountants…

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UPDATED: Top container shippers Maersk, MSC to end alliance from 2025

By Jacob Gronholt-Pedersen COPENHAGEN, Jan 25 (Reuters) - Denmark's Maersk and Swiss-based MSC, the world's largest container shipping companies, said on Wednesday they had agreed to end a vessel sharing alliance in January…

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Morrisons slashes prices

Morrisons is cutting prices on hundreds more products as it battles to tempt shoppers back through its doors after last year being eclipsed by Aldi. The grocer is this week…

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Italy’s Eni, Algeria’s Sonatrach sign deals on gas supply, decarbonisation

MILAN, Jan 23 (Reuters) - Eni and Algeria's Sonatrach have signed two deals on future projects on energy supply, energy transition and decarbonisation, the Italian energy group said on Monday.…

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Amazon launches air freight service in India

BENGALURU, Jan 23 (Reuters) - Amazon.com Inc on Monday launched its own air cargo fleet in India, Amazon Air, as it seeks to expand and speed-up deliveries across one of…

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Nokia signs 5G patent agreement with Samsung

STOCKHOLM, Jan 23 (Reuters) - Finnish telecom equipment maker Nokia on Monday said it has signed a new multi-year agreement to license its 5G patents to Samsung following the expiry…

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23

Jan