Corporate Dispatch

HSBC to pay some UK staff 1500 pounds to combat cost of living crisis -memo

LONDON (Reuters) - HSBC will pay some of its British workforce a one-off payment of 1500 pounds ($1,830) to help deal with the cost of living crisis, according to a…

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Hershey warns of shortage of sweets for Halloween holiday

US chocolate manufacturer Hershey has warned of a shortage of sweets over the Halloween holiday as it struggles to ramp up supply. The chief executive Michele Buck said the firm…

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Alfa Romeo to develop large car in the United States

MILAN, July 29 (Reuters) - Itay's Alfa Romeo will work on a new large-size car in the United States to be launched in 2027, the brand's head Jean-Philippe Imparato said on Friday,…

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Italy’s Eni confident it will replace Russian gas completely by 2025

MILAN, July 29 (Reuters) - Italian energy group Eni believes it will be able to completely replace Russian gas imports by 2025 as uncertainty over Moscow's energy supplies to Europe forces countries to…

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UPDATED: Spanish-based easyJet pilots to go on strike for nine days in August

MADRID, July 29 (Reuters) - Spain-based pilots at easyJet will go on strike for nine days in August to demand better working conditions, the SEPLA union said on Friday. The union is demanding that the budget airline reestablish…

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Air France-KLM cuts capacity levels on ‘operational challenges’

July 29 (Reuters) - Air France-KLM downgraded on Friday its capacity forecast for the third quarter, citing operational difficulties at airports that could weigh on the group's performance. The airline company expects…

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Crypto platform Zipmex files for bankruptcy protection in Singapore

July 29 (Reuters) - Southeast Asia-focused cryptocurrency exchange Zipmex said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies. Singapore-based Zipmex resumed…

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Pfizer profit surges, reaffirms sales forecast for COVID-19 products

July 28 (Reuters) - Pfizer Inc PFE.N on Thursday reported a 78% jump in profit and reaffirmed the combined 2022 sales forecast of $54 billion for its COVID-19 vaccine and pill, as countries rushed…

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Etihad Airways swings to first half operating profit of nearly $300 mln

DUBAI, July 28 (Reuters) - Abu Dhabi's Etihad Airways swung to a core operating profit of $296 million in the first half of 2022 from a loss of $390 million a year…

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Billionaire Jack Ma plans to cede control of China’s Ant Group – WSJ

BEIJING/HONG KONG, July 28 (Reuters) - Chinese billionaire Jack Ma plans to give up control of financial technology company Ant Group Co in an effort to move away from affiliate Alibaba Group…

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Shell again smashes record with $11.5 billion profit

LONDON, July 28 (Reuters) - Shell on Thursday reported a profit of $11.5 billion in the second quarter, smashing the previous quarter's record, lifted by refining profits and gas trading. The company…

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STMicro expects chip factories to run at full steam until 2023

PARIS/STOCKHOLM, July 28 (Reuters) - STMicroelectronics expects its factories to run at full steam well into 2023 as the chipmaker's backlog is filled by the car and smartphone industries, prompting it to raise…

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Lufthansa could face pilots’ strike

BERLIN, July 28 (Reuters) - The union representing German pilots in collective bargaining talks with Deutsche Lufthansa has called a members' strike ballot after negotiations stalled, the Spiegel weekly reported on Thursday,…

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Samsung warns of weaker chip demand for phones, PCs as people shop less

SEOUL, July 28 (Reuters) - Samsung Electronics Co Ltd cautioned chip demand from smartphone and PC makers would weaken further as people shop less, and that the more resilient demand from server clients…

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Meta posts first-ever revenue drop as inflation throttles ad sales

(Reuters) - Meta Platforms Inc issued a gloomy forecast after recording its first ever quarterly drop in revenue on Wednesday, with recession fears and competitive pressures weighing on its digital ads sales. Shares of…

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Netflix back up after brief streaming outage

(Reuters) - Netflix Inc's streaming services were back up after facing a brief disruption across all devices, the company said on Wednesday evening. At its peak, there were more than 1,300 incidents of…

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Mercedes-Benz bolsters supply chain as it braces for less gas

BERLIN, July 27 (Reuters) - Mercedes-Benz MBGn.DE is boosting its supply chain by dealing directly with chipmakers and forming contingency plans to cut gas usage by up to 50% in…

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Wizz Air Q1 operating loss expands to 285 mln euros

LONDON, July 27 (Reuters) - Low-cost airline Wizz Air said its first-quarter operating loss had jumped to 285 million euros ($288.71 million) from 109 million euros the year before, as…

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Amazon to raise Prime prices in Europe

Amazon.com Inc will raise fees for its delivery and streaming service Prime in Europe by up to 43% a year, the online retailer said, as it moves to counter higher…

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UPDATED: Ryanair’s Spanish cabin crew union calls for strikes until January

MADRID, July 27 (Reuters) - Ryanair's RYA.I Spanish cabin crew union members plan strikes on four days of every week until January to press demands for higher pay and better…

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Microsoft soothes market fears with forecast for strong revenue growth

(Reuters) - Microsoft Corp forecast revenue this fiscal year would grow by double digits, driven by demand for cloud computing services and sending shares up 5%. The strong outlook shows…

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UPDATED: Lufthansa ground staff start walkout in Germany in pay dispute

FRANKFURT, July 27 (Reuters) - Ground staff at Deutsche Lufthansa went on strike early Wednesday, prompting the cancellation of more than 1,000 flights, and adding to travel disruptions during the…

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Severe delays in Malta Public Transport’s service due to closure of Triq l-Indipendenza

Malta Public Transport is experiencing severe delays in its service due to the closure of Triq L-Indipendenza in Tal-Pietà. A diversion is in place affecting all routes serving bus stops…

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Microsoft Teams getting new hybrid work features

Microsoft has announced a bunch of new features for Teams and inter-app collaboration features that it thinks will be useful for hybrid work. Office Excel is gaining the Excel Live…

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Credit Suisse eyes more cost cuts

ZURICH, July 24 (Reuters) - Credit Suisse is considering how it could cut costs further after a dismal performance by the embattled bank in the past quarter, SonntagsZeitung reported, citing…

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Zara founder Ortega’s real estate assets worth $15.5 bln in 2021

MADRID (Reuters) - The family office of Spanish billionaire Amancio Ortega, founder and main shareholder of fashion group Inditex , reported this week its real estate assets' market value rose by over 1…

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Google fires software engineer who claimed its AI chatbot is sentient

(Reuters) - Alphabet Inc's Google said on Friday it has dismissed a senior software engineer who claimed the company's artificial intelligence (AI) chatbot LaMDA was a self-aware person. Google, which…

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Oracle and Microsoft Agree to Deepen Interoperability of Cloud Platforms

Oracle Corp. and Microsoft Corp. announced a deeper interoperability of their clouds, allowing customers to more easily run projects across the two platforms. Years ago, many cloud providers tried to…

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Meta’s Facebook revamping main feed to attract younger users

(Reuters) - Meta Platforms said it was revamping the main feed on its Facebook app to prioritize "discovery" of new content, instead of posts from accounts users follow, a bid to style its…

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GO is one of Malta ESG Alliance’s Founding Members

GO has joined several leading reputable business organisations which have come together to announce the launch of Malta ESG Alliance (MESGA) - a private sector initiative that will seek to…

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Aldi UK to create 1,000 logistics jobs over next year

LONDON, July 21 (Reuters) - The British arm of German discounter Aldi will create 1,000 logistics jobs in the United Kingdom over the next 12 months, it said on Thursday. Aldi UK,…

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Blockchain.com Cuts 25% Workforce

Cryptocurrency exchange Blockchain.com is cutting 25% of its workforce, equating to about 150 people, the firm said on Thursday. The company cited the harsh bear market conditions and the need…

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HSBC confirms staff in China unit set up branch of Chinese Communist Party

LONDON, July 21 (Reuters) - HSBC Holdings Plc said employees had formed a branch of the Chinese Communist Party (CCP) within its securities brokerage unit in the country, following media reports on Thursday. HSBC…

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Ford plans to cut up to 8,000 jobs

July 20 (Reuters) - Ford Motor Co is preparing to cut up to 8,000 jobs in the coming weeks in a bid to reduce costs and intensify its focus on electric vehicles, Bloomberg…

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Crypto.com, Trade Republic register for crypto services in Italy

Singapore-based Crypto.com and German investment platform Trade Republic said they had registered as cryptocurrency operators in Italy, following in the tracks of rivals such as Binance and Coinbase. In an…

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Royal Mail to change name

July 20 (Reuters) - Royal Mail said it would rename its holding company International Distributions Services Plc and could separate its UK business, where its workforce is set to strike over pay,…

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SAS lands deal with pilots’ unions, ending 15-day strike

COPENHAGEN/STOCKHOLM, (Reuters) - SAS and pilot unions have reached a wage deal, the Scandinavian airline confirmed on Tuesday, ending a 15-day strike over a new collective bargaining agreement that had…

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SAS and pilots negotiate around the clock, seeking end crippling strike

STOCKHOLM, July 17 (Reuters) - Ailing airline SAS SAS.ST and pilot unions continued talks over new collective agreements on Sunday after negotiations through the night, a union representative told reporters as the strike entered…

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Starbucks mulls selling its UK operations- Times

(Reuters) - Starbucks Corp is exploring a sale of its UK operations as it faces competition from newer operators, The Times reported on Saturday citing sources. The coffee chain has…

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Zara founder Ortega in talks to buy $500-mln New York skyscraper

Spanish billionaire and Zara founder Amancio Ortega is in talks to buy a 64-floor skyscraper in New York's Financial District, his private firm Pontegadea said. It confirmed an earlier report…

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UK’s Wetherspoon to slip into the red amid ‘laborious’ pub recovery

(Reuters) - Britain's J D Wetherspoon warned of losses this year as costs for labour, repairs and marketing eat into its bottom line, and said 'natural beer drinkers' belonging to an older…

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Amazon to create 4,000 jobs in Britain this year

LONDON, July 15 (Reuters) - Amazon.com said it would recruit 4,000 workers in Britain this year, including at fulfilment centres in Wakefield and Knowsley, taking its permanent workforce to 75,000 and making…

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Air France KLM’s low-cost unit Transavia still hit by strike action

PARIS, July 15 (Reuters) - Air France KLM's low-cost unit Transavia, hit by cabin crew strike action since Wednesday, said it planned to operate around 70% of its French flights on Friday and…

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Chocolate factory to restart production after salmonella scare – Barry Callebaut

BERLIN, July 15 (Reuters) - Barry Callebaut said that it would restart the first chocolate production lines as of early August at its factory in Wieze, Belgium, following a salmonella outbreak at…

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Facebook to allow up to five profiles tied to one account

(Reuters) - Meta Platforms Inc said its flagship social network Facebook is introducing ways for users to maintain up to five profiles, a major shift from the "real name" requirement the company has…

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VW defeat devices were illegal in certain conditions, EU’s top court says

BRUSSELS, July 14 (Reuters) - Software Volkswagen AG used to alter car emissions at certain temperatures constituted an illegal defeat device if run for most of the year, the EU's top court said on Thursday in…

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Netflix names Microsoft as partner for ad-supported subscription plan

(Reuters) - Netflix Inc said on it has selected Microsoft Corp as technology and sales partner for its planned ad-supported subscription offering, as the streaming giant looks to plug slowing subscriber growth…

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Lloyds offers extra support to 2 million customers as cost rises hit hard

LONDON, July 14 (Reuters) - Britain's biggest domestic lender Lloyds Banking Group contacted 2 million of its 26 million customers in May after identifying they could need extra support to cope with soaring…

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Twitter down for thousands of users globally

July 14 (Reuters) - Twitter Inc was down for thousands of users across the globe on Thursday, its first such outage since February, according to outage tracking website Downdetector.com. There were more than…

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Emirates airline not planning to cut capacity to/from London Heathrow

DUBAI, July 14 (Reuters) - Emirates airline said on Thursday it had rejected demands by London's Heathrow Airport to cut capacity despite being threatened with legal action, and that it would continue to operate to schedule. Britain's…

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SAS says pilot strike has so far cost $123 million

COPENHAGEN, July 14 (Reuters) - Airline SAS said on Thursday a pilot strike has cost as much as 1.3 billion Swedish crowns ($122.5 million) so far, and that the strike might jeopardize…

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Bosch to invest 3 billion euros in chip production

BERLIN, July 13 (Reuters) - Technology group Bosch will invest 3 billion euros ($3.01 billion) in chip production by 2026, including in opening two new development centres and expanding its wafer factory…

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Alphabet to slow hiring in second half of 2022 as economy sputters

July 13 (Reuters) - Alphabet Inc said on Wednesday it would slow the pace of hiring for the rest of the year, the latest company to make such a move as decades-high…

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Lufthansa cancels 2,000 additional flights – Bild

BERLIN, July 13 (Reuters) - German airline Lufthansa LHAG.DE will cancel 2,000 additional flights from Frankfurt and Munich airports through the end of August due to problems with ground handling, Bild newspaper said on…

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Twitter sues Elon Musk to hold him to $44 billion deal

WILMINGTON, Del. (Reuters) - Twitter Inc sued Elon Musk for violating his $44 billion deal to buy the social media platform and asked a Delaware court to order the world's richest person…

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Wizz Air posts $289 mln quarterly operating loss

July 11 (Reuters) - Hungarian budget airline Wizz Air on Monday forecast a "material" quarterly operating profit on strong summer demand, but may reduce its aircraft usage in peak summer period to hedge…

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Mercedes sales slump in Q2 as chip crisis continues

BERLIN, July 11 (Reuters) - Mercedes-Benz sales fell sharply in the second quarter, hampered by supply issues and coronavirus-related lockdown measures in China, the carmaker said on Monday. The automaker delivered 490,000 passenger…

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