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Switzerland’s GAM sees net loss of CHF 309.9 million for 2022

January 25, 2023 10:18 am
GAM said on Wednesday that it expected a net loss after tax of about CHF 309.9 million for the entire 2022 due to negative asset flows. The Swiss asset manager also said it expected an underlying pre-tax loss of nearly CHF 42.8 million. “2022 was a challenging year with our financial results seeing the impact […] Read more

Ford eyes $50 million pre-tax gain in Q4 from pension and OPEB plans

January 24, 2023 11:54 am
Ford Motor Co (F) said on Monday that it expected to record a pre-tax remeasurement gain in its fourth-quarter results of nearly $50 million associated with the company’s pension and other postretirement employee benefits (OPEB) plans. That figure includes a $1.7 billion loss related to pension plans in the United States, a $450 million gain […] Read more

Twitter Inc has nearly 2,300 active employees, Musk says

January 23, 2023 12:25 pm
Billionaire Elon Musk said in a tweet over the weekend that Twitter Inc had nearly 2,300 active employees. A CNBC report last Friday stated that Twitter’s full-time workforce had been brought down to 1,300 active, working employees, which included about 550 full-time engineers. Nearly 75 of that headcount are on leave including about 40 engineers, […] Read more

Owners of Asda and EG Group exploring a merger, report states

January 23, 2023 9:50 am
London-based Times newspaper reported over the weekend that the owners of UK supermarket chain Asda and petrol forecourts business EG Group were exploring a merger. Such a combination would result in a retail giant valued at GBP 11 billion to GBP 13 billion with over 581 supermarkets, 700 petrol forecourts and 100 convenience stores across […] Read more

Stellantis inks 5-year nickel sulphate supply deal with Terrafame

January 18, 2023 11:52 am
Stellantis, the third-largest automotive group by sales globally, on Wednesday announced a deal with Finland’s Terrafame, under which the latter will supply the car maker with nickel sulphate over a period of 5 years, starting from 2025. “This agreement is part of the key raw material sourcing to fit with our electrified vehicle battery pack […] Read more

Nomura lays off 18 Asia bankers, report states

January 17, 2023 12:23 pm
Japan’s leading brokerage and investment bank Nomura Holdings Inc (8604) has cut 18 Asian banking jobs, with the majority of them being China-focused investment roles, according to a report by Reuters, citing unidentified sources familiar with the matter. The sources claimed that Nomura had laid off bankers in Singapore, Hong Kong, Malaysia and Taiwan last […] Read more

Toyota expects to produce 10.6 million vehicles in current fiscal year

January 16, 2023 2:01 pm
Toyota Motor Corp (7203) said earlier on Monday it expected to manufacture 10.6 million vehicles during its current fiscal year. Yet, the auto maker also said it saw a downside risk of nearly 10% on that baseline production volume as a result of risks such as chip supply shortages or the COVID-19 pandemic. In December, […] Read more