Stock News

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

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

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

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

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

JPMorgan Chase shares close lower on Thursday, CEO Dimon receives $34.5 million in 2022 compensation

Total 2022 compensation for JPMorgan Chase & Co’s Chief Executive Officer Jamie Dimon remained unchanged at $34.5 million, the Wall Street bank said in a regulatory filing. The CEO’s compensation included an annual base salary of $1.5 million as well as a performance-based incentive pay of $33 million. “There was no special award granted to […] Read more

BHP Group reports solid gains in coal and copper output in Q2, raises full-year cost expectations

The largest miner by market value globally, BHP Group Ltd, reported a solid increase in coal and copper output during its fiscal second quarter and a more modest increase in iron ore production. BHP’s production of metallurgical coal surged 10% year-on-year to 7.0 million metric tons during the three months through December, while copper production […] Read more

Stellantis inks 5-year nickel sulphate supply deal with Terrafame

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

Microsoft planning to lay off thousands of employees across divisions, media reports say

A number of media reports stated on Tuesday Microsoft Corp (MSFT) intended to cut thousands of job positions, with roles in divisions such as human resources and engineering expected to be affected. Such a move by Microsoft could suggest the environment in the technology sector is not improving and more jobs could be cut. According […] Read more

Nomura lays off 18 Asia bankers, report states

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

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