The Company’s Demanding Toll
Tesla Product Launch Chief Resigns Amid Company Turmoil
Last week, Rich Otto, the head of product launches at Tesla, made the decision to step down from his position at the electric vehicle giant led by Elon Musk. In his departure message, Otto expressed his concerns about the recent layoffs announced by Musk, stating that they have had a significant negative impact on the company and its employees.
Challenges Faced by Tesla
In a farewell post on LinkedIn, Otto emphasized the importance of having a balance between great people and great products within a company. He highlighted that the recent job cuts and resulting cultural shift have disrupted this balance, making it difficult to focus on long-term goals. Despite his love for the company, Otto acknowledged the toll it h
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Caterpillar celebrates 25 years in Torreón
The Caterpillar company celebrated its 25th anniversary since it settled in the city of Torreón. The plant has expanded five times what it started, manufacturing and supplying more steel products to the United States.
The general director of Caterpillar Torreón, Gregorio Garza, pointed out that it began in 1999 with 200,000 square feet and currently occupies almost a million. There were nearly 150 workers and today there are over a thousand. In this sense, he indicated that the challenge is to continue with this development and maintain competitiveness to continue gaining in products and, in this way, continue growing.
Aarón Molina, operations manager, mentioned that the company belongs to the metal mechanics industry and produces machinery using steel. Their main manufacturing process is manual welding
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https://www.worldysnews.com/caterpillar-celebrates-25-years-in-torreon/
Today’s stock markets, May 10th. ECB, rate cut in June “plausible” in minutes. Some wanted it as early as April. Positive markets
#Todays #stock #markets #10th #ECB #rate #cut #June #plausible #minutes #wanted #early #April #Positive #markets
MILANO – Piazza Affari welcomes the new wave of quarterly reports – from Enel which arrived yesterday with markets closed to Mediobanca and Iveco this morning – and is moving positively, in line with the other European stock exchanges. The optimism is supported by the fact that yesterday, in the United States, data emerged on requests for unemployment benefits that were higher than expected and thus hope of a decrease in Fed rates strengthened.
And then also come the indications from the ECB minutes: in the Eurotower papers on the meeting of 11 April we read that the members of the Governing Council considered a rate cut in June “plausible” if further data confirm the prospects of inflation indicated in the March forecasts. According to the minutes, “several members were sufficiently confident” that the conditions for a rate reduction already existed in April. The doves come to point out risks of inflation expectations “unanchored” downwards compared to the ECB target of 2%, should the weak growth scenario persist in the euro area.
The markets, positive on these indications, are however preparing for a new, possible wave of tension on the Beijing-Washington axis. According to Bloombergin fact, as early as next week President Biden could announce new duties on Chinese production. Those that Xi is trying to push to give new life to manufacturing and from there to the global economy. And those that, for many Western countries, play on uneven ground, because they receive illicit state subsidies in a global market where they should compete on equal terms. Expected reactions? “Investors will definitely pause on potentially exposed stocks,” Xin-Yao Ng, investment director at Abrdn, told the agency, adding that many green-tech brands, such as battery giant Contemporary Amperex Technology Co., have already limited their exposure to the United States. “Everyone knows it’s a risk.” On the Chinese markets, the news was greeted with a weakening of trade, on an overall positive day following the upward closing on Wall Street.
15:26
The Sella group closes the quarter with a profit of 33 million. Revenues +4.5%, margins continue to rise
The Sella group closes the quarter with a net profit of 32.8 million, revenues of 264.2 million (+4.5% year on year). Global collection is 59.1 billion euros (+17.1% year on year). Total loans amount to 11.2 billion euros (+4.1% year on year). The intermediation margin is 264.2 million euros (+4.5% year on year) and the group’s Cet1 Ratio is 13.03%.
15:08
Toned Europe with the ECB
European stock markets remain strong with the ECB minutes indicating the possibility of a cut in the cost of money in June. Wall Street is also expected to be positive. Milan is always at the forefront of the Old Continent. The Ftse Mib rises by 1.1% to 34,712 points supported by Leonardo’s run (+4%) after the sale of Wass to Fincantieri (-0.32%). Followed by Enel (+3.5%) which sold its holdings in Peru. Then followed by Nexi and Iveco (both +3.3%), Pirelli (+3.2%) and Mediobanca (+2.6%). Bank of Italy’s findings slow down Bff bank which is up for auction and collapses at -32%. Among the other markets, London gained 0.77%, Frankfurt 0.61% and Paris 0.61
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BANKNOTES – The ariary continues to be printed elsewhere
The Central Bank is not yet planning to produce its notes. According to explanations provided yesterday by the governor of this financial institution, the manufacturing of banknotes is a long and tedious process. It also requires a certain level of technicality and engineering which the Big Island does not yet have. “We have neither the printing works nor the technicians who are capable of supplying, for example, the papers which are used in the making of bank notes. There are several industries that specialize in the
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This giant Swiss bank will lay off thousands of employees!
Jakarta –
Giant Swiss bank UBS plans to lay off thousands of its employees around the world. This employee cut was made to reduce operating costs by hundreds of trillions of rupees.
According to a Reuters report on Friday (5/10/2024), this mass layoff will be carried out in five phases or waves starting in June. Subsequently the next pruning will be carried out in the months of August, September, October and November.
It is estimated that this bank will lay off around 30,000-35,000 employees during this period. It is estimated that in this first wave the largest cuts will occur, i.e. 25-30% of the number of employees affected.
“In total, 50-60% of former CS (Credit Suisse) employees could be laid off during these five phases (mass layoffs),” Reuters wrote in its report cited on Friday (5/10/2024).
For your information, news of plans for mass layoffs has actually been spreading since the beginning of February 2024. At the time it was said that the reduction in the number of employees was in line with the company’s plan to save operating costs up to 13 billion dollars or 204.19 trillion rupees (exchange rate 15,707 rupees) by 2026.
In the notes detikcomthe savings plan was revealed in the company’s latest earnings report for the fourth quarter of 2023. There are likely to be more layoffs after UBS annexes Credit Suisse.
“The company’s strategy focuses on restructuring and optimizing the combined businesses to achieve long-term sustainable growth and higher profits,” UBS Group AG CEO Sergio P. Er
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Spicy Success: Samyang Foods Overtakes Nongshim in Market Capitalization
Brand Buldak
[삼양식품 제공. 재판매 및 DB금지]
(Seoul = Yonhap News) Reporter Lee Dong-hwan = Samyang Foods, which started the spicy flavor with its spicy stir-fried chicken noodles[003230] Competitor Nongshim’s market capitalization on the 10th[004370]beat
Samyang Foods closed trading at 325,500 won, up 5% from the previous day. The market capitalization based on the closing price is 2.452 trillion won.
Nongshim closed at 402,500 won, up 1.26%. The market capitalization was 2.4483 trillion won, 3.7 billion won behind Samyang Foods.
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Samyang Foods rose to 333,000 won in early trading, breaking a 52-week high.
Report via KakaoTalk okjebo
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Spicy Success: Samyang Foods Overtakes Nongshim in Market Capitalization
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Opening hours of Lidl stores will change – here’s what to know
“As every year, taking into account the approaching summer season and the convenience of customers, the working hours of some stores are changing. It’s natural that the warmer weather adjusts the agenda of many people – they often start their mornings earlier, and also want to spend more time in the fresh air in the evenings, enjoy longer walks,” said A
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Opening hours of Lidl stores will change – here’s what to know
Mervi and Kat’s sons are fighting in Ukraine: “They are heroes there, second-class citizens in Finland” Kotimaa7.5. 10:08 am
– 2024-05-10 12:00:36
Mervi and Kat’s sons are fighting in Ukraine: “They are heroes there, second-class citizens in Finland” Kotimaa7.5. 10:08 am
#Mervi #Kats #sons #fighting #Ukraine #heroes #secondclass #citizens #Finland #Kotimaa7.5
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Indonesia Officially Has the Largest Digital Device Testing Center in ASEAN
– 2024-05-10 13:56:17
President Joko Widodo inaugurated the Indonesia Digital Test House (IDTH) or Telecommunication Equipment Testing Center (BBPPT) in Depok, West Java, Tuesday (7/5).
Jokowi said that in the last two months, he was visited by two CEOs of world giant technology companies, namely Apple CEO Tim Cook, and Microsoft Corporation CEO Satya Nadella. From these two visits, the President continued to express the same thing, namely that Indonesia should not just be a spectator and market for world technology
“We have to become players, become producers,” said Jokowi when inaugurating BBPPT.
He also feels grateful because now Indonesia has BBPPT, which is an international standard equipment testing center, the largest and most comprehensive in Southeast Asia. The facility will be the leading digital device certification center i
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Indonesia Officially Has the Largest Digital Device Testing Center in ASEAN – 2024-05-10 13:56:17