Author: TI Editor

“The departures started a month ago, and they are not ending anytime soon,” said one of the people quoted above. The layoffs will continue till June, the people said. The job cuts are primarily affecting corporate roles in distribution, finance, commercial, and legal departments, nearly a dozen people who spoke with Mint confirmed, speaking on the condition of anonymity. They said the layoffs include entry-level employees, senior managers, senior directors and even those at the assistant vice-president level. “So far, sports has remained untouched because the Champions Trophy, Women’s Premier League (WPL), and Indian Premier League (IPL) are scheduled back-to-back,”…

PowerChina unit claims $555 mln in unpaid dues EdL has yet to respond to the filing Case relates to Laos’ Nam Ou hydropower project March 5 – Nam Ou Power, a unit of state-owned Power Construction Corp of China, has sued Laos utility Electricite du Laos in Singapore for $555 million in unpaid dues from a hydropower project it operates, an arbitration filing reviewed by Reuters shows. EdL has yet to respond to the filing, according to a source familiar with the case, who also said that it was the first instance of international arbitration by a Chinese state-run entity…

(Bloomberg) — Marvell Technology Inc. declined in late trading after delivering a revenue forecast that fell short of the highest estimates, disappointing investors who were looking for a bigger payoff from the AI boom. Sales will be about $1.88 billion in the fiscal first quarter, which runs through April, the chipmaker said in a statement Wednesday. Though that was in line with the average analyst estimate, some projections ranged as high as $2 billion.  Marvell shares fell 16% in late trading after the report was released. They had been down 18% this year through the close. Marvell has been seen…

(Bloomberg) — The asset management arm of Japan’s largest insurer will expand its team managing private equity and other alternative investments, betting on more strong growth in the market. Nissay Asset Management Corp. plans to hire five to seven people to oversee assets such as private equity and infrastructure finance, said Kaoru Onishi, head of the global product division. It has about 30 employees now in its alternative investment business. “It is an expanding field. We need more people,” said Onishi, whose firm manages more than ¥2.5 trillion ($17 billion) of clients’ funds parked in alternative assets. “But there are…

South Korean finance tycoon Cho Jung-ho is edging closer to ending Samsung Electronics Co. Executive Chairman Jay Y. Lee’s two-and-a-half-year reign as the nation’s richest person. Meritz Financial Group Chairman Cho is now in second spot with a net worth of $8.5 billion, thanks to last year’s blistering 76% rally in the company’s shares, according to the Bloomberg Billionaires Index.  Lee’s wealth has eroded after Samsung stock tumbled 32% last year and as the family faced billions of dollars in inheritance taxes. The 56-year-old Samsung heir is estimated to be worth $8.6 billion, a far cry from the $31.6 billion…

(Bloomberg) — City Brewing Co., which makes alcoholic drinks such as White Claw and Pabst Blue Ribbon, is talking to creditors about inking an out-of-court restructuring with lenders taking control of the company, according to people with knowledge of the matter.  Negotiations are ongoing and no final decision has been made, said the people, who asked not to be identified discussing a private matter. Discussions with creditors ramped up late last year, as City Brewing, whose investors include Charlesbank Capital Partners and Oaktree Capital Management, looked to shore up its cash reserves amid weakening demand, Bloomberg previously reported. A representative…

March 5 (Reuters) – Brazilian coffee traders Atlantica and Cafebras, and its controlling holding company Montesanto Tavares Group, have filed a court request for bankruptcy protection, looking to restructure a total debt of 2.12 billion reais ($368.54 million). According to a statement dated February 28, the first day of carnival celebrations in Brazil that only ended on Wednesday, the companies said failure by Brazilian coffee farmers to comply with contracts to deliver coffee to them made their financial situation unsustainable. The companies also said the sharp increases in coffee prices and the devaluation of the local currency against the dollar…

The Canadian province of Alberta is immediately halting purchases of US alcohol and changing its procurement rules to respond to President Donald Trump’s tariffs, while focusing longer-term efforts to export more oil and gas to other markets.  Alberta Premier Danielle Smith said Wednesday that she still doesn’t support taxing or reducing oil and gas exports to the US, but that the province will work on building pipelines to Canada’s coasts to increase shipments to Asia and Europe. The province is home to the world’s third-largest crude reserves and supplies the vast majority of the 4 million barrels a day of…

(Bloomberg) — Grindr Inc. reported weaker-than-expected fourth-quarter earnings and gave a 2025 margin forecast that also fell short of estimates, sending the stock down in extended trading. The company also announced its first share buyback program, authorizing a repurchase of as much as $500 million in stock through March 2027. Adjusted earnings before interest, taxes, depreciation and amortization for the last three months of 2024 were $38.6 million, behind projections for $38.8 million, the company said in a shareholder letter on Wednesday. The LGBTQ dating brand expects its margin for adjusted Ebitda to be more than 41%, it said in…

Japanese prosecutors are set to seek penalties against former executives at SMBC Nikko Securities Inc. accused of stock market manipulation, in a long-running case that’s being closely watched by the expat financial community in Tokyo. Former head of equity Trevor Hill, his ex-deputy Alexandre Avakiants and three others are expected to hear the prosecution’s requests in the Tokyo District Court on Thursday, roughly three years after they were indicted.  The court has yet to deliver a verdict in the case against the five defendants, who have denied wrongdoing. Another former executive received a suspended prison sentence in 2023 after admitting…