- Private equity company Carlyle Group Inc CG reportedly intends to find new investors for its investment in McDonald’s Corp’s MCD Chinese operations.
- The buyout firm, which controls McDonald’s China, together with Trustar Capital, has been discussing shifting its ownership to a new investment vehicle.
- The report added that the prospective deal would provide current limited partners the choice to sell or roll over their holdings while giving new investors access to the Business.
- Hasbro Inc HAS is reportedly in talks with Entertainment One (EOne) founder Darren Throop to sell most of the film and TV studio’s assets.
- Throop, who has previously served as the CEO of EOne, is said to be among the leading bidders.
- Throop is said to have the backing of the private equity firm CVC Capital Partners.
- A federal bankruptcy judge Michael Kaplan temporarily held around 38,000 lawsuits alleging Johnson & Johnson’s JNJ baby powder and other talc products caused cancer as a part of J&J’s second attempt to settle thousands of talc cases in bankruptcy proceedings.
- In 2021, Johnson Johnson spun off its subsidiary, LTL Management, to carry its talc-related liabilities and file for Chapter 11 bankruptcy protections.
- The report added that the freeze on jury trials would last through mid-June while LTL moves through bankruptcy.
- Warren Buffett-backed EV maker BYD Company BYDDY plans to build a $290 million lithium cathode factory in Chile, per the Chilean economic development agency CORFO.
- The proposed facility will be located in Chile’s northern Antofagasta region.
- The Chilean government has named BYD as a qualified lithium producer. The government qualification enables BYD to access lithium carbonate quotas at preferential prices.
- Ford Motor Co F, currently ranked the number three player in the U.S. electric vehicle market, has set its sights on China, the world’s second-largest EV market.
- “We’re going to have to rethink what the Ford brand means in a place like China,” said Ford CEO Jim Farley at a charity event in Detroit, Reuters reported.
- He delved into the mushrooming competition in China, a “hot-and-happening” EV market. “It can’t be like the middle of the market. It’s totally over-filled,” he reportedly said.
- On Thursday, California Attorney General Rob Bonta and 17 other attorneys general urged the National Highway Traffic Safety Administration to recall “unsafe” Hyundai Motor Co, Ltd HYMTF Hyundai and Kia vehicles manufactured between 2011 and 2022.
- The lawmakers alleged the automakers failed to include the standard anti-theft devices endangering the lives of the vehicle owners and the public.
- Alphabet Inc GOOG implemented an overall workforce reduction, it’s still hiring in key roles and it’s not holding back when it comes to making salary offers.
- The highest base salary in the pay data was $1 million, paid to the company’s chief people officer. The lowest offer Google made was just under $55,000.
- None of the data includes stock-based compensation, performance rewards, or bonuses, but it still provides valuable insight into what the search giant is willing to hand over to prospective workers.
Wall Street Journal
- Meta Platforms Inc META CEO Mark Zuckerberg told employees that he would not rule out future layoffs and does not expect the social-media company to hire as quickly as before in a virtual Q&A session Thursday, a day after the company completed its latest round of layoffs.
- Zuckerberg told employees that the latest cuts affected about 4,000, primarily in the company’s tech divisions.
- Since November, Meta has said it would lay off 21,000 employees, or nearly a quarter of its workforce.
- Amazon.Com Inc AMZN grocer Whole Foods Market looks to slash several hundred corporate jobs to streamline operations.
- The grocer, which operates across nine regions, will now have six.
- Whole Foods is restructuring some corporate teams leading to staff cuts. It is not closing any stores or facilities.
- The cuts will affect less than 0.5% of its workforce, about 105,000 people. With over 500 stores, the company looks to open about 50 new locations.
- Taiwan has quietly urged the U.S. to tone down the rhetoric about the dangers of relying on chips made by the island’s biggest semiconductor giant amid fears that Xi Jinping may invade Taipei.
- Washington is concerned about the possibility of China attacking Taiwan and is seeking ways to decrease its reliance on chips produced by the Taiwan Semiconductor Manufacturing Co TSM.
- Taiwan officials feel that the Biden administration’s actions are excessive, anonymous sources familiar with the Taiwanese government’s stance.
- SAP SE (NYSE: SAP) reported first-quarter FY23 revenue growth of 10% year-on-year to €7.44 billion. Total revenue was up 9% at constant currencies.
- Cloud revenue increased 22% Y/Y to €3.18 billion at CC.
- SAP reduced cloud revenue at CC from €15.3 billion – €15.7 billion to €14.0 – €14.4 billion to reflect the anticipated divestiture of Qualtrics.
- Procter & Gamble Co PG shares are up Friday premarket following its Street-beating third quarter results. The company said it delivered strong results in what continues to be a very difficult cost and operating environment.
- PG reported third-quarter FY23 sales growth of 4% year-on-year to $20.07 billion, beating the consensus of $19.29 billion.
- Adjusted EPS of $1.37 beat the analyst consensus of $1.32.
- Clorox Company CLX plans to terminate approximately 200 positions, or roughly 4% of its nonproduction workforce, to streamline its operating model.
- The company expects to complete this transition over the 18 to 24-month timeframe.
- Clorox might incorporate more changes while executing this transformation.
- HCA Healthcare Inc HCA has reported Q1 FY23 revenues of $15.59 billion, compared to $14.94 billion a year ago, missing the consensus of $15.27 billion.
- EPS of $4.93 was higher than the $4.12 reported a year ago, surpassing the estimate of $3.93.
- Same-facility admissions increased by 4.4% Y/Y, and equivalent admissions increased by 7.5%.
- HCA’s inpatient surgery cases increased by 2.8%, and outpatient surgery cases climbed by 3.5%.
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