BUSINESS - Page 20

A company spokesperson said that defense contractor Lockheed Martin (LMT.N) will cut 1% of its jobs over the year to cut costs and streamline operations. The reductions will impact positions across its business and enterprise operations, including functional organizations such as Business Operations, Legal, Human Resources, Operations, and Information Technology. The cuts will be evenly spread between layoffs, normal attrition, and placements in other company areas. The cuts come as defense contractors brace for a decline in government spending. Across-the-board

The Information reported on Friday, citing people familiar with the matter, that the US logistics startup Flexport is planning to lay off about 20% of its Workforce in the coming weeks. The company did not immediately respond to a Reuters request for comment. Flexport, which provides freight forwarding and brokerage services, raised $2.3 billion in venture funding and had a valuation of $8 billion at its last round of financing. The company is reportedly cutting staff amid a slowdown in

According to reports, a significant offshore bondholder coalition of China Evergrande (3333.HK) intends to participate in a petition seeking the liquidation of the developer at a Hong Kong court hearing scheduled for Monday. The bondholder group holds over $2 billion in offshore notes backed by Evergrande, and their endorsement of the winding-up petition heightens the likelihood of the court issuing an immediate liquidation order, as per legal experts in the industry. Liquidation would wipe out the developer’s assets and halt

Last month, Boeing gave its Chinese customers the green light to resume deliveries of the 737 MAX 8, the company’s most profitable jet, ending an import freeze on the U.S. planemaker’s most famous aircraft that came shortly after its first delivery in 2019. The resumption of deliveries could offer a respite to Boeing’s relationship with China, one of the world’s largest and fastest-growing aerospace markets, and help it regain its footing in its global competitiveness. China, which has long been

During a recent lunch meeting with Warren Buffett, Citigroup (C.N) initiated a fresh chapter. CEO Jane Fraser presented her latest series of organizational restructuring endeavors aimed at streamlining the bank. Buffett encouraged her to continue with the initiatives. The billionaire investor endorsed Fraser’s plans to streamline the banking giant, which includes eliminating management layers and streamlining decision-making. He did not provide additional details, but he urged her to proceed with the reorganization program. Fraser recounted the meal with the Berkshire

Allocating a sum of $1.5 billion, the British firm plans to invest in AI solutions tailored for customer needs, leveraging the collaborative efforts of Microsoft’s Azure OpenAI and Copilot technologies. This initiative includes the transition from conventional data centers to more cost-effective and scalable Azure cloud services. This would help Vodafone become more agile and reduce its operational costs. The partnership is designed to accelerate Vodafone’s digital transformation and deliver new AI-powered services for SMEs across Europe and Africa, the

Boeing is confronted with a new setback as the return of 737 MAX jet deliveries to China encounters a delay following a mid-air panel blowout incident on an Alaska Airlines MAX 9 earlier this month. According to a Sunday report from the Wall Street Journal, China Southern Airlines, initially prepared to receive MAX planes in January, has revised its plans to include additional safety inspections for the aircraft. The newspaper highlighted that China’s aviation regulator has directed all domestic airlines