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Allstate Corp. announced it will lay off about 3,800 employees and shut down offices. The job reductions will primarily affect claims, sales, service and support functions, and will help the property and casualty insurance provider to lower costs to maintain margins.The restructuring plan is a part of Allstate’s (ALL) transformative growth plan, and seeks “to increase personal property-liability market share by expanding customer access, improving customer value and investing in marketing and technology,” the company said. Allstate’s CEO Tom Wilson said "Implementing this plan is difficult as we still deal with the impact of the pandemic but necessary to provide customers the best value."The company expects the restructuring to result in pre-tax charges of around $290 million, with about $210 million to $220 million expected to incur in 3Q, which it is set to release on Nov. 5. It also expects a pre-tax charge of $50 million to $60 million to be...
U.S. electric car maker Tesla cut the starting price of its Chinese-made Model 3 sedans on Thursday by about 8% to 249,900 yuan ($36,805), once Chinese subsidies for electric vehicles are taken into account, according to its China website. Previously, the starting price for Model 3 sedans made in Tesla's Shanghai factory with a standard driving range was 271,550 yuan, after state purchase subsidies. Tesla did not disclose what batteries the cheaper version uses....
Shares in Datadog spiked 12% after the cloud security network announced a strategic partnership with Microsoft’s cloud computing service Azure.As part of the tie-up, Datadog (DDOG) will be available in the Azure console as a first-class service. This means that Azure customers will be able to implement Datadog as a monitoring solution for their cloud workloads through new streamlined workflows that cover everything from procurement to configuration. Datadog represents a first-of-its-kind integration of a third-party service into Azure.As a result, the partnership will offer more of Microsoft’s (MSFT) Azure customers the ability to deploy Datadog's observability platform to upgrade their cloud applications and workload migration initiatives. Microsoft shares rose 1.5% on Wednesday.“Azure is the first cloud to enable a seamless configuration and management experience for customers to use partner solutions like Datadog,” said Microsoft Azure’s Corey Sanders. “Together with Datadog, we are enabling customers to use this experience to monitor their Azure workloads...
"This is the confirmation that end demand in automotive, microcontrollers and specific programs with Apple are strong enough to more than compensate for the Huawei headwind," said Stephane Houri, head of equity sector research at Oddo BHF. The French-Italian chipmaker is set to report its final third-quarter earnings and fourth-quarter guidance on October 22....
American Airlines Group Inc (NASDAQ: AAL) said in a letter to employees Wednesday that 19,000 will be furloughed starting Thursday after the federal Payroll Support Program expires.Airline Layoffs Underway As Stimulus Talks Continue: Talks on extending the relief program under the Coronovirus Aid, Relief and Economic Security -- CARES -- Act are ongoing between the White House and House Speaker Nancy Pelosi, American Airlines CEO Doug Parker said in the letter, citing a conversation with Treasury Secretary Steven Mnuchin. The Senate and the House of Representatives are also deliberating the extension of payroll support an alternative to the broader relief package, he said. If the grant is approved in the coming days, American Airlines will reverse the furloughs, Parker said. United Airlines Holdings Inc (NASDAQ: UAL) is also prepared to furlough 13,000 staff Thursday, Reuters. The figure does not include any pilots.If the larger economic relief bill passes, the airline industry...
Stéphane Bancel told FT that he did not expect to have full approval to distribute the drug to all sections of the U.S. population until next spring. Moderna did not immediately respond to Reuters request for comment. Moderna will not be ready to seek emergency use authorization from the Food and Drug Administration before Nov. 25 at the earliest, the report said, citing Bancel....
(Bloomberg) -- The U.S. has blocked imports of palm oil and palm oil products from Malaysia’s FGV Holdings Bhd., one of the world’s largest producers.Shipments from the company and its subsidiaries will be held back at all ports of entry effective Wednesday, the U.S. Customs and Border Protection said in a statement. The order is based on what American authorities say is information that “reasonably indicates” the use of forced labor.The move is the latest blow to the palm oil industry after the spread of the coronavirus shuttered restaurants, curbing demand for cooking oil. Malaysia, the second-biggest shipper of palm oil to the U.S. and the world’s second-largest producer, is also grappling with a chronic worker shortage after the pandemic restricted travel.The order is the result of a yearlong investigation that revealed labor abuse of vulnerability, deception, restriction of movement, isolation, intimidation and physical and sexual violence, according to the customs...
