Infosys CEO Vishal Sikka resigns, cites recent “drumbeat of distractions”

Trucking News
17 Aug by

Infosys CEO Vishal Sikka resigns, cites recent “drumbeat of distractions”

Infosys Ltd, in a surprise announcement, said Vishal Sikka has resigned as CEO citing a stream of distractions and disruptions in recent months, pushing down shares of the second-largest Indian IT services firm almost 8 percent on Friday. U.B. Pravin Rao, Infosys' chief operating officer, was named interim managing director and chief executive. Rao will report to Sikka, who will take the executive vice chairman role until a permanent CEO takes charge, which should be no later than end-March 2018, Infosys said.


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17 Aug by

Former Uber CEO says investor lawsuit a ‘public and personal attack’

Former Uber CEO says investor lawsuit a 'public and personal attack'

The ousted chief executive of Uber Technologies Inc called a lawsuit filed against him by one of the company's top investors a "public and personal attack" without merit, according to court documents filed late on Thursday. Venture capital firm Benchmark Capital, which says it owns 13 percent of Uber and controls 20 percent of the voting power, sued former Uber CEO Travis Kalanick last week to force him off the board, where he still has a seat, and rescind his remaining power there, citing fraud and deception. Kalanick, in the first court filing in response to the lawsuit, said Benchmark's legal action is part of a larger scheme to oust him from the company he helped found and take away his power.


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17 Aug by

Investors sell stocks, dollar on fears Trump agenda is foundering

Investors sell stocks, dollar on fears Trump agenda is foundering

Asian stock investors joined a global retreat from riskier assets on Friday and the dollar wavered on rising doubts about U.S. President Donald Trump's ability to deliver his economic agenda. Confidence was shaken further after a van mowed through crowds of tourists in Barcelona on Thursday, killing at least 13 people and injuring more than 100 in an attack that authorities were treating as Islamic terrorism. The MSCI World index slipped 0.1 percent, adding to Thursday's 0.8 percent drop and heading for a flat end to the week.


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17 Aug by

China’s Lenovo warns of cost challenges as it sinks to first quarter loss

Chinese personal computer maker Lenovo Group Ltd warned of higher costs and margin pressure due to shortages of components like memory chips, as it posted its first quarterly loss in almost two years on Friday. It was the company's first quarterly loss since September 2015 and lagged analysts' average forecast of a $5.29 million profit, sending the stock down as much as 5 percent to a year-low of HK$4.52 during Friday morning trade. The outlook for the rest of the year was challenging as component shortages would dive costs higher, possibly forcing the company to raise its selling price to protect margins, executives said.


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Trucking News
17 Aug by

China’s Lenovo warns of cost challenges as it sinks to Q1 loss

Chinese personal computer maker Lenovo Group Ltd warned of higher costs and margin pressure due to shortages of components like memory chips, as it posted its first quarterly loss in almost two years on Friday. It was the company's first quarterly loss since September 2015 and lagged analysts' average forecast of a $5.29 million profit, sending the stock down as much as 5 percent to a year-low of HK$4.52 during Friday morning trade. The outlook for the rest of the year was challenging as component shortages would dive costs higher, possibly forcing the company to raise its selling price to protect margins, executives said.


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Trucking News
Trucking News
17 Aug by

China’s new home price growth cools in July – statistics bureau

China's home price growth slowed in July, with Beijing declining for a second straight month, reinforcing expectations that property price growth may stagnate over the course of the year. As China's home price rises have generally been moderating and sales are slowing, analysts do not see a major risk of a sharp price fall or crash, given the strength of underlying housing demand. "We need the administrative measures in the short term but keeping them long-term would be a retreat for the market economy," said Joe Zhou, Head of Research for China at Jones Lang LaSalle.


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