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Japan’s Hitachi acquires GlobalLogic for $9.6 billion

Japan’s Hitachi acquires GlobalLogic for $9.6 billion

Technology
Japanese industrial, electronic and construction conglomerate Hitachi LtdBy YURI KAGEYAMA AP Business WriterMarch 31, 2021, 9:41 AM• 2 min readShare to FacebookShare to TwitterEmail this articleTOKYO -- Hitachi Ltd. is buying U.S. digital engineering services company GlobalLogic Inc. for $ 9.6 billion, the Japanese industrial, electronic and construction conglomerate said Wednesday.Tokyo-based Hitachi said the acquisition of the Silicon Valley company will strengthen Hitachi’s digital operations in a wide range of businesses, including IT, energy, industry and mobility. It will speed up efforts in the “digital transformation” of railways, energy and health care systems that are core Hitachi businesses, it said.GlobalLogic has more than 20,000 professionals in 14 countries, operating design...

Nomura had a ‘stellar financial year’ before it warned of potential $2 billion losses, analyst says

Finance
In this articleVIACPDISCA9888-HK700-HK8604.T-JPCSG.N-CHThe warning by Japanese investment bank Nomura that it could incur billions of dollars in losses at a U.S. subsidiary was "pretty unfortunate," an analyst said on Tuesday.Nomura on Monday flagged a potential $ 2 billion loss resulting from transactions with a client stateside. The bank's shares in Japan plunged following that announcement, declining more than 16% on Monday. Those losses extended into Tuesday, with shares declining 0.66% on the day."It's pretty unfortunate for Nomura," Pramod Shenoi, head of Asia-Pacific financials research at research firm CreditSights, told CNBC's "Street Signs Asia."Shenoi said "$ 2 billion dollars ... is a lot of money and what that does is pretty much wipe out any kind of earnings for the second ...

Covid relief bill may trigger $36 billion cut to Medicare, higher student loan fees

Finance
Bill Clark | CQ-Roll Call, Inc. | Getty ImagesA Covid relief bill backed by Democrats could trigger billions of dollars in cuts to Medicare and other federal programs, like ones that support unemployed workers and student-loan borrowers, if it's ultimately passed.The funding cuts would take effect in 2022 and last for several years.Republicans are using the specter of pullbacks to argue against issuing more pandemic aid, which includes $ 1,400 stimulus checks and more jobless benefits.More from Personal Finance:Stimulus bill would make health insurance more affordable for millionsThe $ 15 minimum wage is in trouble. Here's what to knowTexas judge finds national eviction ban unconstitutionalIt's unclear lawmakers would allow them to occur. Even if they survive, the exact impact of cuts on...

Alibaba looking to raise up to $5 billion in U.S. dollar bond issuance after earnings beat

Finance
Signage for Alibaba Group Holding Ltd. covers the front facade of the New York Stock Exchange November 11, 2015.Brendan McDermid | ReutersGUANGZHOU, China — Alibaba is looking to raise up to $ 5 billion via U.S. dollar-denominated bonds, a person familiar with the matter told CNBC.The Chinese e-commerce giant announced the bond offering on Tuesday, in a statement with very few details. Alibaba plans to sell several tranches of bonds with different maturities up to 40 years, the person said.Alibaba's bond offering comes after it reported December quarter earnings that beat expectations and in which it reported its cloud computing division turned profitable for the first time.The debt issuance will be a test of investor appetite for Alibaba. The company is facing an anti-monopoly probe and ...
Consumer spending in U.S. falls by $28 billion in December

Consumer spending in U.S. falls by $28 billion in December

Business
Jan. 29 (UPI) -- U.S. consumer spending in December decreased for the second straight month, but at a smaller rate than the previous month, the Commerce Department said in its monthly report Friday. Personal consumption expenditures fell by $ 28 billion, the report said, a decline of 0.2%. The decline for November was 0.7%. Advertisement The department said personal income for December increased by $ 116.6 billion while disposable income rose $ 111.6 billion. Real personal expenditures, meanwhile, decreased by almost $ 80 billion. Spending on recreational goods and vehicles lost the most ground, along with food services and accommodations. Higher spending was found in motor vehicles and healthcare. "The December estimate for personal income and outlays were impacted by the response to the...