News That Matters

Tag: supplier

Coronavirus: New Look delays supplier payments ‘indefinitely’

Coronavirus: New Look delays supplier payments ‘indefinitely’

Business
New Look says it is suspending payments to suppliers for existing stock "indefinitely", telling them in a letter that the stock can be collected by its owners. The retailer is also cancelling orders for its Spring and Summer clothing lines and won't pay costs towards them.New Look told the BBC it did not take the decision lightly. "This is a matter of survival," it told suppliers.One small firm said New Look’s behaviour was “totally out of order”.'Challenges'The supplier, which provides clothing for several High Street chains and did not want its name published, told the BBC it was not currently owed money by New Look and had no outstanding orders with the retailer.However, it added that New Look’s approach would “devastate smaller companies down the sup
University wins $1.1bn battle with Apple and supplier over iPhone patents

University wins $1.1bn battle with Apple and supplier over iPhone patents

World
Apple and the wifi chip company it uses for iPhones have been ordered to pay $ 1.1bn (£840.5m) to a university for infringing patents.A jury handed down the verdict in favour of the California Institute of Technology (Caltech) which claims the Broadcom wifi chips used in hundreds of millions of Apple iPhones infringed four of its data transmission patents. The amount relates to how much Caltech believes it could have negotiated in royalties with the two companies in 2010 if they had struck a deal with the university before putting Broadcom chips into new Apple devices.Apple said it plans to appeal the verdict, but declined to comment further on the case that was filed in federal court in Los Angeles in 2016 by the research university.In court filings, Apple said it believed all the univers
Lockheed signs long-term contracts with supplier for lower costs, better availability

Lockheed signs long-term contracts with supplier for lower costs, better availability

Business
April 19 (UPI) -- Lockheed has moved sub-contractors into performance-based logistics contracts or master repair agreements to improve capacity, reduce costs and enhance supply availability, the company announced this week. "As the F-35 fleet expands, we are partnering with our customers and taking aggressive actions to enhance F-35 readiness and reduce sustainment costs," Greg Ulmer, Lockheed Martin vice president and general manager of the F-35 program, said in a news release Wednesday. "The F-35 global supply chain is a key enabler to success, and we're restructuring and streamlining several contracts with key industry partners to provide the long-term stability that will allow them to make investments, improve efficiencies and optimize their performance." The performance-based logist...