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Roku is cutting about 10% of its workforce, or 360 people, and it will limit new hiring as it cuts costs to stem a series of quarterly losses Roku is cutting about 10% of its workforce, or 360 people, and it will limit new hiring as it cuts costs to stem a series of quarterly losses. The streaming platform also said in a regulatory filing Wednesday that it expects adjusted third- quarter revenue of between $835 million and $875 million, which is much better than the $828.6 million that Wall Street was projecting, according to analysts polled by FactSet. Shares, which have already doubled since the start of the year, rose another 6% in midday trading. Roku Inc. anticipates a restructuring charge of $45 million to $65 million related to the job cuts. The charge will mostly include severance and benefits costs, with the majority of the charge expected to occur in its fiscal third quarter . The Silicon Valley company also expects impairment charge of $160 million to $200 million in its th...

Shares are mostly lower in Europe after a lackluster day of trading in Asia Shares opened lower in Europe on Tuesday after a day of declines in most Asian market s. Germany's DAX fell 0.4% to 15,765.55 and the CAC 40 in Paris dropped 0.8% to 7,224.88. Britain's FTSE 100 edged 0.1% lower to 7,442.85. The future for the S &P 500 was down 0.3%, while that for the Dow Jones Industrial Average lost 0.2%. In Asian trading, Hong Kong's benchmark fell 2.1%, to 18,456.91, as investors sold real estate shares to lock in gains fueled by recent government efforts to support the ailing property industry. China Vanke lost 1.1%, while Country Garden Holdings gave up 1%. Hong Kong-based Sun Hung Kai Properties shed 2%. Chinese services data came in weaker than expected, dulling hopes for a rebound in China's lackluster growth. Meanwhile, a survey showed business activity in China's services sector increased at the slowest pace in eight months. The Shanghai Composite index...

Estonia’s strongly pro-Ukrainian prime minister is under increasing pressure to resign, after Estonian media revealed her husband’s role in a company that indirectly did business in Russia after the full-scale invasion of Ukraine last year COPENHAGEN, Denmark -- Estonia’s strongly pro-Ukrainian Prime Minister, Kaja Kallas, came under increasing pressure Friday to resign, after Estonian media revealed her husband’s role in a company that indirectly did business in Russia after the full-scale invasion of Ukraine last year. Kallas, 46, one of Europe’s most outspoken supporters of Ukraine, had urged all EU companies to stop doing Business with Russia after the war in Ukraine began in February 2022. Her husband , Arvo Hallik, said Friday he would sell his 25% stake in Stark Logistics, a trucking company that worked with an Estonian company involved in Russia. He also said he would resign as the company’s chief financial officer and step down from the board. The opposition has urged Kallas ...

Hatsune Miku has always been 16 years old and worn long aqua ponytails CHIBA, Japan -- Hatsune Miku has always been 16 years old and worn long aqua ponytails. She is Japan's most famous Vocaloid — a computer- synthesized singing voice software that, in her case, comes with a virtual avatar. Legions of fans are celebrating the 16th anniversary of Miku's Aug. 31, 2007, release with events including a virtual exhibition and songwriting to showcase her standard high-pitched, cutesy voice. For sale are a special Seiko watch and a series of dolls in the character's likeness. The Vocaloid’s hits have been widely shared online, including on Miku’s own official YouTube channel, which has drawn 2.5 million subscribers. She has CDs and DVDs out and video games focused on fun rhythms co-produced with Sega, as well as cosmetic products plastered with her name and famous manga artists drawing portraits of her for T-shirts. On Friday, thousands of people packed a concert hall in a Tok...

Commerce Secretary Gina Raimondo says she warned Chinese leaders that U.S. businesses might stop investing in their country without prompt action to address complaints about worsening conditions due to raids on firms, unexplained fines and unpredictabl... SHANGHAI -- Commerce Secretary Gina Raimondo on Wednesday said she warned Chinese leaders that U.S. businesses might stop investing in their country without prompt action to address complaints about worsening conditions due to raids on firms, unexplained fines and unpredictable official behavior. Raimondo’s comments add to pressure on Chinese leader Xi Jinping's government, which is trying to revive investor interest and reverse an economic slump. Business groups say confidence among foreign companies is at an all-time low. Official figures show foreign investment plunged in the latest quarter. Raimondo visited Beijing as part of U.S. efforts to restore relations that plummeted to their lowest level in decades due to disputes abou...

U.S. applications for unemployment benefits fell slightly last week as businesses continue to retain employees in an economy that has largely withstood rapidly rising interest rates for more than a year U.S. applications for unemployment benefits fell slightly last week as companies held on to employees in an economy that has largely withstood rapidly rising interest rates, intended to cool hiring and spending, for more than a year. The number of Americans applying for jobless benefits last fell week by 4,000, to 228,000 the week ending August 26, the Labor Department reported Thursday. The four-week moving average of claims , which evens out some of the weekly volatility, rose by 250 to 237,500. Jobless claim applications are seen as representative of the number of layoffs in a given week. The Federal Reserve, in its now year-and-a-half battle against inflation, has raised interest rates 11 times to 5.4%, the highest level in 22 years. Part of the Fed’s intent was to cool the job ...

Farmers Insurance says it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability NEW YORK -- Farmers Insurance said Monday it will lay off 11% of its workforce — about 2,400 employees — as part of a corporate restructuring aimed at increasing its efficiency and long-term profitability . The California-based insurer said the job cuts will impact all lines of its Business . Monday was the last working day at the company for most employees impacted by the layoffs, Farmers confirmed to The Associated Press. In a statement announcing the job cuts, Raul Vargas, president and CEO of Farmers Group Inc., a subsidiary of Swiss giant Zurich Insurance Group, alluded to “existing conditions” in the insurance industry. “As our industry continues to face macroeconomic challenges, we must carefully manage risk and prudently align our costs with our strategic plans for sustainable profitability ,...

The Department of Justice is suing Elon Musk's SpaceX for allegedly rejecting job applicants over their asylum or refugee status. The Department of Justice is suing SpaceX, the aerospace company owned by Elon Musk, over alleged discriminatory practices against people living in the country under asylum and refugees. The federal government contends in its civil lawsuit, which was filed Thursday, that the company violated the Immigration and Nationality Act between September 2018 and May 2022 by discouraging asylees and refugees from applying to the company and refusing to hire or consider them. The complaint contends that Musk and SpaceX's leadership repeatedly made false claims that the company couldn't hire anyone who wasn't a U.S. citizen or green card holder, because of "export control laws," but the Department of Justice argued that those laws do not enforce such restrictions. In this NASA handout, A SpaceX Falcon 9 rocket with the company's Dragon spac...

One of North Carolina’s most powerful legislators is expressing optimism that further expansion of state-sanctioned gambling will be worked out before legislators leave for home later this summer RALEIGH, N.C. -- One of North Carolina's most powerful legislators expressed optimism Thursday that a further expansion of state-sanctioned gambling will be worked out before legislators end this year's regular business later this summer. The General Assembly hasn't adjourned while House and Senate Republicans negotiate sticking points on a two-year state government budget that was supposed to take effect July 1. Chamber leaders also continue to talk about whether they should permit casinos on non-tribal lands, authorize and regulate video gambling machines, or both, Senate leader Phil Berger told reporters. When asked to evaluate the chances that legislation allowing some combination of new gambling would reach Democratic Gov. Roy Cooper's desk this summer within or separ...

Energy giant BP says it earned nearly $2.6 billion in the second quarter LONDON -- Energy giant BP said Tuesday that it earned nearly $2.6 billion in the second quarter, almost half what it posted in the first three months of the year as oil and natural gas prices that surged after Russia's invasion of Ukraine have fallen. The company's underlying replacement cost profit, which excludes one-time items and fluctuations in the value of inventories, was down nearly 70% from the April-to-June period a year ago, when London-based BP brought in $8.45 billion. It's the latest oil and gas major to see profit s fall from record highs last year, following British rival Shell, France's TotalEnergies and U.S.-based ExxonMobil. Energy prices spiked after Russia launched its war in Ukraine, raising fears about Moscow's supplies of oil and natural gas before it cut off most of its gas heading to Europe. Energy costs were a major driver of inflation around the world, stirr...

General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago DETROIT -- Despite taking on a huge chunk of an expensive electric vehicle recall, General Motors posted $2.54 billion in second-quarter net income, a 52% increase over a year ago. Continued strong vehicle sales and pricing, as well as cost cuts, led to the better-than-expected quarter. The Detroit automaker on Tuesday raised its financial guidance for the full year with one qualification: that it can negotiate union labor contracts without a strike. Chief Financial Officer Paul Jacobson told reporters that customers paid about $1,600 more per vehicle last quarter than from January through March — with an average U.S. sale price of $52,000. Discounts and inventory remained flat as the company sold 19% more vehicles than a year ago in the U.S., its most profitable market. GM is being cautious on prices and not counting on them staying high all year, Jacobson said. “We’re not assuming majo...

Manchester United has announced a 10-year extension to its partnership with Adidas that the English club says will be worth more than $1 billion MANCHESTER, England -- Manchester United announced a 10-year extension to its partnership with Adidas that the English club said Monday will be worth more than $1 billion. United’s deal with the German Sports wear brand as its official uniform supplier runs to 2035 and “has a minimum cash guarantee of 900 million pounds ($1.15 billion), subject to certain adjustments,” the team said, making it the most lucrative in Premier League History . “It is very natural for us to continue our cooperation,” Adidas CEO Bjorn Gulden said. “We will combine tradition and innovation to please both the players and the fans.” “We look forward to continuing our partnership with one of the most iconic clubs in Football .” The deal for the club’s single biggest source of revenue provides stability at a time when it is up for sale, with United's American owne...

U.S. auto safety regulators have opened another investigation into safety problems with Tesla vehicles DETROIT -- U.S. auto safety regulators have opened yet another investigation into safety problems with Tesla vehicles. This time the National Highway Traffic Safety Administration is looking into a dozen complaints about loss of steering control or loss of power steering in the 2023 Models 3 and Y electric vehicles. The probe covers an estimated 280,000 vehicles. Five drivers alleged in complaints they couldn't steer the vehicles at all. Seven more cited a loss of power steering that required increased steering effort. There was one report of a crash but no complaints of any injuries. The agency says in a document posted Tuesday on its website that loss of steering control can be accompanied by messages to drivers indicating that the power steering assist has been reduced or disabled. The document says investigators will look into how often the problem happens, manufac...

Environmentalists have filed a lawsuit to prevent the construction of a new potash mine they say would devastate a lake ecosystem in the drought-stricken western Utah desert SALT LAKE CITY -- Environmentalists filed a lawsuit on Monday to prevent the construction of a new potash mine that they say would devastate a lake ecosystem in the drought-stricken western Utah desert. The complaint against the Bureau of Land Management is the latest development in the battle over potash in Utah, which holds some of the United States' largest deposits of the mineral used by farmers to fertilize crops worldwide. Potash, or potassium sulfate, is currently mined in regions including Carlsbad, New Mexico and at Utah's Bonneville Salt Flats, where the Bureau of Land Management also oversees a private company's potash mining operations. The Southern Utah Wilderness Alliance argues in Monday's complaint that, in approving a potash mining operation at Sevier Lake — a shallow saltwat...

Ford is resuming production of the F-150 Lightning electric pickup after closing a factory in Dearborn, Michigan, for six weeks to triple production capacity DETROIT -- Ford is resuming production of the F-150 Lightning electric pickup after closing a factory in Dearborn, Michigan, for six weeks to triple production capacity. The move comes just two weeks after the company cut prices on all versions of the trucks, some by as much as $10,000, fueling speculation that demand had fallen. But company officials said Tuesday that they're getting six times the orders now than before the price cuts, and Ford has an order bank big enough to take up 45 days of production at the reworked Rouge Electric Vehicle Center. The company wouldn't give an exact number of orders. Lightning sales in the second quarter of the year were more than double the same period in 2022, but there were up only 4% from the first quarter. Ford says that's because they stopped production at the Rouge Electri...