MONEY MASTER

Apollo Global Management Inc. has proposed a multibillion-dollar investment in Intel Corp. , signaling confidence in the chipmaker's ambitious turnaround strategy , according to sources familiar with the matter. The alternative asset manager has offered an equity-like investment of up to US$5 billion (RM21.02 billion) , although the size of the deal could change, and talks may not result in a final agreement. Intel, led by CEO Pat Gelsinger , has been executing an expensive plan to revitalize its business with new products and technologies, aimed at attracting outside customers. However, a series of weak earnings reports has dampened confidence and slashed tens of billions of dollars from Intel's market value. This potential investment comes as Qualcomm Inc. is reportedly considering a friendly takeover of Intel , which could result in one of the largest M&A deals in history. Apollo has a pre-existing relationship with Intel, having agreed in June to purchase a stake in...

  Intel Corp has confirmed it has no plans to sell its majority stake in Mobileye Global , the autonomous driving technology firm, boosting Mobileye's shares by over 13% . The announcement comes in response to earlier reports suggesting Intel was considering selling a portion of its stake, which had led to a significant drop in Mobileye’s stock earlier this month. "We believe in the future of autonomous driving technology and in Mobileye's unique role as a leader in advanced driver assistance systems ," Intel stated, reaffirming its support for the company it acquired for US$15.3 billion in 2017. Intel still holds around 88.3% of Mobileye’s common stock as of December 30, according to Mobileye's annual report. Mobileye shares have faced significant challenges, dropping 73% this year , exacerbated by choppy demand for its driver-assistance chips, particularly due to market weakness in China. The company was forced to cut its revenue and profit forecasts in Au...

Amazon.com is raising the pay for its US fulfilment and transportation staff by at least US$1.50 an hour , bringing base salaries to over US$22 an hour and US$29 an hour when including benefits. The company will spend over US$2.2 billion on these wage increases, which come amidst pressure from employees for better contracts and working conditions. The wage hikes, set to roll out this month, are expected to help Amazon hire and retain workers as it approaches the busy holiday shopping season . Additionally, Amazon will provide free Prime memberships as part of its benefits package starting early next year. This move follows increasing efforts from warehouse workers to organize, with the Amazon Labor Union recently affiliating with the International Brotherhood of Teamsters . The company employs more than 800,000 workers in fulfilment and transportation roles in the US, and the starting wage for these employees was US$15 an hour in 2018.

US burger chain BurgerFi International Inc. , which once set its sights on challenging industry giant Shake Shack , has filed for Chapter 11 bankruptcy protection in Delaware. The restaurant chain, which also owns the pizza franchise Anthony’s Coal Fired Pizza , reported assets between US$50 million (RM216.70 million) and US$100 million and debts ranging from US$100 million to US$500 million , according to court documents. The decision to file for bankruptcy was driven by “a drastic decline in post-pandemic consumer spending amid sustained inflation and increasing food and labor costs,” said Jeremy Rosenthal , BurgerFi’s chief restructuring officer, who was hired in August, in a statement released on Wednesday. Founded in Florida by Plaza Auto Mall founder John Rosatti , BurgerFi has expanded to operate 144 stores under its two brands. Despite the bankruptcy filing, all locations will continue normal operations. Just months before filing for bankruptcy, the brand had opened a new f...

Intel's contract manufacturing business has encountered a setback after testing with chipmaker Broadcom did not meet expectations, according to three sources familiar with the situation. The tests involved processing silicon wafers using Intel's latest 18A manufacturing technology. After receiving the wafers back from Intel, Broadcom concluded that the process is not yet viable for high-volume production, potentially impacting Intel's efforts to establish itself as a major player in the semiconductor manufacturing industry. Key Points: Challenges with Intel’s 18A Manufacturing Process : Broadcom tested Intel's advanced 18A manufacturing process, which is crucial for the production of next-generation chips. The tests indicated that the process might not be ready for high-volume production due to concerns about the number of defects or the quality of the chips produced on each wafer. Uncertainty Over Future Collaboration : The current relationship between Broadcom and Int...

  Tesla Plans Six-Seat Model Y for China in 2025 to Strengthen Market Position Tesla Inc. is planning to launch a six-seat variant of its popular Model Y vehicle in China by late 2025, according to two sources with direct knowledge of the matter. The move aims to bolster the appeal of its bestselling electric vehicle in the competitive Chinese market, where domestic rivals are increasingly gaining ground. Key Takeaways: Production and Expansion Plans : Tesla is preparing for a significant increase in Model Y production at its Shanghai factory, with suppliers instructed to gear up for a double-digit output rise. The plant is awaiting approval to expand on an additional 70 hectares of land, which may be crucial for accommodating the planned increase. This expansion aligns with Tesla's broader strategy to keep its aging Model Y fresh in the market by adding new variants and features. Market Competition and Strategy : The introduction of a six-seat Model Y reflects the growing pressure...