Morning Beat: Credit Suisse Group AG (ADR) (CS), Sony Corp (ADR) (SNE), and Intel Corporation (INTC)
Credit Suisse Group AG (ADR) (NYSE:CS) will lay off an additional 2,000 staff as part of an accelerated three-year restructuring push. The Swiss-based lender is in the process of shrinking its investment banking unit having reiterated plans to exit some businesses as well.
Chief Executive Officer, Tidjane Thiam, is targeting cost cuts of about 4.4 billion francs over the next two years. This year alone, Credit Suisse Group AG (ADR) (NYSE:CS) is planning to reduce its costs by about 1.7 billion francs.
The bank is experiencing one of its worst runs in recent years having posted a disappointing fourth quarter. For the current quarter, it is projecting a 45% decline in revenue compared to the same period last year.
‘Bully’ and ‘Manhunt’ are now available on PS4. Sony Corp (ADR) (NYSE:SNE) says the two Rockstar titles that are synonymous with PS2 will go for $15 apiece. The games unlike in PS2 get full 1080p rendering capabilities. They will also come with enhanced features such as Trophies, remote play, and second screen support.
The same gaming experience as in PS2 is guaranteed while playing the games on PS4. However, Sony says some features may not function properly. The two games are currently available in the UK PlayStation store. There is no word on when Sony Corp (ADR) (NYSE:SNE) plans to release the games to faithful in North America.
Intel Corporation (NASDAQ:INTC) is intentionally slowing the pace on the release of new CPUs. In a bid to make consumers crave more for its products, the chip giant says it is making its tick-tock cycle a three step process. What this means is that consumers will have to wait a year more, before they see any significant speed improvements on chips.
The longer process that the company calls ‘architecture optimization’ will start with the 10-nanometer chips. The tech giant has also relegated its 14-nanometer chip to a 2.5-year cycle having faced some issues in switching from 22 to 14 nanometers.
Even with the slow pace, in making transitions, Intel Corporation (NASDAQ:INTC) says it is on course to introduce 10-nanometer chips before its rivals.
Apple Inc. (NASDAQ:AAPL) has released iOS 9.3 that enhances the capability and area of coverage of AT&T’s Wi-Fi calling service. The update is designed to make it easier for users to make calls outside the US without incurring additional charges.
With the upgrade, iPhone users should be able to make calls via Wi-Fi even if coverage is shaky. The person on the receiving end will have to enable Wi-Fi calling on their end for the service to work. Even though iOS 9.3 is an upgrade, it only works with iPhone 6, 6 Plus and iPhone 6S and 6 Plus.
AT&T Inc. (NYSE:T) has also updated its Wi-Fi calling Service to allow iPads and Macs connected to iPhones to make calls while on a cellular connection.
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