The Office of Foreign Assets Control (OFAC) issued License No. 58 on Tuesday, May 5, authorizing “all transactions… necessary for the provision of legal, financial, and consulting services… in connection with potential debt restructuring processes,” which includes the state-owned oil company PDVSA.

There are also clearly stated restrictions in the license, as it does not currently authorize formal processes of “restructuring, renegotiation, transfer, or direct agreements with creditors.”

This makes it clear that this is a first step toward restructuring Venezuela’s debt.

 

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Source: elnacional

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La entrada United States issues license for Venezuelan debt restructuring apareció primero en Bitfinance.

Disney CEO Josh D’Amaro announced this Tuesday, April 14, the layoff of at least 1,000 employees as part of the company’s ongoing restructuring process.

According to the executive, the areas most affected this time are marketing and branding, globally, as part of the adaptation to the changing entertainment industry.

The adjustment represents approximately 1 % of Disney’s total workforce, which currently has 231,000 employees.

 

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La entrada Disney starts new wave of layoffs apareció primero en Bitfinance.

Microsoft will implement another staff reduction, equivalent to an average of 3 % of the workforce. It will also restructure various areas to reduce costs.

The tech giant is investing heavily in artificial intelligence, putting pressure on its finances.

During the last fiscal quarter, Microsoft reported $70 billion, “a 13 % increase over the same period last year,” with net profits of $25.8 billion. However, further layoffs will be implemented, starting with sales departments to balance expenses.

Since 2023, Microsoft has laid off more than 20,000 people, about 9 % of the total, in its race to develop AI, a sector that, according to internal estimates, already handles 30% of internal projects.

The company is seeking to “reduce its middle management. This way, they can achieve flatter and more agile structures for decision-making in a time of rapid change like this. In short, fewer bosses, less bureaucracy, and more lines of code.”

The expenses that force staff reductions are allocated to the construction of data centers, as well as the training of models and artificial intelligence for the present and the future.

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Source: genbeta

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La entrada Microsoft to lay off more staff to refocus AI investment apareció primero en Bitfinance.

Nokia Oyj in China cut 2,000 jobs as part of a restructuring and cost-cutting plan that began in 2023, when payroll at the end of that year was about 10,400.

Like its Nordic rival Ericsson AB, Nokia has been announcing cost-cutting due to weak sales, “while telecom operators delay or reduce expensive infrastructure upgrades.”

The market is highly competitive at the moment, and in China, which represents the world’s largest 5G stage, European companies are losing out to giants such as Huawei Technologies Co and ZTE Corp. “Nokia currently accounts for less than 5 percent of the total market share for equipment in China,” according to a spokesman.

The deterioration in trade relations between the United States and China has caused deep damage to the business sector. “Chinese operators reject European equipment in the same way that the United States and some European nations have rejected Chinese technology.”

Nokia has also cut 350 jobs in Europe, in addition to reducing its presence in China through the sale of its stake in a joint venture with Huawei.

M.Pino

Source: diario.mx

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The government of Venezuela extended the restructuring of the National Superintendency of Cryptocurrencies and Related Activities (Sunacrip) for six months. The measure is reflected in Official Gazette 42,840.

The decree, dated March 8, establishes the extension of this legal process that began on March 17. “The document states that once this period is over, the Restructuring Commission, which since March 2017 has been chaired by Anabel Pereira Fernández, will announce the entity’s new directive.”

As will be remembered, in March 2023 the Venezuelan government intervened in Sunacrip and ordered its restructuring in the midst of the corruption plot called “Pdvsa Cripto.”

The main objective of the restructuring ordered by Nicolás Maduro was “to change the administrative and operational processes at Sunacrip.”

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La entrada Venezuela extends the restructuring of Sunacrip for six more months apareció primero en Bitfinance.

The British bank Barclays is studying a strong restructuring that could include the dismissal of some 2,000 workers in the administrative and technology sectors, as well as the elimination of 2,500 clients among the least profitable.

The drastic measure is aimed at reducing costs by one billion pounds and, in addition, increasing its profits, as was learned this Tuesday.

In this regard, the union is putting pressure on the bank to avoid these layoffs. The organization’s secretary, Sharon Graham, has described the layoffs as shameful and believes that the bank is only seeking to increase its profits.

Throughout this year, Barclays executives have met to discuss this restructuring plan, codenamed Minerva, and which responds to “the pressures on the entity and its CEO, Coimbatore Venkatakrishnan, to return more capital to its investors, which would imply reducing the weight of this division of the banking entity.”

Among the measures that the bank has also addressed is raising capital “to buy a wealth management business or undertake a drastic reduction of commercial assets at the investment bank of up to 25 %.”

In any case, if the drastic reduction of clients in the lower profitable sectors is applied, the entity could release 20,000 million pounds in risk-weighted assets.

M.Pino

Source: bolsamania

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La entrada Barclays studies reducing client portfolio and layoffs apareció primero en Bitfinance.

In a surprise twist, social media giant Meta has dissolved its division tasked with overseeing and regulating its artificial intelligence (AI) projects, according to recent reports. The move has led many members of Meta’s AI division team to take on crucial roles within the company’s generative AI products division, while some have integrated the AI infrastructure team.

Meta’s generative AI division, established in February, primarily aims to develop products capable of generating language and images to emulate their human-created counterparts. This movement arises in the midst of intense competition in the technology industry, where various companies invest heavily in the development of machine learning so as not to be left behind in the race for supremacy in artificial intelligence.

The restructuring comes at a crucial time for Facebook’s parent company as it nears the end of its “year of efficiency,” named by CEO Mark Zuckerberg during an earnings call in February. This phase has been marked by layoffs, team mergers and redistributions in Meta.

AI security has become a prominent priority for major players in this space, especially with increasing attention from regulators and officials on the potential risks associated with this emerging technology. In July, Anthropic, Google, Microsoft, and OpenAI joined together to form an industry group dedicated to setting security standards as AI advances.

Despite the dissolution of the AI regulation division, relocated team members within Meta remain committed to the development and responsible use of artificial intelligence. They emphasize continued investment in this crucial area for the technological future.

Cointelegraph has reached out to Meta for more details, but has so far not received a response from the company.

K. Tovar

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La entrada Meta announced the dissolution of its AI regulation division apareció primero en Bitfinance.

Through presidential decree number 4,865, published in Official Gazette number 42,717, the restructuring process of the National Superintendency of Crypto Assets and Related Activities (Sunacrip) will be extended for a period of six months, starting on September 17, 2023.

As established in article 1 of the aforementioned decree, both the President and the other members that make up the Sunacrip Restructuring Commission will continue to perform their respective functions until the end of this extension.

The restructuring of Sunacrip was ordered by the president of Venezuela, Nicolás Maduro, in March 2023.

The board in charge of carrying out this restructuring process is headed by Anabel Pereira Fernández and has the participation of other main directors, namely: Héctor Andrés Obregón Pérez, Julio César Mora Sánchez, Román Daniel Maniglia Darwich and Larry Daniel Davoe Márquez.

The substitute directors are Luis Alberto Pérez González, Pavel Javier García Sandoval, Carlos Eloy Pirela Méndez and Edgardo Alfonzo Toro Carreño.

Among the responsibilities of the Sunacrip restructuring board are to exercise all functions and activities related to the restructuring process of the National Superintendency of Cryptoassets and Related Activities (Sunacrip), develop the institution’s Restructuring Plan, and implement said plan addressing all organizational, functional and operational aspects of Sunacrip, establishing guidelines for its improvement, reorientation or correction, as appropriate.

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La entrada Sunacrip restructuring process was extended apareció primero en Bitfinance.

The next update to Windows 12 would be in the markets in the fourth quarter of 2024, according to sources close to Microsoft.

Information has been leaked about a total restructuring, to start from scratch, with a more secure system and leaving only what is more efficient to the user.

“According to data from Windows Central, Windows 12 will be a fairly modular version. Its main objective will be to become a system adapted to more devices with different form factors. A new Windows will be rebuilt practically from scratch, adding only what is necessary”, indicates Finanzas Digital.

Specialists from Silicon Valley have indicated that “it is hoped that Windows 12 can be optimized for specific chips.” The requirements to go from Windows 11 to Windows 12 are those that users already know: a 64-bit processor (ARM / x86) at a minimum of 1GHz, 4 GB of RAM, 64 GB of minimum storage, UEFI with secure boot support, TPM 2.0 (Trusted Platform Module). Also, have a screen of at least 9 inches 1,366 x 768 px, GPU compatible with DirectX 12.”

Unless a different decision is made, the new version of Windows will continue to be free. So all users with a current license for Windows 11 will be able to perform the update.

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The Venezuelan government ordered the restructuring of the National Superintendency of Cryptoactives and Related Activities, Sunacrip, appointing the lawyer Anabel Pereira as rector.

Through the media it emerged that the order issued by President Nicolás Maduro became effective through Presidential Decree number 4,788, published in the Extraordinary Official Gazette number 6,739, dated March 17.

Anabel Pereira Fernández will take the reins of Sunacrip, with a team already designated, for six months to replace the previous superintendent of the organization, Joselit Ramírez, who was reportedly captured on Friday on alleged corruption charges.

The superintendent will be accompanied by three other principal directors: Héctor Andrés Obregón Pérez, Luis Alberto Pérez González and Julio César Mora Sánchez. On the other hand, Pavel Javier García Sandoval, Ramón Daniel Maniglia Darwich, Carlos Eloy Pirela Méndez, Larry Daniel Davoe Márquez and Edgardo Alfonzo Toro Carreño were appointed as substitute directors.

The new restructuring board must work on the functions inherent to this process, through a plan that includes all the activities of Sunacrip.

#GacetaOficial 📜 Presidente de la República Bolivariana de Venezuela, @NicolasMaduro, ordenó la reestructuración de la Superintendencia Nacional de Criptoactivos y Actividades Conexas @sunacrip_ve, por medio del decreto número 4.788 de fecha #17Mar
#ManoDuraContraLosCorruptos pic.twitter.com/lBXBuh5VI7

— Radio Miraflores #LaVozDeLaVerdad (@SomosRMNoticias) March 19, 2023

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