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(Reuters) -GlobalFoundries' John Hollister has stepped down from the CFO position and will be succeeded by Sam Franklin on an interim basis, the contract chipmaker said on Monday. The management reshuffle comes at a time when the company has pledged to invest $16 billion partly towards building more manufacturing facilities on American soil amid U.S. President Donald Trump's push to onshore supply chains. The company, unlike leader TSMC, does not largely produce cutting-edge artificial intelligence chips and is spending heavily on upgrading its manufacturing processes to produce more advanced chips for markets such as automotive and smartphones. While Taiwan's TSMC manufactures the most advanced processors designed by the likes of Nvidia, AMD and Qualcomm, GlobalFoundries produces the chips used alongside them that form an essential part of electronic systems. Hollister, who joined the company as CFO early last year, is leaving due to "personal reasons", GlobalFoundries said, without providing further details. Franklin, who is currently vice president of business finance, operations and investor relations, joined Global Foundries in 2022. He has previously held banking and finance positions across firms including Mubadala, a unit of Abu Dhabi's sovereign wealth fund that is also GlobalFoundries' largest shareholder, according to LSEG data. "While the company determines a permanent successor, we are confident in Sam's ability," CEO Tim Breen said in a statement. "GF (GlobalFoundries) remains focused on our strategic priorities." GlobalFoundries' adjusted gross margin has struggled to break out of the 20-30% range for a large part of the last four years, with analysts citing pricing problems and increased competitive pressure. The company is expected to report a drop of about 4% in quarterly revenue to $1.68 billion on November 12, according to data compiled by LSEG. Its profit is expected to fall 8% to $165.4 million. (Reporting by Arsheeya Bajwa; Editing by Anil D'Silva)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Suzanne McGee (Reuters) -Canary Capital plans to launch the first U.S. exchange-traded products tied to the litecoin and hedera cryptocurrencies on Tuesday, the firm told Reuters, forging ahead despite a government shutdown that has hobbled the U.S. securities regulator. Separately, Bitwise Asset Management said it will launch its own new cryptocurrency ETF, tied to solana, on Tuesday. The launches test a recently streamlined approval process, potentially paving the way for a wave of new cryptocurrency products to come to market without lengthy, product-specific reviews. "We've had several interactions with the SEC" on both filings over the last year, Steven McClurg, Canary's founder and CEO, told Reuters. "We were very much ready to go" before the shutdown. Canary is relying on the mid-September vote by SEC commissioners allowing three national securities exchanges to adopt generic listing standards for cryptocurrency and other commodity exchange-traded products. That vote removed the last obstacle for asset managers hoping to launch dozens of new spot funds tied to an array of cryptocurrencies. SEC officials could not immediately be reached for comment. Previously, new spot crypto ETFs, such as the bitcoin funds launched in January 2024, had to undergo lengthy, product-specific reviews by two different groups of SEC staffers. The new rules enable crypto asset managers to launch products as long as they meet certain criteria. McClurg added that Canary will not launch all of its filed crypto products at once, but will roll out additional products in the coming weeks and months. While the firm is comfortable with launching the litecoin and hedera offerings, based on the extent and nature of pre-shutdown discussions with the SEC, "There are a lot of filings we've still got out there that we don't have that level of comfort with." Together with a 2019 rule designed to streamline the ETF listing process, "the standardized listings give the whole industry plenty of room" to roll out these new products, said Dave Nadig, head of research at ETF.com. (Reporting by Suzanne McGee; Editing by Lisa Shumaker)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Paramount Skydance plans to keep much of Warner Bros Discovery intact if the two companies merge, with CEO David Ellison aiming to retain creative teams at both studios while streamlining marketing and distribution, Bloomberg News reported on Monday. Reuters could not immediately verify the report. The companies did not immediately respond to Reuters' requests for comment. Last week, Reuters reported Warner Bros board rejected a nearly $60 billion offer from Paramount. No decisions have been made on whether Paramount would divest real estate assets tied to either company, the Bloomberg report said, citing people familiar with the matter, adding that under Ellison's plan, Warner Bros' HBO Max streaming service would merge into the existing Paramount+ platform. There are no plans to sell or spin off the cable networks of either business, the report added. Although Paramount's CBS News could potentially share resources with Warner Bros' CNN news division, according to the report. Ellison also aims to leverage emerging technologies and artificial intelligence to ramp up production, targeting 30 films annually across the combined entities, the report said. Warner Bros, the studio behind the "Harry Potter" and DC Comics film franchises, announced that it would explore its options for the sale of the company. David Ellison's Paramount Skydance is seen as the top contender to buy Warner Bros Discovery, with analysts and experts saying the tech scion's access to deep pockets and Washington ties give him an edge in what could be the media industry's biggest merger in years. (Reporting by Angela Christy in Bengaluru; Editing by Rashmi Aich)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

By Jonathan Stempel (Reuters) -A federal judge decertified on Monday a class action by tens of millions of Apple customers who accused the company of monopolizing the market for iPhone apps by banning purchases outside its App Store, leading to higher prices. U.S. District Judge Yvonne Gonzalez Rogers in Oakland, California, reversed her February 2024 class certification ruling, which let Apple account holders who spent $10 or more on app or in-app content within the last 17 years sue as a group. In decertifying the class, Rogers said the plaintiffs failed to provide a model "capable of reliably showing classwide injury and damages in one stroke" by matching Apple accounts to consumers, while limiting the number of "unharmed" consumers in the class. She ruled after an expert hired by Cupertino, California-based Apple found "alarming" errors in the plaintiffs' model. These included one that named plaintiff Robert Pepper and supposed claimant "Rob Pepper" were different people despite sharing home addresses and credit card information. They also included the lumping together of more than 40,000 payment records for people whose first name was "Kim," but who otherwise had nothing in common. DISAPPOINTED PLAINTIFFS TO REVIEW NEXT STEPS Mark Rifkin, a lawyer for the plaintiffs, said in an email "we are of course disappointed" with the decision, and are reviewing their next legal steps to protect consumers "harmed by Apple's unlawful App Store monopoly." Apple said it was pleased with the decision, and that it invests "significantly" to make the App Store "a safe and trusted place for users to discover apps and a great business opportunity for developers." Class actions can result in greater recoveries at less cost than if plaintiffs sue individually. The plaintiffs said Apple's monopoly included charging excessive commissions to app developers, which would be passed on to consumers through higher prices to download apps or make in-app purchases. Lawyers for the plaintiffs had estimated that classwide damages could total billions of dollars. The lawsuit began in December 2011, and the class had covered users of iOS-powered devices since July 10, 2008. The case is In re Apple iPhone Antitrust Litigation, U.S. District Court, Northern District of California, No. 11-06714. (Reporting by Jonathan Stempel in New York; Editing by Nia Williams, Bill Berkrot and Matthew Lewis)

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By Sneha Kumar (Reuters) -Australia's corporate regulator and the federal police raided tech firm WiseTech Global's Sydney office, investigating alleged trading in shares by founder Richard White and three employees, sending shares to an over-six-month low. Shares of the logistics software maker slipped nearly 17% to A$70.60 as of 2355 GMT on Tuesday, their weakest level in more than six months. The company said the allegations against founder Richard White and three employees are for trading in the company's shares from late 2024 to early 2025.  A spokesperson for the Australian Securities and Investments Commission confirmed, in an emailed response, that it had executed search warrants as part of an ongoing investigation with the Australian Federal Police, but declined to comment further.  In February, the ASIC initiated "preliminary inquiries" into the logistics software maker following a mass exodus of executives and the surprise return of White as the chairman.  Media reports suggested it was because the billionaire founder and former chief executive had sold more than A$200 million ($129.96 million) of shares during a blackout period and without informing the market. Last year, between October 2 and December 20, White sold 3.6 million WiseTech shares, resulting in a decrease in shareholding to 36.63% from 37.7%, according to an exchange filing from December. White has been embroiled in controversy since October 2024, when he stepped down from the role after multiple media reports of allegations about his personal life, including payments to a past sexual partner.    WiseTech has also been facing a broader crisis involving corporate governance concerns and share volatility, which led to a 40% slump in share value so far this year. "It's very disappointing for long-term shareholders, and shareholders will be questioning how much further WiseTech shares can fall," said Jessica Amir, market strategist at moomoo. "When this is being sensationalised as well, it puts pressure on the stock." The Australian Federal Police referred to the ASIC's media unit when contacted by Reuters for comment.  ($1 = 1.5389 Australian dollars) (Reporting by Sneha Kumar in Bengaluru; Editing by Maju Samuel and Alan Barona)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Paramount Skydance plans to keep much of Warner Bros Discovery intact if the two companies merge, with CEO David Ellison aiming to retain creative teams at both studios while streamlining marketing and distribution, Bloomberg News reported on Monday. Reuters could not immediately verify the report. The companies did not immediately respond to Reuters' requests for comment. Last week, Reuters reported Warner Bros board rejected a nearly $60 billion offer from Paramount. No decisions have been made on whether Paramount would divest real estate assets tied to either company, the Bloomberg report said, citing people familiar with the matter, adding that under Ellison's plan, Warner Bros' HBO Max streaming service would merge into the existing Paramount+ platform. There are no plans to sell or spin off the cable networks of either business, the report added. Although Paramount's CBS News could potentially share resources with Warner Bros' CNN news division, according to the report. Ellison also aims to leverage emerging technologies and artificial intelligence to ramp up production, targeting 30 films annually across the combined entities, the report said. Warner Bros, the studio behind the "Harry Potter" and DC Comics film franchises, announced that it would explore its options for the sale of the company. David Ellison's Paramount Skydance is seen as the top contender to buy Warner Bros Discovery, with analysts and experts saying the tech scion's access to deep pockets and Washington ties give him an edge in what could be the media industry's biggest merger in years. (Reporting by Angela Christy in Bengaluru; Editing by Rashmi Aich)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)

(Reuters) -Paramount Skydance plans to keep much of Warner Bros Discovery intact if the two companies merge, with CEO David Ellison aiming to retain creative teams at both studios while streamlining marketing and distribution, Bloomberg News reported on Monday. Reuters could not immediately verify the report. The companies did not immediately respond to Reuters' requests for comment. Last week, Reuters reported Warner Bros board rejected a nearly $60 billion offer from Paramount. No decisions have been made on whether Paramount would divest real estate assets tied to either company, the Bloomberg report said, citing people familiar with the matter, adding that under Ellison's plan, Warner Bros' HBO Max streaming service would merge into the existing Paramount+ platform. There are no plans to sell or spin off the cable networks of either business, the report added. Although Paramount's CBS News could potentially share resources with Warner Bros' CNN news division, according to the report. Ellison also aims to leverage emerging technologies and artificial intelligence to ramp up production, targeting 30 films annually across the combined entities, the report said. Warner Bros, the studio behind the "Harry Potter" and DC Comics film franchises, announced that it would explore its options for the sale of the company. David Ellison's Paramount Skydance is seen as the top contender to buy Warner Bros Discovery, with analysts and experts saying the tech scion's access to deep pockets and Washington ties give him an edge in what could be the media industry's biggest merger in years. (Reporting by Angela Christy in Bengaluru; Editing by Rashmi Aich)

(The article has been published through a syndicated feed. Except for the headline, the content has been published verbatim. Liability lies with original publisher.)