
Acrisure Goes Big on Payroll With $1.1B Acquisition
Michigan-based Acrisure is agreeing to buy Heartland Payroll Solutions from Global Payments for $1.1 billion. The insurance broker is trying to be a one-stop shop for fintech services. Acrisure CEO and C-Founder Greg Williams joined Bloomberg Open Interest to talk about the deal and what's ahead. (Source: Bloomberg)
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CNBC
32 minutes ago
- CNBC
Citi plans to cut 3,500 tech roles in China as global banks cut costs
Citigroup said Thursday it plans to cut around 3,500 technology positions in China, in the latest move by a major U.S. bank to streamline global operations and reduce costs. The reduction of staff at the China Citi Solution Centers in Shanghai and Dalian is expected to be completed by the start of the fourth quarter this year, Citi said in a statement. The jobs affected are mostly in the information technology services unit, providing software technology development, testing and maintenance and operational services for Citi's global business. The company said some of the roles will be moved to Citi's technology centers elsewhere, without specifying the numbers of jobs or specific locations. The layoffs in China come as Citi continues to work through a broader plan announced January last year, to reduce 10% of its workforce, or about 20,000 employees globally. It has moved to streamline operation and downsize office in the U.S., Indonesia, the Philippines and Poland, the company said. Led by CEO Jane Fraser, Citi has undertaken a sweeping reorganization aimed at improving profitability and restoring investor confidence after years of lagging behind major U.S. banking peers. A slew of major global banks are under fresh pressure to trim costs against the backdrop of deteriorating global economic outlook as U.S. President Donald Trump's tariff policies spark concerns for declining global demand. Hong Kong-based Hang Seng Bank, a subsidiary of HSBC, said last month it was restructuring business and streamlining duplicate roles in a move that would lead to job losses for about 1% of its "core staff." The job cuts were part of a cost-cutting drive led by HSBC CEO Georges Elhedery, who aims to reduce expenses by $1.8 billion by the end of 2026. The Hong Kong and mainland China-focused lenders have reported rising bad loans over the last few years due to their relatively high exposure to the property sector in those key markets.


San Francisco Chronicle
an hour ago
- San Francisco Chronicle
Private Japanese lunar lander heads toward a touchdown in the moon's far north
A private lunar lander from Japan is closing in on the moon, aiming for a touchdown in the unexplored far north with a mini rover. The moon landing attempt by Tokyo-based company ispace on Friday Japan time is the latest entry in the rapidly expanding commercial lunar rush. The encore comes two years after the company's first moonshot ended in a crash landing, giving rise to the name Resilience for its successor lander. Resilience holds a rover with a shovel to gather lunar dirt as well as a Swedish artist's toy-size red house that will be lowered onto the moon's dusty surface. Long the province of governments, the moon became a target of private outfits in 2019, with more flops than wins along the way. Launched in January from Florida on a long, roundabout journey, Resilience entered lunar orbit last month. It shared a SpaceX ride with Firefly Aerospace's Blue Ghost, which reached the moon faster and became the first private entity to successfully land there in March. Another U.S. company, Intuitive Machines, arrived at the moon a few days after Firefly. But the tall, spindly lander face-planted in a crater near the moon's south pole and was declared dead within hours. Resilience is targeting the top of the moon, a less forbidding place than the shadowy bottom. The ispace team chose a flat area with few boulders in Mare Frigoris or Sea of Cold, a long and narrow region full of craters and ancient lava flows that stretches across the near side's northern tier. Once settled with power and communication flowing, the 7.5-foot (2.3-meter) Resilience will lower the piggybacking rover onto the lunar surface. Made of carbon fiber-reinforced plastic with four wheels, ispace's European-built rover — named Tenacious — sports a high-definition camera to scout out the area and a shovel to scoop up some lunar dirt for NASA. The rover, weighing just 11 pounds (5 kilograms), will stick close to the lander, going in circles at a speed of less than one inch (a couple centimeters) per second. Besides science and tech experiments, there's an artistic touch. The rover holds a tiny, Swedish-style red cottage with white trim and a green door, dubbed the Moonhouse by creator Mikael Genberg, for placement on the lunar surface. Takeshi Hakamada, CEO and founder of ispace, considers the latest moonshot 'merely a steppingstone,' with its next, much bigger lander launching by 2027 with NASA involvement, and even more to follow. 'We're not trying to corner the market. We're trying to build the market,' Jeremy Fix, chief engineer for ispace's U.S. subsidiary, said at a conference last month. 'It's a huge market, a huge potential." Fix noted that ispace, like other businesses, does not have 'infinite funds' and cannot afford repeated failures. While not divulging the cost of the current mission, company officials said it's less than the first one which exceeded $100 million. Two other U.S. companies are aiming for moon landings by year's end: Jeff Bezos' Blue Origin and Astrobotic Technology. Astrobotic's first lunar lander missed the moon altogether in 2024 and came crashing back through Earth's atmosphere. For decades, governments competed to get to the moon. Only five countries have pulled off successful robotic lunar landings: Russia, the U.S., China, India and Japan. Of those, only the U.S. has landed people on the moon: 12 NASA astronauts from 1969 through 1972. NASA expects to send four astronauts around the moon next year. That would be followed a year or more later by the first lunar landing by a crew in more than a half-century, with SpaceX's Starship providing the lift from lunar orbit all the way down to the surface. China also has moon landing plans for its own astronauts by 2030. ___ The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute's Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content.


Business Upturn
an hour ago
- Business Upturn
Garden Reach signs MoI with Germany's Carsten Rehder for construction of 4 multi-purpose vessels
By Aman Shukla Published on June 5, 2025, 09:42 IST Garden Reach Shipbuilders & Engineers (GRSE) has announced the signing of multiple agreements aimed at enhancing its shipbuilding portfolio and expanding into the offshore segment. On June 4, 2025, GRSE signed a Memorandum of Intent (MoI) with Germany-based Carsten Rehder Schiffsmakler und Reederei GmbH & Co. KG. The agreement covers the construction of four follow-on 7,500 DWT Multi-Purpose Vessels. These vessels will continue from the eight currently under construction at GRSE's Kolkata facility. The new vessels are expected to include hybrid propulsion and upgraded cybersecurity features. A firm contract is anticipated by August 31, 2025. Additionally, GRSE entered into a Memorandum of Understanding (MoU) with Dubai-based Aries Marine. The MoU is focused on offshore platform and vessel design, aligning with GRSE's interest in entering the offshore construction space. This collaboration will explore offshore project opportunities where Aries will provide design expertise and GRSE will handle construction. On the same day, GRSE also signed an MoU with a global engine manufacturer. Further details of this agreement were not disclosed. These agreements mark GRSE's continued efforts to diversify its offerings and explore international collaborations. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at