Joe Biden Vows Consequences Against Saudi Arabia, Philips Warns Lower Sales & Profit, Intel Explores Substantial Job Cuts: Top Stories Wednesday, Oct. 12

Reuters

President Joe Biden has reportedly said there would be "consequences" for Saudi Arabia for collaborating with Russia to trim oil production, indicating that cracks have appeared in the relationship between the two long-time allies.
In an interview broadcast on Tuesday night, Biden told CNN's Jake Tapper, "there's going to be some consequences for what they've done with Russia."

Apple Inc AAPL and Samsung Electronics Co Ltd SSNLF agreed to upgrade software for their 5G-enabled phones in India by December following a government push.
Apple looks to push software upgrades to recent models, including the iPhone 14, 13, 12, and iPhone SE, which do not yet support the network.

Toyota Motor Corp TM has started operations at a new plant in Myanmar after a hiatus following the military coup.
The Myanmar plant operations were paused for over nineteen months due to the coup and the coronavirus pandemic.
The automaker has started to assemble one to two Hilux trucks per day.

Bloomberg

Toshiba Corp TOSBF TOSYY granted a Japan Industrial Partners Inc led consortium preferred bidder status for its buyout.
Private equity firm JIP looked to acquire Toshiba in partnership with multiple domestic companies, including Orix Corp IX and Chubu Electric Power CHUEF.
Toshiba considered that a sale to JIP would keep the company as one entity.

The PC slowdown is beginning to bite chipmakers. Intel Corporation INTL is reportedly eyeing massive job cuts to tide over the current malaise.
Intel plans to announce a major headcount reduction, running into thousands, as early as this month.
The announcement could come around the release of the chipmaker's third-quarter results on Oct. 27. Divisions, including sales and marketing, will likely see about 20% of the jobs being eliminated.

Wall Street Journal

Coronado Global Resources Inc CODQL confirmed merger discussions with Peabody Energy Corp BTU.
The merger could lead to a new global giant worth some $6 billion, depicting how the coal-price surge that followed Russia's invasion of Ukraine is transforming the sector's fortunes.
A tie-up with Coronado would boost Peabody's production of metallurgical coal.

A federal judge in Maryland declined to halt Booz Allen Hamilton Holding Corp's BAH acquisition of a competing cybersecurity company EverWatch, scoring a victory against the Department of Justice.
Booz Allen in March moved to acquire EverWatch, a company it had been competing against to win a five-year contract to support the National Security Agency's mission of collecting foreign communications.
The DOJ prosecuted in June, alleging that the acquisition would drive up prices for the U.S. government and create a monopoly supplier for critical national-security services.

Nike Inc NKE plans to cancel orders placed with automated ordering software or technology on its website or apps.
The sneaker maker intends to charge restocking fees, reject refunds, or suspend accounts if it determines the purchase is made for resale.
Also, orders exceeding purchase limits are likely to be rejected.

CNBC

The U.S. health officials are tracking several coronavirus omicron subvariants that more easily evade immunity, rendering many treatments ineffective.
But the new booster shots should provide protection, said Dr. Ashish Jha, head of the White House Covid task force.

Benzinga

Meta Platforms Inc META held its Meta Connect 2022 on Tuesday, showing off its metaverse product slate, announcing additional partnerships, and releasing its next-gen Quest Pro headset.
Following the event, KeyBanc Capital Markets analyst Justin Patterson maintained an Overweight rating and a $196 price target for Meta shares.

A consortium of Cameco Corp CCJ and Brookfield Renewable Partners LP BEP, together with its institutional partners, has agreed to acquire Westinghouse Electric Company from Brookfield Business Partners LP BBU.
Brookfield Renewable will own a 51% stake in Westinghouse, and Cameco will own 49%.
The total enterprise value of Westinghouse is $7.875 billion.

Koninklijke Philips NV PHG said it expects third-quarter group sales to be approximately €4.3 billion with a comparable sales decline of approximately 5%.
Due to the lower sales, Group Adjusted EBITA for the quarter is expected to be around €210 million or around 5% of sales.

PepsiCo Inc PEP reported third-quarter FY22 sales growth of 8.8% year-on-year to $21.97 billion, beating the consensus of $20.81 billion.
The gross profit increased 8% Y/Y to $11.7 billion, and the profit margin fell 40 basis points Y/Y to 53.1%.
The operating margin contracted 30 basis points to 15.3%, and operating income for the quarter climbed 6.1% to $3.4 billion.

Mercedes Benz Group ADR MBGYY has partnered with Microsoft Corp MSFT for efficient, resilient, and sustainable vehicle production.
Through the MO360 Data Platform, Mercedes-Benz will connect its 30-passenger car plants worldwide to the Microsoft Cloud.
The move is expected to enhance transparency and predictability across the luxury car maker's digital production and supply chain.

General Motors Co GM has invested in Queensland Pacific Metals of Australia to secure a new source of nickel and cobalt for Ultium battery cells.
As part of the agreement, GM is expected to invest up to $69 million in Queensland Pacific Metals to develop its proposed Townsville Energy Chemicals Hub (TECH) Project in Northern Australia.
The TECH Project is expected to begin construction in 2023.