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Gannett to lay off two percent of workforce

Gannet to lay off 2 percent of workforceGannett, the largest U.S newspaper company, is cutting another two percent of its workforce. That cut, which should total about 350 or more positions throughout the company, was made official in an internal memo (reproduced below) to Gannett employees by CEO Bob Dickey moments ago.

On Friday, POLITICO had reported [“Gannett approaches possible billion dollar deal to buy Tronc – and layoffs, too”] the layoffs and other cost reductions would be announced this week.

Gannett will announce its third-quarter earnings on Thursday. Company insiders say they won’t be pretty, as print ad revenue losses largely between five and eight percent at many of its more than 100 properties swamp efforts at digital business revenue growth.


SEC charges hedge fund manager Leon Cooperman, Omega Advisers with insider trading

SEC charges hedge fund operator with insider tradingBillionaire Leon Cooperman and his Omega Advisors hedge fund were charged Wednesday with insider trading, the Securities and Exchange Commission announced.

The SEC accused Cooperman of buying into Atlas Pipeline Partners ahead of a deal, using his status as one of its largest shareholders to acquire nonpublic information about an upcoming transaction.


Deutsche Bank faces new blow as Justice Department demands record $14B

Deutche bankDeutsche Bank faces the prospect of having to tap shareholders for more cash after the U.S. Department of Justice asked Germany’s flagship lender to pay $14 billion to settle an investigation into alleged mis-selling of mortgage-backed securities. The record fine marks the latest blow to the bank, which has run a gauntlet of setbacks since the 2008 financial crisis.

The Department of Justice move was only the first salvo in what could be a lengthy negotiation over the size of the fine, but it raised fears the final penalty will be far greater than expected. Deutsche Bank said on Friday it has “no intent” to settle the issue at “anywhere near the number cited.”

The negotiations are only just beginning. The bank expects that they will lead to an outcome similar to those of peer banks which have settled at materially lower amounts.


Robots will eliminate 6% of all US jobs by 2021, report says

Robots to eliminate 6% of jobsBy 2021, robots will have eliminated 6% of all jobs in the US, starting with customer service representatives and eventually truck and taxi drivers. That’s just one cheery takeaway from a report released by market research company Forrester this week.

These robots, or intelligent agents, represent a set of AI-powered systems that can understand human behavior and make decisions on our behalf. Current technologies in this field include virtual assistants like Alexa, Cortana, Siri and Google Now as well as chatbots and automated robotic systems. For now, they are quite simple, but over the next five years they will become much better at making decisions on our behalf in more complex scenarios, which will enable mass adoption of breakthroughs like self-driving cars.


Donald Trump's other blood sport

Trump's other blood sportHis name was Fedor and other men feared him. He had a shaved head, deadpan eyes and construction-worker muscles. He was a Russian army veteran who called Vladimir Putin a friend.

“His thing,” Donald Trump said, “is inflicting death on people.”

And he was Trump’s newest business partner.

It was June 5, 2008 and Trump had called a news conference at Trump Tower to announce a new venture into the business of mixed martial arts—a blood-spattering blend of boxing, wrestling and karate often fought in a caged octagon.


Macy's is closing another 100 stores

Macy's In a sign of how dramatically the retail shopping landscape is changing, Macy's is closing 100 of its stores nationwide.

Macy's (M) announced the closures Thursday. They represents about 15% of all Macy's department stores. The iconic retailer did not disclose the locations of stores, but said most of them will be shut down in early 2017.

The Macy's move is the latest in a wave of store closures amid the rise and success of Amazon (AMZN, Tech30) and other online shopping options.


Microsoft to cut about 2,850 more jobs

MicrosoftMicrosoft's costly bet on Nokia will mean more job losses than previously expected.

The software giant will layoff about 2,850 people over the next year as it continues to unwind its smartphone hardware business. Microsoft (MSFT, Tech30) disclosed the news in a regulatory filing on Thursday.

The new cuts come on the heels of 1,850 layoffs announced two months ago, and about 7,800 losses a year ago.



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