Company News in Brief

New Intel CEO tells clients: ‘Be brutally honest with us’ In his first remarks as Intel’s new CEO, Lip-Bu Tan on Monday outlined a leaner version of the iconic American chip maker in which he would work directly with engineers to develop new products based on feedback from the company’s customers. Tan earlier this month took over at Intel, which once enjoyed more than 90% market share in both PCs and data centre servers but has lost out to rivals such as Nvidia in recent years. Speaking at Intel’s “Vision” event in Las Vegas, where the company was set to discuss products with its customers, Tan said he spent his first weeks on the job meeting with customers and said the company had fallen far short of their expectations.“Please be brutally honest with us. This is what I expect of you this week, and I believe harsh feedback is most valuable,” Tan said.Reuters has previously reported that Tan plans to eliminate what he views as a slow-moving and bloated middle management layer.On Monday, Tan repeatedly promised to give more power to Intel’s engineers, saying that new ideas have not had “room to develop and grow” at Intel in recent years.-TechCentral ArcelorMittal South Africa defers plant closure after $92 million injectionArcelorMittal South Africa will defer the closure of its loss-making long steel plants to August 31 after getting a 1.683 billion rand ($91.50 million) injection from the state-owned Industrial Development Corporation, the steelmaker said on Monday.The steelmaker, which has been in talks with the government about a relief package, announced on February 28 it would cease long steel production by April after failing to get concessions on its demands. The company had asked for lower electricity and freight rail tariffs, the imposition of import duties and the removal of a scrap metal export tax it says gives its competitors - recycling mini-mills - an unfair advantage."The deferral of the wind down has accordingly been enabled by a facility provided by the Industrial Development Corporation of South Africa in the amount of 1.683 billion rand," ArcelorMittal said in a statement.The closure of the long-steel operations, which produce fencing material, rail, rods and bars used in the construction, mining and manufacturing sectors, has been expected since November 2023.-REUTERSUN's WFP says 58 million face hunger crisis after huge shortfall in aidThe U.N. World Food Programme warned on Friday that 58 million people were at risk of extreme hunger or starvation unless urgent funding for food aid is secured, after drastic shortfalls from donors so far this year, including the United States.The Rome-based agency said it faced a 40% slump in donations in 2025 compared to last year, adding that the shortfall threatened feeding programmes for in 28 crisis zones around the world, including Gaza, Sudan, Syria and Congo."WFP is prioritising the worst-affected regions and stretching food rations to maximize impact. But make no mistake, we are approaching a funding cliff with life-threatening consequences," said Rania Dagash-Kamara, WFP Assistant Executive Director for Partnerships and Innovation.WFP, which describes itself as the world's largest humanitarian organisation, said 343 million people globally were experiencing severe food insecurity, driven by conflict, economic instability, and climate change.It aims to assist 123 million of them in 2025, nearly half of whom face an imminent loss of food support, it said.-REUTERS

Company News in Brief

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