COMPANY NEWS IN BRIEF

Ford to cut outputFord Motor plans to suspend or cut production at eight of its factories in the United States, Mexico and Canada throughout next week because of chip supply constraints, a spokeswoman told Reuters on Friday.The changes come a day after the Detroit automaker warned a chip shortage would lead to a decline to vehicle volume in the current quarter.Production at factories in Michigan, Chicago and in Cuautitlan, Mexico will be suspended. In Kansas City, production of its F-150 pickup trucks will be idled while one shift will run for production of its Transit vans.The Detroit automaker will also run a single shift or a reduced schedule at its factories in Dearborn, Kentucky and Louisville, while removing overtime at its Oakville factory in Canada. All changes will be in place for the week beginning Feb. 7.Ford shares slumped on Friday, after the automaker posted smaller-than-expected quarterly income and forecast a slower recovery in 2022 vehicle production than rival General Motors. -ReutersApple to debut low cost 5G iPhoneApple Inc is targeting a date on or near March 8 to unveil a low-cost 5G iPhone and an updated iPad, Bloomberg News reported on Friday, citing people with knowledge of the matter.According to the report, the new iPhone will be the first update to the iPhone SE model in two years and will feature 5G network capabilities, an improved camera and a faster processor.Apple in October announced two new MacBook Pro models that run on more powerful in-house chips.With the expected launch still more than a month away, Apple's plans may change in the face of production delays or other changes, the report added. The company did not immediately respond to a Reuters request for comment. Cupertino, California-based Apple is overcoming the costly global shortage in computer chips and posted record sales over the holiday quarter in January, beating profit estimates and forecasting that its shortfall is narrowing. -ReutersCarlyle in talks to acquire CBAMBuyout firm Carlyle Group Inc is in talks to acquire CBAM Partners in a bid to grow its credit investment platform and take on peers such as Apollo Global Management Inc and Blackstone Inc, according to people familiar with the matter.Carlyle has prevailed in an auction to acquire New York-based CBAM, which manages US$15 billion in credit assets, such as collateralized loan obligations and structured credit products, according to the sources, who requested anonymity because the matter is confidential.Bloomberg News reported earlier that Carlyle was in advanced talks to acquire CBAM for between US$750 million to US$850 million. Carlyle and CBAM spokespeople declined to comment.With its roots in leveraged buyouts, Carlyle has been trying to expand its credit platform in recent years. It hired veteran credit executive Mark Jenkins from the Canada Pension Plan Investment Board (CPPIB) in 2016 to spearhead its expansion into the private credit market.The Washington, D.C.-based firm grew its credit assets to US$73 billion as of the end of December, up from US$34 billion when Jenkins joined, through a mixture of fundraising and acquisitions of other firms. -ReutersKohl's adopts 'poison pill'Kohl's Corp on Friday adopted a shareholder right plans to protect itself from hostile takeovers, days after receiving buyout offers that the retailer said undervalued it.Last month, activist investor Starboard Value-backed Acacia Research Corp offered to buy the department-store chain for US$64 a share, valuing it at roughly US$9 billion. Around the same time, sources told Reuters that Sycamore Partners was also preparing an all-cash offer for Kohl's at US$65 per share.Without naming its suitors, Kohl's said on Thursday the offers did not adequately reflect its future growth and cash flow generation. It has hired Goldman Sachs to engage in talks with interested parties about a potential sale.Activist investors Macellum Advisors and Engine Capital, unhappy with Kohl's performance, have been pressuring it to explore options including a sale. -ReutersApple, Broadcom win new trialA US appeals court on Friday threw out a jury verdict ordering Apple Inc and Broadcom Inc to pay US$1.1 billion to the California Institute of Technology for infringing its Wi-Fi technology patents, and ordered a new trial on damages.The US Court of Appeals for the Federal Circuit said the January 2020 award by the federal jury in Los Angeles, one of the largest ever in patent cases, was "legally unsupportable."It also upheld the jury's findings that Apple and Broadcom infringed two Caltech patents, and ordered a new trial on whether they infringed a third patent.Caltech had sued Apple and Broadcom in May 2016, alleging that millions of iPhones, iPads, Apple Watches and other devices using Broadcom chips infringed its data-transmission patents.The jury had ordered Apple to pay Caltech US$837.8 million and Broadcom to pay an additional US$270.2 million. Caltech spokeswoman Shayna Chabner said the Pasadena, California-based school was confident that the value of its patents would be "fully recognized" at a new damages trial. -Reuters

COMPANY NEWS IN BRIEF

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