spend

Netflix to spend about $100 million to support African-American communities

FILE PHOTO: The Netflix logo is seen on their office building in Hollywood, Los Angeles, California, U.S. July 16, 2018. REUTERS/Lucy Nicholson/File Photo

(Reuters) – Netflix Inc will allocate 2%, or about $100 million, of its cash holdings to financial institutions and organizations that directly support African American communities in the United States, the streaming giant said on Tuesday.

The company said here in a blog post it will start with $35 million, of which $25 million will be moved to a new fund, “Black Economic Development Initiative”, and $10 million will go to Hope Credit Union for creating opportunity in underserved communities.

The move comes as U.S. companies face increasing pressure from investors, consumers and workers to take action against widespread racial inequality after the death of African American George Floyd in police custody.

“This capital will fuel social mobility and prosperity in the low- and moderate-income communities these

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Australia to spend nearly $1 billion to boost cyber security

FILE PHOTO: Australian Prime Minister Scott Morrison speaks during a joint press conference held with New Zealand Prime Minister Jacinda Ardern at Admiralty House in Sydney, Australia, February 28, 2020. REUTERS/Loren Elliott/File Photo

SYDNEY (Reuters) – Australia will spend A$1.35 billion ($926.1 million) over the next 10 years to boost its cyber security defences, Prime Minister Scott Morrison said on Tuesday, as Canberra seeks to combat a wave of attacks.

The announcement comes just weeks after Australia said a “sophisticated state-based actor” has been attacking all levels of the government, political bodies, essential service providers and operators of critical infrastructure.

Although Australia has declined to say who it believed was responsible for the attacks, three sources briefed on the matter told Reuters the country believed China was responsible, a suggestion swiftly dismissed by Beijing.

“The federal government’s top priority is protecting our nation’s economy, national security and sovereignty. Malicious cyber

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IBM sees shift in client spend priorities, withdraws annual forecast

(Reuters) – International Business Machines Corp’s (IBM.N) clients have shifted priorities toward saving capital in recent weeks because of COVID-19, hitting software sales in particular, new Chief Executive Officer Arvind Krishna said as the company withdrew its 2020 annual forecast.

FILE PHOTO: A man stands near an IBM logo at the Mobile World Congress in Barcelona, Spain, February 25, 2019. REUTERS/Sergio Perez

The company’s shares fell about 3.3% in after-market trading.

Krishna said the shift to remote work is accelerating the move towards cloud services offered by IBM. The company’s hybrid cloud offers combined management of on-premises and remote computers for clients.

Executives said most IBM customers were relatively well positioned for the pandemic and the company would continue to pay dividends.

The company posted quarterly revenue slightly lower than Wall Street expected, but beat profit targets as sales in its high-margin cloud computing business rose 19%.

IBM

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