GM Cutting Hundreds of jobs to Reduce Costs
General Motors Co is cutting hundreds of executive-level and salaried jobs as it looks to cut costs and streamline operations, a person briefed on the matter told Reuters on Tuesday. The global reductions are in the "low hundreds," the person said. GM Chief People...
Abandon Hope, Cineworld Tells Shareholders
Cineworld (LON:CINE) shareholders are set to be wiped out completely after talks to bring the company out of bankruptcy failed to attract enough interest from buyers. The owner of the Regal chain of cinemas, which collapsed under the weight of its debts last year,...
Oil Prices Rangebound As Markets Await China, U.S. Economic Cues
Oil prices moved in a small range on Tuesday as traders awaited more cues from Chinese and U.S. business activity readings due this week, although fears of rising interest rates and slowing economic growth saw markers nursing steep losses. Crude markets cut short a...
European Stock Futures Higher; U.S. Debt Optimism, Solid Earnings Help Tone
European stock markets are expected to open higher Friday, benefiting from the global optimism that a U.S. debt default will be avoided, but concerns about future growth remain. At 02:00 ET (06:00 GMT), the DAX futures contract in Germany traded 0.2% higher, CAC 40...
Puma Raises Dividend After Record Sales in 2022 But Sees 2023 Profit Falling
Puma (ETR:PUMG) reported record sales and earnings before interest and taxes in 2022 but warned that profit is likely to fall this year as high interest rates and inflation crimp consumer spending. The German sports gear maker, which lost its chief executive Bjørn Gulden...
AstraZeneca Q4 Core Earnings Beat Estimates Despite Esing COVID Vaccine Demand
AstraZeneca PLC (LON:AZN) posted better-than-expected core income in the fourth quarter, thanks to strong demand for its cancer and rare disease therapies that helped make up for waning sales of its COVID-19 vaccine. Core earnings per share during the three months ended on December...
Zara Owner Inditex Reports Surge in Annual Profit As Sales Hit Record High
Zara-owner Inditex (BME:ITX) posted a 29% jump in annual profit despite a slowdown in top-line returns in the final quarter, thanks to "historic" growth in sales both in its physical stores and online. The Spanish fast fashion retailer, now helmed by chair Marta Ortega,...
Oil Prices Move Little in Anticipation Of More China Cues
Oil prices kept to a tight range on Monday amid persistent concerns over high inflation and rising U.S. interest rates, while traders awaited more cues on demand from key Chinese economic readings this week. Readings on China’s Purchasing Mangers' Index (PMI) for February are...
Netflix Restructures Film Group As it Scales Back Movie Output – Bloomberg News
Video streaming service Netflix Inc (NASDAQ:NFLX) is restructuring its film group, which will result in layoffs and the departure of two of its most experienced executives, Bloomberg reported on Thursday. As part of the restructuring, Netflix will combine small and midsize picture productions units,...
Asian Stocks Fall As Rate Hike Jitters Mount, China Leads Losses
Most Asian stock markets retreated on Thursday, tracking a weak lead-in from Wall Street as fears of rising interest rates and slowing economic growth kept traders wary of risk-driven assets. China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were among the worst performers...