The technology sector in the United States continued to lay off more workers in May, with job cuts nearly tripling from April, according to latest data. In May, the tech sector laid off 19,072 employees, which is an almost 200 percent jump from the 6,469 layoffs announced in April, technology magazine IEEE Spectrum reported, based…
American Tech Sector Continues to Bleed as Layoffs Jump 200 Percent in May
June 23, 2023
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Food and Beverage Sector Faces Highest Risks of Insolvency: Warns CreditWatch
June 23, 2023
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AustraliaAustralia cost of living crisisAustralian food industryBusiness & MarketsCompanieseconomyinflationinsolvencyrecessionskill shortageWorld
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One of Australia’s top commercial credit reporting bureaus warns that the country’s food and beverage sector is set to see more businesses fail in the new financial year as households tighten their budgets and operating expenses stay high amid mounting cost of living pressures. CreditorWatch’s latest business risk index points to grim business conditions, with…
New Bud Light Ad Garners Mixed Reviews After Dylan Mulvaney Controversy
A newly-released Bud Light advert has received mixed reviews online, with some claiming the company is “trying too hard” and others vowing to continue consuming rival beverages after Anheuser-Busch found itself at the center of controversy earlier this year. Bud Light unveiled the new television commercial called “Easy to Summer” on June 22. The 60-second…
Euro Slides on Weak Business Data; Hawkish Central Banks Boost Dollar
SINGAPORE—The euro fell after the bloc’s business growth virtually stalled this month, as the dollar drew support from a bout of risk aversion on Friday and hawkish comments from global central banks, including the Federal Reserve. The dollar index, which measures the currency against six others, was up 0.56 percent at 102.95, reversing three straight…
Oil Resumes Slide on Demand Worries After Latest Rate Hikes
June 23, 2023
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Business & Marketseconomic policieseconomyenergyglobalGold and CommoditiesinflationMarketsOilrecessionstocks
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LONDON—Oil dropped for a second day on Friday and was heading for a weekly decline, as a UK interest rate hike added to concern over economic growth that outweighed lower U.S. crude stocks and other signs of tighter supplies. Both crude benchmarks had dropped about $3 on Thursday after the Bank of England raised interest…
Stock Market Today: Asian Shares Sink as Central Banks Crank Interest Rates Still Higher
June 23, 2023
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BANGKOK—Asian shares sank sharply Friday after several central banks around the world cranked interest rates higher in their fight against inflation. Hong Kong and Tokyo shed nearly 2 percent and most other regional markets declined. U.S. futures and oil prices also were lower. Japan reported its inflation rate was higher than expected, adding to expectations…
Officials Unsure When Hydrogen Production Can Be Profitable Despite Billions in Taxpayer Funding
Despite billions being pumped into trying to kickstart Australia’s hydrogen industry, department officials concede reaching profitability may be a long way off. Jo Evans, the deputy secretary of the Department of Climate Change and Energy, said costs were still too high for hydrogen production. “There’s no way they’ll make a profit at those costs,” Evans…
Apple Found Guilty of Union-Busting Activities at NYC Store by Labor Judge
Apple is in trouble for its anti-union busting practices at one of its 270 stores in the United States. On June 20, a National Labor Relations Board (NLRB) judge, Lauren Esposito, ruled that the tech giant violated their employees’ rights by interfering with unionization efforts at the World Trade Center (WTC) location in New York City,…
Northern Territory Considers Replacing ‘Uncompetitive’ Mining Royalties Scheme
The Northern Territory (NT) is looking to replace its current mining royalty scheme with one that is more competitive following a report that found it to be a deterrent to investment. Currently, the territory is looking at changing its profits-based scheme to one that is based on the underlying value of the extracted assets. The…
3M Reaches $10.3 Billion Settlement Over US Allegations of ‘Forever Chemicals’ Contamination
Chemical manufacturer 3M Co. has reached a $10.3 billion settlement with several U.S. public drinking water systems to resolve allegations of contamination of “forever chemicals.” The company announced Thursday that the agreement “includes present value commitment of up to $10.3 billion payable over 13 years.” The $10.3 billion agreement would settle a case that had been…
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