BEIJING—Global stock markets declined Thursday after signs of enduring upward pressure on U.S. and European prices raised expectations that interest rates will stay higher for longer. London, Shanghai, Frankfurt, and Tokyo retreated. Oil prices fell. Wall Street futures were lower after a survey showed prices paid by U.S. manufacturers rose in February for the first…
Global Stocks Lower After Inflation Fuels Rate Fears
March 2, 2023
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Office Landlord Defaults on the Rise as Employees Continue to Work From Home
March 2, 2023
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Office landlord defaults are on the rise throughout the United States as employees continue to work from home. The list of major commercial real estate landlords defaulting on their loans is beginning to climb, as more developers begin to realize that American workers are increasingly preferring to work remotely or via a hybrid model, which may leave…
Cosmetic, Clothing, Food Sectors Have Highest Rate of Greenwashing: Australian Corporate Watchdog
March 2, 2023
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The cosmetic, clothing, footwear, and food and drink industries have the highest levels of misleading claims around greenwashing, says Australia’s consumer watchdog. The Australian Competition and Consumer Commission (ACCC) on March 2 revealed that of the 247 businesses investigated, over half (57 percent) were “vague or unclear” about their environmental credentials. This practice is called…
Software Consultancy Firm Thoughtworks Cuts About 500 Jobs
Software consultancy firm Thoughtworks Inc. said on Wednesday it laid off 4 percent of its global workforce, or roughly 500 employees, joining a host of U.S. companies looking to cut costs amid a sobering economic outlook. Tech firms have laid off thousands of workers recently as they brace for a period of lower demand, high…
Turkey Fines TikTok for Weak Data Protection Measures
ISTANBUL—Turkish authorities have fined TikTok 1.75 million lira ($93,000) for not taking sufficient measures to protect users from unlawful processing of their data, the Personal Data Protection Board (KVKK) said on Wednesday. The fine comes amid growing international concern over the Chinese short video-sharing app and who accesses its user data. Government institutions in Europe…
Blackstone Blocked Investor Withdrawals From $71 Billion REIT in February
NEW YORK—Blackstone Inc. said on Wednesday it had blocked investors from cashing out their investments at its $71 billion real estate income trust (BREIT) as the private equity firm continues to grapple with a flurry of redemption requests. BREIT said it fulfilled redemption requests of $1.4 billion in February, which represents only 35 percent of…
Novavax Raises Doubts About Ability to Remain in Business, Shares Fall
NEW YORK—COVID-19 vaccine maker Novavax Inc. on Tuesday raised doubts about its ability to remain in business and announced plans to slash spending as it works to prepare for a fall vaccination campaign, and its shares plunged more than 25 percent. The company said there is significant uncertainty around its 2023 revenue, funding from the…
Ticketing Service Provider Eventbrite to Lay Off 8 Percent Workforce
Eventbrite Inc. said on Tuesday it will eliminate about 8 percent of the company’s workforce, as the ticketing service provider looks to cut costs amid worries of an economic downturn. Shares of the company were up nearly 3 percent at $9 in extended trading. The company joins a growing list of firms in corporate America—from…
Alphabet’s Waymo Cuts 137 Jobs in Second Round of Layoffs This Year
Alphabet Inc.’s self-driving technology unit, Waymo, laid off 137 employees in its second round of layoffs in 2023, the firm told Reuters on Wednesday. Including the latest job cuts, the division has let go of 8 percent of its workforce, or 209 employees, this year. Investors and industry watchers have been concerned as to how…
Delta Pilots Approve Contract to Raise Pay by More Than 30 Percent
ATLANTA—Pilots at Delta Air Lines easily approved a new contract that will raise their pay by more than 30 percent over four years and likely lead to similar agreements covering union pilots at other major U.S. airlines. The Air Line Pilots Association said 78 percent of Delta pilots who voted supported the contract. Delta has…
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