MOSCOW—Russia announced Friday that will cut oil production by 500,000 barrels per day next month after Western countries capped the price of its crude over its action in Ukraine. “As of today, we fully sell all our crude output, but as we stated before, we will not sell oil to those who directly or indirectly…
Russia Says It Will Cut Oil Production Over Western Caps
February 10, 2023
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Business & Marketscuteconomic policieseconomyenergyEuropeGold and CommoditiesMarketsOilpricesRussiaRussia-Ukraine WarWorld
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Alibaba-Backed Asian Group Daraz Cuts Workforce 11 Percent
KARACHI, PAKISTAN—Alibaba-owned e-commerce platform Daraz Group is reducing its workforce in the Indian subcontinent by 11 percent due to the “current market reality,” Chief Executive Officer Bjarke Mikkelsen said, suggesting job losses that could affect about 300 people. Daraz confirmed to Reuters that the cuts will affect a base of 3,000 full-time regional employees. A…
Fed Chair Powell Says No Rate Cuts This Year, Markets Hear It Differently
Federal Reserve Chair Jerome Powell had a clear message on Wednesday: as “gratifying” as it is that inflation has begun to slow, the central bank is nowhere near to reversing course or declaring victory. “It’s going to take some time” for disinflation to spread through the economy, Powell said in a news conference following the…
PayPal Announces It Will Lay Off About 2,000 Employees
PayPal Holdings Inc. said on Tuesday it is planning to cut 7 percent of its workforce, or about 2,000 employees, the latest in a list of fintech firms to be hit by the economic slowdown. The payments firm also joins Big Tech firms and Wall Street titans, which are executing layoffs across corporate America as…
After Tesla Price Cut, Ford Follows Suit With Mustang Mach-E
DETROIT—Ford is cutting prices on its Mustang Mach-E electric SUV by as much as $6,000 just weeks after market leader Tesla took similar steps. The Detroit automaker is increasing production of the Mach-E this year and said it is taking advantage of streamlined costs to reduce prices across the board, it said Monday. The cut…
Musk Outlines Tesla’s Recession Playbook: Claw Back Costs
Elon Musk has a playbook for Tesla headed into what he believes will be a “serious” recession: cut costs on everything from parts to logistics, while keeping the pressure on competitors with discounted sticker prices. In a conference call to discuss Tesla’s fourth-quarter results, Musk and other executives outlined plans to reshape the electric vehicle…
Sharpie-Owner Newell to Cut 13 Percent of Office Roles
Newell Brands Inc. said on Monday it will cut about 13 percent of its office positions, in a bid to save costs amid stubbornly high inflation that has pressured consumer spending. The sharpie maker joins a growing list of companies in corporate America—from Wall Street Banks and tech companies such as Spotify Technology SA to…
Tech Firms Leading Job Cuts in Corporate America
January 8, 2023
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Business & MarketsCompaniescuteconomiceconomyemployeeinflationInflationaryjobsMedia & Big Techrecession
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Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Persisting inflation leading to interest rate hikes, weak consumer demand, and an economic slowdown in China have forced firms from Amazon to Walt Disney and banks to trim their workforce….
Tech Firms Lead Job Cuts in Corporate America
January 8, 2023
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Business & MarketsCompaniescuteconomiceconomyemployeeinflationInflationaryjobsMedia & Big Techrecession
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Big Tech firms are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. Persisting inflation leading to interest rate hikes, weak consumer demand, and an economic slowdown in China have forced firms from Amazon to Walt Disney and banks to trim their workforce….
DoorDash Cuts 1,250 Jobs After Pandemic Hiring Surge
DoorDash is eliminating about 1,250 corporate jobs, or about 6 percent of its workforce, saying it hired too many people when delivery demand surged during the COVID-19 pandemic. CEO Tony Xu said in a message to employees Wednesday that DoorDash was undersized before the pandemic and sped up hiring to catch up with its growth….
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