In just the past month there have been nearly 50,000 job cuts across the technology sector. Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely. However, even with all of the…
Tesla Turns Up Heat on Rivals With Global Price Cuts
Tesla Inc. has slashed prices globally on its electric vehicles by as much as 20 percent, extending an aggressive discounting effort and challenging rivals after missing Wall Street delivery estimates for 2022. The move marks a reversal from the automaker’s strategy over the last two years when new vehicle orders exceeded supply. It comes after…
Amazon Secures $8 Billion Term Loan
Amazon.com Inc. said on Tuesday it had reached an agreement with certain lenders to provide the e-commerce giant an $8 billion unsecured loan. The term loan will mature in 364 days, with an option to extend for another 364 days and the proceeds would be used for general corporate purposes. “Given the uncertain macroeconomic environment,…
Morgan Stanley Making ‘Modest’ Job Cuts; CEO ‘Wouldn’t Bet Against’ Musk
NEW YORK—Morgan Stanley is making modest job cuts worldwide, Chief Executive Officer James Gorman said on Thursday, as sluggish deal markets weigh on Wall Street profits. “Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most…
Sweden’s H&M to Lay Off 1,500 Staff in Drive to Cut Soaring Costs and Rescue Profits
November 30, 2022
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COPENHAGEN—Swedish fashion giant H&M on Wednesday became the first big European retailer to start laying off staff in response to the cost of living crisis despite a still tight labor market, as it tries to save 2 billion Swedish crowns ($190 million) a year. The move by the world’s No.2 fashion retailer to reduce mainly…
UniCredit Reaches Deal With Unions on Job Cuts in Italy
MILAN—Italian lender UniCredit has signed an agreement with unions for 1,200 voluntary job cuts to be partly offset by 725 new hires, the country’s biggest banking union said on Thursday. The accord follows a new three-year plan to the end of 2024 presented on Dec. 9 by Chief Executive Andrea Orcel, who had taken over…
Volkswagen CEO: We Will Keep Up With Tesla but Not Without Cuts
FRANKFURT—Volkswagen Chief Executive Herbert Diess on Thursday said he was confident that Europe’s largest carmaker could keep up with Tesla, but added this would require further cost cuts, including headcount reductions at its Wolfsburg site. Tesla is planning to open its plant in Gruenheide near Berlin, its first gigafactory in Europe, this year although no…
Japan’s Factory Output Extends Declines on Car Production Cuts
TOKYO—Japan’s industrial output fell for the second straight month in August as COVID-19 outbreaks elsewhere in Asia disrupted supply chains for carmakers already facing headwinds from a prolonged chip shortage. Separate data out on Thursday showed retail sales in August slipped for the first time in six months as households cut spending amid a coronavirus…
Toyota Cuts Production Target by 3 Percent on Parts and Chips Shortages
TOKYO—Toyota Motor Corp. cut its annual production target by 300,000 vehicles on Friday as rising COVID-19 infections slowed output at parts factories in Vietnam and Malaysia, compounding a global shortage of auto chips. “It’s a combination of the coronavirus and semiconductors, but at the moment it is the coronavirus that is having the overwhelming impact,”…
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