Category: Cuts
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Asda cuts jobs and mandates office attendance amid turnaround efforts
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Asda is mandating head office staff to work on site at least three days a week, while also announcing job cuts to streamline operations and stabilize its market position. The changes, sent in an internal email by interim chief executive Lord Rose, affect more than 5,000 employees in Leeds and…
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Unite union threatens legal action over cuts to pensioners’ winter fuel payments
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The union Unite has issued a stark warning to the UK Government over its controversial decision to cut winter fuel payments for millions of pensioners, threatening to pursue a judicial review if the policy is not reversed. The policy, initially announced in July and confirmed in the latest Budget, aims…
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Fed and Peers Will Go Ahead With Rate Cuts After This Week’s US Election
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Breadcrumb Trail Links PMN Business The Federal Reserve and many rich-world peers are widely expected to lower interest rates again in the coming week, right after a US presidential election that may not be decided yet. Author of the article: Bloomberg News Molly Smith and Craig Stirling Published Nov 02,…
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BOC Cuts Rates by 50bps, Now Aims to Stick the Landing on Inflation Control
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As expected in our event guide, the The Bank of Canada (BOC) cut overnight interest rates by 50 basis points from 4.25% to 3.75%. In October. This is the fourth consecutive reduction in interest rates since June. In its statement, the central bank welcomed inflation reaching the 2% target and…
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NCBA cuts lending rates as pressure mounts on banks
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NCBA Kenya has cut lending rates as lenders respond to the Central Bank of Kenya’s (CBK) move to cut its benchmark interest rate by the biggest margin since 2020. The bank said on Friday it would cut interest rates on new shilling-denominated loans to 16.91 percent from 17.5 percent. However,…
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A hot economy is good enough for stocks — and even for rate cuts
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This is the takeaway from today’s morning briefing, and what you can do subscription Received in your inbox every morning with: The bullish euphoria that came from the prospect of a quick return to neutral interest rates after the Fed’s 50 basis point cut in September has faded. But it’s…
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ECB Cuts Rates in October, Signals Openness to Further Adjustments
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In a unanimous decision and as markets expected, ECB members cut key interest rates by 25 basis points as of October 23: the Deposit rate It is now down to 3.25% the Prime refinancing rate I will retreat to 3.40% the Marginal lending facility rate It will ease to 3.65%…
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Nestlé cuts sales outlook and overhauls top leadership
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Nestlé again lowered its forecast for 2024 and reshaped its executive team on Thursday as the global food giant reported lower sales during the first nine months of the year. The Swiss group, whose brands range from Nespresso coffee capsules to Purina dog food and Häagen-Dazs ice cream, said its…
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Egypt’s Surprise Inflation Climb May Push Back Rate Cuts to 2025
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Breadcrumb links BMN Business Egypt appears set to wait until next year to make its first interest rate cut since 2020, as it faces an unexpected acceleration in inflation and fears of a broader conflict in the Middle East. Article writer: Bloomberg News Merit Magdy Posted on October 17, 2024…
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Asia FX weakens, dollar at over 2-mth high on bets of smaller rate cuts By Investing.com
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Investing.com — Most Asian currencies fell on Tuesday, while the dollar held steady at its highest level in more than two months amid continued bets that the Federal Reserve will cut interest rates at a slower pace. Comments made by Federal Reserve officials have reinforced this idea, especially after recent…
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Fed’s Waller. Fed should proceed with more caution on rate cuts than was needed at Sept
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The Fed should proceed with more caution on interest rate cuts than was called for at its September meeting My baseline calls for a gradual rate cut over the next year The policy rate is currently restricted. If the economy continues as expected, policy can be moved to a neutral…
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Thousands of UK Boeing jobs at risk as manufacturer plans global cuts
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More than 4,000 Boeing employees in the UK face uncertainty, as the US aerospace giant prepares to cut 17,000 jobs globally, nearly 10% of its workforce. Boeing’s UK operations, including its only European manufacturing facility in Sheffield, may be affected by significant job cuts, as the company faces financial challenges.…
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Exclusive-CVS to exit core infusions services business, job cuts possible By Reuters
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Written by Amina Niasse NEW YORK (Reuters) – CVS Health is exiting its core infusion services business and plans to either close or sell 29 related regional pharmacies in the coming months, a company spokesman confirmed to Reuters on Friday. Details of the strategic shift were announced in a CVS…
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BoI leaves rate unchanged, again cuts growth forecast
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The Monetary Committee of the Bank of Israel announced that it kept the interest rate unchanged at 4.5%. This is the sixth time in a row that the Bank of Israel has left the interest rate unchanged, after reducing it from 4.75% in January. The Bank of Israel expects the…
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US bank profits to shrink on interest income, focus shifts to Fed cuts By Reuters
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Written by Nupur Anand NEW YORK (Reuters) – JPMorgan Chase and Wells Fargo began reporting sector earnings on Friday, with investors expected to focus on the big banks’ net interest income forecasts after strong jobs data fueled uncertainty about the future path of the federal funds rate. Sale. Both banks…
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Canadian dollar expected to strengthen in 2025 as rate cuts boost economy: Reuters poll By Reuters
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By Fergal Smith TORONTO (Reuters) – The Canadian dollar is expected to continue its recovery against its U.S. counterpart next year as lower borrowing costs support economic growth in Canada and investors’ appetite for risk increases, a Reuters poll showed. The Canadian currency has risen 3.3% since reaching a two-year…
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Ed Yardeni sees Fed pausing rate cuts for 2024 after jobs report
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The Fed’s 2024 easing campaign may already be over Strong business report Friday highlights the stubborn resilience of the world’s largest economy, according to Wall Street veteran Ed Yardeni. Further policy easing would risk sparking inflation as oil prices rebound and China seeks to stimulate its economy, according to the…
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100bp of rate cuts coming up from the Reserve Bank of New Zealand, beginning next week
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There are a series of calls for a 50 basis point cut in interest rates for the RBNZ meeting next week: TD Bank expects to cut its interest rate by 50 basis points next week as well, but added that they expect the same size of cut at the November…
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USD moving higher as Powell taps the brakes on cuts
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The Fed chairman hit the brakes after saying that if all goes as planned, there will be two more cuts in 2024. Expectations for a 50 basis point cut fell to 36%. At one point last week, the forecast was around 60%. USDJPY: USDJPY rose to test and move above…