Category: slashes
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HSBC slashes costs by 8% in $1.5bn drive as it scales back net-zero pledges
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HSBC has revealed plans to reduce employment costs by 8 % in a batch to save $ 1.5 billion, as thousands of UK employees are expected to bear the loss of losses. The bank’s CEO, George Ilidri, announced that although there are a large number of HSBC employees at less…
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IMF slashes Israel growth forecast
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Israel’s post-war economic recovery will take longer than many in the country think, according to forecasts in the International Monetary Fund’s latest World Economic Outlook report. The International Monetary Fund expects real growth in Israel in 2024 at only 0.7%, which means a decline in per capita terms. In the…
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RBNZ Slashes Rates by 50 bps, Signals Further Easing Ahead
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The Reserve Bank of New Zealand (RBNZ) has cut its official cash rate (OCR) by 50 basis points to 4.75%, marking a major shift in its monetary policy stance. The move, while widely expected by markets (as discussed in our events guide), underscores the central bank’s growing concerns about economic…
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Rivian Shares Drop After EV Maker Slashes Production Target
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(Bloomberg) — Shares of Rivian Automotive Inc. fell. After the automaker reduced its annual production target, citing a worsening supply crisis at its only assembly plant in the United States. Most read from Bloomberg The company now expects production to decline by up to 18% this year, due to ongoing…
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Major insider slashes nearly all of its stake in Trump’s media firm By Reuters
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(Reuters) – One of the largest shareholders in former US President Donald Trump’s media company has almost canceled his stake after sale restrictions recently expired. United Atlantic Ventures, run by Trump Media co-founder Andrew Letinsky, who appeared on Trump’s reality TV show “The Apprentice,” has reduced its 5.5% stake in…
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Klarna slashes 1,000 jobs as AI reshapes business ahead of IPO
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Klarna, a leading “buy now, pay later” fintech, has cut more than 1,000 jobs as part of a strategic shift towards artificial intelligence, with more cuts expected ahead of a potential initial public offering. The Swedish fintech, which booked a loss of SEK2.33bn (£173m) in bad loans in the first…
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Intel slashes 18,000 jobs and suspends dividend to better compete with chip rivals Nvidia and AMD
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West Virginia Governor Jim Justice, a Republican candidate for U.S. Senate, is fighting to keep his iconic Greenbrier Hotel. A legal notice announcing the auction of the luxury resort near White Sulphur Springs over unpaid debts was published in the West Virginia Daily News on Wednesday — the latest development…
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FP Markets Slashes Spreads on Gold, Major Forex Pairs, and Equity Indices
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Payments in Africa: A Cross-Border and Device Revolution | Fmas:24 Payments in Africa: A Cross-Border and Device Revolution | Fmas:24 Payments in Africa: A Cross-Border and Device Revolution | Fmas:24 Payments in Africa: A Cross-Border and Device Revolution | Fmas:24 Payments in Africa: A Cross-Border and Device Revolution | Fmas:24…
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Treasury slashes budget by Sh267bn on revenue shortfall
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The Treasury has cut the 2024/25 budget by Sh267.5 billion to reflect the reality of weak revenues amid ballooning public debt. Total spending and net lending for the financial year starting July 1 is now estimated at Sh3.92 trillion, down from the previous forecast of Sh4.188 trillion. The lower budget…