Yahoo FinanceWayfair Aims to Cut Hundreds of Millions in Expenses as Losses Grow
Beyond an initial $500 million of annual cost cuts, management is looking for hundreds of millions of dollars more in an effort to break even.
Beyond an initial $500 million of annual cost cuts, management is looking for hundreds of millions of dollars more in an effort to break even.
SEATTLE/PARIS (Reuters) -Boeing's 747, the original and arguably most aesthetic "Jumbo Jet", revolutionized air travel only to see its more than five-decade reign as "Queen of the Skies" ended by more efficient twinjet planes. The last commercial Boeing jumbo will be delivered to Atlas Air in the surviving freighter version on Tuesday, 53 years after the 747's instantly recognizable humped silhouette grabbed global attention as a Pan Am passenger jet. "On the ground it's stately, it's imposing," said Bruce Dickinson, the lead singer of Iron Maiden who piloted a specially liveried 747 nicknamed "Ed Force One" during the British heavy metal band's tour in 2016.
AMSTERDAM (Reuters) -Dutch health technology company Philips said on Monday it would scrap 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value. The new reorganisation comes on top of a plan announced last October to reduce its workforce by 5%, or 4,000 jobs, as it grapples with the fallout from the recall of millions of ventilators used to treat sleep apnoea over worries that foam used in the machines could become toxic. The reduced workforce should lead to a low-teens profit margin (adjusted EBITA) by 2025, and a mid-to-high-teens margin beyond that year, with mid-single-digit comparable sales growth throughout.
Philippines President Ferdinand Marcos has approved a value-added tax refund programme for foreign tourists by 2024 to attract more visitors, the Presidential Communications Office (PCO) said on Sunday. The government collects a 12% VAT on goods consumed within the Southeast Asian country. The plan is to allow foreigners to get a VAT refund on items they are taking out of the Philippines, similar to what many other countries offer.
NEW DELHI (Reuters) -Gautam Adani faces a critical day on Monday with his flagship company's $2.5 billion share sale's second day of bidding overshadowed by a $48 billion rout in the Indian billionaire's stocks which was sparked by a U.S. short seller's report. Seven listed companies belonging to the Adani conglomerate, which is led by Asia's richest man, saw sharp falls in their values after Hindenburg Research report last week flagged concerns about high debt levels and the use of tax havens. Adani Group issued a detailed response late on Sunday, saying it complies with all local laws and had made necessary regulatory disclosures.
Susannah Pierce and Murad Al-Katib: 100 days after task force identified crisis, businesses are still waiting for action from Ottawa
German arms maker Rheinmetall had a record year in 2022 and is approaching an order backlog of 30 billion euros, CEO Armin Papperger told Reuters in an interview. "We are approaching an order backlog of 30 billion euros, and I expect to see an order backlog of 40 billion euros next year," said the CEO of the company, which sells a whole range of defence products but is probably most famous for supplying the 120mm gun of the Leopard 2 tank. Papperger said he expected to see at least 15% to 20% growth in Rheinmetall's defence division over the coming years, with the civilian business likely to account for only 20% of sales in 2025.
Ottawa's inconsistent commitment to fiscal prudence is beginning to trouble some members of the Liberal family
Rock Tech Lithium Inc. (TSXV: RCK) (OTCQX: RCKTF) (FWB: RJIB) (WKN: A1XF0V) (the "Company" or "Rock Tech"), GP Papenburg Entsorgungs Ost GmbH ("Papenburg" or "GP Papenburg") and Schwenk Zement GmbH & Co.KG ("Schwenk" or "Schwenk Zement") have signed a Memorandum of Understanding in January in preparation for the commercial use of by-products from lithium production. The aim is to adopt the processes previously developed by the jointly founded Lithium Institute (ITEL) by the end of 2023 and thus
China's smartphone sales endured a record fall in 2022, tumbling 13% to their lowest level in a decade as COVID controls and a slowing economy sapped consumer appetite, data from third-party research firms showed. "The strict pandemic control poicy has resulted in historically high household savings as consumer spending became conservative," said Lucas Zhong, who tracks China's smartphone sector for research firm Canalys. Apple Inc was the third best-selling phone brand in 2022, tied with Oppo, moving up from fourth place in the previous year.
Top central bankers, who credit the use of a 2% inflation target with anchoring decades of stable prices, are facing the first full-on test of how well that approach to monetary policy works once prices have erupted, and how strictly they'll enforce it if damage to their economies intensifies. By announcing an inflation goal, central bankers feel they build credibility for themselves and focus the planning of households and firms in ways that help keep inflation controlled. It's a concept that seemed supported by the facts as the use of inflation targeting spread across the developed world from New Zealand in 1990 through Europe and to the United States and Japan in 2012 and 2013.
Federal prosecutors are trying to prohibit FTX founder Sam Bankman-Fried from privately contacting current and former employees of the bankrupt cryptocurrency exchange to prevent potential witness tampering in a criminal case accusing him of bilking investors and customers. The request, made in a letter filed late Friday by U.S. Justice Department lawyers, prompted an indignant response from Bankman-Fried's lawyer, who accused prosecutors of twisting the facts to cast the FTX founder in a sinist
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China's central bank said on Sunday it will roll over three lending tools to increase support for targeted sectors of the economy. The central bank will also extend a relending tool for the transport and logistics sector to June 2023, it said. Some foreign financial institutions will be included in the scope of the carbon reduction tool, the central bank said.
Since the pandemic started, the market has been saturated with new streamers. Here are some streaming stocks to buy now. The post 2 Streaming Stocks to Buy Now and 1 to Run Away From appeared first on The Motley Fool Canada.
It is with much sadness and a very heavy heart that the City of Mississauga announces the passing of former mayor and the City's biggest champion, Hazel McCallion. She passed away peacefully shortly after 6:30 a.m. today, January 29, 2023 at home with her family by her side. Hazel McCallion was 101 years old.
FRANKFURT (Reuters) -Ford executives have indicated they are willing to hold talks with labour representatives over planned structural changes at the U.S. carmaker's plants in Germany, the head of the worker's council at Ford's Cologne plant said on Saturday. Ford said on Jan. 20 that its planned shift to electric vehicle (EV) production will require unspecified structural changes, giving rise to fears of job cuts at its German production sites. Ford committed to an all-electric lineup in Europe by 2030 and its U.S. leadership has repeatedly flagged that EVs require less labour.
Earnings from a who's who of tech giants will also test the mettle of Wall Street bulls, who are looking to propel the Nasdaq to its best January since 2001. Asia has been no slouch either as China's swift reopening bolsters the economic outlook, with MSCI's broadest index of Asia-Pacific shares outside Japan up 11% in January so far at a nine-month high. Japan's Nikkei went flat, while Taiwan jumped 3.1%.
Toyota Motor Corp sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world's top-selling automaker for a third straight year. Global sales for the group, including truck unit Hino Motors and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million. Second-ranked rival Volkswagen Group earlier this month reported its lowest sales in over a decade, of 8.3 million vehicles, as COVID-19 lockdowns in China and the war in Ukraine upended supply chains.
Philippines President Ferdinand Marcos has approved a value-added tax refund programme for foreign tourists by 2024 to attract more visitors, the Presidential Communications Office (PCO) said on Sunday. The government collects a 12% VAT on goods consumed within the Southeast Asian country. The plan is to allow foreigners to get a VAT refund on items they are taking out of the Philippines, similar to what many other countries offer.
WASHINGTON (AP) — House Speaker Kevin McCarthy said Sunday he is looking forward to discussing with President Joe Biden a “reasonable and responsible way that we can lift the debt ceiling ” when the two meet Wednesday for their first sit-down at the White House since McCarthy was elected to the post. McCarthy, R-Calif., said he wants to address spending cuts along with raising the debt limit, even though the White House has ruled out linking those two issues together as the government tries to a