(Bloomberg) — Amazon.com Inc. is laying off more than 18,000 employees — a significantly bigger number than previously planned — in the latest sign that a technology slump is deepening. Most Read from Bloomberg Chief Executive Officer Andy Jassy announced the move in a memo to staff Wednesday, saying it followed the company’s annual planning … Read more
Breadcrumb Trail Links PMN Technology PMN Business Author of the article: Reuters Nivedita Bhattacharjee Publishing date: Nov 26, 2022 • 6 minutes ago • 3 minute read Join the conversation Article content BENGALURU — The startup behind India’s first private space launch plans to put a satellite into orbit in 2023 and expects to be able … Read more
The country is drastically reducing arms purchases due to high inflation, according to Handelsblatt newspaper Germany is “massively” reducing its rearmament plans as high inflation and a strong dollar have made the equipment too expensive to buy for the country, unnamed political and defense industry representatives have told Handelsblatt newspaper. Many projects, especially those for … Read more
Here’s a chart that speaks a thousand words about the state of the real-estate market right now. The chart above, part of a new report by real-estate brokerage Redfin RDFN, -7.03% on the property market, reveals how home sellers are adjusting to the new normal of 7% mortgage rates. The chart says that 7.9% of … Read more
Wall Street banks have slashed their expectations for third-quarter earnings of big US companies by $34bn over the past three months, with analysts now anticipating the most feeble rise in profits since the depths of the Covid crisis. Analysts are expecting companies listed on the S&P 500 index to post earnings-per-share growth of 2.6 per … Read more
Forget about Black Friday. Holiday shoppers are already hunting for the best deals. Half of this year’s gift givers say they plan to start shopping by the end of October, according to a Bankrate survey. That’s why Target rolled out its Deal Days event this week, slashing prices up to 50%. It was timed just … Read more
Citigroup is dramatically scaling back the amount it lends to asset managers, including private equity firms, as the US bank races to meet tough new capital rules, according to people familiar with the matter. The type of lending that Citi is backing away from is known as subscription-line financing, a niche but important business for … Read more
UK Prime Minister Liz Truss said Tuesday that she’s ready to make “unpopular decisions” such as boosting bonuses for wealthy bankers in order to get the country’s sluggish economy growing. Speaking before an emergency government budget statement on Friday, Truss said tax cuts were key to spurring economic growth, even though they benefit the wealthiest … Read more
The massive losses from the catastrophic monsoon rains and floods in Pakistan, the war in Ukraine and other factors may force it to slash its GDP growth rate for the financial year 2022-2023 from five per cent to three per cent, according to media reports on Saturday. Chairman of the National Flood Response and Coordination … Read more
Pakistan’s National Disaster Management Authority (NDMA) reported that the death toll from the deadly floods had climbed to 1,396, while the total number of injured stood over 12,700 Pakistan’s National Disaster Management Authority (NDMA) reported that the death toll from the deadly floods had climbed to 1,396, while the total number of injured stood over … Read more