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Companies & CEOs

Samsung to cut up to 30% of its overseas employees

Shuichiro via flickr
Reuters reports that Samsung plans to lay off up to 30% of workers in several of its overseas units, citing three sources. The sources claim that by year's end, the South Korean electronics company plans to let go of up to 30% of its overseas-based...

Volvo Cars abandons full transition to electric cars by 2030

Niklas Morberg
Volvo Cars, a Swedish car manufacturer, announced on Wednesday that it will not achieve its target of completely switching to electric cars by 2030, citing factors such as the limited availability of charging infrastructure and government incentives...

Nokia signs five-year contract with US telecom operator AT&T

Jeff Keyzer
Nokia Corp, a Finnish telecom equipment maker, has agreed to a five-year deal with the American telecom company AT&T Inc. Nokia stated in a release that the agreement allows for the incorporation of its technologies in AT&T's extensive...

August cyberattack on Halliburton disrupts the company's business processes

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Halliburton Co. stocks decreased by 1% in early morning trading on Tuesday due to the adverse effects of a cyberattack revealed last month, according to the U.S. oilfield services company. As per Halliburton's submission to the Securities and...
Markets & Industries

ECB cuts all three key interest rates

European Central Bank via flickr
The European Central Bank (ECB) reduced all three main interest rates at the conclusion of its meeting on Thursday. The ECB announced that the deposit rate has been reduced by 25 basis points to 3.5%, according to a statement. In March, the...

EU to cut duties on Chinese electric cars imports

martin abegglen
The additional levies imposed by the EU on Chinese electric car imports will be somewhat reduced, writes Bloomberg citing sources. The revision process is linked to the acquisition of fresh data from businesses and might go for as long as the...

Hedge funds sell equivalent of 23 million barrels of oil in August

Jonathan Cutrer
In August, hedge funds and money managers maintained their pessimistic view on oil. OPEC analysts noted in their monthly report that a notable decrease in net long positions in July led to increased volatility and hastened the fall in oil futures...

USA corporate bankruptcies in January-August hit the highest in 4 years

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According to S&P Global Market Intelligence's calculations, the number of corporate bankruptcies in the US from January to August 2024 hit a four-year peak for the time frame, and was the second highest since 2010. 452 bankruptcies were reported in...
In-depth coverage

Mittelstand, Germany’s Hedge Against Crisis

It’s a stormy weather for Europe's biggest economy right now: Germany is facing a recession as high energy costs are becoming a huge burden, for the country's industrial companies especially. All this would be spelling trouble for the entire region if not for the Mittelstand, a bunch of stable German businesses that keep working hard and inspire others.When it comes to discussions about a Germa...
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World & Politics

Ambassadors of France, Britain, Germany and the Netherlands summoned to Iranian Foreign Ministry

Adam Jones via flickr
On Thursday, Iran's Foreign Ministry called the ambassadors of France, Britain, Germany, and the Netherlands over new anti-Iran sanctions and criticism from some European countries about Iran's alleged involvement in the conflict in Ukraine, writes...

Polls: Many Americans believe Harris wins latest debate with Trump

Gage Skidmore
A sizable portion of the U.S. populace thinks that US Vice President Kamala Harris prevailed over former US President Donald Trump in the presidential debate, show the findings of a poll carried out by the sociological service YouGov. According to...

Draghi urges EU to allocate €800 billion more a year to boost competitiveness

European Parliament
According to a report commissioned by the European Commission and conducted by Mario Draghi, EU member states need to invest extra 800 billion euros annually in reforms to stay competitive against the United States and China. Additional suggestions...

Baker Hughes, Iraq to sign memorandum on investment in the country's gas sector

Adam Jones via flickr
Baker Hughes Co., a U.S. oilfield services company, is getting ready to finalize an agreement for investments in Iraq's gas industry, as stated by the office of Prime Minister Mohammed Shia' Al Sudani following his discussion with CEO Lorenzo...
Management & Strategy

Volkswagen scraps job retention program in Germany

Christoph Braun
Volkswagen has informed the majority of its German employees represented by the IG Metall union that several labor agreements, including a job retention program until 2029, will be terminated by the end of the year, according to the Financial Times....

Starbucks' new CEO Niccol will cost the company over $100M

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Starbucks Corp. will pay over $100 million for hiring Brian Niccol as CEO. The payment package offered to Niccol when he was hired is one of the biggest in U.S. corporate history, four times larger than his predecessor's at Starbucks, according to...

Societe Generale sells Private Banking divisions in Britain and Switzerland

Can Pac Swire
French bank SocGen sells units for personal banking services in Britain and Switzerland for €900 million. SocGen announced in a statement that it will sell its SG Kleinwort Hambros and Societe Generale Private Banking Suisse units, with a combined...

Citi to pay its Head of Banking with shares worth more than $40m

Can Pac Swire
According to a Citigroup Inc. declaration cited by the Financial Times, Viswas Raghavan, the head of banking at Citigroup Inc., will be compensated with shares of the firm worth over $40 million. The shares are being given to him as part of the...