NEW YORK—Best Buy, the nation’s largest consumer electronics chain, is trimming jobs in an effort to adjust to new changes in consumer behavior as the virus wanes. Best Buy declined to say how many jobs it was cutting, but The Wall Street Journal, which was first to report the news, estimated it involved hundreds of…
Peloton to Cut Jobs, Shut Stores, and Raise Prices in Company-Wide Revamp
Peloton Interactive Inc. said on Friday it would cut jobs, shut stores, and raise prices on its exercise equipment including treadmills and top-end bikes as it undertakes a company-wide revamp to shore up its revenue and improve cash flow. Shares of the company surged about 11 percent in afternoon trade after the company said in…
Tesla Cuts Job Openings Since Elon Musk’s Economic Warning
SAN FRANCISCO—Tesla has cut job postings by 14 percent since Chief Executive Elon Musk warned he was worried about the economy, needed to reduce staff and would pause hiring worldwide. Tesla’s actions are a concerning sign of the health of the global economy as markets contract, inflation soars and recession worries run rampant. The number…
Volkswagen’s Skoda Says to Cut 2% of Admin Jobs in 2021
PRAGUE—Volkswagen’s Skoda Auto aims to cut 2 percent of administrative jobs in the Czech Republic in 2021 by not replacing staff who leave rather than through redundancies, the country’s largest carmaker said on Thursday. Skoda, the Czech Republic’s biggest exporter, employs around 42,000 people globally. While most of these staff are employed locally, the company…
Biden’s Corporate Tax Hike Would Cut Jobs, Reduce Wages, Depress Growth: Think Tank
President Joe Biden’s plans to raise the corporate tax rate would have a chilling effect on economic growth, depress wages, and lead to job losses, according to the Tax Foundation, a tax policy nonprofit. Biden and congressional lawmakers have proposed several changes to the tax code, including raising the corporate tax rate to 28 percent…
Air Canada Reduces First Quarter Capacity by 25 per Cent, Cuts 1,700 Jobs
MONTREAL—Air Canada says it will cut 1,700 jobs as it scales down flights for the first quarter of 2021. The 25 percent reduction in service will also affect 200 employees at Air Canada’s Express carriers, the company said Wednesday morning. With the reduction, Air Canada’s capacity in the first quarter of 2021 will be about…
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