HP Inc. said on Tuesday it expects to cut up to 6,000 jobs by the end of fiscal 2025, or about 12 percent of its global workforce, at a time when sales of personal computers and laptops are sliding as shoppers tighten budgets. The PC maker also forecast a lower-than-expected profit for the first quarter…
A $1 Trillion Headache: China’s Local Fiscal Shortfall Poses Broader Growth Risks
BEIJING—By any account, $1 trillion seems huge. That’s the scale of budget shortfalls facing Chinese provinces, reducing their fiscal firepower to fund infrastructure spending and tax cuts, and raising risks for the world’s second-biggest economy in 2023. The timing couldn’t be worse for policymakers in Beijing, as the economy wobbles under the weight of global…
OPEC Cuts 2022, 2023 Oil Demand Growth View as Economy Slows
October 12, 2022
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LONDON—OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or 2.7 percent in 2022, the…
Western States Hit With More Cuts to Colorado River Water
SALT LAKE CITY—For the second year in a row, Arizona and Nevada will face cuts in the amount of water they can draw from the Colorado River as the West endures more drought, federal officials announced Tuesday. Though the cuts will not result in any immediate new restrictions—like banning lawn watering or car washing—they signal…
A Dozen EU Countries Affected by Russian Gas Cuts, EU Climate Chief Says
June 23, 2022
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BRUSSELS—A dozen European Union countries have now been affected by cuts to gas supply from Russia, EU climate policy chief Frans Timmermans said on Thursday, as the bloc faces a deepening energy standoff with Moscow. Russia slashed flows through its Nord Stream 1 pipeline to 40 percent of capacity last week citing problems with equipment,…
UK Growth Outlook Cut as Omicron and Supply Chain Troubles Bite, Says IMF
UK growth will be held back this year by disruption caused by spread of the Omicron variant of coronavirus and the ongoing supply chain crisis, according to the International Monetary Fund (IMF). In its latest World Economic Outlook update, the IMF has downgraded its UK growth forecast for 2022 to 4.7 percent from the 5…
Cathay Pacific to Cut More Flights Due to Pandemic Restrictions
January 7, 2022
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HONG KONG—Hong Kong’s flagship carrier Cathay Pacific Airways said on Thursday it will cut more passenger flights and operate a reduced cargo capacity after the city tightened restrictions fearing a fifth wave of the COVID-19 pandemic. The airline will operate about 20 percent of its pre-pandemic cargo capacity and around 2 percent of its pre-pandemic…
Amazon Workers Walk Off Job, Say the Company Cut Break Times Because the Pandemic Is ‘Supposedly’ Over
By Amanda Breen Dozens of Amazon employees at two Chicago-area facilities walked off the job during the final stretch of holiday deliveries on Wednesday, citing the company’s shortened break times and unwillingness to increase wages, Business Insider reports. The walkouts took place at Amazon’s delivery centers in Gage Park and Cicero, according to the Chicago…
Record High Stocks Brace for Fed Stimulus Cut
November 3, 2021
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LONDON—Global stock markets traded at fresh record-high levels on Wednesday while the dollar and U.S. Treasury yields ticked down as investors braced for the world’s largest economy to start cutting pandemic-era monetary stimulus. The U.S. Federal Reserve is expected to announce the tapering of its $120 billion-a-month asset purchase programme in its policy statement at…
Renault Plans 2,000 Job Cuts in France as It Moves to Electric Cars
PARIS—French carmaker Renault said on Thursday it would cut up to 2,000 engineering and support jobs in France as it shifts into electric cars and hires in different positions. The loss-making group, which has already announced around 4,600 job cuts in the country as part of a broad restructuring, said in a statement it was…
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