Twitter began widespread layoffs Friday as new owner Elon Musk overhauls the company, raising grave concerns about chaos enveloping the social media platform and its ability to fight disinformation just days ahead of the U.S. midterm elections. The speed and size of the cuts also opened Musk and Twitter to lawsuits. At least one was…
(Reuters) – PayPal Holdings shares dropped 7% in premarket trading as the payments processor cut its annual revenue forecast, warning of a bleak holiday quarter as consumers cut back on discretionary spends. Decades-high inflation has hit the purchasing power of consumers who also have to contend with the threat of a looming recession. PayPal said…
By Ankur Banerjee and Amanda Cooper LONDON/SINGAPORE (Reuters) – Global stocks rose on Friday for the first time in three days ahead of key U.S. jobs data, as investors took heart from reports China may relax its COVID rules, boosting major currencies against the dollar and prompting a 2% rally in oil. The MSCI index…
(Reuters) – European shares opened higher on Friday, with luxury stocks and miners leading the advance on hopes that China will soon ease its strict COVID-19 curbs. The STOXX 600 rose 0.7% by 0813 GMT, with miners jumping 3.2%, ahead of data which will likely show the smallest U.S. job additions in nearly two years…
By Ankur Banerjee SINGAPORE (Reuters) – Asian equities surged on Friday and were set for their first weekly gain in a month, as renewed hopes that China will relax its strict COVID measures spurred a rally in riskier assets. MSCI’s broadest index of Asia-Pacific shares outside Japan was 2.07% higher on the day, with China’s…
By David Shepardson WASHINGTON (Reuters) – Ford Motor Co said on Thursday the U.S. Treasury Department should limit the definition of a “foreign entity of concern” to ensure more electric vehicles can qualify for up to $7,500 in consumer tax credits. In August, Congress passed the $430 billion Inflation Reduction Act (IRA) legislation to restructure…
NEW YORK (AP) — Stocks rallied Friday, but only after yo-yoing several times, as Wall Street struggled with what to make of the latest reading on the U.S. jobs market and what it means for interest rates and the odds of a recession. The S&P 500 climbed 1.4% after seeing an even bigger rally from…
By Sheila Dang, Katie Paul and Paresh Dave (Reuters) – Twitter will tell employees by email on Friday about whether they have been laid off, temporarily closing its offices and preventing staff access, following a week of uncertainty about the company’s future under new owner Elon Musk. The social media company said in an email…
(Reuters) -A state court in Washington has temporarily blocked Albertsons Companies Inc from paying a $4 billion dividend to shareholders before the grocery chain closes its proposed deal with rival Kroger Co, documents filed said on Thursday. Kroger Co snapped up Albertsons in a $25 billion deal in last month’s mega merger between the No….
Pumpkin spice pumped up Starbucks’ sales in its fiscal fourth quarter, and the company said it’s confident that momentum will carry on into next year. Starbucks’ revenue rose 3% to a record $8.41 billion in the July-September period. The company said Thursday it saw its highest-ever sales week in September when it introduced its fall…
