SYDNEY (Reuters) – Australia’s central bank on Friday downgraded the outlook for economic growth, warning that more rate hikes will be necessary to bring down sky-high inflation even as it strives to avoid an outright recession. In its quarterly Statement on Monetary Policy, the Reserve Bank of Australia (RBA) raised its forecasts for inflation as…
By Sheila Dang, Paresh Dave and Katie Paul (Reuters) -Elon Musk has directed Twitter Inc’s teams to find up to $1 billion in annual infrastructure cost savings, according to two sources familiar with the matter and an internal Slack message reviewed by Reuters, raising concerns that Twitter could go down during high-traffic events like the…
By Hannah Lang (Reuters) -Block Inc posted a rise in third-quarter revenue on Thursday as the growth of Cash App helped make up for stagnant cryptocurrency prices that had dogged the payments platform led by Twitter founder Jack Dorsey in previous quarters. Shares of Block, formerly called Square, rose more than 14% in extended trading…
By Ruhi Soni (Reuters) -Agricultural chemical and seed company Corteva Inc on Thursday posted a smaller-than-expected third-quarter adjusted loss as farmers looked to maximize yields at a time of low global grain supplies. Operating loss was 12 cents per share in the July-September quarter, from 14 cents per share a year earlier. Analysts on average…
By Kannaki Deka (Reuters) -Peloton Interactive Inc on Thursday forecast holiday-quarter revenue below estimates and the fitness equipment maker warned that a challenging macro-economic environment could affect its goal of stopping cash burn this fiscal year. The company’s shares, which fell as much as 16.1%, were down 3.5% at $8.32. Peloton’s goal of achieving breakeven…
By Davide Barbuscia NEW YORK (Reuters) – Global investors will ramp up allocations to distressed credit hedge funds next year, expecting opportunities to buy companies’ debt on the cheap as tighter monetary policy from the Federal Reserve and other central banks weighs on growth, according to a BNP Paribas survey. Allocations to hedge funds focused…
NEW YORK (AP) — Amazon is pausing hiring for its corporate workforce, the latest move by the company to cut costs amid worries about the wider economic environment. Company executives have decided to halt “new incremental hires” for the entire corporate workforce and anticipate the pause to be in place for a few months, Beth…
By Priyamvada C (Reuters) – Marriott International Inc said on Thursday China’s strict COVID-19 policies were delaying openings of some properties in the country, a key market for hotel operators, where pandemic recovery has been uneven compared to United States. “The market in China is most certainly where we’re seeing the most challenges,” Chief Executive…
LISBON, Portugal (AP) — Ukraine is counting on more Western technological support as its war against Russia drags on, with Microsoft pledging Thursday to extend its backing for Kyiv’s “extraordinary” wartime innovation through the end of next year. Microsoft’s financial commitment of more than $400 million enables the Ukraine government and other organizations to continue…
The story of Twitter’s blue checkmarks — a simple verification system that’s come to be viewed as an elite status symbol — began with some high-profile impersonations, just as the site began taking off in 2008 and ’09. Celebrities who saw their likeness spoofed included Kanye West, now Ye, the basketball star Shaquille O’Neil and…
