TOKYO (Reuters) -SoftBank Group Corp plans to cut at least 20% of staff at its Vision Fund investment arm, Bloomberg reported on Friday, after Chief Executive Masayoshi Son pledged to cut costs after a record $50 billion loss at the unit in the half year to June 30. The conglomerate will cut at least 100…
By Ann Saphir (Reuters) – Traders of futures tied to the Federal Reserve’s policy rate kept bets Friday the U.S. central bank will stick to an aggressive path of interest rate hikes to cool inflation, even as a closely watched report showed the U.S. unemployment rate ticking up. Fed funds futures prices increased slightly Friday…
By Chuck Mikolajczak NEW YORK (Reuters) – U.S. job growth rose slightly more than expected in August and the unemployment rate ticked higher, giving the Federal Reserve enough cushion to stay on its aggressive rate hike path as it tries to tame inflation. Nonfarm payrolls increased by 315,000, the Labor Department’s employment report showed on…
WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. The economy gained 315,000 jobs in August, a still-solid figure that pointed to an economy that remains resilient despite rising interest rates, high inflation…
By Noah Browning LONDON (Reuters) -Oil prices climbed on Friday on expectations that OPEC+ will discuss output cuts at a meeting on Sept. 5, though concern over China’s COVID-19 curbs and weakness in the global economy continued to limit gains. Brent crude futures rose $1.42, or 1.5%, to $93.78 a barrel by 1140 GMT and…
TOKYO (Reuters) -Japan’s Nidec Corp, a major manufacturer of electric motors, has replaced its second-in-command and will choose the next president from within the company in the spring of 2024, it said on Friday. Jun Seki, president and chief operating officer who once held the chief executive position, will resign to take responsibility for a…
By Katie Paul (Reuters) -Meta Platforms Inc signed an agreement to have chip-maker Qualcomm Inc produce custom chipsets for its Quest virtual reality (VR) devices, the companies announced at a consumer electronics conference in Berlin on Friday. Engineering and product teams of both companies will work together to produce the chips, powered by Qualcomm’s Snapdragon…
TOKYO (Reuters) – Japan’s Nidec Corp, a major manufacturer of electric motors, has replaced its second-in-command – underlining the company’s difficulties in finding a suitable leader to succeed founder Shigenobu Nagamori as CEO. Jun Seki, president and chief operating officer, will step down to take responsibility for a deterioration in the company’s earnings and will…
SINGAPORE (Reuters) -The U.S. Federal Reserve has terminated a decade-long enforcement action against HSBC Holdings PLC under which Europe’s biggest bank by assets was ordered to improve practices after violating money laundering and sanction rules. London-headquartered HSBC was accused in 2012 of degenerating into a “preferred financial institution” for Mexican and Colombian drug cartels and…
By Sonali Paul and Jeslyn Lerh SINGAPORE (Reuters) -Oil prices climbed on Friday on bets that OPEC+ will discuss output cuts at a meeting on Sept. 5, though fears of China’s COVID-19 curbs and weak global growth continued to limit gains and a potential cap on the price of Russian exports loomed. Brent crude futures…
