SILVER SPRING, Md. (AP) — The parent company of social media platform Snapchat said Wednesday that it is letting go of 20% of its staff as it reorganizes and tries to reduce costs in the face of declining ad sales. In a letter to staff posted on Snap Inc.’s website, CEO Evan Spiegel said sales…
By Andrea Shalal KYIV (Reuters) – The head of state-run Ukranian energy company Naftogaz is ready to step down if it would help the business to restructure its debt in the wake of Russia’s invasion, he told Reuters on Wednesday. Vitrenko’s position came under scrutiny last month after the Ukraine government openly criticised the company’s…
By Christoph Steitz and Nina Chestney FRANKFURT/LONDON (Reuters) – Russia halted gas supplies via Europe’s key supply route on Wednesday, intensifying an economic battle between Moscow and Brussels and raising the prospects of recession and energy rationing in some of the region’s richest countries. European governments fear Moscow could extend the outage in retaliation for…
PRAGUE (AP) — European Union countries agreed Wednesday to make it harder for Russian citizens to enter the 27-nation bloc, but they failed to find a consensus on imposing an outright tourist ban in response to Russia’s war on Ukraine. At talks in the Czech Republic, EU foreign ministers were desperate to put on a…
(Reuters) – U.S. stock indexes opened higher on Wednesday as technology and growth stocks rebounded, while weaker-than-expected private payrolls data and a slide in oil prices helped ease some worries about inflation. The Dow Jones Industrial Average rose 36.28 points, or 0.11%, at the open to 31,827.15. The S&P 500 opened higher by 14.51 points,…
By Uditha Jayasinghe COLOMBO (Reuters) – Crisis-hit Sri Lanka has reached a preliminary agreement with the International Monetary Fund (IMF) for a bailout, four sources with direct knowledge of the plan have told Reuters. The debt-laden country has been seeking up to $3 billion from the global lender in a bid to escape its worst…
SEOUL, South Korea (AP) — South Korea says it plans to challenge a World Bank tribunal’s order to pay $216.5 million plus interest to Texas-based Lone Star Funds following a decade-long dispute over the private equity firm’s sale of the Korea Exchange Bank. South Korean Justice Minister Han Dong-hoon said Wednesday that his government finds…
BERLIN (AP) — Russia’s Gazprom halted the flow of natural gas through a major pipeline from Russia to Europe early Wednesday, a stoppage that it announced in advance and has said will last three days. The Russian state-owned energy company announced the closure of Nord Stream 1 in mid-August, citing maintenance at a compressor station…
NEW YORK (AP) — Bed Bath & Beyond said Wednesday that it will shutter stores and lay off workers in a bid to turn around its beleaguered business. The home goods retailer based in Union, New Jersey, said it will close about 150 of its namesakes stores and slash its workforce by 20%. It estimated…
(Reuters) -Bed Bath & Beyond Inc said on Wednesday it would close 150 stores and cut about 20% of its corporate and supply chain workforce as the cash-strapped home goods retailer struggles to turn around its business. The company said it has secured more than $500 million in new financing, including a new $375 million…
