When Kristin and Thomas Schmitt took out a mortgage and bought a house last summer, the German couple’s dream looked as if it was coming true. Two months later, they learned that the tire factory where both work would be shut down early next year.
The Boy Scouts of America said on Tuesday it had filed for Chapter 11 bankruptcy amid a flood of lawsuits over allegations of child sexual abuse stretching back decades.
Asian shares fell and Wall Street was poised to retreat from record highs on Tuesday after Apple Inc said it would miss its March quarter revenue guidance as the coronavirus slowed production and weakened demand in China.
Accor , Europe’s largest hotel group, said on Tuesday it was joining forces with American card giant Visa to offer a payment card to members of its lifestyle loyalty program named ALL-Accor Live Limitless.
HSBC Holdings said on Tuesday it would shed $100 billion in assets, slashing the size of its investment bank and revamping its U.S. and European businesses – in a drastic overhaul that will mean 35,000 jobs cut over three years.
(Bloomberg) — HSBC Holdings Plc is set to slash about 15% of its workforce, and is taking $7.3 billion of charges in its latest attempt to revive its fortunes since the global financial crisis.The London-based lender is also targeting cost cuts by $4.5 billion as it faces challenges including Hong Kong protests and the coronavirus. HSBC, which earns the bulk of its profits in Asia, is still hunting for a permanent chief executive officer while interim boss Noel Quinn runs the lender and seeks to convince the undecided board he’s the right person at the top.“Parts of our business are …read more […]
Nissan’s new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan’s second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn.
The Boy Scouts of America, one of the largest youth organizations in the United States, has filed for Chapter 11 bankruptcy protection as it faces legal challenges defending itself against lawsuits alleging sexual abuse.
Samsung Electronics stands to be a major beneficiary of the China production problems announced by rival Apple Inc on Monday, reaping the rewards of a decade-long bet on low-cost smartphone manufacturing in Vietnam.
The widening economic fallout from the coronavirus outbreak and soft consumption are forcing the Bank of Japan to message more strongly that it is no longer inclined to chase its elusive 2% inflation target, sources familiar with its thinking say.
(Bloomberg) — For the second time in as many years, Apple Inc. has had to temper its sales outlook because of unexpected shifts in China, the country that’s served as the engine of its growth and success. First a trade war with the U.S. and now the outbreak of a novel coronavirus have called into question China’s role as a reliable market and supply chain partner for the world’s most valuable maker of consumer electronics.The coronavirus that’s stifled China’s meticulously orchestrated production and logistics has hit both Apple’s supply and demand — factories are resuming work slower than expected, the …read more […]
China said on Tuesday it would accept applications for new tariff exemptions for 696 products imported from the United States including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil.
HSBC Holdings PLC on Tuesday unveiled plans to cut $100 billion in assets, slash its investment bank and restructure in the United States and Europe, as it launched its biggest overhaul in years in a bid to improve returns.
Nissan’s new chief executive said on Tuesday he would accept being fired if he fails to turn around Japan’s second biggest automaker which is grappling with plunging sales in the aftermath of the scandal surrounding ex-chairman Carlos Ghosn.
HSBC Holdings PLC on Tuesday unveiled plans to cut costs and simplify its structure to boost earnings, after its 2019 profit dropped 33% hit by one-time write-offs linked to its investment banking and commercial banking businesses in Europe.
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