Tag Archives: cuts

Germany is one step closer to having to ration its gas usage as supply from Russia starts to dry up, and the country’s top economic affairs official is warning that it could lead to an even larger economic spillover effect. As of Thursday, Germany has entered the second alert level of its emergency gas plan, according to Robert Habeck, Germany’s minister for economic affairs and climate action. At this level, “security of supply is currently ensured, but the situation is tense,”… Source link

Elon Musk has publicly stated his belief that the US is heading toward a recession.Yasin Ozturk/Getty Images Elon Musk, Tesla’s CEO, said earlier this month that the company would cut 10% of staff. Job cuts appear to have started, with Tesla staffers saying on LinkedIn that they’ve been laid off. The Tesla staffers posting on LinkedIn come from various departments across the company. Tesla has begun to trim its workforce in earnest after CEO Elon Musk announced earlier this month that he planned… Source link

Women at Oracle Corp. suing over alleged pay disparities took a big step backward, while more than 15,000 female workers at Google crossed the finish line. Under a judge’s tentative ruling Friday, the Oracle women are poised to lose the class-action status they earlier won that gave them powerful leverage in a five-year court fight with their employer. Alphabet Inc.’s Google, meanwhile, agreed to pay $118 million to resolve claims filed under California’s Equal Pay Act that the company… Source link

Goldman Sachs is kicking a streaming dog when it’s down. Goldman analyst Eric Sheridan slashed his rating on Netflix (NFLX) shares to Sell from Neutral on Friday, sending the stock off as much as 5% in pre-market trading. Sheridan cut his price target on Netflix to $186 from $265. “We have concerns around the impact of a consumer recession as well as heightened levels of competition on demand trends (both in the form of gross adds and churn), margin expansion, and levels of content spend and… Source link

Tesla CEO Elon Musk at the company’s Cyber Rodeo event in Austin, Texas.SUZANNE CORDEIRO / AFP Elon Musk tweeted that the “total headcount would increase” at Tesla and salaried staff would stay “fairly flat.” Musk’s comments came after the Tesla CEO sent an email to staff saying he would cut 10% of salaried jobs. Tesla employed nearly 100,000 staff at the end of 2021. After sending an email about job cuts for salaried staff, Tesla CEO Elon Musk seemed to retract his statements in a tweet reply… Source link

(Bloomberg) — Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast. Most Read from Bloomberg Federal Reserve Bank of St. Louis President James Bullard urged policy makers to raise interest rates to 3.5% this year to bring inflation down from near a four-decade high, adding that some of those hikes could be reversed late next year or in 2024. Bullard reminded the Economic Club of Memphis on Wednesday that in late 2019, prior to the Covid-19 pandemic,… Source link

(Bloomberg) — As China’s markets gyrate following Covid outbreaks and Russia’s invasion of Ukraine, one of the nation’s best-performing macro hedge funds is bracing for more pain. Most Read from Bloomberg Shanghai Banxia Investment Management Center, which topped local rankings in 2020, has cut its stock exposure to zero in anticipation of a worsening economy and further declines in equities, founder Li Bei said. The fund, which manages more than 5 billion yuan ($785 million), has also… Source link

Google Fi is cutting the prices across its two unlimited cellular plans, in addition to adding more high-speed data (via 9to5Google). The Simply Unlimited plan has dropped from $60 / month to $50 / month for one line, while the full-featured Unlimited Plus plan now sits at $65 / month for one line, compared to its previous $70 / month price. This marks the first price cut for the Unlimited Plus and Simply Unlimited plans since their debuts in 2019 and 2021, respectively. The cheaper cost… Source link

After a prolonged back and forth, Congress passed a $1.5 trillion government spending bill last week but dropped from the final package $22.5 billion in pandemic relief that Democrats wanted to include. On Tuesday, the same day as President Joe Biden signed the 2,741-page bill into law, his aides warned that the omission could “have severe consequences as we will not be equipped to deal with a future surge.” The U.S. could soon run out of funding for COVID responses such as booster shots,… Source link

Google Cloud has confirmed to CRN that the company is reorganizing to save money, eliminating and reshuffling dozens of roles in its support teams. In a statmeent to CRN, a Google Cloud spokesperson said that the reshuffling is in line with the company’s frequent evaluations for how it supports customers. “As Google Cloud grows, we frequently evaluate our approach to providing the best service and support for our customers,” according to the statement. “The changes announced… Source link