The Fed's likely move would follow a monthslong push from President Donald Trump to slash rates, and comes amid growing concern about political pressure on the independent central bank.
Cisco to cut thousands of jobs
Nearly 5% of its workforce will be hit by the cuts.
Deutsche Bank to slash 3,500 jobs
The bank said it would buy back shares and pay dividends.
OPEC+ panel reaffirms cartel’s current output reduction strategy
In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. Oil prices were up slightly on Thursday and hovering around $80 per barrel.US Fed rate cuts become question of when, not if
Washington, United States -- The US Federal Reserve is widely expected to start cutting interest rates in the coming months, as inflation edges closer to its long-run target of two percent. What is less clear, however, is when the first of those cuts will come. While the US central bank is...
Rolls-Royce to cut 2,500 jobs
It will cut six percent of its staff to build a leaner company.
Saudi Arabia and Russia extend oil cuts, Brent crude price up
The Saudi production cut of one million barrels per day which first took effect in July will continue "for another three months until the end of December 2023", the kingdom's energy ministry said in a statement. Russia's export cut of 300,000 bpd will continue for the same period, Deputy Prime...
Saudi Arabia extends voluntary 1mbpd oil cut to September
Riyadh, Saudi Arabia -- Saudi Arabia will extend the voluntary 1 million barrels per day cut, announced in July, to the month of September, with the possibility of further extension. Saudi Press Agency, quoting an official source from the Kingdom's Ministry of Energy, said the country's production for the month...Saudi Arabia extends 1mbpd oil cut, Russia slashes exports
The cut which first took effect for July will continue in August and "can be extended", the Saudi Press Agency (SPA) reported, citing an energy ministry source. "The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting...
Morgan Stanley to cut 3,000 jobs after drop in profit
In the wake of reporting a drop in profit during the first three months of the year, the bank aims to cut down its headcount nearly 4 percent after ending March with more than 82,000 employees, according to reports. The bank suffered a 20 percent profit drop amid a slowdown...
OPEC+ committee recommends to stay course on oil ouput cuts
Vienna, Austria--A committee of major oil producers recommended Wednesday to maintain the cartel's current reduced output strategy, as the global economic outlook remains uncertain and the war in Ukraine drags on. The 13 members of the Organization of the Petroleum Exporting Countries (OPEC) led by Riyadh and their 10 allies led...Google announces 12,000 job cuts globally, cites changing economic reality
Google's parent company Alphabet announced about 12,000 job cuts globally citing a changing "economic reality", becoming the latest US tech giant to enact large-scale restructuring. The layoffs come a day after Microsoft said it would reduce staff numbers by 10,000 in the coming months, following similar cuts by Facebook owner...Arab world rallies around Saudi Arabia over oil cut decision
Rallying behind Saudi Arabia, several Arab states have voiced their support for Saudi Arabia in the face of harsh criticism from the US over the kingdom’s decision to cut oil output. From the UAE to Oman, Algeria to Bahrain, the governments have condemned what they termed as the politicizing of...
IEA appeals to governments to cut oil use over supply fears
The IEA urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia's invasion of Ukraine. The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help "relieve the strain" on markets.
Turkey slashes sales tax on food items as inflation surges
Turkish President Recep Tayyip Erdogan on Saturday slashed sales tax on dairy products, fruit, vegetables and other basic food items from 8 percent to 1 percent as inflation surges to a near 20-year high. Last month, Erdogan changed the head of the state statistics agency Tuik for the fourth time...
Turkish lira sinks as central bank cuts interest rate
The Turkish lira sank further on Thursday as the central bank slashed interest rates for the third consecutive month following pressure to do so from President Recep Tayyip Erdogan.
UAE to cut fuel prices from September 1
The United Arab Emirates will slash prices of petrol and diesel from September 1 amid the easing of Covid pandemic restrictions.Abu Dhabi bourse to cut trading commissions by 50%
The Abu Dhabi Securities Exchange (ADX) has cut its trading commissions by 50%, and will extend its trading hours by one hour from Oct. 3.
Qatar Investment Authority deals a blow to Credit Suisse, lowers stake
The QIA now hold a below five-percent stake in the Swiss bank Earlier it held about 133 million shares, making it the bank’s biggest shareholder In yet another crushing blow to the standing of Credit Suisse, the Qatar Investment Authority (QIA) has lowered its stake in the bank to below...
