5 major tech companies that announced massive layoffs for 2022
Like most businesses, technology companies have been affected by the global economic crisis this year, which many experts attribute to the impact of COVID 19 and the Russian-Ukraine war. This has resulted in significant industry-wide layoffs, with 1138 tech companies globally firing 182,605 employees as…
Asian equities reach a six-month high as the U.S. CPI data take center stage
The dollar held steady on Wednesday as investors awaited U.S. inflation data for clues on the Federal Reserve’s interest rate policy. Asian shares reached a six-month high during this time. While Japan’s Nikkei (.N225) rose 1%, MSCI’s broadest index of Asia-Pacific shares outside of Japan…
American banks prepare for recession and declining profits
U.S. banking giants are anticipated to report lower fourth quarter profits this week as lenders increase rainy-day funds in anticipation of an economic slowdown that is hurting investment banking. On Friday, JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc, and Wells Fargo &…
Eskom in South Africa says police are looking into the alleged poisoning of its CEO
Eskom, a South African power company, announced on Sunday that police were looking into possible attempts to poison its departing CEO, Andre de Ruyter. After failing to resolve a crisis in the organization that resulted in record numbers of power outages in Africa’s most industrialized…
Chinese billionaire Jack Ma will give up ownership of Ant Group
The Chinese fintech giant will no longer be under the control of Ant Group founder Jack Ma after the company’s shareholders approved a series of changes that will see him give up the majority of his voting rights, the company said on Saturday. The move…
Salesforce wants to reduce expenses by $3 to $5 billion – Fortune
Salesforce Inc (CRM.N), a provider of cloud-based software, said this week that it would like to cut costs by $3 billion to $5 billion, according to an audio recording of a meeting cited by Fortune. Following a pandemic of rapid hiring that left it with…
As sales decline, Tesla lowers prices in China and other Asian markets
For the second time in less than three months, Tesla lowered prices in China on Friday, fueling predictions of a wider price war amid weaker demand in the largest auto market in the world. In an effort to increase demand for the output from its Shanghai…
Tesla would benefit if Elon Musk left Twitter, according to Gene Munster of Loup
According to Loup’s Gene Munster, Elon Musk’s resignation as CEO of Twitter would increase Tesla stock because investors want Musk to concentrate more on the manufacturer of electric vehicles. “Despite all of Elon Musk’s shortcomings, investors just want him to be more involved with Tesla,…
How technology is influencing financial future
From the invention of the abacus to simplify financial calculations to the enormous supercomputers that power complex financial models today, technology and finance have always been intertwined. This merger gave rise to the fintech industry, and as a result, most financial transactions are now made…
The second-richest person in the world, Elon Musk, may lose ground to this Indian billionaire
After losing his position as the richest person in the world last week due to a 50% decline in Tesla’s stock, Elon Musk is now the second-richest person in the world. The richest man in the world at the moment is French entrepreneur Benard Arnault,…