AMSTERDAM—Dutch health technology company Philips will scrap another 6,000 jobs worldwide as it tries to restore its profitability and improve the safety of its products following a recall of respiratory devices that knocked off 70 percent of its market value. Half of the job cuts will be made this year, the company said on Monday, […]
IBM Corp. on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter. Chief Financial Officer James Kavanaugh told Reuters that the company was still “committed to hiring for client-facing research and development.” The layoffs—related to the spinoff of […]
In just the past month there have been nearly 50,000 job cuts across the technology sector. Large and small tech companies went on a hiring spree in over the past several years due to a demand for their products, software and services surged with millions of people working remotely. However, even with all of the […]
The Supreme Court refused on Jan. 17 to take up an appeal by Missouri challenging a ban on states using federal pandemic-relief funds to offset state revenue reductions, such as those attributed to tax cuts or other policy changes. The decision is a victory for the Biden administration, which had urged the court to deny […]
Tesla Inc. has slashed prices globally on its electric vehicles by as much as 20 percent, extending an aggressive discounting effort and challenging rivals after missing Wall Street delivery estimates for 2022. The move marks a reversal from the automaker’s strategy over the last two years when new vehicle orders exceeded supply. It comes after […]
With state legislatures entering their third sessions since the 2020 pandemic pumped trillions in federal recovery and stimulus assistance into state and local government coffers, tax reform across a range of levies is among front-burner priorities for lawmakers in 2023. During 2022 sessions, Washington, D.C.-based Tax Foundation reports at least 38 states adopted “noteworthy tax […]
Amazon on Wednesday confirmed it started laying off employees, days after several news outlets reported the retail giant would cut as many as 10,000 employees in the near future. Dave Limp, Amazon’s senior vice president of devices and services, told employees that some roles and teams won’t be needed. Some employees were told Tuesday that […]
Facebook parent company Meta will slash 13 percent of its staff, or more than 11,000 employees, as it faces a revenue crunch as advertisers pull back amid high inflation and a wobbly economy. Meta CEO Mark Zuckerberg announced the cuts in a Nov. 9 blog post, in which he took blame for overestimating the company’s […]
British Prime Minister Liz Truss warned of tough times ahead after she scrapped her vast tax-cutting plan and said she would carry on to try to put the economy on a stronger footing, defying calls for her resignation.
The Saudi Arabian government on Wednesday night rejected White House criticism over a decision by a cartel of key oil-producing countries to cut production of the much-needed resource and confirmed the Biden administration requested it delay until after the U.S. midterm elections. Saudi Foreign Minister Prince Faisal bin Farhan Al Saud also accused the U.S. […]
