Wall Street plans to get smaller this summer. Faced with weak markets and uncertainty over regulations, many of the biggest firms are preparing for deep cuts in jobs and other costs. The New York Times reports.
LONDON — BP slumped to its worst annual loss in over 20 years in 2015, the British oil and gas company announced on Tuesday, and said it would cut thousands more jobs in the face of a deep rout in oil prices.
The company, which is still grappling with the huge costs from the deadly 2010 Gulf of Mexico oil spill, said it would cut 7,000 jobs by 2017, nearly 9 per cent of its workforce.
BP shares fell on the news, dropping by around 7 per cent in London to lead losers on the pan-European FTSEurofirst 300 index.
HP reported Wednesday its first jump in year-over-year quarterly revenue in three years. You would think that investors would be thrilled. But the stock didn't soar in after-hours trading on Wednesday. It dropped a tiny bit. Wall Street is wary 0f HP's ongoing, extended layoffs. And analysts aren't sure if this great quarter, driven by PC sales, isn't a one-hit wonder.
REUTERS/Sergio PerezMadrid (AFP) - Spanish banks, which slimmed down after a property boom went bust in 2008, are once again closing branches and slashing jobs as their profitability is hit by stiff competition.
Sitting in his tony office on the 32nd f loor in midtown Mumbai, the newly minted CEO of Deloitte, N Venkatram, reels out number after number in an attempt to attest his firm's dominance among Indian audit firms. No doubt, the numbers reflect Deloitte's strength. The combined market capitalisation of companies audited by Deloitte in BSE 500 would tot up to a third of the index. But these numbers face a formidable challenge in the form of a set of regulations that will radically change the manner in which audit companies function in India.
OTTAWA — Canada’s military was put on notice Friday that no stone will go unturned as the Harper government slashes hundreds of millions of dollars in defence spending.
National Defence is facing budget cuts in the order of between $1.1-billion and $2.5-billion over the next three years as the Harper government rewrites its vision for the military.
This has resulted in a behind-the-scenes struggle between different parts of the military over what should be cut and what is absolutely necessary for Canada’s men and women in uniform to continue doing their jobs.
[AP] - Yet another crisis is upon this burdened city, among the most impoverished and crime-ridden in the country. Deep layoffs of city workers go into effect on Tuesday -- cutting up to 383 jobs, or one-fourth of the city's employees.
In the wake of S&P debt downgrades, Merkel vows faster eurozone reforms.
European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.