- Goldman Sachs began laying off staff in a sweeping cost-cutting drive, with around a third of those affected coming from the investment banking and global markets division, a source familiar with the matter said.
- Taiwanese chipmaker TSMC warned that first-quarter revenue would drop as much as 5% and it would slash annual investment as the major Apple supplier expects softer demand due to a slowing global economy.
- Sandwich chain Subway is exploring a sale of its business, a source told Reuters. Subway, one of the world’s largest quick-service restaurant brands, has more than 37,000 restaurants in over 100 countries
- More than half of Germany’s companies are struggling to fill vacancies due to a lack of skilled workers, the German Chambers of Commerce and Industry said, in the latest sign of growth headwinds hitting Europe’s largest economy.
- British shoppers spent freely at Christmas, piling their trolleys with party food, drink and clothing as they enjoyed the first holiday season free of COVID worries for three years, but retailers warned they will tighten their belts in 2023. Tesco and Marks & Spencer posted-better-than expected festives sales despite a deepening cost-of-living crisis.
- Home Depot said it will change its pay policy for hourly employees starting January 16, with associates being paid based on exact time punches. “Our policy has been to round total shift time up or down to the nearest 15 minutes … we’re changing our practice nationwide to pay hourly associates to the nearest minute,” a company spokesperson said.
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