Business

Kohl’s withdraws annual sales, profit forecasts

Kohl’s Corp (KSS.N) withdrew its 2022 sales and profit forecasts on Thursday, blaming an uncertain economic outlook and the departure of top boss Michelle Gass. Shares of the department store chain fell 5% in premarket trading. Kohl’s has struggled to attract shoppers despite steep discounts to clear excess inventory, as Americans cut back spending on […]

Business

Musk tells Twitter staff: Opt in for ‘intensity’ or take severance

Elon Musk sent a message to Twitter Inc staff telling them they had until Thursday to decide whether they wanted to stay on at the company to work “long hours at high intensity” or take a severance package of three months pay. Musk told Twitter employees that anyone who had not clicked on a link […]

Business

Factbox: What are FTX’s investors saying?

FTX, formerly one of the world’s largest crypto exchanges, is seeking new funding after a rush of customer withdrawals left it on the brink of collapse. Regulators froze some assets of the digital currency exchange and industry peers are trying to limit losses, while former FTX Chief Executive Sam Bankman-Fried is coming under scrutiny. Founded […]

Business

New G20 irritant for Biden: Restrictive U.S. electric vehicle tax subsidies

Electric vehicles (EVs) shuttled G20 delegations and security forces across the southern tip of Bali this week in a symbolic show of Indonesia’s ambitious energy transition plans. But virtually none of the cars on display, led by Hyundai’s retro-boxy Ioniq 5, would qualify for a new U.S. $7,500 tax credit for North American-built EVs – […]

Business

Siemens stock surges after confident outlook and strong backlog

Siemens (SIEGn.DE) shares surged on Thursday after the German technology and engineering group’s fourth quarter results beat forecasts and it gave a confident outlook about future industrial demand. The trains to factory software group’s shares were the biggest gainer among European industrial companies (.SXNP), rising 8% after analysts and investors cheered the update. Siemens’s order […]

Business

Morning Bid: Bear Hunt

A look at the day ahead in U.S. and global markets from Mike Dolan. With the Federal Reserve still talking tough on U.S. interest rates, world markets switched attention back to Britain as it unveils revised plans on Thursday to rein in public finances and inflation with a severe tax and spending squeeze. After the […]

Business

Thyssenkrupp: no taboos on steel unit, no talks with Salzgitter on tie-up

Thyssenkrupp (TKAG.DE) is not ruling out a sale, spin-off or merger of its steel division to realise a stand-alone scenario it deems best for the business, but added there were no talks currently with German rival Salzgitter (SZGG.DE) about a tie-up. “Consolidation in the steel business is an issue that has been discussed for, I […]