Executives of Citigroup Inc have warned, the bank faces billions of dollars in losses from its Russian business even as it continues to help some of its 200 staff in Ukraine to leave the country. Towards the end of last year,… Read More ›
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Russia’s biggest lender Sberbank closes EU operations
In a statement on Wednesday, Russia’s biggest lender Sberbank said, it was exiting from almost all European markets following threats to its staff, property and large cash outflows. The development comes in the wake of the bank reporting a record annual… Read More ›
DOJ’s Antitrust Division and the Justice Department’s budget gets boost from the President
In a significant development U.S. President Joe Biden has proposed a hike of 11% in budgetary funding for the Federal Trade Commission and the Justice Department’s Antitrust Division, both of which have filed major lawsuits against big tech companies in… Read More ›
Apple Inc supplier Wistron to resume assembly operations in India
In a statement Apple Inc said, Wistron Corp, one of its suppliers, will restart its operations at its southern Indian factory, which was shutdown late last year. Apple uses Wistron to assemble its second-generation iPhone SEs in the plant; it… Read More ›
Amazon to spend more than $500M as one-time bonus for frontline workers
In a statement Amazon.com Inc said, it has decided to spend more than $500 million as a one-time bonus for its front-line employees in the United States who are working through the holiday season midst the coronavirus-induced COVID-19 pandemic. Full-time… Read More ›
Norwegian Air will run out of cash in early 2021: CEO Jacob Schram
While reporting its third quarter results, Norwegian Air, which likes its peers has been ravaged by the coronavirus-induced COVID-19 pandemic which has brought the global travel industry to a standstill, said it is likely to run out of cash in… Read More ›
Huawei cuts investments and jobs in Australia
In a statement embattled Chinese telecom network maker Huawei Technologies Co Ltd said, it will be cutting more staff from its Australian operations midst strained relations between Canberra and Beijing. Huawei will also trim its investments in the country. In… Read More ›
Will not layoff employees because of coronavirus pandemic: BlackRock
In a statement, Larry Fink, the CEO of BlackRock Inc, the world’s largest asset manager, said it will not layoff any of its employees during the year because of the coronavirus outbreak. BlackRock will pay full-time wages to support staff,… Read More ›
Large U.S. banks expresses gratitude towards frontline workers with special pay packages
According to an internal memo from Wells Fargo & Co, the U.S. bank is set to join its peers in paying out a special compensation package to front-line employees. San Francisco-based Wells Fargo said, it would provide all of its… Read More ›
Virtual tipping jars spreads warmth in the midst of Wuhan coronavirus shutting down U.S. restaurants and bars
With restaurants and bars shutting down across the United States to stop the Wuhan coronavirus shutting from increasing its footprint in the country, America’s service culture is moving online. Consumers who frequent their favorite restaurants and bars can now tip… Read More ›
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