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Micron to cut 10% of its workforce as demand for computer chips plummets

Micron to cut 10% of its workforce as demand for computer chips plummets

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(Bloomberg) — Micron Technology Inc., the largest U.S. memory chipmaker, said the industry’s worst glut in more than a decade will make it difficult to return to profitability in 2023. Bloomberg’s Most Read The company announced a series of cost-cutting measures on Wednesday, including a 10% reduction in the workforce, aimed at helping it cope …

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Goldman to cut thousands of employees as Wall Street layoffs escalate - source

Goldman to cut thousands of employees as Wall Street layoffs escalate – source

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NEW YORK, Dec 16 (Reuters) – Goldman Sachs Group Inc (GS.N) plans to cut thousands of staff to navigate a tough economic environment, a source familiar with the matter said. The layoffs are the latest sign that cuts are accelerating on Wall Street as deals dry up. Investment banking revenue has plunged this year amid …

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Stocks cut early gains as traders analyze CPI data: Markets pull back

Stocks cut early gains as traders analyze CPI data: Markets pull back

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(Bloomberg) – U.S. stocks rose and Treasury yields fell on the curve after data showed prices rose less than expected last month, bolstering optimism that the Federal Reserve will slow the pace. pace of rate increases. Bloomberg’s Most Read The S&P 500 jumped 2.8% and the tech-heavy Nasdaq 100 jumped 3.9% before paring gains. The …

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Fed message that rates will be on hold for 'a while' clashes with bets on 2023 rate cut

Fed message that rates will be on hold for ‘a while’ clashes with bets on 2023 rate cut

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(Bloomberg) – Federal Reserve Chairman Jerome Powell has history on his side as he and his colleagues part ways with Wall Street on how long interest rates will stay high in 2023. Bloomberg’s Most Read After the fastest monetary policy tightening since the 1980s, the central bank is expected to raise its benchmark rate by …

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Wealthy Chinese keep spending while others cut spending, survey finds

Wealthy Chinese keep spending while others cut spending, survey finds

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Pictured is a science fiction-themed installation at Maison Hermes in Shanghai, China, November 28, 2022. Edition of the future | Edition of the future | Getty Images BEIJING — Wealthier Chinese were more likely to spend this year, while poorer people cut spending even more, McKinsey and Company found in a survey released Thursday. The …

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Wall Street dragged by recession fears, S&P on track for 4th cut

Wall Street dragged by recession fears, S&P on track for 4th cut

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Meta stumbles upon EU concern report over targeted ads Energy stocks fall as crude trades at lowest level since January Indices down: Dow 1.39%, S&P 1.78%, Nasdaq 2.22% Dec 6 (Reuters) – Wall Street benchmarks fell again on Tuesday, with the S&P 500 on track for a fourth consecutive decline, amid uncertainty around the direction …

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As oil prices fall, OPEC Plus chooses not to cut production further

As oil prices fall, OPEC Plus chooses not to cut production further

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Comment this story Comment As gas prices continue to fall, the coalition of oil-producing nations led by Saudi Arabia and Russia decided on Sunday not to try to stop the slide by cutting global oil supplies. The decision to keep production stable came on Sunday during a virtual meeting of the Organization of the Petroleum …

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SF's downtown condo market is cratering, with units selling at cut prices

SF’s downtown condo market is cratering, with units selling at cut prices

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San Francisco’s sluggish, post-COVID recovery is hammering the downtown condo market, with owners increasingly willing to sell at a discount amid ongoing tech layoffs and office closures, according to a new report of the Compass real estate brokerage firm. According to the report, median condo sales prices in the Greater Downtown and South of Market …

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Wall Street's biggest banks cut bonuses by up to 30%

Wall Street’s biggest banks cut bonuses by up to 30%

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(Bloomberg) – Across Wall Street, this year’s gloomy expectations for banker bonuses are quickly proving true, as a slump in deals ends the industry’s war for talent and corporations regain the upper hand in fixing wages. Bloomberg’s Most Read JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. are all considering cutting bonus …

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Wall Street ends lower after Target outlook and Micron bid cut

Wall Street ends lower after Target outlook and Micron bid cut

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October retail sales rise more than expected Target’s bleak outlook weighs on retailers Micron supply cut triggers chip sell-off Indices down: Dow 0.12%, S&P 0.83%, Nasdaq 1.54% Nov 16 (Reuters) – Major Wall Street indexes ended lower on Wednesday as a gloomy outlook for Target sparked fresh concerns over retailers ahead of the crucial holiday …

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