According to the CEO of Ingka Group, which owns the majority of IKEA stores, demand for the furniture retailing giant’s products in Europe will continue to rise during the current fiscal year, and the growth in demand will be driven by customers in the home furnishings segment that has remained steady even during the Covid lockdowns. “We are right now optimistic…
Alphabet, Google’s parent company, will lay off 12,000 workers, the latest round of layoffs in the tech industry. In an internal email, Google and Alphabet CEO Sundar Pichai stated that he accepted “full responsibility” for the layoffs. The layoffs will affect 6% of Alphabet’s global workforce, including teams such as recruitment and engineering. This comes…
A French court has directed Uber to pay roughly 17 million euros ($18.43 million) in damages and lost wages to a community of drivers who contended they should have been regarded as employees instead of being regarded as being self-employed, according to reports quoting information from both the company and the representatives of the drivers involved…
The new owner of Twitter – Elon Musk, said in a tweet ion Saturday that there will be no advertisements for the users of a higher priced subscription of the social media platform. According to the tweet from the billionaire, ads are “too frequent on Twitter and too big,” and added that appropriate measures will…
BYD, the Chinese electric vehicle (EV) giant, is embarking on a rapid global expansion to compete with Tesla, but for the time being, it is stuck in the slow lane on its rival’s home turf. While BYD has not fully articulated its global ambitions in public, four sources familiar with BYD management’s thinking said that…
Emerson Electric Co, a US engineering and industrial software company, announced a nearly $7 billion offer for National Instruments Corp, which it has been attempting to acquire unsuccessfully for several months. The software company’s all-cash bid of $53 per share, first submitted to NI on Nov. 3, represents a 13% premium to NI’s Friday close.…
Marks & Spencer, the British clothing and food retailer, plans to open 20 new, larger stores in 2023-24 as part of a radical overhaul of its store estate in which it will invest 480 million pounds ($587 million). The 139-year-old company announced on Monday that the investment would create over 3,400 new jobs across the…
Danone, one of the world’s largest dairy companies, announced on Tuesday that it intends to reduce absolute methane emissions from its fresh milk supply chain by 30% by 2030 through collaboration with farmers, other companies, and governments on regenerative practices. Scientists and policymakers are calling for aggressive action to reduce methane emissions, which have emerged…
In an interview published on Saturday, UBS Chairman Colm Kelleher stated that the bank has no interest in buying fellow Swiss lender Credit Suisse. The former Morgan Stanley president said he was focused on organic growth rather than acquisitions and expanding the bank’s business in the United States, ruling out a bid for his bank’s…
Adidas has lost a court case in which it attempted to prevent a fashion designer from using a four-stripe design. The sportswear giant claimed that the four stripes of luxury brand Thom Browne Inc were too similar to its three stripes. Browne contended that shoppers were unlikely to mix up the two brands because, among…
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