FTX, the cryptocurrency exchange that recently collapsed has announced that it had started a strategic review of its global assets and was getting ready to sell or reorganize some companies. A court order was also requested by FTX and about 101 affiliated companies to permit the operation of a new global cash management system and…

Mark Zuckerberg, the chief executive of Meta Platforms Inc., assured staff on Thursday that the company’s next wave of sales growth would be driven by WhatsApp and Messenger in an effort to allay financial worries following its first round of mass layoffs. A week after Meta announced it would lay off 11,000 employees, Zuckerberg responded…

The offices of Twitter will temporarily close with immediate effect, the company has informed its staff. The BBC obtained a message informing employees that the offices would reopen on November 21. It did not state why it was moving. The announcement comes as there are reports that many employees were leaving after the new owner,…

Burberry, the British luxury brand, reported an 11% increase in quarterly comparable store sales, exceeding market expectations, thanks to increased tourist spending in Europe and the relaxation of COVID restrictions in China. The second-quarter performance increased first-half revenue to 1.35 billion pounds ($1.61 billion), up 5% in constant currency and slightly ahead of expectations, while…

On Thursday, Chinese e-commerce behemoth Alibaba Group Holding Ltd (9988.HK) reported a smaller-than-expected increase in quarterly revenue as COVID-19 restrictions and a worsening economic outlook stifled consumer spending. Retail spending in China has fallen this year as a result of the government’s strict zero-COVID policies, which have resulted in frequent lockdowns and harmed economic activity.…

Amazon.com Inc said it has laid off some employees in its devices division, despite the fact that a person familiar with the company said it still planned to cut around 10,000 jobs, including in its retail division and human resources. The announcement, Amazon’s first since media outlets such as Reuters reported its layoff plans on…

Siemens will merge five of its businesses to form an independent motors and drives company with revenue of around 3 billion euros ($3 billion), according to CEO Roland Busch on Thursday. The German engineering firm announced the merger of its large drives applications and Sykatec, a metal component manufacturer and portfolio company. After management determined…

Cisco Systems Inc raised its full-year revenue and profit forecast as supply chain challenges eased, and announced $600 million in severance and other charges related to a new restructuring that could affect about 5% of its workforce. In extended trading on Wednesday, the company’s stock rose nearly 5%. The restructuring will begin in the second…