The department store chain Macy’s announced retrenchment of about 100 jobs in its management category as a part of the company’s efforts to cut down costs and enhance profitability even as sales continue to fall. In the fourth quarter, the company however performed better than the market expectations which were lowered earlier. However the company…
Owner and founder of US electric car maker Tesla, Elon Muskm is again embroiled in a controversy with the Securities and Exchange Commission (SEC) of the United States. A US judge has been asked by the SEC to hold Elon Musk in contempt for violating a settlement agreement which resulted in a drop in the…
As a part of its restructuring plan and to further focus completely on its core business some of the peripheral businesses are being sold off by the once sprawling conglomerate General Electric. The company announced the selling off its biopharma business to Danaher Corp. for $21.4 billion. Last year, revenue of $3 billion was generated…
Car maker Peugeot has announced that its portfolio would soon have a full-electric version of its new-generation 208 hatchback and some of its smaller cars would be made more upscale by the addition of newer technology and materials that one can usually find in the more costly high end cars made by the company such…
Two of the largest global auto companies BMW and Daimler have joined hands to forge a mobility partnership which would be worth one billion euro or $1.13 billion. The basis or the foundation of this development was laid by the two companies back in March of 2018 when the companies have jointly announced that they…
Economic growth could be hampered by the continuance of the acrimonious trade war between the two largest economies of the world into current year, warned Danish shipping group and one of the largest shipping companies in the world Moller-Maersk as it announced its financial performance for the fourth-quarter wherein the earnings were in line with…
Keeping the eventuality of a no deal Brexit, Barclays announced a provision of £150 million. The company said that the amount had been apportioned for “anticipated economic uncertainty” related to Brexit. This was stated by the bank as it announced a profit of £3.5 billion for 2018 which was virtually the same as the previous…
German industrial giant Siemens is joining hands with electric-plane start-up Eviation for the development of an aircraft that would be powered by batteries. The company said on Wednesday that the German industrial conglomerate would help out the electric-plane start-up to design and develop the motor of the planned electric powered passenger plane by the startup.…
After operating for more than fifty years, United States based auto manufacturing company Ford has announced that it would close down a factory in Brazil. This is part of the strategy of the company to end selling of heavy commercial trucks in entire continent of South America. It saw “no viable path to profitability” for…
According to statement of the German interior ministry to the media, the Chinese tech giant Huawei would not be excluded from the setting up of the 5G network in the country and the country might even tweak changes in its regulations t hat would allow even those companies that are considered to be potentially untrustworthy…
