Latest business news
Suresh Kumar, the Indian origin chief technology officer of Walmart in California, has hit the headlines amid reports of the retail giant cutting 1,500 tech jobs. Walmart is cutting jobs at its headquarters in Bentonville, Arkansas, along with its global technology team. In a memo reviewed by Bloomberg, Walmart CTO Suresh Kumar and US CEO…
Moody’s downgraded the US sovereign credit rating on Friday due to concerns about the nation’s growing $36 on debt pile. The credit rating agency cut the US government’s rating by one notch to “AA1” from ‘AAA’, and changed its outlook on the US to “stable” from “negative.” Moody’s first gave the United States its pristine…
Gold fell for a third day on signs of potential trade-talk progress between the US and several other nations, quelling demand for havens even as signs of slowdowns have emerged in the largest economies. Prices shed as much as 1.8% as investors weighed improving sentiment on Wall Street after Donald Trump’s trade representative said he…
Short-term Treasuries rose and traders boosted their expectations for Federal Reserve interest-rate cuts later this year after the US economy contracted for the first time since 2022. The gain in two-year notes on Wednesday pushed yields lower by about four basis points after data showed a decrease in US gross domestic product, more moderate consumer…
Bajaj Finance Ltd stock is down 5% in reaction to its March quarter (Q4FY25) and FY25 earnings, announced after market hours on Tuesday. The long-term target for consolidated return on average assets (RoAA) was cut from 4.6-4.8% to 4.3-4.7% and return on average equity (RoAE) from 21-23% to 19-21%. A closer look at its growth…
(Bloomberg) — Advertising firms are bracing for a pullback in clients’ marketing expenditure, with the outlook for 2025 appearing increasingly muddled for the industry. Though companies like Paris-based Publicis Groupe SA and New York-headquartered Omnicom Group Inc. both recently dispelled the idea that tariff uncertainty had already squeezed clients’ marketing budgets, they did not dismiss…
Mumbai: ICICI Bank expects its net interest margins to come under pressure in the months ahead, as the Reserve Bank of India’s repo rate cuts begin to bite. The private sector lender anticipates further easing from the central bank, a senior executive said on Saturday—offering a cautious outlook even as the bank reported strong earnings. …
(Bloomberg) — Iraq plans to cut oil exports next month as OPEC presses members to adhere to production targets, according to an official with knowledge of the matter. The group’s second-largest producer aims to reduce shipments by roughly 100,000 barrels a day to an average of 3.2 million barrels a day in May, the official…
Intel has agreed to sell a 51% stake in its Altera programmable chip business to buyout firm Silver Lake for $4.46 billion, in the first major move under new CEO Lip-Bu Tan to revive the struggling American chipmaker. The deal, announced on Monday, values Altera at $8.75 billion, a sharp decline from the nearly $17…
Auto Stocks: The earnings performance of most Original Equipment manufacturers (OEMS) is likely to remain muted during the January-March 2025 quarter or Q4FY25. The passenger vehicle sales growth remains in the slow lane as does that of two wheelers. The commercial Vehicles and tractor sales too have been a mixed bag. In the back drop…