Wednesday, Feb 28th

Last update08:55:09 AM GMT

You are here All News At a Glance Economic Glance

Macy's to close 150 stores in new turnaround effort, forecasts weak 2024 sales

Macy's to close 150Macy's on Tuesday forecast annual sales and profit below expectations and said it would shutter about 150 stores through 2026 as part of a new plan that would help save $100 million in costs this year.

Its shares rose 7% as the department store chain also beat quarterly profit estimates. They have lagged peers in 2023, declining about 3% compared to a 13% jump in rivals Nordstrom and Kohl's.

The locations made up for less than 10% of Macy's annual sales and were mostly underperforming mall-based stores, CFO Adrian Mitchell told Reuters. No additional layoffs were planned due to the closures.

Sluggish sales have landed the upscale retailer in the crosshairs of activist shareholders and attracted potential bidders, while it also faces a proxy battle from Arkhouse Management after it nominated nine candidates to its board.


S&P 500 closes above 5,000 for first time as US inflation cools

S&P closes above 5000

US stock markets hit another historic high on Friday, with the S&P 500 closing above 5,000 for the first time.

The broad-based index of the largest and best-known listed companies has been driven higher by a series of reports underlining the US’s resilient economy and retreating inflation.

On Friday the share index finished at 5,026.61: up 0.6% on the day, and 22% since a rally took hold in late October.

Consumer price growth was even lower than previously estimated in December, according to revised inflation data released on Friday. The US consumer price index rose 0.2% in December, rather than the previously reported 0.3%, the labor department’s Bureau of Labor Statistics said.


Wall Street notches fresh records as S&P 500 and Dow Jones close at all-time high

Wall Street notches gains at all time high

Wall Street scaled fresh records on Monday, as the S&P 500 and the Dow Jones industrial average each closed at an all-time high.

The S&P gained 0.2% to 4,850.43. The Dow cleared 38,000 for the first time, rising 0.4% to 38,001.81.

It comes as a string of companies prepare to update investors. American Airlines, Intel, Procter & Gamble and Tesla are among those due to release earnings in the coming days.


Wayfair lays off over 1,000 employees weeks after CEO told company to 'work longer hours'

Wayfair layoffs

Online home goods retailer Wayfair announced Friday that it is laying off approximately 1,650 employees, representing about 13% of its global workforce, in a move that is expected to save the company more than $280 million annually.

"The changes announced today reflect a return to our core principles on resource allocation, such as getting fit on spans and layers as well as focusing on our highest priorities," Wayfair CEO and co-founder Niraj Shah said in the news release.

As a result, we're reducing team sizes across the organization, as well as reducing seniority in certain roles that we plan to rebuild with modified leveling over the course of this year," Shah said.lan to rebuild with modified leveling over the course of this year," Shah said.

In a note to his employees, Shah said the company "went overboard in hiring during a strong economic period and veered away from our core principles, and while we have come quite far back to them, we are not quite there." He also went on to say that COVID also contributed to the increase in hiring, "a time where the company's annualized sales grew from $9 billion to $18 billion "almost overnight," according to Shah.



Citigroup to cut 20,000 jobs after steep quarterly loss

Citigroup cuts 20,000 jobs

Citigroup will cut 20,000 jobs by the end of 2026 after enduring a steep loss in the last quarter as it presses ahead with a sweeping restructuring.

While chief executive, Jane Fraser, hailed 2024 as a “turning point” for the American banking group, Mark Mason, its chief financial officer, acknowledged that job cuts were “tough on morale” as he outlined the planned reductions.

Citi currently has 239,000 staff across the world. The lender plans to reduce this by 20,000 as part of a reorganisation, Mason said.

Executives ultimately expect the workforce to shrink to about 180,000 employees, as the upcoming listing of Banamex, Citi’s Mexican consumer division, is also set to reduce staffing levels by about 40,000.


US corporations push to roll back Trump-era tax policies they once endorsed

US Corporations want to roll back Trup era tax breaks

US corporations and their supporters in Washington are pushing aggressively to roll back tax policies they once endorsed, in a move that could return hundreds of billions of dollars to some of America’s biggest companies.

As congressional negotiators attempt to keep the government funded past 19 January, an agreement is emerging that ties the corporate tax breaks to an increase in support for vulnerable American families – an effort to make the deal more palatable for Democrats.

Just six years ago the Business Roundtable, a lobbying group for CEOs of large US firms, described the Trump-era Tax Cuts and Jobs Act as “a remarkable, once-in-a-generation opportunity”. Now, the group is leading “a six-figure advocacy campaign” to roll back parts of it, according to Politico, and threatening that failing to secure new tax cuts will lead to “slower job creation, smaller wage increases and lower overall economic growth”.


U.S. unemployment has been under 4% for the longest streak since the Vietnam War

Lowest unemployment since Vietnam war

The U.S. job market capped off a strong year in December, as employers continued hiring at a solid pace.

Employers added 216,000 jobs last month, according to the Labor Department. The unemployment rate held steady at 3.7%.

Unemployment has now been under 4% for almost two years — the longest streak of rock-bottom jobless rates since the Vietnam War.

"The labor market ended 2023 on a solid footing," said Nela Richardson, chief economist for the payroll processing company ADP. "We'll see what 2024 will bring."

December's job gains were concentrated in government and health care. Retailers added 17,000 jobs, suggesting a solid finish to the holiday shopping season.


Page 1 of 68

  • «
  •  Start 
  •  Prev 
  •  1 
  •  2 
  •  3 
  •  4 
  •  5 
  •  6 
  •  7 
  •  8 
  •  9 
  •  10 
  •  Next 
  •  End 
  • »
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!