Google to cut 12,000 jobs in 6% slash to global workforce

14 days ago BNN Bloomberg

Google parent Alphabet Inc. said it will cut about 12,000 jobs, more than six per cent of its global workforce, becoming the latest tech giant to retrench after years of abundant growth and hiring. With the layoffs, Google joins a host of other tech giants that have drastically scaled back operations amid a faltering global economy and soaring inflation. Thanks to a resilient search business, Google has been one of the longest tech holdouts. Since 2017, the company has more than doubled its workforce, which reached 186,779 in the most recent quarter. In recent years, Google also added thousands of employees for its nascent hardware division with the acquisitions of HTC and Fitbit.
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Bruce Campbell's Top Picks: October 21, 2022

Bruce Campbell, president and portfolio manager, StoneCastle Investment ManagementFOCUS: Canadian stocksMARKET OUTLOOK:Markets continue to be volatile with choppy trading on a daily basis. Southern Energy (SOU TSXV)Southern energy is an energy producer focused on developing and producing conventional natural gas in Mississippi. In the last quarter, the company reported revenue growth of five per cent and EBITDA growth of 17 per cent. DISCLOSURE PERSONAL FAMILY PORTFOLIO/FUND CTS TSX N N Y SOU TSXV N N Y GTII CSE N N YPAST PICKS: November 19, 2021Bruce Campbell's Past Picks Bruce Campbell, president and portfolio manager at StoneCastle Investment Management, discusses his past picks: Nurosene Health, Quipt Home Medical, and Kinaxis. Nurosene Health (MEND CSE)Then: $1.94Now: $0.24Return: -88%Total Return: -88%Quipt Home Medical (QIPT TSXV)Then: $8.66Now: $5.59Return: -35%Total Return: -35%Kinaxis (KXS TSX)Then: $229.10Now: $142.25Return: -38%Total Return: -38%Total Return Average: -54%

3 months ago BNN Bloomberg

Covid Outbreak at China IPhone Plant Pushes Workers to the Edge

(Bloomberg) -- Discontent rippled through Apple Inc.’s biggest iPhone plant in China this week, after hastily enacted measures aimed at quelling a Covid outbreak plunged many of its 200,000 workers into isolation -- some without proper meals. Calls to the Covid taskforce for Zhengzhou city and the Airport Economy Zone, where Foxconn’s plant is located, weren’t answered. Covid ZeroThe tensions at Foxconn’s Zhengzhou plant underscore the economic and social costs of Xi Jinping’s Covid Zero policy. Over the past few days, photos and video clips flooded social media sites such as Douyin and Weibo, purportedly taken by Foxconn workers dissatisfied with conditions in the plant. Read more: Apple Supplier Grapples with Covid Flare-Up in IPhone City©2022 Bloomberg L.P.

3 months ago BNN Bloomberg

U.S. stocks advance as earnings, data improve sentiment

U.S. stocks rose after better-than-expected earnings from FedEx Corp. and Nike Inc. improved sentiment. The S&P 500 advanced about 1 per cent, lifted by gains in Nike and FedEx. The yen fell against the dollar, after posting its biggest daily rally since 1998 on Tuesday. Traders are also parsing fresh U.S. data on Wednesday that indicates the economy is slowing, but a recession may still be at bay. Iron ore and copper prices rose for the second day, lifted by China’s COVID Zero reversal.

1 month ago BNN Bloomberg

China Cuts Steel Output Again as Covid Zero and Property Crisis Sap Demand

(Bloomberg) -- China’s steel production fell again last month as mills cut output to stem losses and cope with a slide in demand. Over the first 11 months, output has fallen 1.4% from 2021 levels, in line with the government’s directive to cap emissions from the highly pollutive sector. Heating fuel output continued to rise as markets headed into the winter and coal hubs saw fewer virus restrictions. Crude refining hit a 12-month high as processors continued to take advantage of higher export quotas for fuels like diesel. Thursday, Dec. 15China sets monthly medium-term lending facility rate, 09:20China new home prices for November, 09:30China industrial output for November, including steel & aluminum; coal, gas & power generation; and crude oil & refining.

1 month ago BNN Bloomberg

China’s Covid Death Reports Spread as Doubts Grow About Official Virus Data

Screenshots of the original post, which can’t be verified by Bloomberg News, continue to circulate across Chinese social media. In Chongqing, which hasn’t officially declared a Covid death since late-November, a woman said her grandfather died over the weekend and she faced a long wait for a death certificate. Read more: China’s ‘Let It Rip’ Covid Approach Is Confounding ExpertsThe real number of deaths may also have been masked by a change in how to define a Covid fatality. Previously, anyone who died while Covid-positive was considered a Covid death. That makes the snapshots on social media an important way to gauge the reality of the country’s worst ever Covid outbreak.

1 month ago BNN Bloomberg

Hong Kong Pension Fund’s Biggest Plunge Since 2008 Fuels Anger

That plan is drawing frustration at a time when stocks in Hong Kong are seeing a relentless slide, with President Xi Jinping’s tightening power grip casting greater uncertainties over the outlook for financial markets. Read: ‘Frustrated and Angry,’ Global Funds Worry About Xi’s New China“The worst thing about the MPF is there’s nowhere to hide. The steep losses in funds were driven by Hong Kong and China equities, the pension pot’s largest asset class. The MPF has about 4.4 million contributing accounts in Hong Kong and about HK$1 trillion in assets as of June. To be sure, Hong Kong’s pension scheme isn’t alone in reporting losses as markets worldwide are slumping.

3 months ago BNN Bloomberg

How Long Can Italian Bonds Stay In Vogue?

No,” said Annalisa Piazza, fixed-income research analyst at MFS Investment Management, adding risks included further aggressive ECB rate hikes or a “policy mistake” by the new government. The latter is a perennial problem that keeps Italian bond investors on their toes. ECB officials have said they plan to discuss this so-called quantitative tightening at their Dec. 15 meeting, with some pushing for a start in early 2023. That has included flexible reinvestment of its maturing bonds, but Citigroup only expects the measure to be used sparingly next year. He holds an underweight position in Italian bonds.

2 months ago BNN Bloomberg

UK Mortgage Lending to be Lowest in Over a Decade in 2023, EY Says

(Bloomberg) -- UK mortgage lending is headed for its biggest plunge in more than a decade next year after a surge in interest rates and cost-of-lending squeeze brings household budgets to a breaking point. Borrowing costs are soaring along with expectations that the Bank of England will keep raising interest rates in response to the highest inflation in 40 years. It’s also raising the costs for borrowers who need to refinance loans, which in the UK market typically happens at least every five year. That will reverse some of the gains made since the start of the pandemic, a period that has seen house prices soar 23%. While those rates have come down sharply with a U-Turn on the budget measures, mortgage rates have yet to return to the levels prevailing in the summer.

3 months ago BNN Bloomberg

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