In the aftermath of abysmal quarterly results, Intel Corporation has announced that it would cut salaries from 5.00% up to 25.00%. In addition, the company is set to reduce its matching of pension fund programs.
The European Central Bank has just increased its Main Refinancing Rate from 2.50% up to 3.00%. In addition, the central bank has published its Monetary Policy Statement.
The financial payments company PayPal has revealed that it would lay off nearly 2,000 employees. The company is one of the many among the recent string of layoffs. Recently, the stock markets for an unknown reason have reacted positively to any major firing.
The Bank of England has increased its Official Bank Rate from 3.50% up to 4.00%. The members of the Monetary Policy Committee voted as follows. Seven cast votes for a rate hike and two voted for keeping rates unchanged.
Despite the Chinese government lifting Covid restrictions, data reveals that the supposed Asian economic reopening has been lagging, as the Caixin PMI, Japanese and South Korean manufacturing activity indices have declined.
The White House has expressed its dissatisfaction with the ExxonMobil record $56 billion annual profits, as the US government has blamed the companies in price gouging.
Recent South Korean -16.6% annual decline of January exports together with the -0.4% decline of last quarters GDP indicates that the country is set to enter a recession.
The Chairman of the US Federal Reserve has revealed in the post-rate-hike press conference that the US Federal Reserve would continue to hike interest rates throughout 2023 and no rate cuts are foreseeable during the year.
The United States Federal Reserve Federal Open Market Committee has hiked the US Federal Funds Rate from 4.50% up to 4.75%. The market consensus was that the US Fed would hike the base interest rate by 0.25%.
Reuters has reported that German firms have been hiring up employees, which have been fired by Silicon Valley firms.
Despite chip profits reaching the lowest level since 2009, Samsung intends to continue to invest in the sector, despite the expectations of a continuous decline of demand.
In January, the Chinese economic activity has reportedly returned to growth, as It has been indicated by the official purchasing managers index.
The World Gold Council has revealed that global central banks have bought a record high amount of gold not seen since 1967. Central banks have added to their inventory 1,136 tonnes of gold, which amounts to nearly $70 billion.
The sovereign wealth fund of Norway has announced that in 2022 it had suffered a loss of $164.5 billion or 1.64 trillion NOK. The previous largest loss of the fund was 633 billion crowns in 2008.
At 13:30 GMT, the Canadian GDP was revealed to have increased by 0.1% on a month on month basis. The news caused a surge of the Canadian Dollar against other currencies. As a result, the decline of the USD/CAD spilled over into a broader decline of the US Dollar index.
Following the example of Tesla, Ford Motor Company has announced that it would reduce the prices of Mustang Mach-E electric vehicles.
Philips has announced that the company would fire additional 6,000 employees in an effort to increase profit margins.
Fourth quarter German GDP data has revealed that the country's Gross Domestic Product had shrunk by 0.2% instead of the expected stagnation.
Toyota has revealed that the company has sold 10.5 million vehicles during the year of 2022, which puts it above the Volkswagen Group's 8.3 million vehicles.
The Chief Executive of TikTok Shou Zi Chew is set to testify before the US Congress, as lawmakers are set interrogate the CEO in regards to the app's security.
SAP has announced that it would cut its workforce by 2.5% by cutting nearly 3,000 jobs. Moreover, the company is set to sell its stake in Qualtrics.
The IBM Corporation has announced that it would lay off 3,900 employees. Moreover, the company has missed its annual cash target.
The CEO of Tesla Elon Musk has recently stated that the recent price cuts have increased demand for the company's vehicles, which should increase total sales.
The oil company Chevron has announced that it is tripling its share buyback budget from $25 billion up to $75.