Dutch medical device manufacturer Philips said Monday it will slash 4,000 jobs after a massive financial hit for a recall of faulty sleep respirators pushed it into loss.. - 'Class-action lawsuits' - Philips first announced a recall in June 2021 after sound-dampening foam on some of its sleep respirators was found to degrade under certain conditions.
Germany, the EU's top economy and Europe's export powerhouse, looks headed for imminent recession, according to a closely watched survey Monday that pointed to a deepening eurozone contraction.. There are "growing signs of an impending recession in the eurozone's largest economy," S&P Global Market Intelligence said as it released its eurozone purchasing managers' index for October.
Credit Suisse has agreed to pay 238 million euros ($234 million) to avoid prosecution on French money laundering and tax fraud charges, according to a settlement approved Monday by a Paris court.. The settlement will see Switzerland's second-largest bank pay a fine of 123 million euros and pay an additional 115 million euros in damages and interest to the French state.
The European Central Bank is expected to set aside recession worries and deliver another jumbo interest rate hike this week to cool inflation, as Russia's war on Ukraine sends energy prices soaring.. Like other central banks, the ECB is using a series of rate hikes to bring inflation under control -- at the risk of slowing economic activity to such an extent that it triggers a downturn.
Most Asian markets rose Monday after a surge on Wall Street fuelled by hopes the Federal Reserve could begin to slow its pace of interest rate hikes.. Tokyo, Sydney, Seoul and Taipei led gains after a strong performance in New York that was sparked by a report the Fed could begin to take its foot off the pedal in its rate hike campaign.
China's economy grew 3.9 percent year-on-year in the third quarter, according to official data released Monday, beating forecasts a day after President Xi Jinping was re-elected to a historic third term as leader.. But Monday's data, published six days later than scheduled, showed a slight rebound, with China posting growth higher than the 2.5 percent predicted by a panel of experts surveyed by AFP. It did, however, show a marked rise in unemployment from last month, a figure officials blamed on the pandemic.
Hundreds of CEOs and finance moguls are expected in Riyadh from Tuesday for a Davos-style investment conference that analysts say will highlight Saudi Arabia's geopolitical muscle despite strained ties with the US. The Future Investment Initiative (FII) was launched in 2017 as an economic coming-out party for the world's largest crude exporter, which is trying to diversify away from oil under Crown Prince Mohammed bin Salman.. - No 'agenda' - The FII Institute, which organises the conference, has tried to establish an identity that goes beyond being a pet project of Prince Mohammed.
Red Bull founder Dietrich Mateschitz, who made the energy drink a global phenomenon and forged a title-winning Formula One team and a sports empire, died on Saturday aged 78, the company said.. The head of the Red Bull Formula One team, Christian Horner, said "thankfully" Mateschitz lived to see Verstappen clinch his second title by winning the Japanese Grand Prix two weeks ago.
Austrian billionaire Dietrich Mateschitz, who died Saturday at the age of 78, built a sports and media empire around his Red Bull energy drink, ensuring its global fame and wide-reaching legacy.. His legacy -- the Red Bull energy drink -- was born during one of his many business trips when at a luxury hotel bar in Hong Kong he was served a sweet beverage common in Asia.
Athletic Bilbao forward Raul Garcia agrees with the Spanish government's plan to impose a temporary tax on the richest people in the country.. "Obviously we live in a comfortable financial situation, but it does not isolate me from the situations that my friends, my family are living in," Garcia told Spanish newspaper El Pais.
