January, 2023

• 26 January

  Walmart dangles 17% bump in starting wage

  

    Bloomberg Walmart Inc., the largest private-sector employer in the US, is raising its starting wage 17% after a surge in inflation last year and heightened competition for workers. The lowest initial wage will jump to $14 an hour from $12 next month, Walmart said in an email. The hourly average will rise to $17.50, up 2.9% from the summer ...

  Read More »
• 26 January

  Apple begins hiring for effort to bring retail chain to Malaysia

  

  Bloomberg Apple Inc. has begun hiring employees for a retail push into Malaysia, preparing to bring its chain to the Asian nation for the first time. The company recently published job listings on its website for locations in Malaysia, seeking store managers, technical specialists and support staff, salespeople for businesses, and operations experts. The listings indicate that the positions will ...

  Read More »
• 26 January

  Debt concerns leave Asda investors fretting over ‘merger’

  

  Bloomberg Holders of bonds issued by supermarket group Asda are demanding more details about a mooted takeover of EG Group Ltd.’s UK petrol operations, a deal that would saddle the grocer with more debt and could lead to ratings downgrades. The potential transaction came as a negative surprise when it was reported, according to multiple bondholders, who asked not to ...

  Read More »
• 26 January

  Brazilian retailer Americanas files for Chapter 15 bankruptcy

    Bloomberg Brazilian shopping chain Americanas SA filed for Chapter 15 bankruptcy, a move that protects its US assets while insolvency proceedings play out in its home country. Representatives for Americanas filed the bankruptcy petition in Manhattan. Chapter 15 bankruptcy filings stop creditors from seizing a company’s assets in the US. The retailer nosedived in January after becoming mired in ...

  Read More »
• 26 January

  Billionaire Ackman invests in Bremont

    Bloomberg Billionaire hedge fund manager and activist investor Bill Ackman is buying a minority stake in Bremont as the UK luxury watchmaker looks to expand in the fast-growing US market. Ackman is teaming with Bremont’s controlling shareholder, Hellcat LP, to invest a combined $60 million in Bremont, the watchmaker said in an emailed statement. The investment shows confidence in ...

  Read More »
• 26 January

  Tesla seeks rapid output boost after profit beats estimates

  

  Bloomberg Tesla Inc. reported better-than expected profits in the latest quarter, even as it gave mixed signals on the outlook for growth in vehicle deliveries. The EV market leader said it would increase output “as quickly as possible” — in line with previous guidance for average annual growth of 50% over multiple years. However, Tesla said it’s on track to ...

  Read More »
• 26 January

  SAP plans to sell Qualtrics stake, slash 3,000 jobs

  

  Bloomberg SAP SE is planning to cut about 3,000 jobs this year while exploring a sale of its remaining stake in Qualtrics International Inc. as the company looks for ways to boost profit. The German software company expects adjusted operating profit for 2023 to rise to a range of €8.8 billion ($9.6 billion) to €9.1 billion at constant currencies, according ...

  Read More »
• 26 January

  Nokia’s quarterly earnings beat estimates amid ‘robust’ demand

  

  Bloomberg Nokia Oyj reported better-than-expected earnings, saying demand “remains robust” even amid a weaker macro-economic backdrop with phone carriers set to take a more cautious approach to spending on 5G networks. Adjusted operating profit rose 27% to €1.15 billion ($1.3 billion) for the fourth quarter, the Espoo, Finland-based mobile network company said in a statement on Thursday. That compares to ...

  Read More »
• 26 January

  UK business confidence drops to 13-year low

    Bloomberg Business confidence in Britain has sunk to its lowest level since the global financial crisis, according to a survey of accountants, amid persistently high inflation and fears that the country is already in a recession. The Institute of Chartered Accountants in England and Wales said Thursday that its latest monitor of business sentiment dropped to an index reading ...

  Read More »
• 26 January

  US filed Microsoft-Activision suit to head off EU settlement

  

    Bloomberg The US Federal Trade Commission filed its lawsuit to block Microsoft Corp.’s $69 billion takeover of gaming company Activision Blizzard Inc. in December partly to get ahead of its European counterparts and dissuade them from accepting a settlement allowing the deal, according to people familiar with the investigations. The FTC filed a complaint challenging the merger on Dec ...

  Read More »