Amazon.com Inc on Monday said it would cut another 9,000 jobs totaling 27,000 job cuts in recent months. In a note to staff posted online, CEO Andy Jassy said the decision stemmed from ongoing analysis of priorities and uncertainty about the economy. Whereas prior cuts had focused on the company’s e-commerce and devices business as…
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Flagstar Bank will purchase deposits, loans and branches from recently closed Signature Bank
Flagstar Bank, a subsidiary of New York Community Bancorp, has entered into an agreement with the Federal Deposit Insurance Corporation (FDIC), to purchase deposits and loans from New York-based Signature Bank. Flagstar Bank will assume substantially all of Signature Bank’s deposits, some of its loan portfolios and all 40 of its former branches. Roughly $60…
Interest payments on fixed-term mortgages to soar by 55% in UK
Average interest payments on fixed-term mortgages are set to soar by 55% this year to £500 a month, which would exacerbate the cost-of-living crisis in United Kingdom. And the average cost for fixed-term holders is set to more than double from £322 at the end of last year to £701 a month by 2027, analysis…
UBS has agreed to takeover Credit Suisse
UBS has agreed to buy Credit Suisse. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” read a statement from the Swiss National Bank, which pledged a loan of up to 100 billion ($108 billion) Swiss francs to…
Pakistan direly needs a carbon exchange bank
HUB, PAKISTAN: A Carbon Exchange Bank to deposit the carbon credits, the industries earn, is a dire need for Pakistan, said Mr. Ismail Suttar, President of Lasbela Chamber of Commerce and Industry while addressing the Workshop on “Towards Zero Emissions: Sustainable Industry and Climate Action”. The Lasbela Chamber and WWF Pakistan jointly organized the workshop….
UK to end pre-departure COVID-19 test rule for arrivals from China
LONDON: The British government said it would end the requirement for people flying from mainland China to England to provide proof of a negative pre-departure COVID-19 test from April 5. From Friday (Mar 17), the UK Health Security Agency’s voluntary, on-arrival testing programme of travellers arriving from China to London’s Heathrow airport will also end,…
Pakistan tax authorities discover Rs70 billion worth of trade-based money laundering by solar panels importers
KARACHI: Pakistan’s tax authority has made a landmark detection of Rs70 billion on account of over-invoicing and trade-based money laundering by solar panels importers. Federal Board of Revenue (FBR) carried out sector-based audit of solar penal importers to check twin aspects of over-invoicing and trade based money laundering (TBML). State Bank of Pakistan also recently…
British government ministers barred from using TikTok on security grounds.
British government ministers have been banned from using social media app TikTok on their work phones and devices on security grounds. The government fears sensitive data held on official phones could be accessed by the Chinese government, BBC reported. Cabinet Minister Oliver Dowden said the ban was a precautionary move but would come into effect…
Google increases price of YouTube TV subscription to $73/month starting April 2023
Google has increased the price its YouTube TV subscription from $65 per month to $73 per month starting in April 2023. YouTube TV is Google’s cable replacement. It provides access to live TV and cable channels, delivered through an internet connection. “As content costs have risen and we continue to invest in the quality of…
Credit Suisse announces to borrow 50 billion Swiss francs from Swiss National Bank
Credit Suisse announced to borrow up to 50 billion Swiss francs ($53.68 billion) from the Swiss National Bank under a covered loan facility and a short-term liquidity facility. Credit Suisse shares fell sharply hitting an all-time low after its top investor Saudi National Bank was quoted as saying it won’t be able to provide further…
T-Mobile will acquire Ka’ena Corp, owner of Mint Mobile, for $1.35 billion
T-Mobile US Inc would buy Ka’ena Corp, the owner of Ryan Reynolds-backed budget service provider Mint Mobile, for up to $1.35 billion. T-Mobile expects the deal to close later this year and doesn’t anticipate any changes to its 2023 financial outlook. Mint Mobile will be “slightly accretive’ to adjusted earnings before interest, taxes, depreciation and…
U.K. economy would no longer enter a technical recession in 2023: Jeremy Hunt
Finance Minister Jeremy Hunt said that the U.K. economy would no longer enter a technical recession in 2023, as was previously anticipated. The updated outlook was based on new forecasts from the independent Office for Budget Responsibility (OBR), Hunt said. A technical recession is a term used to describe a situation where an economy experiences…