Shares (Discovery shares) of the film production giant Warner Bros Discovery shares: rose 2% after the company decided to cut off 30% of its workforce. The company has already offered around 1000 employees the chance to leave the company.
It is believed that job cuts are related to efforts to try to gain $3 billion in cost savings after a $43 billion collaborating business between Discovery and AT&T’s (T) Warner Media.
The Information reported the news first after a few hours after Coinbase (COIN) announced it will cut roughly 18% of its staff.
Manulife Financial (MFC) Asia unit is on the way to accounting for 50% of the Canadian insurer’s earnings by 2025 despite economic slowdowns and the impact of COVID-19 on its significant markets.
Manulife set the earnings goals for Asia, which last year brought in 35% of the group’s global earnings, in September last year, and difficulties in the sector have gathered speed this year as China’s economy slumps and the COVID cases resurge in many areas.
Swedish furniture company IKEA had made the hard decision to scale down its business in Russia, pointing to significant setbacks in supply chains around the world.
IKEA temporarily closed stores and postponed the supplies in Russia but had continued giving employees paychecks. IKEA would start looking for new leaders for four of its factories.
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