Jan 18 (Reuters) – Microsoft Corp (MSFT.O) said on Wednesday it would cut 10,000 jobs by the end of the third quarter of fiscal 2023, the latest sign that layoffs were accelerating in the U.S. technology sector as companies brace for an economic downturn. The layoffs and costs related to hardware-portfolio and other changes will …
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Global oil demand is set to rise by 1.9 mb/d in 2023, to a record 101.7 mb/d, with nearly half the gain from China following the lifting of its Covid restrictions. Jet fuel remains the largest source of growth, up 840 kb/d. OECD oil demand slumped by 900 kb/d in 4Q22 as weak industrial activity …
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Jan 17 (Reuters) – Microsoft Corp (MSFT.O) plans to cut thousands of jobs with some roles expected to be eliminated in human resources and engineering divisions, according to media reports on Tuesday. The expected layoffs would be the latest in the U.S. technology sector, where companies including Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O) …
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Standard Chartered: the 7-month downtrend in oil could be about to reverse. Demand in China is picking up in Q1 2023. Standard Chartered: demand growth in 2023 will clock in at 1.04 million barrels per day. Oil prices have kicked off the new year on the back foot, tumbling to large losses in the first …
Continue reading “Oil’s 7-Month Downturn is over in my humble opinion”
China’s top economic official told an audience of international billionaires and bankers that his country’s economy will likely rebound to its pre-pandemic growth trend this year after coronavirus infections passed their peak. Vice Premier Liu He addressed the World Economic Forum’s annual meeting in Davos, Switzerland, just hours after Beijing released better-than-expected economic data for …
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Goldman Sachs Group Inc. announced on Tuesday that its net revenue for the fourth quarter came to $10.6 billion, down 16% on an annual basis. The company attributed the fall to “significantly lower net revenues in Asset & Wealth Management and lower net revenues in Global Banking & Markets.” Net earnings came to $1.3 billion, …
The Organization of Petroleum Exporting Countries (OPEC) said in its monthly report released on Tuesday that it now expects the global economy to grow by 2.8% in 2022 and by 2.5% in 2023. The 2022 figure marks a slight upward revision from its previous forecast, while the figure for 2023 is unchanged, APA reports citing …
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Two fifths fear company failure within decade, PWC poll finds Inflation, volatility and geopolitical conflict top risk list The World Economic Forum’s annual meeting began in Davos with corporate executives and economists warning a global recession is likely this year. Of 4,410 business leaders surveyed by PricewaterhouseCoopers LLP in October and November last year, 73% …
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Germany’s Economy Minister Robert Habeck underscored on Monday that the energy crisis is “not over yet,” however he added that gas storage facilities are “well stocked.” Speaking at the Handelsblatt Energy Summit in Berlin, Habeck noted in his address that the energy crisis could be over in 2024, revealing that the liquefied natural gas (LNG) …
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Last week, oil prices booked their largest weekly increase since October 2022, bouncing back from a significant crash at the start of the year. Expectations of a rebound in Chinese demand are the primary bullish factor for oil markets at the moment, although traders were happy to take profits. OPEC is due to release its …
Continue reading “Oil Prices Head Lower As Traders Take Profits”