BP plc (ADR) (NYSE:BP) will be cutting thousands of jobs across all of its sectors, in a restructuring program that seeks to make the British oil and gas company more profitable amidst steep declines in oil prices. An amount of $1 billion is earmarked for the restructuring, and the company is also eyeing more cuts…
Bank of America Corp (BAC), Citigroup Inc (C) Prepares for Fourth Quarter Decline in Trading Revenue
Bank of America Corp (NYSE:BAC) and Citigroup Inc (NYSE:C) have predicted a decline in trading revenue for the fourth quarter, as per presentations from the two firms’ CEOs in an investor conference in New York on Tuesday. Bank of America Corp (NYSE:BAC) CEO Brian Moynihan had told investors at the said conference to expect lower…
Citigroup Inc (C) Bracing for $2.7 Billion Legal Expenditures in Fourth Quarter
Citigroup Inc (NYSE:C), the third largest bank in the U.S.. in terms of assets, is bracing for an additional $2.7 billion in legal charges in the fourth quarter, according to CEO Mike Corbat, at an announcement made during an investor conference in New York. Another $800 million allotted for retrenching workers and closing branches makes…
McDonald’s Corporation (MCD) Contends with Steep Sales Decline
McDonald’s Corporation (NYSE:MCD), the world’s largest fast food chain, announced on Monday that it is grappling with the worst decline in its global sales, way much lower than expected, and accordingly warned the decline will substantially hit fourth quarter margins. The company cited a health scare in China as among the factors that adversely affected…
Amazon.com, Inc. (AMZN) Boosting Sales With Aggressive Discounts
Amazon.com, Inc. (NASDAQ:AMZN) is aggressively pushing its sales in time for the holidays by luring customers with up to 65% discounts on its Cuisinart items. The black Cuisinart CPB-300 SmartPower 15-Piece Compact Portable Blending/Chopping System, which is originally listed with a price of $130 is now available for only $53.99, with customers getting a 58…
Wal-Mart Stores, Inc. (WMT) CEO: Economy Not Picking Up
Wal-Mart Stores, Inc. (NYSE:WMT) CEO Doug McMillon feels that the economy is not moving that much. In CNBC’s “Squawk Box” on Wednesday, McMillon said that “the 2 percent to 3 percent growth range number” is like “kind of perpetual”. He added that looking forward to the next year, he feels there is no semblance of…
Microsoft Corporation (MSFT) Commits to Diversity, Approves CEO Pay
Microsoft Corporation (NASDAQ:MSFT) held its annual shareholder meeting Wednesday, its first under new CEO Satya Nadella. The event was attended by Microsoft’s former CEO Steve Ballmer, who stepped down from the company in February to focus on NBA’s Los Angeles Clippers, which he purchased for $2 billion. Also at the meeting is activist Jesse Jackson,…
Microsoft Corporation (MSFT) Update: CEO Nadella’s Compensation Reasonable
Microsoft Corporation (NASDAQ:MSFT) has issued its stance on the issue of its CEO being overpaid. A spokesman from the software products and services company has told Business Insider that ISS’ claim that Microsoft CEO Satya Nadella’s pay is too high is misleading, because the company will base Nadella’s pay, which includes stocks ownership, on company…
Wal-Mart Stores, Inc. (WMT) Reports Sales Growth, Matches Prices of Online Competitors
Retailer Wal-Mart Stores, Inc. (NYSE:WMT), reported a rise in same-store sales for the first time covering a period of 7 quarters. The company’s new and existing stores generated a quarterly sales of about $119 billion, up from $112 billion, pushed by demand for apparel and home goods. A 5.5% comparable sales growth in the company’s…
Alibaba Group Holding Ltd (BABA) Hits $9 Billion in Sales on Annual Singles Day Shopping Frenzy
The annual Chinese “Singles Day” Shopping Festival has recorded a total of $9.3 billion in sales for e-commerce conglomerate Alibaba Group Holding Ltd (NYSE:BABA), breaking the company’s sales record for the same event the previous year. The sales figure was realized past midnight after local online Chinese shoppers, together with online customers from overseas, have…