US weekly jobless claims fall to nine-month low; productivity speeds up

Weekly jobless claims fall by 3,000 to 183,000 Continuing claims decrease by 11,000 to 1.655 million Productivity accelerates at a rate of 3.0% in the fourth quarter Unit labor costs increase at a rate of 1.1% WASHINGTON, Feb 2 (Reuters) – The number of Americans filing new claims for unemployment benefits fell to a nine-month … Read more

Exclusive: Electric vehicle maker Rivian to cut 6% of jobs amid price war – internal memo

SAN FRANCISCO, Feb 1 (Reuters) – Rivian Automotive (RIVN.O) is laying off 6% of its workforce in a bid to cut costs as the electric vehicle maker, already struggling with dwindling cash reserves and an economy weak, is preparing for a full-scale industry-price war. The company is focusing its resources on ramping up vehicle production … Read more

UK teachers and civil servants join mass strike on ‘Walkout Wednesday’

Up to 500,000 people expected to join UK strikes Government says steep pay rises will fuel inflation Schools are closed, most trains are not running More strikes involving health workers planned for next week LONDON, Feb 1 (Reuters) – Up to half a million British teachers, civil servants and train drivers walked out on Wednesday … Read more

India increases spending in latest budget before election

NEW DELHI, Feb 1 (Reuters) – India’s government on Wednesday unveiled a $550 billion budget for the next fiscal year which starts on April 1, with a record capital spending plan while containing the budget deficit. Prime Minister Narendra Modi’s party, which faces elections in key states this year and a national vote in 2024, … Read more

Intel cuts employee and executive salaries amid slowing PC market

Jan 31 (Reuters) – Intel Corp (INTC.O) said on Tuesday it had made sweeping pay cuts for employees and executives, a week after the company released lower-than-expected sales guidance in due to a loss of market share to rivals and a slowdown in the PC market. The cuts will range from 5% of base pay … Read more

France hit by a new wave of strikes against Macron’s pension reform

The reform would raise the retirement age to 64 Schools, transport networks, refinery deliveries affected Macron: an essential reform to ensure the viability of the pension system SAINT-NAZAIRE, France, Jan 31 (Reuters) – Strikers disrupted deliveries to French refineries, public transport and schools on Tuesday in a second day of nationwide protests against President Emmanuel … Read more