COST Financial News

reported that Citi is also planning to trim 30 investment banking jobs and 20 corporate ones at its London unit to deal with adverse market conditions,. The company is aiming to reduce its cost base to deal with current market conditions.

By Lewis Krauskopf

HCLTech, the country’s third-largest IT services firm, slashed its revenue guidance for the year ahead, but it expects growth to lead the industry numbers by a “big margin” in the third and fourth quarters, chief executive officer C Vijayakumar tells ET. The lack of discretionary spending across clients through the past two quarters and limited resumption visibility on customer expenditures have been the key factors for slashing organic revenue growth guidance between 4% and 5% in constant currency terms (from earlier 6% and 8%) despite strong growth projections. Edited Excerpts:

(Reuters) -Pfizer on Friday slashed its full-year revenue forecast by around 13% and launched a $3.5 billion cost cutting program due to lower-than-expected sales of its COVID-19 vaccine and treatment.

India will not chase volumes in electric vehicles, but will focus on creating an ecosystem for EVs such as lowering the cost of ownership, building charging infrastructure and offering a hassle-free experience that will likely help boost sales eventually, the company's top executive said. This is even as the company remains steadfast on meeting the mid-term target of EVs contributing 25% to its total sales by 2027, Mercedes-Benz India chief executive Santosh Iyer told ET. «For us, volume is not a strategy and it's the outcome of what we do. As a luxury brand, we are measured by customer experience and profitable growth. To achieve this, we need to be cautious about how we go about EVs. It must be a long-term strategy. That's our core strategy,» Iyer said. Reaffirming the trend that Mercedes buyers are up-trading to feature-rich, technology-packed models, sales of models priced above ₹1.5 crore (ex-showroom) grew 22% in the first nine months of 2023, accounting for a quarter of its total sales that expanded 11% to 12,768 cars.

India's office space market is poised for significant growth between 2023 and 2025, with property developers saying the market has remained unaffected by the global economic slowdown. More than 165 million sq. ft.

As the soft landing narrative grows, the risk of a 'crisis event in the economy increases. Will the Fed trigger another crisis event? While unknown, the risk seems likely as the Fed’s “higher for longer” narrative is compromised by lagging economic data.

Gucci store in California, USA. In a popular video, a gang of people wearing masks broke into the store, pushed the security guard aside, and quickly grabbed the goods before running away.

JPMorgan Chase & Co posted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank.

By Lisa Richwine

By Lucia Mutikani

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Israel, already bombing intensively in Gaza, is gearing up for a major military operation there unlike any in the past, warning the world that for Israel, after the massacre of its citizens by Hamas on Saturday, the rules have changed. «Every Hamas member is marked by death,» Prime Minister Benjamin Netanyahu said Wednesday night, reflecting the government's aggressive new vocabulary. On Thursday, standing with U.S.

Wells Fargo & Co. beat analysts’ expectations for net interest income in the third quarter and again raised its full-year guidance as the bank continues to benefit from higher interest rates.

Malaysian Prime Minister Anwar Ibrahim says subsidies will be progressively cut and new taxes launched next year as part of the 2024 federal budget

(Reuters) — U.S. equity funds suffered substantial outflows in the week ending Oct. 11, driven by concerns over persistent higher U.S. interest rates and escalating geopolitical tensions in the Middle East.

By Balazs Koranyi

Investing.com — JPMorgan Chase (NYSE:JPM) has reported revenue and profit in the third quarter that topped expectations, as the biggest U.S. bank by assets said it was aided by higher interest rates that helped offset lower deposit balances.

fake expenditure, ET has reported based on information from a source in the I-T Department. The department is sending tax demand notices to these companies. It all began when the Goods & Services Tax (GST) authorities informed the Insurance Regulatory and Development Authority of India (IRDAI) last year about alleged malpractices by more than a dozen insurance companies in the allocation of commission to their agents.

JPMorgan Chase & Co. posted another quarter of record net interest income and boosted its forecast for the year as the company benefits from higher interest rates and its purchase of First Republic Bank. 

Laurus Labs on Friday said it has received approval from Indian drug regulator the Central Drugs Standard Control Organization (CDSCO) for its CAR-T cell therapy NexCAR19 (actalycabtagene autoleucel), for the treatment of certain types of blood cancers. NexCAR19 will be the first humanized CD19-targeted Chimeric Antigen Receptor T cell (CAR-T) therapy indigenously developed in India to be approved.