Ford to cut about 3000 white collar jobs in shift to EVs
Ford Motor Co declares a companywide layoff of about 2,000 full time salaried workers and 1,000 contractors as it trims costs to fund the transition from internal combustion to battery powered vehicles. The cuts affect 6 percent of U.S. and Canada salaried staff, with no impact on 56,000 union factory workers. Ford cites global competition and aims to halve internal combustion costs by 2026 while promising severance and job placement help. Company officials warn further reductions could follow as the industry evolves.
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S&P 500 posts biggest slide since mid June on broad losses
The stock market fell broadly led by technology and retailers with the S&P 500 dropping 2.1 percent to 4137.99 and the Dow and Nasdaq also down. Inflation concerns, Fed policy expectations, and Jackson Hole this week weighed on investors amid a renewed risk sentiment.
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Buffett Wins Approval to Boost Occidental Stake to 50 Percent
Warren Buffett's Berkshire Hathaway gains clearance to raise its stake in Occidental Petroleum to as much as 50 percent, with questions about further purchases or a full takeover. Shares jumped nearly 12 percent after the FERC ruling, while concerns linger about timing and other Berkshire commitments.
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Cineworld weighs Chapter 11 amid theater debt troubles
Cineworld Group PLC, owner of Regal Cinemas, considers filing for Chapter 11 in the United States as it grapples with about 4.8 billion dollars in net debt and weak admissions. The British company says operations remain open while lenders review options, with stock plunges and broader theater shares sliding as ticket sales lag 2019 levels.
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