PayPal Holdings, the digital payments giant, said on Tuesday that it would cut about 2,500 jobs, or 9 percent of its global workforce, this year, as it faces increasing pressure from competitors and rising costs.
Category: News
Alphabet, Microsoft Stocks Dip Despite Strong Earnings Reports
Despite reporting strong earnings growth for the fourth quarter of 2023, Alphabet and Microsoft saw their share prices fall on Wednesday, as investors were not satisfied with some aspects of their performance.
Spirit Airlines Shares Tumble After Court Blocks JetBlue Merger
The ruling, which sided with the Biden administration and six Democratic state attorneys general, marked a major setback for Spirit, which had hoped to join forces with JetBlue to create a national low-fare challenger to the dominant Big Four airlines: American, Delta, United and Southwest.
Microsoft Overtakes Apple as World’s Most Valuable Company
The software giant’s market capitalization rose to $2.89 trillion at the close of trading, edging out Apple’s $2.87 trillion valuation. The last time Microsoft was worth more than Apple was in November 2021, when both companies briefly crossed the $1 trillion mark.
Argentina Strikes Deal with IMF for $44B Loan Revamp
Argentina and the International Monetary Fund (IMF) have reached a staff-level agreement to revamp the country’s $44 billion loan program, unlocking about $4.7 billion in funding and paving the way for a new debt deal with the lender.
Red Sea Crisis Drags On, Slowing Down Global Economy
The Red Sea crisis, which began in October 2023 when Yemen’s Houthi rebels launched a series of attacks on Israeli and international shipping vessels, has shown no signs of abating, despite mounting pressure from the United Nations and regional powers.
NY Times Sues OpenAI and Microsoft Over Copyright Infringement
The New York Times Company has filed a lawsuit against OpenAI and Microsoft, accusing them of using millions of its articles to train artificial intelligence chatbots without permission or compensation.
British Stocks Rally as Inflation Decline Eases Rate Hike Fears
The FTSE 100, Britain’s benchmark stock index, rose to its highest level in three months on Wednesday, as investors welcomed a surprise drop in inflation that eased pressure on the Bank of England to raise interest rates.
China’s Politburo Focuses on Consumer Demand and Real Estate Crisis
Chinese leaders pledged to boost domestic consumer demand and tackle the country’s real estate crisis following a key meeting that laid out next year’s economic priorities.
Black Friday Online Sales Hit Record $9.12 Billion
Despite the challenges posed by inflation and supply chain disruptions, American consumers showed their resilience and optimism by spending a record amount online on Black Friday, the unofficial start of the holiday shopping season.