Discover the top business headlines that are trending across the world today!
Boeing has implemented several cost-cutting measures focused on “preserving cash and protecting the future”, in light of the recent factory workers’ strike that began last week. Brian West, the Chief Financial Officer, specified ten immediate cost-cutting measures in a memo to employees. This notice included a company-wide hiring freeze, ceasing pay increases for promoted managers and executives and suspending all non-essential travel. West highlighted that implementing these measures was important to tackle the “difficult period” that the company is going through. He also hinted at the possibility of temporary layoffs. Furthermore, Boeing plans to reduce spending on suppliers and stop most purchase orders related to the 737, 767, and 777 models. The strike, which began early Friday, involves around 33,000 workers from the International Association of Machinists and Aerospace Workers.
Commerce and Industry Minister Piyush Goyal envisages building a new “Silicon Valley” for India, although Bengaluru is already holding that title. Goyal spoke about the development of a township exclusive entirely to entrepreneurs, startups, and innovators, at an event held in New Delhi. He highlighted the significance of “going beyond” Bengaluru to collaborate with the National Industrial Corridor Development Corporation (NICDC) for the establishment of this new hub. The NICDC is entrusted with the implementation of the National Industrial Corridor program for the development of new industrial cities. Goyal suggested this township could cover up to 500 acres, designed to foster an ecosystem where incubators thrive, offering opportunities to innovators without existing connections. He compared it to how people once moved to Mumbai in search of opportunities. The goal is to create a concentrated area that nurtures entrepreneurial growth and innovation.
Amazon CEO Andy Jassy is considering a reorganization of the company with a focus on ameliorating efficiency, cutting management layers, and asking the employees to return to work from office work mode, full-time starting in January. The Amazon Ceo, in a memo to its staff, has conceded that the company’s decision-making has been slowed, with needless meetings and prolonged approval processes becoming a regular thing. To tackle this, by 2025, Amazon will bring up the ratio of individual contributors to managers by 15%. The latest policy signals the end of Aamzon’s flexible work arrangement, which previously granted employees to work in-office at least three days a week. Although exceptions will be considered for pre-approved remote positions and other special cases, most employees must now gear up for their full-time return to office life. This shift is expected to boost foot traffic in downtown areas where Amazon has a significant presence.
On Tuesday, Indian shares traded near all-time highs as investors expected the US Federal Reserve's interest rate cut the following day. By noon, the BSE Sensex had surged by 98 points, or 0.12%, touching down to 83,086, while the Nifty 50 gained 36 points, or 0.14%, to stand at 25,420. Both indexes had hit record highs on Monday. The market anticipates the Fed to cut rates on Wednesday, though the size of the cut—either 25 or 50 basis points—remains undetermined. While ten of the 13 major sectors waned, small- and mid-cap stocks dwindled by 0.5% each. Consumer stocks, which had dipped 1.4% over the last two sessions, saw a fair recovery of 0.3%. Bajaj Housing Finance shares soared 8% following its outstanding 136% debut on Monday. Asian stocks also gained on Tuesday, while the dollar and US Treasury yields experienced downward pressure.
