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Oil major BP to cut thousands of jobs in cost-saving drive

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  Key Points “Today, we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles - these account for much of the anticipated reduction this year,” BP said in a statement. The company added it is also reducing contractor numbers by 3,000. BP has underperformed its European rivals of late as energy market participants continue to question the firm’s investment case. British oil and gasoline company BP (British Petroleum) signage is being pictured in Warsaw, Poland, on July 29, 2024. Nurphoto | Nurphoto | Getty Images British oil major  BP  on Thursday said it is planning to cut thousands of jobs as part of a major cost-reduction exercise. “Today, we have today told staff across bp that the proposed changes that have been announced to date are expected to impact around 4700 bp roles - these account for much of the anticipated reduction this year,” BP said in a statement. “We are also reducing ...
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Honda shares set for best day in more than 16 years on share buyback plan, Nissan deal

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  A sign marks the location of a Honda dealership in Libertyville, Illinois, on Dec. 18, 2024. Scott Olson | Getty Images Shares of Japanese automaker  Honda  were on track for their best day in 16 years after it  announced to buy back up to 1.1 trillion yen ($7 billion)  of its shares on Monday amid merger talks with  Nissan . Nissan  and Honda said they had begun  official negotiations to merge , which could catapult them to the world’s third-largest carmaker by sales. Honda also announced to buy back 24% of its issued shares by Dec. 23 next year. Its shares were last up 15.51%, and would clock their best day since October 2008, if gains hold. Nissan shares fell over 1%. The Honda-Nissan deal would focus on sharing knowledge and resources, achieving economies of scale and creating synergies,  Honda CEO Toshihiro Mibe said . A holding company will be established as the parent organization for both Honda and Nissan, and will be listed on the ...
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What travelers need to know about Spirit Airlines’ bankruptcy

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  A passenger waits for assistance at the Spirit Airlines check-in counter in the Austin-Bergstrom International Airport on November 13, 2024 in Austin, Texas.  Brandon Bell | Getty Images Spirit Airlines  has filed for Chapter 11  bankruptcy protection , becoming the first major U.S. passenger carrier to do so since  American Airlines  13 years ago. The budget-travel icon is not shutting down, however. The filing will buy Spirit time and protection to restructure so the carrier can continue flying and bringing in sorely needed cash. CEO Ted Christie wrote to customers on Monday to reassure them that they can continue to book flights and use loyalty points or credits normally. Here’s what travelers need to know: Why did Spirit file for bankruptcy? Spirit Airlines has been losing money since 2019, but its financial woes worsened after the pandemic, when industry costs climbed, dozens of its Airbus jets were grounded because of an engine recall and a federal ...
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Dow closes 300 points lower Friday as rate worries hinder postelection rally: Live updates

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  n Evans Alex Harring Traders work on the New York Stock Exchange floor on Nov. 12, 2024. Spencer Platt | Getty Images Stocks tumbled on Friday as the postelection rally fizzled and investors fretted over the path of interest rates. The  Dow Jones Industrial Average  lost 305.87 points, or 0.70%, to end at 43,444.99. The  S&P 500  slipped 1.32% and closed at 5,870.62, while the  Nasdaq Composite  fell 2.24% to 18,680.12. Declines in pharmaceutical stocks weighed on the 30-stock Dow and the S&P 500, with  Amgen  down about 4.2% and  Moderna  off by 7.3%. President-elect  Donald Trump  said on Thursday that he  planned to nominate vaccine skeptic Robert F. Kennedy Jr.  to lead the U.S. Department of Health and Human Services. The  SPDR S&P Biotech ETF (XBI)  tumbled more than 5% and posted its worst week since 2020. The information technology sector of the S&P 500 was the worst-performing...
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