Daily Management Review
Economics

Job Cuts At Goldman Sachs Leave Significant Impact On Investment Banking And Global Markets

According to a source familiar with the matter, Goldman Sachs has begun laying off employees on Wednesday as part of a broad cost-cutting drive, with roughly one-third of those affected coming from the investment banking and global markets division, according to reports quoting information from...

Bloomberg: China buys rare grades of Russian oil from the Arctic

Rare Russian oil grades from the Arctic are imported by China. In controversy are the Arco, Novy Port, and Varandey crudes, reports Bloomberg referring to the analytical firm Vortexa. Analysts point out that these grades were meant for exports to Europe prior to the imposition of the price cap ($60...

Bitcoin Is Bracing Itself For A Bumpy New Year In The Cryptoverse

In 2023, Bitcoin appears to be stable. However, it has only been a week.   Cryptocurrencies have crept into the new year, still licking their wounds from the 2022 devastation. The overall global crypto market cap has risen 5% since January 1 to $871 billion, but it is still down more than...

Banks In The United States Prepare For Declining Profits And A Recession

This week, US banking titans are expected to report lower fourth-quarter profits as lenders stockpile rainy-day funds in preparation for an economic slowdown that is wreaking havoc on investment banking.   JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc (C.N), and Wells Fargo...

Strong Growth In December 20220 Jobs Growth In US Despite High Inflation

Even as the US economy grappled with the effect of rapidly rising prices due to sticky high inflation, job growth in the US was still strong through December. added 223,000 jobs in December, lowering the unemployment rate from 3.6% in November to 3.5%.   The labour market's...

Dealmakers At Goldman Sachs Anticipate A Rebound In M&A Activity In The Second Half Of 2023

Despite a slowing in economic growth and a weak credit market, Goldman Sachs Group Inc's top dealmakers are optimistic about a recovery in global mergers and acquisitions (M&A) in the second half of 2023.   As economic forecasts become more pessimistic, executives at the Wall Street...

Startups Emerge From The Ashes Of The Big Tech Purge

Nic Szerman lost his job at Meta Platforms in November, just two months after starting full-time, as the company cut 13% of its workforce as the advertising market tanked.   Days later, he was back at work, pitching his own blockchain-based payment company, Nulink, to startup accelerator Y...

Global Economy Will Have A Tougher Year In 2023, Warns IMF's Georgieva

The main engines of global growth – the United States, Europe, and China – will all experience weakening activity in 2023, according to the head of the International Monetary Fund on Sunday.   The new year will be "tougher than the year we leave behind," IMF Managing Director Kristalina...

The Worst Is Probably Over For Eurozone Factories, According To December PMIs

According to a survey released on Monday, the eurozone manufacturing downturn has likely passed its trough as supply chains begin to recover and inflationary pressures ease, resulting in a rebound in optimism among factory managers.   S&P Global's final manufacturing Purchasing Managers'...

Energy Crisis In Germany Drives Switch To Hydrogen For Energy

German company Kelheim Fibers started looking for alternatives to keep its engines running as soon as Russian gas exports to Germany were first disrupted in June.   As a result, starting in the middle of January, the Bavarian company, whose fibers are used in everything from teabags to...
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