November 19, 20240 Comments

Thyssenkrupp books $1 billion impairment on struggling steel unit

A general view of the gate of the Thyssenkrupp industrial area in Duisburg, Germany, on August 29, 2024. (Photo by Ying Tang/NurPhoto via Getty Images). Nurphoto | Nurphoto | Getty Images Shares of Germany’s Thyssenkrupp jumped on Tuesday after the company posted a narrowed net loss and a 1-billion-euro ($1.06 billion) impairment on the firm’s struggling steel division. The company’s Frankfurt-listed stock was up 7.5% at 8:48 a.m. London time.

Read More
November 12, 20240 Comments

Struggling DNA-testing site 23andMe to lay off 40% of its workers

The struggling genetic testing company 23andMe says it will cut 40% of its workforce, or 200 jobs, as it fights for survival. The once-popular DNA-testing site will also halt work on therapies it was developing. Last year, the company said hackers had managed to gain access to personal information of millions of its users. 23andMe’s share price has fallen by more than 70% this year, as its co-founder and chief

Read More
November 7, 20240 Comments

Trump victory deals latest heavy blow to a struggling Germany

Olaf Scholz, Germany’s chancellor, during a news conference at the Chancellery in Berlin, Germany, on Monday, Nov. 4, 2024. Krisztian Bocsi | Bloomberg | Getty Images Donald Trump’s election as U.S. President could mark yet another major blow for the struggling German economy. Germany narrowly, and unexpectedly, skirted a technical recession in the third quarter, with preliminary data showing its gross domestic product grew by 0.2% after a 0.3% contraction

Read More