Welcome to the weekly edition of What’s Hot In Stock Market News. To help you stay up to date with Shares and Stock Markets, here are some of the news items that caught my attention this week
What’s New This Week?
Think Tank Says Pension Age Should Rise To 68: The Institute of Economic Development hit the headlines last week after it published a report into the state pension that made some controversial proposals. The IEA argued that the system as it stands incentiveses people to stop working when they hit their state pension age rather than carrying on if they can.
Royal Dutch Shell Issues profit Warning: Oil giant Royal Dutch Shell has issued a profit warning after it made less money than expected in the final quarter of 2013. “Fourth-quarter 2013 figures …are expected to be significantly lower than recent levels of profitability”, the company said in a statement.
Retailers JC Penny And Sears To Cut Thousands Of Jobs: US retailer JC Penny said it plans to cut 2,000 jobs and close 33 stores as part of a cost-cutting exercise aimed at resorting profitability. The money-losing department store chain hopes to save $65m (£40m) a year through restructuring, which is expected to be completed by May.
Intel To Reduce Global Workforce By 5% In 2014: Intel Corp plans to reduce its global workforce of 107,000 by about five percent this year as the chipmaker, struggling with falling personal-computer sales, shifts focus to faster-growing areas, a company spokesman said on Friday. The announcement, equivalent to over 5,000 positions , comes a day after Intel posted a fourth-quarter earnings report that did little to dispel concerns about a slowing PC industry.
Best Buy Holiday sales Fall, Shares Skid: Best Buy said Thursday it had disappointing sales during the holiday shopping season, raising concerns about the consumer electronic retailer’s ability to turn around its business. Shares tumbled nearly 29% on the news, showing that investors are increasingly worried about Best Buy’s future.
French Oil Giant Total Joins Shale Hunt In Britain: France’s Total has agreed to explore for Shale gas in Britain, making it the first major oil company to enter the country’s market in the face of widely publicized environmental protests. Total SA, Europe’s third-largest oil producer, said Monday it acquired a 40 percent interest in two exploration licenses in eastern Britain.
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