Connect with us

Business

Government holds petrol price steady, cuts diesel by Rs3 per litre – SUCH TV

Published

on

Government holds petrol price steady, cuts diesel by Rs3 per litre – SUCH TV



The federal government has decided to keep petrol prices unchanged while reducing high-speed diesel by Rs3 per litre for the next two weeks. According to an official notification from the Ministry of Finance, the new fuel rates will take effect from September 1.

The notification also stated that the price of Superior Kerosene Oil (SKO) has been reduced by Rs1.46 per litre, and Light Diesel Oil (LDO) by Rs2.4 per litre.

Under the new pricing, high-speed diesel will cost Rs269.99 per litre, SKO Rs176.81 per litre, and LDO Rs159.76 per litre.

Petrol is primarily used in small vehicles, rickshaws, and motorcycles, meaning any increase significantly impacts middle- and lower-income households who rely on it for daily commuting.

Meanwhile, a large part of the transport sector depends on high-speed diesel, making the reduction a relief for commercial transport operators.

Its price is considered inflationary due to its widespread use in trucks, buses, trains, and farm machinery, such as tractors and tube wells.

The increased cost of high-speed diesel directly contributes to the rising prices of vegetables and other essential food items.



Source link

Business

Global stock markets are too high and set to fall, says Bank of England deputy

Published

on

Global stock markets are too high and set to fall, says Bank of England deputy



It is unusual for a senior figure at the Bank to be so forthright on market movements.



Source link

Continue Reading

Business

Nike cuts 1,400 roles in second round of layoffs this year

Published

on

Nike cuts 1,400 roles in second round of layoffs this year


People walk past a Nike store in New York City, on April 2, 2025.

Kylie Cooper | Reuters

Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the organization, mostly concentrated in its technology department.

In a note from COO Venkatesh Alagirisamy, the company said the layoffs were part of Nike’s broader “Win Now” turnaround strategy aiming to reshape its technology team, modernize its Air manufacturing, move some of its Converse Footwear operations and integrate its materials supply chain work into its footwear and apparel supply chain teams.

“Collectively, these changes will result in a reduction of approximately 1,400 roles in global operations, with the majority in technology,” Alagirisamy wrote. “These reductions are very hard for the teammates directly affected and for the teams around them, too.”

A Nike spokesperson said the layoffs are about better positioning the organization for the current pace of sports and accelerating its growth. The layoffs affect employees across North America, Asia and Europe and represent less than 2% of the company’s total global head count.

“This is not a new direction,” Alagirisamy wrote. “It is the next phase of the work already underway.”

Affected employees will be notified beginning Thursday, Nike added.

CEO Elliott Hill has been working to turn Nike around after years of slumping sales. While Hill has made some initial progress, it’s come with some bumps in the road.

Nike announced 775 job cuts in January, primarily at its U.S.-based distribution centers, due to the company’s work in accelerating its use of automation. At the time, the company said the cuts are part of Nike’s goal to return to “long-term, profitable growth.”

Those layoffs came on top of a round of cuts last summer that affected less than 1% of Nike’s corporate staff as part of the company’s efforts to realign the business.

In its third fiscal quarter earnings report last month, the retailer warned that sales will continue to fall for the rest of the year, primarily led by an anticipated 20% decline in China during the current quarter.

— CNBC’s Jessica Golden contributed to this report.

Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.



Source link

Continue Reading

Business

Meta says it will cut 8,000 jobs as AI spending grows

Published

on

Meta says it will cut 8,000 jobs as AI spending grows


A key reason for the layoffs is Meta’s increased spending in other areas of the company, including AI, for which it will this year spend $135bn (£100bn). This is roughly equal to the amount it has spent on AI in the previous three years combined, according to a person who viewed the memo.



Source link

Continue Reading

Trending