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Disney to cut 7,000 jobs in major revamp by CEO Iger

LOS ANGELES: Walt Disney Co on Wednesday announced a sweeping restructuring under recently reinstated CEO Bob Iger, cutting 7,000 jobs as part of an effort to save $5.5 billion in costs and make its streaming business profitable.The layoffs represent an estimated 3.6% of Disney’s global workforce.Shares of Disney rose 4.7% to $117.22 in after-hours trading.The […]

Business Economy

Market wants ‘decisive action’ so Turkey needs to raise rates: Yale economist Stephen Roach

Turkey’s central bank needs to raise interest rates to contain the country’s financial crisis, veteran economist Stephen Roach told CNBC on Monday. Earlier in the day, Turkish lira dropped to a new all-time low of 7.24 against the U.S. dollar. It later pared some of those losses to trade around 6.99. “The markets clearly want much more decisive action,” […]