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Tuesday Toast: your morning news roundup (Feb 13)

Here’s your quick bite-sized news roundup so that you start your morning a little more fresh…

 

  • General Motors Co announced plans to close one of its four plants in South Korea, Asia’s fourth-biggest economy. The automaker will incur an $850-million impairment charge with the restructuring.

 

Courtesy: GM

 

  • While Wall Street recovered over last night, European shares fell on Tuesday morning due to major indices slipping on unsatisfactory results.

 

  • International Energy Agency (IEA) hinted that the US-led global oil production might outpace oil demand in 2018. According to the agency’s monthly update, demand for oil jumped at a rate of 1.6 million bpd last year.

Courtesy: IEA

 

  • In an ironic turn of events, Remington Outdoor Co announced its plan to file for bankruptcy protection, with its topline hit like all firearm brands since the Trump administration took over.

 

  • Jeff Lucas, the sales head of Snap Inc is leaving the social-media giant. This is the third major head to move out of Snap in the last 6 months, after its product head in January and engineering head in November.

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United Parcel Service (UPS) seems on track to regain lost strength

Cargo giant United Parcel Service, Inc. (NYSE: UPS) ended fiscal 2023 on a weak note, reporting lower revenues and profit for the fourth quarter. The company experienced a slowdown post-pandemic

IPO Alert: What to look for when Boundless Bio goes public

Boundless Bio is preparing to debut on the Nasdaq stock market this week, and become the latest addition to the list of biotech firms that have launched IPOs this year.

Nike (NKE) bets on innovation and partnerships to return to high growth

Sneaker giant Nike, Inc. (NYSE: NKE) has been going through a rough patch for some time, with sales coming under pressure from weak demand and rising competition. Post-pandemic, the company

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