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Philips Scraps 6,000 Jobs In Drive To Improve Profitability


AMSTERDAM, Jan 30 (Reuters) – Dutch health technology company Philips (PHG.AS) said on Monday it would scrap 6,000 jobs to restore its profitability following a recall of respiratory devices that knocked off 70% of its market value.

Half of the job cuts will be made this year, the company said, adding that the other half will be realised by 2025.

The new reorganisation comes on top of a plan announced last October to reduce its workforce by 5%, or 4,000 jobs, as it grapples with the fallout from the recall of millions of ventilators used to treat sleep apnoea over worries that foam used in the machines could become toxic.

Full coverage: REUTERS

Toyota Defends Title As World’s Top-Selling Automaker In 2022

TOKYO, Jan 30 (Reuters) – Toyota Motor Corp (7203.T) sold 10.5 million vehicles in 2022, it said on Monday, defending its title as the world’s top-selling automaker for a third straight year.

Global sales for the group, including truck unit Hino Motors (7205.T) and small-car maker Daihatsu, inched down 0.1% as record overseas sales of 8.6 million vehicles helped offset a 9.6% dip in its home market to 1.9 million.

Second-ranked rival Volkswagen Group (VOWG_p.DE) earlier this month reported its lowest sales in over a decade, of 8.3 million vehicles, as COVID-19 lockdowns in China and the war in Ukraine upended supply chains.

Full coverage: REUTERS

Nissan, Renault Agree To Overhaul Alliance, Putting Themselves On Equal Footing

TOKYO/PARIS, Jan 30 (Reuters) – Nissan Motor Co (7201.T) and Renault SA (RENA.PA) agreed on Monday to a sweeping revamp of their two-decade-old automaking alliance that will put them on equal footing and see the Japanese company invest in Renault’s new electric vehicle business.

The announcement came after nearly four months of intense talks that sources told Reuters were complicated by concerns about the sharing of intellectual property as Renault sought to build a number of new tie-ups with companies outside their alliance.

Full coverage: REUTERS

Oil Falls Ahead Of OPEC+, U.S. Federal Reserve Meetings

SINGAPORE, Jan 30 (Reuters) – Oil prices fell on Monday, giving up earlier gains, as global producers will likely keep output unchanged during a meeting this week and investors are cautious ahead of a U.S. Federal Reserve meeting that may spur market volatility.

Brent crude futures fell 74 cents, or 0.8%, to $85.92 a barrel by 0710 GMT while U.S. West Texas Intermediate crude was at $79.07 a barrel, down 61 cents, or 0.8%.

Ahead of the Federal Reserve’s policy meeting scheduled on Jan. 31-Feb. 1, the market broadly expects the U.S. central bank to raise interest rates by at least 25 basis points, increasing concerns that the Fed’s extended increases in borrowing costs will choke fuel demand growth in the world’s biggest oil consumer.

Full coverage: REUTERS

Morning Bid: Calm Before The Storm

Jan 30 (Reuters) – A look at the day ahead in Asian markets from Jamie McGeever.

It looks like a quiet start to the week in Asia on Monday, but don’t be fooled – it may be the calm before the storm.

A raft of regional economic indicators including Japanese unemployment and PMIs from China, Australia and India, as well as U.S. non-farm payrolls and U.S., euro zone and UK interest rates decisions will surely provide fireworks later in the week.

Full coverage: REUTERS

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Industry Dynamics

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