companies
Samsung , in a bold move to address its recent financial challenges, has mandated a six-day work week for its executive staff. Last year, the South Korean conglomerate faced a significant financial challenge, with its operating profit dropping by 85% to $4.7 billion, marking its worst performance since 2009. Despite this, the company's net profit remained strong, albeit with a 73% decrease in the final quarter of 2023 to $11.24 billion, demonstrating Samsung's resilience in the face of adversity. In addition, Samsung Electronics' semiconductor business recorded a critical loss of $11 billion l...
IBTimes
Facing mounting debt and declining sales, Red Lobster mulls Chapter 11 bankruptcy. The seafood chain reportedly seeks a Chapter 11 filing to shed burdensome contracts and negotiate more favourable lease terms. Squeezed by unfavourable leases and labour costs, Red Lobster seeks help from King & Spalding, a commercial law firm, to restructure and reduce expenses. In a desperate bid to reverse declining sales in 2023, Red Lobster launched an "all-you-can-eat shrimp" promotion. However, the CFO partly blamed the record £8 million ($11 million) loss on this overly generous offer, highlighting the c...
IBTimes
Tesla cars have the coolest customizable features, autonomous capabilities, and fast acceleration to top speeds. However, given the dynamic rules around EVs and emerging rival competition, Tesla cars and feature stacks often undergo price adjustments and changes. The pricing difference between the models can vary widely though. Besides the host of environmental benefits, buying an EV comes with state and federal tax rebates in the form of credits that lower your overall car purchase cost. You may be eligible for both or none, depending on your state, tax situation, and car model. Although the ...
IBTimes
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