by BoatSurfer600
June 14 (Reuters) – Canadian media and telecom firm Bell is cutting 1,300 jobs, shuttering six radio stations and selling another three as revenues dry up at its legacy phone and news business, parent company BCE Inc (BCE.TO) said on Wednesday.
The layoffs will mostly affect management and follow thousands of cuts in the media industry that has been wrestling with dwindling ad dollars, elevated levels of inflation and the ongoing shift from cable TV to streaming.
Source: https://www.reuters.com/business/media-telecom/canadas-bell-cut-1300-jobs-2023-06-14/
New Zealand’s gross domestic product fell 0.1% in the first quarter, according to government data published Thursday, as its central bank embarked on one of the most aggressive rate hike cycles in the world.
The latest data from Wellington marks a technical recession for the economy, after reporting a revised 0.7% decline in the final quarter of 2022.
A technical recession is defined as two consecutive quarters of contraction.
Compared with a year ago, the economy grew 2.9% in the first quarter. Economists surveyed by Reuters expected New Zealand to mark a contraction of 0.1% quarter on quarter and growth of 2.6% year on year.
https://www.cnbc.com/2023/06/15/new-zealand-enters-recession.html
93% of CEOs report they’re preparing for a recession over the next 12 to 18 months, per a recent survey from the Conference Board.
— unusual_whales (@unusual_whales) June 14, 2023