US Business

Investment firm Altimeter Capital says in a letter that drastic action is needed for the social-media company to “get its mojo back.”

Tesla has lowered prices for vehicles sold in China, days after Chief Executive Elon Musk said most materials costs are falling and amid growing competition from local rivals.

The social-media platform’s annual interest burden will climb to more than $1 billion from $51 million last year, analysts estimate, adding pressure to grow sales.

The Dutch healthcare conglomerate said that the job cuts, which amount to about 5% of its 80,000 workforce, would save Philips almost $300 million a year.

The Warner Bros. movie out of its DC Films studio stars Dwayne “The Rock” Johnson and took in $67 million.

Early earnings reports for the September quarter show that profit margins are feeling the squeeze as costs are rising and consumer appetite for some products has waned.

New U.S. export restrictions are targeting areas including semiconductor design and essential manufacturing equipment.

The administration is offering to buy oil at fixed future prices, but U.S. oil companies are wary of boosting output.

So far in the third-quarter earnings-reporting season, fewer companies than usual are beating Wall Street’s expectations.

A cooling economy and rising interest rates put the budget deficit on track to widen in the coming years, setting the stage for new financial challenges for President Biden and Congress.