Oil price falls despite Middle East tensions; Tesla ‘to lay off more than 10% of staff’ – business live

From 4h ago 05.08 EDT Oil is continuing to drop this morning, with Brent crude down 1% today at $89.52 per barrel. Having risen last week in anticipation that Iran would respond to the bombing of its diplomatic complex in Syria two weeks ago, oil is now retreating on relief that the damage was not worse. AJ Bell investment director Russ Mould says: The situation remains fraught and, beyond the geopolitical and humanitarian implications, a more widespread conflict in the Middle East could see energy prices surge and unpick central banks’ careful efforts to bring down inflation. As Israel weighs its response to the assault, here’s what market watchers are saying about the outlook for oil https://t.co/rROfwGokxR pic.twitter.com/FZCLbmZ6SB — Bloomberg TV (@BloombergTV) April 15, 2024 Share Updated at 06.49 EDT13m ago 08.46 EDT Today’s strong retail sales suggest the US economy is holding up well, which may deter the Federal Reserve from cutting interest rates soon. The US dollar has strengthened since the better-than-expected US retail sales were announced, hitting its highest level since last November. ???????? USD ????Dollar reaction to US #Retail sales data#dollar #usd pic.twitter.com/QAbtGNJGjm — TP with Us Forex signal (@Tpwithus) April 15, 2024 This has pushed the Japanese yen down to a new 34-year low, at 154.28 yen to the dollar, which will intensify the pressure on Tokyo to intervene and support its currency. Share1h ago 07.44 EDT Goldman Sachs beats forecasts with 28% jump in profits View image in fullscreen Photograph: Andrew Kelly/Reuters Goldman Sachs has beaten expectations by posting a 28% jump in profits for the first

quarter of this year. Goldman has reported it made net earnings of $4.13bn for the January-March quarter, up from $3.23.bn a year ago. That lifted its earnings per share to $11.58, up almost a third from $8.79 in the first quarter of last year. Goldman reported “strong performances” in earnings from investment banking fees, from its Fixed Income, Currency and Commodities arm, and from its Equities division. Goldman CEO David Solomon says: “Our first quarter results reflect the strength of our world-class and interconnected franchises and the earnings power of Goldman Sachs. We continue to execute on our strategy, focusing on our core strengths to serve our clients and deliver for our shareholders.” Goldman’s investment bankers had a busier year, with fees up 32% to $2.08bn. This was driven by higher revenues from debt underwriting, to fund leveraged finance activity (using debt to buy assets). Share Updated at 08.34 EDT2h ago 07.13 EDT Energy giant BP is also cutting jobs at its electric vehicle charging arm. Reuters reports that BP has cut over a tenth of positions at its EV charging business, BP Pulse, and also withdrawn from several markets. It is now focusing on the US, the UK, Germany and China – four countries where it sees the fastest EV growth – and pulled out of several other markets. This means around 100 jobs were axed; most staff affected have been redeployed, with just a handful leaving BP. Share2h ago 07.12 EDT $TSLA | EV maker Tesla reportedly issued an email on Monday to all employees announcing LAYOFFs of 10% of its global staff, affecting more than 14,000 employees.Check out Elon memo about this ????CEO

Musk said, “As we prepare the company for our next phase of growth, it is… pic.twitter.com/73kolOUtmM — iTradeOptions (@iTrade_Options) April 15, 2024 Share2h ago 06.55 EDT Shares in Tesla are down 0.7% in pre-market trading, as traders digest reports that it will cut 10% of its staff in a cost-cutting drive. They fell 2% on Friday, and are down around 31% so far this year. Share2h ago 06.49 EDT Tesla \'laying off 10% of workforce\' Electric carmaker Tesla is reportedly planning to lay off more than 10% of its workforce, as it battles rising competition and softer demand. Technology publication Electrek reported this morning that Tesla staff had been told, in a company-wide email, that one in ten employees are being cut. According to Electrek, Musk broke the news to staff, saying: Over the years, we have grown rapidly with multiple factories scaling around the globe. With this rapid growth there has been duplication of roles and job functions in certain areas. As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity. As part of this effort, we have done a thorough review of the organization and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done. This will enable us to be lean, innovative and hungry for the next growth phase cycle. Musk then thanked those who are leaving Tesla for their hard work, adding “It is very difficult to say goodbye.” At the end of last year, Tesla had over 140,000 employees, which suggests at least 1