Business

Xerox said on Wednesday that it was cutting 15 percent of its work force as part of a restructuring, the company’s latest effort to shift focus to its business-services offerings and away from its iconic photocopiers.In a news release, the company said it would reduce its global staff, which included roughly 23,000 employees in 2022, and name a new leadership team. The layoffs are expected to take place in the first quarter of 2024.The company’s shares fell more than 12 percent after the layoff news was announced. Its share price had been steadily rising over the past year, in part because Xerox had saved billions of dollars after starting a cost-cutting program in 2018. It reported a roughly 6 percent drop in revenue in the third quarter of 2023 compared with the previous year.Xerox was f...

“Buy now, pay later” loans are helping to fuel a record-setting holiday shopping season. Economists worry they could also be masking and exacerbating cracks in Americans’ financial well-being.The loans, which allow consumers to pay for purchases in installments, often interest-free, have soared in popularity because of high prices and interest rates. Retailers have used them to attract customers and to get people to spend more.But such loans may be encouraging younger and lower-income Americans to take on too much debt, according to consumer groups and some lawmakers. And because such loans aren’t routinely reported to credit bureaus or captured in public data, they could also represent a hidden source of risk to the financial system.“The more I dig into it, the more concerned I am,” said ...

It has been a confusing year for the economy and markets. At the start of 2023, economists largely predicted a global recession, and Wall Street was bearish on stocks, with many analysts expecting the S&P 500 to finish the year just a touch higher than where it started. Fast-forward 12 months: No recession (yet) and the S&P 500 is tantalizingly close to a record high.Here are 11 charts that help explain how we got here.Inflation and its ripple effectsCentral bankers around the world continued an aggressive campaign of interest rate increases in 2023, raising policy rates in an effort to tame the highest inflation in generations.Inflation has cooled considerably in many places, though it remains above the Federal Reserve’s target (around 2 percent), and rate increases have paused. T...

The Biden administration is quietly signaling new support for seizing more than $300 billion in Russian central bank assets stashed in Western nations, and has begun urgent discussions with allies about using the funds to aid Ukraine’s war effort at a moment when financial support is waning, according to senior American and European officials.Until recently, Treasury Secretary Janet L. Yellen had argued that without action by Congress, seizing the funds was “not something that is legally permissible in the United States.” There has also been concern among some top American officials that nations around the world would hesitate to keep their funds at the New York Federal Reserve, or in dollars, if the United States established a precedent for seizing the money.But the administration, in coo...

The stock prices of Chinese video game companies rebounded Wednesday after investors seized on signals that the government was having second thoughts about proposed regulations on gaming.Since the weekend, regulators have tried to calm the market after shares of the two largest video game companies, Tencent and Netease, plunged on Friday.When trading resumed after the four-day holiday weekend in Hong Kong, Tencent rose about 4 percent and Netease jumped 12 percent, recovering some of their losses. The companies’ shares rose again on Thursday, although more modestly.The events of the past several days underline the push-and-pull forces in Chinese policymaking. The country’s top leaders have acknowledged that they need to stabilize the economy, which has been slow to recover from being virtu...

Despite lingering inflation, Americans increased their spending this holiday season, early data shows. That comes as a big relief for retailers that had spent much of the year fearing the economy would soon weaken and consumer spending would fall.Retail sales increased 3.1 percent from Nov. 1 to Dec. 24 compared with the same period a year earlier, according to data Mastercard released on Tuesday. The credit card company’s numbers are not adjusted for inflation.Spending increased across many categories, with restaurants experiencing one of the largest jumps, 7.8 percent. Apparel increased 2.4 percent, and groceries also had gains.The holiday sales figures, driven by a healthy labor market and wage gains, suggests that the economy remains strong. The Federal Reserve’s campaign to rein in hi...

The attacks on crucial shipping traffic in the Red Sea straits by a determined band of militants in Yemen — a spillover from the Israeli-Hamas war in Gaza — is injecting a new dose of instability into a world economy already struggling with mounting geopolitical tensions.The risk of escalating conflict in the Middle East is the latest in a string of unpredictable crises, including the Covid-19 pandemic and the war in Ukraine, that have landed like swipes of a bear claw on the global economy, smacking it off course and leaving scars.As if that weren’t enough, more volatility lies ahead in the form of a wave of national elections whose repercussions could be deep and long. More than two billion people in roughly 50 countries, including India, Indonesia, Mexico, South Africa, the United State...