Mattel, the toy maker behind major brands such as Barbie and Hot Wheels, is upgrading its real estate holdings, moving its studio operations and design center into new homes. The company, headquartered in El Segundo, is planning to move its studio operations to a recently renovated 60,000-square-foot building by 2025. Mattel signed a multiyear contract … Read more
LONDON — British Treasury chief Rachel Reeves will deliver her first budget in Parliament on Wednesday, a tightrope act that aims to find billions for investment through borrowing and tax hikes without roiling businesses or raising taxes on working people. It’s the first budget by a Labour Party government in almost 15 years, and the … Read more
BERLIN — Volkswagen said significant cost cuts are urgently needed as it reported a steep decline in third-quarter earnings on Wednesday and faced employee representatives angry at the possibility of the automaker’s first plant closures in Germany. The company reported net profit of 1.58 billion euros ($1.7 billion) for the July-September period, a 64% decline … Read more
WASHINGTON — Four days before Election Day, the government will issue its final snapshot of hiring and unemployment in the United States after a presidential race in which voter perceptions of the economy have played a central role. Yet Friday’s report will include some of the most distorted monthly employment figures in years, with job … Read more
BERLIN — Germany’s economy isn’t growing and the governing coalition has a lot of ideas on how to fix it. But it can’t agree which the right one is. The latest outbreak of infighting in Chancellor Olaf Scholz’s government has raised questions about whether it will get anything done in the 11 months before Germany’s … Read more
Starbucks is dropping its much-hyped range of olive oil-infused coffees in the US and Canada from early November. The announcement comes less than a week after new boss, Brian Niccol, promised to shake up the coffeeshop giant’s menu in an attempt to win back customers. The firm’s sales have been tumbling as consumers see their … Read more
HONG KONG — Asian markets were mixed on Wednesday with Japan’s benchmark index gaining more than 1% after a rally in technology stocks propelled the Nasdaq composite to a record high. Hong Kong’s Hang Seng was down 1.3% to 20,438.54 and the Shanghai Composite index dropped 0.6% to 3,267.42. In Tokyo, the Nikkei 225 index … Read more
KUALA LUMPUR, Malaysia — Malaysia’s High Court on Wednesday ordered imprisoned former Prime Minister Najib Razak to enter a defense in his second corruption trial over the multibillion-dollar looting of the 1MDB state investment fund. Najib set up the 1Malaysia Development Berhad state fund shortly after taking power in 2009 to promote economic development, but … Read more
WASHINGTON — Powered by consumer spending, the U.S. economy likely kept expanding at a healthy pace from July through September despite the pressure of still-high interest rates. The Commerce Department is expected to report Wednesday that the gross domestic product — the economy’s total output of goods and services — grew at a 2.6% annual … Read more
JEFFERSON CITY, Mo. — Missouri Gov. Mike Parson has rescinded an executive order that set modest goals for state agencies to make purchases from businesses owned by minorities and women, claiming the goals carried “legal concerns.” Parson, a Republican serving his final months in office, rescinded 177 executive orders on Oct. 23, some of which … Read more