Oil Prices Ease on Middle East Tensions While Tesla Plans Major Layoffs, India Stocks Fall, and World Bank Warns Widening Inequality From Covid
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Oil price drops 1% to $89.50/barrel on easing Middle East tensions, after last week's rise in anticipation of an Iranian response. Further conflict could push prices higher.
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Goldman Sachs profits jump 28% to $4.13bn in Q1 2022 on strong investment banking fees and fixed income trading.
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Tesla reportedly plans to lay off over 10% of its workforce, around 14,000 employees, as part of a cost-cutting drive.
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India's Sensex stock index falls 1.1% to 2-week low on geopolitical concerns and rise in volatility.
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World Bank warns Covid-19 has halted poverty reduction, led to widening income gap between rich and poor countries. Half of world's poorest countries now relatively poorer.