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H&M to cut 1,500 jobs worldwide
H&M to cut 1,500 jobs worldwide
Business and Economy
by  AFP

Swedish fashion retailer H&M said Wednesday it would cut some 1,500 jobs worldwide as a result of a cost-cutting programme launched following its decision to leave the Russian market. "The programme relates to administrative and overhead costs, and also entails reducing the workforce by around 1,500 positions," the company said in a statement.

Losses deepen at crisis-hit SAS airline
Losses deepen at crisis-hit SAS airline
Business and Economy
by  AFP

Troubled Scandinavian airline SAS, which has filed for bankruptcy in the United States, reported Wednesday deeper losses in the fourth quarter. SAS filed for Chapter 11 bankruptcy proceedings in the United States in July -- a move allowing a company to restructure its debts under court supervision.

Kenya's Ruto launches flagship credit scheme for poor
Kenya's Ruto launches flagship credit scheme for poor
Business and Economy
by  AFP

Kenyan President William Ruto on Wednesday launched a low-interest credit scheme to boost financial access for the country's poorest citizens, fulfilling a key campaign promise made to voters. The fund will eventually also offer small-scale enterprises and start-ups access to credit, with those loans set to be launched by the end of May next year.

Mozambique court starts ruling on 'hidden debt' graft scandal
Mozambique court starts ruling on 'hidden debt' graft scandal
World
by  AFP

A court Wednesday begun handing down verdicts in Mozambique's biggest corruption scandal, in which the government unleashed a financial earthquake by trying to conceal huge debts. In March the IMF awarded $456 million in credit to Mozambique, the first such aid awarded since the debt scandal erupted.