KRAFT HEINZ TO CUT 2,500 POSITIONS IN U.S., CANADA
new york» Kraft Heinz says it is cutting about 2,500 jobs as part of its plan to slash costs after the food companies combined.
Spokesman Michael Mullen said Wednesday affected workers are in the U.S. and Canada and were to be notified in person. About 700 of the cuts were coming in Northfield, Ill., where Kraft had its headquarters.
The company would not specify where other cuts were taking place but said that all the jobs were salaried and none involved factory workers.
The Kraft Heinz Co. said it had about 46,600 employees before the cuts.
Hiring reaches six-month high in June B U.S. employers
washington» filled more of their available jobs in June, evidence that steady if modest economic growth is putting more Americans to work.
The Labor Department said Wednesday that total hiring rose 2.3 percent to 5.18 million in June, the most in six months and second-highest total since the recession ended in June 2009. Employers posted fewer job openings, but that figure has risen strongly in the past year.
Europe pores over bailout details
B athens, greece» Details of Greece’s latest bailout package were being pored over across Europe on Wednesday as Prime Minister Alexis Tsipras insisted the agreement with creditors would put “a definitive end” to the economic uncertainty.
Tsipras has called an emergency session of Parliament to discuss and vote on the bill, which includes painful tax increases and spending cuts, in time for a confirmed meeting Friday of the eurozone’s 19 finance ministers in Brussels.
Macy’s sets sights on China
B new york» Macy’s Inc. is setting its sights on Chinese shoppers, with plans to test selling goods online in the world’s second-largest economy late this year.
The news, announced Wednesday, came as the retailer reported a 26 percent drop in second-quarter profit and sales that came in short of Wall Street expectations. The company cut its annual sales forecast, and its shares tumbled 5 percent Wednesday.
American Apparel low on financing B Already facing
new york» falling sales and lawsuits from its ousted founder, shares of American Apparel plunged farther Wednesday after the retailer said it doesn’t have enough financing to keep operating for the next year, meaning it will need to raise money or find new financing.
Cable may gain edge in fee disputes. A regulator’s proposal
could help cable companies during fee disputes with local broadcasters by freeing them to carry out-oftown television stations.
The plan, made public by Federal Communications Commission Chairman Tom Wheeler on Wednesday, was among a package of media rules that Wheeler said he sent to agency commissioners for approval.
That provision might have helped Time Warner Cable Inc., for instance, in late 2013 when the provider lost video customers as it went a month without CBS Corp. programming during a fee dispute.