Members of the Nordstrom family, with help from Mexican conglomerate El Puerto de Liverpool, are buying all outstanding shares of the department store chain for about $6.25 billion in cash and taking the 123-year-old retailer private.
Category: 7 January 2025
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SPOTLIGHT: CHINA’S ECONOMIC PLAN
Beijing will issue three trillion yuan—about $411 billion—in treasury bonds this year, with the proceeds directed to spark consumer spending, speed technological innovation, and recapitalize government-owned banks, Reuters reported.
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CANADIAN BUSINESS BANKRUPTCIES SET THIRD-QUARTER RECORD
In last year’s third quarter, 1,312 Canadian businesses went bust, the most in any year’s third quarter, the Financial Post reported.
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VOLKSWAGEN, UNIONS REACH COMPROMISE TO KEEP PLANTS OPEN
After Volkswagen threatened to close as many as three German plants and dump “tens of thousands” of workers, the company and Germany’s largest union worked through 70 hours of dickering and produced a deal that promises to maintain an uneasy labor peace in the short term.
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EUROPE’S AUTO INDUSTRY SUPPLY CHAIN IS BLEEDING JOBS
Job losses doubled in 2024 to more than 30,000 among European companies supplying automakers with parts and components, data from the European Association of Automotive Suppliers shows.
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TOP TREND 2025: THE TRUMP CARD
Incoming U.S. president Donald Trump’s promise to pile stiff tariffs on all goods imported into the U.S. will, if carried out, crimp the world’s economic growth, according to a large majority of the more than 220 economists in the Eurozone, U.K., and U.S. surveyed by the Financial Times.
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IDF OCCUPIES VITAL SYRIAN DAM, NOW CONTROLS 30 PERCENT OF COUNTRY’S WATER SUPPLY
The Israeli government reportedly seized control of much of the Syrian water supply after taking over the al-Manara Dam, in the eastern part of the country located inside the newly occupied Syrian Golan Heights.
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GAZA DEATH TOLL
At least 45,885 Palestinians have been killed since the start of the Israeli genocide in Gaza and 109,196 have been wounded—including about one-third who have had life-changing injuries.
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GOING OUT OF BUSINESS TRENDS
The economic landscape has presented an array of challenges that will profoundly affect the business community this year.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
The retail, restaurant, manufacturing, automotive, agricultural and tech industries were hit hard with layoffs in 2024 as prices increased and demand slowed.
