Morgan Stanley MS 1.54 % plans to slash hundreds of jobs from its debt and currencies division, people familiar with the matter said, revealing that the Wall Street firm believes that a monthslong slump in trading revenue may persist.
SHANGHAI Activity in China's manufacturing sector contracted more than expected in November, an official survey showed on Tuesday.
CHICAGO U.S. shoppers seeking to avoid the holiday crowds at bricks-and-mortar stores and snare deals on Cyber Monday came face-to-face with traffic jams and product sellouts, with some customers of Target Corp forced to wait in a virtual line.
This year's "Cyber Monday" is set to be the biggest online shopping day in history, Adobe predicts. With data from thousands of retailers still flowing in, the company believes Monday's total online spending will be $2.98 billion.
Bill Gates, the world's richest man, led a group of philanthropists in vowing to plow $2 billion into clean energy through personal investments and a new fund to be set up next year.