Business NEWS IN BRIEF

3M to cut 2,500 jobs as demand weakens, profit drops

 

REUTERS – 3M Co said on Tuesday it would cut 2,500 manufacturing jobs after reporting a lower profit, as the U.S. industrial conglomerate faces a demand slowdown in its unit that sells products including notebooks, air purifiers and respirators.

The move comes as corporate America has seen a string of layoffs with companies trying to rein in costs amid fears of a potential economic downturn.

 

El Salvador repays $800m bond: President

 

AFP – El Salvador has repaid an $800mi bond maturing this week, President Nayib Bukele announced on Monday, taking aim at critics who said the country would default.

He said the media had created “the narrative that El Salvador was broke and going to default.”

 

Binance moved $346m for seized crypto exchange Bitzlato: Data

 

REUTERS – Crypto giant Binance processed almost $346 million in bitcoin for the Bitzlato digital currency exchange, whose founder was arrested by U.S. authorities last week for allegedly running a “money laundering engine,” blockchain data seen by Reuters show.

 

Hungarians drive across border to fill up on fuel as prices soar

REUTERS – Petrol prices in Hungary have jumped since the government scrapped a fuel price cap in December and raised taxes on fuel, prompting many drivers to fill up on cheaper fuel in neighbouring countries such as Slovakia or Romania.

Across the Danube River in Sturovo, Slovakia, diesel cost 1.619 euros ($1.76) per litre at the weekend at a local filling station versus 690 forints ($1.90) at a MOL station in the Hungarian city of Esztergom.