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The Big Four consulting firms are experiencing significant revenue declines and layoffs as demand for advisory services slows. PwC reported a 12.7% drop in net income, while EY and Deloitte also saw reductions in partner payouts and consulting revenues. The firms are adjusting to a post-pandemic market.
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Wood Group's shares fell by up to 49% following the announcement of an independent review by Deloitte, triggered by significant project write-downs. The engineering firm reported a substantial loss and ongoing challenges in its business operations, compounding investor concerns after failed takeover attempts.
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Donald Trump's recent election victory is prompting significant changes in global economic strategies. Countries and companies are adjusting their supply chains and defense spending in anticipation of his protectionist policies, particularly regarding tariffs on imports from China and other nations. This shift could reshape international trade dynamics.
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Thanksgiving grocery prices are down 5% from 2023, averaging $58.08 for a meal for 10, according to the American Farm Bureau Federation. However, prices remain 19% higher than in 2019, reflecting ongoing inflation concerns among consumers as they prepare for the holiday.