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Cable giant Charter Communications is laying off close to 1,200 employees, or just over 1% of its 95,000-person workforce, a source familiar with the matter told Reuters on Tuesday. The job cuts will be related to corporate management positions within the company and will not impact sales or service roles, the source said, adding that the layoffs are intended to streamline operations. Charter follows other media and cable peers that are trimming their workforce. Last month, Reuters reported exclusively that Comcast was planning to cut jobs at its biggest unit, housing broadband and pay TV, to centralize operations. Newly merged Paramount Skydance will begin mass layoffs next week, eliminating around 2,000 U.S. jobs, according to media reports. Charter is facing growing pressure from telecom carriers offering bundled internet and 5G mobile plans. The company lost 117,000 internet customers in the second quarter, and 60,000 in the January-March period. The company added 500,000 mobile lines in the second quarter, compared with Visible Alpha’s expectations for a rise of 538,450 customers. Charter is seeking to expand through the $21.9 billion acquisition of Cox Communications that would position it as the largest cable TV and broadband provider in the U.S. The company also announced a partnership with Comcast to establish a mobile virtual network operator that will use T-Mobile’s 5G network to serve wireless business customers, with a commercial launch set for 2026. The Wall Street Journal first reported the job cuts. Harshita Mary Varghese, Reuters
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The Louvre in Paris reopened on Wednesday, three days after thieves made off with historic jewellery worth an estimated 88 million euros ($102 million) in a spectacular heist that has raised urgent questions over security lapses at the museum. Visitors queued to enter through the Louvre’s glass pyramid for the first time since Sunday’s brazen robbery, in which hooded assailants broke through a second-floor window using a stolen movers’ lift before making off with jewels from the royal collection. Later on Wednesday the museum’s director will appear before the French Senate to answer lawmakers’ questions. The Galerie d’Apollon, the ornate gilded hall that was robbed, remains closed. Amid rising frustration in France that no senior official has taken responsibility, French Interior Minister Laurent Nunez said there had clearly been security failures and Culture Minister Rachida Dati had launched an administrative inquiry. “There was a burglary at the Louvre, some of the most precious jewels in France were stolen. So obviously it’s a failure, there is nothing else I can say,” Nunez told Europe 1 radio. But he added that “the alarm system worked perfectly, as soon as the window was attacked, it was activated. Police were notified, and within three minutes they were on the scene. The whole system worked, it didn’t fail, but what happened has happened.” He declined to comment on the police manhunt, but said he was confident the perpetrators would be found. Dati came under fire after saying in parliament on Tuesday there had not been any security lapses. MUSEUM DIRECTOR TO BE HEARD IN SENATE Louvre director Laurence des Cars will be questioned by senators later on Wednesday. Des Cars warned in January that the centuries-old building was in a dire state. President Emmanuel Macron has announced a six-year renovation of the Louvre, which will include money for security upgrades. Asked on RTL radio whether state budget cuts had led to security lapses in French museums, the head of France’s national audit office Pierre Moscovici said that was not the case for the Louvre. “It is richly endowed, there are sponsorships, really, the Louvre is not without resources.” Built in the late 12th century, the Louvre Palace used to be the official residence of the kings of France, until Louis XIV abandoned it for Versailles. It was turned into a museum for the royal art collection in 1793, four years after the French Revolution. It is now the world’s most-visited museum, with 8.7 million visitors last year. It hosts the Mona Lisa, the world’s most famous painting, and the Venus de Milo statue, as well as countless old masters. ($1 = 0.8575 euros) Geert De Clercq and Manuel Ausloos, Reuters
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Stocks are drifting near their record heights on Wall Street Wednesday, while the price of gold falls again to trim more off its tremendous gain for the year.The S&P 500 slipped 0.1% in early trading and is sitting just underneath its all-time high, which was set earlier this month. The Dow Jones Industrial Average was down 65 points, or 0.1%, coming off its own record. The Nasdaq composite was 0.3% lower, as of 9:35 a.m. Eastern time.Bank stocks were holding relatively steady after Capital One Financial, Western Alliance Bancorp and others reported stronger profits for the summer than analysts expected. The report from Western Alliance was particularly welcome after it helped shake confidence in the industry last week. It’s one of several banks that have warned of potentially bad loans on its books, possibly because of fraud.Intuitive Surgical, which sells robotic-assisted surgical systems, soared 16.5%, and GE Vernova added 0.5% after they likewise reported better profits for the latest quarter than analysts expected.It’s usually the case that the majority of companies deliver better profits each quarter than analysts had forecast. But the pressure is higher on companies to do so this time around because of criticism that their stock prices shot too high following a 35% romp for the S&P 500 from a low in April.Netflix’s stock, for example, came into the day with a jump of 39.3% for the year so far, more than double the S&P 500’s gain. But its stock tumbled 8.3% on Wednesday after it delivered weaker results for the latest quarter than expected.AT&T fell 4.5% after delivering a profit that only matched analysts’ expectations, while Texas Instruments sank 7.7% after its profit fell just short of forecasts.Beyond Meat, meanwhile, continued its meme-stock run and soared another 48.9% to bring its stunning gain for the week to nearly 735%. Part of Beyond’s rise could be due to a recent announcement that Walmart will increase availability of some of its products at over 2,000 U.S. stores.The maker of plant-based meat alternatives was also the biggest holding in the Roundhill Meme Stock exchange-traded fund, as of Tuesday. The ETF holds companies where investors have piled in almost regardless of their financial prospects in hopes of catching a wave.Momentum was continuing to head the other way for gold, which slipped 0.8% to $4,075 per ounce. That’s after Tuesday’s 5.3% slide knocked it off its record high.Many of the same factors that drew buyers to gold this year are still there. Expectations are still for the Federal Reserve to cut interest rates through next year, concerns are growing about inflation remaining high and the worrisome mountains of debt that the U.S. and other governments worldwide have amassed are only rising further.But no investment’s price goes up forever, and criticism had been growing that gold’s price had gone too far, too fast after it shot up even more than the overall U.S. stock market. Gold’s price is still up more than 50% for the year so far.In stock markets abroad, indexes were mixed across Europe and Asia.London’s FTSE 100 rose 1% after a report on U.K. inflation raised hopes for another cut to interest rates next month. South Korea’s Kospi jumped 1.6% for another one of the worlds bigger gains. But indexes fell 0.9% in Hong Kong and 0.2% in Paris.In the bond market, the yield on the 10-year Treasury edged down to 3.96% from 3.98% late Tuesday. AP Business Writers Yuri Kageyama and Matt Ott contributed. Stan Choe, AP Business Writer
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