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US Stocks continued their selloff that started last week suffering their worst day since early June yesterday over fears of more aggressive rate hikes from the Fed.

 

The owner of Regal Cinemas confirmed that they are considering filing for bankruptcy but promised "business as usual" as they try to shore up their finances.  British company Cineworld Group said in a statement that a "voluntary Chapter 11 filing in the United States" was one of the options it was reviewing in an attempt to reduce their debt burden.  Meanwhile, Cineworld and Regal theaters were open for "business as usual," and would remain so.  Shares in Cineworld crashed as much as 80% in London on Friday after the Wall Street Journal reported that the world's second largest movie theater chain had spoken to lawyers to advise on the bankruptcy process in the United States and United Kingdom.  The company's stock fell another 20% yesterday. The news also contributed to a plunge of more than 40% in the shares of AMC, the world's largest movie theater chain.

 

Ford Motor’s is cutting about 3,000 jobs from their global workforce, as the automaker attempts to lower costs as part of restructuring efforts under CEO Jim Farley.  Ford’s cost-cutting actions are the latest in a series of efforts by companies to reduce expense and employee head count amid fears of a potential recession or economic softening, with inflation hovering near a 40-year high.

 

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