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According to LSEG IBES analyst forecasts, European companies expect second-quarter earnings to grow by 14.5%, while revenue is expected to decline by 11.4%.According to Reuters data, the discount of Dubai spot crude oil to swap prices has widened to more than $4 per barrel, the largest discount since May 2020.On July 2, the Ministry of Natural Resources issued a legal commentary on the announcement by Japan and the Philippines to initiate bilateral maritime boundary delimitation negotiations. The document states that Japan and the Philippines recently announced the commencement of negotiations on the delimitation of their exclusive economic zones and continental shelves in the waters east of Taiwan. China, Japan, and the Philippines are maritime neighbors in this region, and the proposed delimitation area largely overlaps with Chinas exclusive economic zone and continental shelf under international law. This move, without consultation with China, disregards the specific geographical conditions of the region, violates the principles of sovereign equality and good faith under international law, as well as the obligations of cooperation and restraint, constituting an internationally wrongful act. To fulfill their international obligations and assume their national responsibilities, Japan and the Philippines should immediately cease their bilateral maritime boundary delimitation negotiations and actively engage in consultations with China.July 2nd, Futures News: The market is closely monitoring the navigation status and shipping recovery progress of the Strait of Hormuz. Several cargo ships have already transited the strait, but their final unloading destinations are yet to be determined. In the short term, sulfur prices are highly susceptible to various geopolitical developments and information regarding the straits navigability, leading to a cautious trading atmosphere. Once the sulfur successfully exits the strait, it will be redistributed among various consuming countries globally, leaving uncertainties regarding my countrys import sources. The current tight supply in the spot market has not been substantially alleviated, and most industry players and traders are maintaining a cautious approach.Jun Mimura, Japans top foreign exchange official: No comment on exchange rate levels.

Amazon Will Lay Off Tens of Thousands of Workers

Charlie Brooks

Nov 15, 2022 17:39

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According to a source with knowledge of the matter, Amazon.com Inc. will begin laying off about 10,000 corporate and technical employees this week. This would be the largest decrease in the company's history.


The cuts, which were initially reported by the New York Times, would affect around 3 percent of Amazon's (NASDAQ:AMZNcorp) staff. As Amazon firms evaluate their aims, the precise number may alter, a source told Reuters.


According to the source, the online retailer intends to eliminate positions in its devices division, which manufactures voice-controlled "Alexa" devices and home-security cameras, as well as in its human resources and retail divisions. Uncertainty persisted as to when Amazon will notify its staff.


The drop was attributed to the unpredictable macroeconomic environment in which Amazon and other businesses operate.


The discovery follows a wave of layoffs in the IT industry, which fears a recession after years of rapid expansion. In an effort to reduce expenses, Facebook's parent company, Meta Platforms Inc (NASDAQ:META), announced last week that it would eliminate nearly 11,000 positions, or 13% of its staff.


Amazon, headquartered in Seattle, forecasts a slowdown in Christmas sales growth.


Last month, on a conference call with reporters, Chief Financial Officer Brian Olsavsky reported that the company observed evidence of tighter household budgets for shopping and continued to struggle with high inflation and energy prices.


Since then, it has announced that it will freeze corporate hiring growth for several months.


The Wall Street Journal claimed last week that Amazon's gadgets segment has lost more than $5 billion annually in recent years. According to the article, the company has contemplated whether to focus on new features for Alexa given that some consumers use the voice assistant for a limited number of tasks.


Including warehouse and transportation employment, which increased Amazon's headcount to over 1.5 million on September 30, the projected layoffs represented less than one percent of the retailer's workforce.


This year, Amazon's stock has lost more than 40 percent of its value. Monday afternoon, the price dropped 1.1% to $99.67.

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