The latest jobs report released by the Bureau of Labor Statistics showed that the US economy added 224,000 jobs in June, surpassing economists’ expectations. Despite fears of a slowdown, the labor market continues to plow ahead at a steady pace.
Tesla’s announcement of a price hike for its Model Y vehicles has prompted its competitors in China to slash prices on their own electric vehicles.
Nio, the Chinese electric vehicle manufacturer, has recently announced a significant cut in its delivery estimates for the fourth quarter of 2021. The company now expects to deliver only 23,500 vehicles, down from its previous estimate of 25,000 to 26,000. This news has sent shockwaves through the market, causing Nio’s stock price to plummet by 5% in after-hours trading.
Paramount Global, formerly known as ViacomCBS, experienced a significant blow as S&P Global Ratings downgraded its credit rating to junk status. The sudden move was attributed to the “downside ratings pressure” in the company’s TV business.
Stellantis, the multinational automotive manufacturing company, recently announced a significant move to cut 400 white-collar jobs through the implementation of a ‘mandatory remote work day.’ This strategy, described as a mass firing by some employees, aims to streamline operations and increase efficiency within the company.
The Federal Reserve risks falling behind the inflation curve as it delays cutting interest rates.
XPeng, a leading Chinese electric vehicle manufacturer, recently reported positive margins as a result of cost-cutting measures. This news comes as a surprise to many industry experts, who had previously doubted the company’s ability to achieve profitability in the competitive EV market.
Unilever has announced its decision to spin off its ice cream business, which includes popular brands like Ben & Jerry’s and Magnum. This move comes as part of the company’s strategy to streamline its operations and focus on higher-growth areas.
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Internet connectivity disrupted due to damaged undersea cables
Despite the recent uptick in inflation, the Federal Reserve is expected to stick with its plan of three interest rate cuts by 2024. This decision comes amidst ongoing concerns about the impact of rising prices on the economy and the level of support needed to sustain economic growth.
