Shipping Decline Leads to Massive Job Cuts
Danish shipping giant, Maersk, announced it will cut 10,000 jobs in the wake of a massive decline in shipping business (a 92% drop in profits!!!).
The shipping giant moves cargo all around the world, so this slowdown in business for them is stark warning for the world economies.
Toyota Invest in New Battery Plant
As the world moves to electrify vehicles, Toyota, is investing an additional $8B (bringing the total investment to $14B) to construct an electric battery plant in North Carolina.
Potential for Oil Price Spike
As the war in the Middle-East continues between Israel and Hamas, the World Bank warns that the continued conflict could trigger an oil price shock. While they expect oil prices to fall a bit at the end of 2023, the continued conflict could cause a spike in oil prices in early 2024.
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