Money
Amazon backflips on return to work plan as team leaders take the reign
Working remotely a dream no more, as e-commerce giant Amazon asks corporate staff to make an effort to return to the office.
Amazon is leaving it up to team managers to decide how often their employees come in to work when offices reopen next year.
CEO Andy Jassy said Amazon found it couldn’t have a “one-size-fits-all approach”, with flexible working to stay beyond the pandemic.
‘We’re going to be in a stage of experimenting, learning, and adjusting for a while as we emerge from this pandemic,’ Jassy wrote in a memo addressed to employees.
The decision comes after the e-commerce giant axed it original plan for corporate staff to return to offices for a 3-day week, by January 3 2022.
But their new approach doesn’t come without a few ground rules, with employees expected to attend in-person meetings.
‘At this stage, we want most of our people close enough to their core team that they can easily travel to the office for a meeting within a day’s notice.’
This expectation therefore crushes the dreams of employees who may have wished to work remotely on an international scale.
High-performing staff already employed to fulfil a work-from-home position are exempt from this rule, but will see their workload cut significantly.
This means that those who want to work from a remote location will only be able to do so for up to four weeks a year.
A hybrid approach
While Amazon employees are expected to make an effort to come into the office, Jassy doesn’t anticipate that all staff will return full-time.
He says that team leaders may choose to have their staff working from home on an almost regular basis, while others may follow a hybrid model.
“It depends on what will be most effective for our customers,” Jassy says.
“[Additionally], we will all continue to be evaluated by how we deliver for customers, regardless of where the work is performed.”
Hundreds of thousands of Amazon’s 1.3 million employees will learn about what is expected of them before January 3 next year.
Meanwhile, Amazon will continue to monitor the rapidly changing dynamic of the pandemic to assess what will help the company uphold their unique customer experience.
“With lots of invention and change in front of us, you can bet that we will continue to adjust as we keep learning what makes most sense for our customers and teams.”
Written by Rebecca Borg
Money
US stocks face tests from Tesla, Netflix earnings
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.
Market Volatility
Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.
Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.
The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.
Money
Australia’s unemployment rate rises to 4.5 per cent
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
Australia’s unemployment rate rises to 4.5 per cent in September, prompting calls for potential Reserve Bank interest rate cut
– Australia’s unemployment rate rose to 4.5% in September, the highest since November 2021.
– Economists note a cooling labour market, with fewer job ads and increased participation rate amid rising living costs.
Economists suggest that the Reserve Bank should consider another interest rate cut next month. BetaShares chief economist David Bassanese noted a slowdown in employment demand as the labour market struggles to accommodate job seekers.
The number of officially unemployed rose by 33,900 in September, while the employment count increased by 14,900. The labour force expanded by 48,800 people, resulting in a participation rate rise of 0.1 percentage points to 67 per cent, returning to July levels.
In trend terms, the unemployment rate remained steady at 4.3 per cent.
Labour Market
BDO chief economist Anders Magnusson stated that while the unemployment rate has increased, the labour market is cooling, not collapsing.
He pointed out that the 14,900 jobs added in September were slightly below the average for the past year.
A growing participation rate indicates that rising living costs are prompting more individuals to seek employment. Magnusson said the release confirms a gradual cooling of the labour market that keeps the Reserve Bank on track without necessitating immediate action.
He added that hiring activity is slowing, signalled by a 3.3 per cent drop in job advertisements in September, the largest monthly decrease since February 2024.
Despite this, he does not foresee a rate cut in November.
Money
Stocks rebound after Trump eases China trade tensions
Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off
Stocks rebound 600 points as Trump eases China trade tensions, signalling optimism in markets following Friday’s sell-off
– Stocks rose on Monday after Trump expressed optimism about trade relations with China.
– The Dow Jones gained 621 points, with significant increases in tech stocks and broad market recovery.
Oracle’s stock surged over 5%, with AMD and Nvidia seeing 1% and 3% increases, respectively. Broadcom’s stock jumped 10% following the announcement of a partnership with OpenAI.
Trump’s comments hinted that he might not impose a significant increase in tariffs on China, which had previously caused market turmoil. Vice President JD Vance similarly indicated a willingness to negotiate with China, while also asserting that the U.S. holds advantages in potential trade discussions.
Broader Recovery
Monday’s trading saw a positive shift with four out of five S&P 500 stocks rising, indicating widespread recovery. Small-cap stocks also made gains, with the Russell 2000 rising over 2.5%.
Market concerns persist, however, with a government shutdown continuing and a major payroll deadline approaching on October 15. Earnings reports from major financial institutions, including Citigroup and JPMorgan Chase, are expected this week, potentially impacting market sentiment.
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