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Amazon to spend billions to manage labour shortage crisis

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Amazon will spend several billion dollars to manage labour shortages and supply chain issues in the lead up to Christmas

The online retail giant says it was doing “whatever it takes to minimise the impact” on customers and sellers.

The warning comes as its net income drops to $3.2 billion in the third quarter, compared to £6.3 billion at the same time in 2020.

The company’s Chief Executive, Andy Jassy says Amazon is expected to “incur several billion dollars of additional costs” due to ongoing labour shortages.

It follows a string of increased wage costs, global supply chain issues, and increased freight and shipping costs.

Jassy says it will be “expensive” in the short term, but it’s the right move for the company’s customers and partners.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Falling in love with stocks with Nick Quinn

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On this week’s episode of Talk Ya Book, Chris Judd is joined by Spatium Capital’s Nick Quinn to discuss the why investors fall in love with stocks, when to sell and why three of his choices are performing strongly.

Proudly presented by Honan.

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Bank battering sees mess start to clean up

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What will the future of the banking sector look like?

 
The once-mighty banking sector has taken a battering over the past month.

From two U.S. banks closing down, to one in Switzerland merging with its biggest rival, the sector has sent shockwaves throughout financial markets around the world.

And another European Bank could be following suit.

But, what will the future of the industry start to look like, once the mess has been cleaned up?

Founder and CEO of Umee, Brent Xu, joined us to discuss.

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Disney to axe 7,000 jobs

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The Mouse House will deliver two rounds of layoffs

Disney has announced it will begin to axe 7,000 jobs, as it seeks to control costs and create a more “streamlined” business.

Several major divisions of the company, including Disney Entertainment, Disney Parks, Experiences and Products, and corporate, will be impacted.

Disney will begin notifying the first group of employees who are impacted by the workforce reductions over the next few days.

A second, larger round of job cuts will happen in April, with several thousand more staff reductions.

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