Money
No end in sight for global chip shortage
There seems to be no end in sight for the global chip shortage as wait times extend to as much as 20 weeks significantly delaying critical industries.
New research has found that the time between ordering a chip and receiving one has extended by more than 8 days when compared to last month the longest wait time since data began being tracked in 2017.
These delays are having a significant impact on many critical industries, including car manufacturers, industrial equipment and home electronics producers.
The motor vehicle industry is feeling the greatest pinch from the shortage.
But it is the motor vehicle industry that is feeling the greatest pinch – which is expected to lose $100 billion in sales due to the inability to make cars.
Other tech giants like Apple, Microsoft and Samsung are also unable to keep up with consumer demand for their products.
It comes as the Biden administration moves to secure on-shore chip manufacturing plants in a bid to end this worldwide shortage.
Money
France receives lowest credit rating due to crisis
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
France’s credit rating downgraded to record low amid political and fiscal crisis, raising concerns over debt and stability
– Fitch Ratings downgraded France’s credit rating to A+, citing political instability and fiscal challenges.
– New Prime Minister Lecornu must secure budget approval amidst rising deficit and potential no-confidence vote.
Fitch highlighted political instability as a key factor undermining fiscal reforms, with France’s debt now at €3.3 trillion, or 113.9% of GDP.
The budget deficit increased to 5.8% of GDP and is expected to rise, posing challenges ahead.
Political Instability
The new prime minister faces a divided parliament and must secure budget approval by October 7.
The far-left plans a no-confidence vote against Lecornu, complicating further cooperation on legislative reforms, with S&P Global hinting at a potential downgrade.
Money
ANZ job cuts spark banking clash
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ plans to cut 3,500 jobs, sparking debate on the future of Australia’s banking sector and employment dynamics.
ANZ has announced plans to cut 3,500 staff and 1,000 contractors over the next year, triggering a fierce debate between business leaders, unions, and government about the future of Australia’s banking sector.
The decision raises wider questions about the resilience of the business community and the role of politics, productivity, and technology in shaping employment.
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