Microsoft is cutting approximately 4,800 jobs, about 2.1% of its global workforce, primarily impacting sales and Xbox teams. Affected US employees will receive severance packages including up to 39 weeks of pay, continued stock vesting, and paid health insurance.
India is in the final stages of negotiating the sale of BrahMos supersonic cruise missiles to Vietnam, with only minor clearances remaining. BrahMos Aerospace chief Jaiteerth Joshi also revealed ongoing discussions with other countries for potential exports and highlighted significant cost reductions and rising indigenous content in the missile program.
JP Morgan CEO Jamie Dimon stated the bank plans to hire more AI specialists, potentially reducing traditional banking roles. He suggested this transition could be managed through natural attrition and retraining, not mass layoffs.
Air India assures employees no layoffs are anticipated despite financial strain from the Middle East conflict. However, annual salary increments will be deferred by at least a quarter. CEO Campbell Wilson urges a "laser sharp focus" on cost reduction, eliminating waste, and suspending discretionary spending to navigate these challenging times. Variable pay and planned promotions will continue.
The Bank of England has left interest rates unchanged at 3.75% but warned that higher inflation is unavoidable due to the Middle East conflict. The MPC voted 8-1 to hold, with only chief economist Huw Pill favoring a hike to 4%. UK inflation rose to 3.3% in March. The Bank presented three scenarios: in the worst case (C), oil reaches $130/barrel, inflation peaks at 6.2% in Q1 2027, and rates would need to rise to 5.25%. Governor Andrew Bailey said the decision depends on the duration of the energy price shock.
Oil prices retreat after earlier surge to over $126 a barrel on Reuters report that the US is pressing ahead with plans for an international coalition to open the strait of HormuzVolkswagen lost more than a billion euros from US tariffs and the cost of ending production of a battery vehicle in Tennessee in response to Donald Trump’s anti-electric car policies.Germany’s biggest carmaker on Thursday reported a €500m cost of winding down production of the ID.4, an electric crossover SUV, in favour of producing a bulkier petrol SUV, the Atlas. It also said there was a €600m cost from US tariffs.The world is undergoing fundamental change – and we are aligning our strategy consistently. Wars, geopolitical tensions, trade barriers, stricter regulations, and intense competition are creating headwinds.In this environment, the planned cost reductions are not enough. We must fundamentally transform our business model and achieve structural, sustainable improvements. This includes improving the cost structure of our vehicles without compromising product substance, significantly reducing overhead costs, increasing the efficiency of our plants, and accelerating technology development and decision-making. Continue reading...
