HS Visio brought together the key market news of the past week.
JP Morgan predicts the pandemic will end in 2022
Coronary pandemic will end and the global economy will fully recover from the interest rate crisis next year, estimates U.S. investment bank JP Morgan.
In its financial review released next year, published on Wednesday, the bank predicts that new corona vaccines and treatments will lead to a strong economic recovery and a recovery in travel.
In addition, pent-up demand for consumption will unwind next year, when consumers will be able to use their savings accumulated during the Korona next year.
JP Morgan’s chief strategist and vice president of research, Marko Kolanovic, said the bank forecasts that the broad-based S&P 500 index in the U.S. stock market would rise nearly 8 percent during 2022.
Extensive effects of the disruption of Amazon’s services in the United States
Technology company The services provided by Amazon were disrupted in the United States on Tuesday that lasted all day.
Problems were particularly caused by the downtime of Amazon Web Services (AWS). Among other things, AWS offers its cloud services to other companies.
With AWS down, the impact on other Internet-based services was widespread. In the U.S., users report disruptions to Netflix, Disney +, and Amazon Music, for example.
The AWS outage also disrupted the transportation of Amazon’s e-commerce orders because drivers didn’t get directions to their app.
Transportation disruptions hit Amazon’s critical Christmas season, and Tuesday’s problems are feared to cause congestion and a delay in the arrival of orders in the U.S.
Meta Instagram released features to protect young users
Social media service Instagram on Tuesday released new features and tools in its app to protect teens, a service owned by Facebook’s parent company Meta said in a blog post.
Adam Mosseri, director of Instagram, wrote on the blog that the image app will, among other things, have stricter criteria for what kind of content it recommends for teenagers in the future.
Instagram’s actions are backed by revelations made by The Wall Street Journal in September that Instagram knew its app could have a detrimental effect on teen body image.
The revelations were based on documents leaked by Frances Haugen, a former Facebook employee.
Italy fined Amazon more than € 1 billion
Italian the competition authority fined e-commerce giant Amazon a € 1.1 billion antitrust fine.
The fine is the result of Amazon’s alleged abuse of a dominant position in the market.
According to the Italian competition authority, Amazon abused its dominant position by advertising its own logistics service on its Italian platform.
According to the supervisor, the activity caused inconvenience to sellers who did not use the service.
Amazon comments that it strongly disagrees with the decision. The company intends to appeal the decision.
The decision on the new fine came just two weeks after the Italian competition authority imposed a fine of € 68.7 million on Amazon to restrict sales of Apple and Beats products on its website.
Neste’s CEO Peter Vanacker is resigning
Fuel manufacturer Neste’s CEO Peter Vanacker is resigning.
Vanacker will leave his position as CEO no later than June 2022. The search for Vanacker’s successor will begin immediately.
Neste’s press release did not explain the reason for the difference or Vanacker’s plans for the future.
Vanacker started as Neste’s CEO on November 1, 2018. He joined Neste as CEO of the fine and specialty chemicals company CABB Group. Vanacker replaced Neste’s retired Matti Lievonen.
Sampo acquired Hastings completely
Insurance group Sampo acquired the British non-life insurance company Hastings.
On Wednesday, Sampo said it had signed an agreement to acquire a holding in Rand Merchant Investment Holdings (RMI) Hastings.
According to the agreement, Sampo will pay GBP 685 million, or approximately EUR 800 million, for RMI’s 30% minority stake.
Taking into account the initial acquisition in November 2020, the purchase price paid by Sampo for the entire Hastings holding will be GBP 1,851 million, or approximately EUR 2,170 million.
Konecranes and Cargotec are proposing divestments
Engineering companies Konecranes and Cargotec are ready to sell the two business units in order for the European Commission to approve the merger announced last year.
On Thursday, the companies proposed to the Commission that they sell Konecranes’ forklift business and Cargotec’s Kalmar Automation Solutions unit. The companies believe the sales would alleviate the competition concerns raised by the competition authorities.
The Commission is ready to examine the proposals and carry out a market test. The companies say they have already started looking for potential buyers.
Fitch declared Evergrande insolvent
Chinese the real estate investment company China Evergrande Group has been officially declared insolvent for the first time during its financial difficulties. Credit rating agency Fitch Ratings downgraded Evergrande’s credit rating from “C” to “limited insolvency” on Thursday.
The reason for the downgrade, Fitch said, was that Evergrande was unable to pay interest on two dollar-denominated bonds on Monday. The interest payment extension on loans totaling $ 1.2 billion ended on Monday.
Evergrande’s inability to pay interest on two of its loans triggers the maturity of Evergrande’s bonds.
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