Changes are inevitable in the business world. Companies are responding to changes in their business environments through various strategic initiatives and programs. Global macro trends are shaping the future of business.
The Intellizence AI platform for Company and Market Intelligence monitors hundreds of growth and risk signals in thousands of public and private companies.
Intellizence has identified major initiatives and issues faced by the largest and fastest-growing companies in 2022. Businesses should be aware of these trends and use them to their advantage.
- Economic Fallout Due to Ukraine-Russia Conflict
- Metaverse
- Net Zero
- Electric Vehicles
- Web3
- Gas Prices
- Non-fungible tokens (NFTs)
- Return To work
- The Great Resignation
- Chip Shortage
- Economic Impact of the Ukraine-Russia Conflict
- ESG Initiative
- Buy Now Pay Later
Economic Fallout Due to Ukraine-Russia Conflict
Russia’s invasion of Ukraine has left many companies clambering to ensure the safety of their employees while bracing to face the disruption they would face due to sanctions imposed on Russia. Beyond the humanitarian crisis, the entire global economy is feeling the effects of slower growth and rising inflation. Moreover, the global financial markets are highly volatile causing irreparable losses to investors.
Many companies are re-evaluating their businesses, with some exiting from the country while others suspending operations. Some of the leading companies are:
- Profits for Exxon Mobil, Shell, and more also rose by billions despite significant costs of exiting operations and/or investments in Russia amid the war in Ukraine.
- Coca-Cola’s estimated $3 billion initial public offerings (IPO) for its African bottling unit will likely take place in the third quarter after market turmoil linked to the war in Ukraine upset plans to list earlier.
- Insurance giant Allianz has already stopped accepting new business in Russia and is very likely to cut all ties with the country.
- Zurich Insurance has agreed to sell its Russian business to members of the local team, as it became the latest Western firm to exit Russia.
- Global insurers are expected to receive multiple marine insurance claims from ships damaged or lost as the conflict in Ukraine spills over into sea lanes, as reported by insurer Allianz Global Corporate & Specialty (AGCS).
- Siemens will quit the Russian market due to the war, taking a 600 million euro ($630 million) hit to its business during the second quarter, with more costs to come.
- Shell has agreed to sell its retail and lubricants businesses in Russia to Lukoil, the first big deal in the oil and gas sector since most western companies pledged to leave the country following the invasion of Ukraine.
- SpaceX has raised prices for its launch and Starlink internet services because of rising inflation.
- Spotify has shut down its office in Russia and removed Russian state-sponsored content from its service.
- Microsoft halts sales in Russia.
- Airbnb suspends all bookings in Russia and Belarus.
- U.S. planemaker Boeing has suspended purchasing titanium from Russia.
- Italian energy major Eni has suspended all new purchases of oil and oil products from Russia.
Metaverse
The metaverse is an amalgamation of physical, virtual, and augmented reality (AR) that blurs the line between the real and virtual world. It is the future of gaming, meetings, socializing, and more. Video games like Roblox and Fortnite have already implemented the metaverse, although in a limited form. Additionally, people can work, shop, do business, and more in a virtual space. Cryptocurrencies are used for virtual transactions adding to the metaverse experience. More than a trend: metaverse is fast becoming a necessity for businesses. Businesses need to develop a plan to move their business to the virtual world.
- Facebook has rebranded itself Meta and describes it simply: The metaverse is a set of virtual spaces where you can create and explore with other people who are not in the same physical space as you.
- Microsoft is adding 3D virtual avatars and environments to its Teams chat system, followed by many others.
Many businesses are moving towards the metaverse. Some of the leading companies working on metaverse are:
- NASA plans to join the metaverse and has created a competition with its partner Epic Games and Buendea to develop a martian metaverse simulation.
- Meta is continuing the Meta-fication of its brands by renaming Facebook Pay, its payment system available across Facebook, Messenger, Instagram, and WhatsApp, to Meta Pay.
- 3iQ Corp (3iQ), Canada’s largest digital asset fund manager, unveiled its new virtual headquarters (HQ) located in the Voxels (formerly known as Cryptovoxels) metaverse.
- Spotify is officially launching a virtual presence on kids’ gaming platform Roblox.
- VanEck, an investment firm with over $82 billion in assets under management, has entered the Metaverse by releasing a collection of 1,000 nonfungible tokens (NFTs).
- Nextech AR Solutions has launched The 365 Marketplace which brings the restaurant industry into the metaverse, providing a completely digital marketplace where 3D models and AR experiences, including holograms.
- VNTANA has partnered with ByondXR to instantly create interactive 3D virtual showrooms in the Metaverse.
Net Zero Commitment
Net Zero refers to a balance between the global greenhouse gas (GHG) emissions and their removal from the atmosphere. Governments across the globe are introducing stricter regulations to reduce carbon footprints to control climate change. Leading investors and organizations like Microsoft, Intel, and Amazon have committed to reaching Net Zero emissions by the end of the decade. Some of the leading institutions and companies that are taking the initiatives to attain Net Zero-emission are:
- Aecon Group is building sustainable practices throughout its operations while embracing net-zero construction methods.
- Bird Construction has been selected to lead the design and construction of a state-of-the-art, net-zero plant protein processing facility for Phyto Organix Foods in Strathmore, Alberta.
- Intel is committed to achieving net-zero greenhouse gas emissions across its operations by 2040, while also ensuring that its products are energy efficient and help create solutions that lower the footprint of the entire technology ecosystem.
- Neptune Energy has set aside $1 billion to invest over the next five years into securing energy supplies for the UK and to speed up the transition to net zero.
- The state energy company Pertamina and the American oil giant Chevron have agreed to collaborate to explore opportunities in low-carbon businesses, to help Indonesia reach its net-zero emission target in 2060.
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Electric Vehicle
Electric vehicles are gaining popularity and looking more promising. With increased environmental awareness and the demand for reduced carbon dioxide (CO2) emissions, individuals are moving from fuel-powered vehicles to electric vehicles. In addition, the government is offering increased subsidies and grants, tax incentives, and other added benefits, giving a boost to the electric car market. Some of the companies launching electric vehicles in the coming years are:
- Oxbotica and NEVS to Develop a Fleet of Self-Driving, All-Electric Vehicles for Public Roads.
- Global engineering firm Ricardo has designed a self-driving battery electric vehicle (BEV) that can be built on conventional assembly lines and repaired by body shops with existing techniques.
- BMW has built its own dedicated platform for electric vehicles called Neue Klasse.
- Renault has invented an app to help electric car drivers recharge in remote areas.
- Cruise, the self-driving startup, is working with the automaker’s BrightDrop electric van business on a plan to develop autonomous delivery vehicles,
- German automotive giant Volkswagen is planning to launch the iconic “Scout” brand as an electric vehicle in the United States.
ESG Initiatives
Over the past few years, we have seen a major shift in Environmental, Social, and Governance (ESG) initiatives such as climate change, sustainability, corporate governance codes, executive compensation disclosures, say-on-pay, and board gender diversity mandates.
Companies are acquiring and launching new businesses to address emerging opportunities related to ESG initiatives. Eventually, ESG will be a gamechanger for organizations both in the public and private sectors. They will stand to gain a competitive advantage by embracing ESG as part of their company culture.
- Alter Domus, a leading provider of integrated solutions for the alternative investment industry, today announced it has launched an industry-leading Environmental, Social & Governance (ESG) reporting solution.
- American Express has launched the company’s first Environmental, Social, and Governance (ESG) Bond. The net proceeds of the $1 billion bond will be allocated toward sustainable financing projects in the Green and Social categories.
- Euronext has launched the new AEX ESG Index, which identifies the 25 companies that demonstrate the best Environmental, Social, and Governance (ESG) practices from the 50 constituents of the AEX® and AMX® indices.
- Online electricals retailer AO has now recycled over five million household appliances at its state-of-the-art recycling facility. The company aims to safely recycle large domestic appliances, including fridges, washing machines, tumble driers, cookers, and dishwashers.
- Google will help its Cloud users save energy and reduce emissions by providing new tools ‘the Carbon Sense suite’, to let them manage energy use from their idle projects. It’s a collection of features that aims to help companies quantify and report their emissions, as well as reduce them.
- Pilipinas Shell Petroleum Corp. will be adopting the recommendations from the Task Force on Climate-related Financial Disclosures (TCFD), as part of its efforts to promote transparency in its sustainability efforts.
- The world’s largest food manufacturer, Nestle, plans to increase its funding for cocoa supply chain sustainability initiatives to £1billion by 2030, with a focus on eliminating child labor and forced labor.
- Hyundai Steel has started to reduce greenhouse gas emissions by using cattle manure in its steelmaking process. The plan is to recycle livestock waste and reduce greenhouse gases by using a solid fuel based on cow manure instead of coal.
- Ford is launching a new sustainable charging program that allows plug-in electric vehicle owners in California to opt into carbon-neutral charging at home, reducing their carbon footprint from energy used to power their vehicles.
- Blackstone has acquired Sphera, which combines its software as a service solution with consulting services, underpinned by proprietary data, to support businesses globally to manage and mitigate ESG risk.
- Goldman Sachs Asset Management has launched the Goldman Sachs Future Planet Equity Exchange Traded Fund. It will invest in companies seeking solutions to environmental problems in clean energy, resource efficiency, sustainable consumption, the circular economy, and water sustainability.
- Diligent Corporation, the global leader in SaaS governance, risk, and compliance (GRC), has acquired ESG leader Accuvio to enhance its climate reporting capabilities.
- FiscalNote, the provider of global policy and market intelligence, has acquired Equilibrium, which has developed an industry-leading ESG management automation software. The software enables enterprises to improve their ESG performance, carbon accounting, and reporting with actionable insights through data and AI.
Gas Prices
Adding to the inflation, the current Ukraine-Russia war stands to potentially make the situation worse with an unstable stock market and rising oil prices.
- High gas prices push maternity care almost out of reach in B.C.’s far north.
- Gas prices in Canada hit an average of 197.4, a new all-time record.
- Gasoline costs across Canada are expected to keep smashing records despite a significant mid-week dip in the price of oil.
- Uber is charging customers a new fuel fee to help offset costs for ride-hail and delivery drivers.
- Ride-hailing company Grab has raised all fares from March 10, the first tech-based transport firm to do so amid record-high gasoline prices.
- Lyft will charge riders in the United States, except those in New York City and Nevada, an extra 55 cents for their commute as the ride-hailing company looks to cushion the impact of high gas prices on drivers.
- Energia, the supplier of 100% Green Energy in Ireland, has increased home energy prices by 15 per cent due to a sustained period of elevated global energy market prices.
- The US doesn’t have ‘many good options’ to fight rising gas prices.
- Ukraine’s crisis-led gas price surge has revived the demand for inflation hedges.
- Oil prices soar and worries mount about future energy supplies.
WEB3
Web3 incorporates the very fundamentals of blockchain, i.e. decentralization and token-based economics. However, it will be decentralized – rather than controlled by governments and corporations, and to a certain extent connected to the concept of the “metaverse.”
- Napster has been bought for the second time in less than two years by Hivemind and Algorand, who are planning to adorn it with a load of Web3 stuff.
- Palm NFT Studio has partnered with Moonwalk, the leading no-code Web3 platform for brands, creators, and communities. As a preferred partner, Moonwalk, to simplify Web3 for brands and creators.
- Google Cloud is forming a team to build services for developers running blockchain applications. The search giant aims to enter Web3 as a back-end services provider.
- Leading blockchain oracle solution API3 has released “the first true random number generator for smart contracts” dubbed API3 QRNG.
- TooNFT is launching the decentralized webtoon platform in conjunction with Toomics, which happens to be one of the largest webtoon platforms in South Korea. It will begin to gradually transition to a new era of applications constructed using blockchain technology.
- SK Square, the investment arm of South Korea-based giant SK Group, is reportedly working on launching its own cryptocurrency and a blockchain service alongside its partners.
- South Korean tech giant LG Electronics plans to incorporate cryptocurrency and blockchain into its business development.
- Telefónica Tech has partnered with Polygon, one of the most relevant public Blockchain ecosystems, to use its network and tools to develop Web3 solutions.
- Enterprise SEO platform BrightEdge has acquired Oncrawl to future-proof its Web3 strategies.
- Intel has launched a blockchain chip to tap the crypto boom.
- UK-based fintech Mode has partnered with technology-driven e-commerce platform Heroes, which will allow employees of the firm to take some of their monthly salary in Bitcoin.
- Coinbase Global has said it is launching a pilot program to allow cryptocurrency recipients in Mexico to cash out their funds in pesos.
- Sequoia Capital is looking to roll out a cryptocurrency-focused fund with a size of up to $600 million, adding that the move signals continued investor interest in the tech even amid increased regulatory attention.
Non-fungible tokens (NFTs)
An NFT is a digital asset with unique identification codes and metadata that differentiate them. They cannot be traded or exchanged at equivalency, like crypto. They can be used to represent real-world items like music, artwork, and real estate. Some of the companies that offer NFT are:
- Blockchain DeFi company, The Commission partners with The Glimpse Group to create augmented reality-based NFTs for cryptocurrency.
- GuardianLink has launched the official NFTs for Chelsea FC on its Web3 marketplace.
- A group of the non-fungible token (or NFT) creators and collectors will soon be able to display their tokens on Instagram.
- Football organization FIFA has teamed up with green blockchain company Algorand in a sponsorship and technical partnership deal.
- The new CNN+ streaming service has entered into the NFT business with the creation of a digital token of the platform’s first moments in operation.
- Alteon.io, an all-in-one hub for professional content creators, is launching Alteon Publisher, a new tool that will allow its users to create and publish NFTs in real-time.
- Digital art collecting platform Neon has launched the first in-person non-fungible token (NFT) vending machine in New York City, aiming to make online art pieces as easily available as soda or a candy bar
- SoftBank Group’s Z Holdings unit is betting on non-fungible tokens (NFTs) and its PayPay service to drive growth as it invests aggressively to expand its global presence.
- Time Studios, the TV and film production division of Time USA, is expanding its NFT initiatives with the development of an animated franchise, an original children’s series based on creator Wil Lee‘s NFT collection“The Littles.”
- Coinoxs, a Turkey-based technology company offering blockchain-driven solutions, has introduced the world’s first next-generation community NFT.
- Facebook chief executive officer (CEO) Mark Zuckerberg is planning to let Instagram users mint non-fungible tokens (NFTs) on the social media platform.
- Plensy, the world’s first NFT auto smart loans, has launched the Wefunder equity crowdfunding campaign.
- The franchise brand Chick’nCone has started selling NFTs in an innovative program designed to allow token holders to share in royalties and fees as the chain grows.
- LTD.INC and Wrangler to launch first-of-its-kind Physical + Digital NFT Collection that links the physical world and the metaverse.
- Mastercard has inked a deal with Coinbase, the cryptocurrency company. Coinbase customers will be able to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace.
- FreshStash, the first influencer clubhouse in Decentraland, today announced a new partnership with Bellwether Culture, a full-service, hybrid events & creative content agency, to launch their NFT platform at Miami Art Week’s newest community grounds, UNREVEALED.
- DRIVENecosystem, a start-up that aims to integrate cryptocurrencies into everyday life through the use of smart applications, recently launched Cyber Knights, an NFT collection.
- CurrencyWorks, a full-service blockchain platform provider, has launched its Motoclub NFT trading platform that will facilitate NFT trading for the Currency Works led curated Motoclub marketplace.
Return to Work
With the third wave of Covid-19 on the wane, most companies are slowly switching back to working from the office. They are asking employees back to the office or are making plans to do so in the near future.
- SPX Flow considering the sale of Charlotte HQ as it looks for a smaller hybrid workspace.
- Hybrid offices are gaining traction across the United States, with a large majority of respondents in a CBRE survey revealing plans to reshape their workplace.
- BNPL giant Klarna is introducing a flexible working policy that lets employees pick between staying at home or going to the office.
- Apple employees criticize work-from-home policy in an open letter
- Google tells employees in Bay Area and other U.S. locations to return to offices in April.
- Twitter has resumed business travel and opened up its offices all around the world from March 15th. It has granted employees the option of working from home indefinitely.
- Goldman Sachs is asking employees to return to the office 5 days a week.
- Uber, mandates employees to return to work. They will have to spend at least half of their work time in the office.
- The Veterans Affairs Department will institute its “new normal” in the workplace by the end of May.
The Great Resignation
According to the U.S. Department of Labor, nearly 4.4 million Americans quit their jobs in February. Both resignations and job openings were near record highs in February, and the layoff rate was near a historic low. What started during the pandemic the “Great Resignation”, still continues. With the job market looking up people are ready to quit their jobs at near-record levels in search of better opportunities.
According to Randstad NV, a global provider of employment services, The Great Resignation shows no sign of easing and a dwindling supply of workers may be here to stay.
- Foreign pilots, including Canadians, rush in as U.S. carriers struggle to staff up.
- Staff shortages in Saskatchewan hospitality sector at an all-time high.
- Not just salaries, other key reasons why the Great Resignation continues in India.
- Companies and workers face off in return-to-office battle as employees air their grievances on social media.
- Forcing employees back to the office could spur a retention crisis.
- American workers quit their jobs at near-record highs amid a “brutal battle” to hire.
Vaccination Mandate
A vaccine mandate is a law that says one must be vaccinated if they want to work, travel, or even attend an event. A government or company cannot force anyone to get vaccinated, but the vaccine mandate gives businesses the authority to legally stop a person from entering their building or using their services. A vaccine passport is mandatory today as travel resumes, and countries have begun requiring proof of vaccination as a condition of travel. Many businesses are offering incentives to get their employees vaccinated.
- T-Mobile will fire corporate employees who aren’t fully vaccinated against COVID-19 by April 2nd.
- JPMorgan Chase will dismiss New York-based employees who are not vaccinated. unvaccinated workers cannot enter its offices — and don’t have the option to remain unvaccinated and work from home.
- Celltrion Group has accelerated the development of a nebulized formulation of its neutralizing antibody cocktail treatment, to respond to emerging mutants from SARS-CoV-2.
- Immunome, a biopharmaceutical company that utilizes its human memory B cell platform to discover and develop first-in-class antibody therapeutics, has submitted an Investigational New Drug (IND) application to the U.S. Food and Drug Administration (FDA) for IMM-BCP-01, a three-antibody cocktail, for the treatment of SARS-CoV-2 (COVID-19).
- Kroger, the biggest traditional grocery chain in the U.S., is ending some benefits for unvaccinated workers as large employers attempt to compel more of their workforce to become vaccinated with cases of the coronavirus rising.
Labor Shortage / Wage Increase
Companies across the U.S. are struggling to hire, and workers are leaving jobs at record rates. It has led to companies raising entry wages to attract and retain workers. To match the proposed federal minimum wage increase, many companies have made $15 an hour their starting wage. Minimum wage workers across the US will enjoy a pay raise in 2021.
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- Alaska Airlines will trim its schedule by about 10% as it deals with “unprecedented” numbers of employees calling in sick during the current COVID-19 surge.
- Fast-food giant McDonald’s improved employment wages and better benefits, which enabled the company to expand its payroll last year despite the tight labor market.
- Volkswagen AG will give workers of its assembly plant located in Tennessee a pay increment of 10 per cent. The hike is a consequence of the new variant Omicron on an already tight labour market.
- Delta Airlines and United Airlines canceled flights because of staff shortages tied to the omicron variant.
- Apple has closed all of its 12 New York City stores to indoor shopping as cases of the Omicron coronavirus variant surged across the United States.
- Walmart has raised the hourly wages for more than 565,000 store workers by at least $1, as the retail industry faces a tight labor market going into the holiday shopping season. Walmart’s average hourly wage is now $16.40.
- Walgreens will increase the starting hourly wage for all employees to $15 an hour, beginning in October of this year.
- PNC Bank will increase its minimum pay rate from $15 to 18 per hour as of Nov. 22. The decision is intended to improve employee financial wellness, help PNC attract and retain talent and strengthen its position in the market.
- Labcorp, a leading global life sciences company, has increased the minimum hourly wage for United States-based non-union employees to $15, effective September 2021.
- Metlife, the nation’s biggest life insurer, will now pay a minimum wage of $20 an hour, up.
Autonomous Vehicle / Drone Delivery
Businesses have shifted their focus to automated delivery systems today. The advances in automated delivery will soon depend on automatically-operated drones and vehicles to perform deliveries. Automating delivery has many benefits in terms of time, money, and customer service. Some of the companies that have already started with automated delivery are:
- Drugstore giant Walgreens has launched an on-demand drone delivery service with Alphabet’s Wing in the Dallas-Fort Worth area.
- Kinetic has launched the Gold Coast Smart Shuttle Trial as part of an autonomous vehicle research program that is being conducted by the Royal Automobile Club of Queensland.
- Alphabet unit Waymo has started offering driverless rides to employees in San Francisco, accelerating a race with General Motors Co-backed rival Cruise to commercialize the technology in the city.
- Verizon and Cisco test virtualized network for deploying autonomous delivery vehicles and robotaxis.
Hybrid Work
The future of work will be hybrid, wherein each company will work out its own work strategy, as employees are not ready to give up remote work. Some companies will be implementing the hybrid model of working partly on-site and partly remote, whereas other companies will have employees full-time remote or full-time on-site. A number of top companies are adopting the hybrid model, such as Google, Amazon, Atlassian, Facebook, and Microsoft, to name a few.
Moreover, many tech companies are improving or adding technology and display tools that are essential for maintaining team productivity and collaboration.
- TD Bank’s more than 25,000 U.S. employees would return to offices next month on a voluntary basis while it figures out the nature of its hybrid working arrangement.
- Wells Fargo has embraced a hybrid work model in which many employees work at least three days a week in the office, with the bank’s tech employees given more flexibility.
- Cisco has unveiled new hybrid work solutions in Webex that empower companies to put people first.
- JPMorgan Chase will only expect workers whose jobs cannot be done remotely — retail branch, security, and facilities workers — to show up in person full time. Others will be able to work within a hybrid model and come in a few times a week
- Pinterest has unveiled a hybrid work plan for its employees.
Chip Shortage
The global chip shortage is due to greater demand for integrated circuits or semiconductor chips than supply which has impacted many industries. There is an increased demand among consumers for cars, graphics cards, video game consoles, computers, and several other products that require semiconductors. Some of the organizations facing chip shortage are:
- Musk warns Tesla may stop taking EV orders because of huge delays.
- £500m British lithium factory moves closer as Green Lithium strikes supply deal with Trafigura.
- Volvo car is blaming “chip shortages” after the company experienced a 22.1 percent drop in sales for cars compared to the previous year.
- Ford’s U.S. sales of new vehicles declined 17% during the first quarter, as the automaker continues to battle a global shortage of semiconductor chips.
- Volkswagen will end its production of dozens of models of combustion engine cars by the end of the decade, due to chip shortage.
- Nissan has pushed back the launch of Ariya electric SUV, due to the global semiconductor shortage.
- Kia, South Korea’s second-largest carmaker’s first-quarter net profit fell 0.2 percent from a year earlier due to global chip shortages.
Buy Now Pay Later (BNPL)
BNPL is an interest-free short-term financing loan that allows one to buy a product and pay for it in equated monthly installments (EMI). It is quickly becoming a popular payment option, especially when shopping online. There are a number of companies, including banks, lenders, fintech, and wallets that are offering to finance purchases made.
- Fiserv and Affirm team up to feed growing BNPL demand.
- Global fintech platform Adyen has extended its partnership with Australia-based Buy Now, Pay Later (BNPL) company Afterpay.
- Amazon customers in Egypt offered financing option to buy now, and pay later through EFG Hermes’ valU
- Rite Aid becomes the first national drugstore chain to offer Afterpay’s flexible payment solution to shop online and pay later for household necessities
- Air Canada to offer buy now, pay later bookings with Visa Installments.
Supply Chain Issues
The global supply chain was disrupted due to the pandemic that caused industries around the world to shut down. Both local businesses and large organizations have felt the impact. Major supply chain challenges are scarcity of raw material, shortage of truck drivers, port congestion, changing consumer demand, and increased freight costs.
- Nike and Costco cite that inflation, higher labor costs, higher freight and transportation costs, and supply chain delays could slow them down.
- Tesla Roadster delayed to 2023 amid supply chain issues.
- Deep discounters like Dollar Tree are impacted by Covid outbreaks, and congested ports drive up the freight costs of moving merchandise across the globe, leading to reduced earnings.
Economic Fallout Due to Ukraine-Russia Conflict
Russia’s invasion of Ukraine has left many companies clambering to ensure the safety of their employees while bracing to face the disruption they would face due to sanctions imposed on Russia. Beyond the humanitarian crisis, the entire global economy is feeling the effects of slower growth and rising inflation. Moreover, the global financial markets are highly volatile causing irreparable losses to investors.
Many companies are re-evaluating their businesses, with some exiting from the country while others suspending operations. Some of the leading companies are:
- SpaceX has raised prices for its launch and Starlink internet services because of rising inflation.
- Spotify has shut down its office in Russia and removed Russian state-sponsored content from its service.
- Microsoft halts sales in Russia.
- Airbnb suspends all bookings in Russia and Belarus.
- U.S. planemaker Boeing has suspended purchasing titanium from Russia.
- Italian energy major Eni has suspended all new purchases of oil and oil products from Russia.
- American Express has suspended operations in Russia and Belarus. The globally issued American Express cards will no longer work at merchants or ATMs in Russia.
- PepsiCo has suspended the production and sale of Pepsi-Cola and other global beverage brands in Russia.
- The Coca-Cola Company announced today that it is suspending its business in Russia.
- SpaceX has activated Starlink’s internet service in Ukraine as the country suffered power outages and gaps in internet service. A shipment of Starlink user terminals — small antennas that allow customers to access SpaceX’s satellite-based internet service — arrived in Ukraine.
- Meta took its most significant action against Russian state media by restricting some Russian accounts within the war-torn nation.
- Chipmaker Taiwan Semiconductor Manufacturing Co. (TSMC). expressed its commitment to Taiwan’s new export control rules and would join international sanctions on Russia.
- Google will no longer allow Russian state media outlets to run ads, following a similar decision by its video subsidiary, YouTube.
- Volkswagen will halt production for a few days next week at two German factories after a delay in getting parts made in Ukraine.
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