NEWS IN BRIEF

Oil prices rise further on stronger China outlook

 

REUTERS – Oil prices rose by 1% on Monday to $88.50 a barrel, extending last week’s gains on the back of a stronger outlook due to an expected economic recovery in top oil importer China this year.

Brent crude was up 88 cents, or 1%, to $88.51 at 1247 GMT, their highest since Nov. 18. West Texas Intermediate U.S. crude rose 76 cents, or 0.93%, to $82.40 a barrel.

 

Ford job cuts plan triggers union threat of Europe-wide disruption

 

REUTERS – German union IG Metall warned Ford on Monday that it would take measures impacting production across Europe if the company did not reverse plans to cut thousands of jobs in development in Germany and divert capacity to the United States.

Katharina von Hebel, vice-chief of the works council at Ford’s German plants, said to news agency dpa that up to 3,200 job cuts were planned at the Cologne plant, which currently employs 14,000 staff.

 

Spotify will cut about 6% of jobs in latest tech layoffs

 

BLOOMBERG – Spotify Technology is planning to cut about 6% of its employees, or around 600 employees, joining a slew of technology companies from Amazon.com Inc. to Meta Platforms Inc. in announcing job cuts to lower costs.

 

REUTERS