Brazil’s Bank Allows To Pay Taxes Using Cryopto, Ford Will Cut Jobs In Europe
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The development of cryptocurrencies gains momentum when we learn about the decision of one of the Brazilian banks allows to pay taxes with this form of payment. Car manufacturers are also switching to more modern methods. Ford plans to increase the production of electric cars, but for this purpose it is forced to reduce employment.
In this article:
- Ford layoffs in Europe
- GIC continued to seek long-term investment opportunities in China
- Paying taxes with crypto
- Global supply chain
Ford layoffs in Europe
Ford is focused on the production of electric vehicles and is taking decisive action to this end.
Ford said it intends to cut 3,800 jobs in product development and administration in Europe over the next three years.
Ford will retain approximately 3,400 engineering positions in Europe, focusing on vehicle design and development, as well as developing related services.
Ford to cut 3,800 jobs in Europe in shift to electric vehicle production https://t.co/t2ecTiu9Ez
— CNBC (@CNBC) February 14, 2023
Read next: Walmart Plans To Close Offices, Ford Invests In Battery Factories | FXMAG.COM
GIC continued to seek long-term investment opportunities in China
According to research firm SWFI, GIC is the world's fifth largest sovereign investor with $690 billion in assets. It has large listed Chinese companies in its portfolio and has not announced any major sales of private Chinese companies in the last year.
Over the past year, GIC has also reduced its commitments to China-focused private equity and venture capital funds.
Singapore's sovereign wealth fund GIC said it continued to seek long-term investment opportunities in China.
Singapore's GIC says still exploring China investment opportunities https://t.co/zk6KyfxSSI pic.twitter.com/7Oae0b0HNX
— Reuters Business (@ReutersBiz) February 14, 2023
Paying taxes with crypto
Countries are increasingly enabling payments with cryptocurrencies. In many countries, cryptocurrencies are becoming more and more common, and governments are working on regulations in this area.
In Latin America, cryptocurrencies are more popular. An example may be the recent operation of one of the banks in Brazil. Brazil’s oldest bank allows residents to pay their taxes using cryopto.
If this form works in this bank, we can expect other banks to follow this example, until it becomes one of the forms that Brazilians can pay taxes. What's more, other countries will follow this example.
#cryptonews: Brazil’s oldest bank allows residents to pay their taxes using #crypto 🇧🇷
— CoinMarketCap (@CoinMarketCap) February 14, 2023
Global supply chain
Multiple bottlenecks have disrupted global supply chains and the pandemic highlighted how interconnected the world is.
The supply shock that started in China in February 2020 and the demand shock that followed the global economy shutdown revealed weaknesses in the production strategies and supply chains of companies almost all over the world.
Last year, attention focused on the rising cost of living, but this will also affect the types and quantities of goods available and how quickly they reach store shelves. On the one hand, rising household bills and the impact of inflation may limit demand to some extent.
The invasion of Ukraine is the root cause of much of the energy and food price inflation that countries are experiencing today. This has led to chaos in supply chains this year, fueling the global food crisis. Fertilizer shortages are also limiting agricultural production in many countries.
What's more, international connections are now difficult, and problems with transport may generate higher costs.
Economic and political events show how connected we are and how important it is for the global supply chain to remain stable.
Transportation issues can lead to rising costs and worldwide disruption. Take a closer look at the global supply chain: https://t.co/BYTn9j6KYt pic.twitter.com/b1FHMle7bf
— J.P. Morgan (@jpmorgan) February 13, 2023
