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Layoff news: 3M to slash 2,500 Jobs, CEO vows to reexamine ‘everything we do’

3M, the maker of Post-it notes, surgical supplies and touch-screen displays said Tuesday that it sees adjusted earnings for 2023 in a range of $8.50 to $9 per share, excluding special items. That’s below the average analyst estimate.

The logo for 3M appears on a screen above the trading floor of the New York Stock Exchange. 3M, maker of Post-it notes, industrial coatings and ceramics, is cutting about 2,500 manufacturing jobs worldwide.(AP)

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3M, the maker of Post-it notes, surgical supplies and touch-screen displays said Tuesday that it sees adjusted earnings for 2023 in a range of $8.50 to $9 per share, excluding special items. That’s below the average analyst estimate.

Purchasing manager indexes for both the US and the euro zone are anticipated by economists to tick higher. The International Monetary Fund may even soon raise its outlook for the year, its chief hinted on Friday.

World Economic Forum survey comes after the World Bank last week slashed its 2023 growth forecasts to levels close to recession for many countries as the impact of central bank rate hikes intensifies, Russia's war in Ukraine continues, and the world's major economic engines sputter.

Recession 2023: Europe’s two biggest economies may have succeeded in skirting a recession in the fourth quarter, defying downbeat expectations.

The World Bank noted that some inflationary pressures started to abate as 2022 drew to a close, with lower energy and commodity prices, but warned that risks of new supply disruptions were high, and elevated core inflation may persist.

Global Economy: The Food and Agriculture Organization's (FAO) food price index, which tracks international prices of the most globally traded food commodities, averaged 132.4 points last month.

Chief Executive Officer Andy Jassy announced the move in a memo to staff Wednesday, saying it followed the company’s annual planning process.

The paper has outlined 16 key factors that will drive the economy towards the goal of surpassing the economic growth of Germany and the UK.

The article has been authored by Jagdish Mitra, chief strategy officer & head of growth, Tech Mahindra

The world faces a recession in 2023 higher borrowing costs aimed at tackling inflation cause a number of economies to contract, according to the Centre for Economics and Business Research.

The article has been authored by Sucharita Mukherjee, co-founder & CEO, Kaleidofin which enables access to credit for nano-entrepreneurs who have limited collateral, credit history or formal cashflow statements.

. “We need to assess if we didn’t recognise inflation building or we were actually waiting for our instruments to play out, wanting to preserve them for the next time.” said Raghuram Rajan, a former governor of Reserve Bank of India.

2023 may feel like recession for many, the IMF warned in its October ‘Cost-of-living crisis’ report.

The global economy is not expected to recover soon following the aftermath of the Ukraine war and the pandemic.

"For India, the 2022 real GDP growth projections have been lowered to 7 per cent from 7.7 per cent. We expect growth to decelerate to 4.8 per cent in 2023 and then to rise to around 6.4 per cent in 2024," according to the report Global Macro Outlook 2023-24.

With workers in high demand and inflation jumping to 10.9% last month -- German public sector staff are seeking a 10.5% pay boost, while metals workers are demanding an 8% raise.

Hasina asserted that because of this measured approach, her country was secure on the economic front. Bangladesh did not take any loan unless it was sure that it would benefit from the project undertaken, she said.

The Global Business Travel Association now projects business travel will regain its 2019 level of $1.43 trillion in mid-2026, 18 months later than predicted in the group's last forecast in November.

The U.S. economy unexpectedly contracted last quarter, raising the risk the world's largest economy was on the cusp of a recession.

The donation will boost the 22 year old foundation’s annual distribution aimed at $9 billion by the year 2026, Gates had said in his personal blog published on July 13

Jumping 28% over 2021, world food prices witness a steep hike.

India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth-biggest economy, Cebr said.

The International Monetary Fund (IMF) has warned that unequal access to vaccinations is expanding the recovery gap between advanced and developing economies.

Covid-19 update:The report, however, did not give a detailed explanation as to why and how India and China will be the exceptions as the world faces a recession and loss in global income that will impact developing countries.

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