On Sunday, February 9, it was learned that the President of the United States, Donald Trump, ordered the Secretary of the Treasury, Scott Bessent, to stop the production of one-cent coins, considering this high cost a waste for the nation.

Trump said, during his return to Washington from the Super Bowl: “For too long, the United States has minted one-cent coins that literally cost us more than 2 cents. It is a waste! I have instructed my Secretary of the Treasury to stop producing new cents. Let’s get the waste out of our great nation’s budget, even if it is one cent at a time.”

The requests of other years for the elimination of the one-cent coin are joined by the most recent statements by Elon Musk, who heads the Department of Government Efficiency, on the high cost of producing said coin.

In 2023, the US Mint put into circulation about 4.1 billion one-cent coins. Last year, the institution indicated in its annual report that “producing and distributing the US cent costs about 3.7 cents, more than 20 % more than the previous year.”

Trump’s decision is undoubtedly greatly influenced by the increase in the cost of metals such as zinc and copper, which makes the manufacture of the coin more expensive.

M.Pino

Source: cnnespanol

(Reference image source: Kenny Eliason on Unsplash)

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The president of the Aruba Chamber of Commerce and Industry, Diederik Kemmerling, raised the need to reopen the border with Venezuela with the aim of increasing commercial exchange, in addition to benefiting tourism.

According to the official, the main items that arrive to the island from Venezuela are food and construction materials. Opening the border would boost the economy of both territories by encouraging imports and exports.

In an interview with Crónicas del Caribe, Kemmerling noted: “The Chamber of Commerce and Industry of Aruba wants to open the border with Venezuela completely. This is very important for importing and exporting products, because right now the products in the supermarket are very expensive.”

According to data from the Central Statistics Office of Aruba, during the first four months of 2024, Venezuela was ranked fifth among exporters to the island. “In that period, 1,590 tons were imported, compared to 1,381 tons during the first three months of 2023,” said office states.

M.Pino

Source: elaragueno

(Reference image source: Louis Luna in Unsplash)

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PayPal, the global digital payments giant, would have laid off about 2,500 employees today, in order to reduce operating costs and maximize profit margins.

PayPal cuts payroll An employee of the company who attended a meeting confirmed this, saying that among the fired are members of engineering, research and development teams, Watcher Guru reported.

The employee’s information matches what was seen today among some affected employees, who updated their LinkedIn profiles and shared the news with their contacts.

Some noted that the move was driven by the company’s new CEO, Alex Chriss, who took over the helm of PayPal in September last year and seeks to maximize the company’s profits.

The curious thing about this move is that it comes days after Chriss participated in an interview for CNBC, where he spoke briefly about PayPal’s new plans and said that they would “surprise the world” with what they have planned.

It should be noted that PayPal is not the only technology company that has decided to cut its workforce to save costs. 2023 was full of many organizations in the crypto sector that took similar steps, and the most recent to do so was Block, the Blockchain payments and development company led by Jack Dorsey, which laid off an undetermined number of employees this week.

K. Tovar

Source: DiarioBitcoin

(Reference image source: Marques Thomas, Unsplash)

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The massive job cuts among the big US technology companies have gained new intensity in the last week, after the announcement of thousands of layoffs by Microsoft and Google, and the communication of the departure of thousands of workers from Amazon, in response to the weakening of activity after the hiring ‘boom’ driven by the pandemic.

In this way, Alphabet, the parent company of Google, has been the last of the big technology companies to announce a massive workforce adjustment by announcing this Friday that it will cut around 12,000 jobs worldwide, a figure close to 6 % of the total. , to address weakening economic conditions.

“We have decided to reduce our workforce by approximately 12,000 positions”, confirmed the CEO of the company, Sundar Pichai, who explained that in the last two years the multinational had undertaken a hiring policy “to match and feed” the spectacular growth experienced in that period. “We hire for a different economic reality than the one we face today,” he acknowledged.

Previously, last Wednesday, it was Microsoft that announced that it will undertake a series of measures in response to macroeconomic conditions, including cutting some 10,000 jobs, slightly less than 5% of its workforce, assuming an extraordinary adverse impact of 1,200 million dollars (1,109 million euros) in its accounts for the second fiscal quarter, which it will announce on January 24.

That same day, according to the US press, the electronic commerce giant Amazon began notifying its departure to the workers affected by a new round of layoffs, which added to the adjustment at the end of last year, will reach 18,000 jobs.

Tech companies suffer as they seek to reduce costs with layoffs

The latest workforce cuts among US technology companies reflect the cooling of the sector, after years of record activity as a result of the boost derived from the containment measures of the Covid-19 and the new consumption habits, in addition to the impact of the evolution of prices and costs.

In this way, in the last stretch of last year several companies in the sector had already announced massive layoffs, such as Meta, owner of Facebook, Whatsapp and Instagram, which reported a cut of 11,000 jobs last November, around 13 % of your overall workforce.

Likewise, other multinationals had reported the departure of thousands of workers, including Salesforce, with some 7,000 workers, around 10 % of its workforce; Twitter, around 3,700 jobs; Stripe, about 1,100 workers; Shopify and Snap, around a thousand each; the broker Robinhood, another 1,100 jobs.

Cryptocurrency sector also makes layoffs

On his side, in addition to the crisis in the technology sector, the so-called ‘crypto winter’ as a result of the default of the Three Arrows fund and the bankruptcy of the FTX platform has triggered a domino effect with the declaration of suspension of payments of several entities linked to the crypto assets, as well as blocking withdrawals and layoffs.

In this sense, firms such as Crypto.com have communicated the suspension of half a thousand jobs, while the Coinbase platform will eliminate 950 jobs, after eliminating another 900 last summer.

In turn, Silvergate Capital will carry out a workforce adjustment that will affect 40 % of its employees, which will mean the departure of some 200 people after suffering a massive outflow of deposits in the fourth quarter of 2022.

Source: dpa

(Reference image source: dpa / Europa Press)

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The United Kingdom analyzes the elimination of the law that keeps the use of the fax alive in the country. Opinions will be heard until December of this year, but the odds point to an elimination at the beginning of 2023.

Given the technological advances that allow instant communication, the UK communications regulator (Ofcom) is analyzing “changes to the rules that will mean that telecommunications providers will no longer be obliged to provide fax services under the universal obligation service (USO).”

Currently, the phone companies BT and KCOM offer support for faxing by using a phone line through the USO, or Law of Universal Use. This constitutes a set of rules that allows the availability of the telephone connection in the United Kingdom at a moderate cost.

However, due to the technological changes that have led telephone companies to migrate to the Internet protocol or IP, they could be the key point for the elimination of the law that still keeps the use of fax alive, since both systems are not compatible.

Opinions on this issue will be heard until December in order to make the final decision in early 2023.

M.Pino

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Source: lavanguardia

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Large cryptocurrency companies began their withdrawal from China “from where around 60 % of bitcoin was extracted until June”, due in the first place, to the forceful regulations imposed by the country on the digital asset market and restrictions on the use of electricity, imposed by the authorities of the Sichuan province, where the largest mining farms were located.

Fred Thiel, director of Marathon Digital Holdings, highlighted that most of the US cryptocurrency mining companies are moving to the United States and Canada, while others are evaluating the possibility of settling in countries such as Russia and Kazakhstan due to the soaring costs involved in moving all equipment to the United States.

In addition to the very high transportation costs, he also highlights the 25 % that they must pay for tariffs on “computer imports”, which generates large losses for companies. In Thiel’s opinion “it is as if General Motors had to completely close its plant in one place and rebuild the same plant in another place.”

As will be recalled, last June the government of the Asian country tightened measures to restrict the use of virtual currencies and demanded, through the People’s Bank of China, financial entities not to allow transactions with cryptocurrencies.

Those measures impacted the crypto market and bitcoin experienced a sharp price drop that placed it on the order of $ 32,400. However, the situation was quickly reversed and it resumed its value in the short term and currently continues to rise to the point that by the night of August 22 the price was trading at $ 48,500.

M. Rodríguez

Source: sputniknews

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The German car manufacturer BMW announced that it will keep cuts due to the crisis caused by the pandemic and the high prices of raw materials. They will reduce production costs per vehicle by 25 % until 2025.

Production manager Milan Nedeljkovic said that this decrease in costs will be compared to the level of 2019. To do this, he added, they will use software for better planning of the manufacturing process, more austere logistics and better use of existing plants.

The company estimates that this year it will face price increases of raw materials of up to one billion euros (about 1.19 billion dollars), because after the pandemic crisis many raw materials and semi-finished products are scarce and difficult to deliver, among others, steel.

He argued that, due to problems in the supply of electronic chips, BMW this year has a delay in the production of 30,000 cars, which the company plans to recover in the second half of the year.

Nedeljkovic recalled that a program of cuts from the time before the pandemic is still in force, which between 2019 and 2022 sought to lower costs by 12,000 million euros and the elimination of thousands of jobs. In addition, the reduction of the diversity of variants was planned, to simplify production.

The chairman of the board of directors, Oliver Zipse, foresees an increase in deliveries of between five and 10 % by 2021 to reach the 2019 level with some 2.5 million vehicles. In the medium term, he said, he aspires this decade still reaches three million vehicles.

The switch to electric motors could work in favor of production cost reduction from 2025. BMW wants to have 13 fully electric models on the streets by 2023.

Starting in 2025, the so-called “new class” will replace previous technical designs and will focus mainly on electric motors. By 2030, the company aims for half of the cars it sells worldwide to be equipped with an electric motor.

Source: dpa

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Japan’s Prime Minister Yoshihide Suga indicated that the Tokyo 2021 Olympics and Paralympics will go ahead this summer despite concerns about rising coronavirus cases.

Covid-19 cases increased in Japan in recent days and Tokyo reported that for the first time it has more than a thousand daily infections.

Japan is responding to cases of the new variant of the coronavirus that was first found in the UK, and Tokyo Governor Yuriko Koike has warned that the number of infections could explode.

However, the possibility of a further delay is ruled out

The costs of the Olympic Games increased by 2.8 billion dollars due to the measures necessary to prevent the spread of the coronavirus, but the organizers have already ruled out a new delay.

The big event is due to start on July 23 and the Paralympic Games will follow a month later, starting on August 24.

G. Febres

With information from international agencies and media

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