Sunday, December 31, 2023

U.S. job report set to show growth / Maersk delays ship transit in the Suez Canal / Belgium struggling to elect CEB Chief

Plus: McDonald's Malaysia files $1M lawsuit

Inside Business

For December 31, 2023

Here are the top business stories to look forward to in this upcoming week:

📈 U.S. jobs report expected to show robust growth.
🚢 Maersk announces a 48-hour transit delay for its ship due to rebel attacks.
🏦 Belgium's government is struggling to re-elect the head of the country's Central Bank.

Arbër
p/Arber

What to look for: Economists expect the upcoming U.S. jobs report to show robust growth in the number of new jobs created for Americans during December 2023. The figure is expected to be around 170,000 jobs, meaning that in 2023, 2.7 million jobs will be added to the U.S. economy.

What to look for: A.P. Moller Maersk has announced that it will delay the transit of one of its ships for 48 hours as it was attacked by Houthi Militants. The ship was transiting from Singapore to Egypt via the Suez Canal. According to authorities, Navy helicopters sank three Houthi boats while another one remained unharmed by the fire. Houthi rebels have vowed to attack any shipping company that cooperates with Israel, resulting in constant gunfire between Houthis and the U.S. Navy.

What to look for: The government of Belgium is looking to extend the term of Pierre Wunsch, the head of the country's Central Bank. Wunsch's term ends on Jan. 1. His reappointment depends on votes the current government doesn't have due to an ongoing political disagreement. The EU founding member could potentially be left without a Central Bank director in 2024.

What to look for: McDonald's Malaysia has sued a movement that is pushing for boycotts against companies that have expressed their support for Israel. According to McDonald's Malaysia, the campaign has damaged the business to the amount of $1.31M. The movement has found partial support in Malaysia, which has a 63% majority-Muslim population.

What to look for: Google is set to relaunch its smart glasses project in the foreseeable future, according to a report from the Financial Times. Google Glass, the company's first iteration of the idea, was lauded for its innovation but failed to grab the consumers' imagination. Now that AI is developing rapidly and Ray-Ban's smart glasses collaboration with Meta has launched, the market may be more ready for a new product.

What to look for: China's purchasing managers' index in December fell to 49, a 0.4-point drop from November. The country's manufacturing industry has now seen three months of consecutive negative growth. Experts consider dropping prices to be the primary reason behind this drop, as profits for companies have been lower in recent months. In the following weeks, further news on China's policy to tackle this issue is expected.

Quick Hits:

Calendly is more than a scheduling link. Teams are seeing a 2x conversion rate, +30% retention, and 323% ROI. Join 20 million people — Sign up free.*
The U.S. Treasury has posted an annual gain, beating market expectations for the year.
London-based AI company Quantas Labs has raised a $550k Seed funding round. Quantas specializes in providing commercial AI software that analyzes erosions.
The first ever Cybertruck accident was recorded earlier this week in California, with the passengers only having minor injuries, according to authorities.

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Arbër Musliu

Writer

Arbër is an Inside analyst who has previously incubated his startup at the largest incubator in Southeastern Europe. He has collaborated with multiple major publications and holds a business degree from XAMK University in Finland.

This newsletter was edited by Vibha Chapparike

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