Amazon to Cut 30,000 Jobs in Major Layoff
Amazon is set to initiate a second round of job cuts next week as part of its plan to reduce its corporate workforce by approximately 30,000 roles, following a previous reduction of around 14,000 positions in October last year. This latest round of layoffs, which will impact nearly 10% of its corporate staff across divisions such as Amazon Web Services, retail, and Prime Video, marks the largest job reduction in the company's history. CEO Andy Jassy has indicated that while the cuts are not primarily driven by financial or AI factors, the company is increasingly focusing on automation and efficiency.
Cyclic Materials secures $75 million for Arizona recycling facility
Cyclic Materials has raised $75 million to establish a recycling facility in Arizona, focusing on extracting valuable commodities from expired electronic equipment. This initiative aims to reduce global reliance on China's rare-earth materials, addressing a critical need in the supply chain for essential technologies.
Nigeria approves incentives for Shell's $20 billion oil project
President Bola Tinubu has approved targeted investment-linked incentives to support Shell's proposed $20 billion Bonga South West deep-offshore oil project in Nigeria. The incentives, which are designed to attract new capital without reducing government revenues, will be gazetted in accordance with Nigeria's legal and fiscal frameworks, as directed by Tinubu to his Special Adviser on Energy, Mrs. Olu Verheijen. During a meeting with Shell's Global CEO, Wael Sawan, Tinubu emphasized the project's potential to create jobs, boost foreign exchange inflows, and enhance local content participation.
