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Amazon employee refuses to return to work, costing the Rs 1.6 crore in stock.

Maersk is laying off at least 10,000 people as shipping demand falls

Maersk is laying off 10,000 workers due to issues such as overcapacity, rising costs, and declining prices. The decision comes as the shipping conglomerate’s third-quarter earnings and sales fell.

The move is part of a larger cost-cutting strategy that aims to reduce the workforce from 1,10,000 employees in January to under 1,000. This change is expected to save $600 million in costs next year compared to the current year.

Maersk manages roughly one-sixth of global container trade and ships products for major retailers and consumer goods companies such as Walmart and Nike. The company reported a more pronounced decline in demand than analysts and investors expected.

Maersk also intends to increase its cost-cutting measures in response to the escalating global cost-of-living crisis. The company had previously warned that this year would be more difficult, but the situation has since deteriorated.

Maersk CEO Vincent Clerc stated in a media statement that their industry is experiencing a new normal characterised by subdued demand and increased cost pressures due to inflation.

Maersk, officially known as AP Moller-Maersk, is a Danish shipping and logistics conglomerate founded in 1904. The company is well-known in the global container shipping industry, having transported goods for major retailers and consumer brands.

It operates a large fleet of vessels, terminals, and logistics services in industries other than shipping, such as oil and gas production.

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