FT News Briefing Wednesday, December 18
Dec 18, 2019
FedEx is facing tough times as it cuts its earnings guidance again, while Royal Dutch Shell's zero tax bill in the UK raises eyebrows. Brexit worries loom large as Boris Johnson plans potentially disruptive legislation. Meanwhile, Poland is tackling labor shortages through innovative automation in manufacturing. Companies like Amica are embracing robotics, reshaping the job market. The podcast also explores Poland's immigration strategies and their significant reliance on Ukrainian workers amid rising economic challenges.
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FedEx Struggles
- FedEx cut its annual earnings guidance for the second time in three months due to a weaker global economy and a broken Amazon deal.
- The company plans to cut back on hiring and reduce air freight capacity.
Shell's Tax Bill
- Royal Dutch Shell paid no corporate income tax in the UK in 2018 despite generating significant pre-tax profits.
- This was due to tax refunds received after decommissioning North Sea oil platforms.
Sterling Drops on Brexit News
- Sterling dropped after Boris Johnson signaled his intent to push for a hard Brexit by December 2020.
- This raised concerns about potential tariffs and economic shocks for UK businesses.