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International companies withdraw from Russia

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Last Week’s Highlights

Microsoft and other companies leave Russia

Several companies such as Microsoft, FedEx, Airbnb, and Volkswagen suspend their services in Russia. Microsoft CEO, Brad Smith, wrote on his blog: “We are horrified, angered and saddened by the images and news coming from the war in Ukraine and condemn this unjustified, unprovoked and unlawful invasion by Russia.” About 75% of Americans agree with the decision of cutting trade ties with Russia. The Russian market may not be as crucial for US companies, unlike the impact it would have on European companies such as Volkswagen.

Ford hit by chip shortage

Chip shortages are limiting global auto production, and Ford is one of the hardest-hit companies. The semiconductor shortage “continues to affect Ford’s North American plants, along with automakers and other industries around the world,” a Ford spokesman said. Ford management said deliveries would fall “high single digits to low single digits in the first quarter.” In the first quarter of 2021, Ford delivered 521,334 vehicles in the United States. A 10% decline in the first quarter of 2022 would mean deliveries of approximately 469,000 vehicles. On Friday, Ford shares were down 1.3% for the week. The S&P 500 had lost 0.5%.

Coming Up This Week

Apple expects a huge success

Apple will announce new products on March 8. It is expected to announce an updated version of the iPhone SE, which could become a huge success. The new iPhone would feature 5G wireless technology, Apple’s A15 Bionic processor, and an improved camera system. It is speculated to have very successful sales due to the fact that Apple would set a quite competitive price in the market for this device. Along with it, updated MacBooks and a new iPad are expected to be announced.

Uber getting more features

Uber launched earlier this month the new Uber Explore feature within its app. This new tab allows users to find places to eat or to do different activities within their city. Users will be able to purchase tickets or book places in the app using their Uber wallet. The ridesharing business was hit hard during the pandemic. For this reason, Uber Explore is focused on getting more people to use Uber for its original use, getting a ride from one place to another. The increase in rides can put Uber on track to increase total bookings to between $165 billion and $175 billion by 2024.

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Market News

Wall Street’s major indexes lost more than 1% on Friday, as concerns were generated by rising tensions over the war in Ukraine. This overshadowed data showing accelerating job growth last month. Ten of the 11 major S&P sectors were down in early trading, with financials (.SPSY) falling the most.

Similarly, the UK’s FTSE 100 plunged 2.8% and was headed for its biggest weekly decline in more than a year.

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