Other news

According to Canadian consulting firm MWPVL International Inc., which monitors Amazon's presence in the real estate industry, the largest online retailer has decided to abandon dozens of existing and planned warehouses all over the United States.

J. B. Straubel, one of Tesla's top executives who has headed the technology department for years, is considering setting up a manufacturing facility in Europe with his company Redwood Materials, which specializes in battery recycling. According to insiders, Germany is a priority location for production.

On Monday, the Organization of the Petroleum Exporting Countries announced its decision to cut production as early as next month. The current contraction will be the first since the peak of the pandemic, and this is due to the upcoming global economic downturn, which will affect demand in one way or another.

Citigroup Inc. has backed rivals in cutting its mortgage lending staff. This can be attributed to low demand in the housing market caused by rising interest rates.

JPMorgan continues its international expansion aimed at gaining more sustainable revenue. This time the company is planning to increase its presence in Germany. Recently it has become known about an intention of the largest U.S. lender to create its own group of retail bankers on the territory of Germany.

Stock markets will face more turmoil this week. Investors will return to Wall Street on Tuesday for a shortened trading week. U.S. stock exchanges will be closed for business on Monday in honor of Labor Day.

OPEC+ will meet Monday to decide on oil production quotas. Five OPEC+ sources say the quotas will remain unchanged in October. At the same time, other sources do not rule out a small cut in production to maintain prices, which have fallen due to fears of an economic downturn.

The Reserve Bank will raise its target overnight rate at Tuesday's meeting, according to 27 of 30 economists surveyed by Bloomberg. The increase is expected to be a half percentage point to 2.35 percent. This will be the fourth such increase in a row.

According to the last business survey held in Japan, there was a decrease in the services sector in August, which became the first one since March. The decrease is linked to the recent coronavirus outburst that affected the demand.

Starbucks Corp. announced on Thursday that Laxman Narasimhan would become a new CEO. He is known for revitalizing Reckitt, the maker of Lysol disinfectants. Laxman Narasimhan will take over Starbucks to get involved with the reinvention of the world's largest coffee chain.