Afternoon Coffee: Maersk Announces Cutbacks, U.S. Services Sector Expands

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Shipping giant Maersk Line said it would reduce capacity and eliminate at least 4,000 jobs by the end of 2017 to help the company manage costs and remain competitive in the market. The company also recently cut its 2015 profit outlook for the year by 15%.

The U.S. services sector expanded in October, with the Institute for Supply Management’s non-manufacturing index registering at 59.1, up from the 56.9 in September.

The fire outbreak in Indonesia is expected to take a toll on palm oil, rubber and paper producers that rely on the country for supplies. The outbreak is also expected to cost the economy billion of dollars, the Indonesia-based Center for International Forestry Research is reporting.

M&A activity in the retail and consumer sector topped $1 billion in the third quarter, according to a new PwC report. A total of 11 deals took place in the sector between July and September.

 

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