In April, Meta’s C-suite notified company employees that about 8,000 of them – about 10 percent of the company’s payroll – would lose their jobs on 20 May. Last week, Meta fulfilled that promise.
Tag: Economy
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USE OF CHINA’S CURRENCY SETS RECORD IN GLOBAL TRADE
In March, the average daily value of cross-border transactions conducted in China’s renminbi currency rose to a record, the equivalent of $135.7 billion, Chinese state media said.
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U.K. SIGNS “MONUMENTAL” TRADE PACT WITH PERSIAN GULF STATES
The U.K. and the Gulf Cooperation Council (GCC) have negotiated a trade agreement that will be “monumental” in its benefits to both parties, Abdulla bin Adel Fakhro, Bahrain’s minister of industry and commerce, said to CNBC.
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SPOTLIGHT: THE IRAN WAR’S ECONOMIC FALLOUT
The Iran War will reduce real labor income by 1.1 percent this year and 3 percent in 2027, which is equivalent to abolishing 14 million jobs this year and 43 million next year, the United Nations’ International Labor Organization (ILO) is forecasting.
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GOING OUT OF BUSINESS TRENDS
The economy is seeing a widening wave of closures, bankruptcies, and downsizing as companies respond to soft demand and tightening margins.
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WHEN THE ECONOMY FALLS, JOBS GO WITH IT
Jobless claims remain low and unemployment is holding near 4.3 percent but companies aren’t hiring and layoffs tied to AI restructuring and cost cutting are increasing, according to U.S. News and World Report.
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SPOTLIGHT: BIGS GETTING BIGGER
Germany’s E.ON SE, already one of the world’s largest electricity suppliers, is taking over Ovo Energy’s residential electric service in the U.K. to become Britain’s largest electricity company, serving 28 percent of households.
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SPOTLIGHT: CHINA’S ECONOMY STRENGTHENS
China’s exports shot up 14.1 percent in April in dollar terms, year on year, almost doubling the 8.5 percent growth that analysts in a Bloomberg poll had expected.
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SPOTLIGHT: THE IRAN WAR’S DEEPENING ECONOMIC SHOCK
Ongoing volatility in the price of oil could shave 1.75 percent off the value of world trade by the end of next year, the private Global Trade Alert (GTA) research organization reported.
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SPOTLIGHT: IRAN WAR SUPERCHARGES SHIFT TO CLEAN ENERGY
Simon Stiell, the United Nations official in charge of its program addressing climate change, calls it an “immense irony:” a world leader – Stiell did not name the person – who has dismantled clean energy programs at home and championed greater use of fossil fuels is “inadvertently supercharging the global renewables boom.”