Facebook owner Meta to lay off 11 000 staff | News24_Business
Facebook owner Meta will lay off more than 11 000 of its staff in"the most difficult changes we've made in Meta's history", boss Mark Zuckerberg said on Wednesday.
Zuckerberg told staff he had expected the boost in e-commerce and online activity during the Covid pandemic to continue, but added:"I got this wrong, and I take responsibility for that." Meta would also keep a hiring freeze going into next year, he said, and other spending cuts were envisaged. Net losses at the Mumbai-headquartered automaker narrowed to 9.45 billion rupees in the July-to-September quarter, compared to a loss of 44.42 billion rupees in the same period last year.
"Demand for our most profitable and desired vehicles remains strong," JLR chief Thierry Bollore said in a statement. But commercial vehicle exports fell 22 percent in the quarter, impacted by"financial crisis in few export markets", with commodity price inflation and foreign exchange movements also eating into profit margins.
The new estimates reflect the high seasonality of the Yeezy business geared towards the fourth quarter, the company said.was axedOn Wednesday, Adidas reported third-quarter net income from continuing operations of 66 million euros, revising down its preliminary figure by almost two-thirds following the end of the partnership.
Biden's Democrats are facing a gargantuan struggle to hang onto control of Congress, and a Republican victory could pave the way for a White House comeback bid by Donald Trump. Tokyo was down 0.2 percent at the break, while Hong Kong lost 0.1 percent in morning trade, with Shanghai up 0.3 percent. The consumer price index -- the main gauge for retail inflation -- rose by 2.1 percent on-year in October, moderating slightly from September's two-year high of 2.8 percent.
The firm said on Tuesday the A$350 million sale to Italian industrial group Webuild, which has a history of working with Clough, would also involve a $500 000 cash payment, along with the loan cancellation of the loan, which is between Clough and the M&R’s holding company in Australia. Shares fell in Hong Kong and Shanghai as speculation about a possible rollback of China's strict zero-Covid policies fuelled volatility, even after the government vowed to stick with its harsh lockdowns and testing regimes.
"This may very well be taken as a positive for equity markets over coming days," Clifford Bennett, chief economist at ACY Securities, said in a note." But Hong Kong was down 0.6 percent after jumping nearly three percent in the previous session as investors continued to hope for a relaxation of China's strict Covid-19 rules.
Delta, which is valued at R250 million on the JSE, said on Monday it had opted not to declare a half-year dividend to end-August, with its rental income under strain as it adjusts leases downwards to reflect general pressure on the office sector. The firm has been in a turnaround drive that includes upgrading its buildings to retain tenants and pushing disposals to cut debt.
Over the six months to end-September, the rand lost almost R3.50 against the dollar, depreciating by almost a quarter. But on Saturday, the Chinese government said it would"unswervingly" stick to its current plan, which involves harsh lockdowns and strict quarantine and testing regimens for even the smallest clusters of cases.
Hong Kong shares dipped slightly at the open, then rocketed 3.4 percent by the break -- adding to a jump of more than five percent in the previous session. "Obviously, China feels the urgency to normalise the economy... But the political leadership will not adopt 'living with Covid'," the pair added.China is the last major economy wedded to a strategy of extinguishing Covid-19 outbreaks as they emerge, despite the widespread disruption to businesses and international supply chains.
A flurry of market friendly headlines, including the progress in efforts to prevent Chinese firms delisting in the US, along with unverified talk that China is poised to exit its strict Covid Zero policy, has put the Hang Seng on track for its best week since 2011, Bloomberg reported. In SA, service revenue grew 3.5% year on year, the mobile operator said in an update, with this performance also underpinned by data demand, which grew 13.5%. Core profit margin in SA slipped to 39.5% from 41.6%, amid network resilience interventions, which include additional batteries and generators at sites, as well as better security.
“MTN Group remained resilient in the first nine months of 2022 under difficult macroeconomic, geopolitical and regulatory conditions, delivering a solid operational and financial performance," group president and CEO Ralph Mupita said in the update. The Bank of England became the latest on Thursday when it lifted borrowing costs by their most in 33 years -- and to a 14-year high -- but said they would not go as high as markets had priced in.
With the Fed pointing to a still-strong labour market as a key reason for not shifting from its rate-hike strategy, traders are nervous that a big figure in the report will give officials room to tighten more. "What we are guessing is China in the future will model the reopening on the back of Hong Kong," Jack Siu, Greater China chief investment officer at Credit Suisse, told Bloomberg Television.Elsewhere, Sydney, Seoul, Singapore, Mumbai, Bangkok and Wellington rose.
European Central Bank president Christine Lagarde flagged more interest rate hikes on Thursday with comments that a"mild" eurozone recession was looming but would not be enough to bring down record-high inflation. Traders gave back a chunk of the previous two days' gains, which came on the back of speculation China was planning to roll back some of its painful zero-Covid policies.
Yet Fed chief Jerome Powell poured cold water on these hopes for a"pivot" in policy, telling a news conference that"incoming data since our last meeting suggests that ultimate level of interest rates will be higher than previously expected".
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