Facebook and WhatsApp owner Meta cuts 11,000 jobs November 9, 2022 Over 600 UK Meta employees could lose their jobs as the owner of Facebook launches its biggest job cull in history, cutting 11,000 jobs worldwide. In a note published this morning, chief exec Mark Zuckerberg said he would be reducing the global headcount by 13 per cent, regarding it as “some of the most difficult [...]
The American dream: Flutter upgrades US outlook with ‘no sign of slowdown’ November 9, 2022 The American dream continues for Flutter, as the betting giant boosts it revenue guidance for its US business Fanduel. The Paddy Power and Betfair owner told investors its third-quarter revenues rose 22 per cent year-on-year to £1.89bn, bolstered by a recent Italian acquisition and stateside success. US revenue surged 82 per cent to $700m, pushing [...]
Double-digit growth for ITV Studios saves the day November 9, 2022 ITV appeared to survive its own bush tucker trial this quarter, with its studios arm saving the day with double-digit growth. I’m a Celebrity maker delivered a 16 per cent boost in revenue to £1.4bn, as ITV Studios continues to grow ahead of the market with a roster of big-hitters, like Love Island. Although total [...]
Legal but harmful: The Online Safety stalemate is still stuck in the trenches November 9, 2022 When the government first announced the “legal but harmful” requirement in the online safety bill it wasn’t quite clear who was most offended. From the free speech activists fearful of overzealous regulation, to the tech entrepreneurs wary of burdensome requirements and the human rights lawyers cautious of government overreach, the screams of dissent came from [...]
FTX plunges following Binance bailout November 8, 2022 FTX coin plunged as much as 75 per cent this evening after crypto exchange Binance struck a dramatic deal to snap up its beleaguered rival. FTX, led by billionaire chief Sam Bankman-Fried, had been locked in a high-profile spat with Binance boss Changpeng Zhao in recent days, which had sparked an investor exodus from FTX. [...]
Sir Gavin Williamson resigns as minister after bullying allegations November 8, 2022 Sir Gavin Williamson has resigned as a government minister after a series of bullying allegations were lodged against him. In his resignation letter this evening, Williamson said he wished to clear him name of “any wrongdoing” and “refuted” how his “past conduct” had been characterised. He said the claims against him were “becoming a distraction [...]
EU opens probe into Microsoft’s £59bn deal to buy Call of Duty maker Activision Blizzard November 8, 2022 The European Commission has opened an in-depth investigation into Microsoft’s proposed $68.7bn (£59.5bn) acquisition of Call of Duty maker Activision Blizzard. The commission said it was concerned that the proposed deal may reduce competition in the market. A preliminary investigation found that the transaction may significantly reduce competition, including multi-game subscription services and cloud game [...]
Citi bumps holiday days in grab for talent November 8, 2022 Citigroup is bumping its holiday days in an attempt to lure top talent to the Wall Street bank. According to an internal memo seen by City A.M. and first reported by Bloomberg, employees will get 27 days of holiday effective from January, increasing to 28 days after two years and 29 days after five years. The [...]
Twitter pauses paid blue-tick launch for US midterms November 8, 2022 Twitter confirmed that it would be delaying the rollout of its paid-for verification until after the US midterm elections, temporarily abating fears about fake account misinformation campaigns. As the new social media chief, Elon Musk has laid out plans to allow users to purchase blue-tick verification for their profiles – a privilege that is usually [...]
Dreams of ‘future drinking’ bolsters wine merchant Berry Bros November 7, 2022 THE UK’s oldest fine wine merchant Berry Bros & Rudd said profitability soared this year, as wealthy collectors keep their eyes on “future drinking” through hard economic times. The family-owned business said turnover climbed 7.2 per cent to £220.2m in the year to March 2022, whilst EDITDA rocketed 107 per cent. Berry Bros, which also [...]
