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☆ Mark Zuckerberg, whose Meta laid off thousands of people, is now the 12th richest person on the planet after his wealth surged to $87 billion
▼ + stars: | 2023-04-28 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +3 min

Zuckerberg's wealth shot up by $10 billion to top $87 billion on Thursday. Meta has laid off thousands of staffers, which likely impacted the company's productivity and dented employee morale. Because of that, Zuckerberg's wealth shot up by $10 billion to top $87 billion, the highest it's been in over a year. He is now the 12th richest person on the planet, per the Bloomberg Billionaire Index. These cuts are on top of the 11,000 jobs Meta already axed in November, part of the company's broader play to make 2023 its "year of efficiency."

That meant revenue growth rates were about 5 percentage points lower in April than in the first quarter, he said, referring to a period that saw a sequential drop. Its economy-wary customers aside, Amazon aimed to project confidence for its cloud longer-term. Jassy said the growing adoption of generative AI, which can create text, imagery and other content from past data, represented a huge opportunity for Amazon's cloud. Likewise, Olsavsky told reporters, Amazon had seen no shift in the competitive balance among cloud providers. AWS sales growth slowed to 15.8% in the first quarter.

☆ The 7 theories for why Tucker Carlson got fired from Fox News
▼ + stars: | 2023-04-27 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +8 min

Tucker Carlson was axed by Fox News Monday, days after it settled Dominion's defamation lawsuit. Here are seven theories for why Fox News decided to part ways with Carlson. Since then, media industry insiders have been buzzing with different theories for why Carlson was pushed out. The C-wordWithin the Dominion lawsuit, there emerged a pattern of vulgar language spewed by Carlson throughout his time at Fox News. Rupert Murdoch (right) and Lachlan Murdoch at the US Open in 2018.

☆ Opinion: Why Biden has little 2024 Democratic opposition
▼ + stars: | 2023-04-21 | by ( David Axelrod | ) edition.cnn.com time to read: +7 min

CNN —President Joe Biden was the toast of Ireland last week, as he was treated to a hero’s welcome in a pageant-laden return to his ancestral home. Biden, who is expected to formalize his plans next week, has a significant body of achievements on which to run. So is the absence of a real primary challenge simply the luck of the Irish? Perhaps with that primary battle in mind, Biden has worked assiduously to court the progressive wing of the party, from which such Democratic primary challenges generally arise. Finally, there is former President Donald Trump, whose candidacy is a boost to Biden among Democrats.

☆ Fact Check-Video of 2017 axe attack by transgender woman in Sydney, Australia, misattributed to the US
▼ + stars: | 2023-04-18 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

Footage of an axe attack carried out in 2017 by a transgender woman in Sydney, Australia, is being shared online alongside a false claim that it took place in the United States in 2023. One Facebook user uploaded a version of the video (here) alongside the caption: “Transgender in 7-11 let’s (sic) loose on two customers with an ax (sic). The assailant then hits another woman in the back of the head with the axe as she walks out of the shop. However, Australian reports say the incident occurred in Enmore, a Sydney suburb, in January 2017 (here, here and here). The video shows an axe attack in Sydney in 2017.

☆ Facebook plans to expand its revenue-sharing program as it tries to cozy up to content creators — and avoid falling behind YouTube, TikTok, and others
▼ + stars: | 2023-04-14 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +5 min

While creators and Instagram often go hand-in-hand, Meta wants to make one thing clear: Facebook is not dead. In particular, Facebook has been showcasing its creator ad-revenue-share model, called Ads on Facebook reels. "Especially with everything recently between YouTube, TikTok, and Instagram, Facebook never gets mentioned in those same conversations when we talk about creators and what platforms they're choosing between." Meta also declined to share the eligibility requirements for Facebook's reels ads program — except that it is invite-only. A robust ad-revenue-share program for reels across Instagram and Facebook, in theory, could be a win-win for both Meta and creators.

☆ Brazil could suspend social media sites over school violence content
▼ + stars: | 2023-04-12 | by ( ) www.reuters.com time to read: +2 min

April 12 (Reuters) - Brazil could fine or suspend social media companies that do not effectively regulate content related to school violence, Justice Minister Flavio Dino said on Wednesday. The new measures, set to be published through an ordinance on Wednesday, seek to curb threats of school violence in the country, which have soared after two separate attacks left five dead in recent weeks. The Supreme Court is currently discussing this law's scope and validity. In March, Meta Platforms (META.O) and Alphabet's Google (GOOGL.O) appeared before Brazil's Supreme Court to defend the law, while the government looks to expand regulation over social networks. Dino said Brazil's consumer secretariat will immediately start determining each company's responsibility in proactively regulating harmful content to students.

☆ UBS can score a quick win with Swiss sale
▼ + stars: | 2023-04-12 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

LONDON, April 12 (Reuters Breakingviews) - Credit Suisse’s (CSGN.S) Swiss business is theoretically the jewel in the bank’s tarnished crown. Hiving off the Credit Suisse local unit could save Kelleher and his Chief Executive Sergio Ermotti a lot of grief. By contrast, UBS is paying just $3.6 billion for all of Credit Suisse, based on the buyer’s most recent share price. Kelleher could in theory just hand the Credit Suisse local division to shareholders, but that could prove destabilising if they all cash out immediately. UBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19.

☆ Young victim of Brazil daycare center attack is buried
▼ + stars: | 2023-04-06 | by ( ) www.reuters.com time to read: +1 min

[1/3] Parents stands alongside the coffin, that contains the remains of their 5-year-old, Bernardo Cunha Machado, who was killed by a man inside a daycare center, during a wake at the Sao Jose cemetery, in Blumenau, Santa Catarina, Brazil April 6, 2023. REUTERS/Vinicius BretzkeBLUMENAU, April 6 (Reuters) - Residents of Blumenau, a city in Southern Brazil, gathered on Thursday at a cemetery to attend the burial of one of the four children killed by a man armed with a small axe in a local daycare center. On Wednesday, a 25-year-old man scaled the wall of the daycare center, killed four children and wounded five others, before turning himself in. Police said three boys - two aged 4 and one aged 5 - and one girl aged 7 were killed. The attack came nearly a week after a 13-year-old student stabbed a teacher to death and wounded five others in a Sao Paulo school.

☆ Amazon plans to reduce employee stock awards in 2025 - Business Insider
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

April 5 (Reuters) - Amazon.com Inc (AMZN.O) is trimming the number of shares it plans to give employees as part of their 2025 compensation, Business Insider reported on Wednesday, citing a memo. The economic climate and company budget were behind reductions to the 2025 employee stock awards, called restricted stock units (RSUs), Amazon told managers, according to the report. The memo cited by Insider also mentioned a possible change in Amazon's pay model that would give staff more cash, which could make up for any potential weakness in its stock price. Amazon will reevaluate the 2025 compensation in the first quarter of next year to "plan for stock variation", Insider said, citing another internal document. Reporting by Arunima Kumar in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ At least four children killed in pre-school axe attack in southern Brazil
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

[1/2] A view shows forensic technicians, ambulances and policemen outside a pre-school after a 25-year-old man attacked children, killing several and injuring others, according to local police and hospital, in Blumenau, in the southern Brazilian state of Santa Catarina, Brazil April 5, 2023. REUTERS/Denner OvidioApril 5 (Reuters) - At least four children were killed and four other injured when a 25-year-old man armed with a small axe attacked a pre-school in the southern Brazilian state of Santa Catarina on Wednesday, local police and a hospital said. Police said the man responsible for the attack in the city of Blumenau has been arrested. The attack, dubbed by President Luiz Inacio Lula da Silva a "monstrosity," happened nearly a week after a 13-year-old student stabbed a teacher to death and wounded five others in a Sao Paulo school. Reporting by Fernando Cardoso in Sao Paulo, Rodrigo Viga Gaier in Rio de Janeiro; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ CHART: Twitter's revenue per employee crashed 60% in the years leading up to Musk's drastic firings
▼ + stars: | 2023-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Twitter's revenue per employee crashed 60% in the years before Elon Musk's takeover. Twitter's revenue per employee cratered by almost 60% between 2018 and the period of 2022 before Musk's takeover of the embattled social media company, Insider analysis of the firm's SEC filings found. Revenue per employee is a simple measure of efficiency that was previously in vogue in the aftermath of the 2008 financial crash. A growing number of influential tech executives and investors say tech firms, bloated by over-hiring, should re-prioritize the metric. Since 2018, Twitter has seen a drastic fall in the revenue generated per employee.

☆ Manhattan DA lawyers feared Stormy Daniels case against Trump was too weak to bring without other criminal charges, report says
▼ + stars: | 2023-03-29 | by ( Jacob Shamsian | Natalie Musumeci | ) www.businessinsider.com time to read: +5 min

Manhattan DA lawyers worried about indicting Trump over "hush money" payments to Stormy Daniels. In order to convict Trump on felony charges, prosecutors would need to prove Trump intended to commit or wanted to conceal a separate crime through the payments. But a judge might believe the Manhattan district attorney's office is overreaching by enforcing federal law. If the case gets to a jury, jurors may wonder why federal prosecutors didn't bring charges against Trump, or they might not believe Cohen's testimony. A representative for the Manhattan district attorney's office didn't immediately respond to a request for comment.

☆ Boomerang UBS boss ticks several important boxes
▼ + stars: | 2023-03-29 | by ( Liam Proud | ) www.reuters.com time to read: +4 min

That’s the best explanation for why Chair Colm Kelleher on Wednesday said the Swiss bank was replacing CEO Ralph Hamers with erstwhile boss Sergio Ermotti. Though the move violates several corporate-governance red lines, it improves the group’s chances of successfully absorbing stricken rival Credit Suisse (CSGN.S). Nor was his hesitant delivery in a call with analysts after announcing the Credit Suisse deal. During his previous spell in charge, UBS held talks with Deutsche Bank (DBKGn.DE) and discussed a merger with Credit Suisse. Ermotti, a Swiss national, led the Swiss bank for nine years, departing in late 2020, and is currently chair of Swiss Re.

☆ Disney layoffs are expected to hit ABC News this week, sources say, with scores of roles to be eliminated following cuts from TV, engineering, and metaverse teams
▼ + stars: | 2023-03-29 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +5 min

Cuts at Disney's ABC News are coming before the end of the week, according to sources. Disney firings are expected to affect its ABC News division this week, according to two company insiders familiar with the situation. TV production and acquisition execs at Hulu, Freeform, and 20th Television were also impacted, according to a report in Deadline. Leaders will be communicating the news directly to the first group of impacted employees over the next four days. I want to thank each of you again for all your many achievements here at The Walt Disney Company.

The EU has progressively tightened limits since "Euro 1" in 1992. The Commission's proposal widens real-driving emissions (RDE) testing and adds continuous testing of emissions via an on-board monitoring system. Euro 7 would take effect in mid-2025 for cars and in mid-2027 for trucks and buses. The European Commission estimates Euro 7 could add up to 150 euros to car prices and 2,600 euros for trucks and buses. A Commission spokesperson declined to comment on executives' statements, but said Euro 7's real-driving emissions tests were important because of "scandals in the past about cheating devices".

☆ The Manhattan DA's likely case against Trump would be far from a 'slam dunk conviction'
▼ + stars: | 2023-03-23 | by ( Sonam Sheth | ) www.businessinsider.com time to read: +8 min

New York state prosecutors have never brought an election law case involving a federal campaign, per NYT. If the DA's office brings a criminal case against Trump, it would be far from a "slam dunk conviction," one ex-prosecutor said. Among the charges Trump could face is violating New York's business records statute, which bars individuals from falsifying business records with an intent to defraud. Some legal experts have pointed out that New York has a long history of bringing felony prosecutions based on falsifying business records. If Trump is charged with falsifying business records, "expect to see this defense."

[1/4] The Amazon.com logo and stock price information is seen on screens at the Nasdaq Market Site in New York City, New York, U.S., September 4, 2018. REUTERS/Mike Segar/File PhotoMarch 20 (Reuters) - Amazon.com Inc (AMZN.O) on Monday said it would axe another 9,000 roles, piling on to a wave of layoffs that has swept the technology sector as an uncertain economy forces companies to get leaner. The layoffs will affect Amazon's streaming unit Twitch as well, following cuts that began in November focused on the company's devices, e-commerce and human-resources organizations. Amazon's stock fell 2%. The company has scaled back or shut down entire services like its virtual primary care offering for employers in recent months.

☆ Amazon to cut 9,000 jobs in second round of layoffs
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

[1/3] The logo of Amazon is seen at the company logistics center in Lauwin-Planque, northern France, November 15, 2022. Whereas prior cuts had focused on the company's e-commerce and devices business as well as human-resources staff, now the company would eliminate roles from Amazon Web Services, its advertising and Twitch streaming units. Amazon follows Facebook-parent Meta in becoming the second bellwether to announce a second round of cuts. Amazon has scaled back or shut down entire services like its virtual primary care offering for employers. Facebook-parent Meta Platforms said it would cut 10,000 jobs this year, following the first mass layoff in the fall, which eliminated more than 11,000 jobs.

☆ A drag queen who survived the Orlando Pulse shooting says Florida's LGBTQ community is 'scared' of further hate following DeSantis' push to revoke a hotel's liquor license
▼ + stars: | 2023-03-20 | by ( Lloyd Lee | Chris Panella | ) www.businessinsider.com time to read: +7 min

A drag queen who survived the 2016 Pulse club shooting said it only further demonizes LGBTQ people. "Not just in terms of limiting opportunities for drag entertainers, but by demonizing the art of drag as a whole," she wrote. Fine told Insider his motivation for pursuing the bill came after he found out a drag queen show was hosted in a public space in his district last year. However, the representative also said he would not support a bill that eliminates drag shows for consenting adults. In Florida, there have been at least nine demonstrations against the LGBTQ community, the organization found.

☆ VW's Skoda would cut 3,000 jobs if 'Euro 7' implemented in current form
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +1 min

PRAGUE, March 19 (Reuters) - Czech carmaker Skoda would have to cut 3,000 jobs and axe some models if the European Union's "Euro 7" emissions scheme is implemented in its current form, a Skoda board member warned in a TV debate on Sunday. Daimler Trucks (DTGGe.DE) chief Martin Daum for instance said on March 10 it would cost the industry "billions". Overall, more than 10,000 jobs would be at risk in the Czech Republic, including at Skoda's suppliers, Jahn said. The three smaller models represented nearly a third of Skoda's deliveries to customers in 2022. Transport ministers from the Czech Republic, Germany, Italy, Poland, Portugal, Romania, Hungary and Slovakia met on Monday to discuss their efforts to change the Euro 7 proposal.

☆ Microsoft adds OpenAI technology to Word and Excel
▼ + stars: | 2023-03-16 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +5 min

Photographer: Charles Pertwee/Bloomberg via Getty ImagesMicrosoft is bringing generative artificial intelligence technologies like the popular ChatGPT chatting app to its Microsoft 365 suite of business software. features, dubbed Copilot, will be available in some of the company's most popular business apps like Word, PowerPoint and Excel. The Copilot technology is built upon a type of artificial intelligence software known as a large language model, or LLM. Microsoft executives demonstrated some of the capabilities of its Copilot tool on Thursday during an online presentation. In February, Microsoft debuted a new version of its Bing search engine that included a chatbot powered by OpenAI's GPT-4 language technology.

☆ Liz Cheney blasts DeSantis over his comments about Russia's invasion of Ukraine: 'Weakness is Putin's greatest weapon'
▼ + stars: | 2023-03-15 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +3 min

The governor told Tucker Carlson in a statement that the war should not be a priority for the US. "This is not 'a territorial dispute,'" Cheney said in a statement to The New York Times. Ron DeSantis in a statement Tuesday, saying the Governor was "wrong" for his comments on the Russian invasion of Ukraine. "Weakness is provocative and American officials who advocate this type of weakness are Putin's greatest weapon. Abandoning Ukraine would make broader conflict, including with China and other American adversaries, more likely," Cheney said in the statement to the Times.

☆ BBC seeks to end crisis by reinstating Gary Lineker
▼ + stars: | 2023-03-13 | by ( ) www.reuters.com time to read: +1 min

LONDON, March 13 (Reuters) - Britain's BBC said sports presenter Gary Lineker would return on air after the corporation agreed to review its social media guidelines to settle an escalating row over its impartiality. The BBC said Lineker had breached its impartiality rules by comparing the rhetoric of Britain's interior minister Suella Braverman to the language used in 1930s Germany. But its decision to take him off air led to charges that it had bowed to pressure from the government. "Gary is a valued part of the BBC and I know how much the BBC means to Gary, and I look forward to him presenting our coverage this coming weekend," BBC Director General Tim Davie said in a statement on Monday. Reporting by Sarah Young; editing by Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

☆ SVB collapse a sign of pain coming from end of easy-cash era
▼ + stars: | 2023-03-10 | by ( ) www.reuters.com time to read: +6 min

LONDON, March 10 (Reuters) - The easy-cash era is over and its impact is only just starting to felt by world markets yet to see the end of the sharpest interest rate hiking cycle in decades. European banks slid on Friday after JPMorgan (JPM.N) and BofA (BAC.N) shares fell over 5% on Thursday. BofA noted European banks' bond holdings have not grown since 2015. And with defaults rising, the focus is on the less visible private debt markets, which have ballooned to $1.4 trillion from $250 billion in 2010. Reuters Graphics5/FOR SALEReal estate markets started cracking last year and house prices will fall further this year.

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