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☆ Meta's latest round of layoffs could hit as soon as this week, as the company tries to finalize headcount before Zuckerberg goes on parental leave: Bloomberg
▼ + stars: | 2023-03-07 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

These cuts could happen as soon as this week before CEO Mark Zuckerberg goes on parental leave. Meta already laid off 11,000 workers or approximately 13% of the company's headcount in November. This fresh round of headcount cuts is happening because of Meta's financial targets, and is separate from Zuckerberg's push for "flattening" Meta's organizational structure, Bloomberg's sources — who were granted anonymity to talk about internal matters — said. A Meta spokesperson declined to comment on further layoffs, the expected number of job cuts, and which divisions might be impacted. The spokesperson did not immediately respond to Insider's follow-up query on when these reported job cuts might happen.

☆ The Supreme Court justices deciding whether to axe Biden's student loan relief program paid an average of $42,539 to go to college. Today, they'd have to pay around $320,531.
▼ + stars: | 2023-03-01 | by ( Sarah Al-Arshani | ) www.businessinsider.com time to read: +8 min

The Supreme Court heard oral arguments for Biden's student debt relief on Tuesday. The cost of getting an undergraduate degree was significantly cheaper when they graduated than now. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. When Roberts graduated in 1979, it cost $21,400; in 1992 when Jackson earned her undergraduate degree, it would have cost $75,360. Student loan borrowers gathered at the Supreme Court today to tell the court that student loan relief is legal on January 2, 2023.

☆ An ex-Instagram employee says Meta's 'impatience' has hurt its shopping efforts
▼ + stars: | 2023-02-22 | by ( Sydney Bradley | ) www.businessinsider.com time to read: +6 min

But as Instagram axes shopping products, ex-staffer Meghana Dhar points to Meta's "impatience." The moves have left many asking: What's going on with Instagram shopping? While at Instagram, Dhar worked on Instagram's early shopping features, from onboarding brands to getting John Mayer to host a live shopping event with laundry company The Laundress. But it's also had a tendency to launch and then axe shopping products, like Instagram (and Facebook) live shopping and affiliate marketing. Scaling back on shopping, for now, could also be a blessing in disguise for Meta, Dhar added.

☆ Putin put the last major nuclear arms treaty with the US on 'life support,' risking pulling the world back to a 'dangerous' time of uncontrolled arsenals, nuke experts say
▼ + stars: | 2023-02-21 | by ( Jake Epstein | Chris Panella | ) www.businessinsider.com time to read: +8 min

Putin said Russia will suspend its participation in major nuclear arms control pact with US. Without the New START pact and nuclear arms control, the US and Russia could expand their nuclear arsenals. "More nuclear weapons and less arms control makes the world more dangerous," NATO Secretary General Jens Stoltenberg said. What is the New START treaty? "Suspension of the treaty is not equal to leaving the treaty, I assume there will be no Russian build-up above the treaty limits.

[1/2] Builders work at the construction site of an energy-saving building, making apartments more energy-efficient under the government's "superbonus" incentives, in Rome Italy, February 1, 2023. Banks have said there are more tax credits in circulation than they can deduct from their own tax bills. "We want to persuade the banks and other players to take all the stranded credits," Meloni said at the weekend, defending her decision to suddenly end further payments via tax credits. The move was triggered by an EU decision to include the tax credits in deficit calculations, potentially blowing budget plans dramatically off course. "If we had left the superbonus as it is, we would have had no money left in the budget for anything else," Meloni said.

☆ 'Pump the brakes', U.S. envoy tells Netanyahu on judicial changes
▼ + stars: | 2023-02-19 | by ( ) www.reuters.com time to read: +2 min

JERUSALEM, Feb 19 (Reuters) - The U.S. envoy to Israel said Prime Minister Benjamin Netanyahu should slow progress on a contentious judicial overhaul that could make it harder for Washington to help him promote ties with Saudi Arabia or deal with Iran. "The Prime Minister wants to do big things, okay? He tells us he wants to do big things," Nides said. "I said to him, to the prime minister, a hundred times, we can't spend time with things we want to work on together if your backyard's on fire." There was no immediate response from Netanyahu but Minister of Diaspora Affairs Amichai Chikli told Israel's public broadcaster Kan: "I tell the American ambassador, you pump the brakes.

☆ Kimberly Guilfoyle says her ex-husband Gavin Newsom will run for president in 2024 because he has 'always wanted' to be POTUS
▼ + stars: | 2023-02-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Kimberly Guilfoyle says she thinks Gavin Newsom will run for president in 2024. Gavin Newsom, will run for president in 2024. I know he's going to run for president," Guilfoyle said. "I think you're going to see Gavin Newsom versus Donald J. Trump, running against each other for president," Guilfoyle predicted. The couple filed for divorce in 2005 after Guilfoyle moved to New York City, per the San Francisco Chronicle.

☆ Gavin Newsom says Kimberly Guilfoyle 'fell prey' to the culture at Fox News and was a 'different person' when they were married
▼ + stars: | 2023-02-15 | by ( Sophia Ankel | ) www.businessinsider.com time to read: +3 min

Gavin Newsom told CNN his ex-wife Kimberly Guilfoyle "fell prey" to Fox News. Guilfoyle was a "different person" when they were together, Newsom said. Gavin Newsom said that his ex-wife Kimberly Guilfoyle was a "different person" when they were married and that she "fell prey" to the culture at Fox News. "She was a different person," Newsom, who is a Democrat, told CNN. Newsom and Guilfoyle married in 2001 and were together when he was sworn in as mayor of San Francisco in 2004.

☆ Ford to cut 11% of its European workforce in EV push
▼ + stars: | 2023-02-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Ford has announced plans to axe 3,800 jobs across Europe, citing difficult economic conditions and its major push toward electric vehicles. Economic pressureThe job cuts also come on the back of “unprecedented economic and geopolitical headwinds” in the region, a Ford spokesperson told CNN. The past year has been difficult for European manufacturers. The eye-watering costs weighed on producers, causing some to slash production, relocate parts of their operations outside Europe, and lay off staff. Wholesale gas prices — a key input for much of Europe’s heavy industry — are now back to their pre-war levels.

☆ Ukraine claims its first kill of Russia's 'Terminator' armored vehicle, believed to be one of Putin's most advanced weapon systems
▼ + stars: | 2023-02-11 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

Images appeared to show Russia's "Terminator" armored vehicle after a direct hit. The "Terminator," designed to support armor and infantry units, can engage three targets at once. Russia has begun its new offensive in eastern Ukraine, according to one of Ukraine's military commanders. The "Terminator" was designed to support other armor and infantry units and can engage three different targets at once using its four weapons operators. The vehicle was first designed in the late 1980s, and is made by Russian company Uralvagonzavod, the Russian military's leading tank producer.

Global markets revenue jumped by about 24% in October-December, the euro zone's biggest bank said on Tuesday, fuelled by a 45% leap in revenue from trading in commodity derivatives, rates, foreign exchange and emerging markets. BNP's 45% sales growth in FICC trading (fixed income, commodities, currencies) compared with 25% growth at peers, analysts at Barclays said. Shares in BNP Paribas (BNPP.PA) were up as much as 4% by 1432 GMT on Tuesday, outperforming the euro zone bank index (.SX7E) and valuing the group at more than 78 billion euros ($83 billion). "These are upward revisions that are quite significant and not so frequent," Bonnafe told reporters in a call. BNP Paribas' net income fell by 6.7% to 2.15 billion euros.

RAISED TARGETSBNP's solvency ratio has notably benefited from the $16.3 billion sale of the group's U.S. retail business Bank of the West. The transaction, closed on Feb. 1, will fund the bulk of the share buyback, that will be carried out in two tranches. Recent central bank rate hikes are set to bolster earnings from loans, especially if the spectre of a recession on the continent recedes. "We are setting ambitious financial targets and pursuing our technological advances," Chief Executive Jean-Laurent Bonnafé said. ($1 = 0.9326 euros)Writing by Mathieu Rosemain; Editing by Ingrid Melander, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond's 4 key bets that became its biggest blunders
▼ + stars: | 2023-02-06 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +4 min

Bed Bath & Beyond's spiral toward bankruptcy is the result of four big missteps, Bloomberg reports. But it also bet too big on private-label brands and initiated a too-ambitious stock buyback program. But its challenges began years ago, with four key decisions leading to its financial woes, company insiders told Bloomberg. Here are Bed Bath & Beyond's biggest missteps over the years:Missing out on the online shopping boomBed Bath & Beyond's success in brick-and-mortar retailing meant that it was slow to recognize the importance of e-commerce and invest in selling goods online. "Our customer has communicated clearly that national brands are a really important part of their shopping experience with us," Mara Sirhal, Bed Bath & Beyond's brand president, said during a financial-update call.

☆ End of easy-cash era is going to hurt
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +5 min

LONDON, Feb 1 (Reuters) - The end of the easy-cash era is over and its impact yet to be felt on world markets, hopeful that the pain of aggressive rate hikes and high inflation has passed. Reuters Graphics3/ GOING PRIVATEPrivate debt markets have ballooned since the financial crisis to $1.4 trillion from $250 billion in 2010. Reuters Graphics Reuters Graphics4/CRYPTO WINTERRising borrowing costs roiled crypto markets in 2022. Reuters Graphics5/FOR SALEReal estate markets, first responders to rate hikes, started cracking last year and 2023 will be tough with U.S. house prices expected to drop 12%. How the sector services its debt is in focus and officials warn European banks risk significant profit hits from sliding house prices.

☆ We moved to Florida but missed our old social life. Here's how we made 1,200 new friends.
▼ + stars: | 2023-01-28 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +6 min

Denise Rich and her husband Matt moved from the DC area to Melbourne, Florida, last year. I work in the defense and intelligence industry and my husband works in the defense industry. It would make sense to go there where there are a lot of defense industry jobs. But, the thing we miss the most about the DC area is all of the restaurants and breweries and wineries there. Most of the meet-ups we've been doing are over here in the Melbourne area, but we're doing one over in Winter Park.

☆ Bond strategists take axe to U.S. Treasury yield forecasts
▼ + stars: | 2023-01-27 | by ( Hari Kishan | ) www.reuters.com time to read: +3 min

Bond strategists at JPMorgan noted recently that the U.S. Treasury market is already priced for a recession and not just for the heightened risks of one. Already off their peaks from late last year and early 2023, major benchmark government bond yields have eased 20-40 basis points since, and more than 50 basis points on the particularly rate-sensitive U.S. two-year Treasury yield. That is about 30 basis points lower on the one-year horizon than a poll published in December. This would extend one of the longest periods on record where two-year yields have been higher than 10-year ones, a yield curve inversion. The poll expected German bund yields to rise from their current 2.25% to around 2.4% in three and six months.

☆ IBM layoffs: Company announces 3,900 job cuts as it reports Q4 earnings
▼ + stars: | 2023-01-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —IBM has become the latest tech giant to slash thousands of jobs, with 3,900 positions, or 1.5% of its global workforce, expected to be eliminated. The company announced the cuts Wednesday, saying they were related to the previously announced spinoff and sale of two business units. The move will cost IBM (IBM) about $300 million this quarter, a spokesperson confirmed. The units affected are Kyndryl, an IT infrastructure services business that was officially separated from IBM in November, and IBM’s healthcare analytics business, which an investment firm is in the process of acquiring. Last week, Google (GOOGL) parent Alphabet and Microsoft (MSFT) each announced layoffs of 12,000 and 10,000 workers, respectively.

The company wants to axe up to 2,500 jobs in product development and up to 700 in administrative roles, with German locations most affected, IG Metall said. Ford last year announced a $2 billion investment to expand production at its Cologne plant to make an all-electric model for the mass market. It also has a partnership with Volkswagen (VOWG_p.DE) to produce 1.2 million vehicles on the German carmaker's MEB electric platform over six years. That partnership remains in place, Ford and Volkswagen representatives said, though Ford's U.S. spokesperson added that Volkswagen's role in Ford's next generation of European electric vehicles was still to be determined. "We will not hold back from measures that could seriously impact the company, not just in Germany but Europe-wide."

☆ Ford plans 3,200 job cuts in Europe as it moves some work to the US
▼ + stars: | 2023-01-23 | by ( ) edition.cnn.com time to read: +2 min

Berlin Reuters —Ford plans to cut 3,200 jobs across Europe and move some product development work to the United States, Germany’s IG Metall union said on Monday, vowing action that would disrupt the carmaker across the continent if the cuts go ahead. Ford (F) wants to axe 2,500 jobs in product development and a further 700 in administrative roles, with German locations most affected, IG Metall said. Ford of Europe produces, sells and services Ford brand vehicles in 50 markets, employing around 45,000 people at its own facilities and consolidated joint ventures, according to its website. “If negotiations between the works council and management in coming weeks do not ensure the future of workers, we will join the process. We will not hold back from measures that could seriously impact the company not just in Germany but Europe-wide,” IG Metall said.

☆ Archaeologists found 38 skeletons in a 7,000-year-old mass grave. All but one had been decapitated.
▼ + stars: | 2023-01-23 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +6 min

download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyArchaeologists have discovered a 7,000-year-old mass grave in Slovakia containing 38 skeletons, with all but one decapitated. A ditch, where the mass grave was found, ran around the village over the length of approximately a mile. An unexpected discoveryA picture shows the mass grave found in Vráble-Ve`lke Lehemby in Slovakia. Prof. Dr. Martin Furholt, Institute for Pre- and Protohistoric Archaeology/Kiel UniversityThese weren't the first headless bodies found in the ditch. That's why the discovery of such a huge mass of headless bodies came as a complete surprise, Fuchs said.

☆ THE CRYPTO CULLING: Thousands of employees are getting the axe as companies face plunging valuations, scandals, and legal turmoil
▼ + stars: | 2023-01-15 | by ( Samantha Delouya | ) www.businessinsider.com time to read: 1 min

Two weeks of mass layoffsCEO Brian Armstrong recently announced that Coinbase would lay off 20% of its staff. Patrick T. Fallon / Getty ImagesIn the early days of January, several major companies in the cryptocurrency industry, such as Genesis, Coinbase, Blockchain.com, and Crypto.com, announced plans to significantly reduce their workforces. For a few of these companies, such as Crypto.com and Genesis, this marks the second round of layoffs within a short period, following previous headcount cuts during the summer due to a decline in cryptocurrency prices. In this recent spate of layoff announcements, some companies alluded to "unscrupulous actors," while others directly addressed the elephant in the room: FTX's bankruptcy.

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

☆ How a handy businessman found a derelict castle on Craigslist and transformed it into a thriving Airbnb with rooms from $369/night
▼ + stars: | 2023-01-12 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +5 min

After years of renovations, Smith opened the castle to travelers booking rooms on Airbnb and Vrbo. "Everybody loves a castle," Smith, 57, told Insider. Smith turned the castle from rundown to traveler-readySmithmore Castle is nestled in the Blue Ridge Mountains on 121 acres of land. Smith has seen an increase in bookings each year since he listed the castle's rooms on Airbnb and Vrbo. Robert SmithSome Airbnb hosts have reported a slowdown in bookings since spring 2022, prompting fears of an "Airbnbust."

☆ United Airlines is bringing back its beloved ice-cream sundae cart for business-class passengers on all long-haul international flights
▼ + stars: | 2023-01-09 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

United Airlines says its ice-cream sundae cart is returning to long-haul international flights. Because the United Polaris business class Sundae Cart IS BACK!" The airline replaced them with pre-packaged ice cream in an attempt to limit the spread of the virus. United Airlines also said it was "revamping the Polaris dessert service" and "bringing back a new three-tier dessert cart for our signature ice-cream sundae service" in the memo, per Travel Noire. Representatives for United Airlines did not immediately respond to Insider's request for further comment.

☆ Book by Benedict's top aide reveals tensions in Vatican
▼ + stars: | 2023-01-06 | by ( Philip Pullella | ) www.reuters.com time to read: +4 min

[1/5] Archbishop Georg Ganswein pays homage to former Pope Benedict in St. Peter's Basilica at the Vatican, January 3, 2023. Ganswein says Benedict, in his annotated response to Francis, critiqued the way Francis had responded to questions on abortion and homosexuality. He also writes that Benedict felt Francis' decisions to restrict the use of the traditionalist Latin Mass was "a mistake". Vatican spokesman Matteo Bruni said he had no comment on the book, written with Italian journalist Saverio Gaeta and published by Piemme, an imprint of Mondadori. SERVING TWO MASTERSFor the first seven years after Francis was elected pope, Ganswein kept his two jobs - Prefect of the Pontifical Household and private secretary to the ex-pope.

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