Meta to cut thousands of jobs this week

Meta will initiate a round of mass layoffs affecting thousands of employees.

The Facebook owner could begin layoffs as early as Wednesday, the Wall Street Journal reported.

Mark Zuckerberg previously outlined plans to downsize as Meta grapples with a severe growth slowdown and pumps more cash into its Metaverse project.

It follows thousands of job cuts at Twitter, which is in turmoil after taking over Elon Musk.

5 things to start the day off right

1) The Bank of England risks a repeat of chaos in mini-budget bond markets, City traders warn – Analysts point to increasing stress on UK government bonds and the ‘repo’ market

2) Inflation “miscalculation” threatens to derail Joe Biden’s midterms – The rising cost of living is at the fore as voters go to the polls

3) Negative equity threatens for 200,000 households – The collapse in house prices will make it difficult for homeowners to sell, the Resolution Foundation warns

4) Dedicated Christmas shoppers must reckon with rising delivery costs – Some retailers charge twice last year’s delivery prices for online orders

5) Potential Britishvolt customers are put off by high prices as China ramps up battery production – It is widely predicted that battery prices will fall as production methods improve

what happened overnight

Asian equities rose, while the dollar further enhanced its haven appeal amid divided market sentiment over the prospects of China easing its Covid-Zero stance.

Hong Kong stocks rallied and quickly reversed initial declines as investors looked past the risks of virus policies and rushed into Chinese tech and real estate stocks.

Benchmark indicators rose across Asia, pushing the MSCI Asia Pacific Index on course for a monthly high. Meta to cut thousands of jobs this week

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