From 52m ago 03. 27 EDT Introduction: Twitter mass layoffs begin Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. It’s a grim day for Twitter staff, as Elon Musk will begin mass layoffs just a week after acquiring the social media platform.
The social network’s offices are temporarily closed, while staff wait to learn by email whether they’ve been retained, or fired. Around half the company’s workforce could be laid off. Employees in Twitter just got an email from their bosses saying layoffs are coming tomorrow.
Those who are staying will get a note tomorrow in their work email. Those who are let go will get an email sent to their personal address. Slot machine-style layoffs.
— Ben Collins (@oneunderscore__) November 4, 2022 “At Twitter’s offices, employees said tearful goodbyes, exchanged contact info and tried to make their documentation easily accessible for the staff who were to remain They wanted to ensure their colleagues could keep the site running in their absence” https://t. co/f8aOxUeX0r — Hamza Shaban (@hshaban) November 4, 2022 The company said in an email to staff on Thursday. .
css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday. Musk already fired several top Twitter executives, including CEO Parag Agrawal, finance chief, Ned Segal, and legal affairs and policy chief, Vijaya Gadde.
Having bought Twitter for $44bn, Musk is now trying to make the company profitable. On Thursday, Musk directed Twitter’s teams to free up $1bn in annual infrastructure cost savings by slashing funding for cloud services and servers. He has floated a number of ideas to make profit at Twitter, including a plan to charge for “verified” badges, and creating an “everything app” that would combine several platforms into one.
Elon Musk announces Twitter mass layoffs to begin Friday Read more Also coming up today Households and businesses are digesting the Bank of England’s warning that Britain faces its longest recession since the 1920s if interest rates soared as high as markets had predicted. But the BoE also pushed back against those expectations yesterday, even as it announced its largest interest rate rise for three decades, to 3%. Bank of England warns of longest recession in 100 years as it raises rates to 3% Read more The latest US jobs report will be closedly watched, for any signs that America’s employment market is weakening.
Economists predict around 200,000 new jobs were created in October, down from 263,000 in September. A slowdown in hiring, and wage growth, could be a signal that the high inflation gripping the US economy might soon begin to ease. Photograph: Forex.
com A court ruling could decide whether taxi firms outside London should be forced to pat VAT on their journeys, which could push up prices by 20%. A ruling is expected to be handed down today after the ride-sharing app sued Sefton council in Merseyside over VAT terms for operators outside London. Taxi fares outside London could rise by a fifth if Uber wins court case Read more We also find out how many new cars were sold in the UK last month, and how building firms fared.
The agenda 7am BST: German factory orders for September 9am GMT: UK car sales for October 9. 30am GMT: UK construction PMI report 12. 15pm: Bank of England chief economist Huw Pill holds a National Agency briefing on yesterday’s monetary policy report 12.
30pm GMT: US Non-Farm Payroll jobs report Key events 17m ago Non-dom tax breaks being reviewed by the Treasury in effort to raise revenue 21m ago German factory orders slump 30m ago Falls in UK mortgage rates predicted 51m ago BBC: Sizewell new nuclear plant and high speed Northern rail under review 51m ago Twitter Sued for Mass Layoffs by Musk Without Enough Notice 52m ago Introduction: Twitter mass layoffs begin Filters BETA Key events ( 6 ) UK ( 4 ) 17m ago 04. 01 EDT Non-dom tax breaks being reviewed by the Treasury in effort to raise revenue Treasury officials are examining whether the autumn statement could include changes to non-dom status and moves to raise taxes on dividends by cutting tax-free allowances. No final decisions have been taken but Whitehall sources said options were being examined by the Treasury’s high net worth individuals policy team, my colleagues Juliette Garside and Jessica Elgot report.
Changes could include reducing the time period over which high net worth individuals can avoid tax on their worldwide income. Experts suggest that cutting the duration from 15 to five years could raise an additional £1. 6bn a year.
The chancellor, Jeremy Hunt , is also looking at cutting the tax-free threshold for shareholders’ earnings from dividends from its current level of £2,000 – though a more ambitious move would be to increase the percentage of tax paid at the three thresholds, the highest of which is just under 40%. Non-dom tax breaks being reviewed by the Treasury in effort to raise revenue Read more The Daily Telegraph reports that Hunt is also considering an increase in the headline rate of capital gains tax (CGT), to help plug the £50bn hole in Britain’s public finances. Friday’s Telegraph: “Hunt set to launch capital gains raid” #BBCPapers #TomorrowsPapersToday https://t.
co/7FuHsAa3Vz pic. twitter. com/vuajlU9Ur0 — BBC News (UK) (@BBCNews) November 3, 2022 21m ago 03.
57 EDT German factory orders slump German industrial orders have fallen more than expected in September, adding to fears that Europe’s largest economy is sliding into recession. New orders at German factories fell by 4. 0% month-on-month, including a 7% tumble in foreign orders.
Analysts had expected a much smaller fall, to 0. 5%. Orders for heavy duty capital goods (such as machinery) fell 6%, while demand for intermediate goods used to make products were down 3.
4%, as the world economy slowed. 🇩🇪 German factory orders tumbled in September. 📊 Factory orders fell -4% after falling -2% in August.
📉 Consensus estimates pointed to a fall of -0. 5%. #EURUSD 🔼 0.
23% #DAX 🔼 0. 36% #tradingdotcomuk #MarketUpdate RW: 78. 72% of retail clients lose money.
— Trading. com UK (@tradingdotcomuk) November 4, 2022 Manufacturing in September 2022: new #orders down 4. 0% on the previous month.
https://t. co/xIJWnhyxbf pic. twitter.
com/Sh5H1zPY25 — Destatis news (@destatis_news) November 4, 2022 30m ago 03. 49 EDT Falls in UK mortgage rates predicted An estate agent’s in London, Britain Photograph: Andy Rain/EPA Banks and building societies are expected to cut the costs of UK fixed-rate mortgages a little, despite Thursday’s large interest rate hike from the Bank of England. The current high costs of fixed rates were set when markets had expected aggressive future rises in the base rate – but expectations had already subsided as the turmoil in the borrowing markets eased.
So with the Bank now pushing back against market expectations, mortgages could become a little cheaper, having surged since the mini-budget. Simon Gammon , managing partner at mortgage broker Knight Frank Finance , said (via the FT): . css-knbk2a{height:1em;width:1.
5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “We are expecting fixed rates to continue to fall back slightly — they are still overpriced because lenders don’t have an appetite for a lot of fixed-term lending right now, but with a period of stability, you can expect that to change. ” David Hollingworth , director at L&C Mortgage s, said: . css-knbk2a{height:1em;width:1.
5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “Lenders could see their way to dropping fixed rates back a little bit. There’s more scope for them to do that. ” More here: Falls in UK mortgage rates predicted as BoE signals dovish outlook 42m ago 03.
36 EDT Scoop: Twitter was just sued in a proposed class action for conducting a mass layoff without the required 60 day notice https://t. co/lMoxDMo7W1 — Josh Eidelson (@josheidelson) November 4, 2022 51m ago 03. 28 EDT BBC: Sizewell new nuclear plant and high speed Northern rail under review EDF’s Sizewell B nuclear power station in Sizewell, England.
Photograph: WPA/Getty Images The Sizewell C nuclear power plant in Suffolk is reportedly under review as the Government looks to cut spending to fill the UK’s fiscal ‘black hole’. The new reactor, located some 30 miles north-east of Ipswich, was expected to be built by energy firm EDF. Boris Johnson had promised £700 million of taxpayers’ money to the project in his final policy speech in early September as he sought to make energy security part of his legacy as prime minister.
But a Government official has now told the BBC: . css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “We are reviewing every major project – including Sizewell C.
” The 3. 2 gigawatt power station is planned to sit alongside the existing Sizewell B nuclear reactor on the Suffolk coast, and could generate electricity for 6m homes for up to 60 years. Who will fund Sizewell C nuclear plant and when will it be built? | explainer Read more Former PM Liz Truss’s pledge to build a major rail scheme in northern England in full could also be scaled back.
This high-speed link was expected to eventually connecting Northern towns and cities from Hull to Liverpool, through Bradford. But the plans for the rail line – known as Northern Powerhouse Rail – are now expected to be reduced. Business secretary Grant Shapps told the BBC: .
css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} The line itself can deliver a 33-minute journey from Manchester to Leeds, quadruple nearly the capacity of that line, and do so without having to wait an extra 20 years beyond the delivery of what the upgrade can do. “There wasn’t really much point in going and blasting new tunnels through the Pennines.
“It’s not true to say we’re not delivering on what we said we would do on levelling up the north. ” Here’s the full story: Sizewell new nuclear plant under review Updated at 03. 42 EDT 51m ago 03.
27 EDT Twitter Sued for Mass Layoffs by Musk Without Enough Notice Twitter is being sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform , Bloomberg reports. A class-action lawsuit was filed Thursday in San Francisco federal court, arguing that the company is violating federal and California law by not giving enough notice. Here’s the details : .
css-knbk2a{height:1em;width:1. 5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} The federal Worker Adjustment and Retraining Notification Act restricts large companies from mounting mass layoffs without at least 60 days of advance notice. The lawsuit asks the court to issue an order requiring Twitter to obey the WARN Act, and restricting the company from soliciting employees to sign documents that could give up their right to participate in litigation.
“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview. LATEST: Twitter has been sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform — half of its workforce — which workers say the company is doing without enough notice in violation of federal and California law https://t. co/ia3yarenjd — Bloomberg (@business) November 4, 2022 52m ago 03.
27 EDT Introduction: Twitter mass layoffs begin Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy. It’s a grim day for Twitter staff, as Elon Musk will begin mass layoffs just a week after acquiring the social media platform. The social network’s offices are temporarily closed, while staff wait to learn by email whether they’ve been retained, or fired.
Around half the company’s workforce could be laid off. Employees in Twitter just got an email from their bosses saying layoffs are coming tomorrow. Those who are staying will get a note tomorrow in their work email.
Those who are let go will get an email sent to their personal address. Slot machine-style layoffs. — Ben Collins (@oneunderscore__) November 4, 2022 “At Twitter’s offices, employees said tearful goodbyes, exchanged contact info and tried to make their documentation easily accessible for the staff who were to remain They wanted to ensure their colleagues could keep the site running in their absence” https://t.
co/f8aOxUeX0r — Hamza Shaban (@hshaban) November 4, 2022 The company said in an email to staff on Thursday. . css-knbk2a{height:1em;width:1.
5em;margin-right:3px;vertical-align:baseline;fill:#C70000;} “In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday. Musk already fired several top Twitter executives, including CEO Parag Agrawal, finance chief, Ned Segal, and legal affairs and policy chief, Vijaya Gadde. Having bought Twitter for $44bn, Musk is now trying to make the company profitable.
On Thursday, Musk directed Twitter’s teams to free up $1bn in annual infrastructure cost savings by slashing funding for cloud services and servers. He has floated a number of ideas to make profit at Twitter, including a plan to charge for “verified” badges, and creating an “everything app” that would combine several platforms into one. Elon Musk announces Twitter mass layoffs to begin Friday Read more Also coming up today Households and businesses are digesting the Bank of England’s warning that Britain faces its longest recession since the 1920s if interest rates soared as high as markets had predicted.
But the BoE also pushed back against those expectations yesterday, even as it announced its largest interest rate rise for three decades, to 3%. Bank of England warns of longest recession in 100 years as it raises rates to 3% Read more The latest US jobs report will be closedly watched, for any signs that America’s employment market is weakening. Economists predict around 200,000 new jobs were created in October, down from 263,000 in September.
A slowdown in hiring, and wage growth, could be a signal that the high inflation gripping the US economy might soon begin to ease. Photograph: Forex. com A court ruling could decide whether taxi firms outside London should be forced to pat VAT on their journeys, which could push up prices by 20%.
A ruling is expected to be handed down today after the ride-sharing app sued Sefton council in Merseyside over VAT terms for operators outside London. Taxi fares outside London could rise by a fifth if Uber wins court case Read more We also find out how many new cars were sold in the UK last month, and how building firms fared. The agenda 7am BST: German factory orders for September 9am GMT: UK car sales for October 9.
30am GMT: UK construction PMI report 12. 15pm: Bank of England chief economist Huw Pill holds a National Agency briefing on yesterday’s monetary policy report 12. 30pm GMT: US Non-Farm Payroll jobs report Topics Business Business live Economics Stock markets FTSE US unemployment and employment data Twitter Reuse this content.
From: theguardian
URL: https://www.theguardian.com/business/live/2022/nov/04/twitter-sued-layoffs-sizewell-nuclear-plant-uk-recession-us-jobs-business-live
