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According to the Wall Street Journal, Mr Zuckerberg informed hundreds of Meta executives of the plans on Tuesday. Mr. Zuckerberg stated that the company would prioritize high-growth areas such as artificial intelligence, advertising, and “our long-term vision for the metaverse.” Meta will also cut costs elsewhere by spending less on buildings and offices and increasing desk-sharing. He stated that affected Meta employees would receive an email soon and have the opportunity to ask questions. Employees in the United States will receive redundancy payments totaling 16 weeks’ pay plus one week for each year worked. Additional benefits will include the continuation…

Start-up of UK batteries Britishvolt may run out of funds and enter administration after the government rejected a £30 million funding advance. The company intends to construct a factory in Blyth, Northumberland, to manufacture batteries for electric vehicles. The government, which had pushed for the project, had committed £100 million to Britishvolt. According to reports, the firm wanted to withdraw nearly a third of the funding early, but the government refused. It has cast doubt on the £3.8 billion project, which has already been delayed several times. Britishvolt has struggled to find investors to help fund the construction of its…

A former governor of the Bank of England has warned that the UK faces a “more difficult” period of austerity than the one that followed the 2008 financial crisis in order to stabilize the economy. According to Lord Mervyn King, the average person could face “significantly higher taxes” to fund government spending. On October 31, Chancellor Jeremy Hunt will lay out his economic plans. He has already repealed nearly all of the tax cuts announced by Liz Truss. Mr. Hunt stated: “This administration will make the difficult decisions required to restore trust and confidence in our national finances. “That means…

The Indian government has penalized Google 13 billion rupees, which is equivalent to $161 million or £144 million, for abusing its Android platform to gain a dominant position in the market. The nation’s competition regulator has leveled accusations against the tech giant, saying that it has entered into “one-sided agreements” with smartphone manufacturers to ensure that its apps will remain dominant. It has given Google an order to “cease and desist” from engaging in these kinds of practices. As of yet, Google has not responded to the fine or the accusations. The Competition Commission of India (CCI) issued a statement…

The order for Meta to sell the Giphy platform for animated images was reissued by the competition watchdog in the United Kingdom. After going back and forth with the tech giant since its decision was first announced the previous year, the Competition and Markets Authority (CMA) said that this ruling was final. The CMA concluded that the takeover of the website that allows users to create gifs could be detrimental to advertising and social media users. A spokesperson for Meta stated that the company “accepted” the decision but that it was “disappointed.” The ruling marks the first time the United…

In connection with Elon Musk’s proposed acquisition of Twitter for $44 billion, the federal government is conducting an investigation. The information was revealed on Thursday as a result of a court filing that discussed the most recent development in an ongoing legal dispute between the billionaire and the social network. Although the filing stated that he was the subject of an investigation, it did not specify what aspect of the investigation was being looked into. In the legal document, the company stated that “this game of ‘hide the ball’ must come to an end.” A request for comment was sent…

Microsoft, the owner of Xbox, has responded to claims that its plan to buy the company that makes Call of Duty may have an unfair impact on its competitors, including Sony, the owner of PlayStation. Microsoft has expressed interest in purchasing Activision Blizzard for a total price of $68.7 billion, which is equivalent to £59.2 billion. According to the UK watchdog investigating the plan, Microsoft may be able to “out-compete” its competitors by using Activision games. Microsoft stated that it remained optimistic that the transaction would be finalized by June 2023. The authorities in charge of regulating competition in Saudi…

Look no further than Beijing’s taxi fleets to see how governments may foster the emergence of innovative technology. The city announced plans to prohibit the use of fossil fuel-powered taxis five years ago. Thousands of autos now run on batteries instead. Drivers of these electric cars (EVs) also don’t have to waste time waiting at charging facilities. Many electric taxis in Beijing and dozens of other Chinese cities simply drive to a battery-swapping facility, where a machine removes the depleted battery and replaces it with a charged one in minutes. “They want to drive out there and get some money,…

The United Kingdom has opened a new licensing round for companies interested in exploring for oil and gas in the North Sea. Nearly 900 locations are available for exploration, with up to 100 licenses to be awarded. The decision contradicts the views of international climate scientists who believe that fossil fuel projects should be closed down rather than expanded. They argue that no new projects can be undertaken if global temperature rises are to be kept below 1.5 degrees Celsius. The International Energy Agency (IEA) and the Intergovernmental Panel on Climate Change (IPCC), both global bodies for climate science, have…

Jobs growth in the United States has slowed for the second month in a row, indicating that the world’s largest economy’s labor market may be cooling. Employers in the United States added 263,000 new jobs in September, the fewest since April 2021. Despite the lower figure, analysts believe the US Federal Reserve will need to do more to slow the economy if it is to keep rapidly rising prices in check. The dollar rose after the report because investors expect interest rates to rise further. The pound fell to $1.11, having been above $1.12 before the employment figures were released.…