Meta shares jump after Reuters report on plans for layoffs of 20% or more
CNA
March 16 : Meta Platforms shares rose 3 per cent on Monday following a Reuters report that the social media giant plans to lay off 20 per cent or more of its workforce to offset heavy spending on artificial intelligence and bet on productivity gains from the technology.If Meta settles on the 20 per cent figur
March 16 : Meta Platforms shares rose 3 per cent on Monday following a Reuters report that the social media giant plans to lay off 20 per cent or more of its workforce to offset heavy spending on artificial intelligence and bet on productivity gains from the technology.
If Meta settles on the 20 per cent figure, the cuts will be the biggest since a late 2022 and early 2023 restructuring it dubbed the "year of efficiency", which eliminated around 21,000 jobs.
After falling behind in the AI race, Meta has spent heavily in recent years to catch up by building data centers and waging a talent war. It expects a capital outlay of up to $135 billion in 2026, roughly double of last year's spending.
The expenditure is meant to secure the cloud capacity needed to train and run AI models, and Meta will spend up to $27 billion for such services from Nebius under a deal on Monday.
Are China’s latest economic growth targets a sign of stabilisation or decline? Neither framing fits, says Enodo Economics’ Diana Choyleva.
March 15 : Asia-Pacific allies agreed to $57 billion in 22 deals with American companies during this weekend's Indo-Pacific Energy Security Forum in Tokyo, U.S. Interior Secretary Doug Burgum said on Sunday. In an interview on Fox News Channel's "Sunday Morning Futures," Burgum also said Japan is interested
Tesla CEO Elon Musk said on Saturday (Mar 14) that the company's Terafab project to make artificial intelligence chips will launch in seven days.Musk had said last year t
March 14 : ByteDance has put on hold the global launch of its latest video-generation model, Seedance 2.0, after a series of copyright disputes with major Hollywood studios and streaming platforms, The Information reported on Saturday, citing two people with direct knowledge of the situation.Reuters could not
March 14 : Tesla CEO Elon Musk said on Saturday that the company's Terafab project to make artificial intelligence chips will launch in seven days. Musk had said last year that Tesla probably will have to build "a gigantic chip fab" to make artificial intelligence chips. Tesla is designing its fifth-
TOKYO, March 14 : Japan's industry minister Ryosei Akazawa on Saturday asked Australia, Japan's biggest supplier of liquefied natural gas, to boost output in light of the Middle East crisis. Japan relies on the Middle East for around 11 per cent of its LNG imports, with 6 per cent shipped via the Strait of Ho
TOKYO, March 14 : Japan's biggest liquefied natural gas buyer, JERA, has started talks for potential additional purchases with global suppliers to hedge against Middle East supply worsening further, even as a major LNG exporter said the price spike was short-lived.Some 20 per cent of global LNG supply is offl
TOKYO, March 14 : Europe repaid Japan a favour when agreeing on a joint oil stockpile release this week to ease the supply crisis and price spikes caused by the Iran war, Japan's Industry Minister Ryosei Akazawa said on Saturday.The International Energy Agency on Wednesday agreed to release a record 400 milli
NEW YORK/SAN FRANCISCO, March 13 : Meta is planning sweeping layoffs that could affect 20 per cent or more of the company, three sources familiar with the matter told Reuters, as Meta seeks to offset costly artificial intelligence infrastructure bets and prepare for greater efficiency brought about by AI-assisted wo
Despite President Donald Trump’s blustering that America benefits when oil prices surge, crunch time is fast approaching for both the war and the energy market, says Javier Blas for Bloomberg Opinion.
BOSTON/LONDON, March 13 : Stocks rose on Friday after recent heavy selling, helped by lower oil prices, although uncertainty over the Iran war continues to disrupt energy supplies which is driving concerns over fuel inflation and interest rates.The price of oil fell below $100 per barrel, as an Indian tanker
March 13 : Adobe said on Friday it will pay $75 million to the U.S. government to resolve a lawsuit accusing the Photoshop and Acrobat maker of harming consumers by concealing hefty termination fees in its most popular subscription plan, and making it difficult to cancel subscriptions.The company said it will
TOKYO, March 13 : Tokyo Electric Power said on Friday it will likely delay the start of commercial operations at the Kashiwazaki-Kariwa nuclear power plant because of a minor electricity leak that will temporarily suspend power transmission.TEPCO said it had decided on the suspension from the plant's No. 6 re