Elon Musk hints at layoffs in first meeting with Twitter employees

Multi-billionaire Elon Musk has in a meeting with Twitter employees hinted at potential job cuts if his $44bn (£35.8bn) takeover bid for the social media company is successful. He also addressed topics like remote working, freedom of speech and potential extra-terrestrial life. Mr Musk was talking to staff for the first time since launching his bid for the firm in April. He has said he may quit the deal if he is not given data about fake accounts. On a wide-ranging video call with Twitter employees on Thursday, Mr Musk said layoffs at Twitter would depend on the company’s financial … Continue reading Elon Musk hints at layoffs in first meeting with Twitter employees

Cosmetics maker Revlon files for bankruptcy in US

Cosmetics maker Revlon has filed for bankruptcy in the US, as it says supply chain disruptions have driven up the cost of raw materials for its products. The 90-year-old firm says it has also been struggling with supplier payments, inflation and labour shortages. The company says it expects to receive $575m (£466.6m) from its existing lenders to support day-to-day operations. Its shares lost more than 13% in New York trading after the announcement. In a court filing, the company said that supply chain disruptions had prompted intense competition for the ingredients used in its cosmetics. It added that suppliers have … Continue reading Cosmetics maker Revlon files for bankruptcy in US

Yen falls as Bank of Japan defies rate hike trend

The yen has fallen sharply after Japan’s central bank kept its ultra-low interest rates on hold as policy makers around the world hike the cost of borrowing to tackle rising prices. The Bank of Japan (BOJ) also says it will continue its programme of buying huge amounts of government bonds. This week central banks in the US, UK and Switzerland have put up interest rates as they try to curb inflation. The moves come as consumers struggle with the rising cost of living. The BOJ held its target for short-term interest rates at minus 0.1% and said it expected to … Continue reading Yen falls as Bank of Japan defies rate hike trend

US makes biggest interest rate rise in almost 30 years

The US central bank has announced its biggest interest rate rise in nearly 30 years as it ramps up its fight to rein in soaring consumer prices. The Federal Reserve said it would increase its key interest rate by three quarters of a percentage point to a range of 1.5% to 1.75%. The rise, the third since March, comes after inflation in the US surged unexpectedly last month. More hikes are expected, adding to the uncertainty facing the economy. Forecasts released after the meeting showed officials expect the rate the Fed charges banks to borrow could reach 3.4% by the … Continue reading US makes biggest interest rate rise in almost 30 years

EU begins legal action against UK over Northern Ireland Protocol

The EU has begun legal proceedings against the UK after it published legislation that would override the parts of the Northern Ireland Protocol. Maros Sefcovic, vice-president of the European Commission, said the plan to tear up the agreement, which governs Northern Ireland’s post-Brexit trading arrangements, was illegal. The commission confirmed that Brussels will resume legal proceedings against the UK, which it suspended in September, for breaching the EU withdrawal treaty agreed in 2020. Mr Sefcovic said: “Let there be no doubt: there is no legal nor political justification whatsoever for unilaterally changing an international agreement. “This is illegal. The UK … Continue reading EU begins legal action against UK over Northern Ireland Protocol

Apple, MLS agree 10-year media rights deal

Major League Soccer and Apple TV announced a 10-year media rights agreement on Tuesday worth a reported $2.5 billion that will see every single MLS game broadcast from the 2023 season onwards. “Apple is the perfect partner to further accelerate the growth of MLS and deepen the connection between our clubs and their fans,” MLS Commissioner Don Garber said in a statement. The new agreement will see MLS games made available on Apple TV+ via an app. Season ticket-holders for MLS clubs will be able to access the app for free. “For the first time in the history of sports, … Continue reading Apple, MLS agree 10-year media rights deal

IPL media rights sold in record-breaking $6bn deal

The streaming and TV rights for the Indian Premier League – the world’s richest cricket competition – for the next five years have been sold for a record $6.02bn (£5.13bn). Viacom18, backed by Indian billionaire Mukesh Ambani, secured streaming rights until 2027 for $3.05bn (£2.53bn). Disney-owned Star India retained the TV contract for $3.05bn (£2.53bn). The two deals combined are more than double the $2.4bn Star paid for the previous five seasons of the IPL. The figures put the IPL among the highest-ranked sport leagues alongside the NFL in the US and the English Premier League in cost-per-match terms. The … Continue reading IPL media rights sold in record-breaking $6bn deal

US manufacturers pledge to address tampon shortage

Major tampon manufacturers in the United States have pledged to make more of the sanitary products to address shortages in the country. One firm said the pandemic had caused staff shortages at its plants. Social media users have been posting about their experiences as they struggle to find sanitary products. A Reddit user said they visited eight stores to find tampons with a cardboard applicator, before deciding to buy them online “at a noticeable mark-up”. It comes as the war in Ukraine is making the raw materials used in sanitary products more costly. The shortage is also adding to concerns … Continue reading US manufacturers pledge to address tampon shortage

South Korea lorry driver strike hits car and steel producers

Major South Korean businesses say they are being hit hard as a strike by thousands of lorry drivers across the country is in its seventh day. Car maker Hyundai and steel producer POSCO are among the firms that have been affected by the industrial action. It comes as the country’s exports fell by almost 13% in the first 10 days of the month from a year earlier. The truckers are demanding more pay and an extension to government subsidies as they face rising fuel costs. The strike has raised concerns that it could worsen global supply chain disruptions, caused by … Continue reading South Korea lorry driver strike hits car and steel producers

Stock markets slide over global economy concerns

Asian stock markets have fallen sharply as soaring prices in America triggered fears the Federal Reserve will take tougher action to rein in inflation. At the same time the US dollar strengthened to 135 Japanese yen for the first time in over two decades. It comes as official figures showed on Friday that US inflation hit a more than 40-year high last month. A warning about Covid-19 infections in Beijing also added to investor concerns about global economic growth. On Monday, Japan’s benchmark Nikkei index was 2.7% lower, while the Hang Seng in Hong Kong was down by 2.7%. The … Continue reading Stock markets slide over global economy concerns

Russia’s new version of McDonald’s unveils logo

The Russian fast food chain that was formerly McDonald’s in the country has revealed its new logo as it prepares to reopen its restaurants from Sunday. The new branding features a circle and two lines, which are said to represent a burger and two French fries. The company has not yet revealed the name of the chain, although a number of options have reportedly been considered. In May, McDonald’s said it would pull out of Russia over the Ukraine war. It comes as the Russian chain is scheduled to reopen 15 restaurants this weekend, according to Russian state-owned news agency … Continue reading Russia’s new version of McDonald’s unveils logo

KFC Australia forced to swap lettuce for cabbage

Fast food giant KFC has been forced to put cabbage in its burgers and wraps in Australia as the country is struggling with a shortage of lettuce. The firm told customers it is using a mixture of lettuce and cabbage after floods destroyed lettuce crops. It comes as shoppers in Australia have been hit with soaring prices for some fresh fruits and vegetables. Social media users have posted photos of lettuces costing over A$10 ($7.18; £5.72), three times the usual price. On its website KFC Australia said: “Due to the recent floods in NSW [New South Wales] and QLD [Queensland] … Continue reading KFC Australia forced to swap lettuce for cabbage