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Business
Meta is laying off 8,000 workers, about 10 per cent of its workforce, to enhance efficiency and focus on artificial intelligence investments. Concurrently, Microsoft is offering voluntary buyouts to approximately 8,750 employees, marking a significant shift for the company amid industry-wide cost adjustments.
Oil prices surged above $106 per barrel amid escalating US-Iran tensions in the Strait of Hormuz, following reciprocal vessel seizures. The increase represents a nearly 5% rise since late Wednesday, reflecting concerns over shipping disruptions in a key global energy transit route.
US liquefied natural gas exporters are poised to gain as markets plummet amid the Iran war: Markets are plummeting as the conflict escalates – but not every industry is affected.
The London business paper CITY AM leads with a revealed rich list of Met Police personnel. Elsewhere, Chancellor Jeremy Hunt has confirmed the Tories will back the pensions triple lock – a key policy for the party.
China is the focus in the Financial Times, which leads with reports the US and Japan are planning to bolster their security alliance in a bid to counter what they view as a growing threat from Beijing. A striking image of Moscow’s destroyed Crocus City Hall venue following Friday’s attack also features prominently.
According to the beneficiary, Rolls-Royce, Aukus funding will help create more than 1,000 new jobs in Derby. The project will see the construction of new office space as well as manufacturing facilities.
Spirit Aerosystems holds a significant presence in Northern Ireland, particularly in the production of wings for the Airbus A220. It stands as one of Northern Ireland’s foremost manufacturing entities, boasting a workforce exceeding 3,000 employees.
Reddit said on Wednesday that it had priced its shares at $34 each, a figure near the top end of the marketed range. By the end of Thursday’s trading session, the stock had climbed to $50.44, thereby valuing the firm at over $9 billion (£7.1 billion).
The United States has filed a groundbreaking lawsuit against Apple, accusing the tech giant of monopolising the smartphone market and stifling competition. The lawsuit, filed by the Justice Department, says that Apple exploited its dominance over the iPhone app store to lock in both customers and developers.
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