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Meta tells staff it will cut 10% of jobs

Meta Platforms plans to cut 10% of workers, or roughly 8,000 employees, in an effort to boost efficiency and offset its heavy spending on artificial intelligence. The company disclosed the move in a memo sent to employees Thursday, saying the layoffs will come on May 20. Meta also won’t hire workers for 6,000 open roles that it had intended to fill.The job cuts come as Chief Executive Officer Mark Zuckerberg is spending aggressively on the talent and infrastructure needed to develop state-of-the-art artificial intelligence products, including large language models and chatbots. Meta already projected record capital expenditures this year, and has announced several multibillion-dollar deals with AI partners over the past few months. Employees have been encouraged to use AI agents internally to help with writing code and other tasks. Meta alluded to its AI spending in the memo, which was written by Janelle Gale, chief people officer. “We’re doing this as part of our continued effort to r...
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Trump says Iran won’t execute 8 women

from Economic Times https://ift.tt/UWp1HEj
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US markets fall as Middle East concerns offset earnings optimism

U.S. stocks closed lower on Tuesday, with early gains evaporating as renewed concerns about the Middle East war outweighed initial optimism over a round of solid corporate earnings. Iran could attend talks with the United States in Pakistan if Washington abandons its policy of pressure and threats, a senior Iranian official told Reuters, adding that Tehran rejects negotiations aimed at surrender. Equities extended declines late in the session after reports that U.S. Vice President JD Vance ‌had called off his ⁠trip to Pakistan ⁠for peace talks. Stocks have rallied in recent weeks on the belief that a peace deal could be on the horizon. "There's two things going on - what is the resolution going to be or the path going to be for Iran, but in the meantime if that wasn't there, you've got really good expectations for earnings coming in and the companies are pretty much reporting that way, and the economy is doing fine," said Thomas Martin, senior portfolio manager at...
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Bain Capital sole contender for Vitabiotics buy

Mumbai: Bain Capital has emerged as the frontrunner to acquire Vitabiotics, UK’s largest nutraceutical company, as the private equity firm looks to bet on growing demand for nutrition, vitamins, minerals, and wellness supplements since the pandemic.Two other contenders TPG Capital and EQT have opted out of the competitive bidding process, said people aware of the developments.Founded in 1971 by Kartar Lalvani, Vitabiotics claims to be UK’s largest multivitamin company. The business is currently led by his son, Tej Lalvani — also known for his role as an investor on BBC’s Dragon’s Den — who serves as chief executive officer.The NRI founders have been seeking a valuation of around £900 million ($1–1.2 billion) for the business spread across the UK, India, and China. However, the waning competitive interest is likely to impact the final price, the people said. The company also exports to 100 countries worldwide.Mails to Bain Capital and Vitabiotics did not generate a response.Vitabiotics’...
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ED arrests businessman, raids Kolkata top cop

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Nepal protests tax on Indian imports over ₹100

from Economic Times https://ift.tt/EUebj8X
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SGB turns Rs 1L investment into Rs 3.05L

from Economic Times https://ift.tt/fr2L8WF
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