cuts

UK finance minister announces tax hikes and spending cuts, says country is in recession

UK finance minister announces tax hikes and spending cuts, says country is in recession

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Finance Minister Jeremy Hunt, in his much-awaited inaugural autumn statement, unveiled a sweeping £55bn ($66bn) fiscal plan. Anadolu Agency | Anadolu Agency | Getty Images LONDON — The British government unveiled a sweeping £55 billion ($66 billion) budget plan on Thursday as it seeks to plug a gaping hole in public finances and restore Britain’s …

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Daily Crunch: Nigerian startup that stored 'day-to-day operating budget' on FTX announces staff cuts

Daily Crunch: Nigerian startup that stored ‘day-to-day operating budget’ on FTX announces staff cuts

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For a preview of the biggest and most important stories from TechCrunch delivered to your inbox every day at 3:00 PM PDT, subscribe here. Hello and welcome to the start of another week. As mentioned last Friday, It came is out of scuba diving, leaving the rest of us to pick up the Twitter and …

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Musk says he has ‘too much to do’ amid reports of more Twitter job cuts

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Elon Musk said he had “too much work on my plate” as it was reported that Twitter had laid off more than 4,000 contractors working in areas such as content moderation and engineering. Tesla’s chief executive and new owner of the social media platform told the B20 CEO conference in Bali that “my workload has …

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Sunak says higher taxes and spending cuts are needed to satisfy the markets

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The Prime Minister and Chancellor tried to set the stage for a somber autumn statement, saying everyone should expect higher taxes and saying financial markets were expecting deep cuts in government spending . Speaking en route to the G20 in Bali, Rishi Sunak told reporters the reason financial markets were no longer in turmoil was …

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Disney plans targeted hiring freeze and job cuts, says memo from CEO Bob Chapek

Disney plans targeted hiring freeze and job cuts, says memo from CEO Bob Chapek

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disney plans to institute a targeted hiring freeze as well as job cuts, according to an internal memo sent to executives. “We are limiting headcount additions through a targeted hiring freeze,” CEO Bob Chapek said in a memo to division heads sent Friday and obtained by CNBC. “Hiring for the small subset of the most …

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Canceled sailings from China and 'drastic' ship cuts affect US ability to reach export market

Canceled sailings from China and ‘drastic’ ship cuts affect US ability to reach export market

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Shipping containers at a container terminal at the Port of Long Beach-Port of Los Angeles complex in Los Angeles, California on April 7, 2021. Lucy Nicholson | Reuters An increase in whites. or canceled departures, from Asia to the United States, are hitting some of the largest national ports hard, including the Port of Long …

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More Late Valuation Cuts Loom as Startups Miss Revenue Targets | PitchBook

More Late Valuation Cuts Loom as Startups Miss Revenue Targets | PitchBook

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When Instacart lowered its internal valuation from $39 billion to $24 billion in March, many in the VC ecosystem wondered if other startups would follow in the grocery delivery specialist’s footsteps. Several months later, Stripe, one of the largest and most watched venture capital-backed companies, made a similar decision. The fintech specialist reduced the value …

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Morning Coffee: 'We've overhired for the world we find ourselves in: 'Welcome to the age of cuts. Goldman's partners quietly leave the room

Morning Coffee: ‘We’ve overhired for the world we find ourselves in: ‘Welcome to the age of cuts. Goldman’s partners quietly leave the room

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It’s an easy mistake to make. You have a good year, maybe two, and in a fatal coupling of light-hearted optimism and unfettered naivety, you assume that’s how the world is now. Except it’s not, and it was just an interlude before reality was restored. This is the situation in which Stripe, the fintech for …

Morning Coffee: ‘We’ve overhired for the world we find ourselves in: ‘Welcome to the age of cuts. Goldman’s partners quietly leave the room Read More »

Toyota cuts production target amid chip slump as profits fall 25%

Toyota cuts production target amid chip slump as profits fall 25%

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Q2 profit of 562.7 yen mv vs. 772.2 yen mth forecast Reduced production target for the year to 9.2 million units from 9.7 million It’s unclear when the chip shortage will end – executive Results ‘very unimpressive’ given positive factors – analyst Shares end down 1.9%, benchmark Nikkei up 0.3% TOKYO, Nov 1 (Reuters) – …

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54gene's valuation has been reduced by more than $100 million due to job cuts and the departure of the CEO

54gene’s valuation has been reduced by more than $100 million due to job cuts and the departure of the CEO

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It’s been a strange two months for African genomics startup 54gene. In August, he laid off 95 employees, mostly contract staff (in labs and commercial departments) hired to work in 54gene’s COVID business line launched in 2020. In September, the co-founder and vice president of Ogochukwu engineering Francis Osifo left the company. And this week, …

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