Facebook Parent Meta Platforms Inc. Is Cutting Jobs For These Reasons

Meta Platforms Inc. follows Twitter in job cuts. The Facebook parent company initiated work on widespread job cuts on Wednesday. According to insiders, Mark Zuckerberg took the drastic step after disappointing earnings and a sharp drop in revenue.

HIGHLIGHTS

• Meta job announces job cuts for the first time after its inception in 2004
• About 10% of Meta employees are expected to be affected by the job cuts
• Mark Zuckerberg had already updated his team about the job cuts in September

What Are The Reasons Given For Job Cuts By Meta Platforms Inc.?

When Mark Zuckerberg warned employees in late September about his intentions to slash expenses by restructuring teams, the company was already reeling struggling to improve its revenue from digital advertising. The fear of economic recession also forced Mark Zuckerberg to take this drastic step. Insiders also say that Zuckerberg needs more funding for his speculative virtual-reality push called the Metaverse.

How Did The Job Cut Start In Meta Platforms Inc.?

Job Cut Start In Meta Platforms Inc.

The Menlo Park, California-based company implemented a hiring freeze saying that the CEO Mark Zuckerberg wants a smaller team in 2023. On Tuesday, Zuckerberg told the executives to prepare for job cuts. The Wall Street Journal reported Mark Zuckerberg said that he was accountable for the company’s missteps during the executive call.

What Did Mark Zuckerberg Say To Executives?

He said that the company basically grew quickly every year for the first 18 years, and then more recently their revenue had been flat to slightly down for the first time. So they had to adjust. Meta Platforms Inc. owns Instagram and Whatsapp as well and employs more than 87,000 people as of September.

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Donald Trump Is Going To Announce His Re-Election Bid In The Coming Days

Former President Donald Trump said that he was going to make a big announcement in the coming days. It is to be noted that Trump had never come to terms with his lost re-election bid in 2020. Also, he was giving hints of re-entering the fray in the upcoming 2024 presidential elections.

HIGHLIGHTS

• Donald Trump hinted he could fight the 2024 presidential elections
• He lost the re-election bid in 2020
• The Republican was the closest to confirming his re-election bid in the 2024 elections

What Announcement Did Donald Trump Make On Monday?

Donald Trump Is Going To Announce His Re-Election

Donald Trump said that he would make a big announcement about his decision to re-enter the race for the White House in 2024 in the coming days. Trump lost his re-election bid in 2020 but it didn’t deter him from re-entering the fray in the next presidential elections.

Trump made the statement about his re-election during a meeting in Ohio on the eve of US polls in Ohio. These polls will determine the control of Congress. He told a cheering crowd that he wasn’t detracted from the very important election in 2024. He further said that he would make a very big announcement on Tuesday, November 15 at Mar-a-Lago in Palm Beach, Florida.

The Republican was closest during the last elections and he is ready to re-enter the fray to the top post in the US administration. He never accepted his defeat in the 2020 presidential elections.

Source:- https://bit.ly/3UjT9S6

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Twitter Loses Its CEO Parag Agarwal As Elon Musk Takes Control

Twitter Chief Elon Musk announced changes in the top position of the company soon after taking charge. Twitter’s chief executive Parag Agarwal and chief financial officer and its head of legal policy, trust, and safety were sacked on Musk’s orders.

HIGHLIGHTS

• Elon Musk sacked officials of Twitter on Tuesday
• Musk said Twitter won’t be free-for-all hellspace
• Former US president Donald Trump could return to Twitter

How Did Elon Musk Close Twitter Deal?

Elon Musk chose to close the deal hours before the court-appointed deadline for him to seal the on-again, off-again Twitter deal. Musk sent a tweet to all saying that he bought the social media network “because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner.”

What Were Musk’s Initial Orders As Twitter Chief?

Twitter Loses Its CEO Parag Agarwal As Elon Musk Takes Control

As soon as Musk took control of the social media network, he sacked two of the top-ranking employees including CEO Parag Agarwal. But some employees have already left the company. And those who have remained want to give Elon Musk the benefit of doubt. Parag Agarwal is exploring legal options to make Musk respect the terms of the takeover deal.

Why Did Elon Musk Say Twitter Won’t Be Free-For-All?

Activists fear that Twitter will see a surge in harassment and misinformation as Elon Musk is himself known for trolling other users. But Musk is determined to his idea of Twitter “cannot become a free-for-all hellscape where anything can be said with no consequences.”

It is to be noted that former US president Donald Trump was blocked due to … Read the rest

British Prime Minister Rishi Sunak Said This On His Diwali Reception

The first Indian-origin prime minister of Britain, Rishi Sunak, vowed to build a Britain where their children and grandchildren could light their diyas on the Diwali reception at his official residence, 10 Downing Street.

HIGHLIGHTS

• Rishi Sunak attends his first Diwali reception after becoming the prime minister
• He had an audience with King Charles III before taking charge as the prime minister
• He extended his Diwali greetings to all the British citizens

What Did Rishi Sunak Wish On Diwali Eve?

Brilliant to drop into tonight’s Diwali reception in No10 tweeted Mr. Sunak with a picture of himself at the reception. He further said that he would do everything he could to build a Britain where their children and grandchildren could light their diyas and look at the future with hope.

British Prime Minister Rishi Sunak Said This On His Diwali Reception

Before the reception, Mr. Sunak had an audience with King Charles III a day after he was elected the new leader of the Conservative Party. It was a historic election of an Indian-origin Conservative leader to the top post of the United Kingdom. Rishi Sunak appeared as the most favorable leader after Liz Truss failed to win the trust of the parliament.

How Was The Rise Of Mr. Sunak To The Top Post?

The 42-year-old devout Hindu started his career as an investment banker before joining politics. Rishi Sunak is the first Indian-origin and the youngest prime minister, Britain has elected in its history of 210 years.

Source:- https://bit.ly/3DC3aUJ

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The First Controversy Of The First British-Indian Prime Minister Rishi Sunak

Rishi Sunak’s inclusion of Suella Braverman in his team didn’t go well with his party leaders. She was made the Secretary of State for the Home Department despite knowing that she had to step down from her earlier post in the Lizz Truss government due to a technical breach of government rules.

HIGHLIGHTS

• Suella Braverman is an outspoken critic of Liz Truss’s economic policies
• She supported deporting of illegal migrants to Rwanda
• She came out in open support of Rish Sunak during the run-up to his election

Who Is Suella Braverman?

Suella Braverman’s father is a businessman from Goa and her mother is a Tamil woman. She held the portfolio of the Attorney General in the cabinet of former Prime Minister Boris Johnson and became the Home Secretary in the Liz Truss cabinet. But she had to resign from her post due to a technical glitch.

She had to step down from her post last week after she was alleged to have broken the ministerial code. In her resignation letter, she criticized Liz Truss by saying that Truss had broken key pledges promised to voters.

Suella Braverman

Why Is Rishi Sunak Criticized For Including Suella Braverman In His Cabinet?

The official Twitter handle of the Prime Minister drew negative comments after the news of her appointment was broken. People questioned the Conservative Party’s move to reappoint a leader who had admitted to a security breach. Others questioned her support for policies, especially on migration control.

This PM’s no better than the last two tweeted Labour MP, Chris Bryant. Appointing Suella Braverman as the Home secretary just days after she was sacked for a security … Read the rest

What Was The Darkness Joe Biden Cautioned About During His Diwali Speech?

US President Joe Biden mentioned Rishi Sunak’s election as the prime minister of the United Kingdom during his Diwali speech at the White House. He said that Rishi Sunak’s elevation as the prime minister was “pretty astounding” and a “ground-breaking milestone”.

HIGHLIGHTS

• Joe Biden has the most diverse administration with Indian origin Kamala Harris as his deputy
• The president thanked the Indian community for making Diwali a part of the American culture
• He also cautioned the Americans about the darkness that was “always lurking”

Official White House Diwali Reception

During the reception, Joe Biden said that Americans were honored to light the diya surrounded by members of the most diverse administration in the history of America. It is to be noted that Joe Biden created history in 2020 by making Indian-origin Kamala Harris Vice president. She is the first Black American and South Asian American to reach this post.

Joe Biden Cautioned About During His Diwali Speech

Diwali In American Culture

Joe Biden thanked Indian Americans for making Diwali a part of the American culture. He said that the Indian community across the country contributed to every part of American life by opening homes and hearts and exchanging gifts and sweets and organizing cultural programs that bring people together.

In a White House statement earlier, Biden wished a happy Diwali to all Hindus, Jains, Sikhs, and Buddhists celebrating the festival of light in the US, India, and around the world.

Asians In American Administration

Joe Biden said that he had more Asian Americans in his dispensation than ever. He also thanked the community for their contribution. “It’s a simple message. Thank you, thank you, thank you, thank you,” said the … Read the rest

Twitter Will Reduce Its strength By 75% Ahead Of Elon Musk’s Deal

Twitter Inc will see a mass layoff of nearly 75% of 7,500 workers according to the Washington Post report. The report said that Tesla Chief Elon Musk updated the prospective investors in his deal to buy the social media company about his plans to cut short the company’s employees.

HIGHLIGHTS

• Elon Musk plans to fire 75% of Twitter employees
• Twitter human resources staff denied any mass layoffs
• The Washington Post reported job cut was planned much before Elon Musk’s deal

What Was The Washington Post Report About Twitter?

According to The Washington Post report, Twitter planned to pare its payroll by about $800 million by the end of next year. And this number shows the departure of nearly a quarter of the workforce. But the human resources staff of the company has assured the employees that the company wasn’t planning for mass layoffs.

Elon Musk Say About The Twitter Deal

The Washington Post report mentioned the documents that show job cut plans were already in place before Elon Musk offered the deal. According to the report, the social media company wanted to reduce staff to cut down on infrastructure costs. Reuters requested Twitter for a comment on the report but Twitter didn’t respond.

What Is The Status Of The Twitter Deal?

Elon Musk tried to walk away from the deal alleging Twitter understated the number of bots and spam accounts on the social media platform. It started a series of lawsuits between the two parties. Finally, Elon Musk reversed the course and decided to go ahead with the deal.

Source:- https://bit.ly/3gtbXPP

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UK Visa For Indians In 15-Day Period Announce The UK High Commissioner

The British High Commissioner to India, Alex Ellis, made an important announcement regarding Indian visa applications today. Mr. Ellis said that the United Kingdom was on track to get back to processing Indian visas within its standard 15-day period.

HIGHLIGHTS

• Indian visa applications will be processed within a 15-day working period
• Applicants can apply three months in advance for quick processing
• The demand for a student visa was 89% up on last year

What Did Mr. Ellis Say About Indian Visa Applications?

UK High Commissioner

Mr. Ellis started a video message with Namaste and gave quick updates on visas. He said that the surge in demand for travel from India to the UK combined with the effects of COVID-19 and the Russian invasion of Ukraine threw their 15-day working standard off the track.

The High Commissioner further underscored that they were then “getting back on track” and dealt with a great surge in demand for student visas, which was 89% up on the last year.

The UK was turning right off skilled worker visas very fast. They were focusing on visitor visas to get them back within 15 days. They were doing that through a collective effort of their teams in Delhi, in the UK, and all over the world, said Mr. Ellis.

In the conclusion, … Read the rest

Liz Truss Said She Went Too Far Too Fast On Economic Reforms

Liz Truss choose to apologize for going “too far too fast” on reforms that triggered economic turmoil for Britain and led to over 100 Tory MPs expressing no confidence in the Truss government. But her apologies failed to calm the dissatisfaction.

HIGHLIGHTS

• Liz Truss withdrew the tax cuts unveiled last month
• Jeremy Hunt is made the new finance chief replacing Kwasi Kwarteng
• The opposition Labor Party held the ruling Tory Party for the chaos

What Did Liz Truss Say In Her Defense?

An embattled Truss appeared defensive while offering her apologies for the quick economic decisions her government took to contain the economic situation of the country.

She told the BBC that she wanted to accept responsibility and say sorry for the mistakes that had been made. She accepted that her government went too far and too fast on the economic reforms. She further maintained that she was committed to delivering for the country.

What Were Those Economic Reforms?

Liz Truss Said Economic Reforms

Jeremy Hunt was brought in to undo the economic reforms started by sacked finance chief Kwasi Kwarteng. And Hunt scrapped the plans to reduce the lowest income tax. He even curbed the government’s flagship energy price freeze till April after which the government will review the energy support package. Hunt also met the governor of the Bank of England, Andrew Bailey, and the head of the Debt Management Office for talks over tax reforms.

What Do Experts Call The New Economic Reforms?

The tax-slashing platform on which Liz Truss was elected Tory leader on Monday is called Trussonomics by analysts. Laura Suter, head of personal finance at stockbroker AJ Bell, said that Monday’s … Read the rest

Liz Truss Is Facing A No Confidence Motion For This Reason

Conservative Party is facing discontent from hundreds of its members of parliament (MPs) who want to oust Liz Truss due to her failure on several fronts, especially economic. They have submitted letters of no confidence in Truss to Graham Brady, the head of the Conservative Party’s committee which organizes the leadership contest.

HIGHLIGHTS

• Liz Truss is facing no-confidence motion from her party’s MPs
• Conservative Party wants to allow Truss to present the budget on October 31
• Removing Truss could trigger general elections

What Is The No Confidence Motion Against Liz Truss?

No Confidence Motion Against Liz Truss

According to Daily Mail, Liz Truss has lost the confidence of Conservative Party lawmakers that have approached Graham Brady with their letters of no confidence in Truss. They want Brady to tell Truss that “her time is up” or to allow an immediate vote of no confidence in her leadership. And they aren’t averse to changing the political party rules to achieve the objective.

How Is Conservative Party Dealing With The Situation?

The situation is getting more problematic despite warnings that a change of guard at this moment could trigger a general election. Graham Brady is resisting the move by putting the argument that the Liz Truss government including the newly appointed Chancellor Jeremy Hunt should be given an opportunity to set out economic strategy in a budget on 31 October.

Britain is engulfed in a political crisis since it voted out of the European Union in 2016. The country has lost three prime ministers since then. Liz Truss who won the Conservative Party leadership on the promise of slashing taxes last month is alleged to have ditched key parts of the programme.

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