Shares of social media companies tumbled Friday after a slew of news in the sector that concerned investors, including a report that Elon Musk may cut almost 75% of Twitter’s workforce and Snap’s muted fourth-quarter outlook. Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee…
BERLIN (AP) — The German parliament on Friday cleared the way for the government to provide up to 200 billion euros ($195 billion) in subsidies to households and businesses to ease the strain of high energy prices, a plan that has been greeted with suspicion elsewhere in Europe. Lawmakers agreed to let a government economic…
LONDON (AP) — British government debt rose to the highest level in almost 60 years last month and retail sales slumped, underscoring the scale of the economic challenges facing whoever replaces Prime Minister Liz Truss after her administration imploded under the weight of its failed financial plan. Public borrowing rose to 98% of economic output…
TikTok’s algorithms are very good at finding videos to keep people glued to their phone screens for hours on end. What they are not so good at, a new report has found, is detecting ads that contain blatant misinformation about U.S. elections. That’s despite TikTok having banned all political advertisements from its platform in 2019….
Wall Street capped a volatile run for stocks with a broad rally Friday, contributing to sizable weekly gains for major indexes. The S&P 500 rose 2.4% and notched its biggest weekly gain since June. The Dow Jones Industrial Average rose 2.5% and the Nasdaq composite ended 2.3% higher. More than 90% of the stocks in…
OMAHA, Neb. (AP) — The major freight railroads appear unwilling to give track maintenance workers much more than they received in the initial contract they rejected last week, increasing the chances of a strike. The railroads took the unusual step of issuing a statement late Wednesday rejecting the Brotherhood of Maintenance of Way Employes Division…
SAN FRANCISCO (AP) — Elon Musk plans to lay off most of Twitter’s workforce if and when he becomes owner of the social media company, according to a report Thursday by The Washington Post. Musk has told prospective investors in his Twitter purchase that he plans to cut nearly 75% of Twitter’s employee base of…
DALLAS (AP) — The three biggest U.S. airlines enjoyed a boffo summer, reaping a combined profit of more than $2 billion as Americans jammed on to planes despite fares that were sharply higher than a year ago. What pandemic? American Airlines said Thursday that it earned $483 million on record-breaking revenue that more than offset…
OMAHA, Neb. (AP) — CSX Corp. delivered 15% more profit in the third quarter as it handled 2% more freight and worked to eliminate the delays shippers have been complaining about for months. The Jacksonville, Florida-based railroad said Thursday that it earned $1.11 billion, or 52 cents per share, in the three-month period that ended…
Sales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. The National Association of Realtors said Thursday that…
