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200,000 people at risk of losing their jobs in Moscow

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We’ve seen countless Western companies withdraw their services from Russia and now Muscovites are paying the price

Hundreds of thousands of jobs are expected to be lost in Moscow alone.

The city’s mayor Sergey Sobyanin says this number could reach 200,000 with authorities setting aside 41 million dollars to support those at risk of losing their job.

A large number of Western companies have left Russia or suspended operations since the country invaded Ukraine at the end of Feburary.

This has impacted a variety of industries from food to tech and even energy.

One of the largest businesses to pull out is McDonald’s they had over 800 stores mostly owned by the company itself.

McDonalds employs around 62,000 people in Russia and have assured that they will continue to pay their workers for some time.

IKEA, which also has stores right across Russia with around 15,000 workers have promised to pay three months worth of salary to its employees.

Once these companies are no longer able to support their workers or for those left behind Sobyanin says the Russian government will step in.

The assistance plan will support those employed by foreign companies providing training, employment in temporary and public works and incentives for organisations and firms to hire these workers.

This all comes as Russia is on the brink of an economic crisis with inflation soaring and predictions of a deep recession to come.

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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New York Stock Exchange in free fall

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Human error sends the New York Stock Exchange tumbling

We’ve all made mistakes at the office from time to time, but spare a thought for one worker who may have single-handedly brought down the New York Stock Exchange with just one tiny error.

The mistake of one employee has wiped billions of dollars off the charts for some of the globe’s largest companies.

The individual reportedly triggered wild swings and volatility on the New York Stock Exchange.

A number of big brand names were caught up in the catastrophe. It included McDonald’s, Walmart, and Mobil.

The NYSE eventually came clean. Officials admitted the“root cause” of the screw-up was a “manual error” from a staff member in the backup data centre.

The employee accidentally left the system running.

That’s why some stocks behaved as if trading had already started, with no opening prices being set, sending the market into a meltdown. #trending #featured

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Toyota announce Koji Sato as new CEO

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He’s the grandson of the founder, and a true titan of the industry.

 
But the question of who should replace Akio Toyoda at the top of Toyota had become a growing concern.

Now we have the answer.

The auto giant has announce its veteran boss would step down as chief executive, and become chairman.

Toyoda said he would be succeeded by chief branding officer Koji Sato from the start of April.

Sato says he loves making cars, and hopes to propel the company further down the Electric Vehicle path over the coming years. #Toyota

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Taylor Swift ticketing fiasco enters the U.S. Senate

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Live Nation is in the firing line over its inability to stop scalper bots from purchasing Taylor Swift tickets

U.S. Senators have grilled the boss of Live Nation over the lack of transparency relating to concert tickets for Taylor Swift’s upcoming tour.

The entertainment company, which owns Ticketmaster is under fire after bots purchased tickets for Swift’s ‘Era Tour’ last year, in an attempt to resell them for a higher price.

Joe Berchtold is the chief financial officer of Live Nation, who apologised to the U.S. Senate Judiciary Committee hearing.

“We apologise to the fans, we apologise to Ms. Swift, we need to do better and we will do better.”

Senators criticised Live Nation’s fee structure and inability to deal with bots, which bulk buy tickets and resell them at inflated prices.

“There isn’t transparency when no one knows who sets the fees,” Democratic Senator Amy Klobuchar said.

Meanwhile, Republican Senator Marsha Blackburn called Live Nation’s bot problem “unbelievable”.

Ticketmaster reportedly occupies more than 70 per cent market share of primary ticket services for major U.S. concert venues.

“You ought to be able to get some good advice from people and figure it out,” Ms Blackburn said.

Ticketmaster cancelled sales of Swift’s tour to the public because of the “high demand”.

The entertainment giant reportedly sold over 2 million tickets, which is enough to fill 900 stadiums.

Taylor Swift said the situation was difficult, and called for accountability for music promoters.

“It’s really difficult for me to trust an outside entity with these relationships and loyalties, and excruciating for me to just watch mistakes happen with no recourse.

“I’m not going to make excuses for anyone because we asked them, multiple times, if they could handle this kind of demand and we were assured they could,” she said.

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