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British under 35s hit by jobs crisis

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Jobs crisis continues for UK hospitality workers.

Younger people in the UK are still bearing the brunt of the jobs crisis.

Industries such as hospitality have been hardest hit, according to new figures.

In the year to March, 811,000 payroll jobs were lost in the UK, with under-35s accounting for 80% of these cuts.

The data also showed the unemployment rate dipped to 4.9% in the three months to February – down from 5% previously.

This was despite most of the UK being under strict lockdown rules for at least some of the period.

The Office for National Statistics (ONS) said the jobs market “remains subdued”, with five million people employed but still on furlough.

Head of economics at the British Chambers of Commerce, Suren Thiru, said: ”Although the furlough scheme will limit the peak in job losses, the longer-term structural unemployment caused by Covid-19, particularly among young people, may mean that the road back to pre-pandemic levels lags behind the wider economic recovery.”

1.67 million people were unemployed between December and February.

According to the ONS, people aged under 35 accounted for 635,000 payroll jobs lost in the year to March, with 436,000 of those positions held by people under 25.

Gerwyn Davies, senior policy adviser at the Chartered Institute of Professional Development, said the number of young people in employment had fallen to a “post-pandemic low”.

“This reinforces the urgent case for apprenticeship incentives to be made more generous and targeted specifically at 18-24 year-olds. It also underlines the need to improve employers’ awareness of traineeships and the Kickstart [work placement] Scheme.”

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Meta responsible for a massive data leak

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Meta responsible for a massive data leak as Irish regulator imposes fine

Irish regulator, the Data Protection Commission, has fined Meta $275 million dollars for breaching rules to protect user data.

An investigation found Meta’s Facebook was guilty of allowing sensitive user data to be accessed from the platform. After being downloaded it was later uploaded into an online hacker forum.

Users throughout 2018 and 2019 were most at risk of their private personal data being accessed and shared.

Meta admitted tools it had created to allow people to find their friends using their phone numbers was to blame. The function was removed from the platform soon after the breach was discovered in 2019.

Worldwide, the investigation also found that data was scraped from 533 million Facebook users from 106 countries. This included over 32 million records pieces of information form users in the U.S. and 11 million in the UK.

Even though the data is three or more years old, it may still be of use to cybercriminals keen to impersonate people to procure credit cards, mobile phones and make other online purchases.

This is yet another example of social media platforms being unable to adequately protect their users by devising and implementing preventative pre-emptive security measures.

While governments attempt to hold social media platforms like Meta accountable for the content they allow on their platforms and their lax data security measures, it remains to be seen whether the platforms will actually pay the fines being imposed. Moreover, will the fines result in any genuine change?

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META scales back its New York office

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Social media giant Meta has opted to scale back its presence in New York, as the company tries to reduce costs through a slowing online ad market.

The company revealed it will be subleasing a small portion of its facilities at a commercial tower at Hudson Yards.

A statement from the company says:

“The past few years have brought new possibilities around the role of the office, and we are prioritising making focused, balanced investments to support our most strategic long-term priorities and lead the way in creating the workplace of the future.”

In October, Meta issued a weaker-than-expected forecast for the fourth quarter and indicated revenue will drop for the period.

As well, the company revealed it was laying off over 11,000 workers, taking steps to become a leaner and more efficient company.

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Crypto’s Kraken slashes 30 percent of workforce

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One of the world’s largest crypto exchanges, Kraken, is laying off about 30% of its headcount, more than a thousand people.

The company’s co-founder and CEO Jesse Powell says the cuts are being made “in order to adapt to current market conditions.”

Powell wrote in a blog post that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand.

Powell says:

“We had to grow fast, more than tripling our workforce in order to provide those clients with the quality and service they expect of us,”

“I remain extremely bullish on crypto and Kraken.”

Crypto exchanges have been buffeted by withdrawals and regulatory scrutiny after the implosion of FTX, which is now spreading to other crypto exchanges.

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