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Meta offers employee benefits following mass layoffs

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Meta is taking steps to boost employee morale in the wake of mass layoffs.

The tech giant has introduced a range of perks, including branded T-shirts, happy hours, and office snacks, to help soothe the concerns of its remaining workforce.

In a recent restructuring move, Meta let go of a significant number of employees as part of its efforts to pivot towards the metaverse and other emerging technologies. The layoffs left many employees feeling uncertain about their future with the company.

To address these concerns, Meta has rolled out several initiatives aimed at providing a more positive work environment. Employees will receive branded T-shirts, featuring the company’s iconic logo, as a gesture of solidarity. The T-shirts serve as a reminder of their connection to the Meta brand and its mission.

In addition to the T-shirts, Meta is also organising regular happy hours, allowing employees to unwind and socialise with colleagues. These events aim to foster a sense of community and camaraderie within the company, despite the recent layoffs.

Furthermore, the company is enhancing its office snacks program, providing a variety of free snacks and beverages to employees. This move aims to make the workplace more comfortable and enjoyable, helping employees feel valued and supported.

While these perks may not fully offset the impact of the layoffs, Meta hopes they will help boost employee morale and engagement during this period of transition.

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Australian Treasurer and RBA chief clash over economy

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A rare dispute has emerged between Australia’s Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock over the nation’s economic trajectory.

Governor Bullock argues the economy remains overheated, even as growth data shows recent slowdowns.

Treasurer Chalmers, however, warns that sustained high interest rates are “smashing the economy.”

This debate is critical for Australians, as it will influence the future of interest rates and inflation.

Data shows a mixed economic picture: while inflation is down, it’s still above target, and the jobs market remains historically strong.

Ultimately, deciding who’s right may come down to theory and perspective on economic health.

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Central bank expected to ease interest rates as election nears

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The Federal Reserve is expected to cut interest rates again this week, a move aimed at cooling inflation.

This quarter-point rate cut would bring the benchmark rate to about 4.6%, the second reduction this year.

Analysts expect that additional cuts could come in December, which would benefit borrowers by reducing loan costs.

If Trump were to win the election, economists say his proposals on trade and immigration could reignite inflation.

The Fed is balancing a strong economy and low unemployment with its inflation-calibrated rate cuts.

As Election Day approaches, all eyes are on both the Fed and the presidential race.

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Big Tech pushes AI investments

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Tech giants like Microsoft and Meta are accelerating AI data center spending, with massive capital pouring into these projects.

Microsoft and Meta reported on Wednesday that AI investments are spiking their expenses, while Alphabet announced similar trends.

Amazon, due to report earnings shortly, is expected to mirror these projections, foreseeing further pressure on profit margins.

Wall Street is getting wary of the financial strain, as each company’s stock took a hit this week despite strong quarterly numbers.

Shares of Meta fell over 3%, and Microsoft saw a 6% drop, underscoring Wall Street’s jitters.

“It’s expensive to keep up with AI technology demands,” says GlobalData’s Beatriz Valle, emphasising a competitive race in AI capacity.

The high-stakes investments are starting to test investor patience in Big Tech’s ambitious AI journey.

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