Money

Meta to axe 10,000 more jobs in second round of cuts

Published

3 years ago

March 15, 2023

ticker NEWS

Meta Platforms announced Tuesday that it will axe 10,000 more jobs – its second round of mass layoffs – as the tech industry braces for a deep economic downturn.

The job cuts – which come after the company slashed 11,000 jobs in November – are part of a larger restructuring plan, as CEO Mark Zuckerberg declared last month that 2023 would be Meta’s “year of efficiency.”

The owner of Facebook and Instagram, which had been pouring billions of dollars into building the futuristic metaverse, has struggled with a slump in advertising.

“This is really Zuckerberg and Meta ripping the band-aid off, in terms of the cost structure,” Daniel Ives, Senior Equity Analyst at Wedbush Securities said.

“Clearly, they’ve seen headwinds, and it’s really a 180-degree turnaround in terms of what we saw from a year ago, where this company was spending money like 1980 rock stars.

“This metaverse strategy is really starting to reverse course as Zuckerberg is reading the room – that’s what Wall Street wants to see.”

In a message to staff, Zuckerberg called 2022 “a humbling wake-up call” and said while the latest job cuts would be announced in April and May, they could continue through the end of the year.

Worries of an economic downturn due to rising interest rates have sparked a series of mass job cuts across corporate America: from Wall Street banks such as Goldman Sachs and Morgan Stanley to fellow Big Tech firms Amazon and Microsoft.

Money

Dow hits record after U.S. military action in Venezuela

Dow Jones surged 600 points post-U.S. action in Venezuela, boosting energy stocks amid cautious gold futures rise.

Published

5 hours ago

January 6, 2026

Harvey Vargas

Dow Jones surged 600 points post-U.S. action in Venezuela, boosting energy stocks amid cautious gold futures rise.

The Dow Jones Industrial Average surged nearly 600 points to a record close following U.S. military action in Venezuela. Investors responded positively, signalling confidence that the geopolitical situation would not spiral out of control.

Stocks rallied alongside rising crude oil prices, with energy companies like Chevron and Exxon Mobil leading the gains. Analysts noted that oil infrastructure rebuilding in Venezuela could provide long-term benefits for the sector.

Despite the bullish market reaction, gold futures also rose, suggesting that some traders remain cautious amid global uncertainties.

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Money

Wall Street eyes further gains in 2026 as rate cuts fuel optimism

Wall Street enters 2026 optimistic as falling interest rates and strong earnings drive stock market expectations amid economic resilience.

Published

1 day ago

January 5, 2026

Harvey Vargas

Wall Street enters 2026 optimistic as falling interest rates and strong earnings drive stock market expectations amid economic resilience.

Wall Street is entering 2026 with renewed confidence as falling interest rates and robust corporate earnings lift expectations for continued stock market gains. Analysts say an easier monetary policy is providing fresh momentum for equities after several strong years.

The US economy has continued to show resilience, with businesses maintaining healthy balance sheets and earnings growth holding up despite global uncertainty. Lower borrowing costs and supportive fiscal settings are expected to further boost investor sentiment.

However, market watchers remain cautious, warning that optimism could fade quickly if economic data disappoints or inflation pressures return.

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Money

US captures Maduro, investors brace for market impacts

US captures Venezuela’s Maduro, marking significant geopolitical escalation and sparking mixed reactions from investors and economists

Published

2 days ago

January 4, 2026

ticker NEWS

US captures Venezuela’s Maduro, marking significant geopolitical escalation and sparking mixed reactions from investors and economists

In Short:
– The U.S. captured Venezuelan President Nicolas Maduro on January 3, 2026, amid geopolitical tensions.
– Experts predict varied market impacts, emphasising complexities in Venezuela’s oil sector recovery.

The United States has announced the capture of Venezuelan President Nicolas Maduro following a military strike on January 3, 2026.

The intervention marks a significant escalation in geopolitical tensions, with accusations against Maduro including drug trafficking and illegitimacy in power.

President Donald Trump confirmed the operation, stating Maduro and his wife were apprehended and removed from Venezuela.Washington’s direct military engagement in Latin America has been rare since the 1989 invasion of Panama. Trump indicated in a later press conference that the U.S. would oversee Venezuela’s governance, with Secretary of State Marco Rubio involved in planning the next steps.

Economic experts provided varied opinions on the situation.

Market Impact

Jamie Cox of Harris Financial Group stated market reactions will likely remain muted pending the outcome of an OPEC meeting.

Helima Croft from RBC Capital Markets highlighted the complexities of rebuilding Venezuela’s oil sector post-conflict.

Brian Jacobsen from Annex Wealth Management expressed that the campaign was expected and could significantly unlock oil reserves.

Marchel Alexandrovich noted that geopolitical risks are increasingly influencing market dynamics, while Tina Fordham warned about the potentially messy nature of change in Venezuela despite optimistic outlooks.