Posts by Rolling Stone British
Disney World Closes Its Newly Launched ‘Star Wars Hotel’ Amid Cost Cuts and Layoffs
Disney World is closing down its Star Wars-themed luxury hotel two years after it opened the much touted property offering immersive space experience. The Star Wars hotel, which offers ‘galactic starcruise’ and a sci-fi inspired star wars experience, was opened at Disney World in Orlando in March 2022. Walt Disney Co. said on Thursday the…
Read MoreLinkedIn Lays off More Than 700 Employees and Shuts Down InCareer App in China
Microsoft-owned LinkedIn has laid off 716 employees, as the company makes changes to its Global Business Organisation (GBO), along with shutting down its InCareer app in China. The company’s CEO Ryan Roslansky said in an email to employees that the move was aimed at streamlining the company’s operations. “As we guide LinkedIn through this rapidly…
Read MoreSEC Probes Top First Republic Executives Who Sold Millions Worth O=of Shares Before Crash – Report
The US regulators have launched a probe into the executives of First Republic Bank following the crisis-hit bank’s takeover by JPMorgan. The Securities and Exchange Commission is investigating if executives of First Republic improperly traded on inside information, Bloomberg News reported, citing sources. JPMorgan Chase entered into a deal to buy the San Francisco bank…
Read MoreSubway Comes Up With Debt Plan to Clinch $10 Billion-Plus Sale – Report
The bankers running the sale process for Subway have given the private equity firms vying for the sandwich chain a $5 billion acquisition financing plan, hoping to overcome a challenging environment for leveraged buyouts and fetch the company’s asking price of more than $10 billion, people familiar with the matter said. Interest rates have been…
Read MoreMeta Share Surge Makes Zuckerberg Richer by $10 Billion As Facebook Makes More Money After massive Layoffs
A surge in Meta’s share prices after its strong quarterly results resulted in Facebook founder Mark Zuckerberg’s wealth rising by more than $10 billion, even as reports of layoffs at the social media giant put thousands of people out of work. Facebook owner Meta fired more than 20,000 people in recent months, citing a downturn…
Read MoreAmazon Rakes in Massive Profits in First Quarter, Months After Cutting 27,000 Jobs
Amazon returned to profit and recorded better than expected profit of $3.2 billion for the first quarter. This return to profits came after reporting a loss of $3.8 billion in the year-ago quarter. Significantly, Amazon’s strong numbers and positive outlook for the next quarter came after the company cut more than 27,000 employees in the…
Read MoreMicrosoft and Google’s Quarterly Revenue Surges After Cutting Thousands of Jobs Citing Poor Outlook
Tech giants Alphabet and Microsoft reported higher than expected quarterly revenues and the companies’ shares rose more than 5 and 9 percent respectively on Tuesday. Alphabet, Google and YouTube parent company also launched a massive share buyback worth $70 billion, indicating its strong cash position and driving its share price. Google Ad Revenue Remains Strong…
Read MoreDisney Lays Off 7,000 Staff Despite First Quarter Revenue Beating Estimates; Shares Rise
Walt Disney Co said on Wednesday it would lay off 7,000 employees as it tries to trim costs amid souring economic conditions. The job cuts, announced by CEO Bob Iger, aims to save $5.5 billion in costs for the entertainment giant. Disney has as many as 190,000 people on its rolls as of 2021 annual…
Read MoreDell Technologies to Lay Off 6,650 People Following in Drop in PC Demand After Pandemic Boom
Dell Technologies on Monday said that it will lay off about 6,650 workers globally, becoming the latest technology company to do so, the media reported. The cuts will include 5 per cent of the company’s global workforce, reports Bloomberg, citing sources. “The company is experiencing market conditions that continue to erode with an uncertain future,”…
Read MoreJapanese Clothing Giant Uniqlo Offers 40% Pay Rise; Japan’s Low Wage Problem in Focus
Apple gave $320 billion to developers on App Store since 2008 Japanese clothing giant Uniqlo shocked the corporate world on Wednesday, saying it was offering a 40 percent raise in staff salaries. The wage hike announced by Uniqlo parent Fast Retailing Co Ltd goes against the trend in Japan, where wage hikes have historically been…
Read MoreSoftBank Shares Plummet 12% as Vision Fund Loses $10 Billion in Third Quarter
Twitter rolls back $8 Blue service days after launch; users flummoxed SoftBank shares plummeted 12 percent on Monday, after its tech investment vehicle reported a steep quarterly loss and the company dithered in announcing a much-awaited stock buyback. The market plunge was the steepest intraday loss in nearly two years. On Monday, Vision Fund, Masayoshi…
Read MoreNetflix Shares Zoom as Subscription Outlook Turns Healthy; Q3 Earnings Top Estimates at $7.9 Billion
Guinness Records names Monday worst day of week; Netizens can relate Streaming giant Netflix reversed a series of setbacks, with the shares zooming 14 percent on Tuesday, spurred on by the reassurance that the company is expected to add as many as 4.5 million customers in the fourth quarter. Netflix shares plummeted last April when…
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