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A second wave of layoffs at Meta; 10,000 jobs are cut

The Associated Press Facebook parent Meta is slashing 10,000 jobs, about as many as the social media company announced late last year in its first round of cuts, as uncertainly about the global economy hits the technology sector particularly hard. The company announced 11,000 job cuts in November, about 13% of its workforce at the time. In addition to the layoffs, Meta said Tuesday that it would not fill 5,000 open positions. “This will be tough and there’s no way around that,” said CEO Mark Zuckerberg. Meta and other tech companies have been hiring aggressively for at least ...

Is my money safe? What you need to know about bank failures

NEW YORK (AP) — The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, may have you worried about your money. They were the second- and third-biggest bank failures in U.S. history. It all started last week when too many depositors tried to withdraw their money from Silicon Valley Bank in Santa Clara, California. That’s known as a bank run. The bank had to sell treasury bonds and other securities at a steep loss and more people kept trying to withdraw money as word of the situation spread, causing the bank to fail. Regulators took ...

Lack of insight into business KPIs slowing growth on Main Street

Newswire Leading invoice funding company Viva Capital says that lack of insight into business KPIs is stunting growth for the majority of SMEs. Full coverage of the topic can be found in “Top Business KPIs to Help You Measure Success,” which is now live on VivaCF.net. Viva’s new report draws on Geckoboard’s research which indicates that data-driven businesses are twiceas likely to reach their objectives. However, one in ten small businesses don’t set targets at all, and a full 70 percent don’t have daily insight into their KPIs. “Setting and tracking KPIs keeps goals ...

Asian shares mostly sink on jitters after US bank failure

TOKYO (AP) — Asian shares mostly fell Monday, shaken by a Wall Street tumble that set off worries the biggest United States bank failure in nearly 15 years might have ripple effects around the world. But the falls were relatively subdued because of reassurances from U.S. officials that financial shocks would be mitigated. Japan’s benchmark Nikkei 225 slipped 1.6% to 27,685.86 in morning trading. Australia’s S&P/ASX 200 lost 0.3% to 7,125.90. South Korea’s Kospi shed 0.4% to 2,385.25. Hong Kong’s Hang Seng rose 1.4% to 19,594.07. The Shanghai Composite rose 0.3% to ...

Bank stocks tumble; others rise on hopes for easier rates

NEW YORK (AP) — Bank stocks are continuing to drop Monday as Wall Street worries about what may be next to topple following the second- and third-largest bank failures in U.S. history. But much of the rest of the market is rising on hopes the fear will force the Federal Reserve to take it easier on its economy-rattling hikes to interest rates. The S&P 500 was 0.5% higher in afternoon trading after charging back from an early drop of 1.4%. The Dow Jones Industrial Average was up 128 points, or 0.4%, at 32,037, as of 1:55 p.m. Eastern time, while the Nasdaq composite was 1.1% ...

Pfizer buys Seagen for $43B, boosts access to cancer drugs

The Associated Press Pfizer is spending about $43 billion to reach deeper into new cancer treatments that target tumor cells while sparing surrounding healthy tissue. The pharmaceutical giant said Monday it will pay $229 in cash for each share of Seagen Inc. Pfizer CEO Albert Bourla says his company then plans to let the biotech drug developer continue innovating, except with more resources than it would have alone. Seagen’s key products use lab-made proteins called monoclonal antibodies that seek out cancer cells to help deliver a cancer-killing drug while sparing surrounding ...