November, 2022

• 16 November

  Big Tech layoffs deflate Musk and Zuckerberg

    Restructuring is a horrible time for the staff of any company, but it’s also an opportunity to concentrate on what reliably makes money. Elon Musk has made cuts so deep at Twitter Inc. that his team has started asking dozens of workers to return after being laid off last Friday, when about half of them were shown the door. ...

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• 16 November

  UK gives Korean Air, Asiana one week to address merger concerns

  

  Bloomberg The UK competition regulator said it would launch a more in-depth investigation into Korean Air Lines Co. and Asiana Airlines Inc if the carriers fail to allay concerns their proposed merger would lead to higher prices for passengers and impact cargo operators. The airlines have until November 21 to submit proposals to address competition concerns, the Competition and Markets ...

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• 16 November

  Nike to open its own virtual sneaker store and trading platform

  

    Bloomberg Nike Inc. is opening an online store and trading platform for virtual sneakers as management pumps investment into the metaverse. The world’s largest sportswear company will release its own goods on the .Swoosh platform, and users will be able to collect and show off their items on it. The digital products will include various types of tie-ins and ...

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• 16 November

  SpiceJet posts wider loss as high fuel costs worsen financial woes

  

    Bloomberg SpiceJet Ltd.’s quarterly loss widened as ballooning fuel costs worsened the airline’s financial distress and offset gains from recovering air travel demand. The no-frills carrier posted a loss of 8.38 billion rupees ($103 million) for the three months through September 30, 49% higher than the deficit in the same quarter last year, according to an exchange filing. “The ...

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• 16 November

  Nestle still bullish on plant protein despite dip in demand

  

  Bloomberg A recent fizzle in the hype surrounding plant protein consumption will give way to a more sustainable growth trajectory that could see the segment account for 30% or 40% of the global protein market, according to a top Nestle SA executive. Many investors piled into the faux meat market based on overly optimistic expectations of consumer uptake, Chief Technology ...

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• 16 November

  Amazon plans to cut 10,000 jobs

    Bloomberg Amazon.com Inc. plans to cut about 10,000 jobs, the largest ever headcount reduction at the e-commerce giant as it braces for slower growth and a possible recession. The layoffs, which could begin as soon as this week, will likely target Amazon’s devices group, responsible for the Echo smart speakers and Alexa digital assistant, as well as Amazon’s retail ...

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• 16 November

  Ukraine hit by missile strikes as Zelenskiy makes demands

  

  Bloomberg A barrage of missile attacks targeted Kyiv and other locations across Ukraine, hitting civilians and critical infrastructure in what authorities called the broadest such assault since Russia invaded the country in February. At least one person was killed as residential buildings were struck in Kyiv, with strikes cutting the power supply to roughly half of the capital’s residents, Mayor ...

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• 16 November

  Biden meets unannounced with Turkey’s Erdogan

  

  Bloomberg President Joe Biden had a brief, unannounced meeting Tuesday with Turkey’s president, Recep Tayyip Erdogan. The two men met on the sidelines of the Group of 20 summit in Bali, Indonesia. Turkish media posted pictures of them together on Twitter, but the White House didn’t announce the meeting in advance and US journalists accompanying Biden to the G-20 weren’t ...

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• 16 November

  Australia hails Xi meeting as step towards stabilising ties

  

  Bloomberg Australian Prime Minister Anthony Albanese hailed a meeting with Chinese President Xi Jinping on Monday as a move toward normalizing ties that have spiraled in recent years. “This was another important step towards the stabilization of the Australia-China relationship,” Albanese said in a statement after meeting Xi in Bali on the sidelines of the Group of 20 summit for ...

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• 16 November

  Russia poised to agree on extending Black Sea grain deal

  

  Bloomberg Russia is expected to agree to extend a United Nations-brokered deal allowing exports of Ukrainian grain and other farm products from the Black Sea, ensuring a vital flow of foodstuffs to the world market. Russia is likely to allow the deal to renew after its Nov. 19 expiration, according to four people familiar with the situation, all of whom ...

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