Business

NEW YORK (Reuters) — Elon Musk’s revelation that Twitter has suffered a “massive” revenue drop since he took over 10 days ago underscores the precarious nature of the social media company’s finances after he saddled it with $13 billion in debt, credit experts say. Musk tweet…

SINGAPORE/LONDON (Reuters) — Cryptocurrencies fell heavily on Tuesday and the in-house token of major crypto exchange FTX slumped by over 15% as investors appeared to take fright at talk of pressure on FTX’s financials. Bitcoin, the biggest cryptocurrency by market value, feel as much as 6% t…

(Reuters) — Meta Platforms Inc is planning to begin large-scale layoffs this week that will affect thousands of employees, the Wall Street Journal reported on Sunday citing people familiar with the matter, with an announcement planned as early as Wednesday. Meta declined to comment on the WSJ repor…

HONG KONG (Reuters) — Authorities in Macau said the world’s biggest casino hub, blighted by a Covid-19 outbreak, is on track to return to relative normality after two rounds of mass Covid-19 tests last week found no new infections. The Chinese territory had been observing Covid-19 safety meas…

BEIJING (Reuters) — China’s exports and imports unexpectedly contracted in October, the first simultaneous slump since May 2020, as surging inflation and rising interest rates hammered global demand while new Covid-19 curbs at home disrupted output and consumption. The bleak October trade fig…

(Reuters) — Twitter on Saturday updated its app in Apple’s App Store to begin charging $8 for sought-after blue check verification marks, in Elon Musk’s first major revision of the social media platform. The change comes a week after Musk took over the social media company in a $44 billion de…

(Reuters) —  Warren Buffett’s Berkshire Hathaway Inc on Saturday posted a $2.69 billion third-quarter loss as rising inflation, falling stock investments and a big loss from Hurricane Ian offset improvement in many of the conglomerate’s businesses. Operating profit nevertheless rose by …

NEW YORK (Reuters) — Home Depot Inc retail workers voted against forming a union at a location in Pennsylvania, the U.S. National Labor Relations Board said late on Saturday. One hundred and sixty five employees at a Philadelphia, Pennsylvania, store voted against joining the independent union Home…

(Reuters) — The Philippine central bank signaled on Thursday it planned a 75 basis point hike in its key interest rates later this month to match the latest monetary tightening by the U.S. Federal Reserve. “(The Fed hike) supports the BSP’s stance to hike its policy rate by the same amo…

(Reuters) — Elon Musk promised advertisers he would keep Twitter from turning into a “free-for-all hellscape.”  This week, advertisers are beginning to demand details on how he plans to uphold the commitment. A media buyer at one major ad agency, who declined to be named for fear of rep…