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US labor market remains tight despite technology sector layoffs

Weekly jobless claims fall 4,000 to 222,000 Continuing claims increase 13,000 to 1.507 million Housing starts drop 4.2% in October; permits fall 2.4% WASHINGTON, Nov 17 (Reuters) – The number of Americans filing new claims for unemployment benefits fell last week, showing widespread layoffs remain low despite a surge in technology-sector job cuts that has …

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Tesla board member says Elon Musk identified potential successor as CEO

SAN FRANCISCO, Nov 16 (Reuters) – James Murdoch, a Tesla Inc (TSLA.O) director, tested in court on Wednesday that CEO Elon Musk has in the last few months identified someone as a potential successor to head the electric carmaker. Murdoch, who did not name the potential successor, was testing in a trial over Musk’s 2018 …

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Elon Musk says he will find a new leader for Twitter

Nov 16 (Reuters) – Elon Musk said on Wednesday he expected to reduce his time at Twitter and eventually find a new leader to run the social media company, adding that he hoped to complete an organizational restructuring this week. Musk made the remarks while testing in a Delaware court to defend against claims that …

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Amazon laid off some devices unit staff as it targets 10,000 cuts

Nov 16 (Reuters) – Amazon.com Inc (AMZN.O) on Wednesday said it has laid off some employees in its devices group as a person familiar with the company said it still targeted around 10,000 job cuts, including in its retail division and human resources. The announcement, Amazon’s first since media outlets including Reuters reported its layoff …

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Amazon to lay off thousands of employees -source

Nov 14 (Reuters) – Amazon.com Inc (AMZN.O) is planning to lay off around 10,000 employees in corporate and technology roles beginning this week, a person familiar with the matter said on Monday, in what would amount to its biggest such reduction to date. The cuts, earlier reported by the New York Times, would represent about …

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Fed may cut size of rate increases, but is not ‘softening’ inflation fight, Waller says

WASHINGTON, Nov 13 (Reuters) – The US Federal Reserve may consider slowing the pace of rate increases at its next meeting but that should not be seen as a “softening” in its commitment to lower inflation, Federal Reserve Gov. Christopher Waller said on Sunday. Markets should now pay attention to the “endpoint” of rate increases, …

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Musk says Twitter will let organizations identify their associated accounts

Nov 13 (Reuters) – Twitter’s billionaire owner Elon Musk on Sunday said that Twitter will soon enable organizations to identify twitter accounts associated with them as the new Twitter owner continues to find ways to limit fake accounts on the platform. “Rolling out soon,” Musk said in a tweet on Sunday. “Twitter will enable organizations …

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Fed’s Waller says market has overreacted to consumer inflation data: ‘We’ve got a long, long way to go’

Federal Reserve Gov. Christopher Waller said Sunday that financial markets seem to have overreacted to the softer-than-expected October consumer price inflation data last week. “It was just one data point,” Waller said, in a conversation in Sydney, Australia, sponsored by UBS. “The market seems to have gotten way out in front over this one CPI …

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Nearly half of Meta job cuts were in tech, reorg underway – execs say

OAKLAND, Calif., Nov 11 (Reuters) – Facebook owner Meta Platforms (META.O) told employees on Friday that it would stop developing smart displays and smartwatches and that nearly half of the 11,000 jobs it eliminated this week in an unprecedented cost- cutting move were technology roles. Speaking during an employee townhall meeting heard by Reuters, Meta …

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Facebook parent Meta winding down some non-core hardware projects

Nov 11 (Reuters) – Meta Platforms (META.O) is exiting its Portal smart display business and will wind down work on smartwatch projects, executives said on Friday during an employee townhall meeting. Meta on Wednesday announced about 11,000 job cuts, or 13% of its workforce, the first mass layoffs in the company’s 18-year history. Following the …

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