headlines... by halloapp

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02-05-2024

TECH

• Snap, the parent company of Snapchat, is planning to lay off around 10% of its global workforce, impacting over 500 employees. The layoffs are part of a restructuring effort to reduce hierarchy and promote in-person collaboration. The company expects charges of $55 million to $75 million.

• Facebook's Oversight Board has criticized the company's "manipulated media" policy as "incoherent" and too focused on AI-generated content. The board recommends updating the rule to cover all forms of manipulated content and applying labels to identify it.

• Samsung Electronics executive chairman Jay Y. Lee has been acquitted of stock manipulation and accounting fraud charges related to a 2015 merger. Prosecutors may still appeal.

• Alphabet's Q4 revenue is $66 billion, with 76% from advertising. Google remains the search leader with a 91% market share.

• Dutch parent company of Russian tech company Yandex sells Russian operations for $5.2 billion to local investors amid sanctions.

• Snowflake has obtained FedRAMP High Authorization, enabling it to target federal customers and pursue a multibillion-dollar market opportunity.

• Nokia and Vivo have signed a multi-year patent cross-license agreement, resolving all pending patent disputes over 5G technology.

MEDIA

• Australian writer Yang Hengjun has been given a suspended death sentence by a Beijing court on espionage charges, straining Australia-China relations.

• Former United Nations ambassador Nikki Haley made a surprise appearance on "Saturday Night Live," mocking Donald Trump's refusal to debate her and referencing her controversial Civil War comment.

CONSUMER

• Altria, the largest tobacco company in America, is facing challenges with declining sales and a shrinking customer base, making it less attractive for long-term investors.

• The UK government is considering bringing back VAT-free shopping for tourists after pressure from the retail industry. Jeremy Hunt has asked the Office for Budget Responsibility to review the decision to end tax-free shopping for foreign tourists. The Treasury estimates that restoring VAT-free shopping would cost £2 billion, but industry campaigners argue that it is deterring visitors and costing the UK economy £10.7 billion per year. The findings will be published alongside the budget next month.

REAL ESTATE

• Russian state-owned properties in London, worth around £200m, may be seized due to legal action by former Yukos Oil shareholders.

• HSBC and Halifax are raising mortgage rates for current customers while reducing rates for first-time buyers.

ECONOMIC

• Non-oil business activity in Saudi Arabia and the UAE weakened in January, while the UK and US experienced growth. Canada and the euro zone showed signs of recovery. Japan's service sector grew strongly. India's services sector experienced robust growth. The January jobs report in the US exceeded expectations.

• The US and UK have conducted multiple strikes against Iranian-backed militias and Houthi targets in Yemen, Syria, and Iraq.

• The US Senate has released a $118 billion bipartisan bill that includes aid for Ukraine, Israel, and border security measures.

CRYPTO

• Crypto analyst Scott Melker predicts that the bitcoin reward halving in April 2024 could drive the price to $240,000. Traders see the halving as a potential catalyst for gains. Another prediction suggests bitcoin could reach $150,000 by the end of 2025 due to halving rewards and real-world usage.

• Dr. Craig Wright, who claims to be Satoshi Nakamoto, will face trial in the UK to prove his identity as the creator of Bitcoin. The trial starts on February 5 and is being brought by the Crypto Open Patent Alliance.