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A Mississippi-based furniture company on Tuesday fired all of its 2,700 employees while they were sleeping, telling them in texts and emails not to come to work the next day, said reports. The mass firing by United Furniture Industries left thousands of employees unemployed just two days before Thanksgiving. It's not clear why the two-decade-old company dissolved its operations suddenly.
short by Daisy Mowke / 03:30 am on 27 Nov
Crypto firm BlockFi files for bankruptcy
short by Pragya Swastik / on 28 Nov 2022,Monday
Crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey. The development comes after crypto exchange FTX filed for bankruptcy following the collapse of the deal of Binance buying FTX. In July 2022, FTX closed a deal to buy troubled BlockFi for up to $240 million.
short by Pragya Swastik / 09:29 pm on 28 Nov
Adidas executives identified employees having "direct exposure" to Kanye West as a risk as early as 2018, with some staff alerting HR about him watching porn at work, the WSJ reported. As per the report, the executives suggested buying the Yeezy trademark from West and run the brand without him, but the leadership decided to "hang on to the partnership".
short by Ananya Goyal / 09:30 pm on 28 Nov
Elon Musk took to Twitter to share slides from a company talk, which revealed that Twitter is hiring. "We're recruiting," the first slide said with no further details. Notably, Musk slashed 50% of Twitter's 7,500-member workforce within days of acquiring the company to cut costs. Since then, hundreds of other employees have either been fired or have quit Twitter.
short by Hiral Goyal / 12:14 pm on 28 Nov
The world's richest person and Twitter's new owner Elon Musk on Monday tweeted that Apple has "threatened" to withhold Twitter from its App Store without giving a reason. "Apple has mostly stopped advertising on Twitter. Do they hate free speech in America?" Musk wrote in another tweet. He also tagged Apple's CEO Tim Cook, asking, "What's going on here?"
short by Ananya Goyal / 02:21 am on 29 Nov
Elon Musk shares pic of his bedside table showing two guns
short by Pragya Swastik / on 28 Nov 2022,Monday
The world's richest man Elon Musk on Monday took to Twitter to share a picture which he claimed was of his bedside table. The pictures showed two guns, a gun case with an American Revolutionary War painting and several cans of Diet Coke beverage. "There is no excuse for my lack of coasters," Musk said in a tweet.
short by Pragya Swastik / 07:00 pm on 28 Nov
Elon Musk took to Twitter late Saturday to share slides showing his vision for 'Twitter 2.0 - The Everything App'. The slides outlined Musk's plans to add encrypted messaging, longform tweets and payments to Twitter, along with the relaunch of Blue Verified. Musk earlier said he wants to create an everything app called 'X' and buying Twitter was an "accelerant".
short by Hiral Goyal / 11:49 am on 27 Nov
A Twitter employee has said her working hours increased to over 75 per week because of mass layoffs after Elon Musk took over the company. Sinead McSweeney made the statement in an Irish court while seeking an injunction to block Twitter from firing her. Musk has given employees "mixed messages" and is leading Twitter "in an unorthodox manner," she added.
short by Sakshita Khosla / 12:22 am on 28 Nov
Amazon shuts down wholesale distribution unit in India
short by Hiral Goyal / on 28 Nov 2022,Monday
Amazon is shutting down its wholesale e-commerce website for small neighborhood stores, called Amazon Distribution, in India. This is the third business closure announced by Amazon in India in a week. It previously announced plans to shutter food delivery and edtech services. The decision to shut down these units comes as part of annual operating planning review process, Amazon said.
short by Hiral Goyal / 08:27 pm on 28 Nov
US oil prices on Monday fell to their lowest level since December 2021 amid ongoing protests in China against COVID-19 lockdowns. While West Texas Intermediate crude oil futures slid 2.7% to trade close to $74 a barrel, futures for Brent crude dropped 2.9% to trade close to $81 a barrel. Gasoline price also fell by 5.7% from last month.
short by Ananya Goyal / 01:02 am on 29 Nov
Taboola shares rise 55% after Yahoo buys 25% stake in the ad network
short by Ananya Goyal / on 28 Nov 2022,Monday
Taboola shares rose 55% to $2.85 on Monday after Yahoo announced it's buying a 25% stake in the ad network as part of a 30-year advertising agreement. The deal will make Yahoo Taboola's largest shareholder and is expected to generate $1 billion in annual revenue. New York-based Taboola generates "promoted stories" sections that appear on the bottom of news sites.
short by Ananya Goyal / 11:56 pm on 28 Nov
Bob Iger, in his first company-wide meeting since returning as Disney's CEO, said he won't remove the hiring freeze put in place by previous CEO Bob Chapek earlier this month. "It was a wise thing to do in terms of...the challenges," Iger said, adding that he's currently evaluating Disney's cost structure. He also refuted reports that Apple might acquire Disney.
short by Ananya Goyal / 02:59 am on 29 Nov
Consumers spent a record $9.12 billion on online shopping during Black Friday this year, according to Adobe, which tracks sales on retailers' websites. Electronics were a major contributor as online sales surged 221% over an average day in October, Adobe said. Overall online sales for Black Friday were up 2.3% year-over-year.
short by Arshiya Chopra / 08:06 am on 27 Nov
100 UK companies move to 4-day working week with no pay cut
short by Pragya Swastik / on 28 Nov 2022,Monday
As many as 100 companies in the UK have moved to a permanent four-day working week for all their employees with no loss of pay. The 100 companies, which employ 2,600 employees, switched to this mode under the '4 Day Week Campaign'. The UK's two biggest companies to adopt the change are Atom Bank and global marketing company Awin.
short by Pragya Swastik / 07:00 pm on 28 Nov
Elon Musk posted a picture online on Saturday joking that 'The Simpsons' had predicted that he'd buy Twitter in an episode that aired in 2015. Musk, who became Twitter's new owner after closing the acquisition deal in October, shared a photo which showed the character of Lisa Simpson feeding birds at a birdhouse on which 'Home Tweet Home' is written.
short by Disha Jana / 01:59 am on 27 Nov
US buyout firm Carlyle raises over $3 bn to invest in European tech
short by Ananya Goyal / on 28 Nov 2022,Monday
Washington, DC-based buyout firm The Carlyle Group said it has raised more than €3 billion ($3.12 billion) for a pan-European technology fund. The fund, called CETP V, has exceeded its €2.5 billion target in less than a year of fundraising. It is targeting cybersecurity, digital transformation and cleantech, and software applications for financial services, healthcare and infrastructure.
short by Ananya Goyal / 07:23 pm on 28 Nov
Musk called CEOs of firms that pulled ads from Twitter to complain: FT
short by Aishwarya Awasthi / on 28 Nov 2022,Monday
Twitter owner Elon Musk personally called the CEOs of some of the firms that pulled ads from Twitter to berate them, the Financial Times reported citing a source. This even led some advertisers to reduce their spending to the bare minimum required to avoid further confrontation with Musk. Groups like General Motors and Volkswagen have paused advertising on Twitter.
short by Aishwarya Awasthi / 02:33 pm on 28 Nov
Hyundai, LG consider building 2 JV battery plants in Georgia: Report
short by Aishwarya Awasthi / on 28 Nov 2022,Monday
South Korea's Hyundai Motor and LG Energy Solution are considering building two joint venture battery plants in Georgia, Reuters reported citing a local online news outlet. Each of the plants would have an annual capacity of about 35 gigawatt hours, enough to power about one million EVs. The plants will likely be located near Hyundai Motor's new EV plant.
short by Aishwarya Awasthi / 09:59 am on 28 Nov
TIME President Keith Grossman is leaving the publisher to take on a new role as the president of enterprise at crypto startup MoonPay, he announced on Monday. Grossman, who joined TIME in 2019, pioneered the company's NFT business, TIMEPieces. Before his three-plus years at TIME, Grossman held leadership posts at major publishers, including Bloomberg and Condé Nast-owned Wired.
short by Ananya Goyal / 07:00 pm on 28 Nov
China doesn't seem to have solution for COVID-19 lockdowns: BMW CEO
short by Aishwarya Awasthi / on 28 Nov 2022,Monday
BMW CEO Oliver Zipse at an event on Friday said, "In China, [COVID-19] lockdowns are currently increasing, not decreasing...I am worried about how we [will] get out of the lockdown situation in future quarters. There is no visibility that China has a solution." Zipse said BMW's 2023 global sales should be at the same level as this year.
short by Aishwarya Awasthi / 02:52 pm on 28 Nov
An 83-year-old lawyer charged with helping billionaire Robert F Smith evade taxes died just before he was about to go on trial in San Francisco on Monday. Carlos Kepke, who died over the weekend, allegedly helped Smith, founder of Vista Equity Partners, evade taxes for more than a decade on $225 million in income. The case will now be dismissed.
short by Ananya Goyal / 01:35 am on 29 Nov
US allows oil firm Chevron to resume some activity in Venezuela
short by Ananya Goyal / on 27 Nov 2022,Sunday
The US Treasury Department on Saturday said it'd allow California-based Chevron to resume limited oil extraction operations in Venezuela. The announcement came after Venezuelan President Nicolas Maduro's government and the opposition announced a humanitarian agreement on education, health and other social issues. The decision was not a reaction to high global oil prices, said an official.
short by Ananya Goyal / 10:41 pm on 27 Nov
A clothing shop in Portland permanently shut down after sustaining 15 break-ins in a span of 1.5 years. "Our city is in peril. Small businesses...have no protection, or recourse, against the criminal behavior that goes unpunished. Do not be fooled into thinking that insurance companies cover losses," a printed note posted on Rains PDX store read.
short by Ananya Goyal / 11:08 pm on 27 Nov
Green Sprouts is recalling about 10,500 of its stainless steel bottles and cups for toddlers over lead poisoning hazard, US Consumer Product Safety Commission said. Green Sprouts' six ounce sippy cups, eight ounce straw bottles and six ounce sip and straw cups are being recalled. The products' bottom bases can break off and expose kids to a lead-containing solder dot.
short by Ashley Paul / 08:28 pm on 28 Nov
A Florida woman is suing the Kraft Heinz Company, saying its Velveeta Shells & Cheese takes longer to prepare than the 3.5 minutes mentioned on the box. Calling the advertising "misleading", the lawsuit said Amanda Ramirez, like other consumers, "looks to bold statements of value when quickly selecting groceries". Ramirez, along with other plaintiffs, is seeking $5 million in damages.
short by Ananya Goyal / 12:41 am on 28 Nov
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