IlluMyFi

10% of Facebook’s UK workforce was axed while revenue fell slightly but pre-tax profits rose despite advertising slowdown

Facebook cut more than 700 employees in the UK last year at a cost of £79m, after parent company Meta embarked on its first ever round of redundancies as part of a global cost-cutting drive to offset a disastrous collapse in revenues.

The company – which is one of the most valuable US tech companies behind Apple, the Google owner Alphabet, and Amazon – also reduced its UK tax bill to just over 12% of its pre-tax profits, half the standard 25% corporation tax rate.

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-0.98

Bearish/Bullish

27.12.24 11:34

by theguardian.com

London-listed miner temporarily halts Mozambique operation amid political unrest

Gemfields makes decision over ruby mining after groups ‘took advantage’ of situation to try to invade its site

The London-listed mining company Gemfields said it had temporarily halted its ruby mining operation in Mozambique after groups “took advantage” of political unrest to set fire and attempt to invade its site, resulting in two fatalities.

Gemfields, one of the world’s largest miners of coloured gemstones, said that more than 200 people associated with illegal ruby mining attempted to invade the residential village built by the company next to its Montepuez Ruby Mining (MRM) operation in northern Mozambique on Christmas Eve.

Mozambique