Hello and welcome to our overview of business, financial markets and the global economy.
It's a tough day for Twitter employees as Elon Musk will start massive layoffs just a week after buying the social networking platform.
The offices of the social networks are temporarily closed and employees are waiting to receive an e-mail notification of any dismissal or dismissal. About half of the company's employees could be fired.
The company made the announcement in an email sent to employees on Thursday.
“To give Twitter an edge, we will tackle the difficult process of shrinking our global workforce on Friday.
Musk has already fired several senior Twitter executives, including CEO Parag Agarwal, CFO Ned Segal, and head of legal and political affairs Vijay Gade.
Musk, who bought Twitter for $ 44 billion, is now looking to make the company profitable.
On Thursday, Musk ordered Twitter teams to cut $ 1 billion in annual infrastructure spending by cutting funding for cloud services and servers. He came up with a number of ideas for monetizing Twitter, including plans to charge "validated" badges and create an "app for everything" that can connect multiple platforms.
Related : Elon Musk announced massive layoffs starting Friday on Twitter
Will come today
Households and businesses are digesting the Bank of England's warnings that they will face the longest recession since the 1920s if interest rates rise as the markets anticipate.
But yesterday the Bank of England missed expectations despite raising interest rates to 3%, the highest level in three decades.
RELATED: Bank of England Warns of Longest Recession in 100 Years as It Hikes Rates to 3%
The latest US employment report will be followed closely for any signs of weakness in the US job market.
About 200,000 new jobs were added in October, up from 263,000 in September, according to economists' forecasts. Falling hiring and rising wages could be a sign that the high inflation that has gripped the US economy may soon ease.
© The Guardian provides estimates for US non-farm wages.
A court ruling could decide whether taxi companies outside London should charge VAT on their journeys, which could raise prices by 20%.
The decision is expected today after the ridesharing program sued Merseyside's Sefton Council over VAT conditions for operators outside of London.
TOPIC : Taxi fares outside London could increase by a fifth if Uber wins the case
Find out how many new cars were sold in the UK last month and how construction companies have grown.
everyday
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7:00 BST: German factory orders for September
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9:00 GMT: UK car sales for October
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9:30 GMT: UK Construction PMI report.
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12:15 pm: Bank of England chief economist Hugh Peel briefs the national body on yesterday's monetary policy report.
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12:30 GMT: US Non-Farm Payroll Report.
