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Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Meta to freeze hiring to tighten budget: report

The tech giant had removed two Instagram posts showing transgender and non-binary people with their chests bared. (AFP)
  • Zuckerberg said during an earnings call that teams would shrink in order to "reallocate our energy" as it battled a turbulent economy and the rising phenomenon of TikTok
  • Meta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users
San Francisco, United States–Facebook-parent Meta put out word to employees on Thursday that it will freeze hiring to cut costs as it endures tough economic times, The Wall Street Journal reported.

Meta chief Mark Zuckerberg revealed a planned pause in hiring during a weekly all-hands meeting, the Journal reported, saying the move came as the social media titan planned to cut expenses by at least 10 percent.

Meta declined to comment on the report, instead referring AFP to remarks Zuckerberg made in July when the company reported its first quarterly revenue drop and a plunging profit.

Zuckerberg said during an earnings call that teams would shrink in order to “reallocate our energy” as it battled a turbulent economy and the rising phenomenon of TikTok.

Meta had long delivered seemingly endless upward growth, but reported early this year its first decline in global daily users.

“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” Zuckerberg told analysts during an earnings call.

Big tech platforms have been suffering from the economic climate, which is forcing advertisers to cut back on marketing budgets, and Apple’s data privacy changes, which have reduced leeway for ad personalization.

Snap and e-commerce colossus Amazon are among tech firms that have announced workforce cuts this year.