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Facebook parent Meta cuts 11,000 jobs, 13% of workforce

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Facebook parent company Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic, The Associated Press reported.

Zuckerberg said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic lockdowns ended.

“Unfortunately, this did not play out the way I expected,” Zuckerberg said in a statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”

Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.

Of particular concern to investors, Meta poured over $10 billion a year into the “metaverse” as it shifts its focus away from social media. Zuckerberg predicts the metaverse, an immersive digital universe, will eventually replace smartphones as the primary way people use technology.

Last week, Twitter laid off about half of its 7,500 employees, part of a chaotic overhaul as Musk took the helm.

He tweeted that there was no choice but to cut the jobs “when the company is losing over $4M/day,” though did not provide details about the losses. Snap, the owner of Snapchat, also recently laid off 1,000 workers and online real estate broker Redfin said Wednesday it is cutting 862 employees.

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Russia fines Google more than the world’s total GDP over YouTube bans

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Russia has fined Google $2.5 decillion after the US tech giant took action against pro-Kremlin TV channels on YouTube following Moscow’s invasion of Ukraine.

Russia imposed a daily fine four years ago - a fine that has since swelled to an unprecedented level - ($20,000,000,000,000,000,000,000,000,000,000,000 - a 33-digit figure).

To put this into perspective, global GDP reaches an estimated $110 thousand billion (12-digit figure), according to the IMF.

Speaking to Russia’s TASS news agency, one expert, Roman Yankovsky from the HSE Institute of Education, said Google “clearly will not pay this penalty, and the Russian Federation will not be able to recover this money from the company."

Euronews reported that a short calculation shows that he is right.

Google's holding company, Alphabet, has a market capitalisation of slightly more than $2 trillion. Even with earnings of $80.54 billion from the last quarter, the tech giant doesn’t seem to be able to afford to pay the fine.

Google first barred pro-Moscow channel Tsargrad TV, which is owned by oligarch Konstantin Malofeev, four years ago.

At the time, Google was fined a daily penalty of 100,000 roubles and warned that amount would double every 24 hours if it went unpaid.

The original fine has been compounded by further penalties after Google eventually blocked a total of 17 Russian TV channels as a result of international sanctions, The Telegraph reported.

The tech giant now owes a staggering $2.5 decillion.

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Apple launches new iPad mini with AI features

Apple said it would roll out the first set of AI features in the U.S. version of the English language this month through a software update with iPadOS 18.1.

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Apple on Tuesday launched its new generation of the iPad mini packed with AI features including writing tools and an improved Siri assistant, as the iPhone maker races to boost its devices with artificial-intelligence capabilities, Reuters reported.

The new iPad mini is powered by Apple's A17 Pro chip, which is used in the iPhone 15 Pro and Pro Max models. With a six-core central processing unit, the A17 Pro would boost CPU performance by 30% compared to the current generation iPad minis and is central to running Apple Intelligence, Apple's AI software.

Apple said it would roll out the first set of AI features in the U.S. version of the English language this month through a software update with iPadOS 18.1.

The features will be available for iPads with A17 Pro or M1 chips and later generations, Apple said, adding it will roll out additional features including image-generation tools, Genmoji and ChatGPT-powered capabilities over the next several months, read the report.

Apple in September unveiled its long-awaited, AI-boosted iPhone 16 lineup, but with the AI features still in test mode, the company failed to excite some investors while early sales data raised some questions around demand.

Still, research firm Canalys on Monday said the iPhone 16 would help Apple's sales in the fourth quarter and drive momentum into the first half of 2025, after Apple reached a record high third-quarter shipments.

The iPad mini, starting at $499, is available for pre-orders starting on Tuesday and will begin arriving to customers and Apple store locations next week, Apple said.

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Iran sends satellites to Russia for rocket launch

In September, Iran carried out its second satellite launch this year using a rocket built by its Revolutionary Guards

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Iran has sent two locally made satellites to Russia to be put into orbit by a Russian space vehicle, the semi-official news agency Tasnim reported on Saturday, in the latest space cooperation between the two U.S.-sanctioned countries.

The development of Kowsar, a high-resolution imaging satellite, and Hodhod, a small communications satellite, is the first substantial effort by Iran's private space sector, the report said.

Russia sent Iranian satellites into orbit in February and in 2022, when U.S. officials voiced concern over space cooperation between Russia and Iran, fearing the satellite will not only help Russia in Ukraine but also help Iran monitor potential military targets in Israel and the wider Middle East, Reuters reported.

Kowsar could be used in agriculture, natural resource management, environmental monitoring, and disaster management, Tasnim said.

Hodhod is designed for satellite-based communications and could be used in remote areas with little access to terrestrial networks.

In September, Iran carried out its second satellite launch, this year using a rocket built by its Revolutionary Guards. 

The launch came as the United States and European countries accuse Tehran of transferring ballistic missiles to Russia that could be used in its war with Ukraine. Iran has denied this.

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