1. Twitter issues layoffs, shuts down Vine.
This inventor of the 140-character post has been struggling to compete with other social media behemoths such as Facebook and Instagram. In its latest move to curb further losses, Twitter announced a 9 percent cut to its global workforce. Twitter pulled a similar move last year when 336 employees were laid off in an effort to restructure the company and its products. Although it gained about 4 million users last quarter, this figure is almost incomparable to Facebook’s 1.7 billion active monthly users. Twitter also announced that it will terminate its short video platform, Vine, as part of its restructuring program.
2. Stock market drops with FBI investigation into Hillary Clinton’s emails
The stock market has been quick to respond to any news related to our presidential candidates. In the latest fiasco regarding Hillary Clinton’s email investigation, FBI Director James Comey revealed a new
investigation into emails related to Anthony Weiner, a former congressman who was embroiled in multiple sexting scandals. The Dow, which had been trading higher prior to the announcement, dropped by 125 points, whereas the S&P 500 ended 0.3 percent lower. Additionally, the yield on the two-year U.S. Treasury notes declined by 0.03 percentage points. Apart from the stock market, currencies are also indicative of concerns that investors have over the uncertainty of the election outcome. Mexican pesos fell against the greenbacks, a trend that becomes notable when Donald Trump’s chances of winning seem to be higher.
3. ExxonMobil draws $477 million loss in third quarter
One of the largest oil producers in the U.S. incurred a massive loss totaling $477 million in the third quarter this year. ExxonMobil suffers a 38 percent decrease in profit after production dropped to 3.8 million barrels per day. Although a deal negotiated between OPEC countries in early October has rebounded oil prices to above $50 barrel per day last week, it’s going to take some time for large oil companies to recover their losses.
4. AT&T, Time Warner merger causes outcry from political left and right
AT&T and Time Warner made headlines last week after announcing a merger worth $86 billion. AT&T has provided the means for consumers to watch their favorite shows, however, it does not own these shows. By merging with Time Warner, AT&T will become a powerhouse that is in control of Warner Brothers film studio, HBO and CNN. This move has invoked outcries from both Democrats and Republicans alike. Bernie Sanders penned a letter to Acting Assistant Attorney General Hesse, demanding her to reject this deal due to the detrimental ramifications of this market monopoly. Aside from Sanders, Republican presidential nominee Donald Trump also said that he will block this deal if he becomes president.