"Treat Hiring as a privilege"
Uber will slash spending on marketing and incentives and treat hiring as a “privilege,” CEO Dara Khosrowshahi said in an email to staff on Sunday.
“It’s clear that the market is experiencing a seismic shift and we need to react accordingly,” Khosrowshahi said. Uber will now focus on achieving profitability on a free cash flow basis rather than adjusted EBITDA, he added.
Tech stocks have plunged sharply from the highs of the coronavirus pandemic, as investors fret over the prospect of an end to the era of cheap money that defined a historic bull market.
Mcdonald up against Russia
McDonald's just released a statement that they will be selling their business in Russia, after a little more than 2 months have passed since they halted operations there.
32 years ago was when McDonald's opened their first store as the communist regime was falling apart. Hour long queues formed at the McDonald's at the Pushkin Square location in Moscow.
This marks a bitter end to McDonald's business ventures in Russia.
Expansion of NATO
This Sunday, Finland and Sweden, two countries which have been known for their neutrality in the conflicts between the West and the East, are set to apply for membership in NATO.
NATO’s deputy secretary general has shown his confidence that they will be able to welcome them into NATO.
This move is bound to unease the Russians, as Finland shares a 1300km border with Russia, doubling the length for Moscow to have to defend.
Maybe not?
Elon Musk has been the center of headlines for weeks with his takeover bid of Twitter. However, he has decided to put the deal on hold over fake accounts.
Elon detailed that he would like to have more details on the amount of spam or fake accounts currently on Twitter, which sent shares tumbling close to 10%.
It is stated from Twitter that less than 5% of accounts were fake.
OPEC+ agrees to another modest production increase
The influential energy alliance of OPEC and non-OPEC partners decided to raise production targets by 432,000 barrels per day for next month, sticking to an existing strategy of gradually unwinding record supply cuts.
The group agreed to rubber-stamp another small production increase for June, amid persistent concerns over weaker Chinese demand.
Led by OPEC kingpin Saudi Arabia, the group swiftly agreed in late March to raise its output targets for May.
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Wednesday, 18 May
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Thursday, 19 May
United States - Initial Jobless Claims
Friday, 20 May
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