Shares of Facebook’s parent company fall 20% as investors lose confidence.

Creative Media NewsFriday, 28 October 2022, 2:000

Following a disappointing set of financial reports from the digital behemoth, shares of Meta, which owns Facebook and Instagram, have dropped by over 20%. It comes at a time when investor misgivings about Mark Zuckerberg’s vision for the future are growing and revenues and earnings are falling. In the three months ending in September, Meta’s...

Shell’s Q3 2022 profits were $9.5bn, down from the first half’s record.

Creative Media NewsThursday, 27 October 2022, 16:000

In the first half of the year, the London-listed oil and gas corporation posted record earnings due to rising oil and gas prices. Shell announced operational profits of $9.5bn (£8.19bn) for the third quarter of this year, which is lower than the previous quarter but still more than twice the same period in 2021. Despite...

Mercedes-Benz leaves Russia.

Creative Media NewsThursday, 27 October 2022, 1:000

Mercedes is the most recent Western corporation to withdraw from Russia, following Ukraine’s incursion in February. Early in March, the German company ceased manufacturing and exporting to the country. However, the company has recently announced that it will exit from the Russian market and sell its subsidiary stock to a local investor. Nissan departed Russia...

The pound maintains its advances with the postponement of an economic plan.

Creative Media NewsWednesday, 26 October 2022, 23:000

The pound has maintained its recent gains with the postponement of the economic plan until November 17. Currently, the British pound is trading at $1.157, up about 0.9% on the day. In recent days, the currency appreciated as investors celebrated the selection of Rishi Sunak as prime minister and the dollar declined. Jane Foley, a...

Heathrow passenger cap could reappear for the holiday season.

Creative Media NewsWednesday, 26 October 2022, 19:000

Heathrow Airport could limit the number of passengers during the holiday season, according to airport administrators. At the end of October, a daily limit of 100,000 that was set during the summer owing to staff shortages will be abolished. However, Heathrow warned it might return “if necessary” to prevent flight disruptions in the days leading...

Ford to halt Fiesta production as it expands electric vehicle range.

Creative Media NewsWednesday, 26 October 2022, 16:000

Ford has declared the end of the best-selling car in the United Kingdom, the Fiesta. By the end of June of next year, the manufacturer’s factory in Cologne, Germany, will no longer make Fiestas. According to the Society of Motor Manufacturers and Traders, the Ford Fiesta was the most popular vehicle in the United Kingdom,...

China stocks decline in the US as Xi begins his historic third term.

Creative Media NewsWednesday, 26 October 2022, 15:000

Concerns that President Xi Jinping would maintain his ideology-driven approach at the expense of economic progress have caused a decline in the value of Chinese enterprises listed in the United States. In New York, shares of Chinese Internet titans Alibaba and Baidu plummeted by almost 12 percent. Investors are concerned that the second-largest economy in...

The top economist of the Bank of England criticizes government cooperation with ‘other institutions’

Creative Media NewsWednesday, 26 October 2022, 12:000

The government would gain from following the ONS and Bank of England’s model of involvement, said Huw Pill. The Bank of England’s chief economist has criticized the lack of coordination between the government of Liz Truss and state economic institutions. According to Huw Pill, the nation would have benefited from improved coordination between institutions. Mr....

Adidas severes relations with musician Kanye West

Creative Media NewsWednesday, 26 October 2022, 5:000

Adidas has severed ties with rapper Ye, also known as Kanye West, stating that it “will not accept antisemitism or any other form of hate speech.” After he debuted a “White Lives Matter” T-shirt design at Paris Fashion Week, Adidas’s Yeezy brand cooperation with Kanye West was reevaluated. A few days later, the rapper made...

Without a Brexit rethink, the UK is doomed, warns a Tory supporter.

Creative Media NewsMonday, 24 October 2022, 19:000

According to a longtime Tory supporter, the United Kingdom is “doomed” and on the route to becoming “the sick man of Europe” because of how Brexit was negotiated. Guy Hands, the CEO of private equity firm Terra Firma and an opponent of Brexit, warned that the United Kingdom could face increased taxes, reduced benefits, and...

Rishi Sunak leads PM race, lowering borrowing costs.

Creative Media NewsMonday, 24 October 2022, 10:000

The British government’s borrowing costs decreased on Monday as former chancellor Rishi Sunak emerged as the frontrunner to replace Liz Truss as prime minister. Initially, the pound climbed against the dollar before slipping below $1.13. Mr. Sunak is the only candidate supported by more than 100 Tory MPs, the minimum number required to participate in...

Markets rally after Boris Johnson leaves Tory leadership race, lowering interest rate rise.

Creative Media NewsMonday, 24 October 2022, 9:000

The pound currently buys more euros and dollars than it did for the majority of the last 10 days. As a result of Boris Johnson’s withdrawal from the campaign for leadership, the financial markets have recovered, leaving Rishi Sunak as the frontrunner to become prime minister. The FTSE 100 began the day on Monday with...

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