Jonah Peretti, founder and chief executive of BuzzFeed. Getty
Jonah Peretti, founder and chief executive of BuzzFeed. Getty
Jonah Peretti, founder and chief executive of BuzzFeed. Getty
Jonah Peretti, founder and chief executive of BuzzFeed. Getty

BuzzFeed to lay off 15% of staff and shut its news unit


Alkesh Sharma
  • English
  • Arabic

Online media outlet BuzzFeed is laying off 15 per cent of its staff members and shutting down its news unit as part of efforts to reduce spending and save capital, the company’s chief executive Jonah Peretti said in an email sent to staff on Thursday.

The terminations will affect about 180 employees across the company’s content, administration, business, and technology teams.

This is the second round of layoffs within five months — in December, the company had announced plans to cut its workforce by about 12 per cent.

“The reduction in workforce plan is part of a broader strategic reprioritisation across the company in order to accelerate revenue growth and improve upon profitability and cash flow,” BuzzFeed said in a regulatory filing to the US Securities and Exchange Commission.

The company expects to complete the reduction in its workforce by the end of the second quarter of its 2023 financial year.

Founded in 2006, New York-headquartered BuzzFeed is a media, news and entertainment company with a focus on digital media.

“The changes the business organisation is making today are focused on reducing layers in their organisation, increasing speed and effectiveness of pitches, streamlining our product mix, doubling down on creators, and beginning to bring AI [artificial intelligence] enhancements to every aspect of our sales process,” Mr Peretti told employees in a memo seen by The National.

“We have determined that the company can no longer continue to fund BuzzFeed News as a stand-alone organisation.”

As part of the latest changes, the company also announced the exit of its chief revenue officer Edgar Hernandez and chief operating officer Christian Baesler.

Following the announcement, the shares of BuzzFeed were down nearly 23 per cent to trade at $0.72 a share. It has dropped more than 85 per cent in the past year.

The company’s news unit is part of BuzzFeed’s content division. It had about 100 employees and lost about $10 million a year, people familiar with the matter told CNBC last year.

“We have faced more challenges than I can count in the past few years: a pandemic, a fading Spac market that yielded less capital, a tech recession, a tough economy, a declining stock market, a decelerating digital advertising market and ongoing audience and platform shifts,” Mr Peretti said.

“Dealing with all of these obstacles at once is part of why we have needed to make the difficult decisions to eliminate more jobs and reduce spending.”

After boosting hiring during the digital boom at the height of the Covid-19 pandemic, technology companies have been laying off workers amid declining earnings and growing fears of a recession in the US.

Microsoft, Alphabet, Facebook’s parent company Meta, Yahoo, Zoom and Spotify are among the companies that have cut thousands of jobs in recent months.

US employers announced 77,770 job cuts in February, a fivefold increase on an annual basis, Chicago employment company Challenger, Gray & Christmas said.

In the first two months of this year, employers announced plans to cut 180,713 jobs, the highest January-February total since 2009, the report said.

Technology companies cut the most jobs in February at 21,387, accounting for 28 per cent of total layoffs.

The industry slashed 63,216 jobs in the first two months of 2023, compared with 187 cuts announced in the same period last year, the report added.

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

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Price: From Dh439,000

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Profile of Tarabut Gateway

Founder: Abdulla Almoayed

Based: UAE

Founded: 2017

Number of employees: 35

Sector: FinTech

Raised: $13 million

Backers: Berlin-based venture capital company Target Global, Kingsway, CE Ventures, Entrée Capital, Zamil Investment Group, Global Ventures, Almoayed Technologies and Mad’a Investment.

Global Fungi Facts

• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil

FINAL RESULT

Sharjah Wanderers 20 Dubai Tigers 25 (After extra-time)

Wanderers
Tries: Gormley, Penalty
cons: Flaherty
Pens: Flaherty 2

Tigers
Tries: O’Donnell, Gibbons, Kelly
Cons: Caldwell 2
Pens: Caldwell, Cross

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UAE currency: the story behind the money in your pockets
BMW M5 specs

Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor

Power: 727hp

Torque: 1,000Nm

Transmission: 8-speed auto

Fuel consumption: 10.6L/100km

On sale: Now

Price: From Dh650,000

Company%20Profile
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The specs

Engine: 1.6-litre 4-cyl turbo

Power: 217hp at 5,750rpm

Torque: 300Nm at 1,900rpm

Transmission: eight-speed auto

Price: from Dh130,000

On sale: now

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Blackpink World Tour [Born Pink] In Cinemas

Starring: Rose, Jisoo, Jennie, Lisa

Directors: Min Geun, Oh Yoon-Dong

Rating: 3/5

All%20The%20Light%20We%20Cannot%20See%20
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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

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Medicus AI

Started: 2016

Founder(s): Dr Baher Al Hakim, Dr Nadine Nehme and Makram Saleh

Based: Vienna, Austria; started in Dubai

Sector: Health Tech

Staff: 119

Funding: €7.7 million (Dh31m)

 

UK's plans to cut net migration

Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.

Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.

But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.

Language requirements will be increased for all immigration routes to ensure a higher level of English.

Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.

The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.

Liverpool 4-1 Shrewsbury

Liverpool
Gordon (34'), Fabinho (44' pen, 90' 3), Firmino (78')

Shrewsbury
Udoh (27'minutes)

Man of the Match: Kaide Gordon (Liverpool)

The specs
Engine: 4.0-litre flat-six
Power: 510hp at 9,000rpm
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Price: From Dh801,800
Frida%20
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MATCH INFO

England 2
Cahill (3'), Kane (39')

Nigeria 1
Iwobi (47')

MATCH INFO

Manchester United 1 (Fernandes pen 2') Tottenham Hotspur 6 (Ndombele 4', Son 7' & 37' Kane (30' & pen 79, Aurier 51')

Man of the match Son Heung-min (Tottenham)

THE%C2%A0SPECS
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.4-litre%20four-cylinder%0D%3Cbr%3E%3Cstrong%3EPower%3A%3C%2Fstrong%3E%20210hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%3C%2Fstrong%3E%20320Nm%0D%3Cbr%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20Starting%20from%20Dh89%2C900%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
The%20Iron%20Claw
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Changing visa rules

For decades the UAE has granted two and three year visas to foreign workers, tied to their current employer. Now that's changing.

Last year, the UAE cabinet also approved providing 10-year visas to foreigners with investments in the UAE of at least Dh10 million, if non-real estate assets account for at least 60 per cent of the total. Investors can bring their spouses and children into the country.

It also approved five-year residency to owners of UAE real estate worth at least 5 million dirhams.

The government also said that leading academics, medical doctors, scientists, engineers and star students would be eligible for similar long-term visas, without the need for financial investments in the country.

The first batch - 20 finalists for the Mohammed bin Rashid Medal for Scientific Distinction.- were awarded in January and more are expected to follow.

Global state-owned investor ranking by size

1.

United States

2.

China

3.

UAE

4.

Japan

5

Norway

6.

Canada

7.

Singapore

8.

Australia

9.

Saudi Arabia

10.

South Korea

Huroob Ezterari

Director: Ahmed Moussa

Starring: Ahmed El Sakka, Amir Karara, Ghada Adel and Moustafa Mohammed

Three stars

Ultra processed foods

- Carbonated drinks, sweet or savoury packaged snacks, confectionery, mass-produced packaged breads and buns 

- margarines and spreads; cookies, biscuits, pastries, cakes, and cake mixes, breakfast cereals, cereal and energy bars;

- energy drinks, milk drinks, fruit yoghurts and fruit drinks, cocoa drinks, meat and chicken extracts and instant sauces

- infant formulas and follow-on milks, health and slimming products such as powdered or fortified meal and dish substitutes,

- many ready-to-heat products including pre-prepared pies and pasta and pizza dishes, poultry and fish nuggets and sticks, sausages, burgers, hot dogs, and other reconstituted meat products, powdered and packaged instant soups, noodles and desserts.

 

 

Nepotism is the name of the game

Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad. 

COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%20%3C%2Fstrong%3EMascotte%20Health%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2023%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EMiami%2C%20US%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Bora%20Hamamcioglu%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EOnline%20veterinary%20service%20provider%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%241.2%20million%20raised%20in%20seed%20funding%3C%2Fp%3E%0A
EXPATS
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What are the influencer academy modules?
  1. Mastery of audio-visual content creation. 
  2. Cinematography, shots and movement.
  3. All aspects of post-production.
  4. Emerging technologies and VFX with AI and CGI.
  5. Understanding of marketing objectives and audience engagement.
  6. Tourism industry knowledge.
  7. Professional ethics.
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Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

THURSDAY FIXTURES

4.15pm: Italy v Spain (Group A)
5.30pm: Egypt v Mexico (Group B)
6.45pm: UAE v Japan (Group A)
8pm: Iran v Russia (Group B)

Simran

Director Hansal Mehta

Stars: Kangana Ranaut, Soham Shah, Esha Tiwari Pandey

Three stars

Updated: April 20, 2023, 5:41 PM`