Twitter layoffs: Elon Musk reportedly fires team responsible for tackling misinformation – live

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The NAACP has called for a complete advertising boycott of Twitter.

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Derrick Johnson, the NAACP’s president and CEO, who met with Elon Musk on Tuesday, issued a statement urging all companies to pause ads on the platform:

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It is immoral, dangerous, and highly destructive to our democracy for any advertiser to fund a platform that fuels hate speech, election denialism, and conspiracy theories. Since Elon Musk has taken over Twitter, racial slurs have spiked, and conspiracy theories have spread. When we met with Elon Musk, he made commitments that gave us cautious optimism, but until actions are taken to make Twitter a safe space, corporations cannot in good conscience put their money behind Twitter. Twitter must earn its advertisers by creating a platform that safeguards our democracy and rids itself of any content or account that spews hate and disinformation. Any account promoting hate, election denialism and any other form of mis- or disinformation cannot be allowed to return to Twitter. As we did in 2020 for Facebook, the NAACP will meet with advertisers privately to discuss their ongoing relationship with Twitter. Unlike Elon Musk’s past ventures, this one should not be rocket science.”

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The speed of layoffs could expose Elon Musk and Twitter to discrimination claims if it turns out they disproportionally affected women, people of color, or older workers, an employment lawyer has told the Associated Press.

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Attorney Peter Rahbar, founder of the New York law firm the Rahbar Group, told the agency that most employers “take great care in doing layoffs of this magnitude”.

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He said: “First, they want to make sure there is justification, and second that a nondiscriminatory process is used. And third, they want to do everything they can not to draw attention to it, for these reasons.

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“For some reason, [Musk] wants to lay off half the company without doing any due diligence on what these people do or who they are and without any regards to the law”.

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Twitter is already facing a class action lawsuit filed in San Francisco on Thursday by ex-employees who say they were denied the required notice period that they were about to lose their jobs.

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It’s after 3pm in New York (where Elon Musk has spent much of the day) and time to take stock of what’s been happening:

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• Thousands of now former Twitter employees have learned they are being laid off as billionaire owner Elon Musk continues the transformation of his newly purchased social media titan.

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• Musk posted a tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive drop in revenue”. The company appended, and later removed, a note to the post adding “context”, suggesting advertisers were concerned about the platform’s direction.

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• Scores of former employees (known as Tweeps), from numerous areas of the company, posted farewell messages, setting the hashtags #LoveWhereYouWorked and #OneTeam trending.

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• Reports suggest Musk has axed entire departments at Twitter, including the curation team moderating misinformation; a human rights team; and another responsible for machine language ethics, transparency and accountability.

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• Twitter is facing a class action lawsuit from former employees who say they were not given enough notice under US federal law that they had lost their jobs, finding out they had been let go when they were locked out of their work accounts.

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Please stay with us, there’s plenty more Twitter news to come.

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Leaders of two civil liberties groups who sat with Elon Musk earlier this week say he has gone back on the commitments he made in the meeting.

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On a Friday call in which advocacy groups urged brands to pull advertising from Twitter in response to mass employee layoffs, Color of Change president Rashad Robinson and Free Press co-chief executive Jessica González said they left their conversation with Musk believing he was genuine in his commitment to be transparent about content moderation policy changes as well as to keep election integrity policies in place.

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But Robinson and González both say his actions have betrayed his words. Specifically, González said Musk assured the advocacy groups, including the Anti-Defamation League and National Association for the Advancement of Colored People, that those responsible for election moderation would regain access to the proper tools by Friday.

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González said:

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Today’s Friday. And instead a lot of those people are gone. So I don’t have a lot of confidence that we can trust what he says.

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We’re escalating our call to advertisers because he’s shown in the past few days that he’s not gonna live up to his promises. These cuts alone indicate that he cannot moderate content.

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Robinson countered Musk’s assertion that advertisers were pulling out because of group activism:

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\n

The impulse control of this chief executive is simply not at the level that any advertiser should trust with their brand. Elon Musk is the reason why these companies are making this choice. We are simply helping to expose, shine a light and provide an opportunity.

\n

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Media Matters president Angelo Carusone said Musk’s claim that advertisers pulling out was akin to an attack on free speech was a dangerous precedent:

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\n

He’s signaling to [brands] that… he will use the Twitter platform and megaphone that he had and direct the same ire that a lot of the individuals on this call demonstrated they’re concerned about toward those companies.

\n

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Without any discernible hint of irony, Twitter has added “context” to Elon Musk’s earlier tweet accusing “activist groups” of pressuring advertisers to withdraw from his newly acquired social media platform, leading to a “massive drop in revenue”.

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The note appended to Musk’s tweet adds links to three news articles referring to “advertisers suspending or canceling ad buys over concern with Twitter platform direction” rather than pressure from any outside entities seeking to exert influence.

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Twitter’s own “watchdog”, @twittersafety, informs users that “context” is sometimes added to a post when “potentially misleading content” is present.

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We wait to learn if Musk will react to being pulled up by the tech behemoth he now owns.

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Adding context to potentially misleading content is more critical than ever. Starting today, we’re making @Birdwatch notes visible on Tweets to some people in the U.S. https://t.co/1jfiDUsApL

&mdash; Twitter Safety (@TwitterSafety) March 3, 2022

\n","url":"https://twitter.com/twittersafety/status/1499390527036432384","id":"1499390527036432384","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"29def685-a4fc-4854-99df-fbe491dfa4df"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667580430000,"blockCreatedOnDisplay":"16.47 GMT","blockLastUpdated":1667582020000,"blockLastUpdatedDisplay":"17.13 GMT","blockFirstPublished":1667581178000,"blockFirstPublishedDisplay":"16.59 GMT","blockFirstPublishedDisplayNoTimezone":"16.59","title":"Twitter safety watchdog adds ‘context’ to Musk’s ‘activist groups’ post","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"63652eca8f087fa3026f0069","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

There’s as-yet unverified speculation that Elon Musk has fired Twitter’s curation team, which is responsible for countering misinformation posted to the social media network.

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The claim comes (on Twitter, naturally) from Richie Assaly, a digital producer for the Toronto Star, who says he previously worked as a member of the curation team.

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Assaly says team “leads, management and curators are all posting that they’ve been fired”.

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The move, if true, “will make Twitter noisier, more dangerous &amp; less interesting”, he asserts.

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Looks like Elon Musk fired the entire curation team.

These were the folks who tackled misinfo, contextualized conversations via the 'Explore' page, and helped make Twitter an unmatched source for breaking news.

This will make Twitter noisier, more dangerous &amp; less interesting

&mdash; Richie Assaly (@rdassaly) November 4, 2022

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Musk, in his tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive” drop in revenue, insisted: “nothing has changed with content moderation”.

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Elon Musk has tweeted that Twitter has seen a slump in revenue due to “activist groups” putting pressure on advertisers.

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He says:

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\n

“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,.”

\n

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Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.

Extremely messed up! They’re trying to destroy free speech in America.

&mdash; Elon Musk (@elonmusk) November 4, 2022

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It’s true that some major companies have put advertising on pause, such as General Mills and General Motors, and now Volkswagen.

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But as my colleague Kari Paul writes, that reflects concerns about how Musk will run Twitter:

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\n

The growing exodus of advertisers comes amid concerns Musk will scale back misinformation and security protections on the platform. As civil rights groups call potential moderation issues into question, companies are considering whether staying on Twitter might tarnish their brands.

\n

Shortly before taking over the San Francisco company last week, Musk issued a vow to advertisers that he would not allow Twitter to become a “free-for-all hellscape,” an indication there would still be consequences for violators of its rules against harassment, violence or election and Covid-related misinformation.

\n

But since then some users have posted racial slurs and recirculated long-debunked conspiracy theories in an apparent attempt to see if the site’s policies were still being enforced. The NAACP said this week it has expressed to Musk its concerns about “the dangerous, life-threatening hate and conspiracies that have proliferated on Twitter” under his watch.

\n

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US president Joe Biden says the US jobs recovery remains strong, following today’s better-than-expected employment report.

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October’s Non-Farm Payrolls was the last healthcheck on America’s labor market before the mid-term elections next week. Biden has reminded voters that the economy has been adding jobs steadily on his watch.

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Biden says:

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Today’s jobs report – adding 261,000 jobs with the unemployment rate still at a historically low 3.7% — shows that our jobs recovery remains strong.

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With jobs now added every single month of my presidency, a record setting 10 million job increase, a record 700,000 manufacturing jobs added which puts us at 137,000 more manufacturing jobs than we had before the pandemic, historically low Black and Hispanic unemployment rates, the gross domestic product increasing, and incomes on the way up, one thing is clear: while comments by Republican leadership sure seem to indicate they are rooting for a recession, the US economy continues to grow and add jobs even as gas prices continue to come down.

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Biden: US economy continues to grow and add jobs even as gas prices continue to come down. https://t.co/TnAi52R3xJ

&mdash; CN Wire (@Sino_Market) November 4, 2022

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Biden also pledges to “do what it takes to bring inflation down”, but won’t accept that the problem is too many Americans are finding good jobs.

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Biden: “Let me be clear. We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs. Or that too many finally have more dignity in the workplace.”

&mdash; annmarie hordern (@annmarie) November 4, 2022

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Musk is keen to prevent an exodus of advertisers as he shakes up Twitter, my colleague Dan Milmo explains:

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Given that ads account for 90% of the company’s revenue, the Tesla CEO needs to keep them onside while he tries to boost income via other initiatives. To that end, he sent a message to advertisers as the takeover was being finalised, saying he would not let the site become a hotbed of hate speech.

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“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences,” he said. Advertisers have, nonetheless, gone on pause.

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General Mills, the company behind the Cheerios and Lucky Charms cereals, said it would suspend advertising on Twitter, joining the car firms General Motors and Audi in monitoring changes at the company before deciding whether to resume. The pharmaceutical company Pfizer has reportedly paused its advertising, too.

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Here’s a full breakdown of what’s happening at the social media site:

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German carmaker Volkswagen has joined the ranks of companies deciding to pause paid advertising on Twitter, following Elon Musk’s takeover.

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Volkswagen said today it had recommended to its brands to pause paid advertising, explaining:

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“We are closely monitoring the situation and will decide about next steps depending on its evolvement”

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Volkswagen’s brands include VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati and Porsche.

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Fellow car maker General Motors and Cheerios-maker General Mills have also said they are pausing advertising on Twitter while they evaluated the situation.

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Volkswagen tells brands to pause paid activities on Twitter $TWTR

Volkswagen on Friday said it has recommended to its brands to pause their paid activities on Twitter until further notice.

Read further here 👇 https://t.co/mgQr3gfiYH

&mdash; Tech News Club (@TechNewsClub) November 4, 2022

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Musk has promised advertisers he would keep Twitter from turning into a ‘free-for-all hellscape’, but there are concerns that misinformation on the platform could increase, especially if banned accounts are reinstated.

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Back in Europe, Mike Ashley’s shopping spree continues unabated.

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The billionaire retailer’s sportswear and fashion business Frasers Group has just informed the stock market that it has further increased its stake in the German fashion house Hugo Boss, taking its maximum exposure to the company to appoximately €1bn (£874m).

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Frasers now has a 4.3% direct holding of Hugo Boss shares, combined with an additional 30% through the sale of financial instruments known as put options.

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It comes less than a fortnight since Frasers last told investors it had increased its stake in Hugo Boss, at that time increasing its exposure to €960m.

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In recent weeks, Frasers has also increased its stake in the online fashion retailer Asos to reach 5%, making it the company’s fourth-largest investor.

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Ashley stepped down last month from the board of Frasers Group, after 40 years at the helm, and a few months after installing his son-in-law Michael Murray as the company’s chief executive.

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However, Ashley remains the company’s controlling shareholder, with a near-70% stake, and he continues to act as an adviser to the board and senior management.

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Just in: the US economy added 261,000 jobs in October, more than forecast, in a sign that America’s labor market remains pretty robust.

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The latest Non-Farm Payroll jobs report beat expectations, despite the pressure from high inflation and rising interest rates. Economists had forecast a rise of around 200,000 jobs.

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Average hourly earnings rose by 0.4% month-on-month, more than the 0.3% expected.

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And September’s report has been revised up, to show 315,000 new hires, from 263,000 first estimated.

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But, the unemployment rate has risen to 3.7%, from 3.5%, with the number of unemployed people rising by 306,000 to 6.1 million

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Non-farm payrolls grew by +261k in October, yet another month of stellar job growth.

Past two months show revisions of +52k for September and -23k for August, so this is an even stronger report.

Unemployment rate rose a tick to 3.7%.

This is a very strong economy.

&mdash; Justin Wolfers (@JustinWolfers) November 4, 2022

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Prime minister Rishi Sunak’s spokesman has denied that Britain’s Sizewell C nuclear power plant project is to be scrapped.

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He told reporters that negotiations on the plant’s funding are progressing, after the BBC reported it was under review (see earlier post) and could be delayed or even scrapped.

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Asked if the government was scrapping Sizewell C, the spokesman said (via Reuters):

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\n

“No … it is not accurate to say we are scrapping it. Our position on Sizewell C has not changed.”

\n

“We hope to get a deal over the line as soon as possible. There are negotiations ongoing. I can’t get into detail of those, but negotiations have been constructive.

\n

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Everything is on the table, until it is off the table.

UK PM SUNAK'S SPOKESMAN: POSITION ON SIZEWELL C NUCLEAR POWER PLANT HAS NOT CHANGED, WE ARE NOT SCRAPPING IT

&mdash; William James (@WJames_Reuters) November 4, 2022

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UK construction companies have been hit by the first drop in new orders since the first wave of the pandemic in spring 2020.

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Some firms blamed heightened political uncertainty for the drop in new work in October – a month in which borrowing costs surged after the UK’s mini-budget rocked markets.

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Business confidence fell sharply too, to the lowest for almost two-and-a half years, the latest survey of purchasing managers by S&amp;P Global Insight shows.

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But overall, the sector kept growing as firms started new projects or continued existing work.

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Latest data for the UK's construction sector indicated another growth in activity with the #PMI at 53.2 (Sep: 52.3). New orders fell for the first time since May 2020, however, while sentiment dropped to a 29-month low. Read more: https://t.co/EEoC8ywAKc pic.twitter.com/YABrhWvspx

&mdash; S&amp;P Global PMI™ (@SPGlobalPMI) November 4, 2022

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UK union Prospect are appalled by the way that Twitter’s staff are being treated, as Elon Musk begins mass job cuts.

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Prospect, which represents technology workers, compared it to the notorious sudden mass sacking of 800 workers by P&amp;O Ferries this year, which provoked anger among the public and MPs.

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Mike Clancy, general secretary of Prospect union, said:

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\n

“Twitter is treating its people appallingly.

\n

“These are people who have invested their time, effort and enthusiasm in building the platform, which risks being thrown away.

\n

“The government must make clear to Twitter’s new owners that we won’t accept a digital P&amp;O and that no-one is above the law in the UK, including Big Tech barons. That must include making sure UK staff’s full employment rights are properly protected.

\n

“We are supporting our members at Twitter and will be working with them to defend them and their livelihoods.

\n

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

&mdash; Simon Balmain  (@SBkcrn) November 4, 2022

\n","url":"https://twitter.com/SBkcrn/status/1588357614211158018","id":"1588357614211158018","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"387e89a2-1ec6-456d-8b23-9c945621ebc2"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667556217000,"blockCreatedOnDisplay":"10.03 GMT","blockLastUpdated":1667561496000,"blockLastUpdatedDisplay":"11.31 GMT","blockFirstPublished":1667556735000,"blockFirstPublishedDisplay":"10.12 GMT","blockFirstPublishedDisplayNoTimezone":"10.12","title":"Prospect Union: Twitter can’t act like a digital P&O Ferries","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364e4578f0842be36ff0465","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Twitter is facing a class action lawsuit from former employees who say they were not given enough notice under US federal law that they had lost their jobs, finding out they had been let go when they were locked out of their work accounts on Thursday.

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In a company-wide memo, staff were informed on Thursday that they would receive an email to their personal email accounts if they were being fired as part of the mass sackings at the platform in which up to half of the company could go.

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Before those emails arrived, dozens of staff began posting on Twitter that they had been fired – after discovering they were no longer able to access their work email accounts or log into their work laptops.

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Musk’s plans to cut up to 3,700 staff may hit a roadblock, however, after a lawsuit was filed in the US federal court in San Francisco seeking orders for Twitter to comply with the federal Worker Adjustment and Retraining Notification Act, which requires 60 days’ notice for mass sackings at large employers.

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The lawsuit, brought on behalf of five Twitter employees so far, says one was fired on 1 November, while three were not informed at the time of filing but had been locked out of their email accounts.

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The case cited a similar situation with sackings at Musk’s other company, Tesla, where the company sought to obtain full release from its obligations under the Warn Act by offering severance of one or two weeks’ pay instead.

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More here:

","elementId":"297715b5-d1c7-49e9-a389-9e8ded4fbdd2"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/technology/2022/nov/04/twitter-sued-by-former-staff-as-elon-musk-begins-mass-sackings","text":"Twitter sued by former staff as Elon Musk begins mass sackings","prefix":"Related: ","role":"thumbnail","elementId":"24cb86b1-aa7f-4e20-8fd2-4475ebcbd509"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667556439000,"blockCreatedOnDisplay":"10.07 GMT","blockLastUpdated":1667556601000,"blockLastUpdatedDisplay":"10.10 GMT","blockFirstPublished":1667556601000,"blockFirstPublishedDisplay":"10.10 GMT","blockFirstPublishedDisplayNoTimezone":"10.10","title":"Full story: Twitter sued by former staff as Elon Musk begins mass sackings","contributors":[{"name":"Josh 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Hundreds of workers at Heathrow airport in London are to hold a three-day walkout later this month, which could disrupt flights to the soccer World Cup finals in Qatar.

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The Unite union has announced that 700 workers, who are involved in ground-handling, airside transport and cargo, will take three days of strike action beginning on Friday 18 November, in a dispute over pay.

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The staff are employed by Dnata and Menzies at Heathrow.

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Unite says the strike action will lead to “disruption, cancellations and delays” at Heathrow terminals 2, 3 and 4, adding:

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\n

The strike action will particularly affect Qatar Airways, which has scheduled an additional 10 flights a week during the World Cup.

\n

","elementId":"2eb61eed-e814-4b41-b456-8c14f4c89a78"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

BREAKING: Unite union says around 700 workers at Heathrow Airport will strike for three days starting on 18 November.

Today's top stories 👉 https://t.co/PAiZ4D1jU3

📺 Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/5j7nHxu6n5

&mdash; Sky News (@SkyNews) November 4, 2022

\n","url":"https://twitter.com/SkyNews/status/1588466901868593152","id":"1588466901868593152","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"cf48bbe9-b6ac-4751-aa70-d484be033c2e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The strike could also cause disruption to passengers returning to the United States for the Thanksgiving holiday, on Thursday 24th November.

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Other leading airlines that will be hit heavily include Virgin, Singapore Airlines, Cathay-Pacific and Emirates, the union predicts.

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Unite says Dnata has offered its workers a 5% increase, while Menzies has offered workers between 2% and 6%.

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Unite regional officer Kevin Hall said:

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“Strike action will inevitably cause disruption, delays and cancellations to flights throughout Heathrow, with travellers to the World Cup particularly affected.

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However, this dispute is entirely of Dnata and Menzies own making. They have had every opportunity to make a fair pay offer but have chosen not to do so.”

\n

","elementId":"958a4f64-871b-4eb0-b498-2baaae7a132a"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667555024000,"blockCreatedOnDisplay":"09.43 GMT","blockLastUpdated":1667555587000,"blockLastUpdatedDisplay":"09.53 GMT","blockFirstPublished":1667555588000,"blockFirstPublishedDisplay":"09.53 GMT","blockFirstPublishedDisplayNoTimezone":"09.53","title":"Hundreds of Heathrow workers to strike in run-up to World Cup","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364dc108f0842be36ff0400","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

UK car sales jumped by a quarter last month, new figures show, despite the rising squeeze on household incomes.

","elementId":"f838119d-2e9d-4b4d-9bee-954cf9bf18ec"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

New registrations rose by 26% year-on-year to 134,344 units in October, the SMMT reports.

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Sales were lifted by growing demand for hybrid (MHEV) cars which combine a combustion engine with an electric battery.

","elementId":"41e98901-b8cd-4d28-af41-87259e935fe4"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

October new car registrations rise 26.4% in third month of growth. Here are the top models in October and 2022 so far: https://t.co/TTEYoalHQw pic.twitter.com/958F2RGWEX

&mdash; SMMT (@SMMT) November 4, 2022

\n","url":"https://twitter.com/SMMT/status/1588459977903321089","id":"1588459977903321089","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"1578b2d8-a617-4b51-9e6d-5c66fd838285"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

October new car registrations rise 26.4% in third month of growth, with hybrid and battery electric vehicles driving uplift.https://t.co/TTEYoaCKSw pic.twitter.com/rRmFtjmNvC

&mdash; SMMT (@SMMT) November 4, 2022

\n","url":"https://twitter.com/SMMT/status/1588457020251774976","id":"1588457020251774976","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"588ad6a3-221d-41dd-9820-7e370724668e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

But despite this increase, the SMMT expects 2022 to be the worst year for car sales in four decades.

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It says:

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\n

Ongoing supply chain shortages, surging inflation and a growing cost of living crisis have led to a -2.2% downward revision of the market outlook for the year, with 1.566 million registrations now anticipated.

\n

This puts 2022 on course to be the market’s toughest year since 1982.

\n

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SMMT Chief Executive Mike Hawes adds:

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\n

“A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages,”

\n

","elementId":"10079752-7cbc-4ba6-8b14-210fb74d4c53"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Many of the people who received new cars in October will have ordered them some time ago, due to the supply chain disruption that slowed production.

","elementId":"a94fd319-efdc-4887-9f4e-c4103891f985"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Ian Plummer, Auto Trader director, reports that more people are buying cars on credit – even though borrowing rates have risen.

","elementId":"65ada522-cfd0-4be5-9792-04cf06ac8809"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

“As the broader cost of living crisis impacts consumers, demand for cars has begun to flatten and we’re seeing an increasing number of consumers turn to finance. Finance searches have never been so high on Auto Trader with search volume up 43% on pre-pandemic levels and up 8% compared with the highs of 2021, showing that many people are looking to spread the cost as budgets are tightened. Currently, we’re seeing that finance rates for new cars are climbing much faster than used cars.

\n

“It’s worth flagging that consumers already in finance agreements won’t see any increases until the end of their contract so will be shielded, at least for now, from the immediate effects of these rises.”

\n

","elementId":"7c8fc34e-769c-49b0-84b7-ca667164a6ab"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

But, of course, they will face a jump when they try to refinance.

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Former Bank of England governor Mark Carney has warned that the next few years will be tough in the UK, with Brexit partly to blame.

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He told Radio 4’s Today Programme:

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\n

As we all know, it’s a difficult period, and it will get tougher for the next few years.

\n

But, there is a prospect in the Bank’s judgement…. that inflation will be under control.

\n

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The “very difficult reality” is that the Bank of England wants to slow the pace of the UK economy, Carney continues (to push down inflation and stop it becoming embedded).

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He says higher energy prices have slowed the pace at which the UK economy can grow. Covid has changed the labour market which also hurts growth capacity (more people aren’t able to work due to ill health or caring responsibilities)

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“And then of course, in the UK unfortunately we’ve also had this near-term impact of Brexit, which has slowed the pace at which the economy can grow”, Carney adds.

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Former Bank of England Governor Mark Carney says Brexit has badly damaged the UK economy and is now a major reason why interest rates are being hiked just as we go into a recession. pic.twitter.com/97M8yCnWMT

&mdash; Adam Bienkov (@AdamBienkov) November 4, 2022

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Carney also stuck to his recent warning that Brexit had shrunk the UK economy:

","elementId":"4b80c59e-1ff4-48e6-9d3a-08669cdf5d8b"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/politics/live/2022/nov/04/brexit-interest-rates-rishi-sunak-immigration-uk-economy-uk-politics-live-news","text":"Mark Carney doubles down on claim Brexit has shrunk UK economy – UK politics live","prefix":"Related: ","role":"thumbnail","elementId":"3f36f192-b479-4920-8be4-dff8463b492c"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667551999000,"blockCreatedOnDisplay":"08.53 GMT","blockLastUpdated":1667564112000,"blockLastUpdatedDisplay":"12.15 GMT","blockFirstPublished":1667552532000,"blockFirstPublishedDisplay":"09.02 GMT","blockFirstPublishedDisplayNoTimezone":"09.02","title":"Mark Carney: next few years will be tougher","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364cf608f0842be36ff03a9","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The Bank of England is trying to get inflation under control without doing too much damage to the UK economy, its chief economist says.

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Huw Pill told CNBC that the Bank’s monetary policy committee is aiming to balance getting inflation down to 2%, without slowing growth too severely.

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Pill explained:

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“What we are seeking to do, we’re always seeking to do, is to find that balance that gets us back to our 2% inflation target without generating unnecessary and costly problems in the real side of the economy.

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“Creating that balance, signalling that balance, that was really our key message yesterday.”

\n

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NEW: #BoE's Pill on @CNBCi says, &quot;Challenge for us is to set monetary policy such that economic slowdown is sufficient to ensure inflation is consistent with target and we also avoid overshoot in other direction…lags in monetary policy transmission to activity is about a year.&quot;

&mdash; Julianna Tatelbaum (@CNBCJulianna) November 4, 2022

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The Bank’s latest forecasts, released yesterday, showed that inflation would fall below its 2% target by mid-2024 even if interest rates stay at their new rate of 3%.

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It would fall more sharply, and the recession would be worse – two years long – if rates roses to over 5%.

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Huw Pill on CNBC basically saying we're going to cause a recession to get inflation to 2%

It's almost like their calibration is working out how big a recession we all have to endure to hit a 2% inflation target….

&mdash; Paul Day (@tddirtbagbaby) November 4, 2022

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Stock markets are rallying today, amid speculation that China might relax its Covid rules soon.

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Hong Kong’s Hang Seng index, which has had a torrid year, jumped 5%, while China’s CSI 300 index is up over 3%. European indices have opened around 0.7% higher.

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⚠️BREAKING:

*HONG KONG'S HANG SENG INDEX JUMPS NEARLY 6% AFTER RECORD LOSSES

🇭🇰🇭🇰 pic.twitter.com/sX05i3pzYH

&mdash; Investing.com (@Investingcom) November 4, 2022

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These are some insane moves. Chinese tech stocks like Alibaba and Tencent are up 10-15% today. That said, this market's been extremely sold down that it's not too surprising to see these moves on mere speculation at this point. pic.twitter.com/EVv63eHMMV

&mdash; David Ingles (@DavidInglesTV) November 4, 2022

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Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, explains:

","elementId":"bfc64a9b-f208-4e41-8efa-948384c7c08e"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

Hong Kong’s Hang Seng has gained confidence, rising around 6%, on rumours China could relax its strict Covid policies.

\n

This is likely to spread across to more positive momentum in the UK too. China’s impenetrable policies have caused a great deal of economic pain, both inside and outside the country. Supply chains, manufacturing and demand have all come under very serious pressure. Any indication that some rules could be relaxed would be an immediate dose of grease in the jarring cogs of China’s economy.

\n

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An unverified screenshot circulating on social media this week claimed that a broad reopening plan was being considered, which drove up stocks – although China’s top health body has reaffirmed its commitment to the zero-tolerance virus approach.

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In London, mining stocks are driving the FTSE 100 higher – with the blue-chip index up 45 points to 7,234 points.

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Treasury officials are examining whether the autumn statement could include changes to non-dom status and moves to raise taxes on dividends by cutting tax-free allowances.

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No final decisions have been taken but Whitehall sources said options were being examined by the Treasury’s high net worth individuals policy team, my colleagues Juliette Garside and Jessica Elgot report.

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Changes could include reducing the time period over which high net worth individuals can avoid tax on their worldwide income. Experts suggest that cutting the duration from 15 to five years could raise an additional £1.6bn a year.

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The chancellor, Jeremy Hunt, is also looking at cutting the tax-free threshold for shareholders’ earnings from dividends from its current level of £2,000 – though a more ambitious move would be to increase the percentage of tax paid at the three thresholds, the highest of which is just under 40%.

","elementId":"192165a9-c6bd-4970-a493-642b0c46b2d2"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/politics/2022/nov/03/non-dom-tax-breaks-being-reviewed-by-the-treasury-in-effort-to-raise-revenue?CMP=Share_iOSApp_Other","text":"Non-dom tax breaks being reviewed by the Treasury in effort to raise revenue","prefix":"Related: ","role":"thumbnail","elementId":"7ac3afee-cadc-4b5f-b270-1e9321bc26b0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The Daily Telegraph reports that Hunt is also considering an increase in the headline rate of capital gains tax (CGT), to help plug the £50bn hole in Britain’s public finances.

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Friday's Telegraph: &quot;Hunt set to launch capital gains raid&quot; #BBCPapers #TomorrowsPapersToday https://t.co/7FuHsAa3Vz pic.twitter.com/vuajlU9Ur0

&mdash; BBC News (UK) (@BBCNews) November 3, 2022

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German industrial orders have fallen more than expected in September, adding to fears that Europe’s largest economy is sliding into recession.

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New orders at German factories fell by 4.0% month-on-month, including a 7% tumble in foreign orders. Analysts had expected a much smaller fall, to 0.5%.

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Orders for heavy duty capital goods (such as machinery) fell 6%, while demand for intermediate goods used to make products were down 3.4%, as the world economy slowed.

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🇩🇪 German factory orders tumbled in September.

📊 Factory orders fell -4% after falling -2% in August.

📉 Consensus estimates pointed to a fall of -0.5%.#EURUSD 🔼 0.23% #DAX 🔼 0.36%#tradingdotcomuk #MarketUpdate

RW: 78.72% of retail clients lose money.

&mdash; Trading.com UK (@tradingdotcomuk) November 4, 2022

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Manufacturing in September 2022: new #orders down 4.0% on the previous month. https://t.co/xIJWnhyxbf pic.twitter.com/Sh5H1zPY25

&mdash; Destatis news (@destatis_news) November 4, 2022

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Banks and building societies are expected to cut the costs of UK fixed-rate mortgages a little, despite Thursday’s large interest rate hike from the Bank of England.

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The current high costs of fixed rates were set when markets had expected aggressive future rises in the base rate – but expectations had already subsided as the turmoil in the borrowing markets eased.

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So with the Bank now pushing back against market expectations, mortgages could become a little cheaper, having surged since the mini-budget.

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Simon Gammon, managing partner at mortgage broker Knight Frank Finance, said (via the FT):

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\n

“We are expecting fixed rates to continue to fall back slightly — they are still overpriced because lenders don’t have an appetite for a lot of fixed-term lending right now, but with a period of stability, you can expect that to change.”

\n

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David Hollingworth, director at L&amp;C Mortgages, said:

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\n

“Lenders could see their way to dropping fixed rates back a little bit. There’s more scope for them to do that.”

\n

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More here: Falls in UK mortgage rates predicted as BoE signals dovish outlook

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The Sizewell C nuclear power plant in Suffolk is reportedly under review as the Government looks to cut spending to fill the UK’s fiscal ‘black hole’.

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The new reactor, located some 30 miles north-east of Ipswich, was expected to be built by energy firm EDF.

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Boris Johnson had promised £700 million of taxpayers’ money to the project in his final policy speech in early September as he sought to make energy security part of his legacy as prime minister.

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But a Government official has now told the BBC:

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“We are reviewing every major project – including Sizewell C.”

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The 3.2 gigawatt power station is planned to sit alongside the existing Sizewell B nuclear reactor on the Suffolk coast, and could generate electricity for 6m homes for up to 60 years.

","elementId":"32ca4b76-bf27-478a-a553-23daf8e6c8dd"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/environment/2022/aug/31/who-will-fund-sizewell-c-nuclear-plant-when-will-it-be-built-explainer","text":"Who will fund Sizewell C nuclear plant and when will it be built? | explainer","prefix":"Related: ","role":"thumbnail","elementId":"ab502a29-aae3-4ec5-98f6-62c07ed396c3"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Former PM Liz Truss’s pledge to build a major rail scheme in northern England in full could also be scaled back.

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This high-speed link was expected to eventually connecting Northern towns and cities from Hull to Liverpool, through Bradford.

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But the plans for the rail line – known as Northern Powerhouse Rail – are now expected to be reduced.

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Business secretary Grant Shapps told the BBC:

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The line itself can deliver a 33-minute journey from Manchester to Leeds, quadruple nearly the capacity of that line, and do so without having to wait an extra 20 years beyond the delivery of what the upgrade can do.

\n

“There wasn’t really much point in going and blasting new tunnels through the Pennines.

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“It’s not true to say we’re not delivering on what we said we would do on levelling up the north.”

\n

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Here’s the full story: Sizewell new nuclear plant under review

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Twitter is being sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform, Bloomberg reports.

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A class-action lawsuit was filed Thursday in San Francisco federal court, arguing that the company is violating federal and California law by not giving enough notice.

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Here’s the details:

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\n

The federal Worker Adjustment and Retraining Notification Act restricts large companies from mounting mass layoffs without at least 60 days of advance notice.

\n

The lawsuit asks the court to issue an order requiring Twitter to obey the WARN Act, and restricting the company from soliciting employees to sign documents that could give up their right to participate in litigation.

\n

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview.

\n

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LATEST: Twitter has been sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform — half of its workforce — which workers say the company is doing without enough notice in violation of federal and California law https://t.co/ia3yarenjd

&mdash; Bloomberg (@business) November 4, 2022

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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It’s a grim day for Twitter staff, as Elon Musk will begin mass job cuts just a week after acquiring the social media platform.

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The social network’s offices are temporarily closed, while staff wait to learn by email whether they’ve been retained, or fired. Around half the company’s workforce could be laid off.

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Employees in Twitter just got an email from their bosses saying layoffs are coming tomorrow.

Those who are staying will get a note tomorrow in their work email. Those who are let go will get an email sent to their personal address.

Slot machine-style layoffs.

&mdash; Ben Collins (@oneunderscore__) November 4, 2022

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“At Twitter’s offices, employees said tearful goodbyes, exchanged contact info and tried to make their documentation easily accessible for the staff who were to remain

They wanted to ensure their colleagues could keep the site running in their absence” https://t.co/f8aOxUeX0r

&mdash; Hamza Shaban (@hshaban) November 4, 2022

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The company said in an email to staff on Thursday.

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\n

“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.

\n

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Musk already fired several top Twitter executives, including CEO Parag Agrawal, finance chief, Ned Segal, and legal affairs and policy chief, Vijaya Gadde.

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Having bought Twitter for $44bn, Musk is now trying to make the company profitable.

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On Thursday, Musk directed Twitter’s teams to free up $1bn in annual infrastructure cost savings by slashing funding for cloud services and servers. He has floated a number of ideas to make profit at Twitter, including a plan to charge for “verified” badges, and creating an “everything app” that would combine several platforms into one.

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Also coming up today

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Households and businesses are digesting the Bank of England’s warning that Britain faces its longest recession since the 1920s if interest rates soared as high as markets had predicted.

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But the BoE also pushed back against those expectations yesterday, even as it announced its largest interest rate rise for three decades, to 3%.

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The latest US jobs report will be closedly watched, for any signs that America’s employment market is weakening.

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Economists predict around 200,000 new jobs were created in October, down from 263,000 in September. A slowdown in hiring, and wage growth, could be a signal that the high inflation gripping the US economy might soon begin to ease.

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A court ruling could decide whether taxi firms outside London should be forced to pat VAT on their journeys, which could push up prices by 20%.

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A ruling is expected to be handed down today after the ride-sharing app sued Sefton council in Merseyside over VAT terms for operators outside London.

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We also find out how many new cars were sold in the UK last month, and how building firms fared.

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The agenda

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\n

• 7am BST: German factory orders for September

\n

• 9am GMT: UK car sales for October

\n

• 9.30am GMT: UK construction PMI report

\n

• 12.15pm: Bank of England chief economist Huw Pill holds a National Agency briefing on yesterday’s monetary policy report

\n

• 12.30pm GMT: US Non-Farm Payroll jobs report

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Key events

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The NAACP has called for a complete advertising boycott of Twitter.

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Derrick Johnson, the NAACP’s president and CEO, who met with Elon Musk on Tuesday, issued a statement urging all companies to pause ads on the platform:

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It is immoral, dangerous, and highly destructive to our democracy for any advertiser to fund a platform that fuels hate speech, election denialism, and conspiracy theories. Since Elon Musk has taken over Twitter, racial slurs have spiked, and conspiracy theories have spread. When we met with Elon Musk, he made commitments that gave us cautious optimism, but until actions are taken to make Twitter a safe space, corporations cannot in good conscience put their money behind Twitter. Twitter must earn its advertisers by creating a platform that safeguards our democracy and rids itself of any content or account that spews hate and disinformation. Any account promoting hate, election denialism and any other form of mis- or disinformation cannot be allowed to return to Twitter. As we did in 2020 for Facebook, the NAACP will meet with advertisers privately to discuss their ongoing relationship with Twitter. Unlike Elon Musk’s past ventures, this one should not be rocket science.”

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The speed of layoffs could expose Elon Musk and Twitter to discrimination claims if it turns out they disproportionally affected women, people of color, or older workers, an employment lawyer has told the Associated Press.

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Attorney Peter Rahbar, founder of the New York law firm the Rahbar Group, told the agency that most employers “take great care in doing layoffs of this magnitude”.

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He said: “First, they want to make sure there is justification, and second that a nondiscriminatory process is used. And third, they want to do everything they can not to draw attention to it, for these reasons.

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“For some reason, [Musk] wants to lay off half the company without doing any due diligence on what these people do or who they are and without any regards to the law”.

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Twitter is already facing a class action lawsuit filed in San Francisco on Thursday by ex-employees who say they were denied the required notice period that they were about to lose their jobs.

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It’s after 3pm in New York (where Elon Musk has spent much of the day) and time to take stock of what’s been happening:

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• Thousands of now former Twitter employees have learned they are being laid off as billionaire owner Elon Musk continues the transformation of his newly purchased social media titan.

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• Musk posted a tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive drop in revenue”. The company appended, and later removed, a note to the post adding “context”, suggesting advertisers were concerned about the platform’s direction.

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• Scores of former employees (known as Tweeps), from numerous areas of the company, posted farewell messages, setting the hashtags #LoveWhereYouWorked and #OneTeam trending.

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• Reports suggest Musk has axed entire departments at Twitter, including the curation team moderating misinformation; a human rights team; and another responsible for machine language ethics, transparency and accountability.

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• Twitter is facing a class action lawsuit from former employees who say they were not given enough notice under US federal law that they had lost their jobs, finding out they had been let go when they were locked out of their work accounts.

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Please stay with us, there’s plenty more Twitter news to come.

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Leaders of two civil liberties groups who sat with Elon Musk earlier this week say he has gone back on the commitments he made in the meeting.

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On a Friday call in which advocacy groups urged brands to pull advertising from Twitter in response to mass employee layoffs, Color of Change president Rashad Robinson and Free Press co-chief executive Jessica González said they left their conversation with Musk believing he was genuine in his commitment to be transparent about content moderation policy changes as well as to keep election integrity policies in place.

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But Robinson and González both say his actions have betrayed his words. Specifically, González said Musk assured the advocacy groups, including the Anti-Defamation League and National Association for the Advancement of Colored People, that those responsible for election moderation would regain access to the proper tools by Friday.

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González said:

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Today’s Friday. And instead a lot of those people are gone. So I don’t have a lot of confidence that we can trust what he says.

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We’re escalating our call to advertisers because he’s shown in the past few days that he’s not gonna live up to his promises. These cuts alone indicate that he cannot moderate content.

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Robinson countered Musk’s assertion that advertisers were pulling out because of group activism:

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\n

The impulse control of this chief executive is simply not at the level that any advertiser should trust with their brand. Elon Musk is the reason why these companies are making this choice. We are simply helping to expose, shine a light and provide an opportunity.

\n

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Media Matters president Angelo Carusone said Musk’s claim that advertisers pulling out was akin to an attack on free speech was a dangerous precedent:

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\n

He’s signaling to [brands] that… he will use the Twitter platform and megaphone that he had and direct the same ire that a lot of the individuals on this call demonstrated they’re concerned about toward those companies.

\n

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Without any discernible hint of irony, Twitter has added “context” to Elon Musk’s earlier tweet accusing “activist groups” of pressuring advertisers to withdraw from his newly acquired social media platform, leading to a “massive drop in revenue”.

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The note appended to Musk’s tweet adds links to three news articles referring to “advertisers suspending or canceling ad buys over concern with Twitter platform direction” rather than pressure from any outside entities seeking to exert influence.

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Twitter’s own “watchdog”, @twittersafety, informs users that “context” is sometimes added to a post when “potentially misleading content” is present.

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We wait to learn if Musk will react to being pulled up by the tech behemoth he now owns.

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Adding context to potentially misleading content is more critical than ever. Starting today, we’re making @Birdwatch notes visible on Tweets to some people in the U.S. https://t.co/1jfiDUsApL

&mdash; Twitter Safety (@TwitterSafety) March 3, 2022

\n","url":"https://twitter.com/twittersafety/status/1499390527036432384","id":"1499390527036432384","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"29def685-a4fc-4854-99df-fbe491dfa4df"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667580430000,"blockCreatedOnDisplay":"16.47 GMT","blockLastUpdated":1667582020000,"blockLastUpdatedDisplay":"17.13 GMT","blockFirstPublished":1667581178000,"blockFirstPublishedDisplay":"16.59 GMT","blockFirstPublishedDisplayNoTimezone":"16.59","title":"Twitter safety watchdog adds ‘context’ to Musk’s ‘activist groups’ post","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"63652eca8f087fa3026f0069","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

There’s as-yet unverified speculation that Elon Musk has fired Twitter’s curation team, which is responsible for countering misinformation posted to the social media network.

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The claim comes (on Twitter, naturally) from Richie Assaly, a digital producer for the Toronto Star, who says he previously worked as a member of the curation team.

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Assaly says team “leads, management and curators are all posting that they’ve been fired”.

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The move, if true, “will make Twitter noisier, more dangerous &amp; less interesting”, he asserts.

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Looks like Elon Musk fired the entire curation team.

These were the folks who tackled misinfo, contextualized conversations via the 'Explore' page, and helped make Twitter an unmatched source for breaking news.

This will make Twitter noisier, more dangerous &amp; less interesting

&mdash; Richie Assaly (@rdassaly) November 4, 2022

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Musk, in his tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive” drop in revenue, insisted: “nothing has changed with content moderation”.

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Elon Musk has tweeted that Twitter has seen a slump in revenue due to “activist groups” putting pressure on advertisers.

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He says:

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\n

“Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists,.”

\n

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Twitter has had a massive drop in revenue, due to activist groups pressuring advertisers, even though nothing has changed with content moderation and we did everything we could to appease the activists.

Extremely messed up! They’re trying to destroy free speech in America.

&mdash; Elon Musk (@elonmusk) November 4, 2022

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It’s true that some major companies have put advertising on pause, such as General Mills and General Motors, and now Volkswagen.

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But as my colleague Kari Paul writes, that reflects concerns about how Musk will run Twitter:

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\n

The growing exodus of advertisers comes amid concerns Musk will scale back misinformation and security protections on the platform. As civil rights groups call potential moderation issues into question, companies are considering whether staying on Twitter might tarnish their brands.

\n

Shortly before taking over the San Francisco company last week, Musk issued a vow to advertisers that he would not allow Twitter to become a “free-for-all hellscape,” an indication there would still be consequences for violators of its rules against harassment, violence or election and Covid-related misinformation.

\n

But since then some users have posted racial slurs and recirculated long-debunked conspiracy theories in an apparent attempt to see if the site’s policies were still being enforced. The NAACP said this week it has expressed to Musk its concerns about “the dangerous, life-threatening hate and conspiracies that have proliferated on Twitter” under his watch.

\n

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US president Joe Biden says the US jobs recovery remains strong, following today’s better-than-expected employment report.

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October’s Non-Farm Payrolls was the last healthcheck on America’s labor market before the mid-term elections next week. Biden has reminded voters that the economy has been adding jobs steadily on his watch.

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Biden says:

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Today’s jobs report – adding 261,000 jobs with the unemployment rate still at a historically low 3.7% — shows that our jobs recovery remains strong.

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With jobs now added every single month of my presidency, a record setting 10 million job increase, a record 700,000 manufacturing jobs added which puts us at 137,000 more manufacturing jobs than we had before the pandemic, historically low Black and Hispanic unemployment rates, the gross domestic product increasing, and incomes on the way up, one thing is clear: while comments by Republican leadership sure seem to indicate they are rooting for a recession, the US economy continues to grow and add jobs even as gas prices continue to come down.

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Biden: US economy continues to grow and add jobs even as gas prices continue to come down. https://t.co/TnAi52R3xJ

&mdash; CN Wire (@Sino_Market) November 4, 2022

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Biden also pledges to “do what it takes to bring inflation down”, but won’t accept that the problem is too many Americans are finding good jobs.

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Biden: “Let me be clear. We’re going to do what it takes to bring inflation down. But as long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs. Or that too many finally have more dignity in the workplace.”

&mdash; annmarie hordern (@annmarie) November 4, 2022

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Musk is keen to prevent an exodus of advertisers as he shakes up Twitter, my colleague Dan Milmo explains:

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Given that ads account for 90% of the company’s revenue, the Tesla CEO needs to keep them onside while he tries to boost income via other initiatives. To that end, he sent a message to advertisers as the takeover was being finalised, saying he would not let the site become a hotbed of hate speech.

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“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences,” he said. Advertisers have, nonetheless, gone on pause.

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General Mills, the company behind the Cheerios and Lucky Charms cereals, said it would suspend advertising on Twitter, joining the car firms General Motors and Audi in monitoring changes at the company before deciding whether to resume. The pharmaceutical company Pfizer has reportedly paused its advertising, too.

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Here’s a full breakdown of what’s happening at the social media site:

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German carmaker Volkswagen has joined the ranks of companies deciding to pause paid advertising on Twitter, following Elon Musk’s takeover.

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Volkswagen said today it had recommended to its brands to pause paid advertising, explaining:

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“We are closely monitoring the situation and will decide about next steps depending on its evolvement”

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Volkswagen’s brands include VW, Seat, Cupra, Audi, Lamborghini, Bentley, Ducati and Porsche.

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Fellow car maker General Motors and Cheerios-maker General Mills have also said they are pausing advertising on Twitter while they evaluated the situation.

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Volkswagen tells brands to pause paid activities on Twitter $TWTR

Volkswagen on Friday said it has recommended to its brands to pause their paid activities on Twitter until further notice.

Read further here 👇 https://t.co/mgQr3gfiYH

&mdash; Tech News Club (@TechNewsClub) November 4, 2022

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Musk has promised advertisers he would keep Twitter from turning into a ‘free-for-all hellscape’, but there are concerns that misinformation on the platform could increase, especially if banned accounts are reinstated.

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Back in Europe, Mike Ashley’s shopping spree continues unabated.

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The billionaire retailer’s sportswear and fashion business Frasers Group has just informed the stock market that it has further increased its stake in the German fashion house Hugo Boss, taking its maximum exposure to the company to appoximately €1bn (£874m).

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Frasers now has a 4.3% direct holding of Hugo Boss shares, combined with an additional 30% through the sale of financial instruments known as put options.

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It comes less than a fortnight since Frasers last told investors it had increased its stake in Hugo Boss, at that time increasing its exposure to €960m.

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In recent weeks, Frasers has also increased its stake in the online fashion retailer Asos to reach 5%, making it the company’s fourth-largest investor.

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Ashley stepped down last month from the board of Frasers Group, after 40 years at the helm, and a few months after installing his son-in-law Michael Murray as the company’s chief executive.

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However, Ashley remains the company’s controlling shareholder, with a near-70% stake, and he continues to act as an adviser to the board and senior management.

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Just in: the US economy added 261,000 jobs in October, more than forecast, in a sign that America’s labor market remains pretty robust.

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The latest Non-Farm Payroll jobs report beat expectations, despite the pressure from high inflation and rising interest rates. Economists had forecast a rise of around 200,000 jobs.

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Average hourly earnings rose by 0.4% month-on-month, more than the 0.3% expected.

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And September’s report has been revised up, to show 315,000 new hires, from 263,000 first estimated.

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But, the unemployment rate has risen to 3.7%, from 3.5%, with the number of unemployed people rising by 306,000 to 6.1 million

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Non-farm payrolls grew by +261k in October, yet another month of stellar job growth.

Past two months show revisions of +52k for September and -23k for August, so this is an even stronger report.

Unemployment rate rose a tick to 3.7%.

This is a very strong economy.

&mdash; Justin Wolfers (@JustinWolfers) November 4, 2022

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Prime minister Rishi Sunak’s spokesman has denied that Britain’s Sizewell C nuclear power plant project is to be scrapped.

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He told reporters that negotiations on the plant’s funding are progressing, after the BBC reported it was under review (see earlier post) and could be delayed or even scrapped.

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Asked if the government was scrapping Sizewell C, the spokesman said (via Reuters):

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\n

“No … it is not accurate to say we are scrapping it. Our position on Sizewell C has not changed.”

\n

“We hope to get a deal over the line as soon as possible. There are negotiations ongoing. I can’t get into detail of those, but negotiations have been constructive.

\n

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Everything is on the table, until it is off the table.

UK PM SUNAK'S SPOKESMAN: POSITION ON SIZEWELL C NUCLEAR POWER PLANT HAS NOT CHANGED, WE ARE NOT SCRAPPING IT

&mdash; William James (@WJames_Reuters) November 4, 2022

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UK construction companies have been hit by the first drop in new orders since the first wave of the pandemic in spring 2020.

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Some firms blamed heightened political uncertainty for the drop in new work in October – a month in which borrowing costs surged after the UK’s mini-budget rocked markets.

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Business confidence fell sharply too, to the lowest for almost two-and-a half years, the latest survey of purchasing managers by S&amp;P Global Insight shows.

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But overall, the sector kept growing as firms started new projects or continued existing work.

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Latest data for the UK's construction sector indicated another growth in activity with the #PMI at 53.2 (Sep: 52.3). New orders fell for the first time since May 2020, however, while sentiment dropped to a 29-month low. Read more: https://t.co/EEoC8ywAKc pic.twitter.com/YABrhWvspx

&mdash; S&amp;P Global PMI™ (@SPGlobalPMI) November 4, 2022

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UK union Prospect are appalled by the way that Twitter’s staff are being treated, as Elon Musk begins mass job cuts.

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Prospect, which represents technology workers, compared it to the notorious sudden mass sacking of 800 workers by P&amp;O Ferries this year, which provoked anger among the public and MPs.

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Mike Clancy, general secretary of Prospect union, said:

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\n

“Twitter is treating its people appallingly.

\n

“These are people who have invested their time, effort and enthusiasm in building the platform, which risks being thrown away.

\n

“The government must make clear to Twitter’s new owners that we won’t accept a digital P&amp;O and that no-one is above the law in the UK, including Big Tech barons. That must include making sure UK staff’s full employment rights are properly protected.

\n

“We are supporting our members at Twitter and will be working with them to defend them and their livelihoods.

\n

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

&mdash; Simon Balmain  (@SBkcrn) November 4, 2022

\n","url":"https://twitter.com/SBkcrn/status/1588357614211158018","id":"1588357614211158018","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"387e89a2-1ec6-456d-8b23-9c945621ebc2"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667556217000,"blockCreatedOnDisplay":"10.03 GMT","blockLastUpdated":1667561496000,"blockLastUpdatedDisplay":"11.31 GMT","blockFirstPublished":1667556735000,"blockFirstPublishedDisplay":"10.12 GMT","blockFirstPublishedDisplayNoTimezone":"10.12","title":"Prospect Union: Twitter can’t act like a digital P&O Ferries","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364e4578f0842be36ff0465","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Twitter is facing a class action lawsuit from former employees who say they were not given enough notice under US federal law that they had lost their jobs, finding out they had been let go when they were locked out of their work accounts on Thursday.

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In a company-wide memo, staff were informed on Thursday that they would receive an email to their personal email accounts if they were being fired as part of the mass sackings at the platform in which up to half of the company could go.

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Before those emails arrived, dozens of staff began posting on Twitter that they had been fired – after discovering they were no longer able to access their work email accounts or log into their work laptops.

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Musk’s plans to cut up to 3,700 staff may hit a roadblock, however, after a lawsuit was filed in the US federal court in San Francisco seeking orders for Twitter to comply with the federal Worker Adjustment and Retraining Notification Act, which requires 60 days’ notice for mass sackings at large employers.

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The lawsuit, brought on behalf of five Twitter employees so far, says one was fired on 1 November, while three were not informed at the time of filing but had been locked out of their email accounts.

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The case cited a similar situation with sackings at Musk’s other company, Tesla, where the company sought to obtain full release from its obligations under the Warn Act by offering severance of one or two weeks’ pay instead.

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More here:

","elementId":"297715b5-d1c7-49e9-a389-9e8ded4fbdd2"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/technology/2022/nov/04/twitter-sued-by-former-staff-as-elon-musk-begins-mass-sackings","text":"Twitter sued by former staff as Elon Musk begins mass sackings","prefix":"Related: ","role":"thumbnail","elementId":"24cb86b1-aa7f-4e20-8fd2-4475ebcbd509"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667556439000,"blockCreatedOnDisplay":"10.07 GMT","blockLastUpdated":1667556601000,"blockLastUpdatedDisplay":"10.10 GMT","blockFirstPublished":1667556601000,"blockFirstPublishedDisplay":"10.10 GMT","blockFirstPublishedDisplayNoTimezone":"10.10","title":"Full story: Twitter sued by former staff as Elon Musk begins mass sackings","contributors":[{"name":"Josh 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Hundreds of workers at Heathrow airport in London are to hold a three-day walkout later this month, which could disrupt flights to the soccer World Cup finals in Qatar.

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The Unite union has announced that 700 workers, who are involved in ground-handling, airside transport and cargo, will take three days of strike action beginning on Friday 18 November, in a dispute over pay.

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The staff are employed by Dnata and Menzies at Heathrow.

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Unite says the strike action will lead to “disruption, cancellations and delays” at Heathrow terminals 2, 3 and 4, adding:

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\n

The strike action will particularly affect Qatar Airways, which has scheduled an additional 10 flights a week during the World Cup.

\n

","elementId":"2eb61eed-e814-4b41-b456-8c14f4c89a78"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

BREAKING: Unite union says around 700 workers at Heathrow Airport will strike for three days starting on 18 November.

Today's top stories 👉 https://t.co/PAiZ4D1jU3

📺 Sky 501, Virgin 602, Freeview 233 and YouTube pic.twitter.com/5j7nHxu6n5

&mdash; Sky News (@SkyNews) November 4, 2022

\n","url":"https://twitter.com/SkyNews/status/1588466901868593152","id":"1588466901868593152","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"cf48bbe9-b6ac-4751-aa70-d484be033c2e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The strike could also cause disruption to passengers returning to the United States for the Thanksgiving holiday, on Thursday 24th November.

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Other leading airlines that will be hit heavily include Virgin, Singapore Airlines, Cathay-Pacific and Emirates, the union predicts.

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Unite says Dnata has offered its workers a 5% increase, while Menzies has offered workers between 2% and 6%.

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Unite regional officer Kevin Hall said:

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“Strike action will inevitably cause disruption, delays and cancellations to flights throughout Heathrow, with travellers to the World Cup particularly affected.

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However, this dispute is entirely of Dnata and Menzies own making. They have had every opportunity to make a fair pay offer but have chosen not to do so.”

\n

","elementId":"958a4f64-871b-4eb0-b498-2baaae7a132a"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667555024000,"blockCreatedOnDisplay":"09.43 GMT","blockLastUpdated":1667555587000,"blockLastUpdatedDisplay":"09.53 GMT","blockFirstPublished":1667555588000,"blockFirstPublishedDisplay":"09.53 GMT","blockFirstPublishedDisplayNoTimezone":"09.53","title":"Hundreds of Heathrow workers to strike in run-up to World Cup","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364dc108f0842be36ff0400","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

UK car sales jumped by a quarter last month, new figures show, despite the rising squeeze on household incomes.

","elementId":"f838119d-2e9d-4b4d-9bee-954cf9bf18ec"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

New registrations rose by 26% year-on-year to 134,344 units in October, the SMMT reports.

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Sales were lifted by growing demand for hybrid (MHEV) cars which combine a combustion engine with an electric battery.

","elementId":"41e98901-b8cd-4d28-af41-87259e935fe4"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

October new car registrations rise 26.4% in third month of growth. Here are the top models in October and 2022 so far: https://t.co/TTEYoalHQw pic.twitter.com/958F2RGWEX

&mdash; SMMT (@SMMT) November 4, 2022

\n","url":"https://twitter.com/SMMT/status/1588459977903321089","id":"1588459977903321089","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"1578b2d8-a617-4b51-9e6d-5c66fd838285"},{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

October new car registrations rise 26.4% in third month of growth, with hybrid and battery electric vehicles driving uplift.https://t.co/TTEYoaCKSw pic.twitter.com/rRmFtjmNvC

&mdash; SMMT (@SMMT) November 4, 2022

\n","url":"https://twitter.com/SMMT/status/1588457020251774976","id":"1588457020251774976","hasMedia":false,"role":"inline","isThirdPartyTracking":false,"source":"Twitter","elementId":"588ad6a3-221d-41dd-9820-7e370724668e"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

But despite this increase, the SMMT expects 2022 to be the worst year for car sales in four decades.

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It says:

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\n

Ongoing supply chain shortages, surging inflation and a growing cost of living crisis have led to a -2.2% downward revision of the market outlook for the year, with 1.566 million registrations now anticipated.

\n

This puts 2022 on course to be the market’s toughest year since 1982.

\n

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SMMT Chief Executive Mike Hawes adds:

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\n

“A strong October is hugely welcome, albeit in comparison with a weak 2021, but it is still not enough to offset the damage done by the pandemic and subsequent supply shortages,”

\n

","elementId":"10079752-7cbc-4ba6-8b14-210fb74d4c53"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Many of the people who received new cars in October will have ordered them some time ago, due to the supply chain disruption that slowed production.

","elementId":"a94fd319-efdc-4887-9f4e-c4103891f985"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Ian Plummer, Auto Trader director, reports that more people are buying cars on credit – even though borrowing rates have risen.

","elementId":"65ada522-cfd0-4be5-9792-04cf06ac8809"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

“As the broader cost of living crisis impacts consumers, demand for cars has begun to flatten and we’re seeing an increasing number of consumers turn to finance. Finance searches have never been so high on Auto Trader with search volume up 43% on pre-pandemic levels and up 8% compared with the highs of 2021, showing that many people are looking to spread the cost as budgets are tightened. Currently, we’re seeing that finance rates for new cars are climbing much faster than used cars.

\n

“It’s worth flagging that consumers already in finance agreements won’t see any increases until the end of their contract so will be shielded, at least for now, from the immediate effects of these rises.”

\n

","elementId":"7c8fc34e-769c-49b0-84b7-ca667164a6ab"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

But, of course, they will face a jump when they try to refinance.

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Former Bank of England governor Mark Carney has warned that the next few years will be tough in the UK, with Brexit partly to blame.

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He told Radio 4’s Today Programme:

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\n

As we all know, it’s a difficult period, and it will get tougher for the next few years.

\n

But, there is a prospect in the Bank’s judgement…. that inflation will be under control.

\n

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The “very difficult reality” is that the Bank of England wants to slow the pace of the UK economy, Carney continues (to push down inflation and stop it becoming embedded).

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He says higher energy prices have slowed the pace at which the UK economy can grow. Covid has changed the labour market which also hurts growth capacity (more people aren’t able to work due to ill health or caring responsibilities)

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“And then of course, in the UK unfortunately we’ve also had this near-term impact of Brexit, which has slowed the pace at which the economy can grow”, Carney adds.

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Former Bank of England Governor Mark Carney says Brexit has badly damaged the UK economy and is now a major reason why interest rates are being hiked just as we go into a recession. pic.twitter.com/97M8yCnWMT

&mdash; Adam Bienkov (@AdamBienkov) November 4, 2022

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Carney also stuck to his recent warning that Brexit had shrunk the UK economy:

","elementId":"4b80c59e-1ff4-48e6-9d3a-08669cdf5d8b"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/politics/live/2022/nov/04/brexit-interest-rates-rishi-sunak-immigration-uk-economy-uk-politics-live-news","text":"Mark Carney doubles down on claim Brexit has shrunk UK economy – UK politics live","prefix":"Related: ","role":"thumbnail","elementId":"3f36f192-b479-4920-8be4-dff8463b492c"}],"attributes":{"pinned":false,"keyEvent":true,"summary":false},"blockCreatedOn":1667551999000,"blockCreatedOnDisplay":"08.53 GMT","blockLastUpdated":1667564112000,"blockLastUpdatedDisplay":"12.15 GMT","blockFirstPublished":1667552532000,"blockFirstPublishedDisplay":"09.02 GMT","blockFirstPublishedDisplayNoTimezone":"09.02","title":"Mark Carney: next few years will be tougher","contributors":[],"primaryDateLine":"Fri 4 Nov 2022 21.19 GMT","secondaryDateLine":"First published on Fri 4 Nov 2022 07.27 GMT"},{"id":"6364cf608f0842be36ff03a9","elements":[{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The Bank of England is trying to get inflation under control without doing too much damage to the UK economy, its chief economist says.

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Huw Pill told CNBC that the Bank’s monetary policy committee is aiming to balance getting inflation down to 2%, without slowing growth too severely.

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Pill explained:

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“What we are seeking to do, we’re always seeking to do, is to find that balance that gets us back to our 2% inflation target without generating unnecessary and costly problems in the real side of the economy.

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“Creating that balance, signalling that balance, that was really our key message yesterday.”

\n

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NEW: #BoE's Pill on @CNBCi says, &quot;Challenge for us is to set monetary policy such that economic slowdown is sufficient to ensure inflation is consistent with target and we also avoid overshoot in other direction…lags in monetary policy transmission to activity is about a year.&quot;

&mdash; Julianna Tatelbaum (@CNBCJulianna) November 4, 2022

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The Bank’s latest forecasts, released yesterday, showed that inflation would fall below its 2% target by mid-2024 even if interest rates stay at their new rate of 3%.

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It would fall more sharply, and the recession would be worse – two years long – if rates roses to over 5%.

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Huw Pill on CNBC basically saying we're going to cause a recession to get inflation to 2%

It's almost like their calibration is working out how big a recession we all have to endure to hit a 2% inflation target….

&mdash; Paul Day (@tddirtbagbaby) November 4, 2022

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Stock markets are rallying today, amid speculation that China might relax its Covid rules soon.

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Hong Kong’s Hang Seng index, which has had a torrid year, jumped 5%, while China’s CSI 300 index is up over 3%. European indices have opened around 0.7% higher.

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⚠️BREAKING:

*HONG KONG'S HANG SENG INDEX JUMPS NEARLY 6% AFTER RECORD LOSSES

🇭🇰🇭🇰 pic.twitter.com/sX05i3pzYH

&mdash; Investing.com (@Investingcom) November 4, 2022

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These are some insane moves. Chinese tech stocks like Alibaba and Tencent are up 10-15% today. That said, this market's been extremely sold down that it's not too surprising to see these moves on mere speculation at this point. pic.twitter.com/EVv63eHMMV

&mdash; David Ingles (@DavidInglesTV) November 4, 2022

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Sophie Lund-Yates, lead equity analyst at Hargreaves Lansdown, explains:

","elementId":"bfc64a9b-f208-4e41-8efa-948384c7c08e"},{"_type":"model.dotcomrendering.pageElements.BlockquoteBlockElement","html":"

\n

Hong Kong’s Hang Seng has gained confidence, rising around 6%, on rumours China could relax its strict Covid policies.

\n

This is likely to spread across to more positive momentum in the UK too. China’s impenetrable policies have caused a great deal of economic pain, both inside and outside the country. Supply chains, manufacturing and demand have all come under very serious pressure. Any indication that some rules could be relaxed would be an immediate dose of grease in the jarring cogs of China’s economy.

\n

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An unverified screenshot circulating on social media this week claimed that a broad reopening plan was being considered, which drove up stocks – although China’s top health body has reaffirmed its commitment to the zero-tolerance virus approach.

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In London, mining stocks are driving the FTSE 100 higher – with the blue-chip index up 45 points to 7,234 points.

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Treasury officials are examining whether the autumn statement could include changes to non-dom status and moves to raise taxes on dividends by cutting tax-free allowances.

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No final decisions have been taken but Whitehall sources said options were being examined by the Treasury’s high net worth individuals policy team, my colleagues Juliette Garside and Jessica Elgot report.

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Changes could include reducing the time period over which high net worth individuals can avoid tax on their worldwide income. Experts suggest that cutting the duration from 15 to five years could raise an additional £1.6bn a year.

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The chancellor, Jeremy Hunt, is also looking at cutting the tax-free threshold for shareholders’ earnings from dividends from its current level of £2,000 – though a more ambitious move would be to increase the percentage of tax paid at the three thresholds, the highest of which is just under 40%.

","elementId":"192165a9-c6bd-4970-a493-642b0c46b2d2"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/politics/2022/nov/03/non-dom-tax-breaks-being-reviewed-by-the-treasury-in-effort-to-raise-revenue?CMP=Share_iOSApp_Other","text":"Non-dom tax breaks being reviewed by the Treasury in effort to raise revenue","prefix":"Related: ","role":"thumbnail","elementId":"7ac3afee-cadc-4b5f-b270-1e9321bc26b0"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

The Daily Telegraph reports that Hunt is also considering an increase in the headline rate of capital gains tax (CGT), to help plug the £50bn hole in Britain’s public finances.

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Friday's Telegraph: &quot;Hunt set to launch capital gains raid&quot; #BBCPapers #TomorrowsPapersToday https://t.co/7FuHsAa3Vz pic.twitter.com/vuajlU9Ur0

&mdash; BBC News (UK) (@BBCNews) November 3, 2022

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German industrial orders have fallen more than expected in September, adding to fears that Europe’s largest economy is sliding into recession.

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New orders at German factories fell by 4.0% month-on-month, including a 7% tumble in foreign orders. Analysts had expected a much smaller fall, to 0.5%.

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Orders for heavy duty capital goods (such as machinery) fell 6%, while demand for intermediate goods used to make products were down 3.4%, as the world economy slowed.

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🇩🇪 German factory orders tumbled in September.

📊 Factory orders fell -4% after falling -2% in August.

📉 Consensus estimates pointed to a fall of -0.5%.#EURUSD 🔼 0.23% #DAX 🔼 0.36%#tradingdotcomuk #MarketUpdate

RW: 78.72% of retail clients lose money.

&mdash; Trading.com UK (@tradingdotcomuk) November 4, 2022

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Manufacturing in September 2022: new #orders down 4.0% on the previous month. https://t.co/xIJWnhyxbf pic.twitter.com/Sh5H1zPY25

&mdash; Destatis news (@destatis_news) November 4, 2022

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Banks and building societies are expected to cut the costs of UK fixed-rate mortgages a little, despite Thursday’s large interest rate hike from the Bank of England.

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The current high costs of fixed rates were set when markets had expected aggressive future rises in the base rate – but expectations had already subsided as the turmoil in the borrowing markets eased.

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So with the Bank now pushing back against market expectations, mortgages could become a little cheaper, having surged since the mini-budget.

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Simon Gammon, managing partner at mortgage broker Knight Frank Finance, said (via the FT):

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\n

“We are expecting fixed rates to continue to fall back slightly — they are still overpriced because lenders don’t have an appetite for a lot of fixed-term lending right now, but with a period of stability, you can expect that to change.”

\n

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David Hollingworth, director at L&amp;C Mortgages, said:

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\n

“Lenders could see their way to dropping fixed rates back a little bit. There’s more scope for them to do that.”

\n

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More here: Falls in UK mortgage rates predicted as BoE signals dovish outlook

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The Sizewell C nuclear power plant in Suffolk is reportedly under review as the Government looks to cut spending to fill the UK’s fiscal ‘black hole’.

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The new reactor, located some 30 miles north-east of Ipswich, was expected to be built by energy firm EDF.

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Boris Johnson had promised £700 million of taxpayers’ money to the project in his final policy speech in early September as he sought to make energy security part of his legacy as prime minister.

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But a Government official has now told the BBC:

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“We are reviewing every major project – including Sizewell C.”

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The 3.2 gigawatt power station is planned to sit alongside the existing Sizewell B nuclear reactor on the Suffolk coast, and could generate electricity for 6m homes for up to 60 years.

","elementId":"32ca4b76-bf27-478a-a553-23daf8e6c8dd"},{"_type":"model.dotcomrendering.pageElements.RichLinkBlockElement","url":"https://www.theguardian.com/environment/2022/aug/31/who-will-fund-sizewell-c-nuclear-plant-when-will-it-be-built-explainer","text":"Who will fund Sizewell C nuclear plant and when will it be built? | explainer","prefix":"Related: ","role":"thumbnail","elementId":"ab502a29-aae3-4ec5-98f6-62c07ed396c3"},{"_type":"model.dotcomrendering.pageElements.TextBlockElement","html":"

Former PM Liz Truss’s pledge to build a major rail scheme in northern England in full could also be scaled back.

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This high-speed link was expected to eventually connecting Northern towns and cities from Hull to Liverpool, through Bradford.

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But the plans for the rail line – known as Northern Powerhouse Rail – are now expected to be reduced.

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Business secretary Grant Shapps told the BBC:

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The line itself can deliver a 33-minute journey from Manchester to Leeds, quadruple nearly the capacity of that line, and do so without having to wait an extra 20 years beyond the delivery of what the upgrade can do.

\n

“There wasn’t really much point in going and blasting new tunnels through the Pennines.

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“It’s not true to say we’re not delivering on what we said we would do on levelling up the north.”

\n

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Here’s the full story: Sizewell new nuclear plant under review

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Twitter is being sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform, Bloomberg reports.

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A class-action lawsuit was filed Thursday in San Francisco federal court, arguing that the company is violating federal and California law by not giving enough notice.

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Here’s the details:

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\n

The federal Worker Adjustment and Retraining Notification Act restricts large companies from mounting mass layoffs without at least 60 days of advance notice.

\n

The lawsuit asks the court to issue an order requiring Twitter to obey the WARN Act, and restricting the company from soliciting employees to sign documents that could give up their right to participate in litigation.

\n

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview.

\n

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LATEST: Twitter has been sued over Elon Musk’s plan to eliminate about 3,700 jobs at the social-media platform — half of its workforce — which workers say the company is doing without enough notice in violation of federal and California law https://t.co/ia3yarenjd

&mdash; Bloomberg (@business) November 4, 2022

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Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.

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It’s a grim day for Twitter staff, as Elon Musk will begin mass job cuts just a week after acquiring the social media platform.

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The social network’s offices are temporarily closed, while staff wait to learn by email whether they’ve been retained, or fired. Around half the company’s workforce could be laid off.

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Employees in Twitter just got an email from their bosses saying layoffs are coming tomorrow.

Those who are staying will get a note tomorrow in their work email. Those who are let go will get an email sent to their personal address.

Slot machine-style layoffs.

&mdash; Ben Collins (@oneunderscore__) November 4, 2022

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“At Twitter’s offices, employees said tearful goodbyes, exchanged contact info and tried to make their documentation easily accessible for the staff who were to remain

They wanted to ensure their colleagues could keep the site running in their absence” https://t.co/f8aOxUeX0r

&mdash; Hamza Shaban (@hshaban) November 4, 2022

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The company said in an email to staff on Thursday.

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\n

“In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday.

\n

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Musk already fired several top Twitter executives, including CEO Parag Agrawal, finance chief, Ned Segal, and legal affairs and policy chief, Vijaya Gadde.

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Having bought Twitter for $44bn, Musk is now trying to make the company profitable.

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On Thursday, Musk directed Twitter’s teams to free up $1bn in annual infrastructure cost savings by slashing funding for cloud services and servers. He has floated a number of ideas to make profit at Twitter, including a plan to charge for “verified” badges, and creating an “everything app” that would combine several platforms into one.

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Also coming up today

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Households and businesses are digesting the Bank of England’s warning that Britain faces its longest recession since the 1920s if interest rates soared as high as markets had predicted.

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But the BoE also pushed back against those expectations yesterday, even as it announced its largest interest rate rise for three decades, to 3%.

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The latest US jobs report will be closedly watched, for any signs that America’s employment market is weakening.

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Economists predict around 200,000 new jobs were created in October, down from 263,000 in September. A slowdown in hiring, and wage growth, could be a signal that the high inflation gripping the US economy might soon begin to ease.

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A court ruling could decide whether taxi firms outside London should be forced to pat VAT on their journeys, which could push up prices by 20%.

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A ruling is expected to be handed down today after the ride-sharing app sued Sefton council in Merseyside over VAT terms for operators outside London.

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We also find out how many new cars were sold in the UK last month, and how building firms fared.

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The agenda

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\n

• 7am BST: German factory orders for September

\n

• 9am GMT: UK car sales for October

\n

• 9.30am GMT: UK construction PMI report

\n

• 12.15pm: Bank of England chief economist Huw Pill holds a National Agency briefing on yesterday’s monetary policy report

\n

• 12.30pm GMT: US Non-Farm Payroll jobs report

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NAACP urges all companies to stop advertisements on Twitter

The NAACP has called for a complete advertising boycott of Twitter.

Derrick Johnson, the NAACP’s president and CEO, who met with Elon Musk on Tuesday, issued a statement urging all companies to pause ads on the platform:

It is immoral, dangerous, and highly destructive to our democracy for any advertiser to fund a platform that fuels hate speech, election denialism, and conspiracy theories. Since Elon Musk has taken over Twitter, racial slurs have spiked, and conspiracy theories have spread. When we met with Elon Musk, he made commitments that gave us cautious optimism, but until actions are taken to make Twitter a safe space, corporations cannot in good conscience put their money behind Twitter. Twitter must earn its advertisers by creating a platform that safeguards our democracy and rids itself of any content or account that spews hate and disinformation. Any account promoting hate, election denialism and any other form of mis- or disinformation cannot be allowed to return to Twitter. As we did in 2020 for Facebook, the NAACP will meet with advertisers privately to discuss their ongoing relationship with Twitter. Unlike Elon Musk’s past ventures, this one should not be rocket science.”

Some details from a New York Times report about the haphazard mass terminations:

• The firings were reportedly so chaotic that in “one late-night meeting about the Twitter Blue subscription product, at least one worker was locked out of the company’s systems during the call”.

• For fired workers, “access was cut in a staggered and seemingly arbitrary fashion”, the report said. “Some people received text messages from colleagues saying they had been logged out of some work apps but were temporarily able to open their email or work apps, before they eventually lost access, too.”

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Inside the chaos and confusion of Twitter's layoffs w/ @RMac18 @MikeIsaac https://t.co/c0UA9uYwP7

&mdash; kate conger (@kateconger) November 4, 2022

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Eddie Perez, a former manager of Twitter’s civic integrity team, who quit in September, told the Associated Press he fears the mass layoffs so close to the midterms could allow disinformation to “spread like wildfire”, especially in the period after the election when votes are still being counted:

“I have a hard time believing that it doesn’t have a material impact on their ability to manage the amount of disinformation out there,” he said, adding that there simply may not be enough employees to beat it back.

Perez is now a board member at an election integrity nonprofit, the OSET Institute. He warned that “some candidates may not concede and some may allege election irregularities and that is likely to generate a new cycle of falsehoods”.

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

This is an impt point.

The “curation” team at Twitter includes many former journalists, and the team was very impactful in elevating credible, authoritative content from responsible news sources, to pre- and debunk disinformation.

Firing them before an election is dumb, dumb. https://t.co/Xfhi09L9Ij

&mdash; Edward Perez (@eddie1perez) November 4, 2022

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This is an impt point.

The “curation” team at Twitter includes many former journalists, and the team was very impactful in elevating credible, authoritative content from responsible news sources, to pre- and debunk disinformation.

Firing them before an election is dumb, dumb. https://t.co/Xfhi09L9Ij

— Edward Perez (@eddie1perez) November 4, 2022

Elon Musk has responded to a tweet criticizing the platform’s ad system, saying he “agreed” that “Twitter has the worst ad platform of any social media company”.

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

Agreed. Working on it.

&mdash; Elon Musk (@elonmusk) November 4, 2022

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The tweet he was responding to said Twitter’s “AD roi is so terrible that its virtually a black hole”.

Musk, who is overseeing mass layoffs today, said he’s “working on it”.

CNN has some details of Elon Musk’s appearance at an investment conference in New York on Friday morning, at which he largely ignored the furore over Twitter and spoke warmly of electric cars and spaceships.

In what the network says was “a friendly interview” with financier Ron Baron, a prominent shareholder of Musk’s electric car company Tesla, the billionaire spoke of his ambition to drive down the cost of his vehicles, and one day reach Mars through his SpaceX venture.

In brief comments about his $44bn purchase of Twitter, Musk said: “I tried to get out of the deal,” then added, “I think there is a tremendous amount of potential… and I think it could be one of the most valuable companies in the world”.

Baron, according to CNN, said that Musk had laid off “half of Twitter” and Musk nodded, although he did not comment on the remark. He appeared to frame the layoffs as necessary for a company that, like other social media firms, was experiencing “revenue challenges” prior to his acquisition as advertisers rethink spending amid recession fears.

Musk acknowledged that “a number of major advertisers have stopped spending on Twitter” in the week since he acquired the company, but did not expand on his tweet from earlier today blaming “activist groups” for driving advertising revenue away.

Employment lawyer: Musk at risk of discrimination claims

The speed of layoffs could expose Elon Musk and Twitter to discrimination claims if it turns out they disproportionally affected women, people of color, or older workers, an employment lawyer has told the Associated Press.

Attorney Peter Rahbar, founder of the New York law firm the Rahbar Group, told the agency that most employers “take great care in doing layoffs of this magnitude”.

He said: “First, they want to make sure there is justification, and second that a nondiscriminatory process is used. And third, they want to do everything they can not to draw attention to it, for these reasons.

“For some reason, [Musk] wants to lay off half the company without doing any due diligence on what these people do or who they are and without any regards to the law”.

Twitter is already facing a class action lawsuit filed in San Francisco on Thursday by ex-employees who say they were denied the required notice period that they were about to lose their jobs.

Summary

It’s after 3pm in New York (where Elon Musk has spent much of the day) and time to take stock of what’s been happening:

• Thousands of now former Twitter employees have learned they are being laid off as billionaire owner Elon Musk continues the transformation of his newly purchased social media titan.

• Musk posted a tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive drop in revenue”. The company appended, and later removed, a note to the post adding “context”, suggesting advertisers were concerned about the platform’s direction.

• Scores of former employees (known as Tweeps), from numerous areas of the company, posted farewell messages, setting the hashtags #LoveWhereYouWorked and #OneTeam trending.

• Reports suggest Musk has axed entire departments at Twitter, including the curation team moderating misinformation; a human rights team; and another responsible for machine language ethics, transparency and accountability.

• Twitter is facing a class action lawsuit from former employees who say they were not given enough notice under US federal law that they had lost their jobs, finding out they had been let go when they were locked out of their work accounts.

Please stay with us, there’s plenty more Twitter news to come.

Here are some more tweets from former Twitter employees who now know their fate.

The first, from lawyer Shannon Raj Singh, claims that the company’s entire human rights team has been axed. Twitter has yet to confirm this.

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Yesterday was my last day at Twitter: the entire Human Rights team has been cut from the company.

I am enormously proud of the work we did to implement the UN Guiding Principles on Business &amp; Human Rights, to protect those at-risk in global conflicts &amp; crises including Ethiopia,

&mdash; Shannon Raj Singh (@ShannonRSingh) November 4, 2022

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Yesterday was my last day at Twitter: the entire Human Rights team has been cut from the company.

I am enormously proud of the work we did to implement the UN Guiding Principles on Business & Human Rights, to protect those at-risk in global conflicts & crises including Ethiopia,

— Shannon Raj Singh (@ShannonRSingh) November 4, 2022

This one, from Joan Deitchman, a former senior engineer, suggests that Twitter’s machine language (ML) ethics, transparency and accountability team has met a similar fate:

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Probably my last Twitter Slack message. The ML Ethics, Transparency, &amp; Accountability team was one of a kind. Forever grateful that @ruchowdh took a chance on me and I got to be a small part of it. 🙏💙 #lovewhereyouworked pic.twitter.com/L6GtpGa5Hv

&mdash; Joan Deitchman (@JoanDeitchman) November 4, 2022

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Others paint a picture of widespread departures, and a large number of people from numerous areas of the Twitter empire now looking for new beginnings.

The hashtags #lovewhereyouworked and #oneteam are trending.

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

&mdash; Simon Balmain  (@SBkcrn) November 4, 2022

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

— Simon Balmain  (@SBkcrn) November 4, 2022

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well, my entire team just got locked out. officially an ex-Tweep. it’s been a wild ride 🫡💙 #OneTeam

&mdash; neeks (@neeks_cap) November 4, 2022

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well, my entire team just got locked out. officially an ex-Tweep. it’s been a wild ride 🫡💙 #OneTeam

— neeks (@neeks_cap) November 4, 2022

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Twitter is so special. After 4 yrs, I’m leaving with the fullest 💙, experiences I never imagined, and unbreakable bonds with so many Tweeps. My head is held high, knowing I gave it my absolute all. @TwitterComms: We have so much to be proud of. Time to fly even higher! #OneTeam pic.twitter.com/5tVUP575A6

&mdash; Julie Steele (@juliezsteele) November 4, 2022

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Twitter is so special. After 4 yrs, I’m leaving with the fullest 💙, experiences I never imagined, and unbreakable bonds with so many Tweeps. My head is held high, knowing I gave it my absolute all. @TwitterComms: We have so much to be proud of. Time to fly even higher! #OneTeam pic.twitter.com/5tVUP575A6

— Julie Steele (@juliezsteele) November 4, 2022

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

A big 💙💙💙💙💙 to my Curation family #LoveWhoYouWorkWith pic.twitter.com/4hUB2rQgP8

&mdash; Shilpa  (@shilpakannan) November 3, 2022

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From the min I joined the top notch #DreamTeam better known as Inclusion, Diversity, Equity, &amp; Accessibility at Twitter, I knew I was down for the journey to make the world a better place for all. The lesson is in the detail. Look at the 💙 coming out of this #LoveWhereYouWorked

&mdash; Danielle Evans (@envyred_) November 4, 2022

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From the min I joined the top notch #DreamTeam better known as Inclusion, Diversity, Equity, & Accessibility at Twitter, I knew I was down for the journey to make the world a better place for all. The lesson is in the detail. Look at the 💙 coming out of this #LoveWhereYouWorked

— Danielle Evans (@envyred_) November 4, 2022

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

I am officially out 🫡

It has been the biggest pleasure to be part of the Responsible ML research family at Twitter for the last year and a half 🫶🏽 – more announcements to come.#TwitterLayoffs

&mdash; Irene Font Peradejordi 🎈 (@if_peradejordi) November 4, 2022

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I am officially out 🫡

It has been the biggest pleasure to be part of the Responsible ML research family at Twitter for the last year and a half 🫶🏽 – more announcements to come.#TwitterLayoffs

— Irene Font Peradejordi 🎈 (@if_peradejordi) November 4, 2022

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

Honestly happy to be laid off but the veil of @elonmusk is pierced. As messy as Twitter was pre-elon, it is a veritable clowntown of politics and toadyism and psychological abuse now. Afraid to get in my Tesla with what I learned this week.

&mdash; Kushal Dave (@krave) November 4, 2022

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Honestly happy to be laid off but the veil of @elonmusk is pierced. As messy as Twitter was pre-elon, it is a veritable clowntown of politics and toadyism and psychological abuse now. Afraid to get in my Tesla with what I learned this week.

— Kushal Dave (@krave) November 4, 2022

<gu-island name="TweetBlockComponent" deferuntil="visible" props="{"element":{"_type":"model.dotcomrendering.pageElements.TweetBlockElement","html":"

Release ya job, release the time 🫡💙

After &gt;2.5 years, my journey at Twitter is finally over. I'm incredibly proud of everything I was able to achieve in that time. I got promoted to Senior SWE, became a Tech Lead for Search and a lead for @Blackbirds BE@T.#LoveWhereYouWorked pic.twitter.com/mRwizte70A

&mdash; moyin 🇳🇬 (@moyheen) November 4, 2022

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Others jumped before finding out if they were to be pushed:

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Some news: last week I resigned from my role at Twitter and today is my last official day.

This wasn’t an easy decision but it was the right one at the right time. I left on my own terms and I hoped that in doing so, it meant others might get an opportunity to keep their jobs.

&mdash; Andrew Haigh (@AndrewHaigh) November 4, 2022

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Some news: last week I resigned from my role at Twitter and today is my last official day.

This wasn’t an easy decision but it was the right one at the right time. I left on my own terms and I hoped that in doing so, it meant others might get an opportunity to keep their jobs.

— Andrew Haigh (@AndrewHaigh) November 4, 2022

Here’s a handy explainer, courtesy of Reuters, about the class action lawsuit against Elon Musk and Twitter claiming that layoffs violate US and California laws if employees are not given advance notice or severance pay.

What does US law require?

The federal worker adjustment and retraining notification act (Warn) requires businesses with 100 or more employees to provide 60 days’ notice before engaging in mass layoffs, defined as those affecting at least 500 employees during a 30-day period, or at least 50 employees if layoffs impact at least one-third of a company’s workforce. Employers can provide workers with 60 days of severance pay in lieu of giving notice.

What are the penalties for violating the Warn act?

An employer can be ordered to give laidoff workers 60 days of back pay. The law also imposes penalties of $500 per violation per day. Comparable laws in California and other states impose similar penalties.

What is Twitter accused of?

The lawsuit claims Twitter locked employees out of their accounts on Thursday, signaling that they will soon lose their jobs. One of the five named plaintiffs, who is based in California, says he was terminated on 1 November without notice or severance pay. It is not clear if Twitter is paying severance to workers who lose their jobs.

The plaintiffs say they are concerned that Twitter will ask workers targeted for layoffs to sign releases waiving their ability to sue in exchange for modest severance pay.

Have other Elon Musk-owned businesses been sued under the Warn act?

Tesla Inc was sued in Texas federal court in June following an abrupt nationwide purge of its workforce, including 500 layoffs at a factory in Sparks, Nevada.

The law firm behind that case, Boston-based Lichten & Liss-Riordan, also represents the Twitter workers who sued on Thursday. The firm did not immediately respond to a request for comment.

Tesla has said it was merely “right-sizing” by firing poorly performing workers and not engaging in layoffs that required advance notice.

Read more:

Civil liberties groups: Musk ‘reneged’ on content moderation promises

Johana Bhuiyan

Leaders of two civil liberties groups who sat with Elon Musk earlier this week say he has gone back on the commitments he made in the meeting.

On a Friday call in which advocacy groups urged brands to pull advertising from Twitter in response to mass employee layoffs, Color of Change president Rashad Robinson and Free Press co-chief executive Jessica González said they left their conversation with Musk believing he was genuine in his commitment to be transparent about content moderation policy changes as well as to keep election integrity policies in place.

But Robinson and González both say his actions have betrayed his words. Specifically, González said Musk assured the advocacy groups, including the Anti-Defamation League and National Association for the Advancement of Colored People, that those responsible for election moderation would regain access to the proper tools by Friday.

González said:

Today’s Friday. And instead a lot of those people are gone. So I don’t have a lot of confidence that we can trust what he says.

We’re escalating our call to advertisers because he’s shown in the past few days that he’s not gonna live up to his promises. These cuts alone indicate that he cannot moderate content.

Robinson countered Musk’s assertion that advertisers were pulling out because of group activism:

The impulse control of this chief executive is simply not at the level that any advertiser should trust with their brand. Elon Musk is the reason why these companies are making this choice. We are simply helping to expose, shine a light and provide an opportunity.

Media Matters president Angelo Carusone said Musk’s claim that advertisers pulling out was akin to an attack on free speech was a dangerous precedent:

He’s signaling to [brands] that… he will use the Twitter platform and megaphone that he had and direct the same ire that a lot of the individuals on this call demonstrated they’re concerned about toward those companies.

This tweet from fired employee Aakash Raina would appear to confirm Elon Musk has fired at least some members of Twitter’s content moderation team.

It also directly contradicts the billionaire Twitter owner’s assertion in his own tweet earlier Friday that “nothing has changed with content moderation”.

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I was fired from Twitter this morning. I was responsible for reporting tweets for content abuse. #Twitter #TwitterLayoffs #exemployee

&mdash; Aakash Raina (@Albatross2356) November 4, 2022

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Elon Musk has been busy this morning at an investment conference in New York city, talking economics and finance as thousands of his Twitter employees were waiting to learn their fate.

The billionaire entrepreneur was at the 29th annual Baron investment conference in Manhattan, chatting with the company’s chairman and chief executive Ron Baron, a prominent shareholder of Musk’s electric car company Tesla.

We don’t yet know how their discussion went, but according to Baron in an appearance on CNBC Thursday he indicated they would talk about Tesla, SpaceX, and Musk’s provision of Starlink internet service to Ukraine as it fights the country’s invasion by Russia.

Baron said he supported Musk’s vision for Twitter, including today’s lay-off of thousands of workers.

Twitter safety watchdog adds ‘context’ to Musk’s ‘activist groups’ post

Without any discernible hint of irony, Twitter has added “context” to Elon Musk’s earlier tweet accusing “activist groups” of pressuring advertisers to withdraw from his newly acquired social media platform, leading to a “massive drop in revenue”.

The note appended to Musk’s tweet adds links to three news articles referring to “advertisers suspending or canceling ad buys over concern with Twitter platform direction” rather than pressure from any outside entities seeking to exert influence.

Twitter’s own “watchdog”, @twittersafety, informs users that “context” is sometimes added to a post when “potentially misleading content” is present.

We wait to learn if Musk will react to being pulled up by the tech behemoth he now owns.

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Adding context to potentially misleading content is more critical than ever. Starting today, we’re making @Birdwatch notes visible on Tweets to some people in the U.S. https://t.co/1jfiDUsApL

&mdash; Twitter Safety (@TwitterSafety) March 3, 2022

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Adding context to potentially misleading content is more critical than ever. Starting today, we’re making @Birdwatch notes visible on Tweets to some people in the U.S. https://t.co/1jfiDUsApL

— Twitter Safety (@TwitterSafety) March 3, 2022

Joe Middleton

A former senior community manager at Twitter has told the Guardian how he learned of his dismissal, by data on his laptop suddenly being wiped, one hour after he finished what turned out to be his final shift.

Simon Balmain, who worked for the company for about a year, liaising primarily with clients on the US west coast, said he was “shocked, but not surprised” at the sudden job cuts:

I had finished work but still had my laptop open, and we all received an email from the company about a reduction in head count. An hour after that, my laptop flashed and was wiped, I no longer had access to my apps.

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

&mdash; Simon Balmain  (@SBkcrn) November 4, 2022

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Looks like I’m unemployed y’all. Just got remotely logged out of my work laptop and removed from Slack. #OneTeam forever. Loved you all so much.

So sad it had to end this way 💔

— Simon Balmain  (@SBkcrn) November 4, 2022

Balmain said that reports of the firing of Twitter’s anti-disinformation curation team “poses real risks going forward”. He added:

I’ve spoken to a few people in the same position as me and what is very apparent is we had a very good corporate culture and people have been really looking out for each other, including former employees who have reached out and offered support.

Balmain believes Twitter will focus on two strategies to make money: products that users pay for, such as Twitter Blue and the $8 monthly fee Musk has floated for user verification; and creative projects where users pay other users, such as celebrities or influencers.

Read more:

Here’s our latest report of Friday’s Twitter developments, including Elon Musk’s claim that “activist groups pressuring advertisers” are responsible for a “massive drop in revenue” since he bought the company.

Twitter employees have told us that they’ve been locked out of their work laptops and email accounts, and there are reports from inside the company that Musk has fired the platform’s entire curation team.

As my colleague Dan Milmo explains, the curation team “plays a key role in coverage of ‘civic integrity’ events such as elections, breaking news and sports, ensuring users have vetted information presented as moments, trends and topics products. It is viewed internally as a key filter against misleading posts”.

Read the full report here:

While we wait for news of the extent of today’s lay-offs, here’s an eye-opening employee’s account of life within the new-look Twitter bubble following its takeover by Elon Musk, as reported by Business Insider.

It tells of purges of staff that have already taken place; team leaders forming their own cliques; a menacing atmosphere from “prowling” managers; and individuals quickly sucking up to their new boss despite having never met him.

The insider says:

It’s been nuts to me to see this small faction of newly-minted Elon acolytes suddenly rise up and try to make their voices heard. The amount of ass-kissing and the amount of bizarre Reddit, 4-chan-style stuff like “oh Elon, I’ll be your right hand” on Blind, during those first days after the transaction closed — it was terrifying.

I thought, ‘I don’t want to work with these clowns’.

The employee adds that he’s heard stories of people being asked to work “literally around the clock”, and engineers asked to stay on call over the weekend and asked to do things immediately, “at three or four in the morning”.

“I can’t keep doing this. I’ve started interviewing elsewhere,” the employee says.

Business Insider notes that Twitter did not respond to a request for comment.

Report: Musk fires Twitter curation team tackling misinformation

There’s as-yet unverified speculation that Elon Musk has fired Twitter’s curation team, which is responsible for countering misinformation posted to the social media network.

The claim comes (on Twitter, naturally) from Richie Assaly, a digital producer for the Toronto Star, who says he previously worked as a member of the curation team.

Assaly says team “leads, management and curators are all posting that they’ve been fired”.

The move, if true, “will make Twitter noisier, more dangerous & less interesting”, he asserts.

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Looks like Elon Musk fired the entire curation team.

These were the folks who tackled misinfo, contextualized conversations via the 'Explore' page, and helped make Twitter an unmatched source for breaking news.

This will make Twitter noisier, more dangerous &amp; less interesting

&mdash; Richie Assaly (@rdassaly) November 4, 2022

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Looks like Elon Musk fired the entire curation team.

These were the folks who tackled misinfo, contextualized conversations via the ‘Explore’ page, and helped make Twitter an unmatched source for breaking news.

This will make Twitter noisier, more dangerous & less interesting

— Richie Assaly (@rdassaly) November 4, 2022

Musk, in his tweet blaming “activist groups” for pressuring advertisers to withdraw from Twitter, causing a “massive” drop in revenue, insisted: “nothing has changed with content moderation”.

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