China Expands Export Controls, Adds 20 Japanese Companies to Restricted List 
China Factory PMI Seen Returning to Growth in June as AI Export Demand Supports Economy 
Oil Prices Drop as Middle East Supply Recovery Eases Market Concerns 
Economic pessimism has set in – but there are reasons for Australians to be hopeful 
Canada Grants C$7 Million to Greenland Molybdenum Mine to Strengthen Critical Minerals Supply 
Wall Street Ends Mixed as Micron Surges, Apple Drops After Price Hikes 
Asian Stocks Sink as Apple Price Hikes Spark AI Valuation Fears, South Korea and Japan Lead Selloff 
Asian Currencies Stay Range-Bound as Investors Eye China Data, RBNZ Outlook and U.S.-Iran Ceasefire 
US Dollar Slips After PCE Inflation Data Eases Fed Rate Hike Expectations 
Asian Currencies Trade Mixed as Yen Hovers Near 40-Year Low, Dollar Holds Firm on Fed Outlook 
Asian Stocks Slip as US-Iran Ceasefire Hopes Lift Oil, Dollar Strength Persists 
Oil Prices Rebound as Strait of Hormuz Tensions Return After Ship Attack Near Oman 
S&P Affirms Brazil’s BB Credit Rating with Stable Outlook Amid Fiscal Challenges 
Gold Price Ends Lower for Fourth Week Despite Rebound as Fed Rate Hike Bets Strengthen 
Bank Regulation Rollbacks in the U.S. and UK Could Increase Financial Risks, Study Warns 
Japan Targets 1%+ Real Economic Growth With ¥370 Trillion Investment Plan 
Meta Begins Layoffs in WhatsApp, Instagram, and Reality Labs Amid Reorganization
Meta Platforms Inc., the parent company of Facebook, has started laying off employees across key departments, including WhatsApp, Instagram, and Reality Labs. This development was reported by The Verge on Wednesday, citing internal sources and social media posts from affected employees.
Internal Restructuring, Not a Mass Layoff
According to the report, the layoffs are part of an internal team reorganization, rather than a company-wide reduction. Meta has already slashed over 20,000 jobs over the past two years, including significant cuts of 11,000 roles in 2022 and an additional 10,000 in 2023. The ongoing reductions reflect Meta’s efforts to streamline operations and refocus after its post-pandemic growth slowed.
Reality Labs Targeted Again
This isn't the first time Meta's Reality Labs, the division responsible for its virtual and augmented reality efforts, has faced cuts. Earlier this year, the company reduced its headcount in this division, signaling a shift in priorities as it scales down certain operations.
Conclusion
Meta’s ongoing layoffs reflect its broader strategy to optimize its workforce and streamline operations following significant cuts in 2022 and 2023. The company’s internal reorganization efforts may lead to further changes as it continues to adapt to market conditions.
