Weekly Digest – 16 November 2022

Weekly Digest – 16 November 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Paris unseats London as Europe’s most valuable stock market

Though the French economy is also under pressure, a weak pound and fears of recession in the UK have pushed the value of France’s stock exchange above the United Kingdom’s.

Fashion retailer Joules appoints administrators as it nears collapse

The maker of high-end wellies has been struggling this year, with the cost of living crisis and the summer heat wave pushing demand for its products way down. The chain provides 1600 jobs which are now at risk.

Primark website crashes at launch of click-and-collect

After much waiting, the retailer is finally joining the online shopping revolution. They were off to a rocky start on Monday however, when the website crashed and made orders impossible for about four hours.

Average house prices have fallen by £4,159

The dip comes just one month after prices reached a record high. Rising interest rates and buyers getting the jitters over possible surprises in the upcoming budget have led to the drop.

Workers walk out of factory that’s been in business for 100 years

Hundreds of workers in a factory that makes Jacob’s Cream Crackers and Twiglets went on strike “permanently” this week. The workers have been in a pay dispute since September. The site was the first Jacob’s factory to be built in England and remains the primary facility for its products in the UK.

Mass layoffs at Amazon starting as soon as this week

It seems that none of the large corporations are immune to current economic conditions, with Amazon announcing they will be laying off about 10,000 workers across departments.

Jeff Bezos announces he will give away most of his fortune worth over US$124 billion

He started by awarding Dolly Parton, who is well-known for funding worthy causes, $100 million to donate as she sees fit. A fund to fight climate change is also in the works.

No more free lunches at Twitter

Elon Musk said that the average meal cost US$400 per person – a claim that the former head of the meal program refuted on Twitter. The cut comes days after Musk scrapped Twitter’s work from home policy and mandated employees to return to the office for at least 40 hours a week.

Funds vanish from crypto exchange

FTX, one of the world’s largest cryptocurrency exchanges, filed for bankruptcy on Friday. Hours later, US$477 million was missing from the exchange. A probe is underway.

Half Christmas tree proves to be a big hit

Argos debuted a split-in-half fake Christmas tree with built-in fairy lights and a hook to hang it right on the wall. The unconventional tree has turned out to be quite popular among Brits who live in tight spaces and can’t go without one.

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