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Business Digest #2: Layoffs at Yahoo, Losses at Trafigura, Mixed Results at Disney, and a Deal for Semiconductor Production
Yahoo Announces Major Restructuring with Over 20% Layoffs
Yahoo plans to lay off over 20% of its workforce, including more than 50% of its ad tech employees (over 1,600 people), as part of a major restructuring of its ad tech unit. The move marks the end of Yahoo’s attempt to compete with Google and Meta in digital advertising and is not due to financial difficulties but rather a strategic shift in the unprofitable Yahoo for Business advertising unit.
Trafigura Loses $577 Million Due to Nickel Fraud Scandal
Commodity trader Trafigura is facing a loss of $577 million after discovering that some metal cargoes it bought did not contain the expected amount of nickel. The company believes this is due to a systematic fraud and has taken legal action against Indian businessman Prateek Gupta and related companies. The head of nickel and cobalt at the company, Socrates Economou, is also leaving.
