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In Big Tech earnings week, Facebook gets a boost

Investors in Meta saw their stock boosted by 25 percent, as the social media giant posted higher than expected earnings in the fourth quarter of 2022. The parent company to Facebook, Instagram and Whatsapp, said it focused on productivity, streamlining and efficiency, adding nearly 80 billion dollars to its market value. But the operational...

2 Feb 2023

Fashion

Meta to lift ban on bare breasts

Instagram and Facebook parent Meta is to lift the ban on showing bare breasts on its social media channels, in a bid to give clarity on its nudity policies. An advisory board have said women and trans and nonbinary people have to right to express their bodies in the same way as men “so that it is governed by clear criteria that respect...

19 Jan 2023

BusinessFeatured

Meta’s data processing for advertising ruled illegal under EU law

Meta on Wedneday was fined 390 million euros for breaching European advertising rules. The American tech giant’s data-fueled advertising model, which it sells as personalised ads, must now be re-assessed to meet Europe’s strict privacy laws. Europe is one of Meta’s largest advertising markets and restrictions to its ads may impact revenue with...

4 Jan 2023

Business |Technology Featured

Widespread adoption of Meta's metaverse is yet to take off

It has been well over a year since Facebook became Meta. The social media giant announced the name change amid a flurry of corporate crises and scandals, but mainly to represent itself as a broad spectrum of technology applications rather than ‘just’ a social media platform. Meta promised to be a pioneer in the metaverse realm, where the near...

3 Jan 2023

Business

WhatsApp launches feature allowing users to message UK businesses

Social messaging platform WhatsApp has set out plans to allow its users to find, message and buy something from a business through its app. Its newly launched feature offers the ability to find a business on WhatsApp through the option to search via categories or with a business name. The feature is first available for users in the UK, Brazil,...

18 Nov 2022

Business

Facebook, Instagram parent Meta cuts 11,000 jobs

Meta, the parent company of social media giants Instagram and Facebook, has announced it will cut 11,000 jobs, or 13 percent of its workforce, in a bid to slash costs. In a letter to employees, founder and CEO Mark Zuckerberg said the company will also be cutting discretionary spending and extending its hiring freeze through Q1 to become “a...

9 Nov 2022

Business

Zuckerberg to testify in case aiming to block Meta's virtual reality acquisition

Meta Platforms’ chief executive officer Mark Zuckerberg has been added to a list of witnesses set to testify in a case brought by the Federal Trade Commission (FTC) which is hoping to block the group’s acquisition of virtual reality (VR) content maker Within Unlimited. The organisation filed the complaint in July 2022, alleging that Meta,...

31 Oct 2022

Business

L’Oréal launches metaverse-focused accelerator programme with Meta

Beauty giant L’Oréal has announced the launch of a start-up scheme with social media group Meta, formerly Facebook, which will focus on the development of an “inclusive” metaverse ecosystem. The acceleration programme, specifically established by L’Oréal Groupe in France, aims to empower and support start-ups that are looking to build an...

27 Oct 2022

Business

AAFA calls out Meta and Shopee for enabling counterfeiting

The American Apparel & Footwear Association (AAFA) has increased its pressure on US authorities as it continues to call for the implementation of policy changes and the establishment of consistent brand protection in regards to fighting counterfeits. As part of its campaign, AAFA has nominated Singaporean e-commerce company Shopee and Mark...

21 Oct 2022

Business

Meta ordered to offload Giphy by competition watchdog

Meta has been ordered to offload its Giphy business by the UK’s Competition and Markets Authority (CMA). In a ruling the CMA said takeover of the gif-creation website could harm social media users and advertising competition. It is the first time an acquisition of a tech giant was blocked in the UK. In 2020 Meta acquired Giphy, the largest...

19 Oct 2022

Business

Zuckerberg takes Meta a step further with launch of advanced headsets

Mark Zuckerberg has revealed a new line of advanced headsets, taking his company Meta into the next stage of metaverse-based development. During a Meta Connect event, Zuckerberg and guests discussed virtual reality’s (VR) future through presentations and later revealed the new device, Meta Quest Pro, which aims to bring together the physical and...

14 Oct 2022

Business

Facebook to scrap live shopping in October

Meta-owned social media platform Facebook has announced that, from October 1, its live shopping feature will no longer be available. In a statement, the platform said the decision comes as consumers’ viewing behaviour continues to shift to short-form video. It added that it is planning to redirect its focus to Reels on both Facebook and...

25 Aug 2022