Meta cuts 600 roles in AI shakeup
Meta will cut about 600 jobs out of the several thousand at its Superintelligence Labs AI unit, Axios reported on Wednesday.
The cuts will affect the company’s Facebook Artificial Intelligence Research (FAIR) unit, product-related AI and AI infrastructure units, while sparing the newly formed TBD Lab, according to the report, which cited an internal memo.
Meta, the parent of Facebook and Instagram, didn’t immediately respond to a request for comment.
The group reorganised its AI efforts under Superintelligence Labs in June after senior staff departures and a poor reception for its open-source Llama 4 model.
CEO Mark Zuckerberg had said in July that Meta would spend hundreds of billions of dollars to build several massive AI data centres for Superintelligence.
The company first invested in AI in 2013 with the launch of FAIR and recruited Yann LeCun, its chief AI scientist, to lead the effort and build a global research network focused on deep learning. Reuters
Ryanair resumes 18 Jordan routes, eyes expansion
Ryanair will operate 84 weekly flights from Jordan’s capital Amman later this year after restarting operations paused by the war in Gaza, the airline said on Wednesday.
Europe’s largest low-cost carrier also said it is in talks with authorities in Jordan about increasing the number of routes it flies from the country from 18 to 50. Reuters
VW halts Golf production over chip shortages
German carmaker Volkswagen will halt production of its Golf vehicles from October 29 due to chip supply issues, Bild reported on Wednesday.
Volkswagen said on Tuesday it was temporarily halting some production but denied any connection with a stand-off over chipmaker Nexperia putting pressure on supply chains.
A Volkswagen spokesperson declined comment on what they said was speculation. Reuters
Apple faces EU antitrust complaint on App Store
Apple was hit with a complaint to EU antitrust regulators by two civil rights groups on Wednesday over the terms and conditions of its App Store and devices for allegedly breaching landmark rules aimed at reining in Big Tech.
The joint complaint by Article 19 and Germany’s Society for Civil Rights to the European Commission could pose yet another headache for Apple, which was fined €500m in April for violating the Digital Markets Act.
Apple did not immediately respond to a request for comment. Reuters
OTB’s Rosso predicts Armani business breakup
Italian fashion group OTB expects the Armani business to be split up and sold to different buyers due to a ‘complicated’ business model, with licensing contributing significantly to profits, group chair Renzo Rosso said on Wednesday.
The will of the late Giorgio Armani, published in September, named l’Oreal, EssilorLuxottica and French luxury giant LVMH as potential buyers of the business.
L’Oreal and EssilorLuxottica have long-term licence agreements with the Armani group in the beauty and in the eyewear sectors, respectively.
“I think it [the Armani business] will be broken up,” OTB founder Rosso said at MF Fashion Summit in Milan.
He didn’t comment on OTB’s possible interest in the Italian group. OTB’s brands include Diesel and Jil Sander.
On Tuesday former Ferragamo CEO Michele Nors said he expected the Armani group to be sold to one or two bidders, adding that an initial public offering was less likely. Reuters
GE Vernova’s Q3 profits surpass Wall Street estimates
Bengaluru — GE Vernova beat Wall Street estimates for third-quarter profit on Wednesday, driven by robust equipment orders and surging power demand in the US from data centres supporting AI workloads.
The company reported orders of $14.6bn, a 55% increase organically, led by equipment demand in power and electrification sectors.
Meanwhile, GE Vernova said on Tuesday it would acquire the remaining 50% stake in transformer manufacturer Prolec GE for $5.28bn, strengthening its North American grid equipment business.
The company, created following a three-way split of General Electric, reported an adjusted profit of $1.67 per share. Analysts on average had expected $1.62 per share, according to data compiled by LSEG. Reuters
Novavax to transfer US facility and equipment for $60m
Bengaluru — Novavax said on Wednesday it has signed agreements to transfer one of its US-based facilities and sell certain equipment for $60m, without sharing any details about the buyer.
The company said it plans to consolidate one of its Maryland-based locations and surrounding property for cost savings in order to focus on its research and development efforts and partnerships.
Assignment of the lease for the facility and sale of certain related assets are both expected to close in January of 2026 and result in $40m in payments to Novavax. Reuters
Alkermes to acquire Avadel in $2.1bn sleep-medicine market deal
Bengaluru — Alkermes said on Wednesday it will acquire Avadel Pharmaceuticals in a deal valued at up to $2.1bn, gaining an approved sleep-disorder treatment and expanding into the sleep-medicine market.
Avadel’s Lumryz is approved to treat cataplexy or excessive daytime sleepiness in patients aged seven and older with narcolepsy, a disorder that affects the body’s ability to regulate sleep-wake cycles. Under the agreement, Alkermes will buy all outstanding Avadel ordinary shares for $18.50 in cash each, a 3.5% premium to Avadel’s last close. Reuters
New UK data centre spending heads towards £10bn a year
London — Spending on new UK data centres is set to rise to £10bn a year by 2029, a more than fivefold increase from 2024, analysis by construction data firm Barbour ABI has found.
A total of £1.75bn was spent on data centres in the UK last year, with £2.38bn forecast to be spent in 2025.
AI-driven demand is fuelling data centre investment. Tech giants are seen investing £25bn into the UK over the next five years, Barbour ABI found, and almost 100 new data centre projects are planned.
Growth is being supported by government initiatives such as AI Growth Zones, which aim to streamline the planning process for new digital infrastructure. Reuters
Italy aims to collect €4bn from banks and insurers in 2026
Rome — Italy plans to collect around €4bn next year from its banks and insurers through a package of measures contained in the 2026 budget, economy minister Giancarlo Giorgetti said on Wednesday. Reuters
Greece’s growth forecast cut amid global tensions
Athens — Greece’s economy will grow by 2.1% this year and 2.2% in 2026, influential think tank IOBE said in a report on Wednesday, lowering its previous projections and citing a global trade war and geopolitical tensions.
Greece is recovering from a 2009-2018 debt crisis that shrank its output by a quarter and squeezed household income amid belt-tightening required for international bailouts.
But it is now outperforming eurozone peers on the back of rising foreign investment and tourism revenues.
IOBE had forecast growth of 2.2% this year and 2.4% in 2026 in its previous quarterly report in July. Reuters
