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Meta Platforms Inc. is alerting thousands of employees that they’re being laid off, part of a restructuring aimed at improving efficiency and reducing costs while investing heavily in artificial intelligence.

The company began notifying workers around the world Wednesday morning, starting with employees in Asian hub Singapore, who got the note at 4 am local time. European and US-based staff are expected to receive word early in their time zone as well, according to an internal memo.

Staff are being encouraged to work from home while the company cuts roughly 8,000 roles globally. This latest round of cuts is expected to hit Meta’s engineering and product teams in particular and additional layoffs could come later in the year, said people familiar with the company’s plans, who asked not to be named as the information is not public.

On Monday, Meta informed staff that some 7,000 workers have also been reassigned to newly formed teams that are focused on AI initiatives, including products and agents. The company, which has committed well in excess of $100 billion to AI capital expenditures this year, had just under 80,000 employees at the end of March, ahead of the reassignments and layoffs.

“We’re now at the stage where many orgs can operate with a flatter structure with smaller teams of pods/cohorts that can move faster and with more ownership,” Meta’s Head of People Janelle Gale said in the memo, which was reviewed by Bloomberg News. “We believe this will make us more productive and make the work more rewarding.”

Chief Executive Officer Mark Zuckerberg has made AI the company’s top priority, committing all resources to keeping pace with rivals like Alphabet Inc.’s Google and OpenAI. That’s led to changes to Meta’s workforce and the way it operates. The company has gone through waves of layoffs over recent years, as Zuckerberg has pushed for increased efficiency. He has encouraged engineers to use AI agents to assist with coding and other tasks, outlined plans to track employees’ devices to improve the the technology, and spent time coding his own AI-powered assistant to handle some of his CEO duties, like soliciting employee feedback.

These changes have left Meta employees both frustrated and anxious. More than a thousand have signed a petition addressed to Zuckerberg and other leaders of the company demanding that it refrain from collecting their data from devices — which can be as granular as gathering keystrokes, mouse movements and screen content — in the effort to train AI. Others have taken to social media to post about how the threat of layoffs has impacted their work and morale.

Meta’s aggressive spending on AI has caused concern among investors, who worry that the company’s investment may not ultimately pay off. While Meta has framed the layoffs as an opportunity to “offset” the cost of some of its major AI investments, analysts at Evercore estimate the cuts will generate only about $3 billion in savings.

US President Donald Trump’s approval rating has dropped to a new low in his second term, falling to 37% as voter dissatisfaction grows over the economy, inflation and the ongoing war with Iran, according to polling released Monday. The survey findings show widening disapproval among independents and increasing concern over cost-of-living pressures ahead of the 2026 midterm elections.

About 37% of voters approve of Trump’s job performance, according to a New York Times/Siena poll, down 3% from January. The disapproval among independents has risen sharply, with 69% now saying they disapprove of the president’s performance, compared with 62% earlier this year.

Republican support remains largely intact, but independents, a key swing group, are increasingly negative on Trump’s leadership.

Economic sentiment remains a major factor behind the decline. Around 64% of voters disapprove of Trump’s handling of the economy, while 69% disapprove of his management of cost-of-living issues, according to the NYT survey.

A separate CBS poll found that 65% of respondents believe Trump’s policies are making the economy worse in the short term. Among Republicans, 37% now disapprove of his handling of inflation, an increase of 11 percentage points since March.

Polling also suggests growing backlash over US involvement in the Iran conflict. About 65% of voters disapprove of Trump’s handling of the war, while fewer than a quarter believe it has been worth its estimated $29 billion cost, according to the NYT survey.

Nearly 64% of Americans said going to war with Iran was the wrong decision, including 73% of independents.

In addition, CBS polling shows 69% of respondents say they do not understand what is happening in the Strait of Hormuz, while 59% report financial hardship due to higher gas prices.

In addition, CBS polling shows 69% of respondents say they do not understand what is happening in the Strait of Hormuz, while 59% report financial hardship due to higher gas prices.

Meanwhile, 35% of Americans say Democrats have a better approach to the economy compared to 31% who favour Republicans, according to CBS. The NYT/Siena poll of 1,507 registered voters was conducted between May 11 and May 15, with a margin of error of 2.8 points.

President Donald Trump has considered himself an effective dealmaker above all else, but he appears to have hit a wall with Iran as his tough talk, threats and even military action have not moved Tehran from its long-established positions.

With shifting goals that make it difficult to judge the status of the US effort, Trump and his top aides have insisted the United States has already won the war and that Iran is ready to reach an agreement in the wake of escalating US threats during a tenuous ceasefire.

With shifting goals that make it difficult to judge the status of the US effort, Trump and his top aides have insisted the United States has already won the war and that Iran is ready to reach an agreement in the wake of escalating US threats during a tenuous ceasefire.

Although he said he had called off strikes planned for Tuesday, Trump kept up the bravado, saying he told military leaders “to be prepared to go forward with a full, large scale assault of Iran, on a moment’s notice, in the event that an acceptable Deal is not reached.” Trump has repeatedly set deadlines for Tehran and then backed off.

Despite growing internal unrest, a crippled economy and the deaths of many of its leaders, there is no evidence Iran is set to meet Trump's demands — many of which it has long rejected. In fact, it has dug in. That has left Trump’s stated top objectives unrealized: Iran has yet to agree to abandon its nuclear program or its ballistic missile development, or cease support for its proxies in the region, including those in Gaza, Iraq, Lebanon and Yemen.

The White House on Monday defended the president's approach, saying, “Trump's preference is always peace and diplomacy” but he will only accept a deal that puts America first. “President Trump holds all the cards and wisely keeps all options on the table to ensure that Iran can never have a nuclear weapon,” spokesperson Olivia Wales said in a statement to The Associated Press.

Crucially, Iran still has a chokehold on the Strait of Hormuz, the vital shipping lane for global oil supplies, even as the US military has enforced its own blockade on Iranian ports. The wild shifts in the global energy market that followed have raised gasoline prices, hurting US consumers and causing potential problems for Trump's Republican Party ahead of congressional midterm elections in November.

Bitcoin fell sharply from $78,300 during the early May 18 trade to $76,925, down 1.58 percent over the last 24 hours amid renewed macroeconomic pressure, as investors tracked rising bond yields and inflation expectations in the US.

According to crypto analysts, exchange inflows increased around recent highs, showing many traders were locking in profits while still remaining active in the market.

"At the same time, funding rates stayed positive, suggesting traders continue to favour long positions and expect the broader trend to remain positive. The US-China meeting also remained in focus. Since no official confirmation has come on agricultural and oil trade commitments, some believe markets may not react immediately," said CoinSwitch Markets Desk.

According to Riya Sehgal, Research Analyst at Delta Exchange, the decline also triggered heavy liquidation activity in the derivatives market. Citing CoinGlass data, she said 107,275 traders were liquidated in the past 24 hours, with total liquidations reaching $661.13 million. On-chain data shows whales reducing exposure while retail traders continue buying dips. ETF inflows have also slowed after a recent surge in institutional participation.

"Technically, Bitcoin remains weak below the $78.5K–$79.5K resistance zone, with downside risk toward $75K if momentum does not recover. Ethereum also remains below the $2,200 level, while broader market sentiment depends on whether institutional inflows stabilise," Sehgal said.

Indian bonds opened five basis points lower on May 18, after tracking the spike in its US counterpart, and as Brent crude prices breached $110 per barrel, following fresh geopolitical concerns between the United States and Iran.

The benchmark 10-year bond yield was trading at 7.1176 percent, as compared to 7.0644 percent on Friday, which saw the sharpest sell-off in about six weeks. Bond yields and prices move inversely.

US Treasury yields have breached the psychological 4.50 percent mark after moving in a narrow range for the past multiple sessions, as investors are now starting to price in higher interest rates and stronger economic data from the US.

CME FedWatch tool suggests that markets see a 48 percent chance of a December rate hike, up from 14 percent last week.

Brent crude prices jumped more than 1 percent overnight to trade at $111 per barrel, after a nuclear plant in the United Arab Emirates (UAE) was attacked, and further efforts to come up with a peace deal with the United States and Iran came under jeopardy. Also, there was no notable outcome in the meeting between US President Donald Trump and Chinese Premier Xi Jinping.

The Trump administration allowed a waiver that encouraged more Russian crude sales to lapse, even as the Iran war stokes concerns about global oil supplies and higher fuel costs.

The expiration effectively ends for now a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred. The Trump administration issued an initial waiver in March and a second after the first expired in April — both applying only to a subset of Russian oil that had already been loaded onto tankers.

The waivers have been controversial, especially with European allies who see sanctions as essential to starving Russia of crude revenue and depriving Moscow funding for its war in Ukraine. Critics say the sanctions relief has served to enrich Moscow — even though it’s been limited to waterborne oil — especially as crude prices surge.

But some countries, including India and Indonesia, had lobbied the Trump administration for extended sanctions waivers, as the Iran war and the near-closure of the Strait of Hormuz deprive global markets of millions of barrels of crude daily.

The Trump administration has also pivoted on the issue, responding to entreaties from countries heavily reliant on crude imports. Treasury Secretary Scott Bessent in April initially said the US would not renew the sanctions waiver allowing purchases of some Russian crude before ultimately issuing a new authorization two days later.

He told a Senate panel the shift came after “more than 10 of the most vulnerable and poorest countries in terms of energy” approached him seeking an extension. Bessent has called the previous moves necessary to promote stability in global energy markets amid the Middle East conflict.

Just as in April, lobbying from Asian allies and more tightness in the oil market could still prompt the administration to to issue a new waiver later.

The administration allowed a separate temporary waiver enabling purchases of some Iranian crude to expire in April.

Brent crude, the global benchmark, has surged since the Iran war began, driving higher prices for gasoline, diesel and other products made from it. Supply disruptions tied to Hormuz also have sent some buyers scrambling for new cargoes, including from the US.

The US government has taken several other steps to tame impacts from the energy shock, which the International Energy Agency has called the biggest supply disruption in the history of the oil market. The Trump administration is allowing foreign vessels to carry crude and other commodities between American ports through mid-August. It’s also temporarily waived some domestic fuel specific.

SpaceX notified investors that it is executing a 5-for-1 stock split, a move that will reduce the price investors will pay for each share offered in its impending initial public offering.

Shareholders were notified in an email that the current fair market value per share has been adjusted to about $105.32 from $526.59 as a result of the split, according to people familiar with the matter.

The stock split will be processed the week of May 18 and is expected to be completed by May 22, said the people, who asked not to be identified because the information isn’t public.

Representatives for SpaceX didn’t immediately respond to an emailed request for comment.

SpaceX is seeking to file publicly for its long-awaited IPO as soon as Wednesday, Bloomberg reported earlier Friday. The stock is expected to be highly sought after by retail investors, a constituency Chief Executive Officer Elon Musk has long courted via Tesla Inc. The electric-car maker split its shares in August 2022 and two years earlier.

Musk’s rocket, satellite and artificial intelligence company aims to kick off formal marketing for the stock sale as soon as June 4, price its initial public offering as early as June 11 and list on June 12, Bloomberg reported earlier.

SpaceX has filed confidentially to go public and is seeking to raise as much as $75 billion at a valuation of more than $2 trillion, which would be the largest IPO of all time. Details of the IPO, including the size and timing could still change.

As US President Donald Trump wrapped up his whirlwind visit to China, members of his delegation reportedly disposed of burner phones, gifts, credentials and other materials before departing from the country.

According to The Mirror US, staffers gathered items distributed by Chinese officials to the American delegation and discarded them before boarding Air Force One. The move appeared to be part of strict security precautions during Trump’s visit to Beijing.

Officials travelling with Trump to Beijing used only “burner phones" — temporary devices meant for limited use during overseas visits — and were later told to dispose of or destroy them after returning to the US, underscoring deep American concerns over cybersecurity and espionage risks.

The security precautions extended beyond electronics. The delegation was also asked to discard gifts, badges, pins as well as commemorative souvenirs.

A New York Post reporter shared details from the scene on X, writing that the discarded items included “credentials, burner phones from WH staff, pins for delegation.”

According to accounts circulating online, all such items were reportedly discarded on-site and officials were instructed not to bring any China-origin items aboard the aircraft.

Security experts have long warned that phones, laptops and even seemingly harmless items can potentially be compromised or monitored during overseas trips involving sensitive government discussions.

Trump's China visit

Trump’s visit concluded after multiple meetings with Xi Jinping at Zhongnanhai, the Chinese leadership compound in Beijing. The leaders were also seen walking through the historic estate’s gardens and covered walkways before holding lengthy talks with advisers and interpreters present.

“It’s been really a great couple of days,” Trump told reporters after the summit.

Despite the cordial public tone, serious disagreements remain between Washington and Beijing on issues including Taiwan and Iran.

Pakistan quietly allowed Iranian military aircraft to park at the strategically important Nur Khan Airbase near Rawalpindi even while presenting itself as a diplomatic intermediary between Tehran and Washington, according to a report by CBS News.

Citing US officials familiar with the matter, CBS News reported that Iran moved multiple aircraft to Pakistan Air Force Base Nur Khan days after US President Donald Trump announced a ceasefire with Iran in early April.

According to the report, the aircraft included an Iranian Air Force RC-130, a reconnaissance and intelligence-gathering variant of the Lockheed C-130 Hercules tactical transport aircraft.

CBS News further reported that Iran also sent civilian aircraft to neighbouring Afghanistan. Two US officials quoted by the network said it was unclear whether military aircraft were among those flights.

The report said the aircraft movements appeared to be part of Iran’s efforts to shield some of its remaining military and aviation assets during the expanding regional conflict, even as Pakistan publicly positioned itself as a facilitator for de-escalation efforts.

All the US officials cited in the report spoke on condition of anonymity due to the sensitive nature of the matter.

A senior Pakistani official denied the allegations involving Nur Khan Airbase.

“Nur Khan base is right in the heart of [the] city, a large fleet of aircrafts parked there can't be hidden from [the] public eye,” the official told CBS News.

Shortly afterwards, US Senator Lindsey Graham questioned Islamabad's role and called for a complete reevaluation of the country's actions as a mediator.

He said, "If this reporting is accurate, it would require a complete reevaluation of the role Pakistan is playing as mediator between Iran, the United States and other parties. Given some of the prior statements by Pakistani defense officials towards Israel, I would not be shocked if this were true."

According to CBS News, an Afghan civil aviation officer said an Iranian civilian aircraft belonging to Mahan Air landed in Kabul shortly before the conflict began and remained there after Iranian airspace was closed.

The report added that Taliban authorities later shifted the aircraft to Herat Airport near the Iranian border after Pakistan carried out airstrikes on Kabul during tensions with the Taliban-led government.

Taliban spokesperson Zabihullah Mujahid denied the presence of Iranian aircraft in Afghanistan.

“No, that's not true and Iran doesn't need to do that,” Mujahid told CBS News.

The report also noted Pakistan’s growing dependence on China for military assistance. Citing a Stockholm International Peace Research Institute study, CBS News said China supplied nearly 80% of Pakistan’s major arms imports between 2020 and 2024.

India buys more gold than almost any other country in the world. Every year, the country consumes roughly 700 to 800 tonnes of gold, driven by strong demand from households, weddings, festivals, investment buying and rural savings. But with domestic production limited to barely 1 to 2 tonnes annually, India remains dependent on imports for more than 90% of its gold requirement.

That dependence is now back in focus after Prime Minister Narendra Modi urged citizens to postpone non-essential gold purchases for the next year, warning of growing economic uncertainty as geopolitical tensions in West Asia push up oil and fertiliser prices and strain global supply chains.

Addressing a rally in Hyderabad on Sunday, Modi also asked people to cut fuel consumption, use public transport, adopt electric vehicles, avoid non-essential foreign travel, and support domestically made products.

Gold remains one of India's biggest import expenses after crude oil. Unlike industrial imports, gold does not significantly feed into large-scale manufacturing, but it still requires substantial dollar outflows, adding pressure on India's current account deficit and foreign exchange reserves - especially when global energy prices are already elevated. Gold accounts for nearly 9% of India's total import bill, second only to crude oil among major imported commodities.