The world this week -- Business
Jack Dorsey stepped down as chief executive of Twitter, which he helped found in 2006.
Investors have long thought that Mr Dorsey was spreading himself too thin between Twitter and Square (soon to be renamed Block), a payments company that he will still lead.
He was sacked as CEO in 2008, but returned to the job in 2015.
Last year a hedge fund sought his removal, after Mr Dorsey said he wanted to spend some time in Africa.
He once likened Twitter to a “global consciousness”.
The job of running this universal system of awareness now falls to Parag Agrawal, the former chief technology officer.
Britain’s competition regulator looked to unwind a merger involving Big Tech when it directed Meta, the parent company of Facebook, to sell Giphy, a database of animated gif files that social-media users attach to their posts.
Both companies are American.
The regulator concluded that Facebook’s acquisition of Giphy last year could concentrate Facebook’s market power in Britain, and also curtail Giphy’s potential to expand its own advertising services.
A regional director of America’s National Labour Relations Board ordered Amazon to allow workers at a warehouse in Alabama a second vote on whether to unionise, finding that the company had “hijacked” the process.
In April a closely watched vote on joining a union, the first at an Amazon centre in America, was overwhelmingly rejected by employees.
Amazon might appeal to the full NLRB against the decision to hold a re-run.
Nubank lowered the target share-price range for its forthcoming IPO in New York.
The Brazilian fintech firm, Latin America’s most valuable startup, could still be valued at $42bn, placing it above Brazil’s biggest bank in terms of market capitalisation.
Meanwhile Grab, a “super app” offering a wide range of services and based in Singapore, prepared to make its stockmarket debut on the Nasdaq exchange by merging with a special-purpose acquisition company.
Markets were unsettled by the potential for Omicron to hamper economic recovery.
Global stockmarkets plunged after South Africa announced that it had discovered the latest strain of COVID-19, and remained febrile.
Oil prices also swooned on the prospect for reduced demand.
Brent crude fell to $70 a barrel, from $82.
Jerome Powell also spooked markets when he said it was time to drop the word “transitory” from the Federal Reserve’s statements on inflation.
The central bank’s chairman admitted that the risk of higher inflation had increased, and indicated that he would support a quicker pace of monetary-tightening measures.