Video: Hundreds of Irish-based Meta jobs at risk; ‘Red wave’ fails to appear in US midterms

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Meta job cuts

Meta has said it will let go of 13 per cent of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year as the Facebook parent battles soaring costs and a weak advertising market.

The announcement will impact some of the 3,000 Meta employees in Ireland, a company spokeswoman confirmed.

If the 13 per cent figure cut is applied to Ireland, about 390 Irish jobs could be lost although sources believe the final figure could be higher.

Mortgage rates

Irish mortgage rates fell to their lowest level in years September, according to new figures from the Central Bank.

This is in contrast to the rest of the euro zone where rates have risen dramatically over the past six months.

Overall, Irish mortgage rates currently eighth lowest in the euro zone. At 2.58 per cent in September, the average interest rate on a new mortgage in Ireland was down from the 2.64 per cent rate recorded in August.

Wage growth


Wages in Ireland have increased by an average of 4.7 per cent in the year to October, according to figures released by the Central Bank.

This compares with average wage increases of 5.2 per cent across six European countries as of October, and a wage growth increase of 6.2 per cent in the UK.

The figures are based on millions of job postings on Indeed, to create a new monthly wage growth tracker.

Northern Ireland election

The British government is set to extend a deadline for holding an election in Northern Ireland and cut the pay of Stormont Assembly members.

Northern Ireland Secretary Chris Heaton-Harris is due to make a statement to the UK parliament later on Wednesday outlining his next steps in response to the powersharing crisis in the region.

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A failure to form a ministerial executive following May’s election has placed a legal responsibility on the British government to hold a poll by January 19th.

US midterms

For weeks, Republicans had predicted a “red wave” would carry them to power in the US congress, with voters rejecting majority Democrats for failing over skyrocketing inflation and rising crime.

The reality appears far different after early midterm election results on Wednesday, with a more mixed picture rather than the wholesale rejection of president Joe Biden and his party Republicans had hoped for.

In a critical win for Biden's party, Democrat John Fetterman flipped a Republican-held US Senate seat in Pennsylvania, beating Republican celebrity doctor Mehmet Oz and bolstering his party's chances of holding the chamber.

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