United States

The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally, the Associated Press reported.

After announcing the largest rounds of layoffs in their history, U.S. big tech companies are now learning how difficult it is to reduce headcount in Europe, Bloomberg reported. In the U.S., companies can announce widespread job cuts and let go of hundreds if not thousands of workers within months — and many have. Meanwhile, in Europe, mass layoffs among tech companies have stalled because of labor protections that make it virtually impossible to dismiss people in some countries without prior consultations with employee interest groups.

Deutsche Telekom now holds a majority in T-Mobile U.S., the chief executive of the German telecoms company said on Wednesday, Reuters reported. The company reached a majority stake in T-Mobile U.S late Tuesday, CEO Tim Höttges said at the company's annual general meeting. "We have the majority and are the largest shareholder of the world's most valuable telecommunications company - T-Mobile U.S.," he said. Since 2013, the value of T-Mobile U.S. has increased by 153 billion euros ($167.44 billion).

Virgin Orbit, the rocket company founded by British billionaire Richard Branson, has filed for bankruptcy in the U.S., CNN reported. The California-based company said in a statement Monday that it had filed for chapter 11 bankruptcy. “While we have taken great efforts to address our financial position and secure additional financing, we ultimately must do what is best for the business,” Dan Hart, chief executive of Virgin Orbit, said in the statement posted on its website.

The cinema chain has announced that it will no longer be selling its U.K., Irish and U.S. locations despite filing for bankruptcy protection last year, the (U.K.) Gazette and Herald reported. The global company operates brands like Cinema City, Picturehouse, Regal and Planet with 750 locations around the world. On Monday, April 3, it announced that it has now terminated the planned sale after struggling to find an acceptable offer. Instead, the chain will go under financial restructuring of its approximately £4 billion debt pile.

Over the past year, governments around the world have announced tax breaks, subsidies and new laws in a bid to accelerate investment, combat climate change and expand their workforces. That might not be enough, the Wall Street Journal reported. The World Bank is warning of a “lost decade” ahead for global growth, as the war in Ukraine, the COVID-19 pandemic and high inflation compound existing structural challenges.