![]() ![]() “We fundamentally disagree with this interim ruling and we have appealed it,” a Meta spokesperson told Foreign Policy by email. “There is nothing in the arrangements to absolve the first and second respondents as the primary and principal employers of the content moderators,” the 142-page ruling read. On June 2, the court said the moderators did Meta’s work, used its technology and platform, adhered to its metrics, and therefore Sama was “merely an agent … or manager.” Meta argued that it does not employ Sama’s sacked staff. Sama, a U.S.-based outsourcing company, quit content moderation services in January following a lawsuit alleging worker exploitation and union-busting. The case has potentially global implications for tech workers, including sacked employees in Twitter’s only African office who are pursuing legal action. The lawsuit alleges that Meta and its third-party contractor Sama fired workers illegally in January after failing to issue them with appropriate redundancy notices as required by Kenyan law. The legal troubles of Meta, Facebook’s parent corporation, in Africa look set to continue after a Kenyan court ruled that Meta can be sued for unfair dismissal and blocked the sacking of 184 African tech workers hired as Facebook moderators. The headline reading from the University of Michigan Survey of Consumers came in at 63.9, higher than estimates of 60.2 from Dow Jones.įriday's session saw choppy moves across the stock market as stock options, index futures and index future option contracts.įriday also marks the final trading day before a long weekend, with the market closed Monday in observation of Juneteenth.Court Cases Across Africa Could Shake Up Big Tech ![]() Consumer inflation expectations fell in June, with one-year assumptions for price pressures declining to 3.3% from 4.2% in May. "This stock market rally seems a bit overextended but too much money remains on the sidelines, which means if the AI trade remains intact, this winning streak for the S&P 500 can continue."įriday brought more good news on the inflation and economic front. "Wall Street remains upbeat that the AI wave won't be going away anytime soon and that investors will prefer US stocks as we see diverging central bank policies worldwide," said Ed Moya, senior market analyst at Oanda. Tech shares were the hardest hit initially when the Fed embarked on its rate-hiking campaign. Microsoft added 4.7% this week and hit a record Thursday. AI darling Nvidia gained 10% this week, adding to its 192% surge this year. Earlier in the week, the May consumer price index came in at the lowest in two years.Īdobe added 0.9% after beating results and issuing upbeat guidance, the latest tech stock to rally. While the Fed signaled that two more rate increases were coming this year, many traders and economists on Wall Street believe the Fed could be nearly done. The Federal Reserve delivered what investors wanted this week when the central bank left rates unchanged Wednesday after 10 consecutive hikes.
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