Elon Musk has appointed himself CEO of Twitter and dissolved its board of directors, it was revealed in a company filing on Monday, as Twitter employees brace for extensive layoffs under a new restructuring that could target up to a quarter of staff. The Washington Post reported on Monday that Musk’s team has been discussing letting go of 25% of the company’s workforce in a first round of layoffs. – Guardian
Rishi Sunak is drawing up plans for years of tax rises for everyone in the country, as a Treasury source warned: “It’s going to be rough.” On Monday, the Prime Minister and the Chancellor decided to bring in “stealth” increases in income tax and National Insurance over the coming years by freezing the thresholds at which people start to pay different rates. – Telegraph
More than 50 company directors who have been disqualified have faced no disciplinary action from the Financial Conduct Authority and seven remain approved by the regulator, a Times investigation has found. The findings underscore the failings of the watchdog’s register, which keeps track of firms and individuals approved for regulated activities. The Times has uncovered at least 55 directors who were banned for offences ranging from pension fraud to tax evasion, while carrying out a role regulated by the authority. – The Times
About £40 million is likely to be set aside by GSK for legal costs relating to the Zantac litigation that has overshadowed the demerger of Haleon, its consumer healthcare wing, and has taken billions of pounds off the two companies’ market values. The drugs group is expected to make a provision when it announces third-quarter figures tomorrow, covering its likely maximum defence costs in any legal action over the heartburn drug. GSK is being represented by Dechert, the law firm. – The Times