Streaming music company Spotify (SPOT) it is laying off 17% of staff. Citi Managing Director Jason Bazinet, who recently downgraded the stock to "Neutral" from "Buy," joins Yahoo Finance Live to discuss the cuts. Bazinet says that in order to for him to reverse his call, he would need to see “more achievable” sell-side estimates. In terms of cutting costs, Bazinet states plainly that in terms of cost-cutting “we’re sort of done with that” referring to the recent company lay-offs, pointing out that most of the costs for Spotify comes from content. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
The following are the top stories on the business pages of British newspapers. - UK Home Secretary James Cleverly on Monday set out plans to make it significantly harder for companies to employ foreign workers and to bring foreign spouses to the UK, a ban on care workers bringing family members with them and a review on allowing foreign students to stay in the UK after their course ends. - The UK's most hazardous nuclear site, Sellafield, has been hacked into by cyber groups closely linked to Russia and China.
Pension fund’s share of Britain’s stock markets has fallen to a record low, official figures show, as they seek more profitable returns overseas.