Twitter announced the departure of two top leaders in a major shakeup that comes as billionaire Elon Musk is working to close a $44bn deal to acquire the company. In an email to employees on Thursday, chief executive Parag Agrawal said Twitter’s leaders for consumer product and revenue will leave the company. Agrawal said the company was temporarily pausing hiring, and would review all existing job offers to determine whether any “should be pulled back”. – Guardian
Pressure is mounting on the government to deliver an emergency summer mini-budget after recession fears were heightened by a surprise contraction in the economy in March. Evidence that the cost of living crisis was biting even before the arrival last month of dearer energy bills and higher taxes led to a sharp selloff in shares and a drop in the pound’s value to a two-year low against the US dollar. – Guardian
Water companies and broadband providers will be slapped with hundreds of thousands of pounds in penalties for botched works that leave potholes or poor quality roads under a crackdown by Grant Shapps. The Transport Secretary is targeting utility companies with the rollout of a new inspections unit to address “the plague of potholes” on the country’s roads. – Telegraph
Millions of homeowners face negative equity as interest rates rise and property prices collapse, leaving them unable to sell. Britain’s post-credit crunch age of rock-bottom borrowing costs is at an end, while interest rates on some mortgages have doubled in a matter of months. The housing market faces a reckoning. – Telegraph
Merger talks between Vodafone and Three in the UK have been revived as consolidation in the European telecoms market gathers pace. A tie-up between Britain’s third and fourth largest mobile network operators has been a prospect for some time, although discussions last year failed to lead to a deal. – The Times
