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Facebook’s overseas expansion, Saks possible e-commerce IPO, IATSE union reaches deal

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Yahoo Finance's Julie Hyman breaks down Monday’s business headlines.

Video Transcript

JULIE HYMAN: Facebook is ramping up its overseas expansion. The social media giant plans to create 10,000 jobs in the European Union over the next five years. This is part of CEO Mark Zuckerberg's efforts to build up the digital world known as the metaverse. The company plans to hire engineers in Germany, France, Italy, Spain, Poland, the Netherlands, and in Ireland.

Saks Fifth Avenue's online business is taking off, the retailer's e-commerce spin off IPO reportedly now targeting a $6 billion valuation. That's up from its only $2 billion valuation as recently as March. The retailer is interviewing potential underwriters this week for an IPO that's expected in the first half of next year. Saks says its e-commerce business surged 82% in gross merchandise value in the second quarter compared to 2019.

And Hollywood workers and studios have dodged a strike. That's after reaching a tentative agreement for a three-year contract. In a Hollywood first, crew members will now have 54 hours of rest on weekends. That's on par with actors. Studios previously weren't required to give crew workers weekends off but did have to pay overtime. If the deal was not reached, some 60,000 behind-the-scenes workers would have gone on strike starting today across the US.