Good morning. Today we're talking about Meta’s new social media app, falling electronic sales and oil production warnings.

Big Stories

Meta’s new Threads

Yesterday Meta’s Instagram officially unveiled Threads, an app designed as a direct rival to Twitter, launching the most serious threat yet to Elon Musk’s struggling social-media site. Threads allows users to post up to 500 characters, as well as photos and videos. The app is integrated with Instagram so that users can easily share their Threads posts to their Instagram Stories. It took less than 24 hours for the newcomer to reach 30m users in over 100 countries including the UK and US. Since launching in 2006 Twitter has gained 350m active users with an expected $3bn in advertising revenue this year amid Musk's overhaul. Meta hopes its existing base of 3bn users will give Threads an edge but Twitter may not take the competition lying down. Musk commented that "competition is fine, cheating is not" and that Twitter is considering taking legal action.

Electronic slide

Currys reported a 8% drop in UK revenue in the year to April as customers cut back on electronics amid the cost of living crisis. The retailer said that stubborn inflation and high interest rates has led to people delaying upgrades to TVs and laptops with smart speaker sales in particular “falling off a cliff”. There has also been a rise in customers buying goods on credit to almost 20% of all sales. Due to the disappointing trading and uncertain outlook Currys said it would scrap its dividend with the news sending its shares down 13%.

Oil giant’s warning

The boss of Anglo-Dutch oil giant Shell has warned that cutting oil production would be "dangerous and irresponsible." Wael Sawan said that the world still "desperately needs oil and gas" as the transition to renewable energy is not happening fast enough to replace it. He warned that increased demand from China and a colder winter in Europe could push energy prices and bills higher again. His comments come at a time when there is growing pressure on oil companies to cut production in order to reduce greenhouse gas emissions. However, Sawan argued that cutting production would not be enough to avert climate change, and that it would only serve to make energy more expensive for consumers.

Elsewhere...

Walking out: London Underground staff will take industrial action over a week at the end of July, spelling widespread transport disruption in the capital.

Out of business: Shopping television channel Ideal World has gone bust, with the majority of its 275 staff to be laid off, two days after it suddenly went off-air.

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Average wage growth in Japan in May, the highest rate since 1995.

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