Nineteen editorial staffers at National Geographic will lose their jobs, according to the Washington Post. AP
Nineteen editorial staffers at National Geographic will lose their jobs, according to the Washington Post. AP
Nineteen editorial staffers at National Geographic will lose their jobs, according to the Washington Post. AP
Nineteen editorial staffers at National Geographic will lose their jobs, according to the Washington Post. AP

National Geographic lays off all staff writers and will stop US newsstand sales


Deepthi Nair
  • English
  • Arabic

National Geographic, the famous yellow-framed magazine, has laid off its last remaining staff writers and will no longer be sold on US newsstands, according to employees and media reports.

The layoffs involved 19 editorial staffers, who were notified in April that these terminations were coming, the Washington Post reported.

Article assignments will be contracted to freelancers or pieced together by the few editors remaining on staff. The cuts also eliminated the magazine’s small audio department, the report said.

The Washington-based magazine, which has surveyed science and the natural world for 135 years, will no longer be available on newsstands in the US as of next year, the newspaper reported.

Many departing employees confirmed the news on Twitter.

“NatGeo is laying off all of its staff writers,” tweeted Craig Welch, one of National Geographic’s now former senior writers.

“I’ve been so lucky. I got to work with incredible journalists and tell important, global stories. It’s been an honour.”

The journalist Doug Main said on Twitter on Tuesday: “National Geographic is laying off its staff writers, including me.”

The layoffs at National Geographic by the publication’s parent company, Disney, were the second over the past nine months, and the fourth since a series of ownership changes began in 2015, The Post reported.

In September, Disney removed six top editors in a reorganisation of the magazine’s editorial operations.

Staffing changes will not affect the company’s plans to continue publishing a monthly magazine “but rather give us more flexibility to tell different stories and meet our audiences where they are across our many platforms”, National Geographic spokesman Chris Albert told the newspaper.

National Geographic’s new editor-in-chief Nathan Lump told Axios News in a November interview that the outlet plans to invest more in social video as the brand continues to modernise.

However, the company doesn’t plan to reduce its monthly print magazine publishing schedule, despite its shift to digital, he had said.

Mr Lump said he’s trying to expand the company’s digital footprint to include more short-form video, specifically via TikTok and Instagram Reels.

In the future, he wants more National Geographic stories, whether in print or online, to originate from social videos captured in the field.

“Our incredible social reach is largely based on our strength on Instagram, which is based on our strength in photography, which is great,” he said.

“But obviously, we know that video is driving a lot of engagement in social, and that’s where a lot of growth is in terms of engagement and users and social platforms. And so we need to put a lot more emphasis there.”

National Geographic is mostly owned by Disney, which acquired a majority stake in the brand as part of its 2019 deal to purchase Fox media assets.

At its peak in the late 1980s, the magazine reached 12 million subscribers in the US and millions more overseas, according to The Post.

It remains among the most widely read magazines in America. At the end of 2022, it had just under 1.8 million subscribers, according to the Alliance for Audited Media.

National Geographic was launched by Washington’s National Geographic Society, a foundation formed by 33 academics, scientists and would-be adventurers, including Alexander Graham Bell.

The magazine was initially sold to the public as a perk for joining the society. It grew into a stand-alone publication slowly but steadily, reaching 1 million subscribers by the 1930s.

The job cuts at National Geographic follow a series of layoffs in the media industry in recent months amid a challenging period that is forcing them to cut costs to survive a weak advertising market.

In an email sent to staff in April, online media outlet BuzzFeed said it is laying off 15 per cent of its staff members and shutting down its news unit as part of efforts to reduce spending and save capital, the company’s chief executive Jonah Peretti said.

The terminations will affect about 180 employees across the company’s content, administration, business, and technology teams.

This was the second round of layoffs within five months at BuzzFeed – in December, the company had announced plans to cut its workforce by about 12 per cent.

Vice Media Group, known for popular websites including Vice and Motherboard, laid off about a dozen employees and filed for bankruptcy protection in May to engineer its sale to a group of lenders.

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Ten tax points to be aware of in 2026

1. Domestic VAT refund amendments: request your refund within five years

If a business does not apply for the refund on time, they lose their credit.

2. E-invoicing in the UAE

Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption. 

3. More tax audits

Tax authorities are increasingly using data already available across multiple filings to identify audit risks. 

4. More beneficial VAT and excise tax penalty regime

Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.

5. Greater emphasis on statutory audit

There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.

6. Further transfer pricing enforcement

Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes. 

7. Limited time periods for audits

Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion. 

8. Pillar 2 implementation 

Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.

9. Reduced compliance obligations for imported goods and services

Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations. 

10. Substance and CbC reporting focus

Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity. 

Contributed by Thomas Vanhee and Hend Rashwan, Aurifer

UAE currency: the story behind the money in your pockets
Four reasons global stock markets are falling right now

There are many factors worrying investors right now and triggering a rush out of stock markets. Here are four of the biggest:

1. Rising US interest rates

The US Federal Reserve has increased interest rates three times this year in a bid to prevent its buoyant economy from overheating. They now stand at between 2 and 2.25 per cent and markets are pencilling in three more rises next year.

Kim Catechis, manager of the Legg Mason Martin Currie Global Emerging Markets Fund, says US inflation is rising and the Fed will continue to raise rates in 2019. “With inflationary pressures growing, an increasing number of corporates are guiding profitability expectations downwards for 2018 and 2019, citing the negative impact of rising costs.”

At the same time as rates are rising, central bankers in the US and Europe have been ending quantitative easing, bringing the era of cheap money to an end.

2. Stronger dollar

High US rates have driven up the value of the dollar and bond yields, and this is putting pressure on emerging market countries that took advantage of low interest rates to run up trillions in dollar-denominated debt. They have also suffered capital outflows as international investors have switched to the US, driving markets lower. Omar Negyal, portfolio manager of the JP Morgan Global Emerging Markets Income Trust, says this looks like a buying opportunity. “Despite short-term volatility we remain positive about long-term prospects and profitability for emerging markets.” 

3. Global trade war

Ritu Vohora, investment director at fund manager M&G, says markets fear that US President Donald Trump’s spat with China will escalate into a full-blown global trade war, with both sides suffering. “The US economy is robust enough to absorb higher input costs now, but this may not be the case as tariffs escalate. However, with a host of factors hitting investor sentiment, this is becoming a stock picker’s market.”

4. Eurozone uncertainty

Europe faces two challenges right now in the shape of Brexit and the new populist government in eurozone member Italy.

Chris Beauchamp, chief market analyst at IG, which has offices in Dubai, says the stand-off between between Rome and Brussels threatens to become much more serious. "As with Brexit, neither side appears willing to step back from the edge, threatening more trouble down the line.”

The European economy may also be slowing, Mr Beauchamp warns. “A four-year low in eurozone manufacturing confidence highlights the fact that producers see a bumpy road ahead, with US-EU trade talks remaining a major question-mark for exporters.”

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Secret Nation: The Hidden Armenians of Turkey
Avedis Hadjian, (IB Tauris)
 

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Updated: June 29, 2023, 5:50 AM