Economic Downturn
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China's Young Ditch "Hustle Culture" For "Naked Resignations"
Young professionals in China are increasingly opting for "naked resignation," quitting jobs without backup plans, challenging traditional career norms.
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Dropbox to Reduce Workforce by 16 Percent, Plans to Hire New Staff for AI Offerings
Cloud storage provider Dropbox said on Thursday it would reduce its global workforce by 16 percent to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. Dropbox's chief executive officer, Drew Houston, said the company's core cloud business growth was slowing as challenges from the economic downturn put pr...
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Layoffs Alone Won’t Solve Tech’s Problems: Parmy Olson
The tech sector has had a tough time recently with the prevailing economic downturn hitting all the big companies. Amazon, Microsoft, Meta, and Alphabet have all announced layoffs in the thousands to cut their losses. While these tech giants are tightening up on fringe benefits and showing their talent the door, there is still more to do.
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Samsung's Quarterly Profit Could Hit Six-Year Low as Consumers Cut Spending, Analysts Say
Samsung's quarterly profit is expected to fall 58 percent amid the ongoing global economic downturn, to its lowest point in six years, according to analysts. The prediction comes amid reduced spending by consumers and businesses during a period of high inflation and escalating interest rates. Samsung is expected to announce preliminary results on F...
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Steadier Hands, Durable Companies to Steer Crypto in 2023, Predicts Circle CSO
Despite the ongoing slump in the crypto market, industry analysts are optimistic that this downturn has filtered out shaky and evidently risky firms from the already volatile industry, Circle CSO Dante Disparte said in a recent post for the World Economic Forum (WEF).
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Twitter Blue to Be Relaunched on November 29 to Ensure 'Rock Solid' Release, Elon Musk Says
Elon Musk on Tuesday said that Twitter Blue, the company's subscription service would be relaunched on November 29. The company's new CEO had previously stated that he expected to release the paid verification service by the end of this week, but said the release date would be 'punted' to make sure that it was 'rock solid', in a tweet.
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Rishi Sunak, 42, Is Britain's Youngest PM After Months Of Turbulence
Rishi Sunak will become Britain's next prime minister after he won the race to lead the Conservative Party, leaving him with the task of steering a deeply divided country through an economic downturn set to leave millions of people poorer.
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Explained: New UK PM Rishi Sunak's Solutions To Britain's Problems
Rishi Sunak will become Britain's next prime minister after he won the race to lead the Conservative Party, leaving him with the task of steering a deeply divided country through an economic downturn set to leave millions of people poorer.
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"If You're Not Seeing Growth, Switch To Survival Mindset": Suniel Shetty On Byju's Layoffs
Suniel Shetty said that India's population and its aspirations still present good businesses with a huge opportunity to continue their growth.
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Meta to Freeze Hiring to Cut Costs Following First Quarterly Revenue Drop, Plunging Profit: Report
Meta CEO Mark Zuckerberg has reportedly informed the company's employees during a weekly all-hands meeting that the company will freeze hiring to cut costs, amid rough economic conditions, according to a report by The Wall Street Journal that states the company wants to cut expenses by at least 10 percent. Back in July, Zuckerberg reportedly told e...
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Tencent Cuts 5,500 Jobs in First Quarterly Workforce Decline Since 2014 as Revenue Falls
Tencent on Wednesday reported a drop in revenue to CNY 134 billion (roughly Rs. 1,57,000 crore) in the second quarter, compared to the year before. In the first drio in revenue since the company went public, the firm said profits plunged by 56 percent to CNY 18.6 billion (roughly Rs. 21,800 crore). Tencent also cut around 5,500 jobs down to 110,71...
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Oil Prices Fall Below $100 As Weak Factory Data Fuels Global Demand Concerns
Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply.
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Facebook Shuts Funding for US News Partnerships Program Amid Economic Downturn, Changing User Behaviour
Facebook has announced it has ended funding for its US news partnerships program, that was launched in 2019. In order to reallocate resources amid the economic downturn and changing user behaviour, the Meta-owned company said it will no longer pay news organisations in the US for material that appears on its News Tab.
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Is US Headed For Recession? President Joe Biden's Reply
President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter.
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Asian Stocks Slip On Growth Risks And Demand For Safe-Havens
Asian stocks lost ground on Monday, retreating from over three-week highs as worries about a global economic downturn sapped investors' risk appetite.
-
China's Young Ditch "Hustle Culture" For "Naked Resignations"
Young professionals in China are increasingly opting for "naked resignation," quitting jobs without backup plans, challenging traditional career norms.
-
Dropbox to Reduce Workforce by 16 Percent, Plans to Hire New Staff for AI Offerings
Cloud storage provider Dropbox said on Thursday it would reduce its global workforce by 16 percent to cut costs amid slowing cloud growth, and instead hire new talent to build its AI offerings. Dropbox's chief executive officer, Drew Houston, said the company's core cloud business growth was slowing as challenges from the economic downturn put pr...
-
Layoffs Alone Won’t Solve Tech’s Problems: Parmy Olson
The tech sector has had a tough time recently with the prevailing economic downturn hitting all the big companies. Amazon, Microsoft, Meta, and Alphabet have all announced layoffs in the thousands to cut their losses. While these tech giants are tightening up on fringe benefits and showing their talent the door, there is still more to do.
-
Samsung's Quarterly Profit Could Hit Six-Year Low as Consumers Cut Spending, Analysts Say
Samsung's quarterly profit is expected to fall 58 percent amid the ongoing global economic downturn, to its lowest point in six years, according to analysts. The prediction comes amid reduced spending by consumers and businesses during a period of high inflation and escalating interest rates. Samsung is expected to announce preliminary results on F...
-
Steadier Hands, Durable Companies to Steer Crypto in 2023, Predicts Circle CSO
Despite the ongoing slump in the crypto market, industry analysts are optimistic that this downturn has filtered out shaky and evidently risky firms from the already volatile industry, Circle CSO Dante Disparte said in a recent post for the World Economic Forum (WEF).
-
Twitter Blue to Be Relaunched on November 29 to Ensure 'Rock Solid' Release, Elon Musk Says
Elon Musk on Tuesday said that Twitter Blue, the company's subscription service would be relaunched on November 29. The company's new CEO had previously stated that he expected to release the paid verification service by the end of this week, but said the release date would be 'punted' to make sure that it was 'rock solid', in a tweet.
-
Rishi Sunak, 42, Is Britain's Youngest PM After Months Of Turbulence
Rishi Sunak will become Britain's next prime minister after he won the race to lead the Conservative Party, leaving him with the task of steering a deeply divided country through an economic downturn set to leave millions of people poorer.
-
Explained: New UK PM Rishi Sunak's Solutions To Britain's Problems
Rishi Sunak will become Britain's next prime minister after he won the race to lead the Conservative Party, leaving him with the task of steering a deeply divided country through an economic downturn set to leave millions of people poorer.
-
"If You're Not Seeing Growth, Switch To Survival Mindset": Suniel Shetty On Byju's Layoffs
Suniel Shetty said that India's population and its aspirations still present good businesses with a huge opportunity to continue their growth.
-
Meta to Freeze Hiring to Cut Costs Following First Quarterly Revenue Drop, Plunging Profit: Report
Meta CEO Mark Zuckerberg has reportedly informed the company's employees during a weekly all-hands meeting that the company will freeze hiring to cut costs, amid rough economic conditions, according to a report by The Wall Street Journal that states the company wants to cut expenses by at least 10 percent. Back in July, Zuckerberg reportedly told e...
-
Tencent Cuts 5,500 Jobs in First Quarterly Workforce Decline Since 2014 as Revenue Falls
Tencent on Wednesday reported a drop in revenue to CNY 134 billion (roughly Rs. 1,57,000 crore) in the second quarter, compared to the year before. In the first drio in revenue since the company went public, the firm said profits plunged by 56 percent to CNY 18.6 billion (roughly Rs. 21,800 crore). Tencent also cut around 5,500 jobs down to 110,71...
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Oil Prices Fall Below $100 As Weak Factory Data Fuels Global Demand Concerns
Oil prices dropped again on Tuesday as investors absorbed a bleak outlook for fuel demand with data pointing to a global manufacturing downturn just as major crude producers meet this week to determine whether to increase supply.
-
Facebook Shuts Funding for US News Partnerships Program Amid Economic Downturn, Changing User Behaviour
Facebook has announced it has ended funding for its US news partnerships program, that was launched in 2019. In order to reallocate resources amid the economic downturn and changing user behaviour, the Meta-owned company said it will no longer pay news organisations in the US for material that appears on its News Tab.
-
Is US Headed For Recession? President Joe Biden's Reply
President Joe Biden said Monday he does not expect the United States suffer an economic downturn, although GDP figures due later this week may show the economy shrinking for a second consecutive quarter.
-
Asian Stocks Slip On Growth Risks And Demand For Safe-Havens
Asian stocks lost ground on Monday, retreating from over three-week highs as worries about a global economic downturn sapped investors' risk appetite.
