Global Downturn
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"Our Hope Is...": After Trudeau Exit, India Recalls "Licence To Extremists"
Days after Mark Carney replaced Justin Trudeau as Prime Minister of Canada, India, on Friday, recalled "the downturn in India-Canada relations".
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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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Samsung Vows to Cut Chip Production Amid Global Downturn in Demand; Shares Surge 4.5 Percent
Samsung Electronics said on Friday it would make a "meaningful" cut to chip production, following the lead of smaller rivals, as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting.
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TSMC to Recruit More Than 6,000 New Staff in 2023 Despite Global Downturn in Chip Sector
Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all ...
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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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Kraken Announces Exit from Japan Citing ‘Resource Prioritisation’ Reasons
Kraken crypto exchange has decided to exit the Japanese market in a bid to prioritise its resources at a time when the global crypto industry is undergoing a slump. Kraken has asked its customers in Japan to withdraw their fiat and crypto holdings before February.
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Strong Headwinds To Slow Global Trade Growth In 2023: WTO
The downturn in the index could be attributed to the war in Ukraine, high energy prices, and monetary tightening in major economies, World Trade Organization (WTO) said on Monday.
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Tech Job Market In India May Get A Boost Amid Layoff In US
Large-scale layoffs in the US may have spooked techies in India. But the global downturn is likely to boost the domestic job market and trained talents are likely to find many takers, IT industry experts have said.
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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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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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This Crypto Platform Is Latest To File For Bankruptcy Protection
The Southeast Asia-focused cryptocurrency exchange said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.
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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.
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These Countries At Risk Of A Deep Economic Crisis
A rampant dollar at a two-decade high crushing most currencies' buying power in international markets, fears of an economic downturn and burned foreign exchange reserves point to a record number of developing nations now in dire straits.
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Three Arrows Capital’s Collapse Leaves Singapore’s Crypto Sector Bracing for Bankruptcy
Three Arrows Capital’s recent collapse had made Singapore's ambitious cryptocurrency sector face an uncertain future. Crypto players are bracing for further bankruptcies and legal tussles. 3AC collapsed after the global downturn in digital currencies left it unable to meet hundreds of millions of dollars in obligations.
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"Our Hope Is...": After Trudeau Exit, India Recalls "Licence To Extremists"
Days after Mark Carney replaced Justin Trudeau as Prime Minister of Canada, India, on Friday, recalled "the downturn in India-Canada relations".
-
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...
-
Samsung Vows to Cut Chip Production Amid Global Downturn in Demand; Shares Surge 4.5 Percent
Samsung Electronics said on Friday it would make a "meaningful" cut to chip production, following the lead of smaller rivals, as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting.
-
TSMC to Recruit More Than 6,000 New Staff in 2023 Despite Global Downturn in Chip Sector
Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, will recruit more than 6,000 new staff in 2023, the company said in a statement on Saturday. The company will seek young engineers with associates, bachelor's, masters's or doctorate degrees in electrical engineering or software-related fields, in cities all ...
-
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...
-
Kraken Announces Exit from Japan Citing ‘Resource Prioritisation’ Reasons
Kraken crypto exchange has decided to exit the Japanese market in a bid to prioritise its resources at a time when the global crypto industry is undergoing a slump. Kraken has asked its customers in Japan to withdraw their fiat and crypto holdings before February.
-
Strong Headwinds To Slow Global Trade Growth In 2023: WTO
The downturn in the index could be attributed to the war in Ukraine, high energy prices, and monetary tightening in major economies, World Trade Organization (WTO) said on Monday.
-
Tech Job Market In India May Get A Boost Amid Layoff In US
Large-scale layoffs in the US may have spooked techies in India. But the global downturn is likely to boost the domestic job market and trained talents are likely to find many takers, IT industry experts have said.
-
"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...
-
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.
-
This Crypto Platform Is Latest To File For Bankruptcy Protection
The Southeast Asia-focused cryptocurrency exchange said it had filed for bankruptcy protection in Singapore, becoming the latest victim of the global downturn in digital currencies.
-
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.
-
These Countries At Risk Of A Deep Economic Crisis
A rampant dollar at a two-decade high crushing most currencies' buying power in international markets, fears of an economic downturn and burned foreign exchange reserves point to a record number of developing nations now in dire straits.
-
Three Arrows Capital’s Collapse Leaves Singapore’s Crypto Sector Bracing for Bankruptcy
Three Arrows Capital’s recent collapse had made Singapore's ambitious cryptocurrency sector face an uncertain future. Crypto players are bracing for further bankruptcies and legal tussles. 3AC collapsed after the global downturn in digital currencies left it unable to meet hundreds of millions of dollars in obligations.
