META CUT GLOBAL WORKFORCE
Is India's youth workforce equipped for the tech job boom?
India's growth in 5G, electronics fabrication, telecom, and EV industries drives new job opportunities requiring AI, Big Data, IoT, and sustainability skills. The renewable sector's expansion highlights the need for continuous learning. Collaborative training, adaptability, and problem-solving are essential to prepare the youth for an evolving job market.
Nasdaq ends sharply lower as investors rotate out of Big Tech
The Nasdaq fell sharply due to Nvidia, Apple, Tesla, Microsoft, Amazon, and Meta Platforms losses amid inflation data. Smaller companies rallied, boosting the Russell 2000. Heavy U.S. trading was noted as the S&P 500 fell and real estate rose 2.7%. Delta and Conagra Brands forecast lower profits; Tesla delayed robotaxi launch. Citigroup fined $136M.
Zomato stops ‘Xtreme’ service; Reliance to bring back Shein
Zomato has halted its hyperlocal goods delivery service due to a lack of demand.
Elon Musk' layoff statement from April prompted Tesla to start slashing down workforce?
Elon Musk's net worth stands at $208.4 billion, as per reports, with main sources of revenue coming from Tesla and SpaceX, one of which is currently in the gray area around employee layoffs. Tesla's internal reports reportedly show a significant slash in employee count within a matter of a few months, shortly after Tesla CEO Elon Musk announced back in April that the company was planning to reduce its workforce by 10%.
Musk plans stock option grants to Tesla's high-performers: Report
Elon Musk plans to introduce stock-based compensation at Tesla following shareholder approval of his $56 billion pay plan. The company aims to provide stock option grants for exceptional performance and award spot option grants for outstanding contributions amidst sales slowdown and intensifying price competition from Chinese rivals.
Bootstrapped SaaS startup Kissflow culls 11% workforce
Kissflow, a Chennai-based startup, announced the layoff of about 45 employees (11% of its workforce) across India, the US, and the UAE. The CEO, Suresh Sambandam, cited reasons such as procurement strategy shift and annual performance reviews. In 2022, the company had gifted BMWs to key staffers for employee appreciation.
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Meta hit with privacy complaints over AI plans
A Vienna-based privacy group filed complaints against Meta in 11 European countries over unlawful AI data use. Microsoft announced a $3.2 billion AI investment in Sweden over two years, AMD unveiled new AI chips to challenge Nvidia, and Cisco plans a $1 billion investment in AI startups for secure AI services.
US stocks slip in choppy trading after weaker jobs data
Oil companies Exxon Mobil and Chevron dropped 2.3% and 1.5%, respectively, as demand concerns weighed on crude prices. Energy stocks led S&P 500 sectoral declines with 1.5% fall. Small-cap stocks, typically more sensitive to economic expectations, declined 1.2%, while the rate-sensitive real estate sector gained 0.9%.
How Unacademy board tweaked targets for founders’ voting rights
Edtech unicorn Unacademy has changed the target for its cofounders Gaurav Munjal and Hemesh Singh to access additional voting rights through bonus shares issued to them in 2022. Industry sources said this move throws light on Unacademy’s changing ambitions as well as the broader sluggishness in the startup funding ecosystem.
Heat is a real damp squib for productivity
India's labor productivity is severely impacted by heatwaves, especially for outdoor workers in agriculture, construction, and mining. Increased irrigation and air pollution control exacerbate heat stress, lowering productivity by 2-4% for every degree rise above 27°C. The northern Indian plains are more affected than coastal areas. Heatwaves reduce physical labor supply by a quarter on very hot days, impacting income growth, price stability, and investment. Solutions like cooling and migration are necessary but have limitations and negative externalities. Adaptive strategies are crucial to mitigate these effects.
Tata Steel CEO says co wants to move fast on UK decarbonisation
Tata Steel is aiming to accelerate efforts towards decarbonisation in Britain, despite trade unions voting against the company's plans to cut jobs. The company is closing two blast furnaces in Britain, causing up to 2,800 job losses at its Port Talbot steelworks in Wales. The British trade union community has voted for strike action against these job-cut plans. Tata Steel CEO and Managing Director T. V. Narendran said timelines are clear for the company to move quickly and build the new electric arc furnace faster.
How Google and Meta's Ad transparency reports reveal—and conceal—political Ad spend
Despite abundant data, Google and Meta’s ad transparency reports often obscure more than they reveal. While intended to enhance transparency, critics argue they create an illusion of openness, complicating the analysis of political ads and raising concerns about content moderation.
India must loosen the cords tying it too tightly to the pervasive influence of global Big Tech
India aims for self-sufficiency through autarky and atmanirbhar initiatives, focusing on nurturing the 13 markers of 'Viksit Bharat' for a fully digitised economy and sustained growth in various sectors.
From Tokyo to New York, stock markets are on a record-hitting spree around the world
Equity markets worldwide are experiencing highs. In the US, the S&P 500 and Nasdaq 100 indexes hit records this week, while the Dow Jones Industrial Average crossed 40,000 for the first time ever. Meanwhile, the biggest bourses in Europe, Canada, Brazil, India, Japan and Australia are currently at or near their peaks.
Job site Indeed cuts around 1,000 jobs in second layoff in two years
Indeed's layoffs were announced by chief executive officer Chris Hyams in a company memo. This development comes as the job listing platform grapples with a significant downturn in job postings and a cooling labor market.
EU queries X over cut to content moderation resources
The EU on Wednesday told digital platform X to explain a cut to content moderation resources, amid concerns over disinformation ahead of European elections in June. The European Commission said it wanted more information about X's "content moderation activities and resources" after a transparency report in April showed it has cut its team of content moderators by "almost 20 percent" since an October 2023 report.
Rockwell plans to expand in India with more factories, tech workers
Rockwell Automation considers expanding its technology workforce and establishing additional factories in India to bolster manufacturing. The industrial automation equipment maker, celebrating 40 years in India, aims to leverage the country as a technology hub for product development. Plans include hiring for technology centers and opening more factories, following its recent announcement of a plant in Tamil Nadu.
Tech jobs dwindle with India's top IT firms cutting workforce by 64,000
With Infosys predicting a meagre 1% to 3% annual revenue growth and Wipro predicting a likely 1.5% revenue decline in the June quarter with a remote probability of a 0.5% increase, the picture for the current fiscal year is similarly dismal. For recent engineering graduates looking for work in the field, these developments are concerning.
Tesla's global job cuts hit China sales team, sources say
Tesla is implementing job cuts globally, including in China, its second-largest market after the US. CEO Elon Musk announced in an internal memo that over 10% of the workforce will be laid off due to declining sales and increased competition in the electric vehicle market. Sources indicate that the cuts are affecting various teams, including sales in China, with more than 10% of the sales team reportedly losing their jobs.
How tech giants cut corners to harvest data for AI
The race to lead AI has become a desperate hunt for the digital data needed to advance the technology. To obtain that data, tech companies including OpenAI, Google and Meta have cut corners, ignored corporate policies and debated bending the law, according to an examination by The New York Times.
Zepto’s $300 million funding; Meta taps Reliance for data centre
The Mumbai-based Zepto is eyeing a valuation of around $2.5-3 billion, as against the $1.4 billion it was assigned on turning unicorn last year, sources said. This is a huge bump up amid a largely sluggish funding market even for Zepto which has been growing fast.
Fidelity International to cut 1,000 jobs globally, memo shows
Fund management giant Fidelity International plans to cut around 1,000 jobs globally in 2024, about 9% of its workforce, to save $125 million annually. The move comes amidst industry struggles to retain client cash amid market turbulence and higher interest rates. Other firms, like BlackRock, are also cutting jobs. Fidelity's president, Keith Metters, announced the cuts and a focus on core projects to deliver value to clients. The company confirmed the job cuts would be spread across all business lines and regions.
Expedia to cut about 1,500 jobs globally amid moderating travel demand
Travel companies are tempering expectations for 2024, a sign that demand is expected to grow more slowly this year.
Nike plans to cut about 2% jobs
The job cuts are expected to start on Friday, and a second phase will be completed by the end of the quarter, the report said, citing an employee memo.
Why is Big Tech still cutting jobs?
Google started the year with layoffs of several hundred employees and a promise of more cuts to come. Amazon followed by trimming hundreds of jobs in its Prime Video department. Meta quietly thinned out middle management. Microsoft also cut 1,900 jobs in its video game division.
Snap to lay off 10% of its workforce as spate of job cuts continue
The Snapchat parent expects pre-tax charges in the range of $55 million to $75 million, primarily consisting of severance and related costs, and other charges, of which $45 million to $55 million are expected to be future cash expenditures.
eBay to slash 1000 jobs, scale back contracts
The job cuts follow a wave of U.S. tech layoffs after the industry hired heavily during the pandemic, including among behemoths such as Amazon and Google.
Why are so many companies 'rightsizing'?
Alphabet, Google's parent company, cut 12,000 jobs, or about 6% of its global workforce, at the start of 2023. Meta laid off more than 10,000 employees, or roughly 13% of its staff. So did other household names, including Microsoft, Amazon and Disney.
Xerox to cut 15% of its workforce in the first quarter of 2024
In a news release, the company said it would reduce its global staff, which included roughly 23,000 employees in 2022, and name a new leadership team.
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