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News on Medial
Toshiba Corp to cut 5,000 jobs in Japan: Report
Livemint
·
1y ago
Medial
Japanese technology company Toshiba Corp. is set to cut 5,000 jobs or 7% of its workforce in Japan as it accelerates its restructuring plans. The company is downsizing non-core businesses and will incur a one-time cost of around $650m as a result. Toshiba has been aiming to reduce costs and focus on its infrastructure and digital technology business. The job cuts would be the largest since accounting irregularities were uncovered in 2015. Toshiba is currently compiling its midterm strategy.
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Toshiba to be delisted after 74 years, faces future with new owners
Livemint
·
1y ago
Medial
Toshiba, one of Japan's biggest brands, will be delisted after 74 years on the Tokyo exchange. The company is being taken private by a group of investors led by private equity firm Japan Industrial Partners (JIP) in a $14 billion takeover. The new owners plan to focus on high-margin digital services, but it is uncertain what shape Toshiba will ultimately take. The delisting comes after a decade of upheaval and scandal that brought down the company.
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Paytm may remove 5,000-6,300 employees, says report
Business Today
·
1y ago
Medial
Paytm, facing growing losses, plans to cut 5,000-6,300 jobs to save Rs 400-500 crore. In FY23, it had 32,798 employees, with 29,503 actively working. Employee costs rose by 34% year-on-year to Rs 3,124 crore. The company's net loss was Rs 550 crore in Q4. Despite challenges, Paytm aims to optimize costs and achieve profitability by FY26.
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T-Mobile USA Inc to cut off 5,000 jobs amid surging competition: Report
Livemint
·
2y ago
Medial
T-Mobile USA is reportedly planning to cut around 5,000 jobs, affecting corporate, back-office, and some technology roles. The move is attributed to increased competition and changing customer expectations. Despite being the fastest-growing wireless carrier in the US, T-Mobile aims to counter discounts and free phone promotions as the holiday season approaches. The company's CEO mentioned that the cost of attracting and retaining customers has become more expensive. The telecom industry is facing challenges with subscriber growth as cable companies offer free mobile lines. AT&T Inc. has also been cutting jobs to reduce costs and restructure operations.
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Nissan considers Foxconn EV output to save Oppama from closure, Nikkei says
Economic Times
·
1m ago
Medial
Nissan Motor is discussing a collaboration with Taiwan's Foxconn to produce electric vehicles, potentially saving its Oppama plant in Japan from closure. This move comes amidst Nissan's restructuring plans, which may have targeted the Oppama plant, employing around 3,900 workers, for consolidation. By producing Foxconn-brand EVs, Nissan aims to preserve jobs and supplier networks, according to a report by the Nikkei business daily.
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Euro rebounds as French bonds stabilize; bitcoin jumps past $100,000
Livemint
·
8m ago
Medial
The euro rallied as French government bonds stabilized following the collapse of France's government. Bitcoin hit a record high of $103,649 on expectations of a crypto-friendly regulatory environment under President-elect Donald Trump. The dollar dropped after higher-than-expected US jobless claims. The focus is now on the US nonfarm payrolls report, which is anticipated to show 200,000 jobs added in November. The euro was on track for a weekly loss, its fourth in the last five weeks, and the European Central Bank is expected to cut interest rates. The Japanese yen rose on speculation about a potential interest rate hike by the Bank of Japan. The South Korean won dipped slightly after market stabilization funds were activated following political unrest. The dollar index fell after weak US jobless claims data.
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Tech layoffs in January 2024: CEO fires the whole company over 2-minute call; Google, Microsoft, Amazon continue layoffs; job cuts at TikTok, Flipkart, Swiggy, and others
Startup News FYI
·
1y ago
Medial
In January 2024, several tech companies implemented job cuts. Frontdesk fired all 200 employees during a two-minute call, Google laid off hundreds of staff across various divisions, Microsoft cut 1,900 jobs, Amazon announced layoffs in Audiobooks, Prime Video, and Twitch divisions, Xerox reduced its workforce by 15%, Unity Software cut 1,800 jobs, Discord laid off 17% of its employees, eBay cut 1,000 jobs, Flipkart laid off 1,000 employees, Swiggy laid off 400 employees, Riot Games cut 11% of its staff, TikTok laid off 60 workers, and Salesforce announced 700 job cuts.
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Asia M&A fees drop to 11-year low amid slow-cooked deals
VCCircle
·
1y ago
Medial
Mergers and acquisitions (M&A) advisory fees in Asia have reached their lowest levels in 11 years in H1 2024, reflecting declining deals in the region. M&A fees totaled $1.5bn in the first six months, with Japan accounting for the majority of this. Investment banks may face further pressures as they have already cut jobs due to challenging capital markets and falling revenue. Announced transactions also fell 25% YoY to $317.5bn, indicating a tight market for transaction revenue. However, some bankers remain hopeful for an improved outlook as early stage M&A discussions increase.
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Half of entry-level women in blue-grey jobs plan to quit within a year
Economic Times
·
1m ago
Medial
More than half of India's female blue-grey collar workers with under a year of experience plan to leave their jobs within the next 12 months, primarily due to challenges such as poor pay, safety concerns, and limited growth opportunities. A report by Udaiti Foundation and Quess Corp highlights the need for better pay, safer work environments, improved infrastructure, clear career paths, and inclusive workplace cultures to retain and empower women in these roles.
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Low pay, poor work culture: Why women in blue-collar jobs are struggling
Livemint
·
1m ago
Medial
Despite their growing numbers, women in blue-collar and grey-collar jobs in India face significant challenges. These include low pay, long commutes, and rigid work cultures, leading to low job satisfaction and high attrition rates. According to a report by the Udaiti Foundation and Quess Corp Ltd, 52% of women in these roles plan to leave their positions within a year. Approximately 3.9 million women form an essential part of this workforce across various sectors.
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Markets surge after RBI surprises with steep rate cut
Inshorts
·
2m ago
Medial
The Sensex surged 746 points and the Nifty crossed 25,000 after the RBI surprised markets with a 50 bps rate cut and a 100 bps CRR reduction. The central bank also shifted its stance to neutral. Broader indices gained, the rupee strengthened slightly, and crude prices rose, driven by strong US jobs report and improved sentiment on China trade talks.
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