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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"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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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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Chip Hoarding by PC and Smartphone Makers Turns Shortage to Glut Amid Inflation, Lockdowns, and Ukraine Crisis
After a global chip shortage that saw PC and smartphone makers struggle to source semiconductors to make their products, the industry has seen a glut in some sectors. Analysts say that big suppliers of chips to consumer electronics makers, especially low-end smartphones, will be hit hardest by the downturn. Manufacturers who stockpiled computer chi...
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Oil Rises 2% But Posts Weekly Loss On Recession Fears
Oil prices rose about 2% in volatile trade but were still heading for a weekly decline as investors worried about a potential recession-driven demand downturn even as global fuel supplies remained tight.
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
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BitOasis UAE Crypto Exchange Says It Has Laid Off Some Staff Due to Sector Turmoil
BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, says it laid off nine of its staff, the latest company in the sector to cut jobs in the face of a downturn and market turmoil.
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'Picture Today Less Dire, Calamity Far From Over': IMF Chief On COVID-19 Downturn
Amid a flood of government spending, the global downturn sparked by the coronavirus pandemic will not be as bad as originally feared, IMF chief Kristalina Georgieva said Tuesday, but she warned that the crisis is far from over.
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IMF Chief Warns Global Economic Crisis "Far From Over"
The global economy is showing signs of bouncing back from the severe downturn caused by the global coronavirus pandemic, but a full recovery is "unlikely" without a vaccine, IMF chief Kristalina Georgieva said Wednesday.
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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.
-
"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...
-
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.
-
Chip Hoarding by PC and Smartphone Makers Turns Shortage to Glut Amid Inflation, Lockdowns, and Ukraine Crisis
After a global chip shortage that saw PC and smartphone makers struggle to source semiconductors to make their products, the industry has seen a glut in some sectors. Analysts say that big suppliers of chips to consumer electronics makers, especially low-end smartphones, will be hit hardest by the downturn. Manufacturers who stockpiled computer chi...
-
Oil Rises 2% But Posts Weekly Loss On Recession Fears
Oil prices rose about 2% in volatile trade but were still heading for a weekly decline as investors worried about a potential recession-driven demand downturn even as global fuel supplies remained tight.
-
India’s Cryptocurrency Position Said to Be Vindicated Amid Global Crypto Market Downturn
India has taken a conservative position on cryptocurrency, and the government’s decision is said to be vindicated by the ongoing global cryptocurrency market meltdown. To dampen crypto trading, a one percent tax deducted at source (TDS) on crypto transactions was introduced on July 1, following a 30 percent capital gains tax on all transactions t...
-
BitOasis UAE Crypto Exchange Says It Has Laid Off Some Staff Due to Sector Turmoil
BitOasis, a Middle East-focused cryptocurrency exchange based in the United Arab Emirates, says it laid off nine of its staff, the latest company in the sector to cut jobs in the face of a downturn and market turmoil.
-
'Picture Today Less Dire, Calamity Far From Over': IMF Chief On COVID-19 Downturn
Amid a flood of government spending, the global downturn sparked by the coronavirus pandemic will not be as bad as originally feared, IMF chief Kristalina Georgieva said Tuesday, but she warned that the crisis is far from over.
-
IMF Chief Warns Global Economic Crisis "Far From Over"
The global economy is showing signs of bouncing back from the severe downturn caused by the global coronavirus pandemic, but a full recovery is "unlikely" without a vaccine, IMF chief Kristalina Georgieva said Wednesday.
