Alibaba Laid Off Roughly 10,000 Workers As Part Of Cost-Cutting Initiatives
Alibaba, Chinese technology corporation, has laid off around 10,000 workers as part of cost-cutting efforts in the face of a weakening economy. The layoffs came as Alibaba announced a 50% decline in net profits in the June quarter, to 22.74 billion yuan. In other developments, Alibaba Chairman and CEO Daniel Zhang Yong stated that the internet business wants to hire 6,000 new university graduates by the end of the year.
Tags: Alibaba, employees, fired, Tech-Gaint, Chinese Firms
Courtesy: India Today
Fund Inflow From China Dips Over $2 Billion Due To Border Standoff
Financial tracker Venture Intelligence’s data has revealed that funding from China in 2020 fell to a third of 2019 owing to the border tensions and government measures on Chinese firms. Reportedly, private equity and venture capital funding from China and Hong Kong fell from $3.5 billion (2019) to $1.05 billion (2020). While Chinese FDI dipped to its 3-year lowest, $55 million from $63 million, during April-September, FDI from Hong Kong has… read-more
Tags: Venture Intelligence, India-China Border Row, FDI, Chinese Firms
Courtesy: The Indian Express