Tech-Gaint

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.

China's State Administration for Market Regulation has declared that an anti-monopoly investigation had been launched against the tech-giant Alibaba Group. The Chinese regulators have earlier warned the group for forcing their merchants to sign deals promising not to offer their products on rival platforms. Previously in November, the authorities have blocked the stock market listing of Alibaba's associate Ant Group, which would have been the… read-more

The Ministry of Earth Sciences secretary M Rajeevan said that India was likely to launch a "Deep Ocean Mission" in the next 3-4 months to explore the possibilities of underwater resources. The official informed that the required permissions were secured for the mission. With an estimated cost of over Rs 4,000 crore, the "futuristic and game-changing” mission aims to strengthen India's presence in the Indian Ocean.

EkAnek Networks, parent company of Foxy, announced it has raised Rs 40 crore in its 'Series A1' investment round. The funding round was led by Alpha Wave Incubation (AWI) with existing investors - Matrix Partners India, Sequoia Capital India, and Lightspeed India - also taking part. Navroz Udwadia, co-founder of Falcon Edge Capital, said, “Foxy will offer mobile-first consumers a differentiated approach to supply, curation, and fulfillment of… read-more