In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal.

The report said&nbsp;that Google would establish a new team in Munich, Germany, to serve as more cost-effective labour.

Python is a sophisticated programming language widely used for various purposes. A post on Mastodon by Social.coop, cited by Hacker News, quoted remarks from a former member of the Google Python team expressing deep disappointment over the layoffs.

<a href="https://www.wionews.com/technology/google-terminates-28-employees-for-protest-of-israeli-cloud-contract-712738">Also read |&nbsp;Google terminates 28 employees for protesting against its cloud contract with Israel</a>

The individual described their two-decade tenure at Google as the best job they've ever had. Another employee expressed anguish at witnessing their entire team, including the manager, being let go and replaced by remote workers overseas.&nbsp;

According to the report, the US Python team, consisting of fewer than 10 members, previously oversaw the majority of Google's Python ecosystem. Their responsibilities included ensuring the stability of Python within Google, keeping it up to date with numerous third-party packages, and developing a type-checker.

Also watch |&nbsp;Nvidia leads AI charge as tech spends surge

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In addition, Business Insider said that Google has reduced staff&nbsp;from its real estate and finance divisions. According to the report, Ruth Porat, Google's finance chief, informed employees via email that the restructuring involves expanding operations to Bengaluru, Mexico City, and Dublin.

In January, the big tech company cut hundreds of jobs across various teams, like engineering and hardware. This move was part of their efforts to focus more on investing in and developing artificial intelligence technologies.

(With inputs from agencies)

In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal.

In recent weeks, Google has terminated multiple employees as part of its cost-cutting efforts. The most recent layoffs targeted the entire Python team, a move reportedly made to reduce expenses by hiring cheaper labour outside the United States, as reported by the Free Press Journal. The report said that Google would establish a new team in Munich, Germany, to serve as more cost-effective labour. Python is a sophisticated programming language widely used for various purposes. A post on Mastodon by Social.coop, cited by Hacker News, quoted remarks from a former member of the Google Python team expressing deep disappointment over the layoffs. Also read | Google terminates 28 employees for protesting against its cloud contract with Israel The individual described their two-decade tenure at Google as the best job they've ever had. Another employee expressed anguish at witnessing their entire team, including the manager, being let go and replaced by remote workers overseas. According to the report, the US Python team, consisting of fewer than 10 members, previously oversaw the majority of Google's Python ecosystem. Their responsibilities included ensuring the stability of Python within Google, keeping it up to date with numerous third-party packages, and developing a type-checker. Also watch | Nvidia leads AI charge as tech spends surge In addition, Business Insider said that Google has reduced staff from its real estate and finance divisions. According to the report, Ruth Porat, Google's finance chief, informed employees via email that the restructuring involves expanding operations to Bengaluru, Mexico City, and Dublin. In January, the big tech company cut hundreds of jobs across various teams, like engineering and hardware. This move was part of their efforts to focus more on investing in and developing artificial intelligence technologies. (With inputs from agencies)

Google layoffs: Entire Python team let go for ‘cheaper labour’

UBS has unveiled its plan to integrate its workforce following the Credit Suisse acquisition. To achieve its cost-cutting goals, the bank will implement layoffs in five stages throughout 2024. The first wave is expected to begin in June, with subsequent waves following in august, September, October, and November.

UBS to slash costs with layoffs after Credit Suisse merger

The struggling Chinese economy has a new headache. Layoffs across global corporations have reached the world's second-biggest economy. Tesla, Ericsson, and Morgan Stanley are among the big corporate names who have slashed their China workforce.

Tesla, Ericsson and Morgan Stanley slash China workforce

An Indian woman in the US shared on LinkedIn how she was suddenly laid off by Tesla, where she worked as a Business Process Analyst. She mentioned being one of the 10 per cent&nbsp;of employees let go this week and described the experience as "disheartening and distressing." She asked for help finding her next job.

"I could never have imagined that I would be typing this message. It's truly unfortunate that I am among the 10% of Tesla employees who were laid off today. The sudden logging out from all business platforms yesterday heightened my unease, and this was confirmed this morning," Karnik wrote in her LinkedIn post.

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Karnik disclosed that she began her tenure at Tesla as an intern and steadily advanced to become a Business Process Analyst.

"It's disheartening and distressing to find myself in this situation," she said.&nbsp;

"Adding to the challenge is my status on an F1-OPT visa, which gives me just a 60-day window to secure new employment," Karnik continued.&nbsp;

She asked her LinkedIn connections for help and urged them to assist in finding job leads.

"I'm reaching out to my network for support as I explore opportunities in Process, Operations, and Business Analytics roles. Any leads or job openings you can share would be greatly appreciated," she concluded.&nbsp;

Karnik posted the update just two days ago. Since then, it has received nearly 3,000 reactions and numerous comments.

<a href="https://www.wionews.com/india-news/tesla-can-make-36-billion-in-revenue-from-ev-sales-in-india-by-2030-heres-how-710153">Also read |&nbsp;Tesla can make $3.6 billion in revenue from EV sales in India by 2030. Here's how</a>

<h2>Tesla downsizes</h2>

Meanwhile, reports indicate that Elon Musk's electric vehicle company announced on Monday its intention to reduce its global workforce by more than 10 per cent. In an internal email obtained by electrick.com,&nbsp;Musk cited rapid expansion resulting in role duplication and emphasised the need for cost reduction to facilitate the company's "next phase of growth".

Also watch |&nbsp;Tesla stock hits 15-month low as Deutsche Bank cites risk

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"As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity. As part of this effort, we've done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done," he wrote.

(With inputs from agencies)

&nbsp;

&nbsp;

An Indian woman in the US shared on LinkedIn how she was suddenly laid off by Tesla, where she worked as a Business Process Analyst. She mentioned being one of the 10 per cent of employees let go this week and described the experience as "disheartening and distressing.

An Indian woman in the US shared on LinkedIn how she was suddenly laid off by Tesla, where she worked as a Business Process Analyst. She mentioned being one of the 10 per cent of employees let go this week and described the experience as "disheartening and distressing." She asked for help finding her next job. "I could never have imagined that I would be typing this message. It's truly unfortunate that I am among the 10% of Tesla employees who were laid off today. The sudden logging out from all business platforms yesterday heightened my unease, and this was confirmed this morning," Karnik wrote in her LinkedIn post. × Karnik disclosed that she began her tenure at Tesla as an intern and steadily advanced to become a Business Process Analyst. "It's disheartening and distressing to find myself in this situation," she said. "Adding to the challenge is my status on an F1-OPT visa, which gives me just a 60-day window to secure new employment," Karnik continued. She asked her LinkedIn connections for help and urged them to assist in finding job leads. "I'm reaching out to my network for support as I explore opportunities in Process, Operations, and Business Analytics roles. Any leads or job openings you can share would be greatly appreciated," she concluded. Karnik posted the update just two days ago. Since then, it has received nearly 3,000 reactions and numerous comments. Also read | Tesla can make $3.6 billion in revenue from EV sales in India by 2030. Here's how Tesla downsizes Meanwhile, reports indicate that Elon Musk's electric vehicle company announced on Monday its intention to reduce its global workforce by more than 10 per cent. In an internal email obtained by electrick.com, Musk cited rapid expansion resulting in role duplication and emphasised the need for cost reduction to facilitate the company's "next phase of growth". Also watch | Tesla stock hits 15-month low as Deutsche Bank cites risk "As we prepare the company for our next phase of growth, it is extremely important to look at every aspect of the company for cost reductions and increasing productivity. As part of this effort, we've done a thorough review of the organisation and made the difficult decision to reduce our headcount by more than 10% globally. There is nothing I hate more, but it must be done," he wrote. (With inputs from agencies)

Tesla layoffs: Indian woman in US among 10% affected, calls the process 'distressing'

Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic.<o:p></o:p>

According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported.<o:p></o:p>

They were formally notified about the job cuts on March 28, with the changes set to take effect on May 27. <o:p></o:p>

Notably, none of the impacted locations are at Apple's main Cupertino headquarters. <o:p></o:p>

Instead, they are at smaller, satellite offices that are more likely to be associated with secretive projects.<o:p></o:p>

The reduction in workforce comes after Apple decided to terminate a long-standing project focused on the development of an electric, self-driving car. <o:p></o:p>

This project was being managed by a team known as the Special Projects Group. <o:p></o:p>

Although the official notice did not specify which projects the job cuts are related to, sources indicate that positions like machine shop managers, hardware engineers, and product design engineers have been affected.<o:p></o:p>

Despite the job cuts, Apple has managed to avoid extensive downsizing compared to some of its tech counterparts. <o:p></o:p>

The company's slower growth during the pandemic has been attributed as a factor that spared it from more severe job cuts.<o:p></o:p>

Apple representatives are yet to provide a statement on the matter.<o:p></o:p>

Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic. According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported.

Apple has confirmed the layoff of 614 employees in California, marking the first major job cut at Apple's since the onset of the pandemic. According to a notice posted by the state of California, the affected employees were based across eight different facilities in Santa Clara, CNBC reported. They were formally notified about the job cuts on March 28, with the changes set to take effect on May 27. Notably, none of the impacted locations are at Apple's main Cupertino headquarters. Instead, they are at smaller, satellite offices that are more likely to be associated with secretive projects. The reduction in workforce comes after Apple decided to terminate a long-standing project focused on the development of an electric, self-driving car. This project was being managed by a team known as the Special Projects Group. Although the official notice did not specify which projects the job cuts are related to, sources indicate that positions like machine shop managers, hardware engineers, and product design engineers have been affected. Despite the job cuts, Apple has managed to avoid extensive downsizing compared to some of its tech counterparts. The company's slower growth during the pandemic has been attributed as a factor that spared it from more severe job cuts. Apple representatives are yet to provide a statement on the matter.

Apple announces layoffs of 614 employees in California following car project shutdown

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China. 
 
This decision, which represents around 16 per cent of the unit's total headcount, comes amidst a broader effort by FIL to streamline its operations worldwide. 
 
While the specific roles of the affected employees have not been disclosed, Reuters cited sources familiar with the matter have revealed details of the downsising. 
 
FIL's China unit, which currently employs 120 staff members, is expected to undergo restructuring as part of the company's cost reduction program, aimed at achieving savings of around $125 million in 2024 and reducing its global workforce by 9 per cent. 
 
When questioned about the situation in China, a spokesperson for the London-based firm stated that the review process is ongoing, emphasising that no final decisions have been made regarding the China business. 
 
&nbsp;This move highlights the challenges faced by global asset managers in navigating the uncertainties present in the world's second-largest economy. 
 
The difficulties encountered by asset managers in China's market are evident in recent developments, including stock market declines and a deepening debt crisis in the property sector and local governments. 
 
Over the past 12 months, China's stock benchmark CSI300 has fallen by nearly 9 per cent, reaching a five-year low in the previous month. 
 
This challenging landscape has prompted other financial institutions to take similar actions, such as Morgan Stanley, which reportedly laid off approximately 9 per cent of its asset management unit staff in China last December. 
 
Additionally, US asset manager Matthews International Capital Management announced the closure of its Shanghai office. 
 
FIL, headquartered in London, gained regulatory approval to operate in China's $3.7 trillion mutual fund industry in late 2022. 
 
Despite the challenging market conditions, FIL's China unit manages three fund products with assets totaling $931 million as of January's end. 
 
Notably, while FIL China's equity fund has experienced a 10.1 per cent decline since its debut in April 2023, its two bond funds have outperformed benchmarks during their limited time in operation. 
 
This puts the spotlight on FIL's commitment to navigating the complexities of China's market and delivering value to its investors. 
 
The mutual fund industry in China boasts a diverse landscape, with over 150 companies operating in the market, including prominent foreign asset managers like BlackRock, Schroders, and JPMorgan Asset Management. 
 
The opening up of China's financial sector to foreign firms in 2019 paved the way for increased competition and opportunities for international players like FIL. 
 
As a former international investment arm of Boston-based Fidelity Investments, FIL has a long-standing reputation and expertise in global asset management. 
 
(With inputs from Reuters)

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China.

In response to a downturn in China's markets and as part of a global cost reduction initiative, fund manager Fidelity International (FIL) is reportedly planning to lay off approximately 20 employees from its main unit in China. This decision, which represents around 16 per cent of the unit's total headcount, comes amidst a broader effort by FIL to streamline its operations worldwide. While the specific roles of the affected employees have not been disclosed, Reuters cited sources familiar with the matter have revealed details of the downsising. FIL's China unit, which currently employs 120 staff members, is expected to undergo restructuring as part of the company's cost reduction program, aimed at achieving savings of around $125 million in 2024 and reducing its global workforce by 9 per cent. When questioned about the situation in China, a spokesperson for the London-based firm stated that the review process is ongoing, emphasising that no final decisions have been made regarding the China business. This move highlights the challenges faced by global asset managers in navigating the uncertainties present in the world's second-largest economy. The difficulties encountered by asset managers in China's market are evident in recent developments, including stock market declines and a deepening debt crisis in the property sector and local governments. Over the past 12 months, China's stock benchmark CSI300 has fallen by nearly 9 per cent, reaching a five-year low in the previous month. This challenging landscape has prompted other financial institutions to take similar actions, such as Morgan Stanley, which reportedly laid off approximately 9 per cent of its asset management unit staff in China last December. Additionally, US asset manager Matthews International Capital Management announced the closure of its Shanghai office. FIL, headquartered in London, gained regulatory approval to operate in China's $3.7 trillion mutual fund industry in late 2022. Despite the challenging market conditions, FIL's China unit manages three fund products with assets totaling $931 million as of January's end. Notably, while FIL China's equity fund has experienced a 10.1 per cent decline since its debut in April 2023, its two bond funds have outperformed benchmarks during their limited time in operation. This puts the spotlight on FIL's commitment to navigating the complexities of China's market and delivering value to its investors. The mutual fund industry in China boasts a diverse landscape, with over 150 companies operating in the market, including prominent foreign asset managers like BlackRock, Schroders, and JPMorgan Asset Management. The opening up of China's financial sector to foreign firms in 2019 paved the way for increased competition and opportunities for international players like FIL. As a former international investment arm of Boston-based Fidelity Investments, FIL has a long-standing reputation and expertise in global asset management. (With inputs from Reuters)

Fidelity International plans layoffs amid China market challenges

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty. <o:p></o:p>

Jonathan Adashek, the chief communications officer at IBM, broke the news during the session, without revealing specific figures, according to sources cited by CNBC.<o:p></o:p>

According to reports, IBM's move to streamline its workforce comes in the wake of CEO Arvind Krishna's previous statements outlining a shift towards integrating artificial intelligence (AI) into various functions, with the expectation of potentially replacing up to 30 per cent of roles with automation over five years. <o:p></o:p>

The company's emphasis on AI-led solutions has raised concerns about the future of traditional job roles within the tech giant. <o:p></o:p>

The decision to downsize reflects a broader trend within the technology industry, with approximately 204 tech companies collectively slashing nearly 50,000 jobs in 2024, as reported by layoffs.fyi. <o:p></o:p>

IBM's restructuring efforts aim to align its workforce with the changing technological landscapes, focusing on integrating AI technologies like WatsonX to enhance efficiency and productivity.<o:p></o:p>

Despite IBM's incremental revenue growth, the company has refrained from significant hiring initiatives, opting instead to prioritise AI integration and workforce balance. <o:p></o:p>

Notably, IBM's revenue from generative AI and WatsonX products doubled in comparison to the previous year, highlighting the company's quest towards AI-driven innovations.<o:p></o:p>

IBM's recent voluntary redundancy program in Europe indicates its transformative approach towards restructuring, with a large portion of the reduction targeted at Enterprise Operations &amp; Support (EO&amp;S), Q2C missions, and Finance &amp; Operations roles. <o:p></o:p>

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty.

Following a seven-minute meeting, International Business Machines Corp (IBM) disclosed plans for layoffs within its marketing and communications division, leaving employees grappling with uncertainty. Jonathan Adashek, the chief communications officer at IBM, broke the news during the session, without revealing specific figures, according to sources cited by CNBC. According to reports, IBM's move to streamline its workforce comes in the wake of CEO Arvind Krishna's previous statements outlining a shift towards integrating artificial intelligence (AI) into various functions, with the expectation of potentially replacing up to 30 per cent of roles with automation over five years. The company's emphasis on AI-led solutions has raised concerns about the future of traditional job roles within the tech giant. The decision to downsize reflects a broader trend within the technology industry, with approximately 204 tech companies collectively slashing nearly 50,000 jobs in 2024, as reported by layoffs.fyi. IBM's restructuring efforts aim to align its workforce with the changing technological landscapes, focusing on integrating AI technologies like WatsonX to enhance efficiency and productivity. Despite IBM's incremental revenue growth, the company has refrained from significant hiring initiatives, opting instead to prioritise AI integration and workforce balance. Notably, IBM's revenue from generative AI and WatsonX products doubled in comparison to the previous year, highlighting the company's quest towards AI-driven innovations. IBM's recent voluntary redundancy program in Europe indicates its transformative approach towards restructuring, with a large portion of the reduction targeted at Enterprise Operations & Support (EO&S), Q2C missions, and Finance & Operations roles.

IBM announces job cuts amidst AI integration: Report

Would you ever volunteer to be laid off? A company has reportedly asked the employees who want to leave the company to come forward. It is called voluntary redundancy. Molly Gambhir tells you more.

Gravitas | Tech firm to employees: do you want to be laid off?

In 2024, traders closely monitor two key drivers of global markets: inflation and the impending US—presidential election. According to a recent survey by JPMorgan, 27% of traders foresee inflation as the most significant factor, followed by 20% who identify the November election as a major influencer.

What's driving global markets in 2024?

Logistics giant&nbsp;UPS&nbsp;said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts.

In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with&nbsp;UPS'&nbsp;priorities, adding that the cuts would save it around $1 billion in costs this year.

Three-quarters of the reductions are set to come in the first half, Tome noted.&nbsp;UPS&nbsp;has around 500,000 employees.

The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again.

The announcement came shortly after&nbsp;UPS&nbsp;reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022.

This was markedly less than the $25.4 billion figure that analysts expected as well.

For the full year,&nbsp;UPS&nbsp;reported a revenue fall of 9.3 per cent to $91 billion.

"2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement.

In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues.

For the final quarter last year,&nbsp;UPS&nbsp;reported earnings per share of $1.87.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year.

Logistics giant UPS said Tuesday it would cut about 12,000 jobs worldwide, shortly after reporting quarterly revenues that disappointed analysts. In a conference call, CEO Carol Tome said the company was seeking to "align" its resources with UPS' priorities, adding that the cuts would save it around $1 billion in costs this year. Three-quarters of the reductions are set to come in the first half, Tome noted. UPS has around 500,000 employees. The chief executive also said that the layoffs mark a change in the way that the company works, in that these jobs are not expected to come back even if business volume rises again. The announcement came shortly after UPS reported that its quarterly revenues were $24.9 billion for the fourth quarter of 2023, 7.8 per cent below the same period in 2022. This was markedly less than the $25.4 billion figure that analysts expected as well. For the full year, UPS reported a revenue fall of 9.3 per cent to $91 billion. "2023 was a unique and difficult year and through it all we remained focused on controlling what we could control, stayed on strategy and strengthened our foundation for future growth," Tome said in a statement. In particular, the company noted drops in average daily volumes, both in its domestic and international business segments -- bogging down its revenues. For the final quarter last year, UPS reported earnings per share of $1.87.

Logistics giant UPS says it will cut 12,000 jobs, closes challenging year

American airlines group plans to lay off 656 workers who assist customers with misplaced baggage and other travel-related issues. The responsibilities of these staff are planned to be merged into other teams. The carrier announced on Monday that the move will impact 321 workers in Dallas-fort worth and 335 workers in Phoenix. This represents 8.2% of the roughly 8,000 staff members tasked with handling client complaints.

American airlines to lay off 656 workers

Big tech and media companies in the US have kicked off 2024 with fresh plans to cut jobs, signaling the spate of layoffs seen last year will likely continue as firms navigate persistent economic uncertainty.

Is 2024 the year the job market rebounds? | World Business Watch

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call&nbsp;amid the company's financial turbulence.&nbsp;

With the layoffs, the newspaper cut down 20 per cent of its newsroom staff. Its owner and billionaire Patrick Soon-Shiong said that the layoffs were important to make the newspaper sustainable and refused to accept that the company was in any kind of turmoil.

The layoffs, which were announced by the newspaper on Tuesday (Jan 23), affected both union and non-union employees.&nbsp;

President of Media Guild of the West Matt Pearce, who represents unionised journalists of the Times, wrote on X that 94 union members were notified about being laid off on Wednesday (Jan 24), which is one-quarter of the union members but very few of them had originally anticipated.&nbsp;

Also read:&nbsp;<a href="https://www.wionews.com/technology/google-ceo-sundar-pichai-tells-employees-to-expect-more-job-cuts-in-2024-report-681271">Google CEO Sundar Pichai tells employees to expect more job cuts in 2024: Report</a>

“We believe our decision to go on strike saved scores of newsroom jobs today,” said the Los Angeles Times Guild, in a statement on Wednesday, as it cited an email from the media company's COO and president.

Some of the staff who were laid off took to X to share their news. The staff who posted about layoffs included the chief and deputy chief of the paper’s D.C. bureau Kimbriell Kelly and Nick Baumann, and also Jeff Bercovici and Lindsay Blakely, the editor and deputy editor of the business section, along with others.

<h2>Soon-Shiong says layoffs are 'painful'&nbsp;</h2>

In an interview which was published in his own paper, Soon-Shiong said that the layoffs were “painful for all,” but added that they were part of a “real plan” of making the paper viable. He added that the newspaper had faced “tumultuous” years, but rejected the fact that the company was in chaos.&nbsp;

“We are not in turmoil,” Soon-Shiong said. The layoffs happened just two weeks after the newspaper’s executive editor Kevin Merida resigned after working for two and a half years.&nbsp;

Watch:&nbsp;Tech layoffs to continue in 2024?

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/tech-layoffs-to-continue-in-2024-675501/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The newspaper had already laid off 74 newsroom employees a few months ago. The fresh layoffs happened at the time when the newspaper got its first-ever Oscar nomination for the documentary short film ‘The Last Repair Shop’. &nbsp;

(With inputs from agencies)

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call amid the company's financial turbulence. With the layoffs, the newspaper cut down 20 per cent of its newsroom staff.

The Los Angeles Times laid off nearly 115 journalists in one go over a Zoom call amid the company's financial turbulence. With the layoffs, the newspaper cut down 20 per cent of its newsroom staff. Its owner and billionaire Patrick Soon-Shiong said that the layoffs were important to make the newspaper sustainable and refused to accept that the company was in any kind of turmoil. The layoffs, which were announced by the newspaper on Tuesday (Jan 23), affected both union and non-union employees. President of Media Guild of the West Matt Pearce, who represents unionised journalists of the Times, wrote on X that 94 union members were notified about being laid off on Wednesday (Jan 24), which is one-quarter of the union members but very few of them had originally anticipated. Also read: Google CEO Sundar Pichai tells employees to expect more job cuts in 2024: Report “We believe our decision to go on strike saved scores of newsroom jobs today,” said the Los Angeles Times Guild, in a statement on Wednesday, as it cited an email from the media company's COO and president. Some of the staff who were laid off took to X to share their news. The staff who posted about layoffs included the chief and deputy chief of the paper’s D.C. bureau Kimbriell Kelly and Nick Baumann, and also Jeff Bercovici and Lindsay Blakely, the editor and deputy editor of the business section, along with others. Soon-Shiong says layoffs are 'painful' In an interview which was published in his own paper, Soon-Shiong said that the layoffs were “painful for all,” but added that they were part of a “real plan” of making the paper viable. He added that the newspaper had faced “tumultuous” years, but rejected the fact that the company was in chaos. “We are not in turmoil,” Soon-Shiong said. The layoffs happened just two weeks after the newspaper’s executive editor Kevin Merida resigned after working for two and a half years. Watch: Tech layoffs to continue in 2024? The newspaper had already laid off 74 newsroom employees a few months ago. The fresh layoffs happened at the time when the newspaper got its first-ever Oscar nomination for the documentary short film ‘The Last Repair Shop’. (With inputs from agencies)

LA Times lays off 115 journalists over Zoom call amid financial turmoil

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.<o:p></o:p>

This is based on a Reuters report.<o:p></o:p>

The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. <o:p></o:p>

Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022.<o:p></o:p>

In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." <o:p></o:p>

The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift".<o:p></o:p>

Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. <o:p></o:p>

Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games.<o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees.

Riot Games, a subsidiary of Tencent Holdings and renowned for titles like "League of Legends," disclosed its plans to lay off approximately 11 per cent of its global workforce, amounting to 530 employees. This is based on a Reuters report. The decision, revealed in a blog post that included a letter from CEO Dylan Jadeja to employees, highlighted the impact on teams outside of core development. The move comes as digital games publishers, grappling with challenges in audience expansion amid high inflation, explore strategies to streamline operations. Riot's decision follows a trend in the industry, with Electronic Arts Inc. having implemented a 6 per cent staff reduction and downsizing office space in early 2022. In the letter to employees, Jadeja acknowledged the need for a more focused approach, stating, "Today, we're a company without a sharp enough focus, and simply put, we have too many things underway. Some of the significant investments we've made aren't paying off the way we expected them to. Our costs have grown to the point where they're unsustainable." The layoffs are seen as a strategic move to enable Riot to concentrate on its core portfolio of live games, including "League of Legends," "Valorant," "Teamfight Tactics," and "Wild Rift". Riot's decision includes discontinuing new game development under "Riot Forge" and making adjustments in the "Legends of Runeterra" game, affecting both staff and features. The restructuring aims to optimise the company's resources and prioritise its most successful and popular gaming titles. Tencent, which acquired a majority stake in Riot Games in 2011, maintains a strategic interest in the U.S. gaming market, holding stakes in Riot Games as well as fellow video game developer Epic Games. (With inputs from Reuters)

Tencent's Riot Games announces significant workforce reductions

BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported.<o:p></o:p>

With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions. <o:p></o:p>

Despite this reduction, BlackRock aims for a larger headcount by the conclusion of 2024. <o:p></o:p>

Notably, the asset manager's shares have shown a modest 5 per cent increase over the past year, trailing the benchmark S&amp;P 500, which witnessed a robust 22 per cent gain during the same period.<o:p></o:p>

A source within the firm clarified that no single team will bear the brunt of the job cuts, reflecting a comprehensive approach to enhancing organisational efficiency. <o:p></o:p>

BlackRock's strategic moves are influenced by Chief Executive Larry Fink's vision, as he signalled the company's intent to explore acquisition opportunities in October, aiming to augment its growth trajectory.<o:p></o:p>

As of the third quarter of 2023, BlackRock managed assets worth $9.1 trillion, a slight dip from the previous quarter's total of $9.4 trillion.<o:p></o:p>

Fink acknowledged the challenges faced by the industry during the third quarter. <o:p></o:p>

"For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking. This dynamic weighed on the industry and BlackRock's third-quarter flows," Reuters quoted Fink as saying.<o:p></o:p>

As the market awaits BlackRock's fourth-quarter results, the organisation's shares experienced a marginal decline of 0.5 per cent in afternoon trading on Tuesday. <o:p></o:p>

(With inputs from Reuters)<o:p></o:p>

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BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported. With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions.

BlackRock, the world's preeminent asset manager, declared plans on Tuesday to cut approximately 3 per cent of its existing workforce, Reuters reported. With a workforce of 19,800 as of December 2022, these cuts are expected to total roughly 600 positions. Despite this reduction, BlackRock aims for a larger headcount by the conclusion of 2024. Notably, the asset manager's shares have shown a modest 5 per cent increase over the past year, trailing the benchmark S&P 500, which witnessed a robust 22 per cent gain during the same period. A source within the firm clarified that no single team will bear the brunt of the job cuts, reflecting a comprehensive approach to enhancing organisational efficiency. BlackRock's strategic moves are influenced by Chief Executive Larry Fink's vision, as he signalled the company's intent to explore acquisition opportunities in October, aiming to augment its growth trajectory. As of the third quarter of 2023, BlackRock managed assets worth $9.1 trillion, a slight dip from the previous quarter's total of $9.4 trillion. Fink acknowledged the challenges faced by the industry during the third quarter. "For the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking. This dynamic weighed on the industry and BlackRock's third-quarter flows," Reuters quoted Fink as saying. As the market awaits BlackRock's fourth-quarter results, the organisation's shares experienced a marginal decline of 0.5 per cent in afternoon trading on Tuesday. (With inputs from Reuters) WATCH WION LIVE HERE

BlackRock to cut 600 jobs amid market challenges

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months.

This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles.&nbsp;The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits.

To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring.

<a href="https://www.wionews.com/business-economy/walmart-boosts-indian-e-commerce-giant-flipkart-with-600-mn-infusion-in-latest-funding-round-672417">Also read |&nbsp;Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round</a>

<h2>Resource optimisation strategies</h2>

Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs.

Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory.

Also watch |&nbsp;Walmart to pump $600 million into Indian e-commerce giant Flipkart

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While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues.

The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape.

(With inputs from agencies)

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India.

E-commerce giant Flipkart is gearing up for a significant restructuring initiative as part of its strategy to streamline resources and sustain profitability, as reported by Times of India. The move could lead to the elimination of approximately 1,500 jobs, excluding those at its fashion platform Myntra, in the coming months. This restructuring effort aligns with Flipkart's historical approach, where it has implemented similar workforce adjustments over the past two appraisal cycles. The company, owned by Walmart, has proactively frozen fresh hiring over the last year to control costs and safeguard profits. To support its cost-control measures, Flipkart is reportedly finalizing a $1 billion financing round from Walmart and other investors. The infusion of funds is expected to fortify the company's financial position amid the ongoing restructuring. Also read | Walmart boosts Indian e-commerce giant Flipkart with $600 mn infusion in latest funding round Resource optimisation strategies Sources indicate that Flipkart aims to optimise its resources across both existing and new business verticals. A crucial meeting of senior executives is scheduled for the next month to deliberate on the proposed restructuring plan for 2024, which is likely to result in decisions regarding layoffs. Despite the restructuring efforts, Flipkart remains committed to its plans for an initial public offering (IPO) in 2024. The company had initially considered launching the IPO in 2022-2023 but had to defer due to financial considerations. However, the restructuring does not alter Flipkart's IPO trajectory. Also watch | Walmart to pump $600 million into Indian e-commerce giant Flipkart While focusing on internal restructuring, Flipkart is set on diversifying its business operations. Following the acquisition of Cleartrip, the company aims to expand into sectors like hospitality and hotels, indicating a strategic move to navigate challenges and explore new avenues. The restructuring trend is not unique to Flipkart, as several prominent IT firms and startups in India grapple with the global economic slowdown. Companies like Paytm, Amazon, and Meesho have also resorted to layoffs and departmental restructuring to adapt to the current economic landscape. (With inputs from agencies)

Flipkart plans performance-based layoffs, anticipating 5-7% workforce reduction in March, claims report

A recent survey of 750 business leaders reveals a growing trend: AI replacing jobs. In 2023, 37% of these leaders acknowledged AI-induced layoffs, with 44% expecting more in 2024. Major companies like Paytm and Google are at the forefront, integrating AI to enhance efficiency but at the cost of human jobs. Paytm's recent layoffs post AI implementation and Google's potential restructuring of its ad sales unit due to AI advancements highlight this shift.

Gravitas | The AI job takeover is here; Will mass layoffs be on the rise now?

Japan's benchmark Nikkei Stock Average reached a new 33-year high on Monday morning as the stock market continues this year's solid performance. The average was at 33,853.46 as of 9:25 a.m., up 0.80% compared with Friday's closing, following a strong earnings season.

Tokyo stocks down in morning after Nikkei hits 33-year high

A US Federal judge accepted a 290 million dollar deal between JPMorgan Chase and Jeffrey Epstein's victims. The judge turned down a last-minute challenge from a group of state attorneys that would have delayed the payments to almost 200 victims. U.S. District Judge Jed Rakoff said the agreement would send a message to the financial industry and beyond. It removed claims that the bank ignored warning signs to keep Epstein as a client. Epstein was a very important client of JPMorgan from 1998 to 2013.

JPMorgan's $290 MN deal for victims gets court approval

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have&nbsp;reduced their&nbsp;workforce as demand for hiring plummets.

As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency.

This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions.

<h2>Tech sector bleeding&nbsp;</h2>

LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.

Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray &amp; Christmas.

“Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement.

"While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers."

"We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect."

<h2>LinkedIn joins growing list of tech firms in layoffs&nbsp;</h2>

Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place.

Also read |&nbsp;<a href="https://www.wionews.com/world/hate-crime-in-us-man-stabs-6-year-old-muslim-child-over-ongoing-israel-hamas-war-tensions-647335">Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war</a>

It said "137 Engineering management roles" and "38 Product roles" were getting cut.

Also read |&nbsp;<a href="https://www.wionews.com/world/tiktok-stands-against-terrorism-launches-measures-to-control-misinformation-amid-israel-hamas-war-647320">TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war</a>

It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan."

Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider.

In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company.

(With inputs from agencies)

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Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets.

Microsoft-owned LinkedIn on Monday (Oct 16) said that it is eliminating more than 650 employees in second round off layoffs, joining the list of other US tech firms that have reduced their workforce as demand for hiring plummets. As many as 668 employees, which constitute more than 3 per cent of its 20,000-strong workforce, across its engineering, talent and finance teams will be asked to go, reports Reuters news agency. This comes after the social media network cut 716 jobs across sales, operations and support teams in May to streamline its operations and remove layers to help make quicker decisions. Tech sector bleeding LinkedIn generates money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates. Overall, the tech sector has laid off 141,516 employees in the first half of the year compared with about 6,000 a year ago, according to employment firm Challenger, Gray & Christmas. “Talent changes are a difficult, but necessary and regular part of managing our business," the company said in a statement. "While we are adapting our organisational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers." "We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect." LinkedIn joins growing list of tech firms in layoffs Before making the announcement public, the company had shared the news with the staff over an e-mail, giving a breakdown of where the layoffs would be taking place. Also read | Hate crime in US: Man stabs to death 6-year-old Muslim child over ongoing Israel-Hamas war It said "137 Engineering management roles" and "38 Product roles" were getting cut. Also read | TikTok 'stands against terrorism,' launches measures to control misinformation amid Israel-Hamas war It added that 368 roles would get axed from its engineering team "in an effort to better align resources to our FY24 plan." Moreover, the staff were told to expect to receive an email within an hour to find out whether they had been laid off, reports Business Insider. In November 2022, Ryan Roslansky, the CEO of LinkedIn, told CNBC that the company was planning to implement a hiring freeze across some parts of the company. (With inputs from agencies) WATCH WION LIVE HERE

LinkedIn lays off more than 650 employees in another round over bleak outlook

The CEO of the world's largest bank has sounded the alarm bells over the state of the world economy. Jamie Dimon of JPMorgan has said that investors might be operating in the most unstable period in recent memory. Dimon has listed a number of risks threatening the global markets as well as his firm. They include Federal Reserve's quantitative tightening campaign, higher interest rates, growing u.S. Debt & geopolitical frictions.

Jamie Dimon worried about global market

JPMorgan Chase has agreed to pay 75 million dollars to settle claims relating to its connection with Jeffrey Epstein. The claims were brought forward by the U.S. Virgin Islands, alleging that the bank aided Epstein in his sex trafficking activities. Notably, this settlement was reached just four weeks prior to the scheduled trial and has brought a significant chapter of the Epstein scandal to a close.

JPMorgan resolves Epstein-related lawsuits

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel.

Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring.

'Drunk in Controversy'

The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation.

The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market.

In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run.

Understanding industry trends

The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide.

Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively.

(With Inputs from Agencies)

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.

In a move aimed at streamlining its operations and adapting to changing market dynamics, Anheuser-Busch, the world's largest brewer, revealed its decision to lay off positions across its U.S. corporate staff. The restructuring, announced by the company spokesperson and quoted by CNN, is intended to simplify and reduce organisational layers to position the company for future long-term success. However, the layoffs will not affect frontline staff, including brewery and warehouse workers, drivers, and field sales personnel. Anheuser-Busch clarified that the job eliminations would account for 'less than 2 per cent' of its U.S. employee population, which currently stands at over 19,000 nationwide. Based on this figure, approximately 380 positions are expected to be affected by the restructuring. 'Drunk in Controversy' The move comes after recent market shifts that have presented challenges for the American beer giant. In a surprising turn of events, Mexican lager Modelo Especial, brewed by Constellation Brands, surpassed Bud Light, brewed by Anheuser-Busch, as the top-selling beer in the United States in May. For over two decades, Bud Light dominated the sales charts until a controversy involving transgender influencer Dylan Mulvaney hit the brand's reputation. The controversy erupted when Mulvaney posted an Instagram photo featuring a custom can of Bud Light sent to her by the company. The post triggered a backlash from some conservative quarters, while LGBTQ+ advocates criticized Anheuser-Busch's response to the situation, considering it insufficient. As a result, Bud Light's sales experienced a significant decline in the U.S. market. In light of these challenges, Anheuser-Busch CEO Brendan Whitworth acknowledged the difficulty of eliminating corporate positions. However, he emphasized that it was necessary to ensure the company's continued success in the long run. Understanding industry trends The job cuts are part of the broader effort by Anheuser-Busch InBev, the parent company, to reposition its operations and adapt to the evolving consumer preferences and industry trends. The company's diverse portfolio includes iconic brands like Budweiser and Bud Light, among others, which continue to enjoy strong support from beer enthusiasts worldwide. Anheuser-Busch's recent challenges in the U.S. market have coincided with a broader trend of consumers increasingly favouring Mexican beers and spirits. The rise in popularity of Modelo Especial further amplified the competition, leading to a shift in the top-selling beer brand in the country. As a result, the company has been re-evaluating its strategies to address this changing landscape effectively. (With Inputs from Agencies)

Brews & Blues: Anheuser-Busch Restructures with Layoffs

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour.

As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. 
Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year.

<h2>Sacked employees offered to work at alternative workshops</h2>

As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly.

Watch:&nbsp;Tesla’s stock soars by $57 billion

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The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week.

<h2>Ongoing price war in China’s EV market</h2>

Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters.

Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days.&nbsp;

<a href="https://www.wionews.com/business-economy/tesla-secures-big-win-in-crash-case-court-says-autopilot-feature-did-not-fail-584976">Also read:&nbsp;Tesla secures big win in crash case, court says autopilot feature did not fail</a>

Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng.&nbsp;

They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing."&nbsp;

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Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share.

Tesla is sacking some of its employees working on battery production lines at its Shanghai plant, Bloomberg reported Friday. The move comes amidst an aggressive price war in China, where electric car manufacturers are offering incredible discounts to grab a larger market share. However, it was not clear how many employees would be fired or what was the reason behind these layoffs. But a Mint report indicated that the process of installing automation equipment at the plant was underway, which could replace human labour. As per media reports, around 1,000 workers are employed at the two battery production lines at the plant. Make no mistake, Tesla’s Gigafactory in Shanghai is its largest and most productive plant, employing more than 20,000 workers in total and producing more than a million cars in a year. Sacked employees offered to work at alternative workshops As per the Mint report, the sacked employees have been offered to work at alternative workshops within the Shanghai factory, such as stamping, painting, or general assembly. Watch: Tesla’s stock soars by $57 billion × The process is a part of the ongoing restructuring programme at the Tesla factory, a decision regarding which was taken earlier this week. Ongoing price war in China’s EV market Tesla on Friday declared that it will offer a cash bonus equivalent to $500 to new buyers of its top car models in China if they produce a referral code given by an existing owner. Tesla would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner, reported Reuters. Tesla also announced that new buyers will be given free access to its Enhanced Autopilot driver-assistance system for 90 days. Also read: Tesla secures big win in crash case, court says autopilot feature did not fail Tesla has made significant price cuts for its Model 3 sedan and Model Y in China, in an effort to compete in the country's electric vehicle market. The base price of the Model 3 has been reduced by 14 per cent, while the Model Y's price has been lowered by 10 per cent. This move by Tesla comes after the company joined forces with 15 other companies, including prominent Chinese EV manufacturers like Nio, Li Auto, and Xpeng. They made a pledge organised by the China Association of Automobile Manufacturers to avoid engaging in "abnormal pricing." WATCH WION LIVE HERE ×

Tesla announces layoffs at Shanghai plant amid reports of automation

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