Intel&nbsp;said on Thursday (Aug 1) it would cut more than 15 per cent of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.

It also forecast third-quarter revenue below market estimates, grappling with a pullback in spending on traditional data centre semiconductors and a focus on AI chips, where it lags behind rivals.

Shares of Santa Clara, California-based&nbsp;Intel&nbsp;slumped 20 per cent in extended trade, setting the chipmaker up to lose more than $24 billion in market value. The stock had closed down seven per cent on Thursday, in tandem with a plunge in US chip stocks after a conservative forecast from Arm Holdings on Wednesday.

The results did not rock the broader chip industry.

AI powerhouse Nvidia and smaller rival AMD ticked up after hours, underscoring how well-positioned they were to take advantage of the AI boom, and&nbsp;Intel's relative disadvantage.

"I need less people at headquarters, more people in the field, supporting customers," CEO Pat Gelsinger told Reuters in an interview, talking about the job cuts. On the dividend suspension, he said: "Our objective is to ... pay a competitive dividend over time, but right now, focusing on the balance sheet, deleveraging."

Intel, which employed 116,500 people as of June 29, excluding some subsidiaries, said the majority of the job cuts would be completed by the end of 2024. In April, it declared a quarterly dividend of 12.5 cents per share.

Intel&nbsp;is in the middle of a turnaround plan, focused on developing advanced AI processors and building-out its for-hire manufacturing capabilities, as it aims to recoup the technological edge it lost to Taiwan's TSMC, the world's largest contract chipmaker.

The push to energize that contracting foundry business under Gelsinger has increased&nbsp;Intel's costs and pressured profit margins. More recently, the chipmaker has said it will cut costs.

On Thursday,&nbsp;Intel&nbsp;announced it would cut operating expenses and reduce capital expenditure by more than $10 billion in 2025, more than it initially planned.

"A $10 billion cost reduction plan shows that management is willing to take strong and drastic measures to right the ship and fix problems. But we are all asking, 'is it enough' and is it a bit of a late reaction considering that CEO Gelsinger has been at the helm for over three years?" said Michael Schulman, chief investment officer of Running Point Capital.

The company had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of June 29.

Intel's lagging position in the market for AI chips has sent its shares down more than 40 per cent so far this year.

For the third quarter,&nbsp;Intel&nbsp;expects revenue of $12.5 billion to $13.5 billion, compared with analysts' average estimate of $14.35 billion, LSEG data showed. It forecast adjusted gross margin of 38 per cent, well short of market expectations of 45.7 per cent.

Watch |&nbsp;Intel restructures its manufacturing business

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<h2>Cutting capex</h2>

Analysts believe&nbsp;Intel's plan to turn around the foundry business will take years to materialize and expect TSMC to maintain its lead in the coming years, even as&nbsp;Intel&nbsp;has ramped up production of AI chips for personal computers.

The PC chip business grew nine per cent in the April-June quarter.

"The irony is that their first AI PC-focused processors are selling much better than expected. The problem is that the costs for those chips are much higher, meaning their profitability on them isn't great," said Bob O'Donnell, chief analyst at TECHnalysis Research.

"In addition, the data centre decline reinforces the fact that while companies are buying lots of infrastructure for AI, the vast majority is for non-Intel&nbsp;GPUs," he said, referring to graphic processing units like those sold by Nvidia.

Intel's data centre business declined three per cent in the quarter.

<a href="https://www.wionews.com/business-economy/wion-business-wrap-intels-plan-to-overtake-tsmc-struggles-of-us-natural-gas-producers-and-more-692651">Also read |&nbsp;WION Business Wrap | Intel’s plan to overtake TSMC, Struggles of US natural gas producers and more</a>

CFO David Zinsner said on a post-earnings call that the chipmaker expects weaker consumer and enterprise spending in the current quarter, especially in China.

Export licenses that were revoked in May also hurt&nbsp;Intel's business in China in the second quarter, he said.&nbsp;Intel&nbsp;said in May its sales there would take a hit after Washington revoked some of the chipmaker's export licenses for a customer in China.

Intel&nbsp;is also slashing investments.

It expects to cut capital expenses by 17 per cent in 2025 year-on-year to $21.5 billion, calculated on the midpoint of a range the chipmaker forecast. It expects these costs to stay roughly flat in 2024.

Intel said on Thursday (Aug 1) it would cut more than 15 per cent of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business.

Intel said on Thursday (Aug 1) it would cut more than 15 per cent of its workforce, some 17,500 people, and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround focused on its money-losing manufacturing business. It also forecast third-quarter revenue below market estimates, grappling with a pullback in spending on traditional data centre semiconductors and a focus on AI chips, where it lags behind rivals. Shares of Santa Clara, California-based Intel slumped 20 per cent in extended trade, setting the chipmaker up to lose more than $24 billion in market value. The stock had closed down seven per cent on Thursday, in tandem with a plunge in US chip stocks after a conservative forecast from Arm Holdings on Wednesday. The results did not rock the broader chip industry. AI powerhouse Nvidia and smaller rival AMD ticked up after hours, underscoring how well-positioned they were to take advantage of the AI boom, and Intel's relative disadvantage. "I need less people at headquarters, more people in the field, supporting customers," CEO Pat Gelsinger told Reuters in an interview, talking about the job cuts. On the dividend suspension, he said: "Our objective is to ... pay a competitive dividend over time, but right now, focusing on the balance sheet, deleveraging." Intel, which employed 116,500 people as of June 29, excluding some subsidiaries, said the majority of the job cuts would be completed by the end of 2024. In April, it declared a quarterly dividend of 12.5 cents per share. Intel is in the middle of a turnaround plan, focused on developing advanced AI processors and building-out its for-hire manufacturing capabilities, as it aims to recoup the technological edge it lost to Taiwan's TSMC, the world's largest contract chipmaker. The push to energize that contracting foundry business under Gelsinger has increased Intel's costs and pressured profit margins. More recently, the chipmaker has said it will cut costs. On Thursday, Intel announced it would cut operating expenses and reduce capital expenditure by more than $10 billion in 2025, more than it initially planned. "A $10 billion cost reduction plan shows that management is willing to take strong and drastic measures to right the ship and fix problems. But we are all asking, 'is it enough' and is it a bit of a late reaction considering that CEO Gelsinger has been at the helm for over three years?" said Michael Schulman, chief investment officer of Running Point Capital. The company had cash and cash equivalents of $11.29 billion, and total current liabilities of about $32 billion, as of June 29. Intel's lagging position in the market for AI chips has sent its shares down more than 40 per cent so far this year. For the third quarter, Intel expects revenue of $12.5 billion to $13.5 billion, compared with analysts' average estimate of $14.35 billion, LSEG data showed. It forecast adjusted gross margin of 38 per cent, well short of market expectations of 45.7 per cent. Watch | Intel restructures its manufacturing business × Cutting capex Analysts believe Intel's plan to turn around the foundry business will take years to materialize and expect TSMC to maintain its lead in the coming years, even as Intel has ramped up production of AI chips for personal computers. The PC chip business grew nine per cent in the April-June quarter. "The irony is that their first AI PC-focused processors are selling much better than expected. The problem is that the costs for those chips are much higher, meaning their profitability on them isn't great," said Bob O'Donnell, chief analyst at TECHnalysis Research. "In addition, the data centre decline reinforces the fact that while companies are buying lots of infrastructure for AI, the vast majority is for non-Intel GPUs," he said, referring to graphic processing units like those sold by Nvidia. Intel's data centre business declined three per cent in the quarter. Also read | WION Business Wrap | Intel’s plan to overtake TSMC, Struggles of US natural gas producers and more CFO David Zinsner said on a post-earnings call that the chipmaker expects weaker consumer and enterprise spending in the current quarter, especially in China. Export licenses that were revoked in May also hurt Intel's business in China in the second quarter, he said. Intel said in May its sales there would take a hit after Washington revoked some of the chipmaker's export licenses for a customer in China. Intel is also slashing investments. It expects to cut capital expenses by 17 per cent in 2025 year-on-year to $21.5 billion, calculated on the midpoint of a range the chipmaker forecast. It expects these costs to stay roughly flat in 2024.

Intel to fire over 17,000 employees, suspend dividend as growth stalls

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction.

"All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports.

ALSO READ | <a href="https://www.wionews.com/india-news/google-to-cooperate-with-india-antitrust-watchdog-after-android-ruling-554611">Google to cooperate with India antitrust watchdog after Android ruling</a>

While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself.

Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike.

At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million.

As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore.

WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs

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Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed.

In the letter addressed to the employees, Pichai&nbsp;said that Google, which is now almost 25 years old, is very likely to go through difficult economic times.

"These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated.

(With inputs from agencies)

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If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary.

If reports are to be believed, after laying off around 12000 employees and in the wake of a tough macroeconomic situation, Google's CEO Sundar Pichai may take a massive pay cut in his salary. Addressing the employees of Google in a town hall meeting, Pichai stated that the annual bonus of all roles above the "senior vice president" level will face a significant reduction. "All roles above the senior vice president level will witness ‘very significant' reduction in their annual bonus. For senior roles, the compensation is linked to company performance," Pichai stated during the town hall, according to reports. ALSO READ | Google to cooperate with India antitrust watchdog after Android ruling While the Google CEO did not clarify whether he will take a salary cut, as per what he said it appears that there is a high chance that he may take a massive salary cut himself. Pichai also did not specify the percentage of salary cut which will happen and for how long will it remain so. A few weeks before the layoffs, Pichai had received a major salary hike. At that time, Pichai was recognised by Google’s parent company Alphabet for his "strong performance" as CEO. Pichai, who received an equity award every three years, was awarded two tranches of PSUs, each with a target value of $63 million and was also gifted Alphabet's restricted stock units worth $84 million. As per a filing from 2020, the annual salary of Pichai was disclosed by Google to be $2 million. IIFL Hurun India Rich List 2022, had stated that there was a decline in the total net worth of the Google CEO by 20 per cent, which currently stands at INR 5,300 crore. WATCH | Trending on WION: Google fires almost 27 massage therapists amid mass layoffs Around 12,000 employees were sacked by Pichai on January 20 to reduce operation costs as fears of a massive global recession loomed. In the letter addressed to the employees, Pichai said that Google, which is now almost 25 years old, is very likely to go through difficult economic times. "These are important moments to sharpen our focus, re-engineer our cost base, and direct our talent and capital to our highest priorities," he stated. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE

After sacking 12000 employees, Google's CEO Sundar Pichai to take massive pay cut?

Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg.

They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law.

The petition has cited the Worker Adjustment and Retraining Notification (WARN) Act which prohibits large companies from eliminating jobs without at least 60 days of advance notice.

In their lawsuit, they have urged the court to issue an order asking Musk to obey the WARN Act and restrict the company from forcing employees to sign documents that could give up their right to participate in litigation.

“We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview to Bloomberg.

Watch |&nbsp;Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs

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Earlier, the company had shared in a memo to employees that&nbsp;it is going to lay off around 3,700 people and they will be informed via mail. The social media company also asked the employees not to visit the office as they are temporarily closing down. The mail said that it will alert the staff&nbsp;by 9 am&nbsp;(pacific time) on Friday (1600 GMT) about the job cuts.

Also read |&nbsp;<a href="https://www.wionews.com/world/reports-twitter-set-to-begin-mass-layoffs-staff-to-know-employment-status-via-email-531035">Twitter set to begin mass layoffs, staff to know employment status via email: Report</a>

"In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday," the mail seen by Reuters news agency stated.&nbsp;

The mail also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment&nbsp;they would be notified regarding their next steps via their personal email.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/world/image-shows-twitter-employee-sleeping-on-office-floor-after-musk-takeover-530692">Image shows Twitter employee sleeping on office floor after Musk takeover</a>

The microblogging site said that its offices have been closed temporarily and all badge access will be suspended "to help ensure the safety of each employee as well as Twitter systems and customer data."

(With inputs from agencies)

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Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg. They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law.

Twitter is being sued by the employees over Elon Musk’s plan to cut 3,700 jobs, which is about half of the workforce, reports Bloomberg. They filed a class-action suit on Thursday in San Francisco federal court, claiming that the company’s decision to retrench the staff is in violation of federal and California law. The petition has cited the Worker Adjustment and Retraining Notification (WARN) Act which prohibits large companies from eliminating jobs without at least 60 days of advance notice. In their lawsuit, they have urged the court to issue an order asking Musk to obey the WARN Act and restrict the company from forcing employees to sign documents that could give up their right to participate in litigation. “We filed this lawsuit tonight in an attempt the make sure that employees are aware that they should not sign away their rights and that they have an avenue for pursuing their rights,” Shannon Liss-Riordan, the attorney who filed Thursday’s complaint, said in an interview to Bloomberg. Watch | Report: Twitter's new owner Elon Musk plans to cut 3,700 jobs Earlier, the company had shared in a memo to employees that it is going to lay off around 3,700 people and they will be informed via mail. The social media company also asked the employees not to visit the office as they are temporarily closing down. The mail said that it will alert the staff by 9 am (pacific time) on Friday (1600 GMT) about the job cuts. Also read | Twitter set to begin mass layoffs, staff to know employment status via email: Report "In an effort to place Twitter on a healthy path, we will go through the difficult process of reducing our global workforce on Friday," the mail seen by Reuters news agency stated. The mail also said that they want to inform the “impacted individuals as quickly as possible” therefore the news will be communicated via email. It added, “If your employment is not impacted, you will receive a notification via your Twitter email.” On the other hand, if it has "impacted" their employment they would be notified regarding their next steps via their personal email. Also read | Image shows Twitter employee sleeping on office floor after Musk takeover The microblogging site said that its offices have been closed temporarily and all badge access will be suspended "to help ensure the safety of each employee as well as Twitter systems and customer data." (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Elon Musk's Twitter sued over plans to lay off half of workforce

India’s online education provider Byju’s has laid off 2,500 employees across its group companies as the most valuable unicorn looks to mitigate the effects of slowing demand after two years of hypergrowth, according to Indian media reports. The Byju Raveendran-led edtech platform has laid off full-time and contractual employees from Toppr, WhiteHat Jr, and its core team across sales and marketing, operations, content and design teams, Moneycontrol reported quoting sources.&nbsp; About 1,200 employees from Toppr alone were sacked, including 300-350 permanent employees., while another 300 employees were reportedly told to tender their resignations, or were told that they will not get salaries for about 1-1.5 months.

Moreover, about 600 contractual employees were laid off, whose tenures were scheduled to end around October or November, this year, according to reports.

The main reason being attributed to the mass layoffs are “cost-cutting and redundancy in roles”.

However, a spokesperson of Byju’s refuted Moneycontrol's reports on the number of persons being sacked, saying, “We strongly deny the misinformation presented by Moneycontrol. To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams from our group companies. This entire exercise involves less than 500 employees from across Byju's Group companies.”

This comes days after a Bloomberg report showed that Byju's was delaying payments for an approximately $1 billion acquisition deal finalised last year, citing sources familiar with the development.

PTI reported that edtech major Byju's group firm Toppr has laid off 1,100 staff or about 36 per cent of its workforce from the company earlier this week, according to some of the employees who have been hit by the decision.

Toppr's sacked employees said that they got a call from the company on Monday and were asked to resign, failing which they will be terminated without any notice period.

(With inputs from agencies)

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India’s online education provider Byju’s has laid off 2,500 employees across its group companies as the most valuable unicorn looks to mitigate the effects of slowing demand after two years of hypergrowth, according to Indian media reports.

India’s online education provider Byju’s has laid off 2,500 employees across its group companies as the most valuable unicorn looks to mitigate the effects of slowing demand after two years of hypergrowth, according to Indian media reports. The Byju Raveendran-led edtech platform has laid off full-time and contractual employees from Toppr, WhiteHat Jr, and its core team across sales and marketing, operations, content and design teams, Moneycontrol reported quoting sources. About 1,200 employees from Toppr alone were sacked, including 300-350 permanent employees., while another 300 employees were reportedly told to tender their resignations, or were told that they will not get salaries for about 1-1.5 months. Moreover, about 600 contractual employees were laid off, whose tenures were scheduled to end around October or November, this year, according to reports. The main reason being attributed to the mass layoffs are “cost-cutting and redundancy in roles”. However, a spokesperson of Byju’s refuted Moneycontrol's reports on the number of persons being sacked, saying, “We strongly deny the misinformation presented by Moneycontrol. To recalibrate our business priorities and accelerate our long-term growth, we are optimizing our teams from our group companies. This entire exercise involves less than 500 employees from across Byju's Group companies.” This comes days after a Bloomberg report showed that Byju's was delaying payments for an approximately $1 billion acquisition deal finalised last year, citing sources familiar with the development. PTI reported that edtech major Byju's group firm Toppr has laid off 1,100 staff or about 36 per cent of its workforce from the company earlier this week, according to some of the employees who have been hit by the decision. Toppr's sacked employees said that they got a call from the company on Monday and were asked to resign, failing which they will be terminated without any notice period. (With inputs from agencies) WATCH WION LIVE HERE

India's edtech firm Byju’s sacks 2,500 employees, company says ‘recalibrating business priorities’: Report

Over a thousand&nbsp;sacked&nbsp;Thai&nbsp;garment&nbsp;workers&nbsp;who made bras for a factory supplying lingerie giant&nbsp;Victoria's&nbsp;Secret&nbsp;have received a landmark $8.3 million&nbsp;settlement, labour rights activists said Saturday.

Brilliant Alliance&nbsp;Thai&nbsp;closed down its Samut Prakan factory in March 2021 after going bankrupt.

But the 1250 laid-off&nbsp;workers&nbsp;-- many of whom had worked at the factory for over a decade -- did not receive severance payouts mandated under&nbsp;Thai&nbsp;law.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/covid-19-thailand-to-lift-curbs-on-nightlife-from-june-this-year-480729">COVID-19: Thailand to lift curbs on nightlife from June this year</a>

The factory also produced underwear for plus size American brands Lane Bryant and Torrid, owned by Sycamore Partners -- but only&nbsp;Victoria's&nbsp;Secret&nbsp;contributed to the&nbsp;settlement&nbsp;via a loan arrangement with the factory's owners.

Victoria's&nbsp;Secret&nbsp;confirmed in a statement that an agreement had been reached, but it did not mention the amount involved.

"Over several months we had been in active communication with the factory owners to facilitate a resolution," the company said.

Watch |&nbsp;Gravitas: Ground Report: Overtime is killing workers in Japan

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"We regret they were not ultimately in a position to conclude this matter on their own so to ensure the&nbsp;workers&nbsp;received their full severance amounts owed,&nbsp;Victoria's&nbsp;Secret&nbsp;agreed to advance the severance funds to the factory owners," it added.

Sycamore Partners did not respond to a request for comment from AFP.&nbsp;

The agreement is the largest-ever wage theft&nbsp;settlement&nbsp;at an individual garment factory, the international&nbsp;workers&nbsp;rights group Solidarity Centre said.

"I think it's extremely unprecedented and represents a new model -- the scale of severance and interest paid on it... as well as direct engagement by the brand," Solidarity Center Thailand country director David Welsh told AFP.

"It eliminates the fiction that multinational brands are passive investors," he said.

Also read |&nbsp;<a href="https://www.wionews.com/world/watch-thailand-citizens-fume-against-massage-karaoke-bar-spa-room-in-parliament-482605">Thailand: Citizens fume against massage, karaoke bar, spa room in Parliament</a>

"We want more brands to do the same because sadly this will not be the last of its kind -- there will be many, many more cases."

For the past year,&nbsp;sacked&nbsp;workers&nbsp;and&nbsp;Thai&nbsp;union representatives have protested outside Government House in Bangkok calling for their pay.

Prasit Prasopsuk, president of the Confederation of Industrial Labour of Thailand said some protesting&nbsp;workers&nbsp;had been charged with criminal offences, including violating public gathering rules during the pandemic.

A Worker Rights Consortium report from April last year said it had documented similar wage theft cases at 31 garment factories in nine countries.

Worker Rights Consortium executive director Scott Nova said those cases were just the "tip of the iceberg" and that the issue of wage theft in the garment industry had exploded during the pandemic as clothing orders declined.

He estimated garment&nbsp;workers&nbsp;worldwide were owed $500 million as a result of factory closures and unpaid severance.

Some&nbsp;workers&nbsp;at the Samut Prakan factory had received the equivalent of more than four years' wages last week, he said.

"It's like the equivalent of a worker's life savings... and it's simply stolen. What it means to lose that and get it back is difficult to capture in words," Nova said.

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Over a thousand sacked Thai garment workers who made bras for a factory supplying lingerie giant Victoria's Secret have received a landmark $8.3 million settlement, labour rights activists said Saturday.

Over a thousand sacked Thai garment workers who made bras for a factory supplying lingerie giant Victoria's Secret have received a landmark $8.3 million settlement, labour rights activists said Saturday. Brilliant Alliance Thai closed down its Samut Prakan factory in March 2021 after going bankrupt. But the 1250 laid-off workers -- many of whom had worked at the factory for over a decade -- did not receive severance payouts mandated under Thai law. Also read | COVID-19: Thailand to lift curbs on nightlife from June this year The factory also produced underwear for plus size American brands Lane Bryant and Torrid, owned by Sycamore Partners -- but only Victoria's Secret contributed to the settlement via a loan arrangement with the factory's owners. Victoria's Secret confirmed in a statement that an agreement had been reached, but it did not mention the amount involved. "Over several months we had been in active communication with the factory owners to facilitate a resolution," the company said. Watch | Gravitas: Ground Report: Overtime is killing workers in Japan "We regret they were not ultimately in a position to conclude this matter on their own so to ensure the workers received their full severance amounts owed, Victoria's Secret agreed to advance the severance funds to the factory owners," it added. Sycamore Partners did not respond to a request for comment from AFP. The agreement is the largest-ever wage theft settlement at an individual garment factory, the international workers rights group Solidarity Centre said. "I think it's extremely unprecedented and represents a new model -- the scale of severance and interest paid on it... as well as direct engagement by the brand," Solidarity Center Thailand country director David Welsh told AFP. "It eliminates the fiction that multinational brands are passive investors," he said. Also read | Thailand: Citizens fume against massage, karaoke bar, spa room in Parliament "We want more brands to do the same because sadly this will not be the last of its kind -- there will be many, many more cases." For the past year, sacked workers and Thai union representatives have protested outside Government House in Bangkok calling for their pay. Prasit Prasopsuk, president of the Confederation of Industrial Labour of Thailand said some protesting workers had been charged with criminal offences, including violating public gathering rules during the pandemic. A Worker Rights Consortium report from April last year said it had documented similar wage theft cases at 31 garment factories in nine countries. Worker Rights Consortium executive director Scott Nova said those cases were just the "tip of the iceberg" and that the issue of wage theft in the garment industry had exploded during the pandemic as clothing orders declined. He estimated garment workers worldwide were owed $500 million as a result of factory closures and unpaid severance. Some workers at the Samut Prakan factory had received the equivalent of more than four years' wages last week, he said. "It's like the equivalent of a worker's life savings... and it's simply stolen. What it means to lose that and get it back is difficult to capture in words," Nova said. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Victoria's Secret pays $8.3m settlement to sacked Thai workers

General Motors is expected to announce on Monday the closure of a factory in the Canadian city of Oshawa, putting almost 3,000 jobs at risk, Canadian channel CTV reported.

The decision is linked to the American automaker's plans for a comprehensive global restructuring, the channel reported Sunday, citing multiple anonymous sources.

The plant in Oshawa, about 60 kilometers (40 miles) northeast of Toronto, was built in 1953, according to the manufacturer's website.

It currently employs approximately 2,800 people and assembles Chevrolet and GMC pickups as well as Chevrolet Impala and Cadillac XTS sedans.

"I'm hoping it's just a rumor," Oshawa Mayor John Henry said. "Until we hear something, we don't know."

GM has three other sites in the province of Ontario. It is unclear whether they will also be affected.

Last month, the company announced plans to reduce its workforce across North America to save money through voluntary redundancies, and did not rule out the possibility of layoffs.

The plans stand to affect 50,000 employees across the US, Canada and Mexico. About 18,000 of them, or 36 per cent of the workforce, are eligible for voluntary redundancy.

GM's earnings for the quarter ending September 30 were $2.5 billion, eclipsing expectations in the latest quarter, despite the impact of tariffs and slipping sales volume.

General Motors is expected to announce on Monday the closure of a factory in the Canadian city of Oshawa, putting almost 3,000 jobs at risk, Canadian channel CTV reported.

General Motors is expected to announce on Monday the closure of a factory in the Canadian city of Oshawa, putting almost 3,000 jobs at risk, Canadian channel CTV reported. The decision is linked to the American automaker's plans for a comprehensive global restructuring, the channel reported Sunday, citing multiple anonymous sources. The plant in Oshawa, about 60 kilometers (40 miles) northeast of Toronto, was built in 1953, according to the manufacturer's website. It currently employs approximately 2,800 people and assembles Chevrolet and GMC pickups as well as Chevrolet Impala and Cadillac XTS sedans. "I'm hoping it's just a rumor," Oshawa Mayor John Henry said. "Until we hear something, we don't know." GM has three other sites in the province of Ontario. It is unclear whether they will also be affected. Last month, the company announced plans to reduce its workforce across North America to save money through voluntary redundancies, and did not rule out the possibility of layoffs. The plans stand to affect 50,000 employees across the US, Canada and Mexico. About 18,000 of them, or 36 per cent of the workforce, are eligible for voluntary redundancy. GM's earnings for the quarter ending September 30 were $2.5 billion, eclipsing expectations in the latest quarter, despite the impact of tariffs and slipping sales volume.

General Motors to close Canadian factory, putting 3000 jobs at risk: Report

Just a day after he was sacked on the eve of the World Cup, former Spain coach Julen Lopetegui arrived in Madrid on Thursday where he will be officially presented as Real Madrid's new manager.

Lopetegui landed at Madrid's Barajas airport just before 5 am (0300 GMT). He will be officially presented as Real new coach for the next three seasons at an event at the Spanish giants' Santiago Bernabeu stadium at 7 pm (1700 GMT), the club said in a statement.

"I am very sad, but we have a magnificent team and hopefully we'll win the World Cup," Lopetegui told reporters on his departure from Spain's training base in Krasnodar on Wednesday.

Spain's World Cup preparations were thrown into turmoil on Wednesday as Real Madrid-bound coach Julen Lopetegui was sacked by the Spanish Football Federation (RFEF), with Fernando Hierro taking charge just two days before their opening game in Russia.

In a surprise announcement on Tuesday, Real Madrid appointed Lopetegui as Zinedine Zidane's successor to take over after the tournament in Russia, sparking outrage among the Spanish federation and fans at the timing of the announcement.

"Negotiating is legitimate but it took place without the RFEF being informed until five minutes before a press statement was released," federation chief Luis Rubiales told a joint news conference on Wednesday with Hierro.

"I have spoken with the players and what I can guarantee is that the players will do everything in their power, along with the new technical team, to take the team as far as possible," he added.

Lopetegui, who did not lose a single game in 20 matches as Spain boss, had signed a new contract with the federation until 2020 just last month.

- 'Biggest absurdity' -

=======================

Spain players reportedly resisted his sacking, which came as Spain are due to face European champions Portugal in Sochi on Friday before taking on Iran and Morocco in Group B.

There were fears Lopetegui's appointment by the European champions could open up old divisions between the Real Madrid and Barcelona factions in the Spain squad.

"You could not start a World Cup in a worse way," wrote sports daily Marca.

Top-selling daily newspaper El Pais called Lopetegui's dismissal "the biggest absurdity in the history of Spanish football" in an article accompanied with a photo of the sacked coach, wearing sunglasses, as he left Russia.

"Vaudeville at the World Cup," wrote rival daily El Mundo, adding Wednesday was "the darkest day in the history of the Spanish national team".

Hierro, 50, was named as an emergency replacement despite having only one season's managerial experience in the Spanish Second Division with Real Oviedo. He was popular among the players as the federation's sporting director between 2007 and 2011, and returned to that role in November of last year.

With at least six of the expected starting XI for the Portugal game to come from Madrid and Barca, Hierro, himself a former Real captain, must ensure club loyalties don't further undermine Spain's chances with divisions already appearing between the players and the federation.

"We don't have time to feel sorry for ourselves. The objective is to fight for a World Cup. The players have been working towards this for two years," said Hierro.

"I've told the players that we have a wonderful, exciting challenge and we can't let this be an excuse to distract us from our dream."&nbsp

He will be officially presented as Real new coach for the next three seasons at an event

Just a day after he was sacked on the eve of the World Cup, former Spain coach Julen Lopetegui arrived in Madrid on Thursday where he will be officially presented as Real Madrid's new manager. Lopetegui landed at Madrid's Barajas airport just before 5 am (0300 GMT). He will be officially presented as Real new coach for the next three seasons at an event at the Spanish giants' Santiago Bernabeu stadium at 7 pm (1700 GMT), the club said in a statement. "I am very sad, but we have a magnificent team and hopefully we'll win the World Cup," Lopetegui told reporters on his departure from Spain's training base in Krasnodar on Wednesday. Spain's World Cup preparations were thrown into turmoil on Wednesday as Real Madrid-bound coach Julen Lopetegui was sacked by the Spanish Football Federation (RFEF), with Fernando Hierro taking charge just two days before their opening game in Russia. In a surprise announcement on Tuesday, Real Madrid appointed Lopetegui as Zinedine Zidane's successor to take over after the tournament in Russia, sparking outrage among the Spanish federation and fans at the timing of the announcement. "Negotiating is legitimate but it took place without the RFEF being informed until five minutes before a press statement was released," federation chief Luis Rubiales told a joint news conference on Wednesday with Hierro. "I have spoken with the players and what I can guarantee is that the players will do everything in their power, along with the new technical team, to take the team as far as possible," he added. Lopetegui, who did not lose a single game in 20 matches as Spain boss, had signed a new contract with the federation until 2020 just last month. - 'Biggest absurdity' - ======================= Spain players reportedly resisted his sacking, which came as Spain are due to face European champions Portugal in Sochi on Friday before taking on Iran and Morocco in Group B. There were fears Lopetegui's appointment by the European champions could open up old divisions between the Real Madrid and Barcelona factions in the Spain squad. "You could not start a World Cup in a worse way," wrote sports daily Marca. Top-selling daily newspaper El Pais called Lopetegui's dismissal "the biggest absurdity in the history of Spanish football" in an article accompanied with a photo of the sacked coach, wearing sunglasses, as he left Russia. "Vaudeville at the World Cup," wrote rival daily El Mundo, adding Wednesday was "the darkest day in the history of the Spanish national team". Hierro, 50, was named as an emergency replacement despite having only one season's managerial experience in the Spanish Second Division with Real Oviedo. He was popular among the players as the federation's sporting director between 2007 and 2011, and returned to that role in November of last year. With at least six of the expected starting XI for the Portugal game to come from Madrid and Barca, Hierro, himself a former Real captain, must ensure club loyalties don't further undermine Spain's chances with divisions already appearing between the players and the federation. "We don't have time to feel sorry for ourselves. The objective is to fight for a World Cup. The players have been working towards this for two years," said Hierro. "I've told the players that we have a wonderful, exciting challenge and we can't let this be an excuse to distract us from our dream."

After surprise sacking, Spain's ex-coach Lopetegui to be presented at Real Madrid

A popular Indian-origin chef in the United Arab Emirates has landed in a controversy after he allegedly posted an anti-Islam tweet, triggering calls for his sacking, a media report said today.

Atul Kochhar, a Michelin-Star chef well known here for his Rang Mahal Indian restaurant at the JW Marriott Marquis hotel, received flak after taking a dig at Bollywood actor Priyanka Chopra for her tweet over an episode in American television series 'Quantico' that purportedly portrayed Hindu nationalists as terrorists, the Khaleej Times reported.

"It's sad to see that you (Priyanka) have not respected the sentiments of Hindus who have been terrorized by Islam over 2000 years. Shame on You (sic)," Kochhar tweeted. He later deleted the tweet and apologised for the "major error" that was "made in the heat of the moment&nbsp;on Sunday", the paper said.

"There is no justification for my tweet ... I fully recognise my inaccuracies that Islam was founded round 1400 years ago and I sincerely apologise. I am not Islamophobic, I deeply regret my comments that have offended many," Kochhar tweeted yesterday.&nbsp;

The anti-Islam tweet created a furore on social media, with twitter&nbsp;calling for firing the chef. Popular commentator and Arab journalist Khaled Almaeena tweeted: "You (Kochhar) have offended me..As a person who loves India its people no matter what their caste or creed. As a secular and liberal, it truly is a horror statement."

Some said they would boycott the restaurant. "Chef celebrity showed his true colours. I won't eat here after reading the racist tweets by the head chef," a UAE resident posted on his Facebook page.

"I have cancelled my wedding anniversary meal for next month at your restaurant. You knew exactly what you meant as you tweeted that message," another Twitter user added.

JW Marriot hotel, however, distanced itself from the chef's comments. "We are aware of the comments made by Chef Atul Kochhar. We would like to stress that we do not share the same views as stated in the remark, nor is it a representation of the culture of diversity and inclusion that we pride ourselves on at the hotel," the hotel tweeted yesterday.

A popular Indian-origin chef in the United Arab Emirates has landed in a controversy after he allegedly posted an anti-Islam tweet

A popular Indian-origin chef in the United Arab Emirates has landed in a controversy after he allegedly posted an anti-Islam tweet, triggering calls for his sacking, a media report said today. Atul Kochhar, a Michelin-Star chef well known here for his Rang Mahal Indian restaurant at the JW Marriott Marquis hotel, received flak after taking a dig at Bollywood actor Priyanka Chopra for her tweet over an episode in American television series 'Quantico' that purportedly portrayed Hindu nationalists as terrorists, the Khaleej Times reported. "It's sad to see that you (Priyanka) have not respected the sentiments of Hindus who have been terrorized by Islam over 2000 years. Shame on You (sic)," Kochhar tweeted. He later deleted the tweet and apologised for the "major error" that was "made in the heat of the moment on Sunday", the paper said. "There is no justification for my tweet ... I fully recognise my inaccuracies that Islam was founded round 1400 years ago and I sincerely apologise. I am not Islamophobic, I deeply regret my comments that have offended many," Kochhar tweeted yesterday. The anti-Islam tweet created a furore on social media, with twitter calling for firing the chef. Popular commentator and Arab journalist Khaled Almaeena tweeted: "You (Kochhar) have offended me..As a person who loves India its people no matter what their caste or creed. As a secular and liberal, it truly is a horror statement." Some said they would boycott the restaurant. "Chef celebrity showed his true colours. I won't eat here after reading the racist tweets by the head chef," a UAE resident posted on his Facebook page. "I have cancelled my wedding anniversary meal for next month at your restaurant. You knew exactly what you meant as you tweeted that message," another Twitter user added. JW Marriot hotel, however, distanced itself from the chef's comments. "We are aware of the comments made by Chef Atul Kochhar. We would like to stress that we do not share the same views as stated in the remark, nor is it a representation of the culture of diversity and inclusion that we pride ourselves on at the hotel," the hotel tweeted yesterday.

Call for sacking of Indian-origin chef in UAE after 'anti-Islam' tweet

Seven members of Britain&#39;s opposition Labour Party said on Sunday they had withdrawn support for the leadership of Jeremy Corbyn, plunging the party into crisis in the wake of Britain&#39;s vote to leave the European Union. 
 
Corbyn sacked Hilary Benn as Labour&#39;s foreign policy chief today after he said he had lost confidence in the leadership. Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray all announced they were withdrawing support and stepping down from Corbyn&#39;s &#39;shadow cabinet&#39;. 
 
Sky News television reported that Lilian Greenwood and Kerry Mccarthy had also resigned. 
 
Several said in statements that they doubted Corbyn&#39;s ability to lead the party to victory in the country&#39;s next parliamentary election. 
 
A vote must take place within months after Conservative Prime Minister David Cameron announced on Friday he would step down by October after Britain voted to leave the European Union. 
 
(Reuters)

Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray announced they were withdrawing support and resigning from shadow cabinet

Seven members of Britain's opposition Labour Party said on Sunday they had withdrawn support for the leadership of Jeremy Corbyn, plunging the party into crisis in the wake of Britain's vote to leave the European Union. Corbyn sacked Hilary Benn as Labour's foreign policy chief today after he said he had lost confidence in the leadership. Gloria de Piero, Heidi Alexander, Lucy Powell and Ian Murray all announced they were withdrawing support and stepping down from Corbyn's 'shadow cabinet'. Sky News television reported that Lilian Greenwood and Kerry Mccarthy had also resigned. Several said in statements that they doubted Corbyn's ability to lead the party to victory in the country's next parliamentary election. A vote must take place within months after Conservative Prime Minister David Cameron announced on Friday he would step down by October after Britain voted to leave the European Union. (Reuters)

Seven of Labour withdraw support from Corbyn

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