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China’s Biggest E-Commerce Company JD.com Is Laying Off 10 Percent Of Its Senior Executives This Year In Order To Maximize Its Resources

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On Tuesday, it was reported by the Chinese news media outlet Sino Tech that one of the biggest e-commerce sites in China, JD.com, is planning to lay off nearly 10 percent of its senior executives this year.

According to the report, these layoffs were announced around last week during the company’s annual party. The report further mentioned that JD.com which at the moment consists of close to 100 senior executives has confirmed these upcoming layoffs.

These layoffs come amidst a breakdown going around in the tech sector of China, where startups are struggling to survive primarily due to the shrinking interest of venture capital in the country’s startups whereas on the other hand, the big and established conglomerates in the country are looking to increase their revenue goals by spreading out to different sectors as the overall growth continues to decline.

The e-commerce firm has received some serious financial backing from some of the world’s biggest conglomerates such as Walmart, Google, Tencent Holdings among various others.

“We are actively promoting the empowerment of staff at all levels, with the aim of maximizing resources to provide equal opportunities for qualified talent and to ensure quality growth of the business in the future,” the company’s spokesperson told the London-based news agency Reuters.

Interestingly, JD.com isn’t the only Chinese tech company to announce layoffs in the past few weeks. Didi Chuxing, which presently ranks as one of the largest ride-sharing companies in China, announced around last week that they are laying off about 15 percent of its employees, however, these layoffs are mainly going to happen for the people working in the non-core business units of the company.

Apart from the layoffs, the company still hasn’t entirely recovered from the scandal that took place in 2018 in which Richard Liu, CEO of JD.com was arrested in the US on charges of rape. However, Richard Liu denied these accusations and then later even the U.S. prosecutors announced that Liu is not going to face prosecution.

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Facebook Faces Technical Defaults While Instagram Faces Outage

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IMAGE: DAILY EXPRESS

FACEBOOK IS FACING TECHNICAL DIFFICULTIES AND INSTAGRAM FACES DOWNTIME

Facebook has stopped working for some of its users due to some technical errors which the company claims to be ‘facing downtime’ due to maintenance.

Users trying to access the platform are being displayed this message-


Facebook will be back soon, Facebook is down for required maintenance right now, but you should be able to get back on within a few minutes. In the meantime, read more about why you’re seeing this message. Thanks for your patience as we improve the site.

Some users were able to get online but were unable to do certain things such as upload photos or update statuses.

Instagram is also facing downtime as users are unable to upload posts, add stories or send messages via DM’s. Some are unable to log into their accounts and are being shown ” Error ” prompts while attempting to.

According to site DownDetector, these outages were seen in the UK and the United States east coast but recently, users are reporting difficulties with the platform in India too.

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Spotify Adds A Million New Users In India Within A Week

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spotify india million users

Spotify has been dropping hints for over 6 months about a possible launch in many new countries including India, until a week ago, when Spotify silently opened its platform up for India and rolled out the downloadable version of the app to the play store and app store. A week after its rollout, spotify adss a million new users from India.

Spotify is one the most used streaming service in the world with over 207 million users as of February 2019, however, due to its absence in India, streaming services such as Google’s Play Music, Times Internet-backed Ganna, JioSaavn, Wynk music have been the dominators but a wave of excitement was seen among Indian’s when they heard about Spotify.

According to reports via India Music 360 published by Nielson, Indians at an average spend 20 hours a week listening to music. India has huge music streaming market and with a user penetration of 6.3 percent, the numbers are expected to grow and reach a user penetration of 7 percent, which when we consider India’s population is a lot.

Delloite and IMI ( Indian Music Industry ) suggested that India’s audio and video market is currently valued at approx $280 million providing over 150 million monthly active users across platforms.

Spotify not only has music but also streams podcasts and considering how audio is going to be the next big thing because of things like Amazon Alexa or Google Assistant, the market will see huge spikes in the increase in number of podcasts which would give spotify the edge over a bunch of other competitors such as Google Play Music or JioSaavn

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Tesla Will Be Fine Without CEO Elon Musk, Says Shareholder

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elon musk ceo tesla sec
Image:CNBC

According to one of Tesla’s largest shareholder, Elon Musk would be fine if the Securities and Exchange Commision (SEC) decided to oust Musk as CEO of Tesla.

James Anderson, Baillie Gifford Global Equities head, in an interview said that


“We wouldn’t be against him having a different role, I don’t think he needs to be CEO”

James Anderson

James Anderson claimed that the current CEO Musk should consider taking the role of “Chief Ideologue”

Anderson’s firm has roughly 7.7 percent stake in the firm making it worth over $3.5 Billion. The only bigger shareholder after him is Musk himself with 20 percent stake.

Last week, the Securities and Exchange Commission asked that Musk should be held in contempt of court for a tweet musk sent about the Tesla production numbers which were allegedly misleading.

Following that, Musk was asked to explain himself to the Court by a federal Judge till March 11.

This all goes back to when Musk tweeted about having secured the required funding to take Tesla private whereas in reality, there was no such funding.

Following that, the SEC had musk step down from the post as chairman but allowed him to remain as the CEO of the company, and that all the Tesla related “tweets” he send out would be approved by the company’s lawyers.

Following the announcement of their new Tesla Model 3 for just $35000, the shares continue to slide and were down 3 percent this Tuesday and since last Thursday’s price cut, it has fallen more than 14 percent.

Analysts Brian Johnson and Steven Hempel said in their research notes that


Much of the bull narrative has rested on Tesla being the next Apple, selling high-volume EVs . . . at high gross margins, in part aided by a unique branded retail presence — a narrative we see as undermined by the recent price cuts”


Brian Johnson and Steven Hempel
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