About 6,650 employees, 5% of the
company's workforce, will be let go.
Jeff Clarke, co-chief operating
officer at Dell, said the layoffs were necessary
to "stay ahead of downturn impacts.".
Unfortunately, with changes like this, some members of our team will be leaving the company.
, Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
There is no tougher decision, but one we had to make for our long-term health and success, Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
We will be ready when
the market rebounds, Jeff Clarke, co-chief operating officer at Dell,
via memo to employees.
Layoffs in the tech industry have become
an overwhelming trend as of late.
Zoom to Lay Off , 15% of Its Workforce.
CNBC reports that the company made the announcement on Feb. 7 via a blog post.
1,300 workers will be let go.
CEO Eric Yuan cited the need to navigate the "uncertainty of the global economy.".
We worked tirelessly and made Zoom better for our customers and users. But we also made mistakes, Eric Yuan, Zoom CEO, via blog post.
We didn’t take as much time as we should have to thoroughly analyze our teams or assess if we were growing sustainably, toward the highest priorities, Eric Yuan, Zoom CEO, via blog post.
As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions, Eric Yuan, Zoom CEO, via blog post.
According to Yuan, every organization
within Zoom will be impacted.
Those who lose their jobs will receive up to
16 weeks of salary and health insurance.
Yuan said he will reduce his upcoming
fiscal year salary by 98% and will forfeit
his 2023 bonus to help the company.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce.
Other tech companies who have recently announced layoffs include Dell, Google, Microsoft, Meta, Twitter and Salesforce
Credit: Wibbitz Top Stories Duration: 01:30Published
DOJ and SEC Launch Investigations , Into SVB Collapse.
Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.
Last week, the California Department of Financial Protection and Innovation shut down Silicon Valley Bank (SVB) and made the FDIC its receiver.
NBC News reports that on March 14,
the U.S. Justice Department opened an investigation into the bank's demise.
According to two sources with knowledge of the matter, part of the DOJ's probe will seek to determine whether bank executives unloaded any stock ahead of the collapse.
The Securities and Exchange Commission (SEC) has launched a separate investigation. .
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
According to the FDIC, SVB's collapse marked the second-biggest on record after Washington Mutual.
NBC News reports that on March 12, the FDIC, Federal Reserve and Treasury Department said SVB deposits would be backed in excess of the federally-insured cap of $250,000.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
The fall of SVB prompted Signature Bank customers to withdraw over $10 billion in deposits out of fear on March 10, ultimately leading to the bank's collapse as well.
President Biden attempted to
reassure the public that America's
banking system is safe on March 13.
Thanks to the quick action of my administration over the past few days, Americans can have confidence that
the banking system is safe. , President Joe Biden, via statement.
Your deposits will be there
when you need them, President Joe Biden, via statement
Credit: Wibbitz Top Stories Duration: 01:31Published
Robinhood Receives SEC Subpoena , for Its Crypto Business.
MarketWatch reports that the subpoena
was revealed in a filing on Feb. 27.
Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.
Robinhood received the subpoena from securities regulators in December after FTX and other crypto-trading companies filed for bankruptcy.
The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.
The SEC wants to investigate Robinhood Crypto LLC's “cryptocurrency listings, custody of cryptocurrencies and platform operations,” among other things.
MarketWatch reports that if it is
determined that any cryptocurrencies
on the trading platform are securities, .
it could stop Robinhood “from continuing to facilitate
trading of those cryptocurrencies (including ceasing
support for such cryptocurrencies on our platform).”.
Robinhood's board recently authorized the
company to repurchase over 50 million shares that
were previously bought by FTX founder
Sam Bankman-Fried and seized by the DOJ.
Robinhood's board recently authorized the
company to repurchase over 50 million shares that
were previously bought by FTX founder
Sam Bankman-Fried and seized by the DOJ.
Robinhood reports that it ended 2022 with $2.91 billion available in credit and $6.3 billion in cash and cash equivalents. .
MarketWatch reports that Robinhood
shares dropped 0.6% on Feb. 27.
Over the past year, the company's
shares have dropped 16.3%
Credit: Wibbitz Top Stories Duration: 01:31Published
Bed Bath & Beyond Defaults on Credit Line, , Says It Can’t Pay Debts.
CNN reports that in a regulatory filing on
Jan. 26, the struggling retailer said it received a default notice from JPMorgan Chase. .
Shortly after, Bed Bath & Beyond
shares plunged over 20%.
The SEC says that the company
defaulted "on or around" Jan. 13.
Creditors are now seeking immediate payment, which may force Bed Bath & Beyond to file for Chapter 11 bankruptcy.
In its SEC filing, Bed Bath & Beyond
said it was not able to pay its debts. .
... At this time, the Company does not have sufficient resources to repay the amounts under the Credit Facilities and this will lead the Company to consider all strategic alternatives, including restructuring its debt under
the U.S. Bankruptcy Code, Bed Bath & Beyond, via SEC filing.
In addition to cutting costs and reducing capital expenditures, the retailer is
closing stores and distribution centers.
CNN reports that as of February 2022, the company had 950 stores and 32,000 employees. .
Bed Bath & Beyond was hit hard by the pandemic, losing 17% of sales in
2020 and 14% of sales in 2021.
CNN reports that the company, founded in 1971, also struggled to transition to online shopping and remain competitive.
Credit: Wibbitz Top Stories Duration: 01:30Published
French Government Survives
No-Confidence Vote , Amid Retirement Age Backlash.
CNBC reports that President Emmanuel Macron's government barely survived a no-confidence vote on March 20.
The vote of no-confidence was
rejected by only nine votes.
Two no-confidence motions were previously filed by opposition lawmakers contesting Macron's passing of the proposed pension reform bill.
Since this first one was rejected, the second one can no longer go through.
That means that the bill will likely be made into law, and the retirement age in France
will go from 62 to 64 by 2030.
Opponents of the pension reform say that
women, public sector employees and
low-wage workers will be negatively impacted.
They also contend that businesses
and highly-paid workers are being
prioritized over the average worker.
Strikes by refineries, garbage collectors, teachers and more have been occurring throughout France for weeks.
Strikes by refineries, garbage collectors, teachers and more have been occurring throughout France for weeks.
Thousands have protested throughout the country and hundreds have been detained.
Thousands have protested throughout the country and hundreds have been detained
Credit: Wibbitz Top Stories Duration: 01:31Published
The 10 Most Expensive , US States to Retire In .
CNBC reports that WalletHub compared
the affordability, quality of life and
health care of all 50 states.
It found that these 10 states are the
most expensive to currently retire in.
10. , Oregon.
9. , Illinois.
8. , Maine.
7. , Connecticut.
6. , Washington.
5. , Maryland.
4. , Massachusetts.
3. , Vermont.
2. , New Jersey.
1. , New York.
According to Alan Castel, author of
'Better with Age: The Psychology of Successful Aging,'
if you expect to have a fixed income in
retirement, there are a few things you should consider.
Sometimes our spending habits need to be re-evaluated, and many senior discounts can be utilized to lower bills. It may also be useful to consider downsizing or minimizing certain costs that are no longer needed, According to Alan Castel, author of 'Better with Age:
The Psychology of Successful Aging,' via CNBC
Credit: Wibbitz Top Stories Duration: 01:31Published
UK Bans TikTok , on Government Devices.
CNBC reports that the United Kingdom
made the announcement on March 16.
Cabinet Office Minister Oliver Dowden said it is
"clear that there could be a risk around how sensitive government data is accessed and used by certain platforms.".
Dowden went on to address
how apps collect data on users.
He said that the "data can be sensitive"
on government devices.
He said that the "data can be sensitive"
on government devices.
The security of sensitive government information must come first, so today
we are banning this app on government devices. The use of other data-extracting
apps will be kept under review, Oliver Dowden, Cabinet Office Minister, via statement.
However, government employees' personal devices will not be required to adhere to the ban at this time.
A TikTok spokesperson issued a statement about the U.K.'s decision.
We believe these bans have been
based on fundamental misconceptions and driven by wider geopolitics, in which TikTok, and our millions of users
in the U.K., play no part. , TikTok spokesperson, via statement.
We remain committed to working with the government to address any concerns but should be judged on facts and treated equally
to our competitors, TikTok spokesperson, via statement.
The U.K.'s move to ban TikTok on government devices follows similar decisions in the
United States and European Union
Credit: Wibbitz Top Stories Duration: 01:30Published
Credit Suisse Shares , Drop Over 25%, , Stokes Financial Sector Fears.
Reuters reports that the lender's biggest shareholder, Saudi National Bank, .
recently said that a regulatory issue was preventing it from raising its 10% stake in the company.
CNBC reports that Credit Suisse shares fell by more than 25% on March 15 to below $2.17 as a result.
Dow Industrial Average futures fell 632 points (2%).
Nasdaq-100 futures dropped 1.6%,
and S&P 500 futures slid 2%.
In premarket trading, Credit Suisse's U.S.-traded shares sank over 27%.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
The turbulence comes as American
financial institutions SVB and
Signature Bank collapsed last week.
Markets are wild. We move from the problems of American banks to those of European banks,
first of all Credit Suisse, Carlo Franchini, head of institutional clients
at Banca Ifigest in Milan, via Reuters.
However, some experts think
the issue can be resolved.
I believe Credit Suisse's crisis
can be solved and the bank
will not be let to go belly up, Carlo Franchini, head of institutional clients
at Banca Ifigest in Milan, via Reuters.
The fact remains still that European banks, and especially the bigger ones, have a much better management of their interest rate risk, which is what made the three U.S. banks collapse, and they have liquidity, Jerome Legras, head of research at
Axiom Alternative Investments, via Reuters
Credit: Wibbitz Top Stories Duration: 01:30Published
Silicon Valley Bank , Is Shut Down by Regulators.
CNBC reports that Silicon Valley Bank (SVB)
announced on March 8 that it was trying to raise over
$2 billion in capital after losing $1.8 billion on asset sales.
CNBC reports that Silicon Valley Bank (SVB)
announced on March 8 that it was trying to raise over
$2 billion in capital after losing $1.8 billion on asset sales.
It was not able to raise the funds. Shares of parent
company SVB Financial Group dropped 60% on March 9
and another 60% in premarket trading on March 10.
It was not able to raise the funds. Shares of parent
company SVB Financial Group dropped 60% on March 9
and another 60% in premarket trading on March 10.
Later on March 10, the Federal Deposit Insurance Corp. (FDIC) announced that the bank had been closed by the California Department of Financial Protection and Innovation.
Later on March 10, the Federal Deposit Insurance Corp. (FDIC) announced that the bank had been closed by the California Department of Financial Protection and Innovation.
The FDIC was appointed as receiver
and given control of SVB's deposits.
The FDIC was appointed as receiver
and given control of SVB's deposits.
The FDIC has created the Deposit Insurance National Bank of Santa Clara, which is where SVB's insured deposits are now being kept.
The FDIC has created the Deposit Insurance National Bank of Santa Clara, which is where SVB's insured deposits are now being kept.
Official checks from SVB will continue to clear.
Insured depositors can access their deposits
no later than March 13, at which time SVB branch offices will reopen under the regulator's control.
Insured depositors can access their deposits
no later than March 13, at which time SVB branch offices will reopen under the regulator's control.
According to the FDIC, its "standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.".
It's not clear how larger accounts or companies with credit lines will be affected.
Uninsured depositors can expect to be
paid an advanced dividend by next week
Credit: Wibbitz Top Stories Duration: 01:31Published
Bing Has Exceeded 100 Million Daily Active Users, Microsoft Says.
Engadget reports that Yusuf Mehdi, Microsoft's VP for Modern Life, Search and Devices, said the milestone was attained a month after the company's chatbot AI was launched.
We see this appeal of the new Bing as a validation of our view that search is due for a reinvention and of the unique value proposition of combining Search + Answers + Chat + Creation in one experience, Yusuf Mehdi, Microsoft's VP for Modern Life, Search and Devices, via statement.
According to Mehdi, one-third of the daily active users are new to Bing
Credit: Wibbitz Top Stories Duration: 01:31Published
Microsoft co-founder Bill Gates is in a relationship with Paula Hurd, the widow of Mark Hurd, the CEO of the software company Oracle, according to reports. Bill Gates who is 67, has reportedly been dating Paula who is 60, for more than a year. Gates was spotted out and about with Paula last month while enjoying the Australian Open.
#BillGates #PaulaHurd #BillGatesGirlfriend
Google on Sunday celebrated the 80th birth anniversary of Dr Mario Molina, a Mexican chemist who pioneered the task of convincing governments to come together to.. IndiaTimes
Are google, facebook, twitter helping spread the tentacles of terrorism? Are social media behemoths aiding and abetting terror? Do they enjoy complete legal immunity from such allegations just because they are tech giants..and the laws meant for them are different from traditional media? These are the questions that are going to shape the future of the internet and social media giants…And these are the very questions that are in front of the Supreme Court of the United States. The SCOTUS began hearing oral arguments yesterday in a case that could perhaps upend the protections internet companies have had throughout the roughly two-decade rise of social media. In this video, we tell you about this landmark case that is in front of the apex court of the USA and the fate of which might ultimately decide the fate of the social media giants. But before that, don’t forget to like, share and subscribe to Oneindia.
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#Section230#SCOTUS#techgiants
Susan Wojcicki Is Stepping Down, as YouTube CEO.
Engadget reports that after nearly a decade
as YouTube CEO, Wojcicki is resigning.
Engadget reports that after nearly a decade
as YouTube CEO, Wojcicki is resigning.
She said she's starting "a new chapter
focused on my family, health and
personal projects I'm passionate about.".
Neal Mohan will take over
as the new YouTube chief.
However, he will serve as senior vice president and head of YouTube, not CEO.
Wojcicki said she won't
immediately leave the company.
In the short term, I plan to support Neal and help with the transition, which will include continuing to work with some YouTube teams, coaching team members, and meeting with creators. , Susan Wojcicki, YouTube CEO, via farewell letter.
This will allow me to call on my different experiences over the years to offer counsel and guidance across Google and the portfolio of Alphabet companies, Susan Wojcicki, YouTube CEO, via farewell letter.
Wojcicki has a long history with Google. .
Wojcicki has a long history with Google. .
Its founders, Larry Page and Sergey Brin, utilized her parents' garage after incorporating in 1998.
Its founders, Larry Page and Sergey Brin, utilized her parents' garage after incorporating in 1998.
She became their first marketing
manager and later encouraged them
to buy YouTube, among other things.
She became their first marketing
manager and later encouraged them
to buy YouTube, among other things
Credit: Wibbitz Top Stories Duration: 01:30Published
This Day in History: , Kasparov Loses Chess Game to Computer.
February 10, 1996.
World chess champion Garry Kasparov
faced IBM computer Deep Blue
for a six-game match.
After three hours,
Kasparov forfeited
game one.
It was the first time a computer had beaten a
human in a regulation, six-game match.
As an estimated six million people watched on the internet. Kasparov would ultimately win the match, defeating Deep Blue by a score of 4–2.
He took home the
$400,000 prize money.
A year later, Deep Blue would be the victor,
besting Kasparov for the $700,000 match prize
Credit: Wibbitz Top Stories Duration: 00:47Published
On Wednesday, IBM Corp announced 3,900 layoffs. According to reports, the layoffs were related to the spinoff of its Kyndryl business and a part of AI unit Watson Health.
#IBM #IBMLayoffs #JamesKavanaugh
Amazon has revealed plans to cut around 9,000 jobs from its cloud services, advertising and Twitch units as recession fears loom. The announcement was made by CEO Andy Jassy via a memo to staff mere weeks after the company laid off around 18,000 employees. Meanwhile, the company will continue to hire in some strategic areas.
#Amazon #AmazonLayoffs #Layoffs
Amazon to Cut , Another 9,000 Jobs.
Engadget reports that Amazon chief
Andy Jassy revealed the news in a
memo to employees on March 20.
I’m writing to share that we intend to eliminate about 9,000 more positions in the next few weeks—mostly in AWS, PXT, Advertising, and Twitch. , Andy Jassy, Amazon chief, via memo to employees.
I’m writing to share that we intend to eliminate about 9,000 more positions in the next few weeks—mostly in AWS, PXT, Advertising, and Twitch. , Andy Jassy, Amazon chief, via memo to employees.
This was a difficult decision, but one that we think is best for the company long term, Andy Jassy, Amazon chief, via memo to employees.
... Given the uncertain economy in which we reside, and the uncertainty that exists in the near future, we have chosen to be more streamlined in our costs and headcount. , Andy Jassy, Amazon chief, via memo to employees.
The layoffs won't likely be finalized
until the middle or end of April. .
Workers won't know if they're
losing their jobs until then.
Amazon says it will provide severance pay,
temporary health insurance and job
placement assistance to affected workers.
To those ultimately impacted by these reductions, I want to thank you for the work you have done on behalf of customers and the company. , Andy Jassy, Amazon chief, via memo to employees.
It’s never easy to say goodbye to our teammates, and you will be missed, Andy Jassy, Amazon chief, via memo to employees.
It’s never easy to say goodbye to our teammates, and you will be missed, Andy Jassy, Amazon chief, via memo to employees
Credit: Wibbitz Top Stories Duration: 01:30Published
8 Amazon Go Stores to Close , as Retailer Cuts Costs.
'USA Today' reports that Amazon will close two cashier-less stores in Seattle, two in
New York City and four in San Francisco.
The affected stores will close on April 1.
Like any physical retailer, we periodically assess our portfolio of stores and make optimization decisions along the way, Amazon spokesperson, via email to 'USA Today'.
We remain committed to the Amazon Go format, operate more than
20 Amazon Go stores across the U.S., , Amazon spokesperson, via email to 'USA Today'.
... and will continue to learn which locations and features resonate most with customers as we keep evolving our Amazon Go stores, Amazon spokesperson, via email to 'USA Today'.
Amazon said it will work with
affected employees to find roles for
them elsewhere within the company.
Amazon said it will work with
affected employees to find roles for
them elsewhere within the company.
However, the retail giant still plans to open more
Go stores, including in Puyallup, Washington.
The first Amazon Go location
opened in 2018 in Seattle.
The stores feature technology that
lets shoppers skip checkout lines.
Instead, sensors and cameras see
what a shopper purchases and deducts
it from their linked payment method
Credit: Wibbitz Top Stories Duration: 01:30Published
The Best Ways to Cut the
Cost of Your Monthly Bills.
Recurring monthly expenses can be challenging for
many households, especially amid rising inflation.
Here are 10 of the best ways to cut
the cost of your monthly bills. .
1. Switch from cable to a more affordable streaming
service like Hulu, Netflix or Amazon Prime. .
2. Set up a multiple-line phone plan
with family, friends or roommates. .
3. Refinance your mortgage payments and
see if there’s a more affordable rate. .
4. If you’ve been a good tenant, try negotiating
a lower rent with your landlord.
5. Make sure the majority of your power
usage happens at non-peak hours. .
6. Don’t pay for non-essential services
like lawn care or house cleaning.
7. Install low-flow fixtures on toilets and
shower heads to reduce water usage. .
8. Save on air conditioning and heating costs by
sealing any air leaks near windows and doors.
9. If you’re able to, give up private car use for
public transportation, carpooling or biking.
10. Utilize coupons and skip brand
names when grocery shopping
Credit: Wibbitz Top Stories Duration: 01:30Published
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