FT News Briefing Amazon set for big job cuts
Nov 15, 2022
Amazon is set to cut around 10,000 jobs, signaling a shift from pandemic-driven growth to a leaner structure in the tech industry. Meanwhile, Google faces a hefty $391 million privacy penalty, showcasing increased accountability in handling user data. In China, a new 16-point plan from the central bank aims to rejuvenate the struggling property sector, raising hopes for economic stability. The discussions also touch on the challenges faced by Oatly, struggling with market competition and production issues, leading to job cuts.
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Amazon Job Cuts
- Amazon plans to cut around 10,000 corporate jobs due to rising costs and slowing growth.
- This comes after a period of rapid expansion during the pandemic, indicating a shift in Big Tech's trajectory.
Google's Privacy Fine
- Google agreed to a $392 million settlement with 40 US states over misleading location data collection practices.
- While seemingly small for Google, this fine signals increasing scrutiny and larger penalties for privacy violations.
China's Property Sector Support
- Chinese property stocks surged after the government announced a 16-point plan to support the struggling sector.
- The plan includes extending deadlines for loan ratios, easing pressure on developers and potentially boosting market confidence.