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91 tech companies lay off over 24K employees in Jan to date

Amazon begins mass layoffs to combat “unusual and uncertain macroeconomic environment”

The year 2023 began on a bad note for tech workers globally and 91 companies have laid off more than 24,000 tech employees in the first 15 days this month, signalling worse days ahead.

About 24,151 tech workers lost their jobs, dominated by companies like Amazon, Salesforce, Coinbase and others, according to layoff tracking website Layoffs.fyi.Crypto lending exchange Crypto.com last week announced that the company will reduce its global workforce by approximately 20 per cent amid ongoing economic headwinds and unforeseeable industry events.

In India, companies like Ola (which fired 200 employees), voice automated startup Skit.ai, dominated the headlines in January.In December last year, over 17,000 tech employees were shown the door.

According to the website which has been tracking job losses since the start of the pandemic, 153,110 workers were let go in 2022, led by companies like Meta, Twitter, Oracle, Nvidia, Snap, Uber, Spotify, Intel and Salesforce, among others.

The number of layoffs reached its nadir in November, which saw 51,489 tech workers lose their jobs.

Google is another Big Tech company expected to take harsh steps to reduce its headcount in early 2023.

Approximately 6 per cent of Google employees could be sacked over “not having enough impact”, according to a report by The Information.

Google layoffs in 2023 could see as many as 11,000 employees lose their jobs.

It means that 2023 is going to become the worst year in the history of the tech world.

All eyes are now on the Big Tech quarterly results that will come out at the end of this month.

January 16, 2023

iPhone 14 Crash Detection feature continues to send false alarms from skiers

Best features in iPhone 14 Pro you must know about

Apple iPhone 14 and 14 Pro models, as well as the Apple Watch’s Crash Detection feature, have continued to send false alarms from skiers as now it’s dialling 911 even for inconsequential skiing stumbles.

Apple devices of skiers in the US state had sent automated crash warnings to dispatchers at the Summit County 911 Center, which saw a 22 per cent surge in hang-ups, open lines, and misdialed 911 calls last December compared to December 2021, reports the New York Post.

“We’re still running in that 15 to 25 per cent increase in calls (compared to last year), that very well could be generated… by these Apple-generated and automated crash notifications,” the county’s 911 Communications Director, Jim DiPerna, was quoted as saying.

Moreover, the report said that when an automated call comes in, dispatchers will attempt to reach someone on the phone to confirm that there is no true emergency.

According to DiPerna, if the owner is unaware that their phone is dialling 911, officers will take steps such as tracking the Apple device’s location and sharing it with the mountain’s ski patrol.

“Worst case scenario, we’re trying to figure out where you are, what went wrong and what resources we have to send out to take care of that. It can go from a 30-second phone call to God knows how long,” he said.

The report further mentioned that Apple is in contact with 911 call centres that are currently experiencing a spike in automated 911 calls as a result of the crash detection feature, and is gathering feedback.

January 16, 2023

Alphabet’s health-focused company Verily to cut 15% of staff

Odisha EOW asks Google to remove 45 ‘illegal’ loan apps from Play Store

Verily, the health-focused company housed under Google parent Alphabet, has announced that it will lay off 15 per cent of its workforce in a restructuring move as it strives for financial independence from its parent company.

The cuts will affect about 240 people, reports CNBC, citing sources. Verily is one of Google’s sister companies, operating within Alphabet’s “Other Bets” category.

Verily CEO Stephen Gillett in an email stated that the cuts reflect discontinued programmes and team “redundancy”, according to the report.

It says it will offer severance and outplacement services “in the coming weeks and months” but did not provide details yet.

“While communicating via email is not ideal, this was a deliberate decision, enabling us to communicate as efficiently and simultaneously as possible. We’re also taking today and the rest of the week to ensure each impacted Veep has a personal discussion with a leader and HR partner to discuss the details, answer questions, and provide support through the transition,” reads the note.

The note further stated that those who are still employed will receive an email with the subject “Your Role at Verily”, and those who work outside the US will hear from their business leaders, said the report.

Earlier this month, Amazon also confirmed to lay off around 18,000 employees, and several teams will be impacted, especially Amazon Stores along with People, Experience and Technology (PXT) organisations.

The Amazon CEO said in a statement that they were not done with the annual planning process as earlier mentioned, and “I expected there would be more role reductions in early 2023”.

January 16, 2023

Tim Cook takes a hefty $35 mn pay cut amid rough global market

Apple makes it official; new iPhone 14 series arriving on Sep 7

Apple CEO Tim Cook has taken a huge pay cut of $35 million, or more than 40 per cent of his compensation, amid challenging global macroeconomic conditions.

According to a new regulatory filing in the US Securities Exchange Commission (SEC), Cook’s pay will drop from $84 million in 2022 to $49 million in 2023, at his own recommendation, reports The Verge.

The pay change is entirely from an adjustment in his equity value.

In 2022, that value was estimated to be worth $75 million. However, that drops to $40 million this year amid the economic slowdown.

Cook’s base salary of $3 million and his annual cash incentive of $6 million will remain the same.

The compensation committee on Apple’s board acebalanced shareholder feedback, Apple’s exceptional performance, and a recommendation from Mr. Cook to adjust his compensation in light of the feedback received,” read the SEC filing.

“Cook actually made $99.4 million in 2022, according to the filing,” the report said.

Amid iPhone production challenges in China owing to Covid-related disruptions, Apple’s market cap has dropped $1 trillion from its peak a year ago.

Like many other tech companies, Apple has been hit by supply chain issues.

Its manufacturing in China has taken a hit due to a fresh wave of Covid infections in the only major economy combating such a crisis.

While Apple’s market value has declined significantly, other major technology companies have experienced steeper percentage declines.

Apple LogoCourtesy

Amazon and Facebook-parent Meta’s shares have fallen by about 50 per cent and 63 per cent, respectively, over the past year, said the report.

(With inputs from IANS)

January 16, 2023

The largest discourse on financial inclusion globally – Inclusive Finance India Summit to discuss the power of Resilience and Health through Financial Inclusion…

New Delhi, 16 January 2023: Inclusive Finance India Summit – a global convening set up by the ACCESS Development Services – has announced that this year’s Inclusive Finance Summit will start on January 17 & 18, 2023, at Hotel Ashok, New Delhi. Currently, in its 19th edition, the global Summit is built to promote dialogue and enable action guided by the goal of achieving financial inclusion inclusively and responsibly.

The event will bring together professionals from the government, regulators, policy influencers, financial institutions, technology enablers, investors, thought leaders, researchers, foundations, and private sector experts such as:

Praveena Rai, Chief Operating Officer, National Payments Council of India (NPCI)

V Vaidyanathan, MD & CEO, IDFC First Bank

Hitendra Dave. Chief Executive Officer, HSBC India

N S Vishwanathan, Former Deputy Governor, RBI will also be present at the event to launch the annual report – “Inclusive Finance India” – an in-depth, well-researched, and well-analysed narration of microfinance models and the banking system, along with reporting status of and issues in MSME financing, gender and financial inclusion, digital financial inclusion, and some specialised inclusive funding from domains such as green and WASH financing.

Inclusive Finance India Awards constantly realigns itself to bring different models and institutions contributing to the goal of financial inclusion under one umbrella. The award categories are constantly aligned to the shift & changes, as the financial inclusion evolves, with new categories added and sometimes dropped. The prestige of the Inclusive Finance India Awards is also enhanced by the layers of scrutiny and screening which the nominations are subjected to. The Grand Jury for the awards is comprised of senior dignitaries like Mr. Hitendra Dave, Chief Executive Officer, HSBC India, N S Vishwanathan, Former Deputy Governor, Reserve Bank of India, S Ramann Chairman, Small Industries Development Bank of India (SIDBI), Mr. Tamal Bandyopadhyay, Consulting Editor, Business Standard, Ms. Veena Mankar, Founder and Board of Director Swadhaar FinAcces, Mr. Sanjiv Chadha, Managing Director and CEO, Bank of Baroda, Mr. CS Setty, Managing Director, State Bank of India Et al.

The Guest of Honor for the Awards Ceremony is Shri V. Anantha Nageswaran, Chief Economic Advisor to the Government of India. The Awards will be presented on January 17, 2023, 4.30 PM at The Ashok, New Delhi.

Commenting on the event, Ms Radhika Agashe, Executive Director, ACCESS Development Services, said, “ACCESS, for over 19 years has supported the national campaign for universalisation of financial inclusion in India. Through this global event, ACCESS has been successful in building the discourse and informing and influencing policy. The Summit attracts all relevant stakeholders – policy makers, regulators, bankers, technical service providers, academia, on a single, large platform annually to catalyse sharing of experiences, research, new models and perspectives.”

Rekha Nair

January 16, 2023

Something’s brewing at Samsung Opera House in B’luru ahead of S23-series launch

Samsung Galaxy Z Fold 4: Unboxing & first impressions

Samsung Opera House in Bengaluru has become a landmark for people and a true experience centre for customers looking to buy everything from phones to TVs and home appliances. Those visiting the Opera House will now be treated with a special surprise. In a bid to elevate the in-store experiences for youth, there are new gaming and connected zones. Since everything is better with coffee, there’s also a Starbucks in the Opera House.

The new 70-seater Starbucks outlet was inaugurated by JongBum Park, President and CEO, Samsung Southwest Asia and Sushant Dash, CEO of Tata Starbucks on Thursday.

Samsung Opera House has a Starbucks nowIBT/Sami Khan

“Consumers, especially the Gen Z and millennials, have come to love Samsung Opera House over the last four years. Now, we are taking the experience here a notch higher with brand new experiences such as a Connected Living zone, a Gaming Arena, Home Theatre zone among others. We are really excited to add a Starbucks store to this experience, bringing together two great passion points of youth – technology and coffee,” JongBum Park said.

With the opening of Starbucks at Opera House, which has both indoor and outdoor seating, Samsung aims to offer a holistic experience that resonates with young minds.

“We are positive that the youth will love this new collaborative space and we can’t wait to see them ideate, innovate and create amid all the cutting-edge tech on display and the aroma of coffee,” he said.

At the store, customers can experience Connected Living, Gaming Arena, Audio, Home Theatre and Lifestyle TVs, and Samsung’s multi-device connectivity with SmartThings. The 33,000 sq ft standalone property, which during the British era hosted plays and Operas, was restored by Samsung over two years and opened to the public in 2018. Its facade continues to don its magnificent original look and feel while on the inside.

Speaking about the opening of Starbucks at Samsung’s Opera House, Dash expressed his excitement. “We are delighted to extend our signature Starbucks experience to Samsung Opera House with premium quality coffee, handcrafted beverages, extensive food offerings and a warm welcome by our passionate partners (Baristas),” Dash said.

This year, Samsung has plans to host many events at the renovated outdoor space on the themes of digital art, culture, music and technology, inspiring consumers to create and learn.

January 16, 2023

Where and how to buy OnePlus 11 launch event tickets; what does it include [details]

OnePlus 10T review: There are some really “wow” moments with this one

OnePlus has already confirmed that it will be launching its latest flagship OnePlus 11 5G alongside Buds Pro 2 at an event in New Delhi on February 7, 2023. The event, titled Cloud 11, is happening at the Indira Gandhi Arena. As the brand is driven by its community, it is giving its fans a chance to be a part of the upcoming flagship launch event.

Tickets for the OnePlus Cloud 11 event are on sale right now. The limited early bird tickets are live on PayTM Insider for Rs 599. In case you’re wondering why should you pay to be a part of the event when you can watch it online, OnePlus says all attendees will receive a hamper full of exclusive OnePlus merch and vouchers. But that’s not all. OnePlus will pick 11 lucky attendees who also stand a chance to win their own OnePlus 11 5G.

Where and how to buy OnePlus 11 launch event tickets; what does it include [details]OnePlus

If you wish to be one of the first ones in India to get your hands on the OnePlus 11, you’ll be able to purchase the phone at the event itself.

Loyalty goes a long way

As a token of appreciation to loyal fans, OnePlus is giving free tickets as well. But it is for those who have attended OnePlus launches in the past. To avail the special “OG access”, they need to share a picture of their old event pass on Twitter using #IAmComingBack.

If you’re a Red Cable Club member, you can avail Privé coupon codes for 20 RedCoins and use the coupons to avail a discount of Rs 200 while purchasing the tickets.

OnePlus Cloud 11 event details

Where: Indira Gandhi Arena, Indraprastha Estate, Grand Trunk Rd, New Delhi.

When: Feb 7, 2023, 5:30 PM onwards.

January 16, 2023

Equitas Small Finance Bank’s new ‘Circle of Life’ video highlights the right to education for children in India

India, January 16, 2023: Equitas Small Finance Bank, one of the leading SFBs in India goes beyond banking and boosts the powerful potential of CSR with a heart-warming video tribute, which narrates the tale of the right to education for children. Deepak, an employee of Equitas SFB, played a crucial role in Radha’s life transformation because she lacked the resources for her own education.

As per Teach for India statistics, 4% of children never start school, while rest do, 58% don’t complete primary school and 90% don’t complete school. Radha’s story partially contributes to these shocking numbers. Considering the need and right of education in today’s day and time, Equitas SFB took charge to enable and empower such children all over the country.

The tale in the video addresses Radha’s concerns, a young child from the slums whose strict mother and alcoholic father refused to support her education. Deepak (an employee) has repeatedly observed her studying in front of an Equitas SFB ATM light. He discovered that she was studying under the ATM light because her parents did not provide her a light to study under at night. Spending sleepless nights, Deepak thought about a way to help her and initially tried to convince the girl’s parents along with the Equitas CSR team but they were reluctant.

The bank’s legal department intervened with a Right to Education Act order. Along with the legal team of Equitas, the principal of the boarding school Radha attended, filed a lawsuit challenging the country’s traditional education system. Radha is now the top student in her school thanks to Equitas.

Commenting on the release of the video, Vignesh Murali, Head – Marketing and Corporate Communications, Equitas SFB said, Our ‘Circle of Life’ series signifies a way of taking and giving back to society and showcases the lives of people like Radha who go through problems yet never dim their determination to work towards achieving their goals. Equitas has always believed in Beyond Banking and played a small role in taking the needy section of society closer to their dreams. Success in these tasks is a motivation for all of us, as the feeling of making millions smile is truly beyond what words can explain. Circle of Life’ features real-life transformation stories of bravery, sacrifice and compassion, which the bank aims to reach a wider audience with the series to inspire and give hope.

With a single-minded focus on making banking simpler even for the unbanked and under-banked, the institution has been attesting to the fact that money can be used as a force for good. The web series is available on the social media platforms of Equitas Small Finance Bank.

Watch her story of her dream come true.

WATCH the Video:

Equitas Small Finance Bank is proud to be a small part of this girl’s educational journey.

With a single-minded focus on helping children fulfil their dreams, the institution has been instrumental in supporting the journey, and the video of Radha is one such in those series.

Mansi Praharaj

January 16, 2023

After Singapore, Twitter likely to vacate India offices

Elon Musk says open to buying Substack to take on corporate media

Elon Musk-owned Twitter is reportedly looking to shed its co-working spaces in Delhi and Mumbai after having already done so in Bengaluru.

The process for vacating offices was initiated in December last year, according to reports citing sources.

Around 150 of the company’s employees work at the WeWork facility in Mumbai’s BKC, and 80 at The Executive Centre in Delhi’s Qutub area.

According to the sources, the company has also given up co-working spaces in Bengaluru, indicating that this was due to global changes within the company.

Earlier this week, Musk, who failed to pay the rent for Twitter headquarters in San Francisco, asked its remaining staff in Singapore to stop coming to office and work remotely as the company has reportedly failed to pay the monthly rent.

According to reports, Twitter employees were informed about the decision via email, instructing them to leave the CapitaGreen building and work from home.

Casey Newton of Platformer said in a tweet on Thursday, “Twitter employees were just walked out of its Singapore office – its Asia-Pacific headquarters – over nonpayment of rent”.

“Landlords walked employees out of the building,” he posted.

In the US, Twitter has been sued as it failed to pay $136,250 rent for its office space in San Francisco.

(With inputs from IANS)

January 16, 2023

iPhone 14 Pro users complain of horizontal lines bug; Apple working on fix [details]

Apple gave $320 billion to developers on App Store since 2008

Tech giant Apple has confirmed that it is investigating the issue of horizontal lines appearing on the display screen of the iPhone 14 Pro models.

In a memo, the iPhone maker said that an iOS update to address the issue will soon be released, reports MacRumors.

The iPhone 14 Pro customers might “report that when they power on or unlock their phone, they briefly see horizontal lines flash across the screen,” the memo mentioned.

Apple working to fix iPhone 14 Pro horizontal lines bugIANS

“Apple is aware of the issue and a software update is coming soon that will resolve the issue,” the memo added.

iOS 16.3 is currently in testing with developers and members of the public beta programme, but that update is not likely to be released for at least several more weeks.

Apple iOS 12 USB Restricted Mode — Customers stand beneath an Apple logo at the Apple store in Grand Central station in New York City, July 21, 2015.REUTERS/Mike Segar

Therefore, it is expected that the tech giant would release iOS 16.2.1, following the release of iOS 16.2 last month, to address the issue and other bugs being experienced by users, the report said.

This issue started to appear last month and many users reported that their iPhone 14 Pro and iPhone 14 Pro Max smartphones were showing green and yellow horizontal lines across their devices’ displays at startup.

(With inputs from IANS)

January 16, 2023

Tag: finance