GM Cuts 1,000 Jobs to Accelerate Innovation in AI and Driver Assistance Tech

1 min read

General Motors (GM) is laying off approximately 1,000 software workers worldwide as the company shifts focus to high-priority projects, such as enhancing its Super Cruise driver assistance system, improving its infotainment platform, and exploring artificial intelligence applications. The layoffs, primarily affecting employees in US (Michigan), are not driven by cost-cutting or performance issues but are

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Cisco Plans Second Round of Layoffs in 2024

1 min read

Networking giant Cisco Systems is reportedly preparing for another significant round of job cuts, according to sources familiar with the matter. This move comes as the company aims to realign its focus towards high-growth areas such as cybersecurity and artificial intelligence (AI). The upcoming layoffs are expected to be similar in scale to, or potentially

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Retail Struggles to Rebound Despite Easing Inflation in Europe

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Despite a noticeable ease in inflation, the retail sector in the eurozone is still struggling to regain its footing. Recent data reveals that total retail trade in the eurozone fell by 0.3% in June compared to May. This marks the second consecutive month of declining retail sales, a trend that is raising concerns among economists

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UK Regulator Scrutinizes Google’s Partnership with AI Startup Anthropic

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The UK’s Competition and Markets Authority (CMA) has announced that it is gathering information regarding Google’s partnership with GenAI startup Anthropic to determine if it qualifies as a merger that could negatively impact competition in the UK. In October, Google-parent company Alphabet reportedly committed $2 billion to the San Francisco-based startup, which has developed Claude,

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Smartphones Roar Back: Global Market Surges, reaching 288 Million Units in Q2 2024

1 min read

Hold onto your handsets, folks! The smartphone market it’s rocketing skyward. Fresh data from Canalys and Counterpoint paints a picture of a sector that regained its mojo. The global smartphone market is showing strong signs of recovery, according to recent research. Canalys reports a significant 12% year-on-year growth in smartphone shipments, reaching 288 million units

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German Auto Supplier Leoni Announces Layoffs in Romania

1 min read

Leoni, a major German manufacturer of wiring systems and components for the automotive industry, recently acquired by Austrian billionaire Stefan Pierer, is initiating layoffs in Romania. This decision follows the closure of a factory in Luduș, Romania, in May, which affected about 200 employees. The company, which operates in 27 countries with over 95,000 employees,

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UiPath Announces 10% Global Workforce Reduction to Manage Operational Costs

1 min read

UiPath, the first Romanian startup to be listed on the New York Stock Exchange, has announced plans to lay off 420 employees, representing 10% of its global workforce. This move aims to streamline operational costs and enhance efficiency. The company’s Board of Directors communicated the restructuring decision to investors, highlighting a renewed focus on operational

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EU Plans Customs Duties for Temu, Shein, and AliExpress

1 min read

The European Union (EU) is set to introduce customs duties on inexpensive goods purchased from Chinese online retailers such as Temu, AliExpress, and Shein. This initiative, reported by the Financial Times, aims to curb the influx of low-cost and often low-quality products from China, potentially altering the landscape of European e-commerce and impacting consumers’ wallets.

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Samsung Reports Spectacular Profit Growth in Q2

1 min read

South Korean tech giant Samsung has announced an extraordinary increase in its operating profit for the second quarter of 2023. The company estimates an operating profit of 10.4 trillion won (approximately $7.54 billion) for the quarter ending June 30, representing a remarkable 15-fold increase compared to the same period last year. This impressive growth has

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