Morning Tidings

Tag: maker

  • Tesla Layoffs: Elon Musk-Run Electric Car Maker Company To Sack 10% Employees in Early 2023, Pauses All Hiring

    Tesla Layoffs: Elon Musk-Run Electric Car Maker Company To Sack 10% Employees in Early 2023, Pauses All Hiring

    San Francisco, December 22: Elon Musk-run Tesla, who has seen its stock nosediving more than 60 per cent this year, has warned employees about another round of layoffs early next year, along with a complete hiring freeze.

    In June, Musk had asked Tesla executives to “pause all hiring” and cut 10 per cent of staff, along with freezing hiring. The electric car-maker company had resumed hiring during the second half of the year. Tesla Headed For Layoffs? Elon Musk Plans 10% Staff Cut at Tesla, Freezes Hiring Amid Rising Inflation.

    The new round of layoffs, according to Electrek, will come in the next quarter (January-March 2023). “It’s not clear how extensive the hiring freeze will be as Tesla is still planning to expand in some manufacturing locations. No further details were made available at this time,” the report said late on Wednesday.

    Tesla has communicated to some employees that it is stopping hiring for now. The company also said that teams will be expected to make layoffs during the “first quarter of 2023”. Tesla is facing pressures from its recent steep stock price drop, which began in late September, and got worsened with Musk’s $44 billion acquisition of Twitter.

    Electric car company Tesla’s shares tumbled further to around $137 apiece, its lowest ever, as Elon Musk on Wednesday again blamed global macroeconomic conditions. Tesla shares are down more than 60 per cent, as Musk is busy micro-managing daily affairs at Twitter. Layoffs Season: Why Meta, Twitter, Amazon, Other Tech Companies Laying Off Employees All At Once and Why Experts Believe the Worst Is Yet To Come.

    Tesla bull Ross Gerber tweeted this week: “Tesla stock price now reflects the value of having no CEO. Great job tesla BOD — Time for a shake up. $tsla.” Musk replied: “As bank savings account interest rates, which are guaranteed, start to approach stock market returns, which are not guaranteed, people will increasingly move their money out of stocks into cash, thus causing stocks to drop.”

    Gerber further said that “Tesla needs a media and comms team; Tesla needs a succession plan as well as clarify when Elon will be back from twitter; Tesla needs to communicate about Elon’s stock sales and a stand still agreement should be made”.

    Musk last week blamed the Federal Reserve for the current situation, saying his electric car company is doing better than ever. Since November 2021, Musk has sold more than $39 billion of Tesla shares.

    (The above story first appeared on Morning Tidings on Dec 22, 2022 11:23 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Xiaomi Layoffs: Chinese Smartphone Maker Says ‘Less Than 10% of Total Workforce Will Be Affected’ As It Plans ‘Organisational Streamlining’

    Xiaomi Layoffs: Chinese Smartphone Maker Says ‘Less Than 10% of Total Workforce Will Be Affected’ As It Plans ‘Organisational Streamlining’

    New Delhi/Hong Kong, December 20: Global technology brand Xiaomi on Tuesday said that the company is implementing organisational restructuring and personnel optimisation that will affect less than 10 per cent of its total workforce.

    Earlier reports claimed that Xiaomi may cut 15 per cent of its workforce amid Covid lockdowns in China and rough global macroeconomic conditions. Xiaomi Layoffs: Chinese Smartphone Company May Sack 15% of Its Workforce From Multiple Departments Amid COVID-19 Lockdowns in China.

    “Xiaomi recently implemented routine personnel optimisation and organisational streamlining, with affected parties totalling less than 10 per cent of total workforce,” a company spokesperson told IANS.

    Those affected have been “compensated in compliance with local regulations,” the spokesperson added. The South China Morning Post earlier reported that Xiaomi may lay off workers from multiple departments, as it aims to reduce 15 per cent of its workforce amid the rough global macroeconomic conditions and local Covid-19 lockdowns. TuSimple Layoffs: US-Based Autonomous Trucking Company To Cut at Least Half of Its Workforce, 700 Employees Likely To Be Affected.

    The report cited several social media posts by affected Xiaomi employees and local Chinese media reports. Xiaomi had 35,314 employees as of September 30, with more than 32,000 in mainland China.

    The news of the layoffs comes as Xiaomi’s financial performance has been under pressure in 2022. The Beijing-based tech giant started laying off workers this year amid weaker sales due to Covid-19 lockdowns in China and slower consumer spending.

    Meanwhile, India saw 44.6 million smartphone shipments in the third quarter this year. According to a report by market research firm Canalys, Xiaomi held onto the first place with 9.2 million units as the brand gained traction from July’s online sales ahead of the festival season.

    (The above story first appeared on Morning Tidings on Dec 20, 2022 01:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Fortnite Maker Epic Games To Pay USD 520 Million Fine Over Kids’ Privacy Violations

    Fortnite Maker Epic Games To Pay USD 520 Million Fine Over Kids’ Privacy Violations

    New York, December 19: The US Federal Trade Commission (FTC) on Monday said it has reached a $520 million settlement with Epic Games, creator of the popular video game Fortnite, over allegations that the company violated the Children’s Online Privacy Protection Act (COPPA) and deployed design tricks, known as dark patterns, to dupe millions of players into making unintentional purchases.

    Fortnite made over $9 billion during its first two years in existence. Epic will pay a $275 million penalty for violating children’s privacy law, change default privacy settings, and pay $245 million in refunds for tricking users into making unwanted charges. Fortress Night, Chinese Version of Video Game Fortnite, To Shut Down in China From November 15.

    “As our complaints note, Epic used privacy-invasive default settings and deceptive interfaces that tricked Fortnite users, including teenagers and children,” said FTC Chair Lina M. Khan. Epic Games Announces In-Person Fortnite Competition in November 2022.

    “Protecting the public, and especially children, from online privacy invasions and dark patterns is a top priority for the Commission, and these enforcement actions make clear to businesses that the FTC is cracking down on these unlawful practices,” Khan said in a statement.

    Epic’s video game Fortnite is generally free to download and play but charges users for in-game items such as costumes and dance moves. The game has more than 400 million users worldwide. The FTC alleged in two separate complaints that North Carolina-based Epic engaged in several unlawful practices.

    In a complaint filed in a federal court, the FTC alleged that Epic violated the COPPA Rule by collecting personal information from children under 13 who played Fortnite, a child-directed online service, without notifying their parents or obtaining their parents’ verifiable consent. Epic also violated the FTC Act’s prohibition against unfair practices by enabling real-time voice and text chat communications for children and teens by default.

    “The Justice Department takes very seriously its mission to protect consumers’ data privacy rights,” said Associate Attorney General Vanita Gupta. “This proposed order sends a message to all online providers that collecting children’s personal information without parental consent will not be tolerated.”

    In addition to paying the record civil penalty, which goes to the US Treasury, for violating the COPPA Rule, the order will prohibit Epic from enabling voice and text communications for children and teens unless parents (of users under 13) or teenage users (or their parents) provide their affirmative consent through a privacy setting.

    In a separate complaint, the FTC alleged that Epic used dark patterns to trick players into making unwanted purchases and let children rack up unauthorised charges without any parental involvement.

    “Epic put children and teens at risk through its lax privacy practices, and cost consumers millions in illegal charges through its use of dark patterns,” said Samuel Levine, Director of the FTC’s Bureau of Consumer Protection.

    Under the proposed orders, the company will be required to change its default settings, return millions to consumers, and pay a record-breaking penalty for its privacy abuses, Levine added.

    (The above story first appeared on Morning Tidings on Dec 19, 2022 11:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Chinese Smartphone Maker Xiaomi Cuts Over 900 Jobs Amid Global Economic Meltdown: Report

    Hong Kong, August 20: Chinese smartphone giant Xiaomi has slashed more than 900 jobs amid the ongoing economic meltdown as its revenues dropped nearly 20 per cent in the June quarter (Q2), the media reported on Saturday. According to the South China Morning Post, the layoffs affected nearly 3 per cent of Xiaomi’s workforce.

    As of June 30, 2022, the company had 32,869 full-time employees, 30,110 of whom were based in mainland China, primarily at its headquarters in Beijing, with the rest primarily based in India and Indonesia. The company had 14,700 employees in its research and development vertical in the same time-frame.

    “In this quarter, our industry faced many challenges, including rising global inflation, foreign exchange fluctuations (and) complex political environment,” said Xiaomi president Wang Xiang during a call with analysts after reporting its quarterly earnings on Friday. “These challenges significantly impacted overall market demand and our financial results for the period,” said Xiang. Loan App Scam: Rs 500 Crore Sent to China By Hawala Route; 22 Indians Arrested.

    Revenue from the smartphone segment slumped 28.5 per cent, from 59.1 billion yuan in the second quarter last year to 42.3 billion yuan this year, “primarily due to the decreased sales of our smartphones”.

    “In the second quarter of 2022, global macroeconomic turbulence and the resurgence of Covid-19 continued to impact overall market demand for smartphones,” said Xiaomi.

    Global smartphone industry shipments declined 8.9 per cent year-over-year and 7.7 per cent quarter-over-quarter, and mainland China industry shipments declined 10.1 per cent year-over-year and 10.9 per cent quarter-over-quarter, according to Canalys. China Welcomes Indian Students; First Batch To Resume Studies in Near Future, Says Chinese Ambassador Sun Weidong.

    Earlier, Chinese conglomerate Tencent fired 5,500 employees, after posting a revenue of $19.8 billion in the June quarter, down 3 per cent which is the first decline since going public. Several Big Tech companies, unicorns and startups have laid off employees amid the global macro-economic conditions.

    (The above story first appeared on Morning Tidings on Aug 20, 2022 08:03 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Audio Device Maker Nothing to Foray into Smartphone Business From Q3 of 2022

    New Delhi, March 23: Consumer technology company Nothing will expand its product portfolio beyond the audio segment, starting with its foray into the smartphone business in the third quarter of this year, a senior official of the company said on Wednesday. Nothing India Vice-President and General Manager Manu Sharma told PTI that the smartphone industry is sleeping and has become very predictable.

    “Our strategy is to have a large base of customers using Nothing products, and the heartbeat of that is smartphone. If you look at the smartphone industry, it is sleeping. It is not exciting. It’s very predictable. We want to bring back optimism in terms of our approach, OS, ecosystem experience,” Sharma said.

    Led by OnePlus smart devices company co-founder Carl Pei, Nothing is developing its own operating system (OS) for Phone (1), which will be built using Qualcomm’s Snapdragon mobile platform. Pei had left OnePlus in October 2020. Apple iPhone 14 Pro & iPhone 14 Pro Max Likely To Feature Larger Camera Bump.

    Sharma said that Nothing will expand the product portfolio to set up a full device ecosystem. Pei, while unveiling the company’s road map during a virtual conference, said that Nothing is looking to create an ecosystem of connected products, which will be an alternative option to Apple ecosystem but it will be open for other brands as well.

    “Phone (1) will come with 3 years of OS updates and 4 years of security updates,” Pei said.At present, Nothing sells wireless stereo devices across 40 countries and claims to have supplied about half a million units.

    “Smartphones are one product that we are going to be launching in the third quarter of this year in India alongside the global launch,” Sharma said, adding that details of the devices will be disclosed later. Netflix’s New Mobile Game Raises Awareness for Drinking Water Scarcity.

    Nothing is a privately held company with backing from GV (formerly Google Ventures), EQT Ventures, C Ventures and other private investors, including Tony Fadell (Principal at Future Shape & inventor of the iPod), Casey Neistat (YouTube personality and co-founder of Beme), Kevin Lin (co-founder of Twitch) and Steve Huffman (co-founder and CEO of Reddit).

    (This is an unedited and auto-generated story from Syndicated News feed, Morning Tidings Staff may not have modified or edited the content body)

  • Amazon May Acquire US Fitness Bike Maker Peloton to Gain Foothold in Health-Fitness Industry

    San Francisco, February 6: Amazon is reportedly acquiring US exercise equipment and media company Peloton to gain a foothold in the health-fitness industry. Amazon has been speaking to advisers about a potential deal, reports Wall Street Journal.

    “There’s no guarantee the e-commerce giant will follow through with an offer or that Peloton, which is working with its own advisers, would be receptive,” the report said.

    Peloton reported a net loss of $376 million for Q1 2022, sending its stock into freefall the same day Planet Fitness reported it had exceeded expectations. The company has lost over $20 billion in value since November. Amazon India Signs MoU to Turn Rural Women into Entrepreneurs in Karnataka.

    However, amid heavy shipping delays, Peloton slashed the price of its original Bike and introduced two new products. “By the end of the year, it spent $420 million to buy Precor, one of the world’s largest commercial fitness equipment makers,” reports The Verge. Amazon is also exploring launching a Peloton-like “Prime Bike”.

    Peloton’s main products are Internet-connected stationary bicycles and treadmills that enable monthly subscribers to remotely participate in classes via streaming media.

    Peloton charges a $39 monthly membership fee to access classes and additional features on their exercise equipment, or $12.99 for users only accessing the content via app or website In January this year, Peloton paused production after greatly increased demand during early stages of the Covid pandemic had vanished.

    (The above story first appeared on Morning Tidings on Feb 06, 2022 12:05 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Microsoft To Acquire ‘Call of Duty’ Maker Activision Blizzard Game Studio for USD 68.7 Billion

    Washington, January 18: Microsoft has announced a deal to acquire game studio Activision Blizzard for USD 68.7 billion. If it goes through, it would be Microsoft’s biggest-ever acquisition — and by far the biggest deal ever in the video game biz.

    Activision Blizzard’s lineup of games includes ‘Call of Duty’, ‘Candy Crush’, ‘Warcraft’, ‘Diablo’, ‘Overwatch’ and ‘Hearthstone’. Also Read | From Shanaya Kapoor, Rashmika Mandanna to Naga Chaitanya; 10 Promising Bollywood Debutantes We Are Looking Forward to in 2022!.

    According to The Verge, the deal is Microsoft’s biggest push into gaming, and the company says it will be the “third-largest gaming company by revenue, behind Tencent and Sony” once the deal closes. Microsoft plans to add many of Activision’s games to Xbox Game Pass once the deal closes. Also Read | From Goblin to Hometown Cha-Cha-Cha, 7 K-dramas That Won Us Over With Their Bromances!.

    “Upon close, we will offer as many Activision Blizzard games as we can within Xbox Game Pass and PC Game Pass, both new titles and games from Activision Blizzard’s incredible catalogue,” said Microsoft’s CEO of gaming Phil Spencer.

    Xbox Game Pass now has 25 million subscribers, as Microsoft continues to acquire studios to boost the subscription service. As per The Verge, Microsoft’s deal comes after months of sexual harassment claims against Activision Blizzard. Last July, the California Department of Fair Employment and Housing (DFEH) sued Activision Blizzard for promoting a culture of “constant sexual harassment.” More employees have come forward with more allegations of sexual misconduct ever since, and the company reached a USD 18 million settlement with the US Equal Employment Opportunity Commission in September. That settlement is being appealed, and reports indicate that nearly 40 Activision Blizzard employees have reportedly “exited” the company since last July.

    Microsoft doesn’t detail exactly how it will approach solving these issues, and the company says Bobby Kotick will continue to serve as CEO of Activision Blizzard for now. Phil Spencer, formerly head of gaming at Microsoft, is now CEO of Microsoft Gaming and the company says the Activision Blizzard business will report directly to Spencer.

    “As a company, Microsoft is committed to our journey for inclusion in every aspect of gaming, among both employees and players,” said Microsoft’s CEO of gaming Phil Spencer.

    “We deeply value individual studio cultures. We also believe that creative success and autonomy go hand-in-hand with treating every person with dignity and respect. We hold all teams, and all leaders, to this commitment. We’re looking forward to extending our culture of proactive inclusion to the great teams across Activision Blizzard,” added Spencer.

    Microsoft’s huge Activision Blizzard deal comes nearly a year after the company acquired Bethesda (ZeniMax Media) for USD 7.5 billion. At the time, that acquisition bolstered the company’s first-party Xbox game studios to a total of 23 and was seen as a huge boost for Xbox Game Pass.

    (This is an unedited and auto-generated story from Syndicated News feed, Morning Tidings Staff may not have modified or edited the content body)

  • Chinese Brand Xiaomi Becomes World’s Number 2 Smartphone Maker Overtaking Apple in Second Quarter of 2021: Research

    Chinese Brand Xiaomi Becomes World’s Number 2 Smartphone Maker Overtaking Apple in Second Quarter of 2021: Research

    Xiaomi Becomes World’s Number 2 Smartphone Maker Overtakes Apple in Q2 of 2021:

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  • Epic Games Sues AR Glasses Maker ‘Nreal’ Over Alleged Trademark Infringement: Report

    Epic Games Sues AR Glasses Maker ‘Nreal’ Over Alleged Trademark Infringement: Report

    San Francisco: Fortnite developer Epic Games has filed a lawsuit against mixed-reality glasses company Nreal over an alleged trademark infringement. The lawsuit claims the company’s name “looks and sounds virtually identical” to Unreal and said that was “no coincidence”, Engadget reported on Monday. Epic also said in the suit that the two companies are competing in the same market and suggested the similarity could cause confusion, the report said. Epic Games CEO Asked Apple’s Tim Cook To Make iOS an Open Platform in 2015: Report.

    “Epic has 10 registrations for ‘Unreal’ alone or in connection with another term for a wide range of goods and services including but not limited to software, video games, virtual worlds and 3D visualisations, animations, and platforms,” according to the suit.

    Nreal released its Nreal Light mixed-reality glasses in South Korea last year and it plans to launch them in the US this quarter, as The Verge notes. Although Epic doesn’t yet have AR hardware of its own, it has shown interest in the AR/VR space. In 2017, Epic released Robo Recall, a virtual reality game developed with Unreal Engine.

    Epic’s Unreal Engine is a ubiquitous game-making tool that’s also used for films and general-purpose 3D design. The company is seeking an injunction that would force Nreal to withdraw its trademark application, as well as unspecified damages, the report said. The companies have been battling over the Unreal moniker for a few years. They had been in discussions over a settlement but weren’t able to reach an agreement, according to the suit.

    (The above story first appeared on Morning Tidings on May 18, 2021 05:14 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website morningtidings.com).

  • Indian drug maker sentenced to pay $ 50 million in fines

    Indian drug maker sentenced to pay $ 50 million in fines

    Fresenius Kabi Oncology Limited owned and operated a manufacturing plant in Kalyani, West Bengal.

    An Indian drugmaker has been sentenced to pay $ 50 million in fines and seizure after pleading guilty to hiding and destroying records before a 2013 US Food and Drug Administration (FDA) plant inspection, the Justice Department said.

    Fresenius Kabi Oncology Limited (FKOL) was previously criminally charged by the United States with violating the Federal Food, Drug and Cosmetic Act for failing to provide certain records to FDA investigators.

    FKOL owned and operated a manufacturing plant in Kalyani, West Bengal, manufacturing active pharmaceutical ingredients (APIs) used in various pharmaceutical pharmaceutical products distributed in the United States.

    As part of a criminal resolution with the Department of Justice, FKOL agreed to plead guilty to the crime of misdemeanor.

    Also read: US FDA for Granules Migraine Medication

    US District Judge Jennifer A. Dorsey accepted the company’s guilty plea and on Tuesday handed FKOL a criminal fine of $ 30 million, an additional $ 20 million fine, and implementing a compliance and ethics program created to prevent, detect and correct violations of the US Accepted for. A media release stated that FKOL’s law relating to the manufacture of cancer drugs, which is intended for sick patients.

    Brian M., acting Assistant Attorney General of the Civil Division of the Department of Justice. “By concealing and destroying drug manufacturing records, FKOL undermined the FDA’s regulatory authority and put vulnerable consumers at risk,” Boynton said.

    FDA inspection of the Kalyani facility prior to January 2013, FKOL plant management had instructed employees to remove certain records from the premises and other records from computers making drug paraphernalia in violation of FKOL requirements. Kalyani plant employees removed computers, hardcopy documents and other materials from the plant and removed the spreadsheet, which contained evidence of the plant’s non-complex practices.

    .