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Hundreds of jobs have been slashed by Amazon in its cloud computing division

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BBC reports that Amazon, the technology behemoth, has declared job cuts affecting hundreds of workers in its cloud computing division.

Amazon Web Services (AWS) has seen significant growth, now constituting 14 percent of Amazon’s total revenue as per its recent financial statement.

The company has altered its approach with physical stores like Amazon Fresh, introduced in 2020. On Tuesday, it announced the removal of its self-checkout system, Just Walk Out, from all stores.

The job cuts predominantly affect roles in sales, marketing, global services, and the physical stores technology team, amounting to several hundred positions.

An AWS spokesperson stated to BBC, “These decisions are tough but necessary as we continue to invest, hire, and optimize resources to deliver innovation for our customers.”

Amazon assured that it will keep hiring and expanding, particularly in core business areas, offering thousands of job opportunities and internal transitions for affected employees.

While the majority of AWS roles are in Seattle, the cuts will impact operations globally. US-based employees will receive pay and benefits for at least 60 days, assistance in job placement, transitional health benefits, and severance pay.

As of last year, Amazon boasted over 1.5 million full-time and part-time employees, excluding contractors and temporary workers.

Amazon has been emphasizing artificial intelligence (AI) development via AWS, including recent investments in safety and research startup Anthropic.

Rivals like Microsoft, which has invested in ChatGPT, are also intensifying their AI endeavors.

In January, Amazon axed hundreds of jobs in subsidiaries Twitch, Prime Video, and MGM studios. Twitch alone witnessed over 500 layoffs, comprising a third of its workforce.

According to US career consultancy Challenger, Gray & Christmas, the tech sector saw a significant increase in job cuts in 2023, totaling 168,032, a 73 percent rise compared to 2022.

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PickMe founder Jiffry Zulfer is expected to be appointed to the ICTA board

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PickMe founder Jiffry Zulfer is expected to be appointed to the ICTA board. To support the government’s agenda to expand the ICT-based economy, new board members will be appointed to the ICTA. This move is anticipated to positively impact the industry.

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Port City Colombo attracts 100+ companies as Authorised Persons

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Port City Colombo has achieved a significant milestone, on-boarding 100+ companies as Authorised Persons (APs), as of 24 August 2024. These companies represent a diverse range of sectors identified to the Colombo Port City Special Economic Zone, including IT, finance, professional services, shipping, logistics, tourism, healthcare, real estate development, and global capability centres.

Among these APs, twenty-two companies have been designated as Businesses of Strategic Importance (BSI’s). The Colombo Port City Economic Commission (CPCEC) is currently reviewing the BSI status of other APs at present. Several companies are in the pipeline to register as APs, reflecting increased investor confidence in Port City Colombo. These achievements align with Port City Colombo’s vision to attract high-value foreign direct investments (FDI’s), whilst the diverse range of companies reflects the SEZ’s focus on service-oriented sectors.

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Sri Lanka cannabis investment plan gets interest from 30 investors

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A plan to cultivate and make and export value added products from cannabis has drawn 30 investors, State Minister for Investment Promotion, Dilum Amunugama said.

Sri Lanka has made a set of regulations for cannabis cultivation. 

“We have got about 30 applications and they are being processed by a committee,” Minister Amunugama said. 

” No one has come to the growing stage yet. But land allocation is being done.”

The committee is made up of officials that include representative of the Department of Ayurveda and the Board of Investment. 

Canabidiol, (CBD or cannabis oil), is one of the primary products of the industry which is used in medicinal and other applications.

“CBD extraction or oil extraction will be the minimum value addition. If they want to go beyond that for whatever the final product is that, they can also do that, within the dedicated zones.

The projects will be located within the Mirigama and Kandy Stage II zones.

CBD companies grow cannabis is sophisticated greenhouses. 

The firms have to deposit two million dollars withe Board of Investment. 

A levy will be charged on the export of products, Amunugama said. 

Source – Economynext

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