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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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Dubai Based Sri Lankan Entrepreneur Launches Global Forex Marketplace

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A visionary Sri Lankan entrepreneur based in Dubai has launched VerifiedBrands.io, a cutting-edge Forex Marketplace Ecosystem designed to bring transparency, trust, and regulatory compliance to the Global Forex industry.

The platform addresses one of the most critical challenges in online trading — the difficulty of finding legitimate and regulated brokers and financial service providers. VerifiedBrands.io connects traders, licensed Forex brokers, technology providers, and affiliates in a secure and trusted digital marketplace.

“Our mission is simple — to eliminate fraud and scams from the Forex industry and give traders, investors, and partners a reliable ecosystem where only regulated and verified companies are listed,” said Anthony, the founder of VerifiedBrands.io.

VerifiedBrands.io verifies and lists only Regulated Forex brokers and compliant financial technology providers, offering a single platform for:

Traders seeking trusted brokers and services

Companies looking for high-quality leads and exposure

Technology providers offering white-label solutions, trading infrastructure, CRM systems, Liquidity Solutions, Payment Gateways , API solutions

Affiliates and partners wanting to work with compliant, reputable firms

The platform also provides tools and resources to help traders and partners compare, connect, and collaborate confidently, making it a first-of-its-kind ecosystem for the Forex community.

With the global Forex industry estimated at over $6 trillion in daily trading volume, VerifiedBrands.io aims to build a safer, more transparent trading environment and empower investors and traders worldwide to make informed decisions.

For more information, visit www.VerifiedBrands.io

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LB Finance to enter Philippines market through subsidiary

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LB Finance PLC, a Sri Lankan Non-Bank Financial Institution (NBFI), has received regulatory approval from the Central Bank of Sri Lanka to establish a wholly owned subsidiary in the Philippines.

In a corporate disclosure to the Colombo Stock Exchange, the company said the Director of the Department of Supervision of Non-Bank Financial Institutions granted approval on 11 December to set up the subsidiary under the name LB Finance Philippines Inc.

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Commonwealth Enterprise and Investment Council expresses solidarity with Sri Lanka

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The Commonwealth Enterprise and Investment Council (CWEIC) has conveyed its condolences to Sri Lanka over the loss of life and extensive damage caused by Cyclone Ditwah, urging all Commonwealth nations to support the country’s recovery as the scale of devastation continues to unfold.

In a statement signed by CWEIC Chairman Lord Marland and Deputy Chairman Lord Swire, the council said: On behalf of the Commonwealth Enterprise and Investment Council, we extend our sincere condolences to the President and people of Sri Lanka for the tragic loss of life and the widespread destruction caused by Cyclone Ditwah.

With the death toll now exceeding 300, hundreds more people missing, and thousands left without homes or livelihoods, the impact on your nation is devastating, and affecting all parts of the country.

As Commonwealth friends, we acknowledge the suffering that Sri Lanka has already endured through natural disasters; floods, droughts, landslides, and the 2004 tsunami.

Sri Lanka has survived through the extraordinary efforts of countless volunteers and ordinary people. Once again, we see this remarkable resilience and cooperation from Sri Lankans who are working to restore order, basic services, and supplies where possible.

We appeal to all Commonwealth countries to support the recovery efforts, and we will keep Sri Lanka in our thoughts and prayers at this difficult time. CWEIC has a significant presence in Sri Lanka, and our Strategic Partners stand ready to assist in any way we can during this difficult time. We will continue to support international efforts and appeal to Commonwealth nations to contribute to Sri Lanka’s recovery.

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