A Seoul court extends JTBC's restructuring deadline to August 30, allowing more time to negotiate with creditors amid a liquidity crisis, after the broadcaster failed to repay $13.3 million in loans.
Company refutes market shutdown rumors, confirms record-breaking Phone (4b) sales, and announces restructuring with AI-native unit and regional hubs, impacting certain positions.
Amazon has laid off employees from its Artificial General Intelligence (AGI) team, responsible for developing human-level AI, despite calling AGI a top priority. The cuts, affecting roles in model customisation and post-training, aim to sharpen focus on key AI initiatives amid continued heavy investment and recent leadership changes.
AgiBot had eyed a Hong Kong listing this year, targeting a HK$40-50 billion valuation, with CICC and Morgan Stanley as potential joint sponsors. Separately, Innolight's IPO, aiming to raise US$8 billion, attracted over 30 cornerstone investors for a July 30 debut, potentially the city's biggest listing in seven years.
South Korea's industry ministry approved a restructuring plan for petrochemical companies at the Yeosu industrial complex, including Lotte Chemical, DL Chemical, and Hanwha Solutions. This initiative, part of government efforts to address industry oversupply, involves spinning off and merging operations, shifting to higher-value products, and includes 800 billion won in company investment and over 700 billion won in government support.
The Supreme Court has ordered the Uttar Pradesh government to restructure the SIT investigating financial discrepancies in Ram Mandir donations, preferring a senior IPS officer. Eight individuals have been arrested, Rs 78.94 lakh recovered, and investigators are tracing the money trail for further revelations.
A new era of content discovery, AI Optimization (AIO), is emerging as AI models like ChatGPT and Perplexity become primary search tools. This shift requires content creators to optimize for AI-generated responses, distinct from traditional SEO, to capture growing organic traffic.
MBK Partners' sale of flexible copper-clad laminate (FCCL) maker Nexflex has been postponed due to Homeplus's court-ordered restructuring termination. The delay, attributed to MBK's focus on Homeplus's legal and financial issues, has weakened the acquisition competition as some bidders may withdraw.
Johannes Heidecke, OpenAI's head of safety systems, is reportedly leaving the company. Saachi Jain will take over as interim head, and Mia Glaese will become VP of research and safety as part of a reorganization integrating safety with model development.
Xbox CEO Asha Sharma announced significant layoffs and studio transfers, sparking a debate over immigration and 'American' workers. Critics falsely claimed Sharma, a US citizen of Indian origin, fired Americans for H-1B visa holders, while others criticized the cuts due to Microsoft's profits.
Volkswagen Group's plan to cut 100,000 jobs and close four German factories by 2030 was reportedly rejected by its supervisory board. The company faces challenges with costly tariffs and declining market share in China and North America, impacting profit margins.
Volkswagen's labour representatives on the supervisory board rejected a major restructuring plan reportedly including 100,000 job cuts and four plant closures. The plan was voted down 12-7. The company reported an 8.6% drop in Q2 vehicle deliveries.
Volkswagen is set to discuss significant job cuts and factory closures, potentially impacting 100,000 global roles and four German plants. Unions are protesting, and labor representatives hold a majority on the supervisory board, complicating approval.
A 26-year-old man has been sentenced to 10 years in prison by a German court for fatally attacking train conductor Serkan Calar during a ticket inspection. The Greek defendant, residing in Luxembourg, repeatedly punched Calar after being asked to leave a train for lacking a ticket. Calar died two days later from a brain hemorrhage.
India's IT services industry, valued at over $315 billion, is undergoing silent layoffs and job cuts, with estimates suggesting 25,000-35,000 jobs could be lost this year. Companies are prioritizing productivity improvements and workforce restructuring due to intense competition and weaker business conditions.
Obsidian Entertainment is undergoing a significant reshuffle, including project cancellations like an Avowed sequel, as part of Xbox's broader restructuring and layoffs. The studio will now reportedly focus on a new Fallout game, with Josh Sawyer leading development. Approximately a quarter of Obsidian's workforce, totaling 52 employees, are being laid off.
BNB Chain is undergoing a major architectural restructuring to achieve 1 million transactions per second, integrate protocol-level privacy, and cater to AI agents and traditional finance. This aims to reverse recent declines in its native token and network activity.
Microsoft's Xbox division is cutting approximately 3,200 jobs, marking its most significant restructure in history. CEO Asha Sharma cited slower-than-expected growth, rising costs, and industry challenges, stating the business is "not healthy" and lost 64 cents per dollar invested.
Microsoft's Xbox division is undergoing significant restructuring, including 1,600 layoffs this summer and more expected, while aiming to reach a billion people daily. This strategy, led by CEO Asha Sharma, focuses on major franchises like Minecraft and Candy Crush amid industry volatility and skepticism.
Microsoft is cutting 4,800 jobs, or 2.1% of its global workforce, as it restructures its sales and Xbox divisions. Chief People Officer Amy Coleman stated the changes are necessary for the company to adapt to a rapidly evolving industry and are part of ongoing adjustments.
Xbox CEO Asha Sharma is under intense scrutiny following Microsoft's announcement of significant layoffs affecting approximately 4,800 jobs, with many impacting the Xbox division. Sharma, who previously garnered praise for distributing free consoles, has described the current changes as the "most significant restructure in Xbox history."
Xbox CEO Asha Sharma announced a significant restructuring, eliminating approximately 3,200 positions by fiscal year 2027, with 1,600 cuts effective immediately. Four studios will move to new management, and business units across Activision, Bethesda, Blizzard, King, Mojang, and Xbox Game Studios will be affected. The move aims to reset Xbox's content, platform, and operating model due to slower-than-expected growth and market challenges.
Microsoft's Xbox division is laying off approximately 3,200 employees, with 1,600 cuts immediate, as part of a broader company-wide reduction of 4,800 positions. Several studios, including Compulsion Games and Double Fine, will become independent, while others like Ninja Theory and Undead Labs are seeking new ownership. The move aims to improve profit margins and efficiency.
Microsoft's Xbox division is undergoing a significant "reset" with 3,200 layoffs and the divestment of five acquired studios. New CEO Asha Sharma cited a need to "simplify" the bloated division and refocus on "industry-defining franchises" after years of underperforming investments in smaller studios and Game Pass.
