Tag

Growth Slowdown

All articles tagged with #growth slowdown

business2 years ago

"Spotify CEO Daniel Ek's Memo Reveals 17% Employee Layoffs"

Spotify CEO Daniel Ek announced in an internal memo that the company will be laying off approximately 17% of its workforce, amounting to around 1,500 jobs, as part of efforts to reduce costs and adjust for a slowdown in growth. Ek acknowledged that Spotify had taken on too many employees during a period of cheap capital and now needs to rightsize its costs. The decision comes after Spotify reported a profit in the third quarter and raised subscription prices earlier this year. The company has been expanding into podcasts and audio books but has faced challenges due to higher interest rates and a worsening macroeconomic backdrop.

economy2 years ago

Mixed UK Inflation Data: Pound Rises, Yuan Hits 9-Month Low

The British pound saw its biggest one-day gain in almost two weeks after data revealed that core inflation in the UK remained strong in July, while the Chinese yuan hit a nine-month low due to concerns over a deepening growth slowdown. The pound rose by around 0.3% against the dollar, while the yuan fell to its lowest level since November. The Bank of England is expected to raise rates further in September to combat high inflation. Meanwhile, the New Zealand dollar rebounded after the Reserve Bank of New Zealand held its cash rate steady and pushed back the timing of expected rate cuts.

economy2 years ago

Global Manufacturing Slumps as China's Growth Falters

Global factory activity remained in a slump in July, with private surveys showing a contraction in manufacturing activity in various regions. The slowdown in growth and weakness in China were identified as key factors impacting the world economy. The euro zone, including Germany, France, and Italy, experienced significant manufacturing contractions, while the UK also saw a decline in factory output. Asian countries such as Japan, South Korea, Taiwan, and Vietnam also faced manufacturing contractions due to sluggish Chinese demand. However, the Americas, including the US, Canada, Brazil, and Mexico, showed relative stability in factory activity, with Mexico even experiencing expansion to a seven-year high.