[splco_heading size=”15″ align=”left” margin=”30″]Neither Prime Minister Modi’s 2000000 crores Rupees Stimulus Fails To Trigger Confidence Says Experts nor Finance Minister Mrs. Nirmala claim as she called it “structural reforms” for eight sectors, namely coal, minerals, defence production, civil aviation, power distribution in Union Territories, space research and atomic energy helped market to imbibe confidence .. that resulted in Sensex Nosedive 1,069 Pts ..[/splco_heading]
In the last couple of days post announcement of stimulus package by Modi led centre government ., Zomato called for 550 employees layoffs followed by Swiggy with double factor that is 1100 employees layoffs across various functions of its organisation.
Pursuant this layoff spree .. Uber Technologies Inc also today said it will cut about 3,000 jobs, in addition to the 3,700 it had announced earlier this month, as coronavirus-led restrictions sap demand for ride-hailing services, Chief Executive Officer Dara Khosrowshahi said in an email to employees on Monday.
The ride-hailing business has suffered a near-total collapse as large parts of the United States and the rest of the world shut to combat the spread of the virus.
Nearly two-thirds of Uber’s revenue is generated in the United States and Canada, where stay-at-home orders were issued in the middle of March.
The company said that trip requests had plummeted 80 per cent globally in April, but were slowly recovering.
Khosrowshahi also said the company would wind down its office in Singapore over the next 12 months, and move to a new “hub” in the Asia-Pacific region.
Uber would also close down about 45 of its offices, including the one at Pier 70 in San Francisco.
The company, which is also in talks with GrubHub Inc to reinforce its food delivery business, said it plans to reduce investments in several non-core projects.