Wednesday March 27, 2019
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Yahoo shuts China operations, 200 employees lose job

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Agencies

In its latest cost-cutting measures, internet giant Yahoo Inc. has shut shop in China.

A move which includes closure of Yahoo’s Beijing research centre, has cost 200 employees their job, a 2% of Yahoo’s worldwide staff of 12,500.

The withdrawal of Yahoo from China was not a complete surprise as the company had already stopped offering services to users in China in 2013, transferring their accounts to Alimail, an email service offered by Yahoo’s close partner in the region, Alibaba Holding Group Ltd.
Since October 2014, Yahoo has sacked 900 employees, including the latest Chinese purge, mostly in offices outside the US.

Job cuts in recent months have also affected workers in Bengaluru, India, and the company’s Canadian offices.

“We will be consolidating certain functions into fewer offices, including to our headquarters in Sunnyvale, California,” Yahoo said.

 

 

Next Story

Italy, China Sign Pact To Strengthen Economic Ties

Italy's involvement gives China a crucial inroad into Western Europe and a symbolic boost in its economic tug-of-war with Washington.

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Chinese President Xi Jinping, left, and Italian Prime Minister Giuseppe Conte shake their hands following the signing of a memorandum in support of Beijing's "Belt and Road" initiative, at Rome's Villa Madama, March 23, 2019. VOA

Italy has signed a memorandum of understanding with China in support of Beijing’s “Belt and Road” initiative, which aims to weave a network of ports, bridges and power plants linking China with Africa, Europe and beyond.

Premier Giuseppe Conte and Chinese President Xi Jinping shook hands during a ceremony in Rome on Saturday, after 29 separate sections of the memorandum were signed by members of both governments.

 

 

With the memorandum, Italy becomes the first member of the Group of Seven major economies that includes the United States, to join Belt and Road, following Portugal’s embrace of the initiative in December.

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Italy’s involvement gives China a crucial inroad into Western Europe and a symbolic boost in its economic tug-of-war with Washington. (VOA)