CompaniesBIO

Lyft confirmed its plans Thursday to lay off 13% of its workforce, equivalent to about 700 employees, as the broader downturn in once high-flying tech companies persists. In a company-wide email obtained by NBC News, Lyft executives said the cuts were necessary as the company becomes "leaner" amid “several challenges playing out across the economy.” “We’re facing a probable recession sometime in the next year and rideshare insurance costs are going up,” the executives said, adding the cuts would occur throughout the company. Lyft is preparing to report its latest quarterly earnings Monday. Despite the layoffs, the company is holding the line on its third quarter and full-year earnings outlook. "We are confident in the overall trajectory of the business," the company said Thursday in a filing. An emerging trend Still, Lyft's announcement adds to the broader trend of hiring freezes and job cuts across the tech industry. Amazon announced Thursday it will pause hir...

Pictured here is a chip manufacturing plant in Suqian city, East China's Jiangsu Province, April 1, 2022. Future Publishing | Future Publishing | Getty Images BEIJING — China is so far behind the U.S. in semiconductor technology that some investors are betting on startups to fill that gap. The U.S. this month imposed new restrictions to maintain a lead over China in advanced chip technology. While the rules immediately cut into U.S. and Chinese business revenue, they only affect firms selling the most advanced semiconductor technology , analysts pointed out. The bulk of Chinese demand is for chips with far simpler tech, they said, and Chinese companies are still small players right now. That gap leaves a large market opportunity far more insulated from U.S. restrictions — and one that Chinese startups can tap, some venture capitalists said. Interest from investment funds Vertex Ventures China is one firm that's raised money from overseas investors to buy into the idea. The fi...

Unemployment among China's youth aged between 16 and 24 has surged to nearly 20%, according to an official survey for July. Pictured here is a job fair in Beijing on Aug. 26, 2022. Jade Gao | Afp | Getty Images BEIJING — More people in China and Brazil are worried about their jobs than in the U.S. and U.K., according to a survey by consulting firm Oliver Wyman released this month. In China, 32% of respondents said they were concerned about the impact of inflation on their job security, as did 30% of respondents in Brazil, the report said. But in the U.S. and U.K., that figure was just 13%, the survey found. Unemployment among China's young people aged between 16 and 24 has surged to nearly 20%, while that of the working age population in cities is about 5.4%, according to an official survey for July. In Brazil, the unemployment rate as of July was 9.1%, official data showed. The unemployment rate in the U.S. was a far lower 3.5% in July, and 3.6% in the U.K., according to go...