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On May 10, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that the Guangdong-Hong Kong-Macao Greater Bay Area possesses three advantages: cutting-edge artificial intelligence research and development, a complete high-end manufacturing chain, and an international financial hub. These advantages enable Hong Kong to play two key roles during the 15th Five-Year Plan period: industrial synergy and regulatory alignment. With the three regions of Guangdong, Hong Kong, and Macao working together to develop "Greater Bay Area Standards," Hong Kong will become the "international interface" for emerging industries to establish themselves in the Greater Bay Area, as well as a platform for exchange and conversion between national and international standards.On May 10th, the cruise ship "Hundius," which was involved in a Hantavirus outbreak, arrived in the waters of Granadilla, Tenerife, Spain, in the early hours of the 10th. According to data released by the World Health Organization on May 8th, as of that day, a total of 8 cases had been reported, including 3 deaths; 6 cases were laboratory-confirmed as Hantavirus infection, specifically Andean virus, a member of the Hantavirus family. It is understood that one of the infected individuals was a doctor on board. Meanwhile, some passengers questioned the cruise ships response to the outbreak. Passenger Ruchi Genette stated, "Having only one doctor on board is simply not enough, and that doctor later also contracted the virus." He believes that the cruise ships health screenings before passenger boarding should have been more rigorous, and that the level of attention paid to the risk of the outbreak was insufficient.According to Irans Tasnim News Agency, an Iranian military spokesman said that countries that comply with US sanctions against Iran will "face difficulties when crossing the Strait of Hormuz."UK Maritime Trade Operations Office: No environmental impact reported.Saudi Aramco: The East-West oil pipeline is now operating at full capacity, with a capacity of 7 million barrels per day.

DoorDash Eliminates 1,250 Positions to Curb Escalating Costs

Dec 01, 2022 11:05

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DoorDash Inc. announced on Wednesday that it will eliminate around 1,250 positions, or 6% of its total workforce, as a cost-cutting measure in response to declining demand.


DoorDash ramped up hiring to accommodate the surge of orders from those confined to their homes during the height of the pandemic, but a sudden fall in demand from inflation-conscious customers has caused the company's expenses to skyrocket.


"We should have been more vigilant in monitoring the expansion of our employees... It is my fault. As a result, operating expenses skyrocketed" CEO Tony Xu noted in a note to colleagues that was posted on the company's website.


If nothing was done, our operating expenses would continue to exceed our revenue, given how quickly we employed.


In morning trade, the shares of the corporation, which has declined by over 64 percent this year, was up approximately 5 percent.


DoorDash employs around 20,000 individuals and has delivery partnerships with Walgreens Boots Alliance (NASDAQ:WBA) and Shake Shack (NYSE:SHAK).


Given the prospect of a faster-than-expected decrease in consumer spending, a stronger focus on its cost structure is a positive sign, according to Angelo Zino, an analyst at CFRA Research.


In the first week of this month, DoorDash reported a quarterly financial loss of $295 million, which raised concerns about the future viability of delivery companies as economies recover.


The British meal delivery firm Deliveroo said at the end of October that its revenue growth would fall short of projections.


In recent weeks, DoorDash has joined Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Twitter Inc (NYSE:TWTR) in laying off hundreds of employees in preparation for a potential economic downturn.


Xu noted that reducing non-headcount operating expenses "would not close the gap" while stressing that DoorDash has been more resilient than other e-commerce enterprises.

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