Tech winter: Amazon slashes hundreds of more jobs, this time in Pharmacy, One Medical divisions

Amazon has eliminated hundreds of jobs from its healthcare units, including Amazon Pharmacy and One Medical, as part of a broader cost-cutting campaign. The company confirmed the development to CNBC. “As we continue to make it easier for people to get and stay healthy, we have identified areas where we can reposition resources so we can invest in invention and experiences that have a direct impact on our customers and members of all ages,” Neil Lindsay, who leads Amazon Health Services, wrote in a memo to employees.

Lina Khan-led FTC likely to file massive lawsuit against Amazon this month

The Lina Khan-led Federal Trade Commission (FTC) is likely to file its massive lawsuit against Amazon later this month, as the e-commerce giant reportedly failed to offer concessions to the FTC in pursuit of a settlement over antitrust claims. The lawsuit will touch upon various aspects of Amazon’s business, while also suggesting “structural remedies” that could potentially break up the tech giant, reports the Wall Street Journal, citing sources.

Lina Khan’s FTC to file major anti-trust lawsuit against Amazon

Lina Khan-run US Federal Trade Commission (FTC) is reportedly set to file a major antitrust lawsuit against Amazon, focused on the e-commerce giant’s core online marketplace and how it uses its power to favour merchants that use its logistics services. The FTC is preparing the lawsuit, accusing Amazon of “leveraging its power to reward online merchants that use its logistics services and punish those who don’t,” Bloomberg reported.

Wall Street officially in bull market

The S&P 500 rallied to end the day in a bull market, marking a 20 per cent surge since its most recent low, reached on October 12, 2022. That brings to end the bear market that began in January 2022. Buoyed by gains in big technology stocks, the broad-based index closed at 4,293.93 and crossed the threshold that separates a bear market from a bull market — that’s investor-speak for a period of time marked by rising stock prices and optimism on Wall Street, CNN reported.

Indian American Dr Sanjay Rai appointed acting secretary for Maryland Higher Education Commission

Indian American Dr Sanjay Rai was appointed as the acting secretary for the Maryland Higher Education Commission by Governor Wes Moore on April 12.

Rai has advanced innovations that bolster student success in academic, career, technical, and workforce development programs throughout his career. He has worked to remove barriers to educational access through the redesign of developmental education, revision of alternate placement policies, and embedding of coaches in classrooms to increase student success.

Amazon CEO Andy Jassy says company will lay off another 9000 employees

Amazon on Monday announced to lay off another 9,000 employees in Amazon Web Services (AWS), Twitch, advertising, and HR. In a memo, Amazon CEO Andy Jassy said that as the company concluded the second phase of its operating plan (“OP2”) this past week, “I’m writing to share that we intend to eliminate about 9,000 more positions in the next few weeks a” mostly in AWS, PXT, Advertising, and Twitch”.

Out-of-work Indian immigrants face uncertain future, plead for more grace period

In a concerted campaign, Indian origin tech sector employees and their lawyers have been lobbying with the US government to increase the grace period from 60 days to 180. Under current rules, if H-1B or an L1 visa holders find themselves out of a job, they have to find an employer who is willing to sponsor them within 60 days, or they are sent back to their home country within 10 days after the grace period ends.

Get prepared for deeper layoffs in 2023, predict business economists

Deeper layoffs are coming in 2023 as most business economists have predicted that their companies will cut payrolls in the coming months, media reports said. According to a report in CNN citing a new survey, only 12 per cent of economists — surveyed by the National Association for Business Economics (NABE) — anticipate employment will increase at their firms over the next three months, “down from 22 per cent this fall”.