Chinese ecommerce giant JD.com is reportedly preparing deep cuts to its workforce and rescinding some work offers. The company shares with its managers that “it’s looking to reduce headcount across the company, cutting some teams by as much as half.
It is possible that the plan to cut jobs comes from the pressure JD.com is facing from a more-diversified Alibaba as Chinese consumption succumbs to a decelerating economy, while upstart rivals such as Pinduoduo draw customers away.
The ASEAN Secretariat reinitiates the program called ASEAN Solutions for Investments, Services and Trade (ASSIST) which aims to businesses resolve uncertainty or seek solutions related to trade with other Southeast Asian countries. Firms can submit questions and complaints related to intra-regional trade on the ASSIST website.
The program is funded by the European Union and it is free. Unlike the World Trade Organization dispute settlement mechanism, ASSIST doe not decide who is right and who is wrong but it is for issues more consultative in nature.
Chinese New Year Propels Retail in Indonesia as Retail Sales Growth Reaches 9.1%, Reports Central Bank
Indonesia’s retail sales logged 9.1% growth in February, significantly higher from 7.2% in January. The increment in sales growth is the result of higher demand for clothes and recreational goods during the Chinese New Year celebration.
The survey by Central Bank reports that the growth of sales is forecast to ratchet up 8.0 percent in March from a year ago for rising sales of clothing, vehicle spare parts, and accessories.
Carousell Acquires OLX Philippines in a Deal Worth $56 Million, Grants OLX Group 10% Stake in Carousell
Singaporean online marketplace Carousell announces that it has acquired an online classified website OLX Philippines, part of South African-headquartered OLX Group. The total deal value is worth $56 million.
Along with the acquisition, the deal gives OLX Group an approximate 10% stake in Carousell. Carousell also appoints a new director, Dutch national Sjoerd Nikkelen.
The first quarter results released by fast fashion giant H&M shows that its pre-tax profit was $112 billion for the quarter running from December 1, 2018 to February 28, 2019, less than the $13.6 billion it posted in the previous corresponding period.
H&M said this was the result of ongoing improvements in buying and logistics, which led to a 1.5% reduction in the markdowns in relation to sales, compared to the corresponding quarter the previous year.