Company briefs: Microsoft Softbank Group Hybe
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Microsoft
Microsoft laid off under 1,000 employees across several divisions this week, Axios reported on Tuesday, citing a source, making it the latest US technology company to cut jobs or slow hiring amid a global economic slowdown.
The layoffs affected less than 1 per cent of Microsoft's total workforce of around 221,000 as at June 30.
The company had said in July that a small number of roles had been eliminated and that it would increase its headcount down the line.
REUTERS
Softbank Group
Softbank Group is offloading its stake in the struggling British online shopping company THG to founder Matthew Moulding and the Qatar Investment Authority, after its share price collapsed over the past year.
The share sale marks the end of the disastrous investment by SoftBank that began in May 2021.
While it is unclear how much SoftBank lost on the deal, THG's stake was worth more than £500 million (S$802 million) when it first announced its shareholding in 2021. By Monday, the value had fallen to about £36 million.
BLOOMBERG
Hybe
The announcement by the K-pop mega band BTS that its seven members would serve mandatory military service in South Korea has removed a cloud of uncertainty that has hung over their plans.
Investors in Hybe Co, BTS' management group, responded to the news by driving its shares up as much as 7.8 per cent on Tuesday.
The relatively shorter break, after the company picked 2025 as the potential date for BTS' return as a group, also appeared to hearten the market.
REUTERS
