Protests broke out at an iPhone factory in China, the US Senate will hold hearings to discuss the lack of competition in the ticketing industry, and HP plans to lay off a significant portion of employees.
For all these tech news trending right now, welcome to Trending Hashtags. It’s Thursday, November 24th and I’m your host, Asha Pamma.
Video footage of hundreds of Foxconn workers marching in protest, clashing with police and being confronted by some in hazmat suits, was widely circulated. According to an employee, on Tuesday, workers who travel long distances to work at the factory complained that the company had changed their pay conditions. According to MacRumoursSome videos show workers complaining about the food they have been provided, while others are protesting that they have not been paid bonuses as promised. The plant is Foxconn’s largest iPhone factory, employing about 200,000 workers. Foxconn is responsible for assembling about 70 percent of the iPhones sold by Apple, and it is struggling to keep workers on site because of the COVID lockdown. Apple did not immediately respond to a request for comment. ap news Told.
A US Senate antitrust panel will hold a hearing to discuss the lack of competition in the ticketing industry following the chaos on Ticketmaster’s website during the sale of Taylor Swift tickets, said Senator Amy Klobuchar, the panel’s chair. According to euro newsIn a statement, Ticketmaster denied any anti-competitive practices and said it remained under a consent decree with the Justice Department following the 2010 merger, adding that there was no evidence of systemic violations. However, Klobuchar said the high fees and disruption to the site show how Ticketmaster’s market position means the company does not face pressure to reform. Ticketmaster previously blamed presale problems for Swift’s Eras tour, the pop superstar’s first tour in five years, on unprecedented demand and an effort to keep out bots run by ticket scalpers.
Computer maker HP has said it plans to cut 4,000 to 6,000 jobs over the next three years. According to cnbcHP is the latest technology company to announce its plan to deal with the current economic challenges. HP is trying to manage the decline in its computer sales. In a statement, HP said its “future ready transformation plan” should result in annual gross run rate savings of $1.4 billion or more over the next few years, including restructuring costs of about $1 billion. Of the $1 billion, $600 million will come in fiscal year 2023, which ends on October 31, 2023. The remaining amount will be split between the 2024 and 2025 fiscal years. Following the announcement, shares rose as much as one percent in extended trading.
Amazon plans to spend $1 billion annually on theatrical movie releases. According to Bloomberg, the company said it is aiming to produce 12 to 15 movies for each movie theater. A smaller number of films will be produced in 2023 as Amazon ramps up its production. Following this announcement, Cinemark saw an increase of 11 percent, IMAX seven percent, and AMC five percent. Amazon has focused its entertainment section and original content over the years with its Prime Video platform. The company spent $13 billion on content for its video and music streaming services last year, up from $11 billion in 2020.
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