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Business Today’s G20 special issue: Exclusive interview with PM Modi
Mumbai: Business Today’s G20 Special Issue is out! In this issue, find an exclusive interview with prime minister Narendra Modi who talks in detail about his hopes and vision for India’s G20 presidency, the areas in which he believes the country is making a difference, the impact of India’s G20 ecosystem, and more.
As the G20 president for the year, India has emerged as the driving force for a wide range of issues that need immediate attention from global leaders, who will converge in New Delhi to attend the G20 heads of state and government summit in September. At the summit, India will be looking to build a global consensus on a host of issues under the leadership of prime minister Modi. In that context, the prime minister said in the interview, “The G20 group is being looked at as a ray of hope by the world and the ground for this is being laid during India’s presidency of G20.” He goes on to add that India, by inviting the African Union to the G20 during its presidency, has laid the foundation for inclusivity. He also holds forth on the country’s digital public infrastructure, and that “Technology has helped India achieve targeted welfare delivery.”
Apart from the prime minister’s interview, the special issue—centred on India’s G20 presidency—also has interviews with G20 Sherpa Amitabh Kant and Harsh Vardhan Shringla, chief coordinator for India’s G20 presidency. Besides these, the issue includes stories on key takeaways for India Inc. from India’s G20 presidency; how the country is showcasing its digital prowess, such as its digital public infrastructure, to the world; and how India is aiming to foster a global start-up ecosystem, among others.
The issue also has columns by thought leaders such as K.V. Kamath, Janmejaya Sinha, Vinod Dham, Sangita Reddy, Ritesh Agarwal and Dilip Oommen on what the G20 presidency means and the road ahead.
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Snapchat parent Snap cuts 16 per cent of workforce in AI-driven restructuring
The Snapchat parent is axing around 1,000 jobs and closing 300 open roles to save $500m, as artificial intelligence makes smaller teams the new normal
CALIFORNIA: Snap is snapping. The Snapchat parent has confirmed plans to cut around 1,000 employees, roughly 16 per cent of its full-time workforce, as it bets that artificial intelligence can do what headcount once required. Shares jumped more than 10 per cent in premarket trading on the news, a brisk vote of confidence from a market that has watched the stock shed about 31 per cent this year.
The restructuring, which also closes more than 300 open roles, follows pressure from activist investor Irenic Capital Management, which holds an economic interest of about 2.5 per cent in the company and has been loudly pushing Snap to tighten its portfolio and lift performance. The firm got what it asked for, and then some.
Chief executive Evan Spiegel told employees the cuts would reduce annualised expenses by more than $500m by the second half of the year. The company expects to incur charges of between $95m and $130m related to the layoffs, mostly severance, with the bulk landing in the second quarter. Staff in Snap’s North America team were asked to work from home on the day of the announcement.
The financial backdrop is not without bright spots. Snap expects first-quarter revenue to rise around 12 per cent to approximately $1.53 billion, broadly in line with analyst estimates. Adjusted core profit for the January to March quarter is forecast at about $233m, comfortably ahead of Wall Street’s expectation of $186.8m.
The harder question surrounds Specs, Snap’s augmented reality smart glasses subsidiary, which Irenic has urged the company to spin off or shut down entirely. The unit has absorbed more than $3.5 billion in investment and burns through approximately $500m in cash annually. Snap is pressing ahead regardless, with a consumer product expected later this year, even as Meta leads the market in the segment.
Spiegel is betting that leaner teams, smarter machines and a consumer AR play can restore Snap’s credibility with investors who have run out of patience. The redundancy notices have gone out. The harder restructuring, the one that requires a hit product rather than a headcount reduction, is still very much pending.
