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July 2nd - Three mandatory national standards for the photovoltaic (PV) industry were officially approved and released today. These standards establish rigid energy consumption and efficiency constraints across the entire PV industry chain, from silicon materials and wafers to PV modules and inverters. By standardizing these standards, the green management system of the PV industry chain is improved, providing institutional support for the high-quality development of the new energy industry. The Ministry of Industry and Information Technology, in conjunction with the National Development and Reform Commission and the State Administration for Market Regulation, released three mandatory national standards for PV energy consumption and efficiency: "Energy Consumption Limits per Unit Product of Monocrystalline Silicon," "Energy Efficiency Limits and Energy Efficiency Grades for Crystalline Silicon PV Modules and Inverters," and "Energy Consumption Limits per Unit Product of Polycrystalline Silicon and Germanium." These standards cover key links in the PV industry chain, including polycrystalline silicon, wafers, modules, and inverters. They set energy consumption and efficiency indicators for relevant products at different levels, strictly controlling high-energy-consuming and inefficient production capacity at each stage. For modules, the standards innovatively incorporate the coupling environment stress attenuation rate evaluation index. Next, relevant industry organizations will accelerate the dissemination, interpretation, and implementation of these standards to solidify my countrys global competitiveness in the PV industry and support the green and low-carbon transformation of energy and the achievement of "dual-carbon" goals.SK Hynix announced on Thursday that it plans to invest 80 trillion won (approximately US$51.46 billion) to build a new NAND flash memory chip factory, expected to begin operations in 2029, to address the memory chip shortage driven by the AI boom. According to the plan announced at an event attended by the companys CEO and South Korean President Lee Jae-myung, the CEO stated that SK Hynix plans to begin construction of the new factorys M17 phase in Cheongju, South Korea, next year. In addition, the chipmaker plans to invest another 20 trillion won to build a chip packaging plant in Cheongju, expected to be completed by the end of 2027.July 2nd - Market research firm CounterPoint Research predicts that after the launch of Apples first foldable phone, it will capture 29% of global foldable phone screen shipments in 2026.July 2nd - Tencent Wealth Managements current account + 7-day annualized yield ranges from a high of 1.0630% to a low of 0.7850%, WeChat Pays 7-day annualized yield ranges from a high of 1.0070% to a low of 0.9750%, and Alipays Yuebaos 7-day annualized yield ranges from a high of 1.0220% to a low of 1.0010%.Crude oil futures (2608 contract) fell 5.06% intraday, last trading at 437.1 yuan/barrel, with open interest increasing by nearly 2,700 lots, indicating increased volatility in the market.

DoorDash Eliminates 1,250 Positions to Curb Escalating Costs

Dec 01, 2022 11:05

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DoorDash Inc. announced on Wednesday that it will eliminate around 1,250 positions, or 6% of its total workforce, as a cost-cutting measure in response to declining demand.


DoorDash ramped up hiring to accommodate the surge of orders from those confined to their homes during the height of the pandemic, but a sudden fall in demand from inflation-conscious customers has caused the company's expenses to skyrocket.


"We should have been more vigilant in monitoring the expansion of our employees... It is my fault. As a result, operating expenses skyrocketed" CEO Tony Xu noted in a note to colleagues that was posted on the company's website.


If nothing was done, our operating expenses would continue to exceed our revenue, given how quickly we employed.


In morning trade, the shares of the corporation, which has declined by over 64 percent this year, was up approximately 5 percent.


DoorDash employs around 20,000 individuals and has delivery partnerships with Walgreens Boots Alliance (NASDAQ:WBA) and Shake Shack (NYSE:SHAK).


Given the prospect of a faster-than-expected decrease in consumer spending, a stronger focus on its cost structure is a positive sign, according to Angelo Zino, an analyst at CFRA Research.


In the first week of this month, DoorDash reported a quarterly financial loss of $295 million, which raised concerns about the future viability of delivery companies as economies recover.


The British meal delivery firm Deliveroo said at the end of October that its revenue growth would fall short of projections.


In recent weeks, DoorDash has joined Amazon.com Inc (NASDAQ:AMZN), Meta Platforms Inc (NASDAQ:META), and Twitter Inc (NYSE:TWTR) in laying off hundreds of employees in preparation for a potential economic downturn.


Xu noted that reducing non-headcount operating expenses "would not close the gap" while stressing that DoorDash has been more resilient than other e-commerce enterprises.

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