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SINGAPORE: E-commerce platform Carousell announced it is cutting 10 per cent of the group's total headcount, or about 110 roles, as part of efforts to cut costs. The company's chief executive Quek Siu Rui said on Thursday (Dec 1) that only employees from some business units were affected. Those affected were informed by email and were also invited to a meeting with a team leader and a human resources business partner. Mr Quek said this was a "very difficult decision". "I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here." The affected regular employees will receive at least three months' salary, allowed to encash all remaining paid time-off, and have their medical benefits and insurance coverage extended until June 30, 2023, among other measures. Tools for job search, counselling services for emotional and mental support, as well as career counselling and employment assistance will be provided to those affected. Mr Quek said Carousell was eager to reignite growth in its core classified business after the COVID-19 pandemic, and was also optimistic about the recovery to come. The company had doubled down on a number of new initiatives, which meant creating more teams to work on them and increasing its headcount. "Looking back, I’d made the following critical mistakes," said Mr Quek. He said he was firstly too optimistic about the pace of Carousell's impact versus its increase in its investments. The company was quick to grow its expenses and hire, but the returns took longer than expected. Mr Quek added he also underestimated the impact of growing the company's team size too quickly - larger teams led to a lack of clarity in decision-making and the additional coordination required to get things done. "It does not help that the worsening macroeconomic environment presents more headwinds to the growth expected." Full article here: https://www.channelnewsasia.com/singapore/carousell-employees-lay-cut-costs-compensation-3117911 The press release looks almost like a cut and paste from Mark Zuckerberg three weeks ago.

Renault plans to cut 7,500 jobs in France by 2016 as a result of declining sales in Europe. This represents 17 percent of its current workforce in the country. The company would achieve its target mainly by not replacing retiring workers and by offering early retirement. The French carmaker's sales in Europe sank 19% between January to November 2012, which is the steepest among major car manufacturers in the region. The plan would save Renault 400 million euros a year in annual fixed cost, which is required to lower its break-even point. Despite the reduction in workforce, CEO Carlos Ghosn announced that no plants in France will be closed. Year 2012 is tough but 2013 is not expected to be smooth riding either. Carlos said at the Detroit Motor Show that he expects the European market to be "difficult" in 2013, predicting that car sales would fall about 3%, after contracting 8 % in 2012. Renault's action adds further woes to France's ailing industrial sector.

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