Oct 14, 2019

Uber lays off 350 employees in third round of cuts

Photo: Denis Charlet/AFP/Getty Images

Uber's ongoing layoffs continued Monday, with the company announcing cuts of about 350 employees across multiple units, including food delivery service Eats and its autonomous driving unit ATG, TechCrunch first reported and Uber confirmed to Axios.

Why it matters: This is the 3rd wave of layoffs in recent months at the company, which has been trying to cut costs and show investors a clearer path to eventual profitability. Uber's stock price, which is still not back to IPO levels, went up 4% on the news.

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Axios

Updated 8 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 5 p.m. ET: 5,885,490— Total deaths: 363,031 — Total recoveries — 2,468,011 — Map.
U.S.: Total confirmed cases as of 5 p.m. ET: 1,735,971 — Total deaths: 102,516 — Total recoveries: 399,991 — Total tested: 15,646,041 — Map.
Public health: Hydroxychloroquine prescription fills exploded in March —How the U.S. might distribute a vaccine.
2020: North Carolina asks RNC if convention will honor Trump's wish for no masks or social distancing.
Business: Fed chair Powell says coronavirus is "great increaser" of income inequality.
1 sports thing: NCAA outlines plan to get athletes back to campus.

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Axios

Updated 1 hour ago - Health

World coronavirus updates

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Axios Visuals

Over 500 schools in South Korea have either closed or postponed reopening, according to the Korea Times, which cites data from the Ministry of Education.

Why it matters: South Korea has been a model for how to handle the novel coronavirus, and the closures reportedly followed concerns from parents and teachers over child safety. The country's confirmed death toll has plateaued at 269 over the past few days, with few increases, per Johns Hopkins data.

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Dave Lawler, Bethany Allen-Ebrahimian

2 hours ago - World

Trump to end Hong Kong’s special trade status

President Trump. Photo: Win McNamee/Getty Images

President Trump announced on Friday that the U.S. would be fundamentally changing longstanding policies toward Hong Kong as a result of Chinese encroachment on the city's autonomy.

Why it matters: Trump said he would be effectively ending the special trade status that has allowed Hong Kong to flourish as a gateway to the Chinese market. That leaves an uncertain future for businesses that operate in Hong Kong, not to mention the city's 7 million residents, and could be met with reprisals from Beijing.

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