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Straits Times
33 minutes ago
- Straits Times
Ninja Van cuts 12% of Singapore workforce after 2 rounds of layoffs in 2024
Sign up now: Get ST's newsletters delivered to your inbox Ninja Van had two rounds of layoffs in 2024. SINGAPORE - Logistics company Ninja Van has cut about 12 per cent of its Singapore workforce, following two rounds of layoffs in 2024. A Ninja Van spokesperson said on Aug 12 that the job cuts are part of the company's long-term effort to strengthen its business model, and that these decisions were not made lightly. 'By streamlining our headquarter functions, we are also aligning resources to support our critical growth areas of tech‑enabled business-to-business restock and cold chain, while ensuring seamless operations across all services,' the spokesperson said. The Singapore-headquartered company's core courier and e‑commerce services continue to thrive and form the backbone of its operations across South-east Asia, the spokesperson added. Ninja Van declined to comment on the size of its current workforce in Singapore, and whether there are more layoffs to come. In the last few hours, a number of former Ninja Van employees from Singapore, Malaysia and Indonesia have posted on LinkedIn, saying that they are seeking a new role. A check on Ninja Van's job openings on its website showed it still has openings for more than 10 Singapore-based roles in areas ranging from operations to service delivery. Top stories Swipe. Select. Stay informed. Singapore Luxury items seized in $3b money laundering case handed over to Deloitte for liquidation Singapore NEL resumes service after hours-long power fault; single-track service on Sengkang-Punggol LRT Singapore Plan to base Singapore's F-15 fighter jets in Guam cancelled Singapore Hyflux investigator 'took advantage' of Olivia Lum's inability to recall events: Davinder Singh Singapore Man who stabbed son-in-law to death in Boon Tat Street in 2017 dies, aged 80 Singapore Scoot to launch flights to Chiang Rai, Okinawa, Tokyo-Haneda, boost frequency to other places Singapore Man on trial for stalking woman blasted by judge for asking scandalous questions in court Singapore Off-duty SCDF officer dies after accident in Punggol; 15-year-old pillion rider taken to hospital In April 2024, Ninja Van had cut 10 per cent of its tech team , a move which drew flak from the National Trades Union Congress (NTUC) as it happened 'just before May Day'. In July 2024, it laid off 5 per cent of its Singapore workforce. At that time, there are about 450 staff based at its Singapore corporate headquarters. Mr Andy Ang, assistant executive secretary of the Supply Chain Employees' Union (SCEU) said in a statement on Aug 12 that Ninja Van had informed the union about the layoffs in advance. Ninja Van is a non-unionised company, but some of its affected employees are members of SCEU. 'All alternative options have been explored, resulting in some workers being redeployed to other suitable positions within the company,' he said. He added that the union has engaged Ninja Van to ensure fair compensation packages were provided for affected workers. Ninja Van said impacted employees will receive severance package, including those with less than two years of service. Additionally, medical insurance and mental health support have been extended till Dec 31, 2025, with a deadline extension for exercising vested employee stock options from 30 days to one year. Ninja Van currently operates in Singapore, Malaysia, Indonesia, Vietnam, the Philippines and Thailand.
CNA
36 minutes ago
- CNA
China urges local firms not to use Nvidia's H20 chips: Report
Chinese authorities have urged local companies to avoid using Nvidia's H20 chips, particularly for government-related purposes, Bloomberg News reported on Tuesday (Aug 12), a move likely to hamper the firm's efforts to revive its slumping China sales. A range of firms were sent official notices discouraging the use of the H20, a less-advanced chip, particularly for any government or national security-related work by state enterprises or private companies, the report said, citing people familiar with the matter. Reuters could not immediately confirm the report. Nvidia said in a statement on Tuesday that the H20 chip was "not a military product or for government infrastructure". "China has ample supply of domestic chips to meet its needs. It won't and never has relied on American chips for government operations, just like the US government would not rely on chips from China," the statement said. Washington last month lifted a ban on the sale of the H20 chip in China, and it is now the most advanced artificial intelligence (AI) chip that Nvidia is allowed to sell there. The move comes after reports in China's state media of security concerns around H20 chips. Nvidia has said there are no "backdoors" that would allow remote access or control. Beijing is pressuring China's large tech firms such as Alibaba and ByteDance over orders of H20 chips, the Financial Times reported on Tuesday. The companies have been asked by the Ministry of Industry and Information Technology to explain why they need to order H20 chips instead of using domestic alternatives, the report said, citing people familiar with the matter. Some tech companies were planning to reduce their orders as a result of the questions from regulators, the report said. Alibaba and ByteDance did not immediately respond to Reuters requests for comments. China is also trying to promote the use of domestically developed technologies, including AI chips made by Huawei, the Chinese rival with which Nvidia is battling for AI chip dominance. Shares in China's top contract chipmaker SMIC rose 5 per cent on Tuesday on expectations of rising demand for locally-produced chips. The H20 curb also follows comments on Monday from US President Donald Trump, suggesting that he might allow Nvidia to sell a scaled-down version of its advanced Blackwell chip in China, despite deep-seated fears in Washington that Beijing could harness US AI capabilities to supercharge its military. China's foreign ministry said on Tuesday it hoped the US would take practical action to maintain the stability and smooth operation of the global chip supply chain. The Trump administration last week confirmed an unprecedented deal with Nvidia and AMD to give the US government 15 per cent of revenue from sales of some advanced chips in China. China's renewed guidance on avoiding chips also affects AI accelerators from Advanced Micro Devices, the Bloomberg report said, adding that it was unclear whether any notices from Chinese authorities specifically mentioned AMD's MI308 chip.
CNA
an hour ago
- CNA
China offers interest subsidies for loans to boost consumption
BEIJING: China will offer interest subsidies for businesses in eight consumer service sectors including catering and tourism, in a bid to support services consumption amid a slowing economy. Eligible businesses can receive an interest subsidy of one percentage point on loans from 21 national banks, nine government departments, including the Ministry of Finance, said in a statement on Tuesday (Aug 12). The maximum loan amount eligible for the interest subsidy for a single entity could be as much as 1 million yuan (US$139,095), the statement said. The move aims to reduce financing costs "for service industry operators" and boost the consumer market, it added. Chinese economists and policy advisers have called for stepping up support for the country's burgeoning services sector to boost consumption, which top leaders made a priority this year to spur growth amid US tariff disputes. The central government and provincial governments will bear 90 per cent and 10 per cent of the cost of the subsidy funds, respectively. The subsidy period would not exceed one year, it said. The preferential policy applies to loan contracts signed between Mar 16 and Dec 31 this year. The loans involved include fixed asset and working capital loans for enhancing business infrastructure and services capabilities. Separately on Tuesday, financial regulators said they would offer interest subsidies for individuals who take consumer loans, to reduce borrowing costs and stimulate consumer spending. Consumers can receive an interest subsidy of one percentage point on loans for single purchases of no more than 50,000 yuan (US$6,954) for goods including vehicles and electronics, according to a statement released jointly by three financial regulators. Eighteen national banks and five online lending platforms, including Tencent's private lender WeBank and Chongqing Ant Consumer Finance, a unit of China's Ant Group, are among the lending institutions eligible for the preferential policy, the statement said. In May, the central bank rolled out a 500 billion yuan re-lending facility for elderly care and services consumption, in a bid to encourage banks to offer financial support to the accommodation, catering, education and elderly care sectors. China has also allocated 231 billion yuan in special treasury bonds for a consumer goods trade-in programme - out of the annual quota of 300 billion yuan - with a focus on home appliances, cellphones, and tablet computers.
