South Africa’s main stock exchange will probably continue haemorrhaging listings, the CEO of A2X said in an interview.
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Microsoft plans eliminate 10 000 jobs and take a $1.2-billion charge as its cloud computing customers dissect their spending.
Microsoft plans to cut thousands of jobs with some roles expected to be eliminated in human resources and engineering divisions, according to media reports.
The rand slumped on Monday as investor concerns mounted over a power crisis that prompted President Cyril Ramaphosa to cancel a trip to Davos.
Tencent shares have nearly doubled from a recent low on growing signs that China is preparing to end its crackdown on major tech firms.
Microsoft is reportedly in talks to invest $10-billion into OpenAI, the owner of ChatGPT, which will value the San Francisco-based firm at $29-billion.
The JSE reached an all-time high on Monday morning, led by South African technology and mining stocks.
Chinese technology shares advanced on Monday as the sector’s outlook improved further following regulator comments that a years-long crackdown is ending.
That may, however, be the high-water mark as a deepening slump in the technology industry reduces the funding pool.
The dismal profit estimate by the world’s largest memory chip, smartphone and TV maker sets a weak tone for other technology firms’ quarterly results.