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Intel says it will slash 15% workforce to cut costs

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A sign is posted in front of Intel headquarters on August 01, 2024 in Santa Clara, California. Chipmaker Intel is set to lay off thousands of workers as the company tries to recover from an eroding market share. — AFP 

US chip maker Intel said Thursday it will slash more than 15 per cent of its workforce as it streamlines operations.

The plan to cut approximately $20 billion in expenses this year came as Intel reported a loss of $1.6 billion in the recently ended quarter.

“Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones,” Intel chief executive Pat Gelsinger said in an earnings release.

“Second-half trends are more challenging than we previously expected.”

Second quarter earnings were negatively affected by “headwinds” to the ramp-up of Intel’s artificial intelligence PC product and unused capacity at its facilities, according to chief financial officer David Zinsner.

“By implementing our spending reductions, we are taking proactive steps to improve our profits and strengthen our balance sheet,” Zinsner said.

Intel reported having 124,800 employees at the end of last year, meaning the layoffs could hit about 18,000 positions.

In June, Intel announced it was halting the expansion of a major factory project in Israel, which was going to pump an extra $15 billion towards a chip plant.

Intel said at the time that “managing large-scale projects, especially in our industry, often involves adapting to changing timelines.”

“Decisions are based on business conditions, market dynamics and responsible capital management,” the US-based company added.

The belt-tightening came just a month after Intel struck a defiant tone in the face of strong challenges from rivals Nvidia, AMD and Qualcomm, unveiling technologies it said would lead the artificial intelligence revolution.

For decades, Intel has dominated the market for the chips that run everything from laptops to data centres. But in recent years, its competitors — especially Nvidia — have soared ahead on specialised AI processors.

During a keynote speech at Taiwan’s Computex expo, Gelsinger introduced Intel’s latest Xeon 6 processors for servers and shared more details about its next-gen Lunar Lake chips for AI PCs.

“AI is driving one of the most consequential eras of innovation the industry has ever seen,” Gelsinger said.

“The magic of silicon is once again enabling exponential advancements in computing that will push the boundaries of human potential and power the global economy for years to come.”

Gelsinger said Intel’s latest equipment provides the best available mix of performance, energy efficiency and affordability.

His presentation followed earlier keynote speeches by Nvidia boss Jensen Huang, AMD CEO Lisa Su and Qualcomm’s Cristiano Amon — and they were replete with claims and counterclaims about which firm’s products were the best for AI.

Microsoft in June unveiled its Copilot+ AI PCs, which will have artificial intelligence features built into its Windows operating system.

Along with Microsoft, the features will be added by some of the world’s biggest computer manufacturers, including Dell, HP, Samsung and Lenovo, offering AI capabilities on the device itself, not just through the internet.

AI computers are expected to be 80 per cent of the PC market by 2028, Intel said, citing the Boston Consulting Group.

Pakistan

Honda CD70 Dream Latest Price, Installment Plans – Sep 2024 Update – Pakistan Observer

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Honda remains leader in bikes market, with its top-selling units like CD 70, and that’s without making any major changes as the entry-level bikes look almost same for a long time. As the CD-70 remains its most selling model, bikes like the CD-70 Dream and Pridor are considered a niche products.

Despite failing to achieve top sales, CD 70 Dream is still in the market, featuring air-cooled, 4-stroke engine that delivers smooth performance and impressive fuel economy, often averaging around 60-70 km/l, making it ideal for daily commuting.

The bike looks better with stylish and modern design with attractive graphics, as compared to simple CD70. People also like its comfort as built quality remains optimum, comparing to other players.

Its pricing makes it accessible to a wide audience, including students and working professionals, solidifying its status as a favorite among motorcycle enthusiasts in Pakistan.

As bikes prices remain out of hands, people are having hard time to upgrade their ride while companies also face low sales.

Honda CD 70 Dream Price

The price of Honda CD70 Dream is Rs168,900 in September 2024.

Honda CD 70 Dream Installments

Installment Plans Monthly Payments 
3 months Rs56,300
6 months Rs28,300
9 months Rs21,890
12 months Rs17,200
24 months Rs10,170
36 months Rs7,800

 

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Pakistan

Check Property Ownership in Lahore, other Punjab cities Online – Pakistan Observer

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If you live in Lahore or any other city in Punjab; you might have faced difficulties in getting land record in previous years, but now the government made the land verification process smooth with digitization.

To curb the menace of land mafia and to help residents of Punjab, the government rolled out a systematic process and also eased the process of property transfers and real estate transactions.

A new verification system is Live by provincial authorities to check the legitimacy of properties available for purchase or investment across the region of 110 million people.

The relevant authority in this regard is Punjab Land Record Authority which oversees management and maintenance of land records. You can get different services, including ability to search for and view land records, as well as request copies of documents.

Check Property Ownership Online 2024

Here’s Step by Step Guide To Check property ownership

Step 1: Please visit PLRA portal at Punjab-zameen.gov.pk.

Step 2: Find ‘Property Registration,’ on home and click on https://rodportal.punjab-zameen.gov.pk/.

Step 3: It will ask you to select your district and service center.

Step 4: You can search by different options including Bahi number, ID card, registration number, or by person name.

Step 5: After entering details, please advance to ‘Search’ to get the land ownership.

With latest updates, you can check data on number of property transfers in last 36 months.

Beware of These Illegal Housing Societies in Lahore – September 2024 Update

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Pakistan

Suzuki Bolan discontinued in Pakistan after 36 years; Here’s replacement for ‘Carry Dabba’ – Pakistan Observer

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LAHORE – Finally, it’s time to say goodbye to the iconic Suzuki Bolan as Pak Suzuki pulled plugs to replace the minivan with another model. Over the last 3.5 decades, Suzuki Bolan enjoyed decent sales and was valued for its flexibility, serving a multi-passenger vehicle and for commercial purposes.

Amid shift in auto landscape in Pakistan, Bolan becomes latest drive to be discontinued after Suzuki Mehran, which you can still spot.

Pictures of Suzuki Bolan’s last batch surfaced online, and Pakistanis hit nostalgia as many grew up in this vehicle. The final chassis number marked as 01151691. The country’s oldest automaker and maker of Bolan also confirmed discontinuation of the 800cc Carry Dabba.

The company decided to replace Bolan for its outdated design and lack of safety features. Amid its low sales, consumer demand for a modern replacement like Changan Karvaan increased.

Suzuki Every to Replace Bolan

Suzuki earlier mentioned that Every will replace Bolan, and one of its recent model was unveiled at a recent auto show.

The launch of Every models faced delays due to import challenges and it is expected to launch in mid October.

Suzuki Bolan Price in Pakistan

 

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Pakistan

Gold prices reach historic high in Pakistan – Pakistan Observer

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