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Bosch to Cut Hours for 10,000 Workers in Germany

The logo of Bosch is seen at an office building in Kyiv, Ukraine July 6, 2020. REUTERS/Valentyn Ogirenko/File Photo
The logo of Bosch is seen at an office building in Kyiv, Ukraine July 6, 2020. REUTERS/Valentyn Ogirenko/File Photo
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Bosch to Cut Hours for 10,000 Workers in Germany

The logo of Bosch is seen at an office building in Kyiv, Ukraine July 6, 2020. REUTERS/Valentyn Ogirenko/File Photo
The logo of Bosch is seen at an office building in Kyiv, Ukraine July 6, 2020. REUTERS/Valentyn Ogirenko/File Photo

Robert Bosch, the world's largest car parts supplier, will reduce the working hours and pay of around 10,000 employees in Germany, going beyond previously announced reductions and in addition to thousands of job cuts announced on Friday.

In the latest sign of the challenges facing Germany's auto sector due to weak demand and competition from cheaper Chinese rivals, Bosch had said on Friday it would cut up to 5,550 jobs, a day after saying it would cut the working hours of 450 staff, Reuters reported.

Staff mostly on 38- or 40-hour contracts at sites around Germany will have their hours reduced to 35 hours, a spokesperson said on Saturday, confirming a report by dpa news agency.

The slowdown in the German car sector has also shaken Volkswagen, which is in an escalating dispute with workers over plans to close plants in Germany, and Mercedes , which has vowed to make tougher cost cuts.

 

 

 

 

 

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Amazon Doubles Down on AI Startup Anthropic with $4 bln Investment

The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, US, February 14, 2019. REUTERS/Brendan McDermid
The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, US, February 14, 2019. REUTERS/Brendan McDermid
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Amazon Doubles Down on AI Startup Anthropic with $4 bln Investment

The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, US, February 14, 2019. REUTERS/Brendan McDermid
The logo of Amazon is seen on the door of an Amazon Books retail store in New York City, US, February 14, 2019. REUTERS/Brendan McDermid

Artificial intelligence startup Anthropic said on Friday it has raised an additional $4 billion investment from longtime backer Amazon.com, bringing the e-commerce giant's total investment to $8 billion, underscoring Big Tech's growing genAI investments.

Amazon will maintain its position as a minority investor, the company said. Its AWS unit will also be Anthropic's official cloud provider.

Anthropic also said it is working with AWS' Annapurna Labs on the development of future generations of Amazon's Trainium chips and plans to train its foundational models on the hardware, Reuters reported.

Britain's competition regulator had said in September Amazon's partnership with Anthropic will not be referred for a deeper probe as it did not fall under its jurisdiction.

Anthropic, which was co-founded by former OpenAI executives and siblings Dario and Daniela Amodei, said last year it had also secured a $500 million investment from Alphabet, which promised to invest another $1.5 billion over time.