Notable business headlines include companies like Lyft, Ford, and Microsoft joining the list of companies that will begin hiring slowdowns, Chinese regulators fining DiDi Global $1.2 billion, and HSBC installing a communist part committee within its IB unit.
JULIE HYMAN: Some other business headlines we're watching now, there are new companies, also expanded details on the emerging hiring slowdown that we're seeing in corporate America. Lyft eliminating about 60 jobs in its rental division. It's discontinuing a service offering long-term rental cars.
Meanwhile, Ford is set to eliminate up to 8,000 jobs, including roles involved in developing internal combustion engines and operations, all as the automaker shifts to electric vehicles. That's according to Bloomberg. And of course, tech giant Microsoft is on that list as well. More details about its earlier in the week reported on plans to slow hiring, eliminating unfilled jobs in its Azure security and security and software units.
Ridesharing operator Didi Global fined $1.2 billion by Chinese regulators. That closes a one-year investigation into the company that included Didi's dramatic delisting from the New York Stock Exchange. This was reported that it was going to happen earlier in the week by "The Wall Street Journal." They had said the fine would be a billion. Now we're learning it's 1.2. The investigation part of the Chinese government's larger clampdown on domestic tech companies, with Chinese regulators saying Didi violated privacy, security, and data collection laws.
And speaking of China, HSBC becomes the first foreign bank to install a Communist Party committee within its China investment banking subsidiary. That's according to the Financial Times. Chinese regulations do require a committee be formed out of existing employees to help control companies and represent workers. But the rule was loosely enforced for foreign companies. HSBC's move puts pressure on other foreign financial firms operating in China to perhaps do the same.