Spotify to slow hiring by 25% amid economic uncertainty

Spotify Technology SA will reduce its hiring by 25%, according to a source familiar with the contents of a companywide email, making it the latest tech company to curb expenses amid economic uncertainty.

Spotify Chief Executive Officer Daniel Ek informed the staff via email Wednesday that the world's largest on-demand audio service would continue hiring, though it would slow the pace "and be a bit more prudent" of over the next few quarters. The company said it employs about 8,230 people worldwide.

"Expectation is that US central bank could raise rates by 50 bps. Hawkish comments could continue to keep the dollar supported at lower levels. Major crosses remained under pressure following broad gains in the dollar," said Gaurang Somaiya, Forex & & Bullion Analyst, Motilal Oswal Financial Services.

Out of the 171.49 km of drain network, 47.49 km are primary drains, and 124.11 km are secondary.

Although the government initially announced grants only for primary drains, the BBMP insisted that it should also cover the secondary drains pointing out that flood-hit areas like Kendriya Vihar, Jawaharlal Nehru Centre for Advanced Scientific Resear...

The UDD order sets aside Rs 484.88 crore for primary drains and Rs 1,005.12 crore for secondary drains.

The grant will focus the strengthening work in flood-prone areas like HRBR Layout, Veerannapalya, Nayandahalli Junction Near Rachenahalli Lake, LBS Nagar in Yelahanka, Someshwara Layout in Arekere, Anugraha Layout, BEML 5th Stage, Pai Layout, and Vad...

The BBMP will roughly spend Rs 8.7 crore per km of remodelling work.