News Corp. lays off 500 em­ploy­ees at Am­plify ed­u­ca­tional unit prior to sale

The China Post - - WORLD BUSINESS -

News Corp. says it has laid off about 500 of the 900 em­ploy­ees at its money-los­ing Am­plify ed­u­ca­tional unit and sold it to Am­plify man­agers and pri­vate in­vestors for an undis­closed amount.

The move comes af­ter the pub­lish­ing com­pany booked a US$371 mil­lion write-off on the Am­plify busi­ness, which sought to sell tablets to schools and de­velop a dig­i­tal cur­ricu­lum. The busi­ness lost US$93 mil­lion in the year through June on US$109 mil­lion in rev­enue. sure that fed­eral su­per­vi­sion of the na­tion’s com­mu­nity banks does not im­pose un­due reg­u­la­tory bur­dens.

Yellen made no ref­er­ence to Fed in­ter­est rate poli­cies dur­ing her brief speech to a con­fer­ence of 160 bankers and fi­nan­cial lead­ers at­tend­ing a St. Louis, Mis­souri con­fer­ence.

The re­marks marked her first public ap­pear­ance since a health scare last week. Near the end of a lengthy speech, Yellen, 69, paused for sev­eral sec­onds and stum­bled over some words.

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