Disney Explores New Membership Programme; China Export Rule a Blow to US Chip Makers

by Hannah Dillon on 1st Sep 2022 in News

In today's ExchangeWire news digest: Disney contemplates a new membership programme akin to Amazon Prime; US chipmakers see shares dip as lawmakers restrict exports to China; and Shopee rescinds numerous job offers at its Singapore head office.

Disney contemplates membership programme

Entertainment giant Disney is reportedly in the early stages of developing a membership programme. The programme, which would be similar to competitor Amazon’s Prime service, would offer members discounts and perks to encourage them to increase spend on the company’s streaming services.

Further details, such as the name of the service and how much Disney would charge for membership, are yet to be confirmed.

US chip makers' shares drop due to new China restrictions

Prominent US chipmakers Nvidia and AMD have seen their shares slide due to concerns over US restrictions on sales to China.

According to Nvidia, the US government mandates that chip manufacturers have a new licence addressing their products being “used in, or diverted to a ‘military end use’...in China and Russia”. Following the new rule’s enforcement, Nvidia saw its shares drop by 6.6%, while AMD’s slipped by 3.7%.

Shopee rescinds job offers at Singapore HQ

E-commerce behemoth Shopee has withdrawn numerous job offers at its Singapore headquarters. Speaking to Tech In Asia, the firm said, “Due to adjustments to hiring plans on some tech teams, a number of roles at Shopee are no longer available.” The company added that it was “working closely to support those affected”.

By retracting several job offers, Shopee may face legal action from its spurned hires, including claims for negligence and damages.