The country’s most valuable company slashed 5,000 jobs or nearly 5 percent of its workforce — the first quarterly drop in staffing since 2014 after layoffs rippling through the global tech sector finally hit the WeChat operator.

Adjusted earnings tumbled to 39 cents a share during the three months ending July 30, hit by an aggressive push to reduce inventory, Target said in a statement Wednesday.

Tomoya Obokata, the UN’s special rapporteur on contemporary forms of slavery, said in a report that the involuntary nature of China’s employment programmes in Xinjiang indicated forced labour, even if they did improve job opportunities for some minorities.

President Joe Biden on Tuesday signed into law a $430 billion bill that is seen as the biggest climate package in US history, designed to cut domestic greenhouse gas emissions as well as lower prescription drug prices.

The Condé Nast veteran will oversee a fashion portfolio that includes Art and Commerce, IMG Fashion Events and Properties, IMG Models and The Wall Group.

Net sales will probably reach 1.1 billion Swiss francs ($1.2 billion) in 2022, up from a previous target of 1.04 billion Swiss francs, the Zurich-based company said in a statement Tuesday.

Luxury watch retailer Watches of Switzerland expects a potentially more challenging trading environment in the second half of its current financial year, it said on Tuesday, as tough economic conditions impact spending patterns.

The group has agreed to buy Ted Baker in a deal worth roughly £211 million ($254 million), ending months of speculation over the fate of the British fashion group.