Yahoo closing last China operation in Beijing

US internet company says closure, which will eliminate 200 to 300 jobs, is part of "changes to align resources".

    Yahoo was embroiled in controversy after it handed authorities details of a Chinese journalist who was sentenced to 10 years in prison [AP]
    Yahoo was embroiled in controversy after it handed authorities details of a Chinese journalist who was sentenced to 10 years in prison [AP]

    US internet company Yahoo is shutting down its presence in China, laying off at least 200 people, Bloomberg News reported.

    The closure of Yahoo's Beijing office will eliminate 200 to 300 jobs, Bloomberg said on Wednesday, quoting a person familiar with the matter.

    "We are constantly making changes to align resources and to foster better collaboration and innovation across our business," Yahoo said in a statement quoted by Bloomberg.

    "We currently do not offer local product experiences in Beijing but the office has served as a research and development centre," the statement said.

    Yahoo did not immediately respond to requests for comment by AFP news agency.

    The move follows Yahoo's announcement in January that it will spin off its stake in Chinese e-commerce giant Alibaba, which last year listed on the New York Stock Exchange in a record offer.

    Analysts say cutting the cord with Alibaba leaves Yahoo with a core of assets but no clear path or mission.

    In 2005, Yahoo bought a 40-percent stake in Alibaba for $1bn. The US company ceded its China operations to Alibaba as a result.

    Yahoo shut down its China email service in 2013. It was earlier embroiled in controversy when it handed authorities details of a Chinese journalist who was sentenced to 10 years in prison.

    SOURCE: AFP


    YOU MIGHT ALSO LIKE

    Interactive: Take a tour through divided Jerusalem

    Interactive: Take a tour through divided Jerusalem

    Take a tour through East and West Jerusalem to see the difference in quality of life for Israelis and Palestinians.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.