In brief: Alibaba to make hard cuts amid China’s economic slowdown

Alibaba is cutting its spending on travel and postponing some new hiring as the company braces for an economic slowdown, people familiar with the matter said. Travel cuts include restricting business class airfares and upgrading to better seats within a class. On the workforce front, the number of new hires is shrinking, one person said, with some new hires told they couldn’t start until the new fiscal year begins in April.

Source: Bloomberg