About 4,000 employees could leave WeWork through a combination of layoffs, divestitures of the company’s ancillary businesses and transfers to a contractor, according to a person familiar with the matter. That means WeWork could lose about a third of the 12,500-person head count it had in June according to a company filing.

WeWork executive chairman Marcelo Claure told employees that layoffs would begin this week, according to an email obtained by The Washington Post. Claure said the layoffs would be “difficult” but necessary to create “more efficient, more focused and even more customer-centric organization.”

In a year of disappointing tech IPOs, WeWork stood out for its meteoric rise and fall before the company ever went public. WeWork was valued at $47 billion in January, according to Pitchbook. Last month, SoftBank announced a $9.5 billion deal to take control of WeWork.

WeWork’s spectacular combustion has become a cautionary tale from a summer of underwhelming IPOs, particularly when it comes to job creation and employee wealth. Uber, which went public in May and has seen stock price fall by about 36% since becoming publicly traded, has laid off about a thousand employees in recent months.

Tech firms have long been criticized for generating a smaller number of jobs than traditional corporate giants as firms automate more tasks and create technology to replace humans, despite their huge streams of revenue.

Still, some have been critical of WeWork’s marketing of itself as a tech startup at all, instead saying it’s closer to a real estate company – and should have always been valued that way.

The company’s core business is converting leased buildings into co-working spaces that offer perks such as yoga classes and kombucha taps. Earlier this year it created a parent company called We Co. and expanded into apartment rentals, data analytics and education. It filed publicly for an IPO in August.

The plans to go public disintegrated after investors questioned the company’s valuation as well as the leadership of former CEO Adam Neumann. Neumann stepped down as CEO in September and was replaced by two co-CEOs: Artie Minson, formerly the company’s co-president and chief financial officer; and Sebastian Gunningham, who was vice chairman.

Without the infusion of Softbank cash last month, WeWork would have run out of money this month. Neumann became a board observer and was given an exit package worth as much as $1.2 billion. The company’s board obtained control of his voting shares.

The news of the job cuts was reported earlier by The New York Times, which said WeWork’s plan involved laying off 2,000 to 2,500 people from the company’s core real estate business. Another 1,000 employees would leave as the company sells or closes its other businesses including a private school, and 1,000 building maintenance workers would be transferred to a contractor, The Times reported.

WeWork declined to comment on the number of layoffs.

WeWork, like other “unicorn” startups including Uber, Lyft and Slack, was one of the many companies investors and employees hoped would generate wealth on the public markets this year. The debuts were especially crucial for tech workers, for whom stock is typically a major component of total compensation, and who have fewer opportunities to sell their shares.

The broadcaster’s managing director, Chatchai Pokogwai, said on Monday (November 18) that Nation TV’s advertising revenue had improved gradually.

Currently, the channel’s advertising revenue averages Bt40 million per month, up 100 per cent from before May last year.

The broadcaster aims to cash in on existing businesses to launch new promising businesses next year. Among the planned ones are a tour-related business, home shopping, and event organising.

The home-shopping business would be a hub to promote local products from across Thailand, he said, targeting monthly revenue of Bt30 million. The event organising business is expected to generate around Bt5 million a month.

Gulf PD is owned by Independent Power Development, a joint venture between Gulf Energy Development (GED) and Mitsui.

ADB’s support is composed of a regular loan of $50 million and a B loan of up to $85 million. The bank will also mobilise $45 million through the Leading Asia’s Private Infrastructure Fund (LEAP), established in 2016 and supported by the Japan International Cooperation Agency.

The ADB signed the loan agreement with its cofinanciers – the Japan Bank for International Cooperation and 12 other international and local commercial banks – playing an anchor lender role in the project by catalysing up to $764 million in commercial cofinancing. The B loan will be funded by Singapore’s Oversea-Chinese Banking Corporation and Germany’s DZ Bank.

The agreement for the Eastern Economic Corridor Independent Power Project was signed by ADB deputy director-general for Private Sector Operations Christopher Thieme and the GED CEO Sarath Ratanavadi at a ceremony in Bangkok.

“The project will build the fourth-largest power plant and one of the largest combined cycle gas turbine power plants in Thailand, which will be key to the Eastern Economic Corridor [EEC] development plan, considered as the prime economic growth driver for the country until 2028,” said Thieme. “The ADB is proud to play an essential role in this transaction, which will help provide reliable power to industry and households and boost Thailand’s economic growth and development prospects. We are particularly pleased to bring in additional cofinanciers to this transaction through our B loan programme and LEAP, since the financing gap will be one of the major challenges for the success of the EEC development plan.”

The plant will be fully operational by 2024, delivering at least 16,000 gigawatt hours of electricity. With the state-of-the-art combined-cycle gas turbine technology to be used at the plant, the project will mean one million fewer tonnes of carbon dioxide is emitted every year compared to current electricity grid emissions, said a press statement. The plant will be integral to sustaining Thailand’s energy security given that more than 8,500 MW of generating capacity – equivalent to about 20 per cent of current national energy capacity – of ageing power plants will be retired between 2020 and 2025.

According to the statement, Gulf PD was established in 2012 to develop, construct, own, and operate the 2,500MW power plant, while GED is a leading power generation company with the largest portfolio of contracted power purchase agreements in Thailand. Mitsui, established in 1947, is one of Japan’s largest trading companies involved in the development of more than 74 power projects globally.

The ADB is committed to achieving a sustainable Asia and the Pacific, while continuing its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion.

According to its filing with the Stock Exchange of Thailand today, the transaction is in accordance with the principle approved by the Board of Directors on November 13, 2019.

The acquisition is currently awaiting approval from the Ministry of Mines and Energy and relevant competent authorities of Cambodia.

Ray Power Supply has been granted the right to develop a ground-mounted solar farm project in Serei Saophoan, Banteay Meanchey Province, pursuant to the power purchase agreement for 30 Megawatts with Electricite Du Cambodge (EDC) with the term of 20 years. The scheduled commercial operation date is October 2020.

According to a statement released today (November 18), the purchase of a 100-per-cent stake in Chicken Time, which amounted to Bt2 billion, will allow Minor Food to operate existing Bonchon stores in Thailand.

As part of the transaction, its wholly owned subsidiary, Minor Food Group (MFG) has set up Minor Food Holding for the acquisition.

While such an investment does not include the franchise rights to open new stores, Mint is in the process of discussing with the master franchise right holder on a potential partnership to allow further expansion of Bonchon outlets across the country.

Bonchon brand, which was established in 2002 in South Korea, has become a strong global brand as Korean cuisine and Korean-style fried chicken have gained increasing popularity worldwide.

The brand differentiates itself with a specialised Korean-style fried chicken glazed with its signature sauces. With its strong brand equity and customer loyalty for distinctive super crispy chicken and other Asian fusion dishes, Bonchon restaurants have rapidly expanded worldwide, spanning across nine countries including the US, Bahrain, Kuwait, the Philippines, Singapore, Cambodia, Vietnam, Myanmar and Thailand.

“The already-lucrative portfolio of Bonchon brand in Thailand will bring us immediate revenue and earnings to further sharpen our growth trajectory. We believe that Thailand continues to offer promising long-term outlook on the back of its growing middle class and increasing personal income.” said William E Heinecke, founder and chairman of Mint.

“The unique customer proposition of the Bonchon brand combined with our robust four-decade experience and well-established operating platform in Thailand will no doubt equip us to further maximize value of this new investment for our shareholders.”

Paul Kenny, chief executive of Minor Food, added, “We took our time to find the right brand to be added to our food portfolio and we couldn’t be happier that we found this one-of-a-kind food concept. Chicken is undoubtedly one of the top preferred protein for Thai people, and the growth potential of such market is enormous. While Bonchon will fit well within our casual dining restaurant portfolio, at the same time it also enhances our brand diversification. This strategic move will surely take Minor Food to another level, building on our long history as a restaurant operator.”

Jakrapon Chantawimon, general manager of Nanyang Marketing, said the company had been working hard to expand its original business of making shoes for male students and now offered footwear for girls and sports though branding still focuses on function more than fashion at a reasonable price.

The “Nanyang RED limited edition 2019” arose from Jakrapon’s passion for Liverpool FC and he announced on his Facebook page that Nanyang would launch new products in red if the club topped the Premier League. The team didn’t but they did win the UEFA Champions League, so he went ahead with the project. And the shoes did even better than expected, selling 12,598 pairs.

The general manager added that one of the key factors of the product’s success was the marketing campaign which used free media like Facebook. Therefore, the company didn’t have to spend lots of money on advertising.

“Marketing people can no longer complain that they don’t have enough budget for promotion. We have shown them that an old brand like Nanyang was able to create a successful promotion strategy without resorting to the traditional advertising method,” he said.