China's Baidu Reaches A Deal, Cisco Confirms Layoffs

Originally published on July 19, 2011 6:54 am
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NPR's business news starts with a big deal for the music industry.

(Soundbite of music)

INSKEEP: Three of the world's top music labels have reached an agreement with China's biggest search engine. China is seen as a huge market for music, of course, but it's plagued by piracy.

The music industry has been complaining that China's top Internet search engine, called Baidu, has been helping Web surfers access music illegally. Today, Baidu says it has reached an agreement with Sony, Universal and Warner to distribute music through a site called One-Stop China. The search engine says it will also pay the labels for music content that is streamed or downloaded through its mp3 search service.


OK. On now to Silicon Valley, where the Internet equipment giant Cisco has confirmed that it's laying off staff. The company's trying to boost profits, so it's cutting 6,500 jobs. That's 9 percent of Cisco's staff. About 2,000 people are leaving under an early retirement program.

Cisco also says it's selling off a manufacturing plant in Juarez, Mexico, where it employs 5,000 people and makes TV set top boxes. Transcript provided by NPR, Copyright NPR.