| 25% Of World's Highest Paid Expats Are In India |
| According to the 2009 Expat Explorer Survey by HSBC Bank International, some of the wealthiest expatriates in the world live in Asian countries and about 25 per cent of them live in India. The lowest paid expatriates live in Australia and Western Europe. The study says that the highest proportion of expats earning more than $250,000 are in Hong Kong (27 per cent), Japan (26 per cent) and India (25 per cent) compared with a global average of 16 per cent. Expats living in India, Malaysia and China find accommodation in these countries much cheaper than in their countries of origin. |
| Source: 25-06-09 www.rediff.com Compiled by Amresh Anjan |
| Mr Nandan Nilekani Bids Goodbye To Infosys For Govt Project |
| Mr Nandan Nilekani, long-time veteran and co-chairman of Infosys Technologies Ltd, has quit the company's board to join the government as a cabinet rank minister. He will head government agency Unique Identification Authority of India for the ambitious project of providing a unique identification ID to every Indian citizen. |
| Source: 25-06-09 www.indianexpress.com Compiled by Amresh Anjan |
| New Leadership Team At Mahindra Satyam |
| Tech Mahindra has announced new leadership team for Mahindra Satyam. Mr C P Gurnani will be the new CEO and Mr S Durgashankar the new chief financial officer (CFO) with immediate effect. Prior to this, Mr Gurnani was heading the global operations of Tech Mahindra while Mr Durgashankar was senior vice- president (M&A) for Mahindra Group. At Tech Mahindra, strategic initiatives head Mr Sanjay Kalra has been promoted as the new CEO of the company. |
| Source: 23-06-09 www.livemint.com Compiled by Amresh Anjan |
| Pay Bonanza For IIT, IIM Faculty Soon |
| Faculty at Indian Institutes of Technology and Indian Institutes of Management can hope for fatter pay packages soon as the government is likely to take the issue of their revised salary to the Cabinet soon. The revised salary packages may be better than what their counterparts in universities and colleges earn. The Pay Review Committee set up for faculty members of 53 central technical institutes like IITs and IIMs had suggested a better package for these teachers as against the faculty members of universities and colleges. |
| Source: 24-06-09 www.rediff.com Compiled by Amresh Anjan |
| OBC To Recruit 1,800 Officials For 113 New Branches |
| Govt-owned Oriental Bank of Commerce will hire more than 1,800 officials in this financial year to meet its manpower requirements for 113 new branches that it plans to open across Tier II and Tier III cities. With the opening of new branches, OBC’s total network would exceed 1,500 from 1,403 branches at present. |
| Source: 26-06-09 www.rediff.com Compiled by Amresh Anjan |
| SAIL To Cut Its Workforce By 20,000 By 2011 |
| Government owned Steel Authority of India Ltd (SAIL) will prune its workforce by about 15%, or 20,000 by 2011, according to a media report. The reduction in headcount will be achieved by not replacing retiring employees. The company is planning to axe 6,000 jobs during the current year. |
| Source: 23-06-09 www.livemint.com Compiled by Amresh Anjan |
| HP PSG To Increase Its Offshore Employee Count |
| The Palo Alto- headquartered technology firm Hewlett-Packard (HP) is restructuring its offshore-onshore staff ratio. Consequently, HP plans to increase its offshore headcount by at least 40% from the current 10% by 2010-end, of which around 80% of the staff will be sourced from the Bangalore office. Currently, the technology major employs 3,00,000 people worldwide, of which 50,000 are based out of India. |
| Source: 24-06-09 www.dnaindia.com Compiled by Amresh Anjan |
| AI To Cut Salaries To Save Rs 500 Cr |
| Reeling under acute financial crunch, Air India is looking at a Rs 500-crore reduction in employee costs. Currently, the annual salary bill for AI is about Rs 3,000 crore, of which around Rs1,400 crore are Performance Linked Incentives (PLI). A committee has been formed to examine wage structure, including flying allowances and PLIs, to actualize the reduction. Meanwhile, Air India has also requested all executives in the level of general managers and above to voluntarily forego their salary and PLIs for July to help the cash-strapped and crisis-ridden airline. |
| Source: 23-06-09 www.dnaindia.com Compiled by Amresh Anjan |
| High-Level Appointments At BNP Paribas |
| BNP Paribas has recently made six senior level appointments in research, sales and trading. Mr Robert Musetti has been appointed as Global Head of Institutional Sales, Cash Equity and Derivatives, Asia-Pacific. He will be responsible for coordinating and driving all sales activities related to the bank's institutional client business in the Asia-Pacific region. Three senior research analysts, Mr Dominic Chan, Mr Trevor Cheung and Ms Michelle Mak have also been appointed to cover large cap stocks in three critical sectors in Hong Kong and China. Mr Richard Patterson has been appointed as Head of Regional Sales trading. |
| Source: 22-05-09 www.dnaindia.com Compiled by Amresh Anjan |
| Hiring Prospects In Hospitality Sector Look Bright |
| According to a survey conducted by global staffing services firm Manpower, hiring prospects in the hospitality sector look bright in the coming quarters as a large number of employers in this sector are expected to increase their headcount considerably. The survey, 17 per cent of respondents from the hospitality sector said that they have positive hiring plans for the July-September quarter this year. |
| Source: 20-06-09 www.rediff.com Compiled by Amresh Anjan |
| Citi’s Mr Ajay Banga To Join MasterCard As COO |
| Mr Ajay Banga, Citi's senior-most executive in Asia-Pacific, has quit the company to join MasterCard Worldwide as its president and chief operating officer. Forty-nine-year-old Mr Banga will report to president and CEO, Mr Robert Selander, starting August 31. In his new role at MasterCard, he will be responsible for key business operations, including customer relationships globally, products, services, marketing, technology and operations. MasterCard will pay Mr Banga a $4.2 million sign-on bonus and $4.9 million in restricted stock grants. |
| Source: 22-06-09 Business Standard Compiled by Amresh Anjan |
| Xchanging To Open 1,000-Seat BPO Near Bangalore |
| UK-based Xchanging, a Rs 4.6 billion business process outsourcing unit plans to open a centre in the town of Shimoga near Bangalore, which will create recruitment for 1,000 staff. Currently, it has an employee count of around 3,000 with offices in Gurgaon, Bangalore and Chennai and is set to double its headcount in India in the next two years. |
| Source: 22-06-09 Business Standard Compiled by Amresh Anjan |
| UK Services Sector May See 300,000 Job Losses |
| As the United Kingdom grapples with the worst recessionary conditions, the business services sector in the country may see over 300,000 job losses in the next four years, according to a report by economics consultancy Centre for Economics and Business Research (CEBR). The report said that business services jobs had increased by 616,000 from 2003 levels to 2008 levels. However, more than half of these jobs would be lost over the next five years. Among all the subcategories, advertising is set to be the worst hit as it is expected to slash 15,000 jobs, the report said. |
| Source: 22-06-09 www.rediff.com Compiled by Amresh Anjan |
| GM To Cut 20% White-Collar Jobs By Oct |
| General Motors Corp will cut 20 per cent white-collar jobs by October, translating into 4,000 job losses through a combination of layoffs and terminations. GM is shedding its Hummer, Saab and Saturn brands and slashing manufacturing capacity. The automaker will also cut 35 per cent of its more senior executive ranks. By the end of the process, GM aims to have 23,500 white-collar workers in the United States, down from more than 49,000 in 2000 and down from over 29,600 at the start of the year. |
| Source: 24-06-09 Financial Express Compiled by Amresh Anjan |
| Citigroup To Raise Base Salaries For Employees |
| According to a media report, troubled financial major Citigroup will increase the base salary of its rank-and-file employees by as much as 50 per cent this year to compensate for smaller bonuses. The company will also award millions of new stock options to employees in an effort to retain workers. |
| Source: 24-06-09 Financial Express Compiled by Amresh Anjan |
| German Lawmakers Pass Law To Limit Executive Pay |
| Germany has recently passed a law that puts an upper limit on the salaries of top executives and encourages companies to focus on long-term strategies and performance. The law has been drawn up in response to the global economic crisis. As per the new legislation, board members will be held responsible for approving excessive salaries for senior managers. |
| Source: 22-06-09 www.sify.com Compiled by Amresh Anjan |
| More Job cuts At Oilfield Services Companies |
| As crude prices rise relentlessly, three of the biggest oilfield services companies have cut more jobs to adjust to sluggish exploration and drilling activity. Schlumberger Ltd. has eliminated another 100 jobs in North America while smaller companies Halliburton Co. and Baker Hughes Inc. have also reduced an unspecified number of positions. The three companies combined have cut about 10,000 jobs already this year. |
| Source: 22-06-09 www.sify.com Compiled by Amresh Anjan |
| CAs Remain Unaffected By Recession |
| The Committee for Members in Industry (CMII) of the institute organized a Campus Placement Programme during March-April 2009 at sixteen centres viz. Ahmedabad, Chandigarh, Coimbatore, Ernakulam, Hyderabad, Indore, Jaipur, Kanpur, Nagpur, Pune, Surat, Bangalore, Chennai, Kolkata, Mumbai and New Delhi. Around 3, 842 candidates participated and around 508 jobs were offered during the programme. In the March-April 2009 campus Placement Programme, the maximum salary offered to five candidates was Rs 23.00 lacs per annum for international postings. For an Indian posting, the maximum salary offered to six candidates was Rs 9 lacs per annum. |
| Source: 20-06-09 The Chartered Accountant Compiled by Amresh Anjan |
| Polaris Appoints New COO |
| Chennai-based financial technology IT firm, Polaris software lab appointed Mr. Govind Singhal as their new COO. The company also appointed Mr. Kartik Kaushik as President, heading global sales and account management. |
| Source: 24-06-09 Financial Express Compiled by Amresh Anjan |
| Mr. R. Srinivasan Appointed As MD Of HAL |
| Helicopter Complex, Hindustan Aeronautics Ltd (HAL) has appointed Mr. R Srinivasan as the managing director. This position has been created to bring all helicopter design, development and manufacturing activities under one platform. |
| Source: 24-06-09 Financial Express Compiled by Amresh Anjan |
| Harvard Announces 275 Job Cuts |
| Harvard University has recently announced 275 job cuts as the latest cost-cutting measure to counter the financial crisis. The cuts are mostly in administrative, clerical and technical departments. Another 40 staff members have been offered reduced work hours. Currently, Harvard has nearly 16,000 staff and faculty on board. Other than job losses, Harvard has also kept salaries flat for more than 9,000 faculty and staff in the 2009-10 academic year. More than 500 staff opted for voluntary early retirement under a program offered earlier this year. |
| Source: 23-06-09 www.reuters.com Compiled by Amresh Anjan |
| Corus To Eliminate 2,045 More Jobs |
| Tata Steel’s subsidiary Corus Group has announced that it will axe 2,045 fresh jobs, mostly in three of its plants in the United Kingdom. Of these, 1,500 of are in the company's production facilities -- around 800 at the engineering steels sites, mainly Rotherham and Stocksbridge; about 370 in Corus Tubes in the UK and the Netherlands; and about 375 at downstream rolling and finishing plants in Teesside and Scotland. These will be over and above the 2,500 job cuts it had announced at the beginning of 2009. |
| Source: 26-06-09 Business Standard Compiled by Amresh Anjan |
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