AI Has No Money To Pay Its Employees After March Beleaguered national carrier Air India (AI), fighting with its mounting debts, does not have the money to pay salaries of its employees beyond March. The revelation has forced the country's top notches of aviation to sit up and take notice of the clear and present danger. Senior airline executives briefed top civil aviation ministry officials about the company's deteriorating financial condition. Unless the government immediately releases the remaining Rs 1,200 crore equity support, which has been opposed by finance and home ministries, it would be very difficult for the airline to sustain operations, the Ministry has been told.
Source : 01-12-10 Hindustan Times Compiled by Amresh Anjan
She Fired Herself Instead Of Her Staff! She fired herself to avoid making one of her staff redundant. Ms Lola Gonzalez, 51, found it hard to sack any of her six workers, so she fired herself from her $1,00,000-a-year job as head of a company making background checks for employers. She said cutbacks in the recession meant she had to lose one of her six staff at Accurate Background Checks in Ocala, Florida. She told her employees, "I want you all to know I have to lay somebody off, and it's been a very difficult decision. And that person is me." Ms Gonzalez, who has found work as a social worker but takes home less than 50% of her previous salary, said that she plans to re-hire herself next year once business is back on track.
Source : 30-11-10 DNA Compiled by Amresh Anjan
Cognizant Exceeds 1-Lakh Employee Mark IT and consulting firm Cognizant has crossed the one-lakh employee mark, entering the league of technology giants like TCS, Infosys and IBM. Out of one lakh employees, India accounts for over 75% of the workforce. In India, Cognizant is the fourth largest IT employer, after TCS, Infosys and Wipro.
Source : 03-12-10 The Financial Express Compiled by Amresh Anjan
Chrysler Hires 1,000 Engineers To Develop Small Cars Chrysler Group is hiring 1,000 engineers and other high-tech employees in the next four months as it looks to get into the small and mid-size segment. The automaker, which is 20 per cent-owned by Fiat SpA, plans to recruit the engineers, including electrical, mechanical and manufacturing engineers, through the first quarter of 2011.The company has hired almost 5,000 new employees since it exited a government-funded bankruptcy in June 2009, Chrysler said. At present, the automaker is under management control of Fiat. In 2006, the company employed more than 82,000 workers globally. By June 30, 2009, that figure fell about 42 per cent to nearly 48,000.
Source : 01-12-10 Business Standard Compiled by Amresh Anjan
Permanent Commission Approved For 12 Women Officers For the first time, the army has approved the selection of 12 women officers for the permanent commissioned cadre in a step towards giving them equal treatment at par with men officers. According to sources from Army, the first ever board for selection of women officers for permanent commission was carried out earlier this month following a decision by the Defence Ministry and the first batch of 12 officers who will be offered the commission have been selected. The women officers belong to the legal and education branches — the two streams that have been chosen by the Defence Ministry for induction of women officers on permanent commission. This initiative will pave the way for women officers in non-medical services to obtain the rank of Colonel and above.
Source : 01-11-10 The Indian Express Compiled by Amresh Anjan
Record Placements At IIT-B On Day 1 Indian Institute of Technology – Bombay (IIT-B) has set a new record. With 25 companies offering about four jobs each on Day 1 of the placement season, the institute made a record across 15 IITs in the country. The salaries offered by companies this year were at least 15 to 20% higher than last year. This indicates a successful start to the placement season. The IIT-B placements are the trendsetter for recruitments as this campus is the first choice for most companies.
Source : 02-12-10 Hindustan Times Compiled by Amresh Anjan
TCS Comes Up With A BPO In Philippines Tata Consultancy Services (TCS) announced the launch of a 400-seater BPO (business process outsourcing) centre in Philippines. This is its first BPO centre in Southeast Asia and the latest addition to the company's Global Network Delivery Model. It plans to increase capacity of the BPO to 1000 seats in the near future. "We're very excited about the talent pool available in the Philippines for our new BPO centre and look forward to leveraging our best practices and technology excellence from around the world to further develop talent in this region," said Mr Vish Iyer, head, Asia Pacific, TCS.
Source : 02-12-10 Hindustan Times Compiled by Amresh Anjan
Maruti Gets On A Hiring Spree The country's largest car manufacturer, Maruti Suzuki India Ltd (MSIL), is all set to go on a hiring spree for its research and development (R&D) activities. It has acquired around 700 acres to set up an R&D centre at Rohtak, and is considering hiring around 100 engineers next financial year to beef its 1, 000-strong R&D team.
Source : 02-12-10 Business Standard Compiled by Amresh Anjan
US Initial Jobless Claims On A Rise Last week, a closely watched gauge of US jobless benefits touched a fresh two-year low. Initial claims for state unemployment benefits increased 26, 000 to a seasonally adjusted 436, 000, according to the Labor Department. However, a four-week moving average – a better gauge of underlying labor trends – fell to its lowest level since the week ending August 2, 2008. Economists had estimated claims rising to 425, 000.
Source : 03-11-10 Business Standard Compiled by Amresh Anjan
Thomas Cook To Slash 500 Jobs Thomas Cook announced that it planned to save between $78 million through cost savings in its British business after reporting full-year earnings at the lower end of expectations. The tour operator said it planned to cut 500 managerial and support jobs in the UK, renegotiate supplier costs and reduce its buying requirements, and upgrade its IT infrastructure.
Source : 02-12-10 Hindustan Times Compiled by Amresh Anjan
LIC Southern Region Gets A New Head Mr M R Kumar has been appointed as the zonal manager of Life Insurance Corporation (LIC) of India southern region. Prior to this, he was regional manager (marketing) at the southern zonal office, said a statement from LIC in Chennai.
Source : 03-12-09 The Financial Express Compiled by Amresh Anjan
Oriental Appoints Mr Kannan As ED Mr V Kannan, who was earlier working as general manager (GM) at Bank of Maharashtra, has been named as executive director of Oriental Bank of Commerce. He has replaced Mr H Rathnakara Hegde, who retired last week.
Source : 02-12-10 The Financial Express Compiled by Amresh Anjan
Mr Joseph George Is Lowe Lintas' New CEO Advertising major, Lowe Lintas India has promoted the agency's deputy CEO Mr Joseph George to chief executive officer. He will succeed Mr Charles Cadell from January 3, 2011.
Source : 30-11-10 The Financial Express Compiled by Amresh Anjan
LIC Housing Finance Names New CEO The Life Insurance Corp of India (LIC) has announced the appointment of Mr VK Sharma, who was zonal manager in-charge of LIC's south zone, as the new chief executive officer (CEO) and director of LIC Housing Finance (LICHF). The post fell vacant when the previous CEO, Mr RR Nair, was arrested by CBI in the housing loan bribery scam.
Source : 30-11-10 Hindustan Times Compiled by Amresh Anjan
Mr Rajappa Is The Rediffusion CEO Mr Mahesh Chauhan, group CEO of Rediffusion Y&R, has decided to step down. He's being replaced by Mr D Rajappa as president of the agency. Before this, Mr Rajappa was the president of Everest Brand Solutions.
Source : 02-12-10 The Financial Express Compiled by Amresh Anjan
Religare Appoints Deutsche Banker As India Equity Capital Markets Head Religare Capital Markets, an arm of financial group Religare Enterprises, announced the appointment of Mr Ankush Pitale from Deutsche Bank as its equity capital markets head in India.
Source : 01-12-10 DNA Compiled by Amresh Anjan
New Sebi Chairman To Be Decided By December End A finance ministry official said that the suspense over who would be the next Sebi chairman is likely to continue for some more days as the final round of interviews, earlier scheduled for December 3, has been postponed. Among those short-listed for the post, mutual fund industry body Amfi chairman Mr UK Sinha and corporate affairs secretary Mr R Bandyopadhyay are said to be top contenders, according to sources close to the development. Others short-listed for the final interview include department of disinvestment additional secretary Mr S Pradhan, Madhya Pradesh principal secretary GP Singhal and two managing directors at SBI, Mr S K Bhattacharya and Mr R Sridharan.
Source : 02-12-10 The Financial Express Compiled by Amresh Anjan
Fortis Names CEO For Global Arm Singapore-based Fortis Global Healthcare Holdings, a firm controlled by India's billionaire Singh family, appointed Mr Vishal Bali as the CEO who will lead the firm's efforts to build a pan-Asian healthcare business. Mr Bali was previously CEO of Fortis Hospitals, which is a unit of India-listed Fortis Healthcare.
Source : 29-11-10 DNA Compiled by Amresh Anjan
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