Infosys To Complete Restructuring In 3-4 Months Infosys is likely to have finalized two European firms for acquisition. It is learnt that the IT major will be pumping in USD 280-300 million for the acquisition which is slated to be completed before July. Sources add that that Infosys has appointed three member panel with Director-HR of the company Mohandas Pai at the helm. The panel will chart out a restructuring blueprint. However, Infosys may go for restructuring only after the succession plans are announced. Infosys is looking to restructure its business into seven key verticals, wherein each vertical will be divided into different horizontals. Sources also say that three to four key vertical heads likely to be shuffled. Infosys is eyeing to complete restructuring in three-four months time.
Source : 11-04-11 Moneycontrol.com Compiled by Amresh Anjan
Providing Jobs To The Young A Challenge For Government: Finance Minister The government has admitted that providing more and better jobs to the young still remains a challenge, even as the Indian economy was back on a high growth path after hit by the global financial crisis for two years. At the annual general meeting of the Confederation of Indian Industry (CII), Finance Minister Pranab Mukherjee said his efforts at fiscal consolidation would lead to macroeconomic stability and fuel further high growth that would also lead to more opportunities for the young. But the government alone could not meet the aspirations of the young, he said, seeking the help of industry in this regard. Mr. Mukherjee said a few large sustainable skill development initiatives could be taken up to meet the target of 150 million skilled workers by 2022, set by the National Skill Development Council. He asked CII to take the lead in five to 10 sectors in setting up skill councils in manufacturing, health care and mining.
Source : 09-04-11 Business Standard Compiled by Amresh Anjan
Tier II And III Cities Emerging As Top Job Creation Centres: Assocham Study As tier I cities get congested and costly, tier II and III cities recorded over 60 per cent share in total job creation in the country last financial year, according to the latest Assocham Placement Pattern (APP) study. Tier II and III cities are likely to generate 40 per cent more jobs in the near future, according to the study which analysed trends of job openings in 56 major cities and 32 sectors from a sample of 6.54 lakh employment opportunities generated in last financial year. While 17 tier II cities like Surat, Pune, Bhubaneshwar, Chandigarh and Lucknow cornered 38.8 per cent share in creating 253,702 jobs, 33 tier III cities like Allahabad, Udaipur, Agra, Ajmer, Kota and Meerut accounted for 23 per cent share with 150,391 new jobs in the past one year.Among tier II cities, Surat recorded an 8.8 per cent growth, while Bhubaneshwar and Pune recorded 42.2 per cent and 19.7 per cent growth in job creation. Chandigarh, Lucknow marked 12.2 per cent and 10.8 per cent growth. The growth was 6.68 per cent in Jaipur, 4.33 per cent in Indore, 4 per cent in Nagpur, 3.35 per cent in Kochi, 3.28 per cent in Ludhiana.
Source : 12-04-11 Business Standard Compiled by Amresh Anjan
Indians Warned Against Fake Job Offers From Nigeria The Indian High Commission in Nigeria has stepped in to stem the increasing number of cases of Indians being duped by Nigerians through various promises, including job offers, and has cautioned its citizens to ignore such proposals. In a notice posted on its website, the high commission says that "a number of doctors, teachers, etc., used to work in Nigeria during 1960s to 1980s who are still held in high esteem. However, the situation is no longer the same." "Now few jobs are available in schools, universities, hotels, banks, hospitals for doctors, nurses and laboratory technicians and in the oil industry. Unfortunately, many scam job offers are floating around purportedly for Nigeria or other nearby countries to extract money in the name of visa fees, permit and even deposit or charges for opening a salary account" the report further stated. For genuine jobs, the high commission said, selections are made after a personal interview in India either by the employer or through reputed consultants/recruiting agents. In such cases, employers will send the authorization.
Source : 08-04-11 Mangalorean.com Compiled by Amresh Anjan
TCS Likely To Lead The IT Pack In Revenue Growth The last quarter of the fin¬ancial year is seasonally a sluggish period for IT firms in terms of revenue growth. The same is expected to reflect in the Q4 FY11 financial results of the top four companies. While revenues may increase marginally, operating profit growth may be flat or slightly lower for the tier-I players barring HCL Technologies, say analysts. TCS is expected to lead revenue growth while its nearest rival Infosys is likely to have a weak Q4, a historical phenomenon."Among the top four, HCL Technologies is expected to report the highest quarter-on-quarter net profit growth of about 12 per cent," says Mr. Dipen Shah, senior VP (private client group research) Kotak Securities. Increase in the company's utilisation rates is said to be the main reason.
Source : 06-04-11 Financial Chronicle Compiled by Amresh Anjan
Education Loan Norms To Be Reworked To Cut Bad Debt Millions of students seeking bank loans for higher studies and professional courses may soon get more time to repay after finding a job, but those who don't have sufficient academic credentials and are getting admission through other means such as donation and "quotas" may find it tough to get money from banks. Concerned over a rise in default rates in loans given to students, Indian banks are reworking the existing norms to give such advances. The Indian Banks' Association (IBA), the industry lobby of lenders, has constituted an expert committee under Indian Bank chairman and managing director Mr. T.M. Bhasin to modify the so-called education loan scheme. This scheme was launched in 2001-02 by then finance minister Yashwant Sinha in a budget announcement. It was later modified in 2004-05, when P. Chidambaram was the finance minister. "Since banks are not allowed to ask security for loans (of) up to Rs. 4 lakh under the current scheme, there is a problem in the business. Some of the students are not getting jobs. What we, therefore, intend to do is track students' progress. There is some extension required (for repayment)," Mr. Bhasin said. Source : 12-04-11 Mint Compiled by Amresh Anjan
Mr. Suresh Vaswani To Lead Dell India The World's second largest personal computer maker Dell India named Mr. Suresh Vaswani as the executive vice president of Dell services applications and BPO business. He will also take over as the chairman of Dell India operations and will be reporting to Mr. Steve Schuckenbrock, President Dell services. Mr Vaswani was earlier joint chief executive of Wipro's IT business.
Source : 07-04-11 Hindustan Times Compiled by Amresh Anjan
HCL Founder Shiv Nadar To Head IIT-Kharagpur's Board Shiv Nadar, founder of software major HCL, was appointed the chairman of the board of governors of the Indian Institute of Technology (IIT), Kharagpur. IIT-Kharagpur is the only engineering institution from India listed among top 500 universities worldwide in the Shanghai Jiao Tong University's 'Academic Ranking of World Universities'. "It is an honour to be entrusted the responsibility to further advance the global stature this great institution has built already," said Nadar. The HCL founder takes over the chairmanship from B. Muthuraman, vice chairman of Tata Steel. He now increasingly spends his time on the philanthropic initiatives of the not-for-profit Shiv Nadar Foundation.Former chairpersons of IIT-Kharagpur include former West Bengal chief minister B.C. Roy, former chairman and managing director of Tata Steel Russi Mody, chairman emeritus of Ballarpur Industries Ltd. L.M. Thapar, and chairman emeritus of RPG Group R.P. Goenka.
Source : 07-04-11 NDTV.com Compiled by Amresh Anjan
Bharati Airtel Plans Key Reshuffle It's once again reshuffle time at the country's largest telecom firm, Bharti Airtel. The company which is divided into two verticals — India & South Asia and the international business group ever since it acquired the African operations of Kuwaiti telecom firm Zain Telecom — is likely to see a change in responsibilities among its key senior executives.It is said Mr. Atul Bindal, currently president, mobile services, which comes under the India and South Asia vertical, is tipped to take charge as deputy CEO of the international business group under Manoj Kohli. The idea is that he be sufficiently groomed under Mr. Kohli to later take charge as the CEO. That is when Mr. Kohli is likely to return to the corporate office in Delhi with a larger role.
Source : 13-04-11 Financial Express Compiled by Amresh Anjan
Myspace Likely To Prune More Staff To Win Suitors Reports have surfaced that faded social networking star MySpace may cut more staff to be attractive to suitors. A Wall Street Journal report cited unnamed sources as indicating that News Corp might make MySpace leaner for potential buyers including music video service Vevo, China-based Internet Company Tencent, and private equity firms. News Corp has had MySpace sale talks with those companies and with Chris DeWolfe, a founder of the online social networking pioneer. News Corp revealed in January that it was exploring a sale or other "strategic options" for MySpace, the ailing social network which has been eclipsed by Facebook. News Corp's chief operating officer Chase Carey put MySpace on notice in November saying the losses at the social network were "unsustainable."
Source : 11-04-11 Financial Express Compiled by Amresh Anjan
Microsoft Appoints New Marketing Head Microsoft Corp. has appointed Chris Capossela as its chief marketing officer, responsible for the software giant's marketing, advertising and corporate communications. Chris Capossela will replace Ms. Mich Mathews, Microsoft's long-time head of global marketing who announced in March that she will retire this summer. The new chief marketing officer will also take the role of senior vice president of the company's Consumer Channels and Central Marketing Group.The Consumer Channels is a newly-formed group aimed at bringing together Microsoft's retail, mobile operator and distribution teams into one organization. Capossela, a 20-year veteran of Microsoft, once worked as Bill Gates' speech assistant.
Source : 08-04-11 Hindustan Times Compiled by Amresh Anjan
Tata's Trent Hires CEO From UK Almost eight months after Noel Tata stepped down as managing director of Trent, the retail arm of the Tata Group, the company said it had appointed Philip Auld as chief executive officer. MR. Auld is a retail industry veteran from Britain, who has worked with Asda, a WalMart-run supermarket and M&S, a Netherlands-based non-food retailer After Tata left Trent, a five-member core team was formed to look after the operations of the company. Tata continued as non-executive chairman.
Source : 08-04-11 Business Standard Compiled by Amresh Anjan
Priyanka Rishi Joins Mudra West Mudra West a SBU of Mudra India has roped in Priyanka Rishi as senior VP to overlook the FMCG and infrastructure verticals of Mudra West which include some of its biggest clients such as Godrej, HCC, Incredible India and Emami in Mumbai. Apart from this, she will also help with new business developments of the office. Mr. Rishi will report directly to Arijit Ray, president, Mudra West.
Source : 08-04-11 Business Standard Compiled by Amresh Anjan
ISB Students Average Salary Jumps To Rs 18 Lakh Indian School of Business (ISB) announced the placement results of its 2011 batch and the mood was more ecstatic as this time the ISB alumni companies had turned up for the placement process. In addition to this, the school also saw its students receiving the highest number of job offers in the past ten years. The increase in offers was 22 per cent over the last year. Also, average salaries went up by around 10-20 per cent to around Rs 18 lakhs as against the last year's average of Rs 16 lakhs. This year 301 companies made 661 offers to its students. In 2008, the school had witnessed 657 offers from 230 companies. The B-school has, however, refused to divulge the details of the highest salary offered.
Source : 07-04-11 Deccan Chronicle Compiled by Amresh Anjan
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