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Retailers, Job Seekers Stand To Gain From FDI Employment in the organised retail sector is set to benefit along with the industry, if the proposal of 51 percent foreign direct investment (FDI) in supermarkets goes through. The tremendous boost in investment will mean that the sector will grow at an unprecedented rate. "The opening of the retail sector to foreign investment is a win for the country as we will get around $8 billion to $10 billion of fresh investments over the next five to 10 years," said Kishore Biyani, CEO of Future Group. Actual growth in the sector has so far been muted due to a lack of retail experience and capability. FDI will make way for inflow of knowledge from international experts."Organised retail market will get a boost and may see least 10 million jobs in the next five to seven years," Gurpreet Khanna, director, Institute of Excellence in Services & Planning, estimated. The institute is starting a course to train retail vendors to stay competitive in the liberalised environment
Source : 10-12-11 Hindustan Times Compiled by Amresh Anjan
Yahoo Set To Ramp Up India Headcount Internet major Yahoo is looking at ramping up its India headcount by 15% next year, seeing growth in its business both locally and overseas. Yahoo! India currently has over 2,000 employees, the second-largest centre outside its Sunnyvale, California, headquarters."The hiring will be in the areas of software development, which includes product management, software developers, engineers and project managers. We will also hire aggressively for our labs including scientists and researchers. In the business side we will continue to invest in sales, marketing and editorial," said Aparna Ballakur, vice-president (HR), Yahoo!, India."For sales, marketing and editorial we are completely looking at lateral hiring with a media, advertising and online background. For editorial we are looking at someone from the content creation and publishing field. In sales and marketing someone with 7-8 years of experience and above is a desired candidate," Ms. Ballakur added. For scientists and researchers, Yahoo! is looking at candidates with computer science and sociology background, with an understanding of large data and human behaviour.
Source : 12-12-11 Financial Express Compiled by Amresh Anjan
Govt Cuts Growth Forecast For 2011-12 The government has revised India's economic growth forecast downward to 7.5 percent for the current fiscal year. This is much lower than the 9 percent GDP growth forecast in the Economic Survey released in February. This significant revision was reflected in the mid-year analysis (2011-12) report presented by Finance Minister Pranab Mukherjee in Lok Sabha last week. The move to look afresh at the growth numbers was prompted by sluggishness in the industrial sector in the first half of the current fiscal, besides the sharply deteriorating global economic environment that has had a dampening effect on India. Growth was also affected by the slowdown in the U.S. economy and the European sovereign debt crisis. The report has cautioned that India's economic expansion next fiscal may be further hit if these problems are not solved.
Source : 09-12-11 Hindu Business Line Compiled by Amresh Anjan
Facebook Makes Rs 70 Lakh Offers At IITs Campus Placements At The Indian Institutes Of Technology (Iits) Got More Interesting With Facebook Offering About Rs 70 Lakh To A Student Of IIT Kanpur. Siddharth Agrawal, An Mtech (Computer Science And Engineering) Student Has Been Made The Offer, The Highest So Far, Registrar Of The Institute Sanjeev Kashelkar Said. Director S Dhande Said That Out Of 989 Students Registered With The Placement Office, Some 440 Had Received Job Offers Since December 2. IIT Kharagpur Officials Said The Starting Salary Of The 21-Year-Old Was $90,000, With A Relocation Bonus Of $10,000 And A One-Time Signing Amount Of $25,000, But Students Said That The Student Has Also Been Offered Esops (Employee Stock Ownership Plans) And The Entire Offer Translates To About Rs 1.7 Crore.
Source : 10-12-11 Financial Chronicle Compiled by Amresh Anjan
ZTE Names Executives For Top Posts Chinese equipment maker ZTE Corp. has picked Indian talent as it prepares for growth in the country. Yotesh Sharma has joined as sales head for ZTE India. He was earlier with Huawei. Kapil Ahuja from Nokia Siemens Network (NSN) will be chief technical and marketing officer. Shuktij Singh, also from NSN, has been named senior vice president of the Indian engineering service centre. Pradeep Yadav from Videocon Telecommunications has been appointed chief information security officer. Ravinder Diwan has joined as HR head.
Source : 11-12-11 Hindu Business Line Compiled by Amresh Anjan
DB Realty Chairman Quits KM Goenka, chairman of DB Realty, a company named in the 2G spectrum allocation scam, has resigned, Financial Express reports. Vinod Goenka, currently a managing director, has been appointed executive chairman and managing director. The company has also named Shahid Balwa as vice chairman and managing director. He replaces Usman Balwa who has stepped down.
Source : 11-12-11 Financial Express Compiled by Amresh Anjan
Quarter Pinch: Cuts In Salary, Bonus Loom Companies may resort to pay cuts and even trim bonuses, judging by the September quarter results. A few broking firms have cut salaries and some IT companies have given lower quarterly bonuses. If things don't look up in the next two or three months, employees' variable pay component may also take a hit. "With the slowdown, many companies have seen a fall in their revenues, leading to reduced gross profits. Tweaks in variable pay will help companies safeguard margins during such rough patches. Sectors like automobiles, financial services, real estate and business process outsourcing are likely to feel the pinch," says YV Verma, COO of LG Electronics. E Balaji, CEO and managing director, Ma Foi Randstad, says some companies may even do away with the variable pay component completely. One needs to be ready for such an eventuality and start budgeting for it immediately.
Source : 09-12-11 Business Standard Compiled by Amresh Anjan
Federal Bank Eyes Replacement Hiring Kerala-based Federal Bank will recruit close to 1,500 probationary officers over the next one-two years to replace employees who are retiring. Close to 1,000 employees are set to retire in the next two years, said Abraham Chacko, executive director of the private sector bank. "The banking industry had witnessed massive recruitments during the post-nationalisation period. A majority of these employees are due for retirement over the next two-three years. This is a huge challenge for the industry," Mr. Chacko said. The bank also has ambitious growth targets for the next few years. "We are looking at scaling up our branch network from 825 at present to 1,000 by December 2012. We need manpower to man these branches," Mr. Chacko said. Federal Bank aims to achieve 20 percent growth in advances and deposits this fiscal. It has also applied for an offshore banking unit in Dubai.
Source : 08-12-11 Hindu Business Line Compiled by Amresh Anjan
Employment Scenario In U.S. Looks Up The U.S. labour market showed signs of recovery with new claims for unemployment benefits dropping to a nine-month low last week. Initial claims for state unemployment benefits fell 23,000 to a seasonally adjusted 381,000, the lowest since late February 2011, the Labour Department said. Economists polled by Reuters last week said claims would slip to 395,000. The drop in claims more than offset the increase in the previous two weeks, pulling them back below the 400,000 level usually associated with improving labour market conditions. The four-week moving average of claims, considered a better measure of labour market trends, fell 3,000 to 393,250, the lowest since early April. The number of people still receiving benefits under regular state programs after an initial week of aid, dropped 174,000 to 3.58 million in the week ended November 26, the lowest since mid-September 2008.
Source : 08-12-11 Business Standard Compiled by Amresh Anjan
Board Member Of Network 18 Steps Down Ravi Adusumalli, managing partner of the private equity firm SAIF Partners, has resigned from the board of Network18 Media and Investments,. SAIFPartners holds around 6.7 percent stake in Network18. The company is also backed by other high profile investors such as Tiger Global and Acacia Partners.
Source : 08-12-11 VC Circle Compiled by Amresh Anjan
Britannia Axes 42 For Underperformance Confectionery major Britannia Industries has sacked some employees across levels in India on the basis of non-performance. When contacted, Britannia spokesperson said, "This is part of the ongoing performance management process, which differentiates the great, good and under-performers and has nothing to do with any other factor." "Each year, under-performers (usually 20 to 30) are put on a performance improvement plan and progress is consistently and carefully monitored," the spokesperson said.
Source : 07-12-11 Deccan Herald Compiled by Amresh Anjan
Citigroup To Axe 4,500 Jobs In Coming Months Citigroup chief executive Vikram Pandit has announced 4,500 jobs cuts worldwide in the coming months as the US financial major seeks to trim costs in a bleak global economic environment. The job cuts will begin this quarter and be completed 'over the next few quarters' across a range of businesses, Mr. Pandit said at a Goldman Sachs Financial Services conference. The layoffs equal about 2 per cent of Citi's 267,000-strong workforce. The company will incur a USD 400 million charge in the fourth quarter this year on severance costs and other expenses related to the job cuts. "Financial services face an extremely challenging operating environment with an unprecedented combination of market uncertainty, sustained economic weakness in the developed economies and the most substantial regulatory changes we have seen in our lifetimes," Mr. Pandit said.
Source : 07-12-11 Deccan Chronicle Compiled by Amresh Anjan
HT Media Group Announces Two New Appointments HT Media Group has announced two new appointments. Salil Sadanandan, who was serving as the business head - south and west, is moving out of the group and will be replaced by Pankaj Tibrewal. Meanwhile, Rajesh Ramakrishnan has been roped in to head marketing for North and East. Mr.Tibrewal comes to HT Media from the Future Group where he was the chief operating officer and business head for Pantaloons. Mr. Ramakrishnan's last assignment was with Apollo Tyres as head of global marketing.
Source : 07-12-11 Campaign India Compiled by Amresh Anjan
Fresh CAs Step Into A Shrinking Job Market Chartered accountants are losing their appeal as the entire financial services industry takes a beating during the slowdown, Financial Chronicle reports. This year was perhaps the worst ever in terms of the percentage of final year students who were placed during the Institute of Chartered Accountants of India's (ICAI) placement. Only 15 percent of students who registered got jobs. "This is much worse than the percentage achieved even during the 2008 global financial crisis year and half of that achieved in the previous placements," said Pankaj Jain, council member at ICAI. "The financial services business has been a large employer of CAs for the past few years, but this year it has cut down on hiring and, in fact, has let go of several professionals due to weak business conditions," said Amit Tandon, Managing Director of Institutional Investor Advisory Services. CAs are also losing ground to MBA graduates with specialization in finance.
Source : 07-12-11 Financial Chronicle Compiled by Amresh Anjan
Audit, Consulting Firms Beef Up Forensic Teams Global audit and consulting firms in India are strengthening their forensic departments as demand for due diligence increases. Companies are scrutinizing their operations after a series of scams and sparring between investors and owners. "Over the past three years, the headcount of KPMG Forensic has almost doubled on account of various initiatives," says Rohit Mahajan, a partner at the firm which has 600 forensic managers. Deloitte Touche Tohmatsu India increases its headcount roughly by 30 percent every year. "Mostly, hiring in the forensic department depends on the client requirement and during slowdown, the requirement increases," says Neeta Potnis, senior director. The rift between investors and owners adds to the demand for forensic experts in consulting firms. In India, whistle-blowing is the most frequent cause for fraud detection. Frauds committed by owners or senior managers cause more losses than those by employees at lower levels.
Source : 07-12-11 Financial Express Compiled by Amresh Anjan
Lecturers Demand Increase In Salary Members of the Karnataka State Pre-University Colleges' Lecturers Association staged a dharna in front of the Deputy Commissioner's Office demanding an increase in salaries of lecturers and principals of pre-university colleges.In a memorandum submitted at the Deputy Commissioner's office, the association said that there had been a massive disparity between the pay scales of the lecturers of the pre-university colleges and degree colleges since 1983.After the association made several representations to the State Government, it set up a committee to study the issue. The association had pointed out the injustice meted out to lecturers of the pre-university colleges by the Fourth and Fifth Pay Commissions. The committee had submitted its report to the Ministry of Education on June 27. But even after the submission of the report, the Government had not taken any action. The association demanded that the lecturers of the pre-university colleges should be given a basic salary of Rs. 14,050 a month with retrospective effect from July 1, 2005. The principals of pre-university colleges should be given a basic salary of Rs. 18,150 a month with retrospective effect from July 1, 2005.
Source : 10-12-11 The Hindu Compiled by Amresh Anjan
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