Motorola introduced its first smartphone based on Google's Android software, in a move that's key to the company's goal of regaining its place among the world's top cellphone manufacturers.
The device, dubbed the Cliq, will first be made available later this year in the US through T-Mobile. The touch-screen phone will run a new service from Motorola called MotoBlur, which synchronises all user messages and contacts, Motorola chief executive Sanjay Jha said at the Mobilize conference in San Francisco.
"MotoBlur makes text, e-mail, Facebook, Twitter feeds and photos from sources like MySpace, Gmail, Yahoo and corporate e-mail appear in a single stream and sync them together with no different logins," Jha said. "This means you can focus on what people have said instead of how and where they said it."
The Cliq will feature a full, slide-out keyboard, a 5-megapixel camera and access to all the Google programmes and applications available for the company's Android platform.
The phone will be called the Dext in markets outside the U.S. and will launch in France, Britain and Latin America later in the year, Jha said. No pricing was available for the device.
Analysts said the integration of social networking into phones could give Motorola and other manufacturers a foot in the door in their battle to challenge the iPhone as the world's dominant smartphone.
Motorola has been especially hard hit by the move to smartphones, selling just 18.8 million handsets in the most recent quarter, down from 28.1 million a year ago. Earlier this decade, the company's Razr was the world's most popular cellphone.
Jha said that Motorola was now refocused on producing cutting-edge mobile devices. He said the Cliq was crucial to the company's recovery.
"It's a very important starting point for us," Jha said. "I see smartphones as the future of computing. If it doesn't fit in your pocket, I don't think it's going to be a relevant device."
Agencies
Showing posts with label Britain. Show all posts
Showing posts with label Britain. Show all posts
Sunday, September 13, 2009
Monday, July 20, 2009
Will BT take back 2,000 Desi jobs to UK?
BT chief executive Ian Livingston has announced that the company will revert at least 2,000 call centre jobs from India back to Britain.
The company has a significant presence in India where the telecom major has a customer service staff of 11,000 employees.
At the group's annual meeting Livingston was asked by an investor, about the group's planning to close call centres in India. Livingston disclosed the plans to revert jobs in his response to the question.
However, BT said the move had nothing to do with the quality of service offered in India. A BT spokesperson said, “This is not about customer service as the service in our operations around the globe is of very similar standards. It is about the effective deployment of our resources.”
“We have opportunities to bring some activities, carried out by our partners, back from outside the UK to permanent BT employees in the UK who are skilled to do this work,” he said.
CNet.com
The company has a significant presence in India where the telecom major has a customer service staff of 11,000 employees.
At the group's annual meeting Livingston was asked by an investor, about the group's planning to close call centres in India. Livingston disclosed the plans to revert jobs in his response to the question.
However, BT said the move had nothing to do with the quality of service offered in India. A BT spokesperson said, “This is not about customer service as the service in our operations around the globe is of very similar standards. It is about the effective deployment of our resources.”
“We have opportunities to bring some activities, carried out by our partners, back from outside the UK to permanent BT employees in the UK who are skilled to do this work,” he said.
CNet.com
Saturday, April 4, 2009
British insurer Aviva will layoff 1,690 jobs
British insurance giant Aviva said on Thursday it would cut 1,100 permanent jobs and 590 contract positions by the end of 2009 -- the latest British financial group to axe jobs amid the economic crisis.
"There is expected to be a reduction of 1,100 permanent roles by the end of 2009," Aviva said in a statement.
"In addition, 590 contract positions will be closed over the next few months," it added.
The leader of Britain's biggest union, Unite, said the announcement to shed 1,100 permanent roles "will cause alarm across the insurance industry."
"It is unacceptable that once again shareholders received their full dividends while the workers who brought the company this success are rewarded with job losses," said Unite boss Derek Simpson.
"The Aviva workforce is continuing to live under constant uncertainty about their future," he added.
Agencies
"There is expected to be a reduction of 1,100 permanent roles by the end of 2009," Aviva said in a statement.
"In addition, 590 contract positions will be closed over the next few months," it added.
The leader of Britain's biggest union, Unite, said the announcement to shed 1,100 permanent roles "will cause alarm across the insurance industry."
"It is unacceptable that once again shareholders received their full dividends while the workers who brought the company this success are rewarded with job losses," said Unite boss Derek Simpson.
"The Aviva workforce is continuing to live under constant uncertainty about their future," he added.
Agencies
Wednesday, April 1, 2009
Global IT spending to drop by 3.8% in 2009, says Gatner
The ongoing global slowdown will force companies worldwide to reduce their IT expenditure to USD 3.2 trillion this year against $ 3.4 trn in 2008, according to an IT research company.
"The unprecendented decline of the global economy is impacting the IT industry with worldwide IT spending forecast to total $ 3.4 trn in 2009, a 3.8 per cent decline from 2008 revenue of nearly $ 3.4 trn," IT research and advisory company Gartner said in a report.
Gartner said that all four of the key market sectors of the IT industry-- hardware, software, IT services and telecommunications have been revised downward, with only software spending growth remaining positive.
"Spending in computing hardware
will see a decline of 14.9 per cent with total spending to be around USD 324.3 billion as against $ 3.4 trn in 2008," Gartner said.
The spending in IT services and telecommunications sectors will also fall by 1.7 per cent at USD 796.1 billion and 2.9 per cent at USD 1,891.2 billion, respectively, the report said.
Agencies
"The unprecendented decline of the global economy is impacting the IT industry with worldwide IT spending forecast to total $ 3.4 trn in 2009, a 3.8 per cent decline from 2008 revenue of nearly $ 3.4 trn," IT research and advisory company Gartner said in a report.
Gartner said that all four of the key market sectors of the IT industry-- hardware, software, IT services and telecommunications have been revised downward, with only software spending growth remaining positive.
"Spending in computing hardware
will see a decline of 14.9 per cent with total spending to be around USD 324.3 billion as against $ 3.4 trn in 2008," Gartner said.
The spending in IT services and telecommunications sectors will also fall by 1.7 per cent at USD 796.1 billion and 2.9 per cent at USD 1,891.2 billion, respectively, the report said.
Agencies
Tuesday, March 31, 2009
Internet rip-offs causes $265 million loss
Internet-based rip-offs jumped 33 percent last year over the previous year, causing a loss of $265 million to the victims, with the fifth largest number of complaints coming from India, according to a new report.
Americans filed 275,284 reports (92.4 percent), claiming to be ripped off on the Internet, the highest number reported since the Internet Crime Complaint Centre, a partnership of the Federal Bureau of Investigation (FBI) and the National White Collar Crime Centre, began keeping statistics in 2000.
Canada came a distant second with 1.77 percent complaints followed by Britain (0.95 percent), Australia (0.57 percent) and India 0.36 percent.
"This report illustrates that sophisticated computer fraud schemes continue to flourish as financial data migrates to the Internet," said Shawn Henry, the FBI's assistant director of the cyber division.
At $265 million the total dollar loss from such crimes was $26 million more than the price tag in 2007, the Centre said. For individual victims, the average amount lost was $931.
The dollar loss has been on a steady increase since 2004, while the number of cases referred to law enforcement has decreased steadily since that same year.
Henry said the figures show the need for computer users, in businesses and in homes, to be wary and use sound security practices while using the Internet.
The centre said the top three most frequent complaints were about merchandise that wasn't delivered or payment that wasn't received, Internet auction fraud and credit/debit card fraud. Other scams include confidence frauds such as Ponzi schemes, cheque fraud, the Nigerian letter fraud and identity fraud.
One popular identity fraud scam used during 2008 involved sending e-mails crafted to appear as if they had been sent by the FBI. Sometimes the scammers went so far as to say the mailings were from FBI Director Robert Mueller himself, according to the centre.
The e-mails would ask the recipient for personal information, such as a bank account numbers, claiming the FBI wanted the information to look into an impending financial transaction.
One variation of the scheme, according to the centre, was to send an e-mail saying the recipient is entitled to lottery money or an inheritance and the funds can be moved as soon as bank account information is supplied.
The FBI has issued warnings about such scams in the past and Monday's report included a new one: "The FBI does not contact US citizens regarding personal financial matters through unsolicited e-mails."
Agencies
Americans filed 275,284 reports (92.4 percent), claiming to be ripped off on the Internet, the highest number reported since the Internet Crime Complaint Centre, a partnership of the Federal Bureau of Investigation (FBI) and the National White Collar Crime Centre, began keeping statistics in 2000.
Canada came a distant second with 1.77 percent complaints followed by Britain (0.95 percent), Australia (0.57 percent) and India 0.36 percent.
"This report illustrates that sophisticated computer fraud schemes continue to flourish as financial data migrates to the Internet," said Shawn Henry, the FBI's assistant director of the cyber division.
At $265 million the total dollar loss from such crimes was $26 million more than the price tag in 2007, the Centre said. For individual victims, the average amount lost was $931.
The dollar loss has been on a steady increase since 2004, while the number of cases referred to law enforcement has decreased steadily since that same year.
Henry said the figures show the need for computer users, in businesses and in homes, to be wary and use sound security practices while using the Internet.
The centre said the top three most frequent complaints were about merchandise that wasn't delivered or payment that wasn't received, Internet auction fraud and credit/debit card fraud. Other scams include confidence frauds such as Ponzi schemes, cheque fraud, the Nigerian letter fraud and identity fraud.
One popular identity fraud scam used during 2008 involved sending e-mails crafted to appear as if they had been sent by the FBI. Sometimes the scammers went so far as to say the mailings were from FBI Director Robert Mueller himself, according to the centre.
The e-mails would ask the recipient for personal information, such as a bank account numbers, claiming the FBI wanted the information to look into an impending financial transaction.
One variation of the scheme, according to the centre, was to send an e-mail saying the recipient is entitled to lottery money or an inheritance and the funds can be moved as soon as bank account information is supplied.
The FBI has issued warnings about such scams in the past and Monday's report included a new one: "The FBI does not contact US citizens regarding personal financial matters through unsolicited e-mails."
Agencies
Tuesday, February 24, 2009
Is Vodafone to layoff hundreds of jobs?
Vodafone, the world's largest mobile phone group by revenue, is to cut hundreds of jobs in Britain, according to a report on Sky News.
The move to cut jobs could be made as early as Tuesday, said the report.
The mobile phone operator, which employs 10,000 people, has previously said it will boost free cash flow by cutting 1 billion pounds of costs.
Vodafone declined to comment on specific job cuts.
Agencies
The move to cut jobs could be made as early as Tuesday, said the report.
The mobile phone operator, which employs 10,000 people, has previously said it will boost free cash flow by cutting 1 billion pounds of costs.
Vodafone declined to comment on specific job cuts.
Agencies
Sunday, February 1, 2009
Will Glaxo SmithKline layoff 6,000 workers?
Glaxo SmithKline, Britain's biggest pharmaceuticals company, plans to axe around 6,000 jobs around the world as it faces up to the growing challenges in the industry, a media report said.
The cuts are expected to include hundreds of British jobs, The Sunday Telegraph claimed.
"Competition from generic manufacturers and doubts about company's (product) pipelines are posing a serious threat to the sector and, ING analysts warned of an intellectual property meltdown as top-selling products come off patent and sales slow dramatically", the newspaper stated.
The pharma major's British rival, Astra-Zeneca, told the newspaper that it would cut 15,000 staff by 2013, 6,000 more than earlier stated, while industry leader Pfizer has acquired US rival Wyeth for $68 bn as it seeks to secure its future.
Glaxo SmithKline, the world's second biggest drugs company behind Pfizer, employs about 1,00,000 people and, although yet to be confirmed, a proportion of the cuts are almost certain to be among its 18,000 staff at sites across the UK, which would strike another blow to the battered economy, the report said.
Agencies
The cuts are expected to include hundreds of British jobs, The Sunday Telegraph claimed.
"Competition from generic manufacturers and doubts about company's (product) pipelines are posing a serious threat to the sector and, ING analysts warned of an intellectual property meltdown as top-selling products come off patent and sales slow dramatically", the newspaper stated.
The pharma major's British rival, Astra-Zeneca, told the newspaper that it would cut 15,000 staff by 2013, 6,000 more than earlier stated, while industry leader Pfizer has acquired US rival Wyeth for $68 bn as it seeks to secure its future.
Glaxo SmithKline, the world's second biggest drugs company behind Pfizer, employs about 1,00,000 people and, although yet to be confirmed, a proportion of the cuts are almost certain to be among its 18,000 staff at sites across the UK, which would strike another blow to the battered economy, the report said.
Agencies
Sunday, January 25, 2009
Tatas to slash 5,000 jobs at Corus, Jaguar
Indian conglomerate Tatas are expected to cut as many as 5,000 jobs at their steel and auto subsidiaries in the UK -- Corus and Jaguar Land Rover -- in the coming weeks. About 3,500 jobs are anticipated to go at Corus this week itself, while Jaguar Land Rover is expected to see another 1,500 layoffs in the coming weeks, The Sunday Times has reported.
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
"Britain's largest steelmaker, Corus is poised to cut up to 3,500 jobs this week in one of the biggest blows yet to the faltering manufacturing sector. "Further large-scale job losses are expected within weeks, with Jaguar Land Rover understood to be considering another 1,500 layoffs," the newspaper said.
Tata group firm Tata Steel had purchased Anglo-Dutch steel maker Corus for about 6.7 billion pounds (12 billion dollars approx.) in 2007.
Another group entity Tata Motors snapped up luxury car maker Jaguar Land Rover last year for more than two billion dollars from American auto major Ford. Meanwhile, the report noted that job cuts at Corus are likely to "overshadow this week's announcement by Lord Mandelson, the business secretary, of aid for the car industry".
The UK government is expected to come up with assistance to boost the country's car industry, which is hit by the economic downturn. "It is understood the planned job cuts (at Corus) will come across the company's 23,000-strong British workforce, and are not expected to lead to the closure of any large sites," the report said.
Quoting one industry insider, the Sunday Times said, "This is not about site closure. This is about making Corus in the UK competitive".
Agencies
Thursday, December 25, 2008
Has US economy sunk deeper into recession?
Bleak housing data showed the United States and Britain were sinking deeper into recession and authorities from Washington to Tokyo worked hard to spend their way out of the worst downturn in decades.
Japan's government on Wednesday approved its biggest-ever budget to revive its economy while US President-elect Barack Obama sought to clinch a deal with congressional lawmakers on a massive stimulus package even before the Christmas Day.
"Japan cannot avoid the tsunami of the world recession, but it can try to find a way out," Japanese Prime Minister Taro Aso said announcing the budget.
"The world economy is in a once-in-a-hundred years recession. We need extraordinary measures to deal with an extraordinary situation," he said.
A record drop in U.S. existing home sales and prices last month reported on Tuesday showed the world's biggest economy was on track for what one Federal Reserve official said could be the longest downturn since the World War Two. Housing is at the root of the U.S. slump and the global malaise and economists expect the economy to decline much more in the current quarter after a 0.5 percent contraction in the third quarter. Britain, the world's fifth-largest economy, is in an equally dire shape.
The Royal Institution of Chartered Surveyors said house prices were set to fall by 10 percent next year, confirming the bleak outlook after Tuesday's data showed the economy shrinking by 0.6 percent in the third quarter.
The relentless flow of bad news overshadowed rescue efforts and prompted a warning from European Central Bank President Jean-Claude Trichet that investors could be overlooking the importance of steps already taken by policymakers.
Japan had its share of gloom this week, reporting a record drop in exports -- the mainstay of an economy dogged by weak consumer spending -- and a similarly sharp collapse in business sentiment.
RECORD BUDGET FOR JAPAN
Grim data and warnings from the central bank that the worst may not be over fanned expectations that it will cut its key rate to zero from 0.1 percent and revive a policy of flooding banks with interest free cash it abandoned just two years ago.
Doing its part, Japan's cabinet approved a record 88.5 trillion yen ($980.6 billion) budget for the next fiscal year starting in April. The plan boosts overall spending, excluding debt servicing costs, by 9 percent compared to this year's initial budget and aims to accommodate part of 12 trillion yen in extra spending on government stimulus packages.
Source: Agencies
Japan's government on Wednesday approved its biggest-ever budget to revive its economy while US President-elect Barack Obama sought to clinch a deal with congressional lawmakers on a massive stimulus package even before the Christmas Day.
"Japan cannot avoid the tsunami of the world recession, but it can try to find a way out," Japanese Prime Minister Taro Aso said announcing the budget.
"The world economy is in a once-in-a-hundred years recession. We need extraordinary measures to deal with an extraordinary situation," he said.
A record drop in U.S. existing home sales and prices last month reported on Tuesday showed the world's biggest economy was on track for what one Federal Reserve official said could be the longest downturn since the World War Two. Housing is at the root of the U.S. slump and the global malaise and economists expect the economy to decline much more in the current quarter after a 0.5 percent contraction in the third quarter. Britain, the world's fifth-largest economy, is in an equally dire shape.
The Royal Institution of Chartered Surveyors said house prices were set to fall by 10 percent next year, confirming the bleak outlook after Tuesday's data showed the economy shrinking by 0.6 percent in the third quarter.
The relentless flow of bad news overshadowed rescue efforts and prompted a warning from European Central Bank President Jean-Claude Trichet that investors could be overlooking the importance of steps already taken by policymakers.
Japan had its share of gloom this week, reporting a record drop in exports -- the mainstay of an economy dogged by weak consumer spending -- and a similarly sharp collapse in business sentiment.
RECORD BUDGET FOR JAPAN
Grim data and warnings from the central bank that the worst may not be over fanned expectations that it will cut its key rate to zero from 0.1 percent and revive a policy of flooding banks with interest free cash it abandoned just two years ago.
Doing its part, Japan's cabinet approved a record 88.5 trillion yen ($980.6 billion) budget for the next fiscal year starting in April. The plan boosts overall spending, excluding debt servicing costs, by 9 percent compared to this year's initial budget and aims to accommodate part of 12 trillion yen in extra spending on government stimulus packages.
Source: Agencies
Where has the US bailout money gone?
The US Treasury Department said on Tuesday that it completed purchases of equity in 49 banks on Friday and 43 on Tuesday as part of a plan to stabilize the financial system and restore normal lending.
The 49 banks that received Treasury capital on Friday included 14 privately held institutions, marking the first government capital injections into private banks since the Treasury widened the reach of its capital purchase program.
Congress approved a $700 billion financial rescue program in early October, and the Treasury has said it would use $250 billion to bolster banks' capital position. Currently, the Treasury has authority to use only half of the overall $700 billion approved by Congress.
Following are details on what has been spent or pledged so far of the $350 billion the Treasury currently has authority to draw on:
What has been spent so far
==> $250 billion to buy senior preferred shares and warrants in banks and thrifts.
The latest equity purchases brought the total of investments made so far to $162 billion. A further $10 billion is approved for Merrill Lynch but has been deferred pending its merger with Bank of America.
==> $40 billion investment in troubled insurer American International Group, which has been completed.
==> $20 billion investment in Citigroup pledged as part of a bailout announced on November 23.
Global stimulus package I 2008: Year of financial crisis
Recession hits IT companies I India battles credit crisis I Credit crisis strikes Europe I Financial turmoil grips Europe
What has been spent so far
==> $13.4 billion to prop up General Motors Corp and Chrysler LLC. The Treasury has said GM could qualify for a further $4 billion in March, which would have to come from the final $350 billion tranche of the financial rescue fund.
==> $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.
==> $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
Source: Agencies
The 49 banks that received Treasury capital on Friday included 14 privately held institutions, marking the first government capital injections into private banks since the Treasury widened the reach of its capital purchase program.
Congress approved a $700 billion financial rescue program in early October, and the Treasury has said it would use $250 billion to bolster banks' capital position. Currently, the Treasury has authority to use only half of the overall $700 billion approved by Congress.
Following are details on what has been spent or pledged so far of the $350 billion the Treasury currently has authority to draw on:
What has been spent so far
==> $250 billion to buy senior preferred shares and warrants in banks and thrifts.
The latest equity purchases brought the total of investments made so far to $162 billion. A further $10 billion is approved for Merrill Lynch but has been deferred pending its merger with Bank of America.
==> $40 billion investment in troubled insurer American International Group, which has been completed.
==> $20 billion investment in Citigroup pledged as part of a bailout announced on November 23.
Global stimulus package I 2008: Year of financial crisis
Recession hits IT companies I India battles credit crisis I Credit crisis strikes Europe I Financial turmoil grips Europe
What has been spent so far
==> $13.4 billion to prop up General Motors Corp and Chrysler LLC. The Treasury has said GM could qualify for a further $4 billion in March, which would have to come from the final $350 billion tranche of the financial rescue fund.
==> $5 billion pledged to cover potential losses on a portfolio of Citigroup mortgage-related assets.
==> $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
Source: Agencies
Wednesday, December 3, 2008
Credit Suisse, HSBC to axe 1,150 jobs
Switzerland’s Credit Suisse AG Britain’s HSBC Holdings are axing hundreds of banking jobs as the biggest financial crisis since the Great Depression continues to bite.
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
The cuts are the latest in a wave of job losses in which around 90,000 jobs have been axed at major global banks since September. Of these, more than 50,000 were at US bank Citigroup.
Credit Suisse said on Tuesday the bank was cutting 650 jobs, equivalent to roughly 3% of its investment banking workforce of about 21,300. “The cuts will be made mainly in investment banking,” a spokesman for the Swiss bank said.
The bank, which employed around 50,000 people globally at the end of September, has already slashed 1,800 jobs this year.
HSBC, Europe’s biggest bank, said it was cutting 500 jobs at its UK banking business following a review of the business. The bank employs 58,000 people in Britain.
“We deeply regret taking this step, but we consider it essential to ensure our business is operating as efficiently as possible and that we are best placed to deal with the economic downturn and maintain our levels of customer service,” HSBC UK Managing Director Paul Thurston said.
JP Morgan Chase & Co has said it will cut a total of 9,200 jobs at Washington Mutual, which it acquired September 25 after Washington Mutual became the largest US bank to fail amid the ongoing credit crisis.
Of the 9,200 jobs being eliminated as JP Morgan integrates Washington Mutual, 4,000 will be cut by the end of January. The remaining 5,200 employees will remain with JP Morgan through a transition period, but will lose their positions by the end of 2009. ArcelorMittal, the world’s biggest steelmaker, also plans to cut 1,400 support jobs at its French operations. The job cuts will take the form of voluntary redundancies, Daniel Soury-Lavergne, head of the steelmaker’s French business, said in an e-mailed statement.
European steel maker Corus, which was acquired by the Tatas, has said it will cut 146 jobs at one of its units. Corus in a statement said as part of the reorganisation process, the decision has been taken to reduce employment levels at Corus Tubes, a business division of the company, 146 jobs would be at risk.
Citi cuts package
American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank.
Source: Agencies
Tuesday, November 25, 2008
Fewer American youth access Internet: Survey
Fewer young Americans have Internet access than their peers in the Czech Republic, Canada, Macao and Britain, a survey of 13 countries around the world showed.
Among 12 to 14 year olds, 100 percent of British youth use the Internet, followed by Israel at 98 percent, the Czech Republic and Macao and 96 percent and Canada at 95 percent, according to the World Internet report by the Center for the Digital Future.
By contrast, only 88 percent of Americans of the same age had access, trailed by Hungary and Singapore, where more than seven in 10 young people use the Internet.
Separately, a bulletin by a software company showed mobile phone access to the Internet burgeoning outside the United States, especially in Southeast Asia.
For the report by the Center for the Digital Future, headed by Jeff Cole at the University of Southern California, researchers in 13 countries talked to more than 25,000 people in Asia, Australia, North and South America and Europe in late 2007 and early 2008.
UNIVERSAL SERVICE LACKING
The Center report showed the United States trails other countries in older groups, too. U.S. Internet usage by those over 18 runs behind Sweden, New Zealand and Canada. Recently, U.S. Federal Communications Commission Chairman Kevin Martin unsuccessfully proposed a universal service fund to promote high-speed Internet access, similar to the one for telephone service.
Martin also advocates new spectrum for wireless in the United States to facilitate Internet access and held a joint news conference with Larry Page, a founder of Google Inc, to promote the idea.
The Center report, issued annually in the United States and for the first time worldwide, said mobile phones are used for Internet access "by a very small percentage of users, with the exception of the United Kingdom."
But that may be out of date. A monthly bulletin issued by Norwegian software maker Opera Software shows mobile phone Internet access exploding.
Opera said that, during 2008, use of its Mini browser on mobile phones more than tripled, reaching 5 billion page views in October. The increase is especially marked in Southeast Asia and also showed spikes in Africa and the Middle East.
In Indonesia, user growth tripled. Page views there increased eight-fold and in the Philippines by 10-fold.
"In many of these Southeast Asian countries the mobile Web exists not because it complements existing means of access, but rather because it replaces them," Opera added.
Source: Reuters
Among 12 to 14 year olds, 100 percent of British youth use the Internet, followed by Israel at 98 percent, the Czech Republic and Macao and 96 percent and Canada at 95 percent, according to the World Internet report by the Center for the Digital Future.
By contrast, only 88 percent of Americans of the same age had access, trailed by Hungary and Singapore, where more than seven in 10 young people use the Internet.
Separately, a bulletin by a software company showed mobile phone access to the Internet burgeoning outside the United States, especially in Southeast Asia.
For the report by the Center for the Digital Future, headed by Jeff Cole at the University of Southern California, researchers in 13 countries talked to more than 25,000 people in Asia, Australia, North and South America and Europe in late 2007 and early 2008.
UNIVERSAL SERVICE LACKING
The Center report showed the United States trails other countries in older groups, too. U.S. Internet usage by those over 18 runs behind Sweden, New Zealand and Canada. Recently, U.S. Federal Communications Commission Chairman Kevin Martin unsuccessfully proposed a universal service fund to promote high-speed Internet access, similar to the one for telephone service.
Martin also advocates new spectrum for wireless in the United States to facilitate Internet access and held a joint news conference with Larry Page, a founder of Google Inc, to promote the idea.
The Center report, issued annually in the United States and for the first time worldwide, said mobile phones are used for Internet access "by a very small percentage of users, with the exception of the United Kingdom."
But that may be out of date. A monthly bulletin issued by Norwegian software maker Opera Software shows mobile phone Internet access exploding.
Opera said that, during 2008, use of its Mini browser on mobile phones more than tripled, reaching 5 billion page views in October. The increase is especially marked in Southeast Asia and also showed spikes in Africa and the Middle East.
In Indonesia, user growth tripled. Page views there increased eight-fold and in the Philippines by 10-fold.
"In many of these Southeast Asian countries the mobile Web exists not because it complements existing means of access, but rather because it replaces them," Opera added.
Source: Reuters
'India will remain second-fastest growing economy'
India faces a difficult situation because of the global financial crisis and may even witness a slowdown, but its economy was nowhere near a recession, Finance Minister P. Chidambaram said .
'A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession,' Chidambaram told the annual Economic Editor's Conference.
He said the financial crisis that has enveloped the world since 2007 had become worse with many rich nations like Germany, Japan, Britain and the Netherlands officially in recession, and many more, including the US and France, expected to join them soon.
'In our view, we may expect a moderation in growth rate in the current year to a level between 7 and 8 percent. But India would still be the second fastest growing, large economy in the world,' Chidambaram added.
India still faces a difficult situation, he said but promised every possible fiscal and monetary measure to contain the impact of the global crisis on the domestic economy.
According to the finance minister, sectors like manufacturing, communications, trade, agriculture and construction that have been the major drivers of the Indian economy in the past, were likely to see a moderation of growth.
As a result, India needed more investment and quicker implementation of projects covering roads, ports, airports, power, education, health and skill development to spur growth, he said.
'Increasing expenditure in the infrastructure sector is an important part of the counter cyclical measures that are being contemplated to address the impact of the global slowdown,' he said.
'On the whole, the general outlook continues to be one of cautious optimism.'
Chidambaram also said that while the previous National Democratic Alliance (NDA) government was claiming high economic growth rate during its regime, the reality was far removed.
'At best, the growth rate during that period was modest. In particular, 2002-03 recorded the lowest growth rate after the beginning of the reforms in 1991-92,' he said, while listing the growth rates since 1997-98.
'As a consequence, the growth rate in 2003-04 appears impressive. But what is important is the average for that period. The average was only 5.7 percent.'
The finance minister said India's external sector, too, continued to be robust and reflected the strengths of the economy in 2007-08. 'In the current fiscal, merchandise trade data is available for April-September 2008. Exports and imports have registered an impressive growth of 30.9 percent and 38.6 percent, respectively,' he said.
He said there was a deceleration, but that was being addressed by diversifying exports to other markets. 'For example, during the first quarter of this financial year there has been an increase in the share of India's exports to China, Singapore, the Netherlands and Saudi Arabia.'
Source: Agencies
'A recession is defined as two successive quarters of contraction of GDP (gross domestic product). I wish to emphasise that India is nowhere near a recession,' Chidambaram told the annual Economic Editor's Conference.
He said the financial crisis that has enveloped the world since 2007 had become worse with many rich nations like Germany, Japan, Britain and the Netherlands officially in recession, and many more, including the US and France, expected to join them soon.
'In our view, we may expect a moderation in growth rate in the current year to a level between 7 and 8 percent. But India would still be the second fastest growing, large economy in the world,' Chidambaram added.
India still faces a difficult situation, he said but promised every possible fiscal and monetary measure to contain the impact of the global crisis on the domestic economy.
According to the finance minister, sectors like manufacturing, communications, trade, agriculture and construction that have been the major drivers of the Indian economy in the past, were likely to see a moderation of growth.
As a result, India needed more investment and quicker implementation of projects covering roads, ports, airports, power, education, health and skill development to spur growth, he said.
'Increasing expenditure in the infrastructure sector is an important part of the counter cyclical measures that are being contemplated to address the impact of the global slowdown,' he said.
'On the whole, the general outlook continues to be one of cautious optimism.'
Chidambaram also said that while the previous National Democratic Alliance (NDA) government was claiming high economic growth rate during its regime, the reality was far removed.
'At best, the growth rate during that period was modest. In particular, 2002-03 recorded the lowest growth rate after the beginning of the reforms in 1991-92,' he said, while listing the growth rates since 1997-98.
'As a consequence, the growth rate in 2003-04 appears impressive. But what is important is the average for that period. The average was only 5.7 percent.'
The finance minister said India's external sector, too, continued to be robust and reflected the strengths of the economy in 2007-08. 'In the current fiscal, merchandise trade data is available for April-September 2008. Exports and imports have registered an impressive growth of 30.9 percent and 38.6 percent, respectively,' he said.
He said there was a deceleration, but that was being addressed by diversifying exports to other markets. 'For example, during the first quarter of this financial year there has been an increase in the share of India's exports to China, Singapore, the Netherlands and Saudi Arabia.'
Source: Agencies
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