The world could well run out of internet addresses next year, unless urgent action is taken to switch to a new generation of net addresses, the European Commission has warned.
According to the commission, businesses urgently need to upgrade to internet protocol version six or IPv6, a new version of the web’s addressing protocol, which will hugely increase the number of available addresses.
The IPv6 system has been ready for over a decade and is providing 340 trillion web addresses. But, not many companies are actually ready to migrate to the new platform.
A survey, conducted by the commission, found that few companies are prepared for the switch from the current naming protocol, IPv4, to the new regime, IPv6, the Daily Telegraph reported on Tuesday. The IPv4 and IPv6 protocols refer to the way in which addresses are created and assigned. Each website has a unique IP address, represented by a string of numbers, such as 192.168.1.1, which are then given a user-friendly web address to make them easier to remember.
The IPv4 protocol uses 32-bit addresses, which enables the web to support around 4.3 billion unique addresses while IPv6 uses 128-bit web addresses, creating billions of possible new web addresses. The EC survey found that of the 610 government, educational and other industry organisations questioned across Europe, the Middle East and Asia, just 17% have upgraded to IPv6.
Detlef Eckert, director in commission’s information society and media directorate-general, said: “Only by ensuring that all devices connected to the internet are compatible with IPv6 can we stay connected and safeguard sustainable growth of the internet.”
Agencies
Showing posts with label London. Show all posts
Showing posts with label London. Show all posts
Wednesday, November 4, 2009
Thursday, September 24, 2009
Ex-lovers most popular online search on the Net
Most people look for their long lost love on the internet, a new survey has found.
The study found that one out of four people are using social networking sites like Facebook to search a childhood sweetheart.
Search engine Ask Jeeves claims that 9% even confessed trying to know details of a one-night stand.
Nearly 37% said that they wanted to learn about their ex to just “see what they were doing these days”, reports the British tabloid the Sun.
Surprisingly, 4% even looked for former flames just to inform them how happy they were without them, while 3% searched to find out how miserable their ex were.
Apart from searching for previous lovers the poll also suggested that a trend of “vanity searching”, which means looking for yourself on the net, has become increasingly popular.
Agencies
The study found that one out of four people are using social networking sites like Facebook to search a childhood sweetheart.
Search engine Ask Jeeves claims that 9% even confessed trying to know details of a one-night stand.
Nearly 37% said that they wanted to learn about their ex to just “see what they were doing these days”, reports the British tabloid the Sun.
Surprisingly, 4% even looked for former flames just to inform them how happy they were without them, while 3% searched to find out how miserable their ex were.
Apart from searching for previous lovers the poll also suggested that a trend of “vanity searching”, which means looking for yourself on the net, has become increasingly popular.
Agencies
Wednesday, September 16, 2009
Omniture to be acquired by Adobe for $1.8 billion
Adobe Systems Inc plans to pay $1.8 billion for fast-growing business software maker Omniture Inc as the maker of Photoshop and Acrobat looks to turn around declining sales.
Adobe, which announced the deal on Tuesday as it reported lower quarterly sales and profit, has been struggling over the past year as the recession hurt technology spending and customers declined to upgrade older versions of its programs.
The acquisition would give Adobe a new stream of revenue to offset that decline. Omniture charges customers fees based on monthly website traffic, so sales are less sensitive to economic swings than Adobe.
"There is no way Adobe can grow organically. This is a smart move," said Global Equities Research analyst Trip Chowdhry.
Advertising agencies and companies use Omniture's software to analyze how consumers use websites. It is the biggest provider of such services, competing with Google Inc and other smaller players. The vast majority of all professional websites are built with Adobe's Creative Suite line of design software.
Janney Montgomery Scott analyst Sasa Zorovic said Adobe's customers will not necessarily choose to subscribe to Omniture's services simply because its technology is embedded into Creative Suite.
"It will require some selling, but I think the opportunity is there," he said.
Adobe, whose software competes with products from Microsoft Corp and Apple Inc, agreed to pay $21.50 per share in cash for Omniture, a 24 percent premium over Omniture's closing price on Tuesday.
Omniture shares soared 25 percent to $21.74 in after-hours trading, while Adobe shares slid 4.5 percent to $34.06.
The deal would be Adobe's second-largest acquisition after its $3.4 billion purchase of Macromedia in December 2005.
Omniture would become a unit of Adobe, headed by its current chief executive, Josh James. Adobe said the deal should close in the fourth quarter of fiscal 2009 and would add to Adobe's per-share earnings in fiscal 2010.
Adobe said it would be paid a fee of $64 million by Omniture if the deal is terminated, according to a regulatory filing.
Adobe also reported on Tuesday that fiscal third-quarter earnings, excluding items, fell to 35 cents per share from 50 cents per share a year ago. That beat Wall Street's average forecast by a penny, according to Thomson Reuters I/B/E/S.
Second-quarter sales fell 21 percent to $697.5 million, but beat analysts' average forecast of $686.2 million. For the fiscal fourth quarter, not counting any effect of the Omniture deal, Adobe forecast revenue and earnings, excluding items broadly in line with analysts' estimates.
Agencies
Adobe, which announced the deal on Tuesday as it reported lower quarterly sales and profit, has been struggling over the past year as the recession hurt technology spending and customers declined to upgrade older versions of its programs.
The acquisition would give Adobe a new stream of revenue to offset that decline. Omniture charges customers fees based on monthly website traffic, so sales are less sensitive to economic swings than Adobe.
"There is no way Adobe can grow organically. This is a smart move," said Global Equities Research analyst Trip Chowdhry.
Advertising agencies and companies use Omniture's software to analyze how consumers use websites. It is the biggest provider of such services, competing with Google Inc and other smaller players. The vast majority of all professional websites are built with Adobe's Creative Suite line of design software.
Janney Montgomery Scott analyst Sasa Zorovic said Adobe's customers will not necessarily choose to subscribe to Omniture's services simply because its technology is embedded into Creative Suite.
"It will require some selling, but I think the opportunity is there," he said.
Adobe, whose software competes with products from Microsoft Corp and Apple Inc, agreed to pay $21.50 per share in cash for Omniture, a 24 percent premium over Omniture's closing price on Tuesday.
Omniture shares soared 25 percent to $21.74 in after-hours trading, while Adobe shares slid 4.5 percent to $34.06.
The deal would be Adobe's second-largest acquisition after its $3.4 billion purchase of Macromedia in December 2005.
Omniture would become a unit of Adobe, headed by its current chief executive, Josh James. Adobe said the deal should close in the fourth quarter of fiscal 2009 and would add to Adobe's per-share earnings in fiscal 2010.
Adobe said it would be paid a fee of $64 million by Omniture if the deal is terminated, according to a regulatory filing.
Adobe also reported on Tuesday that fiscal third-quarter earnings, excluding items, fell to 35 cents per share from 50 cents per share a year ago. That beat Wall Street's average forecast by a penny, according to Thomson Reuters I/B/E/S.
Second-quarter sales fell 21 percent to $697.5 million, but beat analysts' average forecast of $686.2 million. For the fiscal fourth quarter, not counting any effect of the Omniture deal, Adobe forecast revenue and earnings, excluding items broadly in line with analysts' estimates.
Agencies
Tuesday, September 15, 2009
$215 b losses for UK banks, says Moody’s report
UK banks are less than half way through posting £240 billion ($398 billion) of losses on loans and securities, a reflection of the country’s economic weakness, according to Moody’s Investors Service.
British banks are likely to record losses of at least £130 billion, in addition to £110 billion lost since the beginning of the credit crisis in 2007, Moody’s said in a report on Monday.
The company expects the sustained weakness of the UK macroeconomic environment to feed through into higher loan arrears with ensuing pressure on profitability and capital, it said.
British taxpayers have provided about £1.4 trillion of support to banks, becoming the biggest shareholder of Royal Bank of Scotland Group and Lloyds Banking Group, while seeking to shore up capital eroded by writedowns. British banks have raised about £120 billion of capital from the beginning of the credit crisis to mid-2009, Moody’s said. “We have been underweight on the banks for some time”, said Dave Bradbury who helps manage $6 billion at Canada Life in London.
Agencies
British banks are likely to record losses of at least £130 billion, in addition to £110 billion lost since the beginning of the credit crisis in 2007, Moody’s said in a report on Monday.
The company expects the sustained weakness of the UK macroeconomic environment to feed through into higher loan arrears with ensuing pressure on profitability and capital, it said.
British taxpayers have provided about £1.4 trillion of support to banks, becoming the biggest shareholder of Royal Bank of Scotland Group and Lloyds Banking Group, while seeking to shore up capital eroded by writedowns. British banks have raised about £120 billion of capital from the beginning of the credit crisis to mid-2009, Moody’s said. “We have been underweight on the banks for some time”, said Dave Bradbury who helps manage $6 billion at Canada Life in London.
Agencies
Saturday, September 5, 2009
Can Mumbai, Bangalore emerge as the global capitals?
The Russian capital as well as Indian cities of Mumbai, Bangalore and Hyderabad have every chance of becoming global capitals on par with cities such as New York, London and Tokyo, according to the latest issue of Forbes magazine.
The influential publication assessed the rapidly changing forces driving the global economy, such as the inflow of capital and labour resources, and the pace of infrastructure development, and looked into the future, ranking the Russian capital alongside Shanghai, Beijing, Sao Paolo, Dubai and the Indian cities of Mumbai, Bangalore and Hyderabad.
"Fifteen years ago, Moscow was in the midst of a particularly grungy interlude, filled with stolid people waiting in lines for shoddy consumer goods. Today, its hotel accommodations - cheap if dinghy a quarter century ago - are among the world's most expensive.
Russia's huge energy industry, which dominates all of Europe, is the key factor driving the transformation," Forbes wrote.
The article, published Wednesday, notes that Moscow has had a radical makeover since the collapse of the Soviet Union. The city, where Moscow State University was the tallest building at 240 meters (787 feet), now has a host of skyscrapers including the three tallest buildings in Europe, the highest of which is still under construction.
"With a population of 10 million, Moscow is already Europe's most populous city and could get bigger yet, particularly if energy prices rise," the magazine said.
Although Forbes expects most global capitals of the future to be outside the Western Hemisphere, it includes Calgary in Canada, Perth in Western Australia and the Texan pair of Houston and Dallas in its list.
But the article does recognise that the current centers of financial and political influence - such as Tokyo, New York, London, Paris, Seoul, Singapore and Hong Kong - will not fade into the background for some time to come.
Agencies
The influential publication assessed the rapidly changing forces driving the global economy, such as the inflow of capital and labour resources, and the pace of infrastructure development, and looked into the future, ranking the Russian capital alongside Shanghai, Beijing, Sao Paolo, Dubai and the Indian cities of Mumbai, Bangalore and Hyderabad.
"Fifteen years ago, Moscow was in the midst of a particularly grungy interlude, filled with stolid people waiting in lines for shoddy consumer goods. Today, its hotel accommodations - cheap if dinghy a quarter century ago - are among the world's most expensive.
Russia's huge energy industry, which dominates all of Europe, is the key factor driving the transformation," Forbes wrote.
The article, published Wednesday, notes that Moscow has had a radical makeover since the collapse of the Soviet Union. The city, where Moscow State University was the tallest building at 240 meters (787 feet), now has a host of skyscrapers including the three tallest buildings in Europe, the highest of which is still under construction.
"With a population of 10 million, Moscow is already Europe's most populous city and could get bigger yet, particularly if energy prices rise," the magazine said.
Although Forbes expects most global capitals of the future to be outside the Western Hemisphere, it includes Calgary in Canada, Perth in Western Australia and the Texan pair of Houston and Dallas in its list.
But the article does recognise that the current centers of financial and political influence - such as Tokyo, New York, London, Paris, Seoul, Singapore and Hong Kong - will not fade into the background for some time to come.
Agencies
Tuesday, June 23, 2009
Self rechargeable battery from Nokia soon
Nokia is in the process of developing a battery which can recharge itself when the phone has been kept on the standby mode. This technology will end the worries of the people, as the standby mode is always referred as a curse to the planet, reports the Guardian.
"A new prototype charging system from the company is able to power itself on nothing more than ambient radio waves- the weak TV, radio and mobile phone signals that permanently surround us. The power harvested is small but it is almost enough to power a mobile in standby mode indefinitely without ever needing to plug it into the mains," said Markku Rouvala, one of the researchers who have developed the device at the Nokia Research Centre in Cambridge, U.K.
The Oyster cards used by the commuters in London are of the same phenomenon, powering themselves from radio waves emitted by the reader devices as they are swiped. And similarly old crystal radio sets and more recently modern radio frequency identification (RFID) tags, which are increasingly used in shipping and as antitheft devices, are powered wholly by radio waves.
"The Nokia's prototype instead of harvesting tiny amounts of power (a few microwatts) from dedicated transmitters, it is able to collect relatively large amounts of discarded power around a thousand times more, even from miles away. Individually the energy available in each of these signals is miniscule. But by harvesting radio waves across a wide range of frequencies it all adds up," said Rouvala.
Similar kind of wireless transfer of energy was first demonstrated by Nikola Tesla in 1893, who was so taken up with the idea that he had attempted to build an intercontinental transmission tower to send power through wireless across the Atlantic. The antenna and the receiver circuit of Nokia are designed to pick up a wide range of frequencies - from 500 megahertz to 10 gigahertz - and convert the electromagnetic waves into an electrical current, as the second circuit is designed to feed this current to the battery to recharge it.
This will ensure that these circuits use less power than the amount that is being received,. Till now, the researchers have been able to harvest up to five milliwatts. Nokia's short-term goal is to get in excess of 20 milliwatts, which is enough power to keep a phone in standby mode indefinitely without having to recharge it. But this would not be enough to actually use the phone to make or receive a call. The hope is to be able to get as much as 50 milliwatts, which would be sufficient to slowly recharge the battery.
"Radio frequency power falls off exponentially with distance," said Steve Beeby, an expert in harvesting ambient energy at the University of Southampton. "It would be a remarkable achievement," Beeby added.
Agencies
"A new prototype charging system from the company is able to power itself on nothing more than ambient radio waves- the weak TV, radio and mobile phone signals that permanently surround us. The power harvested is small but it is almost enough to power a mobile in standby mode indefinitely without ever needing to plug it into the mains," said Markku Rouvala, one of the researchers who have developed the device at the Nokia Research Centre in Cambridge, U.K.
The Oyster cards used by the commuters in London are of the same phenomenon, powering themselves from radio waves emitted by the reader devices as they are swiped. And similarly old crystal radio sets and more recently modern radio frequency identification (RFID) tags, which are increasingly used in shipping and as antitheft devices, are powered wholly by radio waves.
"The Nokia's prototype instead of harvesting tiny amounts of power (a few microwatts) from dedicated transmitters, it is able to collect relatively large amounts of discarded power around a thousand times more, even from miles away. Individually the energy available in each of these signals is miniscule. But by harvesting radio waves across a wide range of frequencies it all adds up," said Rouvala.
Similar kind of wireless transfer of energy was first demonstrated by Nikola Tesla in 1893, who was so taken up with the idea that he had attempted to build an intercontinental transmission tower to send power through wireless across the Atlantic. The antenna and the receiver circuit of Nokia are designed to pick up a wide range of frequencies - from 500 megahertz to 10 gigahertz - and convert the electromagnetic waves into an electrical current, as the second circuit is designed to feed this current to the battery to recharge it.
This will ensure that these circuits use less power than the amount that is being received,. Till now, the researchers have been able to harvest up to five milliwatts. Nokia's short-term goal is to get in excess of 20 milliwatts, which is enough power to keep a phone in standby mode indefinitely without having to recharge it. But this would not be enough to actually use the phone to make or receive a call. The hope is to be able to get as much as 50 milliwatts, which would be sufficient to slowly recharge the battery.
"Radio frequency power falls off exponentially with distance," said Steve Beeby, an expert in harvesting ambient energy at the University of Southampton. "It would be a remarkable achievement," Beeby added.
Agencies
Sunday, June 21, 2009
Will Indian outsourcing benefit from downturn?
The turmoil in the financial market is likely to spell good news for the Indian outsourcing companies, as the downturn will compel multinationals to seek further economies for sustenance in these tough times, Wipro Technologies founder Azim Premji has said.
In an interview to the Sunday Times, Premji insisted that "the Indian outsourcing giants will benefit from this downturn, as all multinationals seek further economies."
Premji's statement comes at a time when the United States President Barack Obama has proposed changes in tax laws to curb outsourcing.
Obama proposing change in tax laws of that country had reportedly said, it's a tax code that says you should pay lower taxes if you create a job in Bangalore, than if you create one in Buffalo, New York.
Premji also voiced its concern about the "creeping tide of protectionism" in the West and said that "If we get into protectionism, then the West is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years".
Premji further warned that it will be America and Europe that will suffer, because they will be excluded from the only growth markets left, in Asia, Africa and China.
CXOtoday
In an interview to the Sunday Times, Premji insisted that "the Indian outsourcing giants will benefit from this downturn, as all multinationals seek further economies."
Premji's statement comes at a time when the United States President Barack Obama has proposed changes in tax laws to curb outsourcing.
Obama proposing change in tax laws of that country had reportedly said, it's a tax code that says you should pay lower taxes if you create a job in Bangalore, than if you create one in Buffalo, New York.
Premji also voiced its concern about the "creeping tide of protectionism" in the West and said that "If we get into protectionism, then the West is going to get a wave of protectionism in response, and that is going to turn back the clock 20 years".
Premji further warned that it will be America and Europe that will suffer, because they will be excluded from the only growth markets left, in Asia, Africa and China.
CXOtoday
Monday, June 8, 2009
Ten Indian companies make it to FT Top 500
Ten Indian companies are listed among Financial Time's top 500 global companies for 2009, in terms of market capitalization. The list was led by American energy giant ExxonMobil, followed by the oil major PetroChina and U.S. retailer Wal-Mart at the second and third positions respectively.
Reliance Industries is the only Indian company which has been listed among the top 100, taking the 75th place with a market capitalization of $47.25 billion. Last year, the company occupied the 80th position in the list. The companies were ranked by market capitalization, the greater the stock market value of a company, the higher it's ranking. Market capitalization is the share price as on March 31, 2009 multiplied by the number of shares issued.
Other Indian firms featuring in the list are Oil & Natural Gas (ONGC) (120th rank), National Thermal Power (NTPC) (138), Bharti Airtel (188), Infosys (330), Bharat Heavy Electricals (BHEL) (345), ITC (362), State Bank of India (372), Tata Consultancy Services (483) and Hindustan Unilever (495).
Reliance Industries is the only Indian company which has been listed among the top 100, taking the 75th place with a market capitalization of $47.25 billion. Last year, the company occupied the 80th position in the list. The companies were ranked by market capitalization, the greater the stock market value of a company, the higher it's ranking. Market capitalization is the share price as on March 31, 2009 multiplied by the number of shares issued.
Other Indian firms featuring in the list are Oil & Natural Gas (ONGC) (120th rank), National Thermal Power (NTPC) (138), Bharti Airtel (188), Infosys (330), Bharat Heavy Electricals (BHEL) (345), ITC (362), State Bank of India (372), Tata Consultancy Services (483) and Hindustan Unilever (495).
Thursday, May 14, 2009
Will BT cuts 15,000 more jobs in 2009?
Britain's BT Group cut its dividend and said a further 15,000 jobs would go after a 1.58 billion pound ($2.4 billion) write down and restructuring at its Global Services unit drove it to a fourth quarter loss.
The group, which had for years looked for growth at its Global Services unit which supplies the IT needs of multinational companies, also said it would almost double its pension contributions to 525 million pounds ($794.1 million) a year.
BT, which has twice previously in the past year warned about profits at the Global Services unit, said earnings before interest, tax, depreciation and amortisation and contract and financial review charges were 1.35 billion pounds, down 14 percent.
Profit before tax on an adjusted basis was down 40 percent and on a reported basis showed a 1.28 billion pound loss.
To help meet its increased pension obligations, BT cut its final dividend to 1.1 pence to give a full year dividend of 6.5 pence, which was down 59 percent on last year.
The pension contributions will almost double from the previous 280 million pound annual payment to 525 million pounds a year for the next three financial years.
BT has been engaged in a three-yearly pension review to establish the size of its deficit and what it should contribute to the scheme on an annual basis, based on its asset values and liabilities.
The last review in 2006 put BT's deficit at 3.4 billion pounds and set annual contributions on a 10-year recovery plan at 280 million pounds.
BT said on Thursday the contributions would rise to 525 million pounds but did not reveal the new deficit from the three-year review.
A leading pensions expert said on Wednesday that BT's pension deficit now stood at 11 billion pounds
BT said its triennial pension funding valuation was at an advanced state of completion. It did give its pension position at March 31 on an IAS 19 accounting basis as a deficit of 2.9 billion pounds net of tax, compared with a surplus of 2 billion pounds last year.
"Three out of four of BT's lines of business have performed well in spite of fierce competition and the global economic downturn," Chief Executive Ian Livingston said.
"However this achievement has been overshadowed by the unacceptable performance of BT Global Services and the resulting charges we have taken."
Agencies
The group, which had for years looked for growth at its Global Services unit which supplies the IT needs of multinational companies, also said it would almost double its pension contributions to 525 million pounds ($794.1 million) a year.
BT, which has twice previously in the past year warned about profits at the Global Services unit, said earnings before interest, tax, depreciation and amortisation and contract and financial review charges were 1.35 billion pounds, down 14 percent.
Profit before tax on an adjusted basis was down 40 percent and on a reported basis showed a 1.28 billion pound loss.
To help meet its increased pension obligations, BT cut its final dividend to 1.1 pence to give a full year dividend of 6.5 pence, which was down 59 percent on last year.
The pension contributions will almost double from the previous 280 million pound annual payment to 525 million pounds a year for the next three financial years.
BT has been engaged in a three-yearly pension review to establish the size of its deficit and what it should contribute to the scheme on an annual basis, based on its asset values and liabilities.
The last review in 2006 put BT's deficit at 3.4 billion pounds and set annual contributions on a 10-year recovery plan at 280 million pounds.
BT said on Thursday the contributions would rise to 525 million pounds but did not reveal the new deficit from the three-year review.
A leading pensions expert said on Wednesday that BT's pension deficit now stood at 11 billion pounds
BT said its triennial pension funding valuation was at an advanced state of completion. It did give its pension position at March 31 on an IAS 19 accounting basis as a deficit of 2.9 billion pounds net of tax, compared with a surplus of 2 billion pounds last year.
"Three out of four of BT's lines of business have performed well in spite of fierce competition and the global economic downturn," Chief Executive Ian Livingston said.
"However this achievement has been overshadowed by the unacceptable performance of BT Global Services and the resulting charges we have taken."
Agencies
Tuesday, April 14, 2009
Is IBM set to layoff thousands of jobs?
International Business Machines Corp plans to cut “thousands” of staff in the UK, Germany and Ireland as it shifts jobs to eastern Europe, China, India and South America, the Observer reported.
Job reductions have already been carried out in western Europe and more will be made within months, the newspaper said, citing Lee Conrad of Alliance@IBM, a network for company employees.
Indian workers at the company earn about 10 per cent of the amount paid to US employees performing similar tasks, according to the newspaper.
An IBM official told the media that a number of US employees have been laid off, declining to comment on future job reductions.
London-based IBM spokesman Joe Hanley said IBM declined to comment on “speculation regarding resource actions.”
Agencies
Job reductions have already been carried out in western Europe and more will be made within months, the newspaper said, citing Lee Conrad of Alliance@IBM, a network for company employees.
Indian workers at the company earn about 10 per cent of the amount paid to US employees performing similar tasks, according to the newspaper.
An IBM official told the media that a number of US employees have been laid off, declining to comment on future job reductions.
London-based IBM spokesman Joe Hanley said IBM declined to comment on “speculation regarding resource actions.”
Agencies
BT likely to layoff another 10,000 jobs
British Telecom (BT) is preparing to axe another 10,000 jobs. The huge redundancy programme will be announced next month alongside a horrendous set of year-end figures that will include provisions of about £1.5 billion.
The results will mark one of the lowest points in BT’s history since it was privatized in 1984. The share price has crashed to 81 pence, valuing the telecom company at £6.3 billion. It will also seriously damage the legacy of Ben Verwaayen, BT’s former chief executive, who left eight months ago and has since become chief executive at Alcatel-Lucent .
The dividend is likely to be cut by up to 60%, while profits will be further dented by a big contribution to address a pension deficit that will exceed £8 billion. The redundancies, which result from an improvement in BT’s efficiency, are in addition to the 10,000 job cuts made last year and will be spread around BT’s 160,000 workforce. There is no guarantee that this will mark the end of job losses. Some analysts believe next month’s figure could be higher than 12,000.
Agencies
The results will mark one of the lowest points in BT’s history since it was privatized in 1984. The share price has crashed to 81 pence, valuing the telecom company at £6.3 billion. It will also seriously damage the legacy of Ben Verwaayen, BT’s former chief executive, who left eight months ago and has since become chief executive at Alcatel-Lucent .
The dividend is likely to be cut by up to 60%, while profits will be further dented by a big contribution to address a pension deficit that will exceed £8 billion. The redundancies, which result from an improvement in BT’s efficiency, are in addition to the 10,000 job cuts made last year and will be spread around BT’s 160,000 workforce. There is no guarantee that this will mark the end of job losses. Some analysts believe next month’s figure could be higher than 12,000.
Agencies
Sunday, April 5, 2009
Suspected money laundering made record in 2008:Swiss govt
Switzerland, on the 'grey list' of tax havens, saw a surge in suspected activities related to money laundering in 2008, with assets worth Switzerland an all-time high $ 1.65 billion involved in them.
After the world's top 20 economies resolved to crack down on tax havens worldwide at a meeting here last week, the Organisation for Economic Cooperation and Development (OECD) named Switzerland among countries not having substantially implemented international tax standards.
This classification put Switzerland on the 'grey list' of tax havens, but Switzerland reacted sharply to such descriptions and said it was not actually a 'tax haven'.
However, the Swiss Federal Department of Justice and Police (FDJP) has said in a report that the number of Suspicious Activity Reports (SARs) in connection with money laundering jumped from 795 in 2007 to 851 last year.
This included nine related to suspected terror financing and involved assets worth over one million Swiss francs ($ 884,600).
"The increase was due mainly to the greater volume of reports from the banking sector, which reached a new record high. The total value of assets involved doubled to reach an all-time high of CHF 1.87 billion Swiss francs ($ 1.65 bn)," the FDJP said in a statement.
In 2008, the Money Laundering Reporting Office Switzerland (MROS) received 851 SARs, with nearly 67 per cent of them coming from the banking sector. Among them, most were related to investment fraud.
The statement noted that third on the list of offences was bribery related to individual corruption, which, due to their complexity involving numerous businesses, generated several SARs.
"Although the acts of corruption took place abroad, the suspected bribe money was deposited in Switzerland," it added.
Interestingly, Opposition parties in India have said that assets worth about $ 1.5 trillion are stashed away in Swiss banks by Indian citizens.
The FDJP said that in the CHF 1.87 billion, three SARs totalling CHF 700 million ($ 620.5 million) are involved. Among them, two cases involved fraud while the other one was related to corruption.
This included a single report involving an asset value of 942,000 Swiss francs ($ 834,999) and the case was forwarded to the appropriate prosecuting authority, which subsequently dismissed the case.
"None of the incoming SARs relating to terrorist financing was based on the State Secretariat for Economic Affair's so-called Taliban Regulations.
"All but one SAR with an unclear economic background were based on information received from third parties (press reports, information from third persons or prosecuting authorities) indicating possible terrorist involvement.
"After careful scrutiny, MROS forwarded seven of the nine SARs to the Office of the Attorney General of Switzerland, which has in the meantime dismissed or suspended three of the cases. Four cases are pending," the statement noted.
Agencies
After the world's top 20 economies resolved to crack down on tax havens worldwide at a meeting here last week, the Organisation for Economic Cooperation and Development (OECD) named Switzerland among countries not having substantially implemented international tax standards.
This classification put Switzerland on the 'grey list' of tax havens, but Switzerland reacted sharply to such descriptions and said it was not actually a 'tax haven'.
However, the Swiss Federal Department of Justice and Police (FDJP) has said in a report that the number of Suspicious Activity Reports (SARs) in connection with money laundering jumped from 795 in 2007 to 851 last year.
This included nine related to suspected terror financing and involved assets worth over one million Swiss francs ($ 884,600).
"The increase was due mainly to the greater volume of reports from the banking sector, which reached a new record high. The total value of assets involved doubled to reach an all-time high of CHF 1.87 billion Swiss francs ($ 1.65 bn)," the FDJP said in a statement.
In 2008, the Money Laundering Reporting Office Switzerland (MROS) received 851 SARs, with nearly 67 per cent of them coming from the banking sector. Among them, most were related to investment fraud.
The statement noted that third on the list of offences was bribery related to individual corruption, which, due to their complexity involving numerous businesses, generated several SARs.
"Although the acts of corruption took place abroad, the suspected bribe money was deposited in Switzerland," it added.
Interestingly, Opposition parties in India have said that assets worth about $ 1.5 trillion are stashed away in Swiss banks by Indian citizens.
The FDJP said that in the CHF 1.87 billion, three SARs totalling CHF 700 million ($ 620.5 million) are involved. Among them, two cases involved fraud while the other one was related to corruption.
This included a single report involving an asset value of 942,000 Swiss francs ($ 834,999) and the case was forwarded to the appropriate prosecuting authority, which subsequently dismissed the case.
"None of the incoming SARs relating to terrorist financing was based on the State Secretariat for Economic Affair's so-called Taliban Regulations.
"All but one SAR with an unclear economic background were based on information received from third parties (press reports, information from third persons or prosecuting authorities) indicating possible terrorist involvement.
"After careful scrutiny, MROS forwarded seven of the nine SARs to the Office of the Attorney General of Switzerland, which has in the meantime dismissed or suspended three of the cases. Four cases are pending," the statement noted.
Agencies
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
Tuesday, March 17, 2009
India will come out of slump faster, says RBI chief
India’s economic growth is expected to pick up faster than the rest of the world once a global revival begins, though it is difficult to predict when, the country’s central bank governor was quoted as saying.
In an interview with BBC World broadcast on Sunday, taken before he left for a meeting of G20 in London, RBI governor D Subbarao said Asia’s third biggest economy could be an engine for global growth.
“India can be a growth engine. Not that India can recover ahead of the world. But when recovery starts, India’s recovery is going to be sharp and rapid,’’ Subbarao said.
In January, the IMF cut its forecast for global growth in 2009 to a slight 0.5% — the weakest since World War II — from a November estimate of 2.2%.
Even though India’s exports account for 14% of its GDP, much lower than some of its Asian peers, Subbarao said the global crisis has hit the Indian economy through the financial and manufacturing sectors, and said it was difficult to predict the timing of the recovery.
The Indian economy has slowed sharply as exports were hit and consumer sentiment was dented. It is expected to expand at a six-year low of 7.1% from an average rate of around 9% in the last three years.
Subbarao said India’s financial sector remains sound, safe and well capitalized and this was because of prudent policy actions taken by the government and the central bank.
Since the global crisis hit India’s shores in September authorities have rolled out two stimulus packages, duty and rate cuts with the latest rate cut just last week to shore up growth.
G20 finance ministers on Saturday promised the IMF money to help troubled countries and said they would use their full fiscal and monetary firepower to combat the worst economic crisis since the 1930s. Subbarao said India has gained from globalisation and would not turn away from it. “Globalisation is a double edged sword. It comes with benefits and costs so I don’t think pulling out of the global system is an option for any country.’’
Agencies
In an interview with BBC World broadcast on Sunday, taken before he left for a meeting of G20 in London, RBI governor D Subbarao said Asia’s third biggest economy could be an engine for global growth.
“India can be a growth engine. Not that India can recover ahead of the world. But when recovery starts, India’s recovery is going to be sharp and rapid,’’ Subbarao said.
In January, the IMF cut its forecast for global growth in 2009 to a slight 0.5% — the weakest since World War II — from a November estimate of 2.2%.
Even though India’s exports account for 14% of its GDP, much lower than some of its Asian peers, Subbarao said the global crisis has hit the Indian economy through the financial and manufacturing sectors, and said it was difficult to predict the timing of the recovery.
The Indian economy has slowed sharply as exports were hit and consumer sentiment was dented. It is expected to expand at a six-year low of 7.1% from an average rate of around 9% in the last three years.
Subbarao said India’s financial sector remains sound, safe and well capitalized and this was because of prudent policy actions taken by the government and the central bank.
Since the global crisis hit India’s shores in September authorities have rolled out two stimulus packages, duty and rate cuts with the latest rate cut just last week to shore up growth.
G20 finance ministers on Saturday promised the IMF money to help troubled countries and said they would use their full fiscal and monetary firepower to combat the worst economic crisis since the 1930s. Subbarao said India has gained from globalisation and would not turn away from it. “Globalisation is a double edged sword. It comes with benefits and costs so I don’t think pulling out of the global system is an option for any country.’’
Agencies
Saturday, February 28, 2009
Is more layoffs planned by TCS at its UK centre?
Just a day after the report of India’s biggest software exporter TCS laying off several employees at its UK office, comes a report that the company has put another 130 employees under scanner.
According to a report in a business daily, the 130 employees are said to be working for its UK-based insurance client Legal and General’s (L&G’s).
In June 2008, TCS signed a five-year agreement with L&G to provide IT managed services. Under this, TCS was to provide application development and support services from the client's premises plus TCS' new delivery centre based in UK.
Earlier reports said that Mumbai-based TCS laid off most of its marketing team in London, plus a large number of professionals in the consulting division. According to sources, the targets were mainly the high-end consultants who are said to be an expensive lot to keep on the bench, and marketing.
Giving reasons for the over 100 layoffs in the UK office, TCS CEO & MD S Ramadorai said that either the contracts of these employees had ended, or can be due to bad performance. He added that going forward in the year, a lot of emphasis will be on employee efficiency.
This week, the IT major also accepted that it may go for further job cuts to tackle global economic downturn. The company also ruled out salary hikes next year.
Ramadorai said, "There would be no hike in salaries in the forthcoming year" and added that "job cuts are possible if the situation worsens".
Adding further that TCS has frozen "lateral intake" he said the company is reviewing variable pay component on employee salaries.
The variable pay component of TCS employees differs between 22 per cent and 35 per cent of his/her gross salary, depending on employee rank, he said.
Variable pay represents eight percent of the total revenue of TCS, whose headcount is 1.3 lakh. Ramadorai said the company is also looking into all aspects of cost reduction, including capex and infrastructure.
Unconfirmed reports also suggest that the company is planning to increase its working hours by 10-15 per cent over the current 40-hour, five-day week cycle.
Agencies
According to a report in a business daily, the 130 employees are said to be working for its UK-based insurance client Legal and General’s (L&G’s).
In June 2008, TCS signed a five-year agreement with L&G to provide IT managed services. Under this, TCS was to provide application development and support services from the client's premises plus TCS' new delivery centre based in UK.
Earlier reports said that Mumbai-based TCS laid off most of its marketing team in London, plus a large number of professionals in the consulting division. According to sources, the targets were mainly the high-end consultants who are said to be an expensive lot to keep on the bench, and marketing.
Giving reasons for the over 100 layoffs in the UK office, TCS CEO & MD S Ramadorai said that either the contracts of these employees had ended, or can be due to bad performance. He added that going forward in the year, a lot of emphasis will be on employee efficiency.
This week, the IT major also accepted that it may go for further job cuts to tackle global economic downturn. The company also ruled out salary hikes next year.
Ramadorai said, "There would be no hike in salaries in the forthcoming year" and added that "job cuts are possible if the situation worsens".
Adding further that TCS has frozen "lateral intake" he said the company is reviewing variable pay component on employee salaries.
The variable pay component of TCS employees differs between 22 per cent and 35 per cent of his/her gross salary, depending on employee rank, he said.
Variable pay represents eight percent of the total revenue of TCS, whose headcount is 1.3 lakh. Ramadorai said the company is also looking into all aspects of cost reduction, including capex and infrastructure.
Unconfirmed reports also suggest that the company is planning to increase its working hours by 10-15 per cent over the current 40-hour, five-day week cycle.
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
Saturday, January 10, 2009
World's most expensive phone is out
An Austrian jeweller has given 'bling bling' a new definition by designing the world's most expensive phone.
The new Apple iPhone 3G 'Kings Button' is made of solid 18-carat yellow gold, white gold and rose gold!
Designed by Peter Aloisson the stunning diamond-encrusted iPhone comes for a whopping 1.8 million pounds.
The one-of-a-kind phone features a rare 6.6-carat diamond on its home button, reports The Sun.
Aloisson is credited as being the ultimate pioneer when it comes to blurring the lines between gadget, art and jewellery.
The new Apple iPhone 3G 'Kings Button' is made of solid 18-carat yellow gold, white gold and rose gold!
Designed by Peter Aloisson the stunning diamond-encrusted iPhone comes for a whopping 1.8 million pounds.
The one-of-a-kind phone features a rare 6.6-carat diamond on its home button, reports The Sun.
Aloisson is credited as being the ultimate pioneer when it comes to blurring the lines between gadget, art and jewellery.
Saturday, December 6, 2008
Oil could plummet down to $25 a barrel!
Oil prices are likely to keep falling until well into next year and could reach $25 a barrel before recovering, US bank Merrill Lynch. In a research report published on Thursday, it said oil prices should begin to rally in the second half of 2009.
Merrill Lynch recently cut its forecast for the average price of US crude oil futures and North Sea Brent crude oil to $50 a barrel from a previous estimate for both crudes of $90.
"With demand vanishing across all key oil consuming regions, benchmark crude oil prices continue to plummet," it said. "In the short-run, market participants will focus on both OPEC and perhaps even non-OPEC producer responses to balance the market."
"A temporary drop below $25 is possible if the global recession extends to China and significant non-OPEC production cuts are required," it said.
"In our view, oil prices could find a trough at the end of Q1 2009 or early Q2 2009 with the seasonal slowdown in demand. Then, as economic activity starts to strengthen, we see oil prices posting a modest recovery in the second half of 2009."
Oil prices hit a peak above $147 a barrel in July but have fallen more than $100 since then as the severity of the global economic downturn has become clear.
Merrill Lynch said a combination of high oil prices and high leverage had proven dangerous for the global economy.
"On October 1, we lowered our average crude oil price forecast in 2009 to $90 per barrel based on a global GDP growth forecast of 3 percent. Since then, our economists have revised their 2009 global GDP growth forecast down to 1.3 percent, a scenario consistent with a global recession.
"As a result, we are now lowering our average WTI and Brent crude oil price forecast to $50 per barrel for 2009."
It said the major downside risk to its price forecast would be a revision of economic growth assumptions for China, which are currently at 8.6 percent for next year.
"In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations," it said. "We now expect an outright contraction in global oil demand in 2009."
Source: Economic Times
Merrill Lynch recently cut its forecast for the average price of US crude oil futures and North Sea Brent crude oil to $50 a barrel from a previous estimate for both crudes of $90.
"With demand vanishing across all key oil consuming regions, benchmark crude oil prices continue to plummet," it said. "In the short-run, market participants will focus on both OPEC and perhaps even non-OPEC producer responses to balance the market."
"A temporary drop below $25 is possible if the global recession extends to China and significant non-OPEC production cuts are required," it said.
"In our view, oil prices could find a trough at the end of Q1 2009 or early Q2 2009 with the seasonal slowdown in demand. Then, as economic activity starts to strengthen, we see oil prices posting a modest recovery in the second half of 2009."
Oil prices hit a peak above $147 a barrel in July but have fallen more than $100 since then as the severity of the global economic downturn has become clear.
Merrill Lynch said a combination of high oil prices and high leverage had proven dangerous for the global economy.
"On October 1, we lowered our average crude oil price forecast in 2009 to $90 per barrel based on a global GDP growth forecast of 3 percent. Since then, our economists have revised their 2009 global GDP growth forecast down to 1.3 percent, a scenario consistent with a global recession.
"As a result, we are now lowering our average WTI and Brent crude oil price forecast to $50 per barrel for 2009."
It said the major downside risk to its price forecast would be a revision of economic growth assumptions for China, which are currently at 8.6 percent for next year.
"In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations," it said. "We now expect an outright contraction in global oil demand in 2009."
Source: Economic Times
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