India Angel Fund Invests in Mental Wellness Startup - IPHM Services

IPHM Services has succeeded in raising a seed round of funding from India Angel Fund, most of them Women Entrepreneurs, also first time angel investors.

New age healing assistance, IPHM Services (Integrated Personalized Health Care Management), helps design programs and workshops for the psychological well-being of individuals and employees of large organizations. 

Founded by Dr. Sachin Bhavsar, IPHM believes that the Heart, Body, Mind and Soul are four pillars of life and an integrated system that needs constant nurturing. Their services aim to assist individuals to reach their own potential by developing skill sets within them, pertinent for their good health, emotional and mental well-being. 

An influx of funds would mean training more individuals, employees and aspiring entrepreneurs to reach their potential growth and increase general productivity within an individual. Afterall, all these aspects are interlinked and a positive push in any direction would enhance our own offering. 

Speaking on this fundraise, Dr. Sachin Bhavsar, Founder - IPHM Services said, "While we have always believed in nurturing the four attributes for a healthy living, there is also very little awareness of the real-time applications and the rapidly evolving technological advances in the healthcare system. This infusion would mean creating cognizance at the grass-root level and would definitely ameliorate the overall health economy."

Being a subject matter expert and an integral part of IPHM Services, Sneh Kulkarni, Co-founder – IPHM Services remarks, "There was always a need-gap between awareness about mental health and real-time use of technology in the healthcare system. We are now one world that has been connected digitally and therefore, it becomes easier to really understand societal structures and socio-economic backgrounds. This enables us to understand the different cultures that people come from, and offer a personalized approach to helping these individuals."    

First time angel investor and an alumni from IIM Ahmedabad, Monaliesa Sarkar said, “I have been working actively with various NGOs and government bodies in Delhi NCR and I cannot stress enough on the need for more startups to emerge in the mental health space. I also love the fact that an inspiring person like Dr. Sachin is matched by a powerhouse of energy which is Sneh Kulkarni. I am also kicked that this deal is led by women angels like me, Jyoti, Koel and Sabana and we have a woman entrepreneur like Sneh. I have always advocated that Women Angels should actively lead from the front and back other Women Entrepreneurs.” 

Women are now stepping up as angel investors and putting their energy, time & money in industries that are not only growing but are also adding value to the well-being of the nation. Speaking on this, women entrepreneur Jyoti Tiwari said, “I have been a healthcare professional for more than 15 years and absolutely agree that mental health is the key to overall health and wellness and our immunity can only be built by working on the MIND and not just the body. I am also making my first angel investment and just love the fact that it's a woman co-founder like Sneh Kulkarni on the other side apart from the inspiring Dr. Sachin.”

The third women angel investor on this project is a powerhouse with 17+ years of experience in corporate retail and also runs a successful startup. Koel Dutta said, “Having been a professional for 17 + years and having successfully exited from my last startup TieKart, I am now making my first Angel investment thanks to my old friend Rahul Narvekar and I am sure we 4 women angel investors can work with mentoring Sneh on how to build this company, since I have also run a successful startup.”    

The 4th women Angel Investor Sabana Khatoon also an IIM A Alumni, wearing multiple hats as a business woman, active in various initiatives in Kolkatta from helping run TEDxChowringhee to various entrepreneur networks said, "Being a single woman entrepreneur and having myself seen so many cases in the past few months of mental health issues, I am quite excited to make my first Angel Investment and that to with Sneh Kulkarni and Dr. Sachin.”. 

“Being a Doctor I always tell everyone that mental health manifests into physical health and especially in such challenging times, it is more so. I am awed by the personal journey of Dr. Sachin, multiple surgeries, amputation and still he is so positive and an absolute role model for everyone. I also love the positive energy that all the women here bring as a team. This is also my first Angel investment and I like the fact that it's in a space I am personally involved in too”, said Dr Vikaas Grover, a doctor by profession and a startup enthusiast.

India Angel Network has made another seed investment of Rs. 25 lakhs into IPHM Services. Speaking on this deal Rahul Narvekar, Co-founder IAF said “Mental Health is a subject which has been amplified in mainstream conversations recently and especially in these times of uncertainty and fear and overall negative atmosphere, it has brought home the fact that we need to openly talk about this but also address and heal. I was introduced to Sneh and Dr. Sachin by Rajiv Dabhadkar and was completely awed by their dedication and deep domain expertise in this space. Dr. Sachin’s personal journey is a story of grit and determination and that is the key ingredient for any entrepreneur. Interesting to note that this has turned into a women dominated deal. We have an awesome majority of women entrepreneurs and I believe that women make the best entrepreneurs, CEOs and Angel Investors. Women do multitasking routinely, are more open about sharing and are natural care givers and that’s what mental health platforms need. Also all the four Angel Investors are first time Angels and I would LOVE to see more women become Angel Investors.”

About Integrated Personalized Healthcare Management Services

The USP of the IPHM service is “Nurturing health in heart, body, mind, and soul. IPHM believes that this is an integrated system that works on these four pillars. If one fails then life becomes unbalanced. IPHM offers services such as Stress management, Women wellness, Child and Adolescent Psychology.

Integrated HR is the Programme designed by Integrated Personalised Healthcare Management for the Corporates. IPHM evolves into the mainstream functions of organisations, the remote work revolution predicts further possibilities and is here to stay. Every organization needs to make new strategic choices and also equally need to take care of employee’s mental health.

IBM Report: Compromised Employee Accounts Led to Most Expensive Data Breaches Over Past Year

IBM Security announced the results of a global study examining the financial impact of data breaches, revealing that these incidents cost companies $3.86 million per breach on average, and that compromised employee accounts were the most expensive root cause. Based on in-depth analysis of data breaches experienced by over 500 organizations worldwide, 80% of these incidents resulted in the exposure of customers’ personally identifiable information (PII). Out of all types of data exposed in these breaches, customer PII was also the costliest to businesses.  

As companies are increasingly accessing sensitive data via new remote work and cloud-based business operations, the report sheds light on the financial losses that organizations can suffer if this data is compromised. A separate IBM study found that over half of employees new to working from home due to the pandemic have not been provided with new guidelines on how to handle customer PII, despite the changing risk models associated with this shift.  

Sponsored by IBM Security and conducted by the Ponemon Institute, the 2020 Cost of a Data Breach Reportis based on in-depth interviews with more than 3,200 security professional in organizations that suffered a data breach over the past year.1Some of the top findings from this year’s report include: 

Smart Tech Slashes Breach Costs in Half: Companies who had fully deployed security automation technologies (which leverage AI, analytics and automated orchestration to identify and respond to security events) experienced less than half the data breach costs compared to those who didn’t have these tools deployed – $2.45 million vs. $6.03 million on average.  

Paying a Premium for Compromised Credentials: In incidents where attackers accessed corporate networks through the use of stolen or compromised credentials, businesses saw nearly $1 million higher data breach costs compared to the global average – reaching $4.77 million per data breach. Exploiting third-party vulnerabilities was the second costliest root cause of malicious breaches ($4.5 million) for this group.    

Mega Breach2Costs Soar by the Millions: Breaches wherein over 50 million records were compromised saw costs jump to $392 million from $388 million the previous year. Breaches where 40 to 50 million records were exposed cost companies $364 million on average, a cost increase of $19 million compared to the 2019 report.  

Nation State Attacks – The Most Damaging Breaches:  Data breaches believed to originate from nation state attacks were the costliest, compared to other threat actors examined in the report. State-sponsored attacks averaged $4.43 million in data breach costs, surpassing both financially motivated cybercriminals and hacktivists. 

“When it comes to businesses’ ability to mitigate the impact of a data breach, we’re beginning to see a clear advantage held by companies that have invested in automated technologies,” said Wendi Whitmore, Vice President, IBM X-Force Threat Intelligence. “At a time when businesses are expanding their digital footprint at an accelerated pace and security industry’s talent shortage persists, teams can be overwhelmed securing more devices, systems and data. Security automation can help resolve this burden, not only enabling a faster breach response but a significantly more cost-efficient one as well.” 

Employee Credentials and Misconfigured Clouds – Attackers’ Entry Point of Choice  

Stolen or compromised credentials and cloud misconfigurations were the most common causes of a malicious breach for companies in the report, representing nearly 40% of malicious incidents. With over 8.5 billion recordsexposed in 2019, and attackers using previously exposed emails and passwords in one out of five breaches studied, businesses should rethink their security strategy via the adoption of a zero-trust approach – reexamining how they authenticate users and the extent of access users are granted. 

Similarly, companies’ struggle with security complexity – a top breach cost factor – is likely contributing to cloud misconfigurations becoming a growing security challenge. The 2020 report revealed that attackers used cloud misconfigurations to breach networks nearly 20% of the time, increasing breach costs by more than half a million dollars to $4.41 million on average – making it the third most expensive initial infection vector examined in the report. 

State Sponsored Attacks Strike Heaviest

Despite representing just 13% of malicious breaches studied, state-sponsored threat actors were the most damaging type of adversary according to the 2020 report, suggesting that financially motivated attacks (53%) don’t translate into higher financial losses for businesses. The highly tactical nature, longevity and stealth maneuvers of state-backed attacks, as well as the high value data targeted, often result in a more extensive compromise of victim environments, increasing breach costs to an average $4.43 million. 

In fact, respondents in the Middle East, a region that historically experiences a higher proportion of state-sponsored attacks compared to other parts of the world3, saw an over 9% yearly rise in their average breach cost, incurring the second highest average breach cost ($6.52 million) amongst the 17 regions studied. Similarly, the energy sector, one of the most frequently targeted industries by nation states, experienced a 14% increase in breach costs year over year, averaging $6.39 million.  

Advanced Security Technologies Prove Smart for Business  

The report highlights the growing divide in breach costs between businesses implementing advanced security technologies and those lagging behind, revealing a cost-saving difference of $3.58 million for companies with fully deployed security automation versus those that have yet to deploy this type of technology. The cost gap has grown by $2 million, from a difference of $1.55 million in 2018. 

Companies in the study with fully deployed security automation also reported significantly shorter response time to breaches, another key factor shown to reduce breach costs in the analysis. The report found that AI, machine learning, analytics and other forms of security automation enabled companies to respond to breaches over 27% faster than companies that have yet to deploy security automation – the latter of which require on average 74 additional days to identify and contain a breach. 

Incident response (IR) preparedness also continues to heavily influence the financial aftermath of a breach. According to the report, companies with neither an IR team nor testing of IR plans experience $5.29 million in average breach costs, whereas companies that have both an IR team and use tabletop exercises or simulations to test IR plans experience $2 million less in breach costs – reaffirming that preparedness and readiness yield a significant ROI in cybersecurity. 

Some additional findings from this year’s report include: 

 

Remote Work Risk Will Have a Cost – With hybrid work models creating less controlled environments, the report found that 70% of companies studied that adopted telework amid the pandemic expect it will exacerbate data breach costs.  

CISOs Faulted for Breaches, Despite Limited Decision-Making Power: Forty-six percent of respondents said the CISO/CSO is ultimately held responsible for the breach, despite only 27% stating the CISO/CSO is the security policy and technology decision-maker. The report found that appointing a CISO was associated with $145,000 cost savings versus the average cost of a breach.  

Majority of Cyber Insured Businesses Use Claims for Third Party Fees: The report found that breaches at studied organizations with cyber insurance cost on average nearly $200,000 less than the global average of $3.86 million. In fact, of these organizations that used their cyber insurance, 51% applied it to cover third-party consulting fees and legal services, while 36% of organizations used it for victim restitution costs. Only 10% used claims to cover the cost of ransomware or extortion. 

Regional & Industry Insights: While the U.S. continued to experience the highest data breach costs in the world, at $8.64 million on average, the report found that Scandinavia experienced the biggest year over year increase in breach costs, observing a nearly 13% rise. Healthcare continued to incur the highest average breach costs at $7.13 million — an over 10% increase compared to the 2019 study.  

 

About the Study 

The annual Cost of a Data Breach Report is based on in-depth analysis of real-world data breaches taking place between August 2019 and April 2020, taking into account hundreds of cost factors including legal, regulatory and technical activities to loss of brand equity, customers, and employee productivity.  

BharatPe Launches ‘ESOP Cheque Cash Karo’ Scheme in India

BharatPe, India’s largest merchant payment and lending network company, has launched India’s first ‘ESOP Cheque Cash Karo’ scheme. All ESOP holders have been given option to sell back shares from their 1st vesting back to BharatPe.  

BharatPe has one of the most progressive ESOP schemes amongst the startups. BharatPe has 6% (US$ 25M+) of its overall equity allotted to the ESOP pool. All employees are given ESOP Grant along with appointment letter. ESOPs carry ZERO strike price. The vesting is front ended in favour of employees with 25% vesting on year 1 and thereafter 2% every month. The employees are not required to exercise the ESOPs on leaving and can time it with a liquidity event anytime up to 5 years. Now with the ‘ESOP Cheque Cash Karo’ scheme, employees will be able to enjoy liquidity upfront which will establish ESOP as valuable and liquid currency.    

Mr. Ashneer Grover, Co-Founder & CEO, BharatPe, said: “In Indian ecosystem, ESOPs have been one of the most abused and misunderstood instruments. Verbal grants, back ended vesting and last-minute changes to even documented ESOP grants have eroded employee faith in ESOPs.” 

”BharatPe is pioneering welcome change in ESOPs. BharatPe ESOP grant is like a cheque in the hands of employees. We are encouraging our employees to bank their first ESOP cheque and enjoy the value they’ve created as cash in bank. BharatPe ESOP is not a mere promise – it is an appreciating currency. 1US$ = Rs.70; 1 BharatPe ESOP = Rs.7,00,000” Ashneer added. 

Mr. Geetanshu Singla, Head of Engineering, BharatPe, said: “Really happy that the company has announced buyback of the ESOPs during the pandemic to support current and even ex-employees. It’s like a post-dated cheque. This is the first and last time I’m exercising my stock options and will hold on to them, they will be the most valuable asset that I hold"  

About BharatPe 

BharatPe was co-founded by Ashneer Grover and Shashvat Nakrani in 2018 with the vision to make financial inclusion a reality for Indian merchants. BharatPe launched India’s first UPI interoperable QR code, first ZERO MDR payment acceptance service, first UPI payment backed merchant cash advance product, and the only P2P NBFC investment product. In 2020, post Covid, BharatPe also launched India’s only ZERO MDR card acceptance terminals – BharatSwipe. Currently serving over 40 lakh merchants across 35 cities, the company has grown business 30x in 2019 and is the leader in UPI offline, processing 5 crore+ UPI transactions a month (annualized TPV of US$ 3 Bn). The company has already disbursed more than 35,000 loans (Rs. 175 crores). 

A New Season Every Week: How Myntra is Using Data to Disrupt the Fashion Industry

Using Azure Machine Learning, Myntra is enabling international and domestic fashion brands to cater better to consumer demands in the current COVID world and beyond.

As the threat of COVID-19 started emerging in the country, the biggest worry on Amar Nagaram’s mind was the safety of his employees, delivery partners, and customers. As the CEO of Myntra, India’s leading online fashion retailer, Nagaram and his management team not only had to think about business continuity but more importantly the role the organization could play in a world so profoundly changed by the pandemic.

Like almost every business, Myntra also had to move all their employees to work from home overnight just days before one of their biggest annual sale events.

“From a vibrant office to working from home, I was pleasantly surprised how quickly we adapted to working from home. Thanks to being on Azure, we were able to deliver one of our most successful End of Reason Sale remotely,” Nagaram says.

Taking stock

For Myntra, which has a strong delivery network across 27,000 PIN codes in India, one of the first order of business was to secure essential personal protective equipment like face masks, which were in acute short supply and difficult to procure.

“We realized that face masks were the need of the hour. Together, with our partners, we decided to serve our customers in the most meaningful way right at their doorsteps,” says Nagaram.

Myntra partnered with Wildcraft, India’s fastest-growing outdoor gear, clothing, and footwear brand, to manufacture and sell face masks on its platform. Within days, other brands too launched their masks and a new category for masks emerged on Myntra.

“One of the things I’ve realized in the past three months, after how we regrouped, recouped, and reimagined our business, is that the pandemic showcased the significant role we can play in an unfortunate situation like this,” Nagaram adds.

Selling what customers want

Face masks were just the beginning. With physical brick and mortar stores shut due to lockdowns and consumers staying away from shopping centres, major fashion brands had to reimagine their go-to-market strategy overnight. Myntra found itself uniquely placed to help them.

Right before the pandemic, Myntra had migrated its entire data platform including supply chain management, inventory, and website capabilities to Microsoft Azure. Apart from providing Myntra the elasticity to cater to demand spikes, Azure’s built-in Machine Learning tools expedited the development of advanced analytics capabilities to understand their consumers better.

“The amount of data from which we learn today is six to seven times more than the pre-COVID world. Microsoft Azure has enabled us to scale-up overnight and Azure Machine Learning gave us the right kind of levers to expedite our learnings,” explains Nagaram.

As a result, right from the early days of the lockdown Myntra was able to provide actionable insights to partner brands about what consumers were looking for and helped them prioritize their offerings accordingly.

Some of the immediate insights from what consumers were searching, viewing, and buying, highlighted how a larger set of customers was now staying at home, balancing between work and household chores, and needed clothes that were functional yet comfortable.

As a result, Myntra was one of the first out of the block to identify these changing needs and introduced ‘Work from Home Edit’ on its app that focussed on categories like comfort wear, loungewear, athleisure, home wear, and ethnic wear.

“The use of technology to generate actionable insights is a big reason for the success of our recent End of Reason Sale. We’re now selling what consumers want and not what we want to sell. The credit also goes to the brands that responded to these insights in a matter of days and not weeks,” Nagaram says.

Apart from gleaning insights from what consumers are searching and buying, Myntra is also understanding the aspirations of its consumers thanks to Myntra Studio. A personalized content destination, it features fashion style guides from influencers and brands that users can shop directly from Myntra.

During the early days of the lockdown, insights from customer behavior on Myntra Studio suggested a spike in interaction with certain categories like DIY makeup, among others. These insights enabled Myntra’s partner brands to move their inventory from their physical stores, which were shut due to the lockdown, to Myntra.

“We saw that COVID blurred the lines between online and offline retail. The economy is going to be more digital for sure, but retail isn’t going to be online only. It will be a mix of online and offline,” Nagaram says. “We have witnessed offline retail embracing technology at a large scale in the last three months. Some of the brands that used our omni-channel technology during the End of Reason were able to sell inventories out of their stores that they could not sell due to the lockdown.”

Making data fashionable

Nagaram’s vision for the use of technology in fashion goes far beyond helping brands navigate the current uncertainties. The way Myntra has managed to help brands in their go-to-market strategy at the onset of the pandemic is just the beginning of using data insights to make the industry more consumer focussed.

“I’ve always believed the fashion industry could use technology to disrupt some of the orthodox practices that have been going on for a very long time and make them more eco-friendly and business friendly,” he says. “The industry has always relied on the concept of seasons—Spring-Summer and Autumn-Winter. The trends are decided a year in advance, and they go into production. It is the bets that the industry makes—this design will work, and that pattern will work— that leads to the unsold inventory problem which the industry faces.”

Myntra is disrupting the age-old practices of the fashion industry with data and machine learning. It is now able to provide brands with consumer insights that take into account not only the consumer’s profile but also variables like their location, the weather patterns, and what other consumers with similar parameters are buying.

“We’re no longer following the traditional seasons of the fashion industry. The calendar has been expedited, it is no longer an annual calendar, in many ways it is a weekly calendar,” he says.         

The Holy Grail, however, is to be able to provide a personalized fashion shopping experience to consumers. Myntra already has implemented one of the most comprehensive sizes and fit recommendations when customers are buying on its platform, which has brought down returns significantly. The next phase is to be able to provide highly customized experiences to its users.

“We’re trying to learn about our consumers at an individual level. So when you open our app, we should be able to show things based on your style preferences,” Nagaram says. “Having the right Cloud and AI partner is key to enable this. We’re happy to have Microsoft on our side as a partner to make it happen.” 

In the age of digital interactions and experiences, data is fashionable.

StanChart to open KPO in Bangalore; Hire 2,000 staff

Foreign lender Standard Chartered Bank plans to hire around 2,000 employees in India in the current financial year, a top official said.

The bank currently has around 8,000 employees in the country.

The banking major has also plans to open an office of its knowledge process outsourcing network -- Scope International-- in Bangalore by October, StanChart's Chief Operating Officer, India and South Asia Sreeram Iyer told reporters here.

At present, Scope International has offices in Malaysia, China and Chennai.

It employs over 7,000 employees in its Chennai unit.

Agencies

Cisco expands campus; Likely to increase headcount

Cisco will be adding two additional office blocks totaling a floor area of 70,000 square feet. The expansion will happen around its 2.1 million square feet campus at Cessna Business Park on the Outer Ring Road in Bangalore.

This expansion might be by far the biggest in the commercial space market in this region in the last one year. Although Cisco declined to comment on the expansion, it issued a statement saying, "We have designated Bangalore as our Globalization Centre East and indicated that we will have 10,000-12,000 employees based here over the next three to five years. The idea is for 20 percent of the top talent in Cisco to be based here." At present, Cisco has 4000 Indian employees.

Agencies

Mahindra Satyam BPO on a hiring spree; To hire 300 by Sept

At a time when software firm Mahindra Satyam is rationalising its headcount, its BPO arm seems to be on a hiring spree with plans to recruit 300 employees by the next month.

The company has recently bagged a major contract from a domestic client for providing it back office support.

“To support the client we have already hired 700 employees in the last one month and will hire another 300 by the end of next month," Mahindra Satyam BPO CEO Vijay
Rangineni said.

However, he declined to divulge the name of the new client or the deal size. According to sources, the new win is in the telecom space.

The total headcount of the company after the recruitment would stand at 2,900. Though the parent firm Mahindra Satyam have a considerable presence in the domestic market, this is the first major win by Mahindra Satyam BPO in the domestic space.

Rangineni further said the company would now focus on the sizeable domestic market.

"Post the acquisition by Tech Mahindra, we now have a footprint globally and will leverage the strengths of Tech Mahindra wherever they are present," he said.

Mahindra Satyam BPO has one delivery centre each in Hyderabad, Bangalore, Chennai and Pune. The company, however, do not have a global delivery centre so far.

Agencies

No pay for Honeywell employees for 10 days

Honeywell has announced that its employees will have to take a mandatory 10 days off in the month of December-January without pay. Krishna Mikkilineni, President of Honeywell Technology Solutions, conveyed the decision at a public gathering in Bangalore recently, reports a media.

On this matter, a Honeywell Spokesperson said, "Even as Honeywell continues to grow its businesses in India, our employees have agreed to participate in a voluntary and temporary reduced work schedule, in consonance with their colleagues elsewhere."

Honeywell, which makes products like aviation electronics, car turbochargers and temperature control systems for buildings, has been hit badly by the global recession in all of the key businesses it supports - aviation, auto and property. In the second quarter ended June 30, its profit plunged 38 percent and revenue dropped 22 percent.

In the quarterly report, the company said that it did not expect any recovery this year from the recession, as customers were expected to keep holding off on the purchase of Honeywell parts. Sales in the aerospace unit, which makes radar systems and other aviation equipment, dropped 17 percent, to $2.7 billion. The company said that many of its airline customers were choosing to use parts from their own idled planes for repairs rather than buying new parts from the company. One of the few growth areas is military sales, where Honeywell expects a three percent growth in sales. David M. Cote, Chief Executive, Honeywell said, "We are executing very well. Unfortunately, it is a very tough economic environment."

The company has taken a number of cost cutting measures. At least for some employees in the U.S., Friday is now a half-day without pay. In India, where it has 10,000 employees, benefits like cafeteria subsidies and vacation rewards at the end of five years of service with the company have been withdrawn.

SiliconIndia

Is Koobface dangerous for networkers?

If you have been getting tempting messages with video links in your accounts in social networking sites such as Facebook, Twitter,
IT Exploring Internet Explorer 8, Myspace, Bebo, Friendster and Hi5, beware. Any attempt to download the promised video will make you another victim of Koobface, a worm that could steal critical and personal information from your computer.

The government's India Computer Emergency Response Team has warned that Koobface, a play on the name of social networking site Facebook, comes with an enticing tagline and spreads by spamming the contacts of the victim on networking sites.

With more than 3 million members of Facebook alone in India, Koobface's potential for wreaking havoc on the country's computer systems is immense — a fact that has prompted the government to issue the warning alert.

Typically, Koobface victims get a message from one of their contacts inviting them to click on a video link. The link leads you to a site mimicking the video-sharing site, Youtube. Once there, you are asked whether you want to download a software needed to watch the video.

If you click `yes', the worm gets activated, leaving your computer vulnerable. The worm not only disrupts your internet experience by sending your searches on engines like Google elsewhere and return garbled replies, it also steals data that may have been left in your computer's memory.

If you do or have already been Koobfaced the only way to protect your machine is to delete all files and registry keys that have been added by the worm. Internet users have also been advised by the government agency to install and maintain updated anti-virus software in their computers, as also a desktop firewall, and block ports which are not required.

While you may not be able to notice the worm rummaging through your electronic files searching for personal data, including passwords, the visible signs of the worm would show up on your internet browsing where you would get abnormal results to your searches and be misdirected to other sites.

Agencies

Microsoft to hire Yahoo staff for the online search business

Microsoft Corp will hire at least 400 workers from Yahoo Inc if government regulators approve the companies' proposed Internet search partnership, and Yahoo will receive $150 million to cover any unexpected costs during the switch to new technology.

The details emerged in a regulatory filing that elaborated on an agreement announced last week. Sunnyvale-based Yahoo said then that an unspecified number of its 13,000 employees would be offered jobs at Microsoft after the Redmond, Washington-based software maker assumes control of the search results and search advertising on Yahoo's Web site.

The transition is supposed to begin early next year, assuming the alliance is approved by antitrust regulators in the United States and Europe.

Microsoft will pay $50 million annually during the first three years of the 10-year contract to supplement the revenue that Yahoo will receive from the ads appearing alongside its search results. The $150 million in guaranteed payments weren't mentioned last week.

The filing said Yahoo can use the $150 million to pay for unforeseen transition costs. Yahoo's stock has fallen by about 15 per cent since it unveiled the Microsoft deal, largely because announced terms didn't include a large upfront payment.

The disclosure probably won't ease the disappointment much, given analysts had anticipated Microsoft paying $1 billion to $2 billion for access to Yahoo's search engine.

Most of the revenue from the Microsoft deal will flow from ad commissions. Yahoo will receive 88 percent of the search ad revenue during the first five years of the contract. After that, Yahoo's commission will range from 83 percent to 93 percent, depending on whether it still handles some of the ad sales in the partnership.

The main reason Yahoo decided to turn over its search engine to Microsoft was to save money. If Yahoo wants to save even more on technology, it
has the option of adopting Microsoft's online mapping service replace of its own, according to the filing.

Yahoo Chief Executive Carol Bartz has already made it known she isn't impressed with Yahoo's online maps. As it is, transferring 400 workers to Microsoft would prune Yahoo's current payroll by about 3 per cent.

Yahoo will lay off some workers if the Microsoft deal goes through, Bartz said last week. Tuesday's filing didn't provide any layoff projections. Although it also has been jettisoning workers because of the recession, Microsoft finished its latest fiscal year end in June with 93,000 employees -- an increase of about 2,000 people from the previous year.

Microsoft is counting on the Yahoo partnership to help it reverse years of losses in its online operations and siphon some traffic -- and ad sales -- from Internet search leader Google Inc.

Yahoo's search engine is the second largest, making it the quickest way for Microsoft to gain ground on Google. Even so, Microsoft and Yahoo combined have less than 30 percent of the US search market compared to 65 percent for Google, according to comScore Inc.

To keep Yahoo happy, Microsoft will have to produce ad revenue per search that is within a certain percentage of Google's industry-leading rate. If Microsoft doesn't hit the target, Yahoo can abandon the partnership before the contract expires.

The filing didn't specify how close Microsoft has to come to Google's revenue per search. Microsoft estimates that Google gets 7 cents in ad revenue for every search, while Yahoo gets 4.3 cents and Microsoft gets 3.9 cents, according to a PowerPoint slide Microsoft mistakenly posted online.

Agencies

Does use of Facebook kill productivity?

Companies effectively lose an average of 1.5 percent of total office productivity when employees access social networking sites like Facebook during work hours, a study has revealed.

The study by Boston IT advisory firm, Nucleus Research shows that nearly half of office employees access social networking sites such as Facebook during work. Moreover, one in every 33 workers built their entire Facebook profile during work. Nucleus interviewed 237 randomly selected office workers about their use of Facebook for the report.

It has been found that nearly 77 percent of workers have a Facebook account. The average worker uses it for 15 minutes a day, and 87 percent of those who access it couldn't define a clear business reason for using it. "Given that 61 percent of employees access Facebook at work, companies can reasonably estimate a cost of 1.5 percent of total employee productivity," the report said. The findings are significant especially since most companies are facing constricting bottom lines due to recession.

Nucleus Research Vice President (research) Rebecca Wettemann said, "If your company is facing tight margins and low profitability, as many are now, then how can you accept any work distractions that drain your overall productivity?"

However since most organizations do not monitor and manage these sites as closely as email, it opens up the potential to violate corporate communication policies. The report concludes that companies should evaluate their Facebook policy and the cost in productivity in allowing access to Facebook, as blocking the site may actually result in a 1.5 percent gain in productivity.

"While it won't make you popular, restricting Facebook can reclaim lost productivity. If your profitability is say two percent, this could be the difference between staying open or closing shop," Wettemann added.

Agencies

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

Has Siemens IT arm sacked over 500 as Union claims?

IT firm Siemens Information Systems, a unit of German conglomerate Siemens, today said it has laid off 128 employees as part of its cost cutting measures, debunking union's claim that 500 employees had lost jobs.

The IT-ITeS union UNITES India said the number of employees laid off by the company could be around 500. It added that Siemens is laying off its employees in Bangalore violating the Industrial Dispute Act.

When contacted SISL spokesperson said, "As a part of our cost-cutting initiatives, we have released only 128 employees from one of the business units."

UNITES Professionals India General Secretary Karthik Shekhar said, "The figures provided by the company does not include the number of employees who were on contract. In the last one month, the company has laid off more than 128 employees."

SISL has over 5,500 employees in the country. The union has also written to the headquarters of the firm in Germany.

About compensating the employees, the company said it has already compensated the affected employees higher than the contractual terms.
AGENCIES

Agencies

Will restricting of H-1B hurt US economy?

Asserting that "handcuffing" employers from hiring talented workers will hurt the US economy, two experts have criticised proposals
to limit hiring of holders of H-1B visas coveted by Indian technocrats as "misguided."

"In order to grow the American economy and support the American workforce, Congress should expand and improve the H-1B visa programme," said James Sherk and Diem Nguyen.

As adding regulations to the H-1B programme would be a serious setback to US visa policy and would only end up hurting the US economy, the Congress should instead raise the cap from the current 65,000 to the 2001 quota of 195,000 visas a year, they said.

Sherk is a fellow in labour policy and Nguyen is a research assistant for foreign policy studies at The Heritage Foundation, a Washington think tank.

Referring to reports that two senators, Republican Chuck Grassley and Democrat Dick Durbin plan to introduce a bill that would limit the ability of companies to hire H-1B employees, the experts said an argument that H-1B visa recipients are a threat to American workers is "misguided."

"Given the current economic climate, handcuffing employers from hiring talented workers will hurt-not help-the economy, further delaying the ability of businesses to restart the national economic engine," Sherk and Nguyen said.

Many believe H-1B workers merely compete with Americans looking for work, the duo said. But "They are wrong. The US workforce is not a 'zero-sum game’, " they said.

"One hired H-1B worker does not mean an American is out of a job. In fact, the National Foundation for American Policy found that employers hired four new American workers for each new H-1B employee they hire."

Additionally, hiring H-1B employees does not lower the wages of American workers. Current law requires that when employers apply for H-1B visas
, they must attest that they will pay the visa recipient the same wage they would pay an American with similar skill sets.

Rather than limiting the ability of employers to hire H-1B workers by adding more rules and restrictions, Congress should ensure the federal government exercises appropriate oversight in enforcing current laws, Sherk and Nguyen said.

Preventing companies from hiring foreign workers harms the US economy's ability to rapidly adapt to marketplace demands, they said suggesting, "Companies must be able to hire persons best suited to fill positions based on their skill sets-not their nationality."

Agencies

Will Capgemini layoff 100 in Chennai?

Consulting and outsourcing firm Capgemini has laid off nearly 100 employees at its Chennai centre.

The pink slips were issued for employees mostly in the middle management positions. This comes on the back of reports that said Capgemini sacked 600 employees in Hyderabad and Pune. The company has nearly 20,000 people working in India.

An employee said the layoff across centers was because of the overall economic slowdown, which was impacting the company’s project flow and clients.

“While some clients have ramped down on the size of contracts, other projects, like the Lehman Brothers account closed after the company’s collapse. Apart from the middle management, some employees on probation were also asked to leave,” said the employee at one of the company’s locations, who did not wish to be named.

When contacted, Capgemini India’s chief people officer Cyprian D’Souza said through an email, “India is central to our global delivery model and we are in the process of mapping our existing skills with the business in hand and the business outlook. The economic condition is tough and no company is immune to its effects.”

D’Souza added that the industry was seeing an overhaul within all the affected verticals. “The process though tough, has to be undertaken to align our business with global economic realities, optimise operational efficiency, ensure financial health and enable future growth.”

For the first quarter of 2009, Capgemini group posted consolidated revenues of Euro 2,205 million, up 0.9 per cent compared with the year-ago period.

Agencies

Is Citigroup looking at new ways to pay employees?

Citigroup may put more employees on commission or offer them larger base salaries as it tries to retain key staffers without running afoul of laws limiting executive pay at banks that receive government funds.

Three people familiar with the matter said the bank has examined a series of possible moves, including special stock-based bonuses, or offering employees a percentage of their group's revenue.

Banks across Wall Street are struggling to reward top performers without violating an amendment to the 2009 stimulus package limiting executive pay. That amendment calls for the Treasury Secetary to review compensation of top employees at any major recipient of funds from the government's Troubled Asset Relief Program.

Bonuses are expected to face particular scrutiny after Wall Street firms paid $18.4 billion of bonuses in 2008, a year in which the U.S. financial sector required more than $1 trillion of government support.

Some banks, most notably Goldman Sachs Group Inc, hope to repay their TARP funds as soon as possible, in part to avoid having to comply with pay limits.

Citigroup, which has received $45 billion of TARP capital and is not believed to have much hope of paying the government back anytime soon, is having discussions with the government about measures that might be appropriate for retaining revenue producing employees.

A number of possibilities are under discussion, and generally are geared toward ensuring that employees are motivated to perform well. The No. 3 U.S. bank will have a better sense of how to proceed once the Treasury Department crafts more specific guidelines on pay, one person said.

Of particular concern is the Phibro business, which has been extraordinarily profitable. If Citigroup cannot find ways to compensate people there, the energy trading business may be spun off, sold, or opened to outside investors, a person familiar with the matter said. News of this possibility was first reported in the Wall Street Journal.

The Wall Street Journal also reported that Citigroup had asked the Treasury Department for permission to pay special bonuses to key employees.
One scenario discussed internally would be a one-time bonus paid to employees mainly in stock that would vest over at least three years.

Citigroup spokesman Stephen Cohen said in an emailed statement that the bank has not presented Treasury with any specific plan for staff retention or special cash payouts.

"Citi continues to examine ways to ensure its employee compensation practices are competitive in this very challenging market environment," Cohen said in the statement.

The alternatives that Citigroup is considering to standard discretionary bonuses still have flaws with them, experts said.

Commissions, for example, only work well for professionals in sales positions, and even then can lead to conflicts over which sales person was responsible for a deal. Giving percentages of revenue could result in outsized paydays
if a business outperforms, which could lead to public outcry.

"There's no perfect answer to this issue," said Michael Holland, founder of Holland & Co, which oversees more than $4 billion.

STEMMING THE EXODUS

But banks have every incentive to figure out how to retain their top staff. On Monday, a source said two equity traders and a salesman from Bank of America Corp (BAC.N) moved to hedge fund giant Citadel Investment Group. Foreign banks such as Deutsche Bank (DBKGn.DE) have also been able to hire employees from U.S. competitors.

In fact, banks that are not profitable will likely have trouble from a political standpoint paying employees anything but stock in bonuses, while banks that are profitable will likely look to repay TARP as quickly as possible to eliminate restrictions they face.

"I just don't think all this planning for other ways to pay people will amount to anything," said Paul Sorbera, a recruiter at Alliance Consulting in New York.

But for now, banks are concerned about retaining staff, and ensuring they are properly motivated.

"If we can't pay people competitively, we can't expect them to stay here," said one bank executive.

Agencies

Will major clients continue to stay with Satyam?

In a news that could bring cheer to Satyam employees, three of their big clients Nestle, Nissan and CIBA who were on wait and watch mode have assured to continue business with the firm.

"Clients such as Nestle and Nissan has already expressed their confidence in the company and had assured us that they will continue with us," an official privy to the development said. Nestle have also given some additional business to the Satyam last month, the person added further.

One of the multi-million dollar SAP client of Satyam, Nestle, which was earlier keeping a tab on the developments. Analysts had feared that post the acquisition of the firm by Tech Mahindra clients of Satyam who were sitting on the fence would jump to other vendors.

However, post the acquisition some of the companies had expressed confidence in the entity and pledged to continue business with them. Auto major Nissan for whom Satyam provides application management had also said that they would continue business with the firm. The company has also got an endorsement from another SAP client CIBA.

Moreover, United Kingdom, Switzerland and Germany who have earlier imposed some strict norms on Satyam employees for getting Visa have eased them. Post Satyam crisis, employees of Satyam were asked to be present in person and appear for visa interviews.

However, now they have eased the norms and the employees need not be present for the interview in person. Satyam Computers plunged into crisis after its founder B Ramalinga Raju in January admitted to have cooked the books of the company for year.

In April, information technology firm Tech Mahindra announced to acquire a 51 per cent stake in the beleaguered firm for Rs 2,900 crore. Earlier, the government-appointed chairman of Satyam Kiran Karnik had said that though some clients have left the company but at the same time Satyam have got some new work as well.

Agencies

Is Yahoo on a hiring spree in India?

Internet major Yahoo is hiring for hundreds of job openings including nearly 150 vacancies in India, even as the company is set to bring down its global workforce by about 675 employees. "We are currently hiring for key positions and will continue to invest in strategically important areas," a Yahoo spokesperson based in the U.S. said.

Last week, while announcing its first quarter results on April 21, Yahoo had said that it would slash five percent of its global workforce of 13,500 employees. While the spokesperson did not elaborate on country-specific hiring plans, the career section of the internet major's website shows that Yahoo is looking for about 150 positions in India alone.

The openings are for its operations in Bangalore, Mumbai and New Delhi, while most of them are for Bangalore. The India openings are for various departments including engineering, customer care, research and product management, among others. Further, the internet major has over 120 job vacancies for different offices in the US, the website shows.

The firm is resorting to job cuts in the wake of slackening advertisement revenues and a 78 percent drop in first quarter profit at $118 million. However, it is not clear whether India operations comprising of about 1,500 employees would be affected by the job cuts. The spokesperson noted that the majority of impacted employees are expected to be notified within the next two weeks.

Last October, Yahoo had announced that it would reduce its headcount by as much as 10 percent. "The goal is to reduce its current annualized cost run rate of approximately $3.9 billion by more than $400 million before the end of 2008," the Internet major had said in October.

Agencies

Had Apple fired 1,600 from retail stores?

Apple has fired some 1,600 employees from its chain of retail stores due to slackening consumer demand, the Wall Street Journal reported Friday.

The job cuts were referenced in a securities filing by Apple Thursday in which the company said it had 14,000 full-time equivalent employees in its retail division as of March 28, down from the 15,600 as of the end of December.

The move came as Apple's recent earnings report showed a drop in sales for its Mac computer line, which is the biggest earner at the stores.

According to the earnings statement, the average revenue per Apple store fell about 17 percent to $5.9 million in the quarter, while the retail division's operating income was also down due to the "challenging consumer-spending environment," Apple said.

Agencies

Employees of Wipro asked to work 2 days a week

Wipro, the third largest Indian IT service giant has introduced a scheme under which employees in the bench has to come for two days in a week. "We found value in people being given flexibility instead of asking them to come to work when there is no work," said Girish Paranjpe, Joint CEO-IT, Wipro.

The scheme named 'Project Enrich' has also given an alternative to the employees that allows them to work 10 days a month, with a pay that is 50 percent of their cost to company (CTC). They will be absorbed back into projects once deployment opportunities come up. The scheme has already enrolled 1000 of their employees.

The company has also introduced Project Rejuvenate, which is though primarily aimed at benched staff, will also be open to some senior employees. The scheme will allow them to take a leave for one to one-and-a-half years, while they will be offered 25 percent of their CTC. Currently, the company has 10-12 percent of overall employees in the bench which will surge as it plans to recruit more 6,000 employees. "They are good resources and we don't want to lose them. We don't want to do anything drastic as well," said Pratik Kumar, Head of Human Resources (HR) at Wipro.

Agencies