A radio technology that allows cars to 'talk' to each other and avert accidents is being tested now.
It warns drivers of potential intersection crashes, rear-end collisions and lane drift - and could be available in everyday vehicles as early as 2012.
The technology will also enable traffic flow management and optimised route selection for drivers, reducing the costs of traffic congestion and greenhouse gas emissions.
Live safety demonstrations of the technology will be held at an Australian Dedicated Short Range Communications (DSRC) industry event.
Vehicle manufacturers and state and federal government will be among industry stakeholders who will see first-hand the DSRC technology developed by Kent Town-based company Cohda Wireless.
Cohda Wireless was founded in 2004 by a group of scientists working at UniSA's Institute for Telecommunications Research.
Director of UniSA's Institute for Telecommunications Research Alex Grant said DSRC is a radio technology that combines GPS and Wi-Fi like communications to effectively enable cars to talk to each other.
"This technology essentially equips vehicles with the ability to see around corners and to predict and avoid dangerous situations," said Grant, according to an UniSA release.
Cohda has done DSRC field trials for vehicle manufacturers in the US and Europe and hopes to start a large-scale trial in Adelaide.
Agencies
Friday, February 13, 2009
Thursday, February 12, 2009
Citi's Pandit to take $1 salary, no bonus
Stung by criticism about use of billions of dollars in government aid, Citigroup's Indian American CEO, Vikram Pandit has vowed to take a token salary of $1 and no bonus until the ailing banking giant returns to profitability
'I get the new reality and I will make sure Citi gets it as well,' Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital.
'We will hold ourselves accountable for what we do, and that starts with me,' said Pandit, who collected a salary of $1 million last year. Citigroup has lost more than $20 billion in the last five quarters.
Appearing before the US House Financial Services Committee Pandit, 52, said taxpayers were right to expect a return for their investment, adding that the bank will pay $3.4 billion in annual dividends on the debt.
'There is a great deal of anger in the country, much of it justified, about past practices,' committee chairman Barney Frank noted in his opening remarks.
The banks have come under fire from lawmakers who criticised bonus payments and corporate expenses such as new executive jets at a time when people across the country are struggling to stay in their homes or losing their jobs. President Barack Obama last month called the bonuses 'shameful' and the 'height of irresponsibility.'
Citigroup, which has accepted $45 billion in government bailout money, last month reversed a decision to buy a $50 million corporate jet under pressure from the government. Last week the bank cancelled a convention in Atlanta for its Primerica Financial Services Inc. unit.
The CEOs were asked to disclose their salaries and bonuses for 2008 and 2009 at the hearing. The highest paid CEO for the year was Bank of America's Ken Lewis with a salary of $1.5 million, while the lowest was Goldman Sachs Group Inc.'s Lloyd Blankfein with a $600,000 salary. None of the executives took a bonus for 2008 or will have a salary increase in 2009.
Many of the CEOs at Wednesday's hearing defended their actions, noting that while credit standards have tightened, they were continuing to issue loans. Several of the CEOs added that without government assistance, credit would be even harder to obtain.
'We are still lending, and we are lending far more because of the TARP (Troubled Asset Relief Programme),' Bank of America Chairman and CEO Lewis said.
Yahoo
'I get the new reality and I will make sure Citi gets it as well,' Pandit said Wednesday as lawmakers grilled top executives from eight of America's largest financial institutions about their apparent lack of willingness to lend despite collectively receiving $165 billion in capital.
'We will hold ourselves accountable for what we do, and that starts with me,' said Pandit, who collected a salary of $1 million last year. Citigroup has lost more than $20 billion in the last five quarters.
Appearing before the US House Financial Services Committee Pandit, 52, said taxpayers were right to expect a return for their investment, adding that the bank will pay $3.4 billion in annual dividends on the debt.
'There is a great deal of anger in the country, much of it justified, about past practices,' committee chairman Barney Frank noted in his opening remarks.
The banks have come under fire from lawmakers who criticised bonus payments and corporate expenses such as new executive jets at a time when people across the country are struggling to stay in their homes or losing their jobs. President Barack Obama last month called the bonuses 'shameful' and the 'height of irresponsibility.'
Citigroup, which has accepted $45 billion in government bailout money, last month reversed a decision to buy a $50 million corporate jet under pressure from the government. Last week the bank cancelled a convention in Atlanta for its Primerica Financial Services Inc. unit.
The CEOs were asked to disclose their salaries and bonuses for 2008 and 2009 at the hearing. The highest paid CEO for the year was Bank of America's Ken Lewis with a salary of $1.5 million, while the lowest was Goldman Sachs Group Inc.'s Lloyd Blankfein with a $600,000 salary. None of the executives took a bonus for 2008 or will have a salary increase in 2009.
Many of the CEOs at Wednesday's hearing defended their actions, noting that while credit standards have tightened, they were continuing to issue loans. Several of the CEOs added that without government assistance, credit would be even harder to obtain.
'We are still lending, and we are lending far more because of the TARP (Troubled Asset Relief Programme),' Bank of America Chairman and CEO Lewis said.
Yahoo
Royal Bank of Scotland to axe 2,000 jobs, says report
Royal Bank of Scotland, which is majority-owned by the British government, is about to announce plans to cut 2,000 jobs after forecasting a record annual loss for 2008, BBC television reported on Tuesday.
A company spokesman contacted by reporters refused to comment on the report.
Royal Bank of Scotland (RBS) was bailed out by the government earlier this year after running into trouble raising funds from shareholders because of the credit crunch and is now 68-percent owned by the state.
The report of job cuts came as the bank's former chief executive, Fred Goodwin, apologised Tuesday to lawmakers for failing to foresee the financial turmoil that led to RBS being rescued.
The bank says it expects a 2008 annual loss of up to 28 billion pounds (32 billion euros, 41 billion dollars) -- a record in British corporate history -- due to the crisis and a costly takeover of Dutch lender ABN Amro in 2007.
Agencies
A company spokesman contacted by reporters refused to comment on the report.
Royal Bank of Scotland (RBS) was bailed out by the government earlier this year after running into trouble raising funds from shareholders because of the credit crunch and is now 68-percent owned by the state.
The report of job cuts came as the bank's former chief executive, Fred Goodwin, apologised Tuesday to lawmakers for failing to foresee the financial turmoil that led to RBS being rescued.
The bank says it expects a 2008 annual loss of up to 28 billion pounds (32 billion euros, 41 billion dollars) -- a record in British corporate history -- due to the crisis and a costly takeover of Dutch lender ABN Amro in 2007.
Agencies
Has British jobless rate hit decade high?
Britain's official unemployment rate hit the highest level for about 10 years on Wednesday, as experts warned more job cuts would come as the recession deepens.
Although the figures were not so bad as some experts had expected, falling short of the symbolic two million barrier, analysts warned that the figure could hit 3.5 million by the end of next year as the effects of the slowdown filter through.
Protests fuelled by the rising threat of unemployment -- underlined by almost daily job cut announcements -- have snowballed in recent weeks, including a new power plant walkout on Wednesday following wildcat strikes last week.
The percentage of Britons out of work jumped to 1.97 million or 6.3 percent in the three months to December, a rise of 0.2 percent, according to figures from the Office for National Statistics (ONS).
"For every person who is made unemployed, there is a sadness and sorrow and we will do what we can to help people back to work as quickly as possible," Prime Minister Gordon Brown said after the figures came out.
His official spokesman told reporters: "Every job loss is obviously a matter of regret and disappointment."
Brown met 22 business leaders from some of Britain's biggest companies like supermarket chain Tesco and energy firm Centrica at his Downing Street office Wednesday to discuss getting more people into work.
But some observers warned the picture on unemployment looked set to get worse.
The general secretary of the TUC (Trades Union Congress) Brendan Barber said the situation was a "national emergency", adding: "This is another set of dreadful figures and we fear worse is still to come."
Vicky Redwood, an analyst from research consultancy Capital Economics, said the figures did not fully reflect the effects of a major contraction in the fourth quarter of 2008.
"We still think unemployment will reach 3.5 million by the end of 2010," she added.
Unemployment in Britain is lower than in some other European countries -- Germany, Europe's largest economy, has 8.3 percent unemployment and the figure in France stands at around eight percent.
But the global downturn looks set to hit Britain harder than its European neighbours -- the International Monetary Foundation (IMF) said last month that it would suffer worse than any other developed country.
Official figures last month confirmed that Britain was now in recession, while Brown last week used the word "depression" to describe the situation.
Education Secretary Ed Balls, Brown's former economic advisor and one of his closest allies, said this week Britain was facing the worst recession for 100 years.
New job cuts have hit the headlines almost daily in recent weeks -- carmakers like Bentley, Nissan and Jaguar have announced major cuts along with Royal Bank of Scotland (RBS), which is now majority state-owned.
Workers at London Underground were due to stage a demonstration Wednesday against what unions say are plans to cut up to 2,500 jobs on top of 1,000 already announced.
Meanwhile, hundreds of construction staff at the Staythorpe power station in central England walked out Wednesday after being told they faced disciplinary action if they joined a protest over the use of foreign contractors.
Last week, thousands of workers around Britain joined wildcat strikes on the issue.
Wednesday's unemployment figures were calculated using the International Labour Organisation (ILO) measure of unemployment.
Agencies
Although the figures were not so bad as some experts had expected, falling short of the symbolic two million barrier, analysts warned that the figure could hit 3.5 million by the end of next year as the effects of the slowdown filter through.
Protests fuelled by the rising threat of unemployment -- underlined by almost daily job cut announcements -- have snowballed in recent weeks, including a new power plant walkout on Wednesday following wildcat strikes last week.
The percentage of Britons out of work jumped to 1.97 million or 6.3 percent in the three months to December, a rise of 0.2 percent, according to figures from the Office for National Statistics (ONS).
"For every person who is made unemployed, there is a sadness and sorrow and we will do what we can to help people back to work as quickly as possible," Prime Minister Gordon Brown said after the figures came out.
His official spokesman told reporters: "Every job loss is obviously a matter of regret and disappointment."
Brown met 22 business leaders from some of Britain's biggest companies like supermarket chain Tesco and energy firm Centrica at his Downing Street office Wednesday to discuss getting more people into work.
But some observers warned the picture on unemployment looked set to get worse.
The general secretary of the TUC (Trades Union Congress) Brendan Barber said the situation was a "national emergency", adding: "This is another set of dreadful figures and we fear worse is still to come."
Vicky Redwood, an analyst from research consultancy Capital Economics, said the figures did not fully reflect the effects of a major contraction in the fourth quarter of 2008.
"We still think unemployment will reach 3.5 million by the end of 2010," she added.
Unemployment in Britain is lower than in some other European countries -- Germany, Europe's largest economy, has 8.3 percent unemployment and the figure in France stands at around eight percent.
But the global downturn looks set to hit Britain harder than its European neighbours -- the International Monetary Foundation (IMF) said last month that it would suffer worse than any other developed country.
Official figures last month confirmed that Britain was now in recession, while Brown last week used the word "depression" to describe the situation.
Education Secretary Ed Balls, Brown's former economic advisor and one of his closest allies, said this week Britain was facing the worst recession for 100 years.
New job cuts have hit the headlines almost daily in recent weeks -- carmakers like Bentley, Nissan and Jaguar have announced major cuts along with Royal Bank of Scotland (RBS), which is now majority state-owned.
Workers at London Underground were due to stage a demonstration Wednesday against what unions say are plans to cut up to 2,500 jobs on top of 1,000 already announced.
Meanwhile, hundreds of construction staff at the Staythorpe power station in central England walked out Wednesday after being told they faced disciplinary action if they joined a protest over the use of foreign contractors.
Last week, thousands of workers around Britain joined wildcat strikes on the issue.
Wednesday's unemployment figures were calculated using the International Labour Organisation (ILO) measure of unemployment.
Agencies
6,000 workers lose jobs everyday in Mexico
Nearly 6,000 workers lose their jobs daily, which has been happening since November 1, 2008, a report of the Mexico Social Welfare Institute (IMSS) has revealed.
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Updated statistics that recently reported an increasing unemployment rate in the last quarter of 2008 of half a million jobs, now pointed out that a higher figure remained in the period of November-January.
The research indicated that only in the big cities 128,122 jobs have been lost last January while the current world economic crisis also had a deep impact on this field, mainly for casual day labourers.
According to the source the company that left more quantity of jobless was CEMEX, considered one of the most important cement producing company of the world, cutting 18,786 jobs.
Agencies
Will General Motors layoff 10,000 salaried jobs?
General Motors Corp. said on Tuesday it will cut 10,000 salaried jobs, citing the need to restructure itself with a government deadline looming and amid some of the worst sales in the auto industry's history.
The Detroit-based automaker said it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried U.S. jobs are expected to be eliminated.
The company's statement said that the separations would be done through GM's severance plan, so there would be no buyout or early retirement packages as GM had offered in the past.
In its plan to Congress submitted late last year, GM said work force reductions would be necessary in order for it to be viable for the long term. Most of the cuts are expected to take place by May 1.
GM said the cuts will vary by global regions depending on staffing levels and market conditions.
In addition, GM said it will cut the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year at which time the pay cuts will be evaluated.
The pay of U.S. executive employees will be cut by 10 percent, while other salaried workers will see cuts of 3 percent to 7 percent, GM said.
GM faces a Feb. 17 deadline to present to the government a plan showing it can become viable. The plan is required by the terms of $9.4 billion in low-interest government loans to the wounded automaker, which is seeking another $4 billion from the Treasury Department.
The automaker is negotiating with bondholders and the United Auto Workers union for concessions and it is planning to close several factories. To prove its viability, it must show an ability to repay the loans and prove "positive net present value."
Agencies
The Detroit-based automaker said it will reduce its total number of salaried workers to 63,000 from 73,000 this year. About 3,400 of GM's 29,500 salaried U.S. jobs are expected to be eliminated.
The company's statement said that the separations would be done through GM's severance plan, so there would be no buyout or early retirement packages as GM had offered in the past.
In its plan to Congress submitted late last year, GM said work force reductions would be necessary in order for it to be viable for the long term. Most of the cuts are expected to take place by May 1.
GM said the cuts will vary by global regions depending on staffing levels and market conditions.
In addition, GM said it will cut the pay of most of its salaried U.S. workers beginning May 1 and continuing at least through the end of the year at which time the pay cuts will be evaluated.
The pay of U.S. executive employees will be cut by 10 percent, while other salaried workers will see cuts of 3 percent to 7 percent, GM said.
GM faces a Feb. 17 deadline to present to the government a plan showing it can become viable. The plan is required by the terms of $9.4 billion in low-interest government loans to the wounded automaker, which is seeking another $4 billion from the Treasury Department.
The automaker is negotiating with bondholders and the United Auto Workers union for concessions and it is planning to close several factories. To prove its viability, it must show an ability to repay the loans and prove "positive net present value."
Agencies
Wednesday, February 11, 2009
India remains the kings of outsourcing business
Though the world is witnessing a severe meltdown, IT firms in India found it an opportunity to step up their outsourcing activities as global companies are resorting to several cost cutting initiatives. It is despite the fact that the country is facing serious threats to its outsourcing leadership from a few internal elements like vulnerabilities to terror attacks and erosion of the confidence in corporate governance.
However India will remain a major outsourcing destination. "Even though other markets will be redoubling efforts to seize opportunities from India, no other country yet presents a serious threat as a key outsourcing destination", said Arno Franz, Partner and Asia-Pacific President at TPI, while speaking to BusinessWeek. "China is still very much an emerging destination, while it is debatable whether any other single country has the breadth and depth of skills, experience and infrastructure to seriously challenge India's position," he added.
Franz pointed out that India-based providers made significant market share increases last year. In terms of total contract value (TCV), Indian outsourcers contributed 16 percent of the global market, up from 11 percent in 2007. They also accounted for over half of the Asia-Pacific outsourcing TCV. Moreover, two out of the three mega-deals in the second half of 2008 went to India-based providers. Mega deals, defined by TPI as contracts worth over $1 billion, numbered 12 between January and June last year.
Over the year, there was a record of 88 contracts in the region with a total contract value of over US$25 million, 50 of which were awarded in the second half. Despite the high number, the 2008 TCV of Asia-Pacific outsourcing deals was $12.3 billion, lower than 2007's $12.7 billion. Annualized contract value (ACV), which is the contract value divided by its duration, also fell from $2.7 billion in 2007, to $2.4 billion last year.
Agencies
However India will remain a major outsourcing destination. "Even though other markets will be redoubling efforts to seize opportunities from India, no other country yet presents a serious threat as a key outsourcing destination", said Arno Franz, Partner and Asia-Pacific President at TPI, while speaking to BusinessWeek. "China is still very much an emerging destination, while it is debatable whether any other single country has the breadth and depth of skills, experience and infrastructure to seriously challenge India's position," he added.
Franz pointed out that India-based providers made significant market share increases last year. In terms of total contract value (TCV), Indian outsourcers contributed 16 percent of the global market, up from 11 percent in 2007. They also accounted for over half of the Asia-Pacific outsourcing TCV. Moreover, two out of the three mega-deals in the second half of 2008 went to India-based providers. Mega deals, defined by TPI as contracts worth over $1 billion, numbered 12 between January and June last year.
Over the year, there was a record of 88 contracts in the region with a total contract value of over US$25 million, 50 of which were awarded in the second half. Despite the high number, the 2008 TCV of Asia-Pacific outsourcing deals was $12.3 billion, lower than 2007's $12.7 billion. Annualized contract value (ACV), which is the contract value divided by its duration, also fell from $2.7 billion in 2007, to $2.4 billion last year.
Agencies
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