US employers axed 651,000 jobs in February, pushing the unemployment rate to its highest in 25 years, as companies buckled under the strain of a recession that is showing no signs of ending, according to a government report.
While that figure was near economists' expectations for a 648,000 drop in non-farm payrolls, January and December job losses were revised sharply higher.
The Labor Department on Friday said the unemployment rate surged to 8.1 percent in February, the highest level since December 1983. That was above market forecasts for a rise to 7.9 from January's 7.6 percent.
January's job cuts were revised to show a steep decline of 655,000, while December's payrolls losses were adjusted to 681,000, the deepest since October 1949. Since the start of the recession in December 2007, the economy has purged 4.4 million jobs, with more than half occurring in the last 4 months.
Job losses in February were broad based, with only government, education and health services adding jobs.
"Since the recession began, the rise in unemployment has been concentrated among people who lost jobs, as opposed to job leavers or people joining the labor force," said Bureau of Labor Statistics Commissioner Keith Hall
The manufacturing sector shed 168,000 jobs in February, after eliminating 257,000 positions the prior month. Construction industries bled 104,000 jobs in February after losing 118,000 in January.
The service-providing industry slashed 375,000 positions after shedding 276,000 in January.
Agencies
Friday, March 20, 2009
Has SAP lays off unspecified numbers in India?
The German software giant SAP AG reportedly laid off an unspecified number of employees recently as part of its previously announced plan to trim 3,000 jobs.
The lay offs were confirmed by a company spokesman according to the report. The spokesman said that the cuts were not directed at any one particular discipline or area of our business and were spread across the board.
SAP, which implemented cost savings in October after sales dropped sharply, said it would continue to slash costs and announced that it intended to reduce its workforce to 48,500 by the end of this year from 51,800 now.
The world's biggest maker of business management software gave no target for its key software and software-related sales this year but based its margin forecasts on the assumption that core sales would be flat or 1 percent lower than 2008 sales of 8.62 billion euros.
Co-chief executive Leo Apotheker told Bloomberg television in January that SAP was still seeing demand for software despite the global economic slump and that it intended to avoid forced layoffs. However, seems that approach is not working.
SAP said it expects the staff reductions to result in 300 million to 350 million euros in annual cost savings beginning in 2010 but also in restructuring charges this year in a range of 200-300 million euros.
That would weigh on its 2009 operating margin by 2 percentage points to 3 percentage points, the company said. It forecast an operating margin of 24.5 percent to 25.5 percent versus 28.2 percent last year.
SAP said 2008 operating profit rose 4 percent to 2.84 billion euros ($3.75 billion) and total software and software-related sales gained 14 percent to 8.46 billion euros.
Agencies
The lay offs were confirmed by a company spokesman according to the report. The spokesman said that the cuts were not directed at any one particular discipline or area of our business and were spread across the board.
SAP, which implemented cost savings in October after sales dropped sharply, said it would continue to slash costs and announced that it intended to reduce its workforce to 48,500 by the end of this year from 51,800 now.
The world's biggest maker of business management software gave no target for its key software and software-related sales this year but based its margin forecasts on the assumption that core sales would be flat or 1 percent lower than 2008 sales of 8.62 billion euros.
Co-chief executive Leo Apotheker told Bloomberg television in January that SAP was still seeing demand for software despite the global economic slump and that it intended to avoid forced layoffs. However, seems that approach is not working.
SAP said it expects the staff reductions to result in 300 million to 350 million euros in annual cost savings beginning in 2010 but also in restructuring charges this year in a range of 200-300 million euros.
That would weigh on its 2009 operating margin by 2 percentage points to 3 percentage points, the company said. It forecast an operating margin of 24.5 percent to 25.5 percent versus 28.2 percent last year.
SAP said 2008 operating profit rose 4 percent to 2.84 billion euros ($3.75 billion) and total software and software-related sales gained 14 percent to 8.46 billion euros.
Agencies
Thursday, March 19, 2009
Will Common service centres generate 400,000 jobs in India?
The government's common service centre (CSS) initiative will generate around 400,000 direct employment opportunities and as many as indirect jobs in rural India, a top government official said here on Thursday.
"The scheme was likely to generate over 400,000 direct jobs opportunities as well as indirect employment avenues of a like number in rural India," Cabinet Secretary K.M. Chandrasekhar told reporters after inaugurating a conference on 'Common Service Centres: The Change Agents'.
The CSC is a government-run one-stop shop that offers web-enabled e-governance services in rural areas, including various application forms, certificates, and utility payments such as electricity, telephone and water bills.
"The scheme was structured to promote rural entrepreneurship. By creating appropriate support structures that enable demand-driven services as well as capacity building and training, entrepreneurs can be empowered as change agents for rapid socio-economic change in rural India," he said.
Earlier, while inaugurating the conference, Chandrasekhar said inclusive growth and rural empowerment were the major goals of the CSC initiative.
He added that the government would set up 100,000 CSCs across the country under the public-private partnership model by year-end.
Last month, Communications and IT Minister A. Raja had said that the government would invest Rs.57.42 billion (Rs.5,742 crore) for setting up CSCs.
Agencies
"The scheme was likely to generate over 400,000 direct jobs opportunities as well as indirect employment avenues of a like number in rural India," Cabinet Secretary K.M. Chandrasekhar told reporters after inaugurating a conference on 'Common Service Centres: The Change Agents'.
The CSC is a government-run one-stop shop that offers web-enabled e-governance services in rural areas, including various application forms, certificates, and utility payments such as electricity, telephone and water bills.
"The scheme was structured to promote rural entrepreneurship. By creating appropriate support structures that enable demand-driven services as well as capacity building and training, entrepreneurs can be empowered as change agents for rapid socio-economic change in rural India," he said.
Earlier, while inaugurating the conference, Chandrasekhar said inclusive growth and rural empowerment were the major goals of the CSC initiative.
He added that the government would set up 100,000 CSCs across the country under the public-private partnership model by year-end.
Last month, Communications and IT Minister A. Raja had said that the government would invest Rs.57.42 billion (Rs.5,742 crore) for setting up CSCs.
Agencies
Can an iPod be a poor man's iPhone?
I try to keep a stiff upper lip about not having an iPhone. Just couldn't afford it — not with the $75 a month or so AT&T charges for service on top of the $199 upfront cost for the device.
I could, however, afford the $229 iPod Touch — and got it as a gift, as it happened. It has most of the same goodies: a Web browser, e-mail, YouTube. And it stores way more music than the iPhone. (Ha!) Plus, the other day I used it to call China.
Yup, a call around the world — on a device that doesn't have a phone. A handful of applications on Apple Inc.'s iTunes store will let you do this, as long as you're in a Wi-Fi hot spot.
My iPhone complex hasn't disappeared, but at least now I have a device that looks just like it, has no monthly service fees, and lets me make free or cheap phone calls.
The best part of these applications — which require the second-generation iPod Touch that came out last year — is that they are free to download, and calls to other people using the same app won't cost you anything.
Two of the services I've tried, Truphone and Fring, will also let you make free calls to Google Talk users and type instant messages to friends online. Both automatically queue up a list of buddies from different services you might have, including Gmail chat, AIM and MSN Messenger, once you log in.
But it's Truphone's pay feature that puts it ahead of the others. TruPhone charges you to make calls to landlines or regular cell phones, but generally at better rates than most wireless carriers. And it's upfront about what you pay.
Your balance — which you can add to with a credit card, either on the device or on your computer browser — pops up with the dial screen. Calls in the U.S. are all 5 cents per minute (2 cents if you sign up to pay a $4 monthly fee).
Rates outside the U.S. vary wildly but you can check in the application before you dial. To call cell phones in China, for instance, is only 5 cents per minute, while France is 25 cents. Antarctica? A whopping $2.25.
You can make regular calls with Fring using a Skype account, but that's another layer to deal with.
The calls on these services sound pretty good, a little tinny but clearer than my regular cell phone connection. IPod Touch users will need Apple's $29 ear buds that have a tiny microphone on the back of the volume control along the cord.
The most serious drawback is the most obvious: While the iPhone uses AT&T's wireless network to provide Internet access anywhere, on the iPod Touch you'll need to stick to Wi-Fi hot spots. For rural or suburban dwellers who don't encounter lots of free Wi-Fi zones, that may very well mean limiting yourself to your house, or other places where there's a computer with the same Internet phone call capabilities anyway.
That means these apps probably won't replace your cell phone. But they can moderate your iPhone envy.
Agencies
I could, however, afford the $229 iPod Touch — and got it as a gift, as it happened. It has most of the same goodies: a Web browser, e-mail, YouTube. And it stores way more music than the iPhone. (Ha!) Plus, the other day I used it to call China.
Yup, a call around the world — on a device that doesn't have a phone. A handful of applications on Apple Inc.'s iTunes store will let you do this, as long as you're in a Wi-Fi hot spot.
My iPhone complex hasn't disappeared, but at least now I have a device that looks just like it, has no monthly service fees, and lets me make free or cheap phone calls.
The best part of these applications — which require the second-generation iPod Touch that came out last year — is that they are free to download, and calls to other people using the same app won't cost you anything.
Two of the services I've tried, Truphone and Fring, will also let you make free calls to Google Talk users and type instant messages to friends online. Both automatically queue up a list of buddies from different services you might have, including Gmail chat, AIM and MSN Messenger, once you log in.
But it's Truphone's pay feature that puts it ahead of the others. TruPhone charges you to make calls to landlines or regular cell phones, but generally at better rates than most wireless carriers. And it's upfront about what you pay.
Your balance — which you can add to with a credit card, either on the device or on your computer browser — pops up with the dial screen. Calls in the U.S. are all 5 cents per minute (2 cents if you sign up to pay a $4 monthly fee).
Rates outside the U.S. vary wildly but you can check in the application before you dial. To call cell phones in China, for instance, is only 5 cents per minute, while France is 25 cents. Antarctica? A whopping $2.25.
You can make regular calls with Fring using a Skype account, but that's another layer to deal with.
The calls on these services sound pretty good, a little tinny but clearer than my regular cell phone connection. IPod Touch users will need Apple's $29 ear buds that have a tiny microphone on the back of the volume control along the cord.
The most serious drawback is the most obvious: While the iPhone uses AT&T's wireless network to provide Internet access anywhere, on the iPod Touch you'll need to stick to Wi-Fi hot spots. For rural or suburban dwellers who don't encounter lots of free Wi-Fi zones, that may very well mean limiting yourself to your house, or other places where there's a computer with the same Internet phone call capabilities anyway.
That means these apps probably won't replace your cell phone. But they can moderate your iPhone envy.
Agencies
Microsoft releases Internet Explorer 8
Microsoft Corp is set to publicly launch Internet Explorer 8 early on Thursday, the latest version of its market-dominating Web browser.
The application, an integral part of Microsoft's eagerly awaited Windows 7 operating system, can be downloaded from Microsoft's website from 9 am Pacific time, free for people using licensed Microsoft operating systems.
IE8, as it is commonly referred to, has been in public beta testing for about a year, but Thursday's launch marks its full public rollout.
Microsoft, the world's largest software company, said IE8 will run with Windows Vista, its latest operating system, and also Windows XP, the previous version which some users still prefer over Vista.
The application replaces IE7, which has a lock on the browser market. According to a recent survey by IT consultants Janco Associates Inc, Internet explorer has a 72.2 perc ent market share, ahead of the Mozilla Foundation's Firefox browser with 17.2 per cent. Google Inc's new Chrome browser has only 2.8 per cent of the market, while Apple Inc's Safari has less than 1 per cent.
Microsoft has run afoul of US and European antitrust regulators for bundling its browser with its operating system, which competitors say is an attempt to drive them out of the market.
Last month, Google joined Mozilla and Norway's Opera in protesting Microsoft's dominance in the browser market. In January, European regulators brought formal charges against Microsoft for abusing its dominant market position by bundling its Internet Explorer Web browser with its Windows operating system, which is used in 95 percent of the world's personal computers.
Microsoft has already announced that users of Windows 7, expected later this year or early next year, will be able to turn key programs like Internet Explorer off, making it easier to use other browsers.
New features in IE8 include right-clicking on addresses or other Web features to go straight to a map or put into a blog or other website, which Microsoft calls an "accelerator". Users will also be able to put in keywords in the address bar to recall sites visited related to that word.
The new browser also has enhanced security protection, for example warning users if they are about to download something from a site known to be a source of malicious software, or "malware".
Agencies
The application, an integral part of Microsoft's eagerly awaited Windows 7 operating system, can be downloaded from Microsoft's website from 9 am Pacific time, free for people using licensed Microsoft operating systems.
IE8, as it is commonly referred to, has been in public beta testing for about a year, but Thursday's launch marks its full public rollout.
Microsoft, the world's largest software company, said IE8 will run with Windows Vista, its latest operating system, and also Windows XP, the previous version which some users still prefer over Vista.
The application replaces IE7, which has a lock on the browser market. According to a recent survey by IT consultants Janco Associates Inc, Internet explorer has a 72.2 perc ent market share, ahead of the Mozilla Foundation's Firefox browser with 17.2 per cent. Google Inc's new Chrome browser has only 2.8 per cent of the market, while Apple Inc's Safari has less than 1 per cent.
Microsoft has run afoul of US and European antitrust regulators for bundling its browser with its operating system, which competitors say is an attempt to drive them out of the market.
Last month, Google joined Mozilla and Norway's Opera in protesting Microsoft's dominance in the browser market. In January, European regulators brought formal charges against Microsoft for abusing its dominant market position by bundling its Internet Explorer Web browser with its Windows operating system, which is used in 95 percent of the world's personal computers.
Microsoft has already announced that users of Windows 7, expected later this year or early next year, will be able to turn key programs like Internet Explorer off, making it easier to use other browsers.
New features in IE8 include right-clicking on addresses or other Web features to go straight to a map or put into a blog or other website, which Microsoft calls an "accelerator". Users will also be able to put in keywords in the address bar to recall sites visited related to that word.
The new browser also has enhanced security protection, for example warning users if they are about to download something from a site known to be a source of malicious software, or "malware".
Agencies
Is UBS cutting 5,000 management jobs?
Switzerland's biggest bank UBS plans to cut up to 5,000 senior and management jobs in the next few weeks, a media report said on Sunday.
The report said that according to its own research up to 2,500 management positions could go in UBS's dominant and profitable wealth management division, which accounts for 50,000 of the bank's total 77,000 staff.
A UBS spokesman declined to comment on the report. UBS said last week that it was restructuring its Swiss business structure into four regions from eight, and trimming its top management. But it said the changes did not mean any more job cuts than the 600 to 800 positions it already planned to cut in Switzerland as part of the thousands of job losses globally it had already announced.
UBS said in February that after a record loss it would cut 2,000 jobs to take staff to about 75,000 by the middle of this year.
UBS is struggling to rebuild its once powerful brand and focus on its core Swiss business after massive investments in risky US assets forced it to make more writedowns than any other European bank and accept government backing.
Agencies
The report said that according to its own research up to 2,500 management positions could go in UBS's dominant and profitable wealth management division, which accounts for 50,000 of the bank's total 77,000 staff.
A UBS spokesman declined to comment on the report. UBS said last week that it was restructuring its Swiss business structure into four regions from eight, and trimming its top management. But it said the changes did not mean any more job cuts than the 600 to 800 positions it already planned to cut in Switzerland as part of the thousands of job losses globally it had already announced.
UBS said in February that after a record loss it would cut 2,000 jobs to take staff to about 75,000 by the middle of this year.
UBS is struggling to rebuild its once powerful brand and focus on its core Swiss business after massive investments in risky US assets forced it to make more writedowns than any other European bank and accept government backing.
Agencies
Wednesday, March 18, 2009
Is IBM in talks to buy Sun Microsystems?
International Business Machines is in talks to acquire Sun Microsystems, the Wall Street Journal said, citing people familiar with the matter.
IBM is likely to pay at least $6.5 billion in cash to acquire Sun, the people told the paper.
That would translate into a premium of about 100 per cent over Sun's closing price on Tuesday of $4.97 a share on the Nasdaq, the paper said.
In recent months, Sun has approached a number of large tech companies in the hopes of being acquired, the paper said. Hewlett-Packard Co declined the offer, the paper said.
Sun is a maker of software and high-end computers. A spokesman for IBM declined to comment to the paper on questions about any talks with Sun. IBM and Sun could not be immediately be reached for comments.
Agencies
IBM is likely to pay at least $6.5 billion in cash to acquire Sun, the people told the paper.
That would translate into a premium of about 100 per cent over Sun's closing price on Tuesday of $4.97 a share on the Nasdaq, the paper said.
In recent months, Sun has approached a number of large tech companies in the hopes of being acquired, the paper said. Hewlett-Packard Co declined the offer, the paper said.
Sun is a maker of software and high-end computers. A spokesman for IBM declined to comment to the paper on questions about any talks with Sun. IBM and Sun could not be immediately be reached for comments.
Agencies
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