Chrysler LLC, the bankrupt automaker planning to reorganize, is seeking quick court approval of its partnership with Italy’s Fiat SpA to avoid a liquidation that would cost the U.S. thousands of jobs and billions of dollars in pension payments.
If the deal is rejected and Chrysler liquidates, “it will mean the end of an iconic, 83-year-old American car company,” and the loss of jobs for 38,500 workers, said lawyer Corinne Ball of Jones Day in a court filing.
Chrysler employees and retirees would lose $9.8 billion in benefits and $2 billion in pension payments, lawyers said in today’s so-called first-day pleadings that seek to organize Chrysler’s 25 affiliates into a single bankruptcy proceeding.
Friday, May 1, 2009
Apple hiring semiconductor pros
Apple Inc is hiring new employees from the semiconductor industry and is building the capability to design its own chips, the Wall Street Journal has reported.
The iPhone and iPod maker hopes its efforts will lead to new features for its devices and enable it to share fewer details about it plans with outside chip vendors, the report said, citing people familiar with Apple's plans.
The iPhone and iPod maker hopes its efforts will lead to new features for its devices and enable it to share fewer details about it plans with outside chip vendors, the report said, citing people familiar with Apple's plans.
Now, Swine flu computer virus
Japan has reported no human cases of deadly swine flu so far -- but a computer virus of the same name has been spreading on the Internet in recent days, authorities warned Thursday.
Japan's National Institute of Infectious Diseases (NIID) said on its website that a suspicious Japanese-language email message with an attached file called "information on swine flu" had been circulating in cyberspace.
Japan's National Institute of Infectious Diseases (NIID) said on its website that a suspicious Japanese-language email message with an attached file called "information on swine flu" had been circulating in cyberspace.
Wipro
Wipro bags Rs 2,500-cr Unitech Wireless deal
India’s third-largest software group Wipro has won a Rs 2,500-crore contract from Unitech Wireless to provide IT services to the fledgling mobile operator, pipping rivals including IBM, Tech Mahindra and Tata Consultancy Services, which were vying for the 10-year deal, at least three people with knowledge of the situation told ET.
Unitech Wireless, controlled by Norway’s biggest telecom company Telenor, has licences to provide telecom services in all of the country’s 22 telecom circles, but is yet to start operations. Telenor bought a 67.25% majority stake from Delhi-based cash-strapped real estate group Unitech in two tranches.
Unitech Wireless, controlled by Norway’s biggest telecom company Telenor, has licences to provide telecom services in all of the country’s 22 telecom circles, but is yet to start operations. Telenor bought a 67.25% majority stake from Delhi-based cash-strapped real estate group Unitech in two tranches.
NRIs
Recession effect: UK cuts jobs for foreign workers
Responding to global economic downturn and job losses, a key Home Office committee has cut the number and categories of jobs available for migrants from outside the European Union, including from India.
The Migration Advisory Committee said 270,000 less posts should be on the "shortage list" of jobs, which allows employers to bring in foreign workers without trying to fill them with British staff first.
In the latest review published today, construction workers and quantity surveyors were suspended from the list because unemployment among workers in those professions has risen by 500 per cent as a result of the downturn.
Social workers dealing with adults have also been taken off and it will be made harder to bring in care assistants and chefs.
The Migration Advisory Committee said 270,000 less posts should be on the "shortage list" of jobs, which allows employers to bring in foreign workers without trying to fill them with British staff first.
In the latest review published today, construction workers and quantity surveyors were suspended from the list because unemployment among workers in those professions has risen by 500 per cent as a result of the downturn.
Social workers dealing with adults have also been taken off and it will be made harder to bring in care assistants and chefs.
India Inc freezes hiring but no layoffs amid downturn: PwC
Grappling with the economic downturn, most Indian companies have frozen their hiring plans for the short term, even as majority of them still rule out layoffs as a way of controlling costs, a PwC survey released today said.
Over three-fourth (76 per cent) of the respondents are reviewing their recruitment strategy to manage their costs in these unprecedented times, the survey by global consultancy PricewaterhouseCoopers revealed.
The report stated that most companies have frozen or deferred hiring and are adopting a "wait-and-watch" policy.
However, most companies are shying away from employee layoffs as a way of controlling costs, with as much as 84 per cent of the respondents voting against it.
The survey, carried out across 12 sectors and over 100 respondent companies, found that the IT/ITes sector is severely conservative in its hiring plans, with 84 per cent firms stating they have put a freeze on recruitment.
Moreover, about one-third of Indian companies (35 per cent) revealed they have frozen salary increments for the coming year and are reducing bonus or variable pays.
"Most companies in India are gearing up for tough times but are avoiding knee-jerk reactions, employers are uncertain about the extent, duration and depth of economic slowdown and the timing of a recovery," PwC India leader (People and Change Practice) Sankar Ramamurthy said.
The Banking, Financial services and Insurance sector (BFSI) is among the worst hit, with more than half of the respondents focusing on recruitment freezes in the wake of the economic downturn.
Interestingly, a smaller number of companies, about 21 per cent in the financial services sector, have also admitted to considering layoffs, even as 43 per cent mentioned selective hiring plans.
Other sectors which have put a freeze on their recruitment plans include FMCG (70 per cent), Manufacturing (63 per cent), BFSI (57 per cent).
Meanwhile, retail is another sector which has been badly hit by the slowdown with the major growth plans witnessing a setback and respondents from the sector were not averse to resorting to layoffs if other actions proved insufficient.
Further, smaller firms with employee strength of less than 100 are focusing on selective hiring for critical positions only.
As per the PwC report, the top three focus areas which are being addressed by most companies during the downturn are recruitment, employee policies and compensation.
The PwC survey also revealed that about 70 per cent of the companies were making changes to their compensation policy and the same percentage have revised their employee policies and practices.
A significant majority of companies plan to re-deloy their workforce to businesses that are relatively better off.
Over three-fourth (76 per cent) of the respondents are reviewing their recruitment strategy to manage their costs in these unprecedented times, the survey by global consultancy PricewaterhouseCoopers revealed.
The report stated that most companies have frozen or deferred hiring and are adopting a "wait-and-watch" policy.
However, most companies are shying away from employee layoffs as a way of controlling costs, with as much as 84 per cent of the respondents voting against it.
The survey, carried out across 12 sectors and over 100 respondent companies, found that the IT/ITes sector is severely conservative in its hiring plans, with 84 per cent firms stating they have put a freeze on recruitment.
Moreover, about one-third of Indian companies (35 per cent) revealed they have frozen salary increments for the coming year and are reducing bonus or variable pays.
"Most companies in India are gearing up for tough times but are avoiding knee-jerk reactions, employers are uncertain about the extent, duration and depth of economic slowdown and the timing of a recovery," PwC India leader (People and Change Practice) Sankar Ramamurthy said.
The Banking, Financial services and Insurance sector (BFSI) is among the worst hit, with more than half of the respondents focusing on recruitment freezes in the wake of the economic downturn.
Interestingly, a smaller number of companies, about 21 per cent in the financial services sector, have also admitted to considering layoffs, even as 43 per cent mentioned selective hiring plans.
Other sectors which have put a freeze on their recruitment plans include FMCG (70 per cent), Manufacturing (63 per cent), BFSI (57 per cent).
Meanwhile, retail is another sector which has been badly hit by the slowdown with the major growth plans witnessing a setback and respondents from the sector were not averse to resorting to layoffs if other actions proved insufficient.
Further, smaller firms with employee strength of less than 100 are focusing on selective hiring for critical positions only.
As per the PwC report, the top three focus areas which are being addressed by most companies during the downturn are recruitment, employee policies and compensation.
The PwC survey also revealed that about 70 per cent of the companies were making changes to their compensation policy and the same percentage have revised their employee policies and practices.
A significant majority of companies plan to re-deloy their workforce to businesses that are relatively better off.
Courtesy: TheEconomicTimes
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